Giant Manufacturing (9921) Investor presentation summary

Business overview and strategy

• Operates multiple brands targeting diverse cycling segments, including professional, leisure, and women's sports markets.

• Focuses on innovation, R&D, and premium product development with integrated manufacturing and sport marketing.

• Implements a global sales and manufacturing network, with 15 wholly-owned sales companies and factories in Hungary and Vietnam supporting regional markets.

• Pursues a 'glocalization' approach to adapt to local market needs while leveraging global capabilities.

Financial performance

• Sales revenue peaked in 2022 at NT$92,043M, then declined to NT$60,254M in 2025.

• Gross margin decreased from 24.1% in 2021 to 19.8% in 2025.

• EPS dropped from NT$15.81 in 2021 to NT$1.84 in 2025, impacted by inventory write-downs and lower sales.

• Sales volume declined, but average selling price (ASP) continued to grow.

Product and technology innovation

• Advanced engineering includes proprietary carbon composite materials, laser cutting, robotic assembly, and lightweight finishing techniques.

• E-bike technology features smart controls, natural pedal assistance, powerful batteries, and advanced security, with collaborations with Yamaha and Panasonic.

• Stages Indoor Cycling is a global top 3 commercial brand, targeting both home and commercial segments, with sales expected to double by 2027.