Giant Manufacturing (9921) Q4 2025 earnings summary

Executive summary

• 2025 saw the global bicycle industry in inventory adjustment, with subdued demand and external pressures such as tariffs, geopolitical risks, and FX volatility impacting recovery and increasing operational uncertainty.

• OEM business stabilized, growing from 26% to 33% of revenue, while own brand sales declined, especially in China due to a high base and softer demand.

• The group focused on product innovation, supply chain efficiency, and sustainability, achieving significant carbon emission reductions and inclusion in the DJSI Emerging Markets Index.

Financial highlights

• Consolidated revenue for 2025 was NT$60.25 billion, down 15.5% year-over-year.

• Gross margin improved to 19.8% from 19.0% in 2024, driven by higher-margin new products.

• Operating profit fell 41.8% to NT$1.08 billion; net income after tax dropped 42.8% to NT$0.72 billion.

• EPS for 2025 was NT$1.84.

• Cash flow ratios improved due to lower liabilities and inventory; cash dividend of NT$1.8 per share proposed.

Outlook and guidance

• The global bicycle market is in early recovery; long-term growth fundamentals remain strong, with e-bikes expected to reach 50% of European sales by 2030.

• The group will continue investing in R&D, digital transformation, and sustainability, aiming for mid- to long-term growth.

• 2026 plans include new product launches, supply chain optimization, and further ESG integration.