Giant Group BOD today (Aug. 4) approved the 2023 first half consolidated financial report. The consolidated revenue came in at NT$42.6Billion, a decline of 5.4% YoY. Due to the impact from European and N. American markets to reducing inventories, Gross Margin rate decreased to 21.3% at pre pandemic level.  Net profit before tax came in at NT$3.35Billion, a decline of 32.9% YoY due to lower gross margin and less FX gain as well as higher interest expenses in non-operating expenses. Net profit after tax came in at NT$2.02billion, a decline of 44.3% YoY. First half tax expenses increased due to the increase in undistributed earnings and less tax benefits. First half EPS was at NT$5.15.  

Due to Strong sales in China market, the second quarter consolidated revenue came in at NT$22.46Billion, slightly down 1.2% YoY. Gross Margin rate decreased to 20.8% due to sales discounts and higher inventory provision. The favorable currency offset the higher interest expenses, NIBT came in at 1.82Billion, a decline of 23.8% YoY; NIAT came in at 1.18Billion, a decline of 34.4%. EPS of the second quarter was at NT$3.02.

Looking at Giant Group’s own brand performance in first half based on local currency, China domestic sales had the best performance. There is an increase in cycling populations which drove demand for mid to performance level cycling products that led to first half sales increase 70%. Giant Europe and US sales were affected by higher inventories in the entry to mid-level products, hence sales declined 12% and 44% respectively.

First half E-Bike sales contributions to the group at 35%, representing 6% growth YoY. With innovation of technology and diversity of products development, E-Cargo and E-Mobility will create new trend and expand cycling population to drive E-bike growth momentum.  

Consider global economy situation as well as the current market is undergoing inventories adjustments, this year would be a year to adjust production, sales and supply back to normal, and it is also a test of the company’s operating capabilities. Giant Group has been cultivating its production, brand and channel advantages for a long time. Recently, the well-known Australian consumer service website ( selected GIANT as the best bicycle brand in Australia, which shows consumers’ affirmation of GIANT’s product quality and service.  In the long run, people’s awareness of ESG and health has greatly increased, and governments around the world are actively building a friendly cycling environment, it would continue to increase the global sports and leisure population. The bicycle industry is still full of unlimited business opportunities.