Giant Group BOD today (Nov 8) approved Giant Group’s 9M24 financial report. Group consolidated sales are NT$57.69 billion, a decrease of 7.1%. Due to the decrease in sales and increase in expenses, net profit before tax at NT$3.27 billion, down 33% compared to last year. Net profit after tax at NT$2.17 billion, down 30% compared to previous year. First 3 quarters EPS at NT$5.54.

Inventory levels in both Europe and N. America continue to decline, however order placement by both retail customers and also OE customers remain much conservative, hence affecting sales recovery. Post pandemic sports culture started to emergent in the China domestic market which generated huge interest in cycling and fueled strong sales growth for Giant China, Giant Group remain confident in the long term market potential in the China market.

To further expand the business portfolio within the indoor cycling segment, in this year September, Giant Group successfully acquire Stages Cycling’s brand and related assets. The main product offerings from Stages are indoor cycling equipment and is one of the most well-known indoor cycling brands in the United States. Stages main customers including many franchised gyms and Giant Group will continue to provide the best products and services to the Stages customers.

Looking forward to market conditions, the global environment is still full of challenges. Giant Group will continue to be committed to product innovation and strengthen the group's competitive advantages.