Bicycle industry: Taiwanese manufacturers‘ June sales: Signs of a sustained recovery in Chinese demand

Research evidence excerpt

Bicycle industry: Taiwanese manufacturers‘ June sales: Signs of a sustained recovery in Chinese demand

Bicycle industry: Taiwanese manufacturers' June Global Markets Research

sales 13 July 2026

EQUITY: JAPAN MACHINERY

Research Analysts

Signs of a sustained recovery in Chinese demand Japan machinery

Angela Yang - NSC

wenching.yang@nomura.com

Sales up 16% y-y at Giant, down 6% at Merida +81 3 6703 1819

June sales up 16% y-y at Giant, down 6% at Merida

Giant Manufacturing [9921 TT] announced June sales data on 10 July, reporting a 16% y-

y rise and an 8% m-m increase, while Merida Industry [9914 TT] reported a 6% y-y

decline and a 4% m-m rise. These results point to an ongoing recovery in China. Giant

had the following to say about June sales. Sales of own-brand products rose by around

30% y-y in June owing to market growth in China and Europe, on top of which forex

factors were beneficial. In China, price hikes gave a boost and sales rose sharply m-m. In

Europe, the launch of new products contributed to a rise of around 30% in sales in TWD

terms, with increases of more than 50% attained in Germany and the Netherlands. Sales

at the OEM business were higher in June than in May, mostly on account of orders for

new models for the new fiscal year, but fell slightly on a y-y basis.

Merida investor briefing: Focusing on normalization of inventories and

sustainability of demand in China

Merida Industry held a briefing for investors on 26 June. Management said that the market

is entering the final stages of inventory adjustments and that demand is gradually

returning to normal. Subsidiary sales in Europe were solid, rising 13% y-y in Jan–May,

owing to improved levels of distribution inventory and the launch of new models. The