TAIPEI, Taiwan (BRAIN) — Taiwan’s three publicly traded bicycle makers — Giant, Merida, and Ideal — each showed sales revenue declines in March and for the complete first quarter. The early 2026 figures come on the heels of weak sales in 2025 for the three.
The preliminary statements of operating revenue filed with the Taipei stock exchange do not show profitability or segment performance figures.
Giant Group down 26% for the quarter
Giant Group, the largest of the three, recorded operating revenue of NT$5.6 billion ($178 million) in March, down NT$1.15 billion or 17.0% from March 2025. Giant’s first-quarter sales were down 25.7% year-over-year.
Giant is still unable to ship products from its Taiwan factories to the U.S., for its brand or for its OE customers, due to the U.S. Customs and Border Protection’s WRO order issued last September. While that may have contributed to the revenue decline, it’s worth noting that Giant can ship from its other Asian and European factories to the U.S., and Giant’s North American sales accounted for less than 9% of its total revenue in 2024, the most recently available data. So despite some headlines directly tying Giant's overall sales declines to the WRO, mathematically that seems unlikely.
Merida down 27% for the quarter
Merida Industry sales in March were NT$2.4 billion, down 16.9% from March 2025. First-quarter sales were down 34.6%.
While Merida was not affected by the CBP’s WRO order, the company has quietly made some of the same labor reforms as Giant, including ending the policy of charging migrant workers for recruitment fees and refunding fees for workers who paid them previously.
Ideal down 35% for the quarter
Ideal Bike’s operating revenues in March were NT$188.8 million, down 31.4% from March 2025. Ideal’s first quarter sales were down 34.6% year-over-year.
Other Taiwan bike companies show mixed results
Component maker Sunrace-Sturmey Archer’s March sales were NT$66.6 million, down 6.0% from March 2025. It’s first-quarter sales were down 19.3% from 2025.
Chain-maker KMC had sales of NT$478 million, up 1% from the same month in 2025. For the quarter, KMC’s sales were up 1.8%.
Kenda Rubber — where bicycle tire sales provide about 7% of its revenue — March sales were NT$3.5 billion, up 8%. Kenda’s first-quarter sales were down 1.3%.
Cheng Shin Rubber, the parent of the CST and Maxxis brands, had March sales of NT$9.3 billion, up 7.2%. First-quarter sales were up 1.2% from 2025. Cheng Shin gets about 45% of its revenue from sales of bicycle tires.
Taiwan-based Darfon Electronics makes and sells bikes and e-bikes through its Kenstone and Astro division, and also owns bike distribution companies in Belgium and Germany. Most of its remaining business is in computer parts and computer peripherals like keyboards. Its Green Energy division, which includes its bike and e-bike businesses, is its fastest growing segment and provided 39% of its revenues in 2025.
In March, Darfon’s sales were NT$2.4 billion, up 20.9% year-over-year. First-quarter sales were up 9.9% from 2025. Segment performance data was unavailable.
