Pandemic fueled global bicycle demand and a soaring e-bike business powered the world’s largest bike company to RMB 70.01 billion ($10.1 bb) in revenues last year, a 10% increase from 2019. The bottom line jumped 47% to RMB 4.95 billion ($717 mm) with a gross margin that expanded to 23.1%. Sales in the final quarter were up 11%, and net income soared 109%. Giant’s main three markets, the U.S., Europe and China all grew double digits for the year, and Korea and Japan also had significant growth.

E-bike revenue grew by 28% last year, accounting for ... Log in to view full article.