Giant Manufacturing (9921) Investor Presentation summary

Strategic direction and operational focus

• Aggressively reducing inventory and optimizing sales channels to strengthen consumer engagement.

• Driving growth through smart manufacturing, mass customization, and expansion of product and service offerings, including e-bikes and certified pre-owned bikes.

• Emphasis on innovation, sustainability, and rapid response to market trends in medium- and long-term planning.

• Global presence supported by 15 wholly-owned sales companies and 9 manufacturing factories, with flexible production for different markets.

• Focus on fostering a culture of well-being, customer satisfaction, and promoting cycling.

Financial performance and sales trends

• Sales revenue peaked at NT$92,043M in 2022, declining to NT$71,279M in 2024, with gross margin dropping to 19.0%.

• EPS fell from NT$15.81 in 2021 to NT$3.22 in 2024, impacted by inventory write-downs of NTD 1.29B in 2023 and NTD 1.91B in 2024.

• Sales quantity in China grew from under 1M units in 2019 to 2.3M units by 2024.

• E-bike sales showed fluctuations, with a forecasted increase in 2025.

• Regional sales distribution in 2024: Europe 34%, North America 15%, China 32%, with the rest split among other regions.

Product innovation and brand development

• Advanced engineering includes new carbon materials, laser cutting, robotic layup, and thin paint technology for lighter, stronger frames.

• E-bike technology developed in collaboration with Yamaha and Panasonic, featuring proprietary control units, motors, and batteries.

• Liv, the women-focused brand, reached 10% of group sales in 2024 despite a low single-digit sales decline.

• CADEX, the high-end component brand, achieved double-digit growth and over 5% of group sales in 2024.

• Retail strategy integrates online and offline channels, supported by a global network.