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GIANT Investor Presentation 2026
52786_rns_2026-05-27_4a3a84ff-d260-400f-817d-97d21895d44f.pdf
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Giant Group 2026 Investor Report
2026/01/01
Why Giant Group different
GIANT GROUP | GIANT UNITED NATIONAL CABEX
GIANT GROUP
Own Brand and OEM
Retailer Price Range: USD 300 ~ 13,500
USD 150 ~ 5,600
USD 1,500~4,500
Sales contribution %
Stages Indoor Cycling
A Global Top 3 Commercial Brand | The Leader in Indoor Cycling
2025 sales was USD 18 million, and target sales is expected to double by 2027.
- High-end Fitness Clubs & Boutique Indoor Cycling Studios
- Indoor Solution for Cyclists
- Cloud Ecosystem Bridging Indoor and Outdoor Training Experiences
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Engineering
R&D, innovation
Manufacturing
Steady High quality output
One & only Integrated
Premium Product
4 brands
Retail Network
Giant Retail partnership
Online+Offline strategy
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Giant E-Bike Tech
Designed, Algorithm, structure by GIANT
SMART
Control your ride with simple interfaces that put settings and ride data intuitively at your fingertips.
Ridecontrol & Ridedash
NATURAL
Add effortless rhythm to your ride with reactive pedal assistance that syncs with you exactly when you need it most.
Syncdrive Motors
Collaborated with YAMAHA
POWERFUL
Boost your output with extended range, rapid charging, and smart energy management for lasting peak performance.
Energypak Batteries
SECURE
Ride with peace of mind through advanced safety, smart security, and real-time awareness that keep you protected and in control.
Aegis Technology
Co-designed with Panasonic
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Global Engineering procedures
CUTTING-EDGE COMPOSITE MATERIAL
All-new Professional Grade raw carbon material is woven in Giant's own composite factory to produce an even lighter, stiffer frameset than the previous generation. This material also uses Carbon Nanotube Technology resin to improve impact resistance.
LASER CUTTING
Whereas previous generations of TCR frames relied on machine-stamped composite swatches, new laser technology is now used to produce ultra-precise cuts. This translates into smaller, more exacting swatches, which results in lighter overall weight of the finished structure.
ADVANCED ROBOTIC LAYUP ASSEMBLY
Giant Manufacturing invested in a new robotic assembly process for the critically weight conscious areas of the frame and fork. Ultra-precise placement of 150 smaller, individual composite swatches results in lighter overall frame and fork weights.
FINISHING TECH
Our new ThinLine paint process on the TCR Advanced SL 0 Disc uses a minimum quantity of paint to save up to 50 grams compared to a traditional seven-layer paint application. In addition, a proprietary 3M adhesive protector is used to reinforce the integrated seatpost (ISP) when the saddle clamp is installed, saving more weight without sacrificing security.
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The Approach
to
We currently have 15 wholly-owned sales companies.
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Giant Group
currently has
manufacturing factories.
Flexible production for different demand
Capacity 300K
Giant Group Vietnam Manufacturing
supports the American market.
Capacity 260K
Elite XCO World Championship
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Sales performance
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SALES REVENUE & QTY
Sales volume declined, but ASP kept growing.
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Sales by Region
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ROW=rest of world
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2023 inventory write-down of NTD 1.29 billion, impacting EPS by -2.43
2024 inventory write-down of NTD 1.91 billion, impacting EPS by -3.61
2025 EPS impacted by lower sales and one-time expenses.
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E BIKE QTY('000)
OB
OB-CN
OE
TOTAL
2021
2022
2023
2024
2025
2026 (F)
For CY2026, we will launch new EB bike in China
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OB=OB non China sales
OB-CN=OB sales in China
OE=OEM business
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Market Update
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Withhold Release Order (WRO) progress
- On September 24, 2025 (EST), U.S. Customs and Border Protection (CBP) issued a Withhold Release Order (WRO)
- Giant Group is committed to human rights and compliance. We have responded to all concerns and shared our actions on our website.
October 01, 2025
Conduct an Audit Plan
Engaging an international third-party advisor to conduct an independent assessment and to guide Giant Group in implementing further improvement measures addressing CBP concerns.
December 04, 2025
Implement Corrective Action Plan (CAP)
Implemented a detailed Corrective Action Plan (CAP) in accordance with recommendations from an independent third-party audit organization, strengthening systems to better protect migrant workers' rights.
December 19, 2025
Completion of the CAP and submission of the WRO Petition for Modification, along with supporting documentation to U.S. CBP, continue to advance the review process.
March 09, 2026
Continuing to Provide Required Information to Expedite the Review
CBP has indicated that this case is being handled as a priority, and Giant Group continues to submit all requested documentation in accordance with CBP requirements.
Y2025 Reimbursement :
The zero-recruitment-fee policy, originally applied to newly hired migrant workers in 2025, was extended to cover 545 existing migrant workers. All brokerage fees, service charges, and related costs were reimbursed, totaling approximately NTD 100 million.
Third-party advisory fees, legal fees, and required tax payments totaled approximately NTD 50 million.
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Current Market Update
- Europe
- The new models are performing well in the spring season.
- US
- WRO limit the new model supply
- Consumers are conservative for the consumption
- CN
- Sales slowdown based on local economic downturn and price competition.
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Positive trend for cycling sport in long term.
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Overall
- For 2026, increasing geopolitical risks and war make the global environment remain highly uncertain. Oil prices have risen and have hurt consumer confidence. However, we will continue to strengthen the diversification and competitiveness of our bikes.
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CYCLING FOR A BETTER FUTURE
脑向浮好未來
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Awards and Recognition
| Dec 2025: Became a constituent of the FTSE4Good TIP Taiwan ESG Index | 2024 & 2025 CDP's Supplier Engagement Assessment (SEA) A-list | Feb 2026: Included in the S&P Global Sustainability Yearbook 2026 for the second consecutive year |
|---|---|---|
| FTSE Russell (the trading name of FTSE International Limited and Frank Russell Company) confirms that Giant Manufacturing Co. Ltd. has been independently assessed according to the FTSE4Good criteria, and has satisfied the requirements to become a constituent of the FTSE4Good TIP Taiwan ESG Index. Created by the global index provider FTSE Russell and partnered with Taiwan Index Plus (TIP) Corporation, the FTSE4Good TIP Taiwan ESG Index is designed to measure the performance of companies demonstrating strong Environmental, Social and Governance (ESG) practices. The FTSE4Good indexes are used by a wide variety of market participants to create and assess responsible investment funds and other products. | Supplier Engagement Leader |
2024 | Giant Manufacturing Co., Ltd.
Leisure Equipment & Products and Consumer Electronics
Corporate Sustainability Assessment (CSA) 2025
65/100 | Score date February 11, 2026
For terms of use, visit www.spglobal.com/yearbook |
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Summary of 2024 ESG Report
- 28.48% GHG reduction - 6 years ahead of 2030
- 2,806 tCO₂e saved through green product innovation
- 36.97% women in STEM - above global benchmarks
- 36% female board representation - diverse leadership
- First bicycle company in DJSI Emerging Markets Index
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OUR MISSION
Cycling for a better future
STRATEGY PILLARS
Innovating a clean future
We are leading the charge towards reduced carbon emissions in our production practices. We reinvent how we work with manufacturing partners and invest in R&D to reduce our environmental impact for future generations.
Transforming for circularity
We are implementing positive changes in our value chain from our suppliers to our customers. We constantly strive for more sustainable materials and processes.
Mobilizing for DEI
We are mobilizing people to advance inclusive communities. We promote accessibility and collaboration in the workplace to allow diverse ideas to flourish.
REDUCE RESOURCE INEFFICIENCIES
The resources of our shared plants and trees will be continue to publish them. Potential uses of production and consumption are no longer all-ridden.
How might we reduce resource inefficiencies in our value chain to impact your generation and reduce climate change?
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Welcome to Giant Cycling World.
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APPENDIX
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2019-2025 Financial Highlights
| (NT$M) | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Sales Revenue | 63,450 | 70,010 | 81,840 | 92,043 | 76,954 | 71,279 | 60,254 |
| Gross Margin (%) | 21.5 | 23.1 | 24.1 | 22.6 | 22.1 | 19.0 | 19.8 |
| Operating Income | 4,734 | 6,858 | 8,709 | 7,914 | 4,709 | 1,858 | 1,081 |
| Net Income After Tax | 3,375 | 4,949 | 5,930 | 5,843 | 3,401 | 1,264 | 723 |
| EPS (NT$) | 9.00 | 13.19 | 15.81 | 15.51 | 8.68 | 3.22 | 1.84 |
| Cash Div. (NT$) | 4.6 | 8 | 10 | 7.8 | 5 | 2.2 | 1.8 |
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NTD Million, unless stated otherwise
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Disclaimer
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This presentation may contain information and statements of a forward-looking nature concerning the future performance. These are based on assumptions and uncertainties as well as on management's best possible evaluation of future events.
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Any forward looking statements are subject to risks, uncertainties and assumptions and speak only as of the date they are made. Our results could differ materially from those anticipated in any forward-looking statements.
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