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Consumer Durables

Giant Manufacturing Co., Ltd.

Company Background

Taiwan's Giant Manufacturing is the world's largest bicycle manufacturer. Under the Giant brand, it offers a variety of models to customers worldwide, from high-end racing bikes to inexpensive models for everyday use.

Chairman Liu King, who was previously in the eel-breeding business, founded the company in 1972. Giant expanded early on by making bikes for Schwinn of the U.S. To survive the fierce competition among domestic rivals, the company launched its own brand of bikes in 1981.

Being a latecomer to the industry, the company had to work hard to break into Europe, a major bicycle market. Giant established a subsidiary in the Netherlands in 1986 and hired renowned local industry experts to help with research and development.

The company demonstrated its technological savvy by helping pioneer the use of carbon fiber in mass-produced bicycles.

Its main production sites are at its headquarters in Taichung, Taiwan, and in Kunshan, in the Chinese province of Jiangsu. The brand is now globally recognized for its high-end bikes.

Giant pours much of its resources into marketing. It typically spends the equivalent of about 8% of its annual group sales on sponsoring major international bike races, including the Tour de France.

Business Summary

Giant Manufacturing Co., Ltd. engages in the manufacture and sale of bicycles, electric bicycles, and related spare parts. It operates through the following segments: Bicycle, Materials, and Others. The company was founded by Chin Piao Liu on October 27, 1972 and is headquartered in Taichung, Taiwan.

Financial Highlights

Dec 2022 TWDUSD
Gross Profit19,584.35M656.90M
Operating income7,914.43M265.46M
Income before tax8,732.21M292.89M
Net income5,843.87M196.01M
Diluted EPS15.130.50
Dividends Per Share7.800.26
Total Assets93,534.77M3,043.21M
Total liabilities57,634.89M1,875.18M
Total equity33,355.79M1,085.25M
Operating cash flow444.67M14.91M
Currency in TWDCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 60,239.41M 63,449.53M 70,010.84M 81,839.87M 92,043.67M
Gross Profit 11,893.69M 12,793.81M 15,235.56M 18,692.87M 19,584.35M
Operating income 3,903.54M 4,732.28M 6,858.27M 8,709.28M 7,914.43M
Income before tax 4,240.22M 4,815.44M 6,843.42M 8,735.40M 8,732.21M
Net income 2,863.90M 3,374.63M 4,948.95M 5,930.07M 5,843.87M
EBITDA 5,224.02M 6,384.04M 8,627.76M 10,655.70M 10,058.43M
Diluted EPS 7.52 8.88 13.01 15.60 15.13
Dividends Per Share 4.56 4.56 7.93 9.92 7.80
Total Assets 52,635.23M 59,030.15M 62,501.78M 77,199.43M 93,534.77M
Total liabilities 30,366.30M 34,899.17M 35,540.93M 47,546.34M 57,634.89M
Total equity 20,806.03M 21,843.08M 25,173.29M 27,475.81M 33,355.79M
Operating cash flow 2,487.77M 2,055.53M 10,844.89M -5,134.16M 444.67M
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 1,997.69M 2,052.53M 2,377.72M 2,929.98M 3,087.37M
Gross Profit 394.42M 413.86M 517.43M 669.23M 656.90M
Operating income 129.45M 153.08M 232.92M 311.80M 265.46M
Income before tax 140.61M 155.77M 232.41M 312.73M 292.89M
Net income 94.97M 109.16M 168.07M 212.30M 196.01M
EBITDA 173.24M 206.51M 293.01M 381.48M 337.38M
Diluted EPS 0.24 0.28 0.44 0.55 0.50
Dividends Per Share 0.15 0.14 0.26 0.35 0.26
Total Assets 1,712.43M 1,969.18M 2,224.42M 2,790.30M 3,043.21M
Total liabilities 987.93M 1,164.19M 1,264.89M 1,718.52M 1,875.18M
Total equity 676.90M 728.66M 895.91M 993.08M 1,085.25M
Operating cash flow 82.50M 66.49M 368.31M -183.81M 14.91M

Valuation Measures

Dec 2022
Operating margin8.59%
Profit margin6.34%


  • Chief Executive Officer, Director & GM: Yung Chang Liu
  • Global Chief-Finance: Pi Yu Wang
  • Global Head-Research & Development: Sheng Chang Chang
  • Director & Vice President: Ta Peng Chiu
  • Vice President & General Manager-Taiwan Factory: Ching Hsin Yan


  • TU HSIU CHEN (5.3%)
  • LIU YUNG CHANG (4.1%)
  • The Vanguard Group, Inc. (3.1%)
  • Schroder Investment Management Ltd. (2.9%)
  • BlackRock Fund Advisors (1.8%)
  • LIU CHIN PIAO (1.7%)
  • CHIU TA WEI (1.7%)
  • YANG HUAI CHING (1.5%)
  • Norges Bank Investment Management (1.1%)
  • CHIU TA PENG (1.1%)

Contact Details

  • Website:
  • Address: No. 997 & 999, Dongda Road, Section 1, Xitun District, Taichung, 407 63, Taiwan
  • Phone: +886.4.24609099

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Last Updated on 21 Sep, 2023

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