Giant Group 2025 Investor Report
Company Overview and Business Segments
Our Mission and Core
- Advancing the entire cycling world / 創無止盡-推動自行車世界的進化。
- Pursuing uniqueness, integrating the entire value chain.
Brands
- GIANT GROUP
- GIANT
- Liv (女性專屬自行車品牌)
- momentum
- CADEX (高端零組件品牌)
Sales Revenue Split
- Sales營收占比:
- OB (Own Brand): 65%
- OE (OEM business): 35%
Global Footprint
- Sales Companies: 15 wholly-owned sales companies globally.
- Manufacturing Factories: 9 manufacturing factories:
- Europe: Giant Group Hungary Manufacturing (主要支持歐洲市場).
- America: Giant Group Vietnam Manufacturing (支持美洲市場).
Strategic Initiatives and Plans
SHORT-TERM 聚焦策略方針
- 去化庫存 (Inventory Reduction/Destocking)
- 優化銷售通路 (Optimizing Sales Channels)
- 強化消費者互動 (Strengthening Consumer Interaction)
- Liv Cycling Club 【月約騎練習班】 (Monthly Group Ride Practice Class).
SHORT-TERM 持續動能運轉
| 領域 | 策略項目 |
|---|---|
| 製造 | 智動化 (Intelligent Automation) <br> 匈牙利廠&越南廠建置 (Hungary & Vietnam factory construction/establishment) |
| 品牌 | Liv 女性專屬自行車品牌 (Women-specific bicycle brand) <br> CADEX 高端零組件品牌 (High-end component brand) |
| 產品&服務 | E-Bike <br> DCF動態智能Fitting系統 (DCF Dynamic Intelligent Fitting System) <br> 量產客製化 (Mass Customization) |
| ESG | A Trail to Zero 回收材製產品 (Recycled material products) <br> 認證中古車 (Certified Used Bikes) |
MID-TERM 中、長期計劃
- 聚焦創新與可持續發展, 迅速回應市場趨勢與聲音 (Focusing on innovation and sustainable development, rapidly responding to market trends and voices).
Products, Services & Technology
Innovative Development Technology
| 技術名稱 | 說明與規格 |
|---|---|
| CUTTING-EDGE COMPOSITE MATERIAL | Professional Grade carbon material, lighter and stiffer frameset using Carbon Nanotube Technology for improved impact resistance. |
| LASER CUTTING | Ultra-precise cuts for composite swatches, resulting in lighter finished structures. |
| ADVANCED ROBOTIC LAYUP ASSEMBLY | Precise placement of composite swatches for optimized frame weights. |
| FINISHING TECH | ThinLine paint process saves weight while enhancing security. |
Giant E-Bike Tech
- E-BIKE CONTROL UNITS & DISPLAYS: Designed by GIANT.
- RIDECONTROL UNITS
- RIDEDASH DISPLAYS
- RIDECONTROL APP
- SYNCDRIVE E-BIKE MOTORS: In collaboration with YAMAHA.
- ENERYPAK E-BIKE BATTERIES: Co-designed with Panasonic.
Brand Business Highlights
- Liv Business 女性市場 (Women's Market):
- 全球第一專為女性設計的自行車品牌。
- 2023年佔集團營收 9%.
- 2024年集團營收個位數衰退, Liv品牌營收達到集團營收 10% 占比。
- CADEX (高階零組件品牌):
- 產品包括：CADEX ROAD WHEELSYSTEMS, CADEX BOOST SADDLE, CADEX AERO RACE WHEELSYSTEM.
- 2024年營收成長達十位數且超過集團營收 5% 占比。
Operating Performance and Financial Highlights
2019-2024 財務摘要 (NT$M, unless stated otherwise)
| (NT$M) | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Sales Revenue | 63,450 | 70,010 | 81,840 | 92,043 | 76,954 | 71,279 |
| Gross Margin (%) | 21.5 | 23.1 | 24.1 | 22.6 | 22.1 | 19.0 |
| Operating Income | 4,734 | 6,858 | 8,709 | 7,914 | 4,709 | 1,858 |
| Net Income After Tax | 3,375 | 4,949 | 5,930 | 5,843 | 3,401 | 1,264 |
| EPS (NT$) | 9.00 | 13.19 | 15.81 | 15.51 | 8.68 | 3.22 |
| Cash Div. (NT$) | 4.6 | 8 | 10 | 7.8 | 5 | 2.2 |
庫存趨勢
| 年度 | 庫存 (NT$BN) |
|---|---|
| 2017 | 14.3 |
| 2018 | 15.6 |
| 2019 | 16.9 |
| 2020 | 18.2 |
| 2021 | 30.9 |
| 2022 | 41.4 |
| 2023 | 34.8 |
| 2024 | 26.3 |
銷售數量與營收趨勢
| 年度 | Sales QTY (M) | Sales Revenue (NT$'bn) |
|---|---|---|
| 2017 | 55 | 4.4 |
| 2018 | 60 | 4.3 |
| 2019 | 63 | 4.2 |
| 2020 | 70 | 4.5 |
| 2021 | 82 | 4.9 |
| 2022 | 92 | 4.9 |
| 2023 | 77 | 3.9 |
| 2024 | 71 | 3.95 |
地區別營收占比
| Region | 2021Y | 2022Y | 2023Y | 2024Y | 2025Q3 |
|---|---|---|---|---|---|
| EUROPE | 38% | 40% | 34% | 34% | 41% |
| NORTH AMERICA | 21% | 19% | 15% | 9% | 9% |
| CHINA | 12% | 9% | 24% | 32% | 21% |
| CN-NONBIKE | 8% | 7% | 7% | 6% | 7% |
| JAPAN | 7% | 7% | 6% | 5% | 6% |
| TAIWAN | 4% | 5% | 7% | 5% | 8% |
| ROW (rest of world) | 13% | 11% | 9% | 9% | 8% |
Market Update and Future Outlook
2025年財務預測與表現
- 2025前三季 (First three quarters of 2025):
- 營收 (Revenue): NT$48BN
- EPS: NT$2.31
E-Bike 銷售數量預測
| 年度 | OB (non China sales) | OB-CN (sales in China) | OE (OEM business) | TOTAL ('000) |
|---|---|---|---|---|
| 2020 | 218 | 44 | 365 | 627 |
| 2021 | 263 | 32 | 430 | 725 |
| 2022 | 237 | 32 | 534 | 803 |
| 2023 | 170 | 20 | 427 | 617 |
| 2024 | 136 | 12 | 335 | 483 |
| 2025 (F) | 126 | 10 | 390 | 526 |
Current Market Update
- Europe: 舊車種庫存去化已至尾聲，部分國家銷售成長主要來自新車種的表現。
- US: 關稅問題影響需求，消費者對於消費性產品偏向保守。
- CN (China): 銷售收入成長減緩受到經濟下滑、價格競爭及去年高基期影響，長期而言自行車運動仍具成長潛力。
- Overall: 不確定性使得未來復甦難以預測，但歐洲市場的恢復及中國衰退的縮窄仍然被看好。
ESG Report and Recognition
Announcement of 2024 ESG Report
- GHG Reduction: 溫室氣體排放量減少 28.48%，超越2030年減碳25%的目標。
- Eco-Products: 推出低碳輪胎及使用再生鋁合金的自行車，減碳達 2,806 公噸二氧化碳當量 (CO2e)。
- Diversity:
- Women in STEM: 36.97%.
- Women on Board: 36%.
- Recognition: 入選 2024年道瓊永續新興市場指數 (DJSI Emerging Market Index).
Enviro 標誌產品
- 52項產品使用 Enviro 標誌。
- 回收碳纖維: 全球第一台回收碳纖維製成的兒童滑步車。
- 環保材料: 使用回收尼龍、生質塑料、回收保麗龍等製作產品。
肯定與獲獎
- 永續發展獎: 獲得2022年行政院國家永續發展獎。
- 全球百大永續企業: 連續三年入選「全球百大永續企業」，2024年第21名。
- 企業環保獎: 2024年獲得國家企業環保獎銅級獎。
Appendix and Disclaimer
Disclaimer
- 本簡報可能包含未來業績的前瞻性信息，基於假設和不確定性以及管理層對未來事件的評估。
- 前瞻性陳述受風險和不確定性影響，實際結果可能顯著不同。