China's major bicycle firms report surging profits in H1

BEIJING -- China's major bicycle manufacturers reported strong performance in the first half of the year, with combined profit and revenue both registering double-digit growth, official data showed.

Bike manufacturers with annual operating revenue of over 20 million yuan (about $3.08 million) raked in 4.16 billion yuan in profits in the January-June period, up 44.4 percent year-on-year, according to the Ministry of Industry and Information Technology.

Their combined operating revenue rose 42.7 percent from a year ago to 104.46 billion yuan.

In the first half of the year, China's output of non-electric bikes increased 19.7 percent year-on-year to nearly 25.19 million units, while electric bike production rose 33.6 percent year-on-year to over 16.2 million units, the data showed.