China's major bicycle firms see revenue, profit growth

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

Bike manufacturers with annual operating revenue of over 20 million yuan ($3.1 million) raked in 5.82 billion yuan in profits in the January-July period, up 51.2 percent year-on-year, according to the Ministry of Industry and Information Technology.

Their combined operating revenue rose 36.8 percent from a year earlier to 124.52 billion yuan.

In the first seven months of the year, China's output of non-electric bikes increased 13.3 percent year-on-year to nearly 29.79 million units, while electric bike production rose 26 percent year-on-year to about 20.16 million units, the data showed.