China's bike industry posts surging profits in first 10 months

BEIJING -- China's major bicycle manufacturers saw stable growth in the first 10 months of this year, with their profits jumping 25.1 percent year-on-year, official data showed.

Bicycle manufacturers with annual main-business revenue of more than 20 million yuan ($3.06 million) raked in 5.88 billion yuan of profits in the period, according to the Ministry of Industry and Information Technology.

The operating revenue of the major bike makers totaled 141.93 billion yuan during the period, up 16.8 percent year-on-year, the ministry said.

Meanwhile, the country reported double-digit growth in the output of electric bikes from January to October. A total of 25.48 million electric bikes were produced in the first 10 months, up 33.4 percent.

The total profits of China's electric bike makers reached 3 billion yuan during the same period, surging 30.5 percent year-on-year, according to the ministry.