China's bicycle industry reports rapid profit growth

BEIJING -- China's major bicycle manufacturers saw their profits surge 46.4 percent year-on-year in the first eight months of 2021, according to the Ministry of Industry and Information Technology.

Bike makers with annual main business revenue of more than 20 million yuan ($3.13 million) raked in 7.16 billion yuan in total profits from January to August.

Their total revenue rose 30.6 percent from a year earlier to 145.16 billion yuan, the MIIT data showed.

During the same period, electric bike manufacturers reported total revenue of 75.03 billion yuan, up 23.9 percent year-on-year, with their profits increasing 28.6 percent to 3.46 billion yuan, said the ministry.