China's major bicycle firms' profits surge in Jan-May
BEIJING, July 3 (Xinhua) -- China's major bicycle manufacturers reported strong performance in the first five months 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 3.13 million U.S. dollars) raked in 3.15 billion yuan in profits in the January-May period, up 33.1 percent year on year, according to the Ministry of Industry and Information Technology.
Their combined operating revenue rose 49.4 percent from a year ago to 83.53 billion yuan.
In the January-May period, China's output of non-electric bikes increased 33.8 percent year on year to nearly 20.79 million units, while electric bike production surged 42 percent year on year to over 12.6 million units, the data showed.
