business

China’s bicycle industry reports surging profits

BEIJING, Nov. 8 (Xinhua) — China’s major bicycle manufacturers saw their profits surge 22 percent year on year in the first three quarters, according to the Ministry of Industry and Information Technology (MIIT).

Bike makers with annual main-business revenue of more than 20 million yuan (about 3.02 million U.S. dollars) raked in 5.13 billion yuan in total profits from January to September.

Meanwhile, their total revenue rose 15.7 percent from a year earlier to 126.05 billion yuan, the MIIT data showed.

During the same period, electric bike manufacturers reported total revenue of 67.76 billion yuan, up 26.6 percent year on year, with their profits surging 30.4 percent to 2.63 billion yuan, the ministry said.

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