China's bicycle industry reports rising profits in H1

BEIJING - China's major bicycle manufacturers saw their profits surge 24.8 percent year-on-year in the first half of 2020, according to the Ministry of Industry and Information Technology (MIIT).

Bike makers with annual main-business revenue of more than 20 million yuan ($2.87 million) raked in 2.87 billion yuan in total profits from January to June.

Meanwhile, their total revenue rose 4.1 percent from a year ago to 69.28 billion yuan, the MIIT data showed.

During the same period, makers of electric bikes reported total revenue of 37.74 billion yuan, up 13.4 percent year-on-year, with their profits surging 31.6 percent to 1.67 billion yuan, said the ministry.