China's major bicycle firms' profits surge in Jan-May

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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 US$3.13 million) raked in 3.15 billion yuan in profits in the January-May period, up 33.1% year on year, according to the Ministry of Industry and Information Technology.

Their combined operating revenue rose 49.4% from a year ago to 83.53 billion yuan.

In the January-May period, China's output of non-electric bikes increased 33.8% year on year to nearly 20.79 million units, while electric bike production surged 42% year on year to over 12.6 million units, the data showed.

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