The local market is becoming increasingly important for the Suzhou, China-based e-bike motor system manufacturer Bafang. Its revenue export share has slid from 35% in 2021 to 20% last year. The total operating revenue in 2025 was RMB 1.3369 billion, down 1.47% year-on-year. The net profit attributable to shareholders was RMB 102.819 million in 2025, up 61.04% compared with 2024.
From pre-IPO acquirers to non-traditional investors and aftermarket economics, the next opportunity for bike startups may sit outside traditional cycling. After the capital reset, the cycling industry has been asking: when will investors come back? But maybe that is the wrong question.
The massive influx of non-compliant fatbikes in the Netherlands, combined with annoying user behaviour, prompted Dutch politicians to call for a wide range of restrictive measures. It gave the fatbikes a very bad image, prompting local distributor La Souris to find new markets abroad. Initially, investors were not eager to step in, but now La Souris has raised €6.5 mln from ING Bank to reach the company's strategy.
German e-commerce giant The Platform Group (TPG) states that it has "fully met" its annual forecast, with significant growth in revenue and earnings. "The organic growth of our platforms was consistently strong, enabling us to successfully decouple from the generally weak retail industry trend," founder Dr Dominik Benner states. The group's activities in the bicycle industry include three online platforms and one brick-and-mortar store.
Investors expect their investments to appreciate in value. Over the past decade, well-managed private equity funds have generally doubled the capital invested for their investors over the term of the investment, after deducting their own, usually very attractive, fees. However, this requires that the company's value also rise sharply during the investment period, more than doubling. These average times-two money multiples also include investments that perform poorly or even fail, for example, due to insolvency. What is the secret behind investment funds' value creation?
Basque bicycle manufacturer Orbea reported a limited 2.3% decline in revenue for 2025, a small reduction in revenue that the cooperative attributes to its continuous market monitoring and disciplined management of a "responsible sales plan." This contrasts with 2024, when Orbea reported an 8% year-over-year decline in turnover, suggesting that profitability and margin performance stabilised considerably in 2025.
