IN BRIEF
Dahon filed its accounts for the six months ended 30 June 2026 with the Hong Kong Stock Exchange on 26 August. Revenue at the Chinese folding bike specialist moves from 318.7 to 489.7 million yuan, a rise of 53.7% year on year. Profit attributable to owners of the company climbs faster still, by 72.3%, to 66.9 million yuan, and the board is proposing an interim dividend of 1.224 yuan per ordinary share. The group ties the improvement in its gross margin — from 33.5% to 35.2% — to its direct online sales in China, which jumped 84.3% to reach 144.2 million yuan.
| Revenue (H1 2026) | ¥489.7M, up from ¥318.7M — +53.7% |
| Gross margin | ¥172.2M, up from ¥106.7M |
| Gross margin rate | 35.2%, up from 33.5% |
| Profit attributable to owners | ¥66.9M, up from ¥38.8M — +72.3% |
| Basic earnings per share | ¥2.23, up from ¥1.85 |
| Proposed interim dividend | ¥1.224 per ordinary share (before tax) |
| Direct online sales (China) | 144,2 M¥ — + 84,3 % |
While the collapse of Accell Group — declared bankrupt by the Amsterdam court on 11 August, according to Bicycle Retailer — is pushing its subsidiaries into court, among them Lapierre, which had already filed with the Dijon commercial court on 5 August according to procedurecollective.fr, a Chinese folding bike maker is publishing sharply rising accounts. Dahon’s half-year results were filed on 26 August with the Hong Kong Stock Exchange, for the six months ended 30 June 2026. Bicycle Retailer, which picked up the publication, describes it in its headline as the group’s “initial Hong Kong Stock Exchange report”.
Dahon half-year results: profit rising faster than sales
The filing is clear: revenue moves from 318.7 to 489.7 million yuan from one half-year to the next, “an increase of 53.7%”. Profit attributable to owners follows a steeper slope, from 38.8 to 66.9 million yuan, “representing an increase of approximately 72.3%”.
Basic earnings per share move from 1.85 to 2.23 yuan, and the board “recommends the payment of an interim dividend of 1.224 yuan per ordinary share (before tax)” for the half-year.
Online selling is lifting the margin
The gap between revenue growth and profit growth comes down to margin, and the group names the cause itself. Its gross margin climbs from 106.7 to 172.2 million yuan, and the rate “increased from 33.5% to 35.2%, mainly due to the year-on-year growth of 84.3% in revenue from direct online sales in the domestic market”.
That channel reaches 144.2 million yuan over the half-year, against 78.2 million a year earlier. The group describes a four-channel distribution set-up: “sales to dealers, offline direct sales, online direct sales and overseas sales”. According to that announcement, sales to dealers remain by far the biggest outlet, at 299.6 million yuan against 211.8 million a year earlier, while offline direct sales slip from 8.0 to 7.3 million; no margin by channel is published in it.
A very Chinese footprint
The filing dwells on Chinese online commerce platforms, where Dahon claims lasting positions: as at 30 June 2026, on Tmall, “the paid amount of orders in the folding bike category has ranked first in the sector for ten consecutive months”; on JD.com, the brand is “first for eighteen consecutive months” in the monthly ranking of best-selling brands in the folding category. The group cites two differentiated launches on those platforms, the triple-fold Lunden M7 and a “Year of the Horse” P8 series.
Bicycle Retailer, for its part, sets out the breakdown: Dahon bicycle sales are up 54.1%, moving from 312.9 to 482.2 million yuan. The bulk of the business therefore remains the bike itself.
One unknown remains for the European reader. According to that same filing, China accounts for 451.1 of the 489.7 million yuan of revenue and overseas for 38.6 million, against 20.7 million a year earlier, and no single country contributes more than 10% of the total. The announcement does not spell out, in the excerpts consulted, the share Europe represents in those overseas sales.
