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Core Viewpoint - The cycling trend in China has rapidly cooled down, leading to significant declines in sales and profits for related companies, as many consumers who initially joined the trend have now exited due to high costs and time commitments [4][20][21]. Market Trends - In the first half of 2024, mid-to-high-end sports bicycle sales saw a significant increase of over 20% year-on-year, driven by the "cycling boom," but demand has noticeably declined since August 2024 [5]. - The number of second-hand bicycles for sale has surged, with many sellers indicating impulsive purchases that led to unused equipment [5][9]. - Major brands like Shimano reported a 60% drop in net profit, primarily due to a 40% decrease in sales in the Chinese market as the cycling craze waned [5][24]. Consumer Behavior - The initial surge in cycling popularity was fueled by a heightened focus on health and outdoor activities post-pandemic, but this interest has shifted as consumers seek new trends [7][15]. - Social media platforms played a significant role in promoting cycling, but the trend has now shifted towards "retreating" from the activity, with many users citing financial and time constraints as reasons for quitting [8][19]. Industry Impact - The rapid expansion of production capacity and investment during the peak of cycling's popularity has led to excess supply, resulting in significant inventory pressures for manufacturers and retailers [21][22]. - Companies like Merida and Giant reported inventory excess rates of approximately 45% and 40%, respectively, as of Q2 2024 [23]. - The high-end bicycle market, which was once thriving, is now facing price reductions of hundreds to thousands of yuan, with some models seeing price cuts of over 30% [13][24]. Future Outlook - Despite the downturn, there remains a core group of dedicated cycling enthusiasts who continue to invest in high-end products, indicating potential for recovery in the market [24][28]. - The industry is encouraged to focus on developing high-quality domestic brands and products to capture a larger share of the market, especially in the mid-to-high-end segments [26][28].