While the market is still down and revenue remains low, appreciation is still essential.
After years of experience and challenges, Formula Engineering has built a team that can confidently be considered the most competitive and highly recognized wheel system company in Taiwan over the past 30 years. As many industry peers often say to me, “Formula — you will thrive,” which reflects the strong belief and recognition we have earned.
We have had the privilege of working hand in hand with some of the world’s most renowned wheel brands. Collaborating in design, development, and production of high-end carbon wheelsets. Our products are not only sold across Europe and North America, but last year we also became the official distributor of ENVE in Taiwan.
In recent years, the bicycle industry has faced significant challenges. With the rise of e-bikes and excess market inventory, demand has declined, and our sales have dropped by more than 40%. However, we have used this period as an opportunity to transform, to strengthening our capabilities, enhancing our professionalism, continuously improving, and further deepening our expertise in wheel system technology. We are preparing ourselves to embrace the gradual recovery of the market.
Lastly, I would like to take this Spring Party as an opportunity to share something with all of you. I will continue to serve as the company’s leader, but my role will gradually shift from being a primary decision-maker to one focused on guidance, support, and legacy. I will continue working alongside all of you with this new mindset.
Our corporate governance will remain structured under the existing organization and management framework, with clear responsibilities. The General Management Office (GMO), together with our COO, Li Yu, will lead the company’s operations. More importantly, we will continue to uphold and pass on our strong corporate culture.
At the same time, I will dedicate more time to listening, to hearing the voices of more colleagues across the team. My hope is to build Formula Engineering into a company where everyone is willing to give their best, where self-management is encouraged, and where every colleague can come to work with joy, feel a true sense of happiness, and maintain good health and like a big family.
Finally, I wish all of you good health and all the best in everything you do.
From President Mark Yu
