BEIJING -- China's major bike companies saw their profits surge 36.8 percent year on year during the first 10 months of the year to 6.91 billion yuan (about $1.1 billion), according to data from the China Bicycle Association.

Meanwhile, revenues jumped 22.4 percent from a year ago to 159.61 billion yuan, the data showed.

The main business income of the country's bicycle industry is expected to see a rise of more than 10 percent this year, the association said.

China has nearly 300 million electric bicycles and is the world's largest producer, consumer and exporter of electric bicycles, said Liu Suwen, director of the association.

The output of lithium battery-powered electric bicycles exceeded 10 million units in 2020, up from less than 700,000 units in 2011, the association said.