What FOREVER does

FOREVER (永久) is a Shanghai-headquartered, publicly listed bicycle and electric vehicle manufacturer with origins tracing back to 1940 as the Changhe Manufacturing Factory, making it one of China's oldest continuously operating bicycle brands. Today the operating entity is Zhonglu Co., Ltd. (中路股份有限公司; A-share 600818, B-share 900915 on the Shanghai Stock Exchange), controlled by Zhonglu Group since 2001, and the company employs 501-1,000 staff through three major holding companies in Tianjin and Jiangsu. Its product platform spans traditional bicycles (mountain, road, commuter, folding, children's), national-standard electric bicycles, Class-1-qualified two- and three-wheel electric motorcycles, lithium electric-assist mopeds with torque sensors, tricycles, accessories, and a public bicycle sharing system; the company has cumulatively produced over 200 million bicycles and offers nearly 5,000 SKUs. Under the core FOREVER brand it operates a multi-brand portfolio that includes Dragon (龙牌) for premium carbon fiber, SHYNE (申丽) for women-specific ergonomics, FACTOR for international professional cycling, Platinum (白金永久) as the high-end in-house line, and Nineteen Forty (一九四〇) as a vintage-lifestyle brand.

The company runs a sales-led, multi-channel go-to-market combining nearly 3,000 specialty and dealer stores across 31 Chinese provinces, direct flagship stores (including a 2026 dual-brand Dragon + SHYNE flagship in Shanghai Baoshan), e-commerce flagships on Taobao, JD.com, and WeChat mini-program, franchise/agency recruitment, live-streaming on Douyin and Xiaohongshu, and recurring presence at industry exhibitions including China Cycle, the Northern China International Bicycle and Electric Bicycle Exhibition, and the Zhejiang International Bicycle New Energy Electric Vehicle Exhibition. Monetization is primarily one-time hardware sales at price points ranging from ¥806 entry-level folding bikes up to ¥43,980 Dragon carbon road bikes, augmented by customized product services, accessories, and government contracts for the 2008-launched Zhangjiang public bicycle rental system. Customer cohorts are diversified across urban commuters, sports/mountain bike enthusiasts, women riders, children and youth, commercial and elderly users, and municipal clients — yielding a long-tail, low-concentration revenue mix anchored by mass-market volume and supported by premium and lifestyle sub-brand layering.

Name

FOREVER

Legal name

中路股份有限公司（原上海永久股份有限公司）

Website

https://cnforever.com

Company type

Public

Founded year

1940

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Shanghai-based FOREVER (永久) is a publicly listed bicycle and electric vehicle manufacturer founded in 1940, operating under Zhonglu Co., Ltd. It sells traditional bikes, e-bikes, electric motorcycles, tricycles, and accessories across ~3,000 Chinese retail stores and a multi-brand portfolio including Dragon, SHYNE, Platinum, and FACTOR.

Ownership category

akta.pro rank

Product category

Bicycles and Electric Vehicles Manufacturing

NAICS

Motorcycle, Bicycle, and Parts Manufacturing (336991), Motorcycle, ATV, and All Other Motor Vehicle Dealers (441227), Automotive Parts, Accessories, and Tire Retailers (4413)

SIC

Motorcycles, Bicycles & Parts (3751), Wholesale-Motor Vehicle Supplies & New Parts (5013), Motor Vehicle Parts & Accessories (3714)

akta.pro primary industry

Bicycle Retail (New Bikes) (CRAMAHAA)

akta.pro secondary industries

E-Bikes & Electric Bicycles (CRACASAA), Bike Parts & Components Retail (CRAMAHAB), Bike Accessories Retail (Lights, Locks, Racks, Bags) (CRAMAHAD), Bike Service, Repair & Maintenance Shops (CRAMAHAH)

Keywords

• Bicycle manufacturing
• Electric bicycles
• Electric motorcycles
• Children's bicycles
• Cycling accessories

Headquarters

HQ city

Shanghai

HQ country

China

HQ region

Asia

Offices7 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Bicycle and e-bike sales: Core revenue from manufacturing and selling complete bicycles including mountain bikes, road bikes, commuter bikes, folding bikes, children's bikes, and electric-assisted bicycles. One-time hardware sales model with nationwide retail and dealer network.
2. Electric motorcycle and tricycle sales: Two-wheel and three-wheel electric motorcycles for urban commuting and commercial use. Products with level 1 electric motorcycle qualification.
3. Parts and accessories: Equipment and spare parts including helmets, cycling gloves, lights, locks, pumps, bags, mudguards, and saddles sold separately.
4. Customized products: Personalized customization services allowing customers to configure their own bicycles.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels10 records

Core offering

FOREVER manufactures and sells traditional bicycles (mountain, road, commuter, folding), electric bicycles, electric motorcycles, tricycles, and children's bicycles under its main brand and sub-brands Dragon, SHYNE, Platinum, Nineteen Forty, and FACTOR. The company also provides cycling accessories and spare parts, and operates a public bicycle rental system. Products are distributed through ~3,000 specialty and dealer stores, e-commerce platforms, and flagship stores across China.

Product overview

Forever (上海永久) is a diversified bicycle and electric vehicle manufacturer operating a multi-brand portfolio architecture spanning the core Forever main brand alongside premium and specialized sub-brands. The core Forever brand covers the full product spectrum: traditional bicycles (mountain, road, commuter, folding), electric bikes (national standard compliant), electric motorcycles (Class-1 qualified), tricycles (cargo and leisure), children's/youth bikes, and equipment & spare parts. Premium sub-brands include Dragon (龙牌, high-end carbon fiber sports), SHYNE (申丽, mainland China's first women-specific bikes), Platinum (白金永久), and Nineteen Forty (一九四零, sustainable lifestyle). The international FACTOR brand covers professional competition-grade road and track bicycles. The company also operates a public bicycle rental system and personalized custom bicycle services.

Differentiator

Problem solved

Functional benefit

Brands

• 龙牌 (Dragon): 永久旗下高端运动品牌，以碳纤维技术与竞技设计打造国产高端自行车高性价比标杆，定位专业运动骑行市场，主打山地车与公路车系列。庚辰系列公路车曾获2024中国自行车电动自行车设计大赛金奖。
• 申丽 (SHYNE)
• 一九四零 (NINETEEN FORTY)
• FACTOR
• 白金永久 (Platinum Forever)
• 铂帝纳

Products and services

• Mountain Bicycles (山地车) Off-road mountain bicycles including 26/27.5-inch models like Lingdong, Ideal 3.0, GT-699, Zhuoyue 290Y, Zhengtu 300, and the Honor of Kings collaboration Walker series. Designed for trail riding, off-road cycling, and adventure use cases.
• Road Bicycles (公路车) Road racing bicycles including Tianshan R10, R6, R11, Luteng, Lechi S1/S8, Jike R8/R9, Phantom 700, and gravel models like GR3, spanning 700C wheel size with multiple gearing options. Targeted at competitive cyclists and road riding enthusiasts.
• Commuter Bicycles (通勤车) Urban commuter bicycles designed for city riding, including models like C-01 with aluminum alloy frames and Shimano 7-speed gearing. Targeted at daily urban commuters.
• Electric Bicycles (国标电动车) National standard-compliant electric bicycles for urban commuting, representing the company's green mobility offerings. Models include intelligent lithium electric mopeds with torque sensors, 20AH batteries, and 90-100KM assisted range.
• Electric Motorcycles (电摩) Electric motorcycles manufactured under FOREVER's Class-1 electric motorcycle production qualification, covering two-wheel and three-wheel electric vehicle variants. Targeted at premium urban electric mobility and commercial transport.
• Children's Bicycles (童车) Children's bicycles and youth bikes spanning from toddler age through teenage years, focused on safety, fun, and developmental cycling growth for young riders.
• Tricycles (三轮车) Three-wheel electric and manual tricycles including cargo tricycles and leisure tricycles for commercial goods transport and family use, also serving elderly mobility needs.
• Lithium Electric-Assist Mopeds (锂电助力车) Electric-assist mopeds featuring intelligent sensing systems, long-range lithium batteries, and torque sensors for assisted pedaling. Models include F80/F78 Ping'an PROMAX with 90-100KM assisted range and Shimano 7/8-speed gearing.
• Equipment and Spare Parts (装备&零配件) Riding accessories and spare parts including helmets, cycling gloves, goggles, bike locks, pumps, lights, saddle covers, fenders, and riding bags. Prices range from ¥15-138.
• Platinum Series - Platina·F (白金系列) Premium platinum product series with high cost-performance ratio, allowing cycling enthusiasts to experience professional-grade configuration at accessible prices. Combines retro aesthetics with practical performance.
• Dragon (龙牌) High-End Carbon Fiber Bicycles High-end sports sub-brand featuring carbon fiber technology, aerodynamic structures, and competition-grade frame tuning. Includes road bikes (Gengchen, Cangkui) and softail mountain bikes (Longyuan, Yuelongzaiyuan). Prices range from ¥17,880-43,980. Gengchen model won gold at 2025 China Bicycle Design Competition.
• SHYNE (申丽) Women-Specific Bicycles Mainland China's first women-specific bicycle brand, meaning 'Beauty from Shanghai'. Offers city bicycles with ergonomically optimized frame geometry and feminine design aesthetics for urban female commuters. Models include C-01 and P01.
• FACTOR International Premium Road Bicycles International top-tier road and track bicycle brand under the parent company, featuring professional competition-grade performance, extreme lightweight carbon fiber design, and premium craftsmanship for global high-end cycling markets. Showcased at China Cycle 2026.
• Public Bicycle Rental System (公共自行车租赁系统) Government-funded public bicycle rental system pioneered by FOREVER, with the first station at Zhangjiang High-Tech subway station in Shanghai Pudong. Operates under a government-purchase-service-and-supervision model with enterprise investment and operation.
• Personalized Custom Bicycle Service (个性定制) Personalized customization service allowing customers to configure their own bicycles through an online configurator selecting parts, components, and design options.

Quantifiable outcome

• 200 million bicycles produced cumulatively
• +4 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• China Cycle 2026 ExhibitioncoreGTM or Marketing Partner · 5 May 2026Featured exhibitor at China International Bicycle Fair 2026 in Shanghai alongside leading brands Giant, Merida, Shimano, Phoenix. Three pavilions covering over 500 square meters showcasing Dragon, SHYNE, e-bikes and FACTOR brands
• Jingdao (竞之道) ConsultingminorImplementation/ SI/ Consulting Partner · 1 January 2026Strategic partnership with Jingdao Consulting for marketing innovation sharing and dealer training programs
• Doraemon (哆啦A梦)minorGTM or Marketing Partner · 1 January 2025IP collaboration integrating Doraemon elements into product design and marketing campaigns, targeting parent-child cycling and young consumer segments
• 1940 (一九四零) brand collaborationsminorGTM or Marketing Partner · 1 January 2025Nearly 130 cross-brand activities including partnerships with Heytea, National Geographic, GUCCI, Lululemon targeting lifestyle-oriented consumers
• Aulcker (奥乐齐超市)minorGTM or Marketing Partner · 1 January 2025Custom bicycle collaboration with German supermarket chain Aulcker for promotional activities
• Semir (森马服饰)minorGTM or Marketing Partner · 1 January 2025Collaborative clothing line combining Forever bicycles with Semir fashion brand
• FACTORcoreOEM/ Whitelabel/ Licensing Partner · 1 January 2025Parent company-controlled international premium brand showcased at China Cycle 2026 in W5 hall, featuring professional competition-grade performance, ultra-lightweight carbon fiber frames, and top-tier craftsmanship representing global competitive cycling technology
• Sunlight (申丽) brandcoreStrategic or Co-development Partner · 1 January 2025Subsidiary brand - mainland China's first women's-specific bicycle brand designed with female ergonomics, launched January 2026 flagship store
• Honor of Kings (王者荣耀)minorGTM or Marketing Partner · 1 January 2024IP collaboration launching King of Glory-themed mountain bikes featuring character designs (Diao Chan, Hou Yi, Da Qiao, Li Bai, Zhu Ge Liang, Zhuang Zhou) targeting young gaming demographic
• Dragon (龙牌) brandcoreStrategic or Co-development Partner · 1 January 2024High-end sub-brand launched end of 2024 targeting international high-end bicycle market with carbon fiber technology and competition-grade components; Gengchen model won gold at 2025 China Bicycle Design Competition

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Giant Bicycles: The world's largest bicycle manufacturer, headquartered in Taiwan with extensive manufacturing scale across China and a full-category range (mountain, road, e-bikes, lifestyle). Giant is the most direct comparable to FOREVER given overlapping product breadth, Chinese manufacturing footprint, and mass-to-premium positioning; both were featured exhibitors at China Cycle 2026.
• Merida Bicycles: Taiwan-based global bicycle manufacturer with significant OEM capacity in China, producing mountain, road, e-bikes and children's bikes across price tiers. Direct competitor to FOREVER in both domestic Chinese and export markets, also showcased alongside FOREVER at China Cycle 2026.
• Phoenix Bicycle (凤凰): Historic Chinese bicycle brand and FOREVER's most direct domestic peer — both are 'time-honored' mass-market bicycle manufacturers in China with parallel product portfolios spanning traditional bicycles, e-bikes, and accessories, competing in the same retail channels and consumer segments.
• Trek Bicycle Corporation: Premium global bicycle manufacturer with deep road/mountain/e-bike portfolios and a strong Chinese retail footprint through direct stores. The closest international comparable to the Dragon sub-brand and FACTOR's premium road/track positioning, and a benchmark for what FOREVER's premium segment must compete against.
• Xidesheng (喜德盛): Shenzhen-based Chinese bicycle and e-bike OEM/manufacturer with broad product portfolio covering mountain, road, e-bikes, and children's bikes. Direct domestic competitor to FOREVER at entry-to-mid price tiers with similar multi-channel distribution in China.
• Aima Technology (爱玛): Top-tier Chinese manufacturer of electric bicycles, scooters, and tricycles with deep nationwide distribution. Directly comparable to FOREVER on e-bikes, electric motorcycles, and tricycles, and a parallel scale competitor in the domestic Chinese mass-market electric two-wheeler category.

Broad incumbents

• Yadea Group Holdings: China's largest electric two-wheeler manufacturer, dominating the electric scooter / e-bike / e-moped market. Comparable to FOREVER specifically on the Class-1 electric motorcycle and e-bike product lines, though Yadea is a much larger specialist focused exclusively on electric mobility rather than traditional bicycles.
• Specialized Bicycle Components: Premium American road/mountain/e-bike brand with strong global racing sponsorship and premium ASP positioning. Closest international benchmark for FACTOR's professional competition road/track segment and the upper end of FOREVER's Dragon sub-brand positioning.

Emerging players

• Niu Technologies: Smart electric two-wheeler manufacturer focusing on premium e-scooters and e-mopeds with connected/smart features. Comparable to FOREVER's electric moped and e-motorcycle lines, particularly as a benchmark for technology-led positioning in the Chinese e-mobility market.

Others

• Shimano: Global leader in bicycle components (drivetrains, brakes, wheels) and an ecosystem participant rather than direct competitor. Shown alongside FOREVER at China Cycle 2026 and a critical component supplier for FOREVER's higher-tier Dragon, SHYNE and F80/Promax electric-assist bicycles that integrate Shimano gearing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/zhonglu-co-ltd-

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FOREVER