過去有關競合的研究解釋了與競爭者合作之what, how 以及 why等議題。在這些議題中，有關競合動態之中的how是最具挑戰性的研究主題。先前研究多關注於競合中的合作面，較少注重當競爭者合作之後要如何競爭的問題。本研究在於探討以合作為基礎的競爭，試圖回答：當企業與競爭者合作時，彼此競爭的合作夥伴間如何競爭?本研究連結動態競爭與競合觀點，以單一個案研究分析在台灣自行車市場中的兩家領導廠商在合作後彼此之間的競爭。本研究針對兩家廠商有關在歐洲市場的競爭報導進行分析，並輔以深度訪談資料。依據分析結果，本研究提出六個研究命題，說明那些因素引發了競合關係中的緊張，以及合作關係如何影響競爭夥伴間的競爭。本研究對於以合作為基礎的競爭以及在競合中的緊張關係提出新的洞察，本研究結果同時提出管理者在採取競合策略的實務意涵。 Prior studies of coopetition have explained the what, how and why of firms cooperating with competitors. Among these, examining the how question as to the stream of coopetition dynamics is the most challenging theme. Previous research has focused much more on the cooperation side. Less attention has been paid to the competition side to reveal what happens to competition after the competitors have collaborated. This study sheds light on the issue of cooperation-based competition by answering the question: while cooperating with competitors, how do rival partners compete based on cooperation? Linking the competitive dynamics perspective to coopetition, we conducted a single-case study to analyse the competition between two leading competitors in the Taiwanese bicycle industry. We collected the reported issues pertaining to the competition in the European market and supported by in-depth interviews. The analysis leads us to develop six propositions for illustrating the factors triggering the tensions and how cooperation may influence competition in a coopetition relationship. This study provides new insights into a theoretical issue of cooperation-based competition and the tension in coopetition. The case also provides management implications while taking a coopetition strategy.