統一超商 (Uni-President Chain Store) 2023Q2 法說會簡報

Company Overview

• Company Name: 統一超商 (Uni-President Chain Store)
• Stock Code: 2912 TT
• Overall Vision (Mid-to-Long Term Goal): 不斷進化的統一超商 (Constantly Evolving Uni-President Chain Store), 鞏固領導地位, 最完整的零售生態版圖 (Consolidate leading position, most complete retail ecosystem).

Business Segments & Subsidiaries

• 7-ELEVEN Taiwan
• Retail:
  • 菲律賓7-11 (7-ELEVEN Philippines)
  • 康是美(統一生活) (COSMED - Uni-President Life)
  • 宅急便(統一速達) (Uni-President Express)
  • 博客來 (Books.com.tw)
  • 統一精工 (Uni-President Engineering)
• Logistics:
  • 捷盟行銷 (Jie Meng Marketing)
  • 統昶行銷 (Tong Chang Marketing)
  • 大智通文化行銷 (Da Zhi Tong Cultural Marketing)
• Others:
  • 中國事業群 (China Business Group)
  • 餐飲事業群 (Food & Beverage Business Group) - e.g., 星巴克 (Starbucks)
  • 支援事業群 (Support Business Group)

Financial Highlights and Key Metrics

• Unit: 新台幣十億 (NT$ billions)
• Profitability Ratios:
  • OPM(%): Operating Profit Margin
  • NI(%): Net Income Margin
  • ROE (Return on Equity):
    • Company only:
      • 2020: 28.34%
      • 2021: 25.25%
      • 2022: 26.29%
      • 2023: 28.57%
      • 2024: 28.80%
    • Consolidated:
      • 2020: 25.14%
      • 2021: 22.83%
      • 2022: 25.03%
      • 2023: 27.08%
      • 2024: 27.52%
  • ROA (Return on Assets):
    • Company only:
      • 2020: 7.73%
      • 2021: 6.41%
      • 2022: 6.32%
      • 2023: 6.66%
      • 2024: 6.86%
    • Consolidated:
      • 2020: 6.14%
      • 2021: 5.20%
      • 2022: 5.36%
      • 2023: 5.60%
      • 2024: 5.70%
• Cash Dividends (Unit: $NT):
  • Cash Dividends: 9.0 NT$ for 2020-2024
  • Payout Ratio:
    • 2020: 91%
    • 2021: 106%
    • 2022: 101%
    • 2023: 88%
    • 2024: 81%

Recent Performance and Results

Consolidated Performance

• 1Q25 Consolidated Revenue Growth: 4.4%
  • Main Drivers: Continuous store expansion and improved per-store performance from Taiwan 7-11, Philippines 7-11, and COSMED.
• Gross Profit & Gross Profit Margin: Increased due to product mix optimization and economies of scale.
• Operating Expenses: Increased due to rising external operating costs and active investments.
• Consolidated Operating Profit: Declined 0.9%.
• Net Income After Tax: Declined 1%.

Key Metrics & Data Points (Consolidated)

• Store Count:
  • 2020: 10,527
  • 2021: 11,070
  • 2022: 11,778
  • 2023: 12,552
  • 2024: 13,125
  • 1Q'24: 12,705
  • 1Q'25: 13,272
• Consolidated Revenue:
  • 2020: 258.5
  • 2021: 262.7
  • 2022: 290.4
  • 2023: 317.0
  • 2024: 337.9
  • 1Q'24: 81.1
  • 1Q'25: 84.6
• Consolidated Operating Profit:
  • 2020: 12.1 (OPM: 4.7%)
  • 2021: 10.7 (OPM: 4.1%)
  • 2022: 12.3 (OPM: 4.2%)
  • 2023: 13.8 (OPM: 4.3%)
  • 2024: 14.0 (OPM: 4.1%)
  • 1Q'24: 3.7 (OPM: 4.5%)
  • 1Q'25: 3.6 (OPM: 4.3%)
• Consolidated Net Income:
  • 2020: 11.3 (NI%: 4.4%)
  • 2021: 10.0 (NI%: 3.8%)
  • 2022: 11.1 (NI%: 3.8%)
  • 2023: 12.7 (NI%: 4.0%)
  • 2024: 13.7 (NI%: 4.1%)
  • 1Q'24: 3.4 (NI%: 4.2%)
  • 1Q'25: 3.4 (NI%: 4.0%)

Individual Performance

• Taiwan 7-11 Revenue Growth: 5.2%
• Key Metrics & Data Points (Individual):
  • Store Count:
    • 2020: 6,024
    • 2021: 6,379
    • 2022: 6,631
    • 2023: 6,859
    • 2024: 7,077
    • 1Q'24: 6,939
    • 1Q'25: 7,118
  • Individual Revenue:
    • 2020: 168.1
    • 2021: 168.0
    • 2022: 182.9
    • 2023: 197.7
    • 2024: 210.7
    • 1Q'24: 50.1
    • 1Q'25: 52.7
  • Individual Operating Profit:
    • 2020: 7.5 (OPM: 4.5%)
    • 2021: 5.8 (OPM: 3.5%)
    • 2022: 6.1 (OPM: 3.3%)
    • 2023: 6.6 (OPM: 3.3%)
    • 2024: 6.7 (OPM: 3.2%)
    • 1Q'24: 1.9 (OPM: 3.8%)
    • 1Q'25: 1.9 (OPM: 3.6%)
  • Individual Net Income:
    • 2020: 10.2 (NI%: 6.1%)
    • 2021: 8.9 (NI%: 5.3%)
    • 2022: 9.3 (NI%: 5.1%)
    • 2023: 10.6 (NI%: 5.4%)
    • 2024: 11.5 (NI%: 5.5%)
    • 1Q'24: 2.9 (NI%: 5.9%)
    • 1Q'25: 2.9 (NI%: 5.5%)

Segment Contribution

• Revenue Distribution:
  • 7-ELEVEN Taiwan: 62%
  • Retail: 30%
  • Logistics: 7%
  • Others, Adjustment and elimination: 1%
• Pre-tax Profit Distribution:
  • 7-ELEVEN Taiwan: 51%
  • Retail: 30%
  • Logistics: 8%
  • Others, Adjustment and elimination: 11%

Future Outlook and Guidance

2025 Growth Targets

• Taiwan 7-ELEVEN Store Count: +200~300 new stores (As of Dec. 31, 2025).
• Revenue & PSD-Sales: Maintain growth YoY.
• Per-Store Profit: Steady growth YoY.

Mid-to-Long Term Goals

• Four Pillars:
  • Store Quality & Quantity Advancement
  • Quality Lifestyle Platform
  • Strengthen Digital Layout
  • Regional Economic Development
• Supporting Foundations:
  • Supply Chain Integration
  • AI Application, System Enhancement
  • Talent System, Keeping Pace with Times

Strategic Initiatives and Plans

Aggressive Store Expansion

• Goal: Capture market share, consolidate leading position.
• Franchise Strategy: Stable franchising with a target of >50% multi-store franchisee ratio by 2024.

Lifestyle Food Platform

• Goal: Grasp trends, upgrade taste.
• Fresh Food Revenue Targets: $50bn (2025).

Lifestyle Taste Platform

• Goal: Continuous innovation and brand value shaping with a focus on coffee and tea.

Lifestyle Innovation Platform

• Goal: Unlimited creativity, leading trends in various product categories.

Lifestyle Service Platform

• Goal: Quality service, seize business opportunities through various self-operated and e-commerce services.

Digital Platform

• Goal: Increase customer stickiness and create the most complete retail ecosystem.

Logistics Blueprint

• Future Operations: New logistics centers and automation to improve efficiency.

AI Layout

• Goal: Digital transformation and operational optimization through various initiatives.

Investee Businesses

• Focus: Strengthen overseas operations and evaluate investments in the lifestyle industry.

Philippines 7-ELEVEN

• Goal: Maintain and expand market share while optimizing product offerings.

Sustainability Performance

• E (Environmental): Net-zero emissions by 2050.
• S (Social): Health, nutrition, human rights, and social welfare.
• G (Governance): Governance improvements and external evaluations.

Key Charts, Graphs, and Data Points

• Revenue milestones, fresh food revenue growth, and various charts provided in previous sections.

All Important Product Names, Terms, and Concepts

• Terms:
  • PSD-Sales, OPM, NI, ROE, ROA, YoY, OMO, CQI, DJSI, CDP, MSCI, IFRS, ESG.
• Products/Services:
  • 7-ELEVEN, CITY CAFE®, CITY TEA®, Fresh Food, Unmanned Stores, Hybrid POS, etc.

Products, Services & Technology

• Convenience Store Brand: 7-ELEVEN
• Coffee Brands: CITY CAFE®, CITY PRIMA®, !+? CAFE+TEA
• Food Products/Series: Premium Onigiri, Hot Pot Series, Dessert Brand LADEARS, etc.
• Logistics Services: MyStore, Delivery Service, etc.
• Digital Platforms/Services: OPENPOINT, LINE Gifts, E-Wallet & E-Payment, etc.
• Store Concepts/Technology: X-8 Unmanned Store, AI Energy Monitoring System, etc.
• Other Services: Payment collection services, migrant worker remittance, member subscription services.