FamilyMart (5903) 2024Q4 法說會簡報
Company Overview
- Founding Date: August 18, 1988
- Listing Date: February 25, 2002 (Stock Code: 5903)
- Capital: NT$ 2.23 billion
- Business Scope: Operation of chain convenience stores and provision of lifestyle services.
- Chairman: 葉榮廷 (Yeh Jung-Ting)
- Number of Stores (as of 2024/12): 4,316 stores
Major Milestones
- Laying the Foundation (1988-1997)
- 1988: Taiwan "FamilyMart Convenience Store" opened its first store.
- 1989: Logistics center established.
- 1990: Began developing franchise system.
- Leapfrog Growth (1998-2007)
- 1998: First to offer bill payment services.
- 2002: Officially listed on the stock exchange.
- 2004: Expanded into Shanghai, China.
- 2007: Acquired 157 stores from Hi-Life.
- Store Count Milestone: 1,500 stores
- Transformation & Re-creation (2008-2020)
- 2008: Launched store-to-store parcel delivery service.
- 2010: Large-scale introduction of new store model (NF1), initiating a store model revolution.
- 2013: Launched own brand FamilyMart Collection.
- 2015: Fuby Bakery started production.
- 2019: Created "Friendly Food Light" mechanism (友善食光機制).
- Store Count Milestone: 3,000 stores
- Digital Transformation (2021-2025)
- 2022: Launched 全盈+PAY (Quan Ying +PAY) payment tool.
- 2022: Taichung Dadushan Logistics Center commenced operations, introducing automated equipment.
- 2023: 「長家國際食品」 (Chang Chia International Food) fresh food factory commenced operations.
- 2024: Subsidiary 「全家國際餐飲」 (FamilyMart International Catering) officially listed on the stock exchange.
- Store Count Milestone: 4,000 stores
Shareholder Structure (as of 2024/12)
- 日本全家 (FamilyMart Japan): 45.0%
- 萬寶開發 (Wan Bao Development): 19.4%
- 其他 (Others): 18.9%
- 光泉 (Kuang Chuan): 5.3%
- P. F. Investment: 5.0%
- 三洋維士比 (San Yang Vei-Sbi): 3.3%
- 泰山 (Tai Shan): 3.1%
Investment Business Landscape
- 全網行銷 (familynet)
- Business: Marketing, Anything For You
- Ownership: 100%
- 日翊文化 (Re-Yi Distribution Service Co., Ltd.)
- Business: Distribution Service
- Ownership: 100%
- 晉欣食品 (JINSHIN)
- Business: Food Products
- Ownership: 100%
- 福比 (FOPI Bakery)
- Business: Bakery
- Ownership: 93.5%
- 精藤 (Accudata It Total Solution)
- Business: IT Total Solution
- Ownership: 70%
- 全家國際餐飲 (FamilyMart International Gourmet)
- Business: International Catering
- Ownership: 61.96%
- Note: Listed on stock exchange in 2024/11
- 全台物流 (TAIWAN DISTRIBUTION CENTER CO., LTD.)
- Business: Logistics
- Ownership: 51.7%
- 全盈支付 (Quan Ying +PAY)
- Business: Payment
- Ownership: 51%
- 長家國際食品 (Chang Chia International Food)
- Business: Food Products
- Ownership: 45%
- 屏榮食品 (PRE)
- Business: Food Products
- Ownership: 38.2%
- 昶青實業 (Chang Ching Enterprise)
- Business: Enterprise
- Ownership: 30%
- 建康國際食品 (Jian Kang International Food)
- Business: International Food
- Ownership: 30%
Taiwan CVS Store Count
| CVS Chain | Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| FamilyMart | 店數 (Store Count) | 3,770 | 3,980 | 4,138 | 4,234 | 4,316 |
| 淨增加 (Net Increase) | +222 | +210 | +158 | +96 | +82 | |
| 市占率 (Market Share) | 31.5% | 31.5% | 31.7% | 31.6% | 31.6% | |
| 7-11 | 店數 (Store Count) | 6,024 | 6,379 | 6,631 | 6,859 | 7,077 |
| 淨增加 (Net Increase) | +369 | +355 | +252 | +228 | +218 | |
| 市占率 (Market Share) | 50.3% | 50.5% | 50.8% | 51.3% | 51.8% | |
| Hi-Life | 店數 (Store Count) | 1,422 | 1,502 | 1,512 | 1,556 | 1,635 |
| 淨增加 (Net Increase) | +17 | +80 | +10 | +44 | +79 | |
| 市占率 (Market Share) | 11.9% | 11.9% | 11.6% | 11.6% | 12.0% | |
| O.K. | 店數 (Store Count) | 750 | 762 | 769 | 729 | 622 |
| 淨增加 (Net Increase) | -35 | +12 | +7 | -40 | -107 | |
| 市占率 (Market Share) | 6.3% | 6.0% | 5.9% | 5.5% | 4.6% | |
| Total | 店數 (Store Count) | 11,966 | 12,623 | 13,050 | 13,378 | 13,650 |
| 淨增加 (Net Increase) | +573 | +657 | +427 | +328 | +272 |
Franchise Ratio
- Franchise Ratio: Stable above 90%
- 2020: 94%
- 2021: 93%
- 2022: 92%
- 2023: 91%
- 2024: 90%
| Franchise Store Type | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| 店數 (Store Count) | 比率(%) (Ratio) | 店數 (Store Count) | 比率(%) (Ratio) | 店數 (Store Count) | |
| RC | 242 | 6 | 282 | 7 | 320 |
| FC1 | 2,866 | 76 | 3,084 | 78 | 3,234 |
| FC2 | 662 | 18 | 614 | 15 | 584 |
2024 Profit Performance (Unit: NT$ Thousand)
| Metric | 2024 | 2023 | YoY |
|---|---|---|---|
| 營業收入 (Operating Revenue) | 105,104,290 | 99,610,211 | 5.52% |
| 營業毛利 (Operating Gross Profit) | 38,388,748 | 36,356,899 | 5.59% |
| 營業費用 (Operating Expenses) | 36,330,453 | 34,344,984 | 5.78% |
| 營業利益 (Operating Income) | 2,058,295 | 2,011,915 | 2.31% |
| 稅前淨利 (Pre-tax Net Profit) | 4,831,376 | 1,959,019 | 146.62% |
| 稅後淨利 (Net Profit After Tax) | 3,936,306 | 1,688,945 | 133.06% |
| 本期淨利歸屬於母公司業主 (Net Profit Attributable to Owners of Parent) | 3,803,729 | 1,611,506 | 136.04% |
| EPS | 17.04 | 7.22 | 136.01% |
| 毛利率 (Gross Profit Margin) | 36.52% | 36.50% | +0.03% |
| 營業費用率 (Operating Expense Ratio) | 34.57% | 34.48% | +0.09% |
| 營業利益率 (Operating Income Margin) | 1.96% | 2.02% | -0.06% |
| 稅前淨利率 (Pre-tax Net Profit Margin) | 4.60% | 1.97% | +2.63% |
| 稅後淨利率 (Net Profit After Tax Margin) | 3.75% | 1.70% | +2.05% |
Recent Profit Performance
- Consolidated Revenue (Unit: NT$ Million)
- 2020: 85,366
- 2021: 83,660
- 2022: 90,743
- 2023: 99,610
- 2024: 105,104 (First time exceeding NT$ 100 billion)
- Gross Profit Margin (Unit: %)
- 2020: 36.39%
- 2021: 36.11%
- 2022: 36.27%
- 2023: 36.50%
- 2024: 36.52%
- Net Profit After Tax (Unit: NT$ Million)
- 2020: 2,130
- 2021: 1,344
- 2022: 1,841
- 2023: 1,612
- 2024: 3,804 (Includes disposal gain from China)
- EPS (Unit: NT$)
- 2020: 9.54
- 2021: 6.02
- 2022: 8.25
- 2023: 7.22
- 2024: 17.04 (Includes disposal gain from China)
Dividend Policy - Stable Cash Dividend Distribution
- Cash Dividend (Unit: NT$)
- 2020: 7.5
- 2021: 4.7
- 2022: 6.5
- 2023: 5.8
- 2024: 11.5
- Payout Ratio (Unit: %)
- 2020: 78.6%
- 2021: 77.7%
- 2022: 78.8%
- 2023: 80.3%
- 2024: 67.5%
Future Outlook
Business Development Strategy
- Shaping Physical Stores and Diversified Business Models
- Meeting diverse customer group store model expansion: FamiSuper, Southeast Asia Zone, Pet Zone.
- All-round member ecosystem management: Enhancing lifetime member value, healthy lifestyle ecosystem/accounting app.
- Virtual and Real Co-growth - OMO (Online-Merge-Offline) Business Advancement.
- Creating Distinctive Digital Channel Operational Momentum
- Precise promotion of digital channels: Member traffic guidance, differentiated product group development, platform functionality optimization.
- Advancing digital commerce operations: E-commerce flow and fulfillment services.
- Enhancing Fresh Food & Product Competitiveness
- Strategic brand advancement and management.
- Development of PB (Private Brand) star products.
- Promotion of trend-driven product groups.
- Future Competitiveness & Enterprise Value Enhancement
- Developing combat-ready backend support capabilities.
- Digital transformation of operational processes.
- Supply chain collaboration for mutual benefit.
Operational Growth Drivers - Fresh Food Ecosystem
- Enhancing Fresh Food Product Competitiveness
- Annual Fresh Food Composition: Shows a steady increase from under 20% in 2015 to over 30% in 2024.
- Products:
- 韓式辣醬冬粉包 (Korean Spicy Sauce Glass Noodle Pack)
- 韓式辣醬熱狗 (Korean Spicy Sauce Hot Dog)
- 韓式QQ地瓜麵包 (Korean Chewy Sweet Potato Bread)
- 柚香蘿蔔 (Yuzu Flavored Radish)
- 韓式豬五花肉串 (Korean Pork Belly Skewers)
- 全家明星 (FamilyMart All-Star) - Brand for popular items.
- SO HOT 火選 (SO HOT Fire Selection) - Brand for hot/spicy items.
Operational Growth Drivers - Focusing on Own Fresh Food Strategic Brand Management
- Let's Café
- Concept: Classic & single-origin coffee quality improvement.
- Products: Various coffee drinks.
- 私品茶 (Private Label Tea)
- Concept: Tea beverage dual brands "搖搖茶吧" (Shake Tea Bar) & "福爾摩沙茶館" (Formosa Tea House).
- Fami!ce
- Concept: Diverse forms and eating methods, leading trend topics.
- Products: Soft serve ice cream (e.g., 山丘藍 - Hill Blue).
- Uno Pasta
- Concept: Essential quality improvement / strengthening CP value for good taste.
- Products: Various pasta dishes (e.g., 羅勒海鮮冷義大利麵 - Basil Seafood Cold Pasta, 明太子魚 - Mentaiko Fish, 蕃茄條冷義大利麵 - Tomato Strip Cold Pasta, 檸檬精油冷義大利麵 - Lemon Essential Oil Cold Pasta).
- 烘焙-匠.極.滿 (Baking - Artisan.Extreme.Full)
- Concept: Brand-oriented management - Artisan Toast, Extreme Soft Cake, Full Filling, Cotton Cake.
- Products: 抹茶奶蛋糕 (Matcha Milk Cake), 岡抹茶菠蘿 (Oka Matcha Pineapple Bun).
- minimore
- Concept: Trending new product operations #desserts mistaken for convenience store items.
- Products: 芒果大福 (Mango Daifuku), 桃我開心 (Peach My Happiness), 卡士達千層 (Custard Mille Crepe).
Operational Growth Drivers - Advancing the Second Growth Curve for Fresh Food
- 健康志向 (Healthy Living)
- Concept: Prioritizing your health.
- Products: 烤蛋白餐盒 (Grilled Protein Meal Box), 健身肉餐盒 (Fitness Meat Meal Box), 運動應援 (Sports Support), Sandwich, Uno Pasta.
- 殿堂聯名 (Hall of Fame Collaborations)
- Concept: Collaborations with renowned brands/restaurants.
- Products: Various collaborative meal boxes and dishes.
- 植覺生活 (Plant-based Living)
- Concept: Plant-based. Taste life.
- Products: 素魷魚羹麵 (Vegetarian Squid Thick Soup Noodles), 港式 (Hong Kong Style).
- NEW 現做調理 (NEW Freshly Prepared Meals)
- Products: 馬尚煮 (Ma Shang Zhu - Oden), SO HOT炎選 (SO HOT Fire Selection), 哈逗堡 (Ha Dou Bao - Hot Dog/Burger).
Operational Growth Drivers - Group Empowerment Upgrade Driving Profit Growth
- TFM Investment Income (Unit: NT$ Million)
- 2020: 274
- 2021: 292
- 2022: 277
- 2023: 240
- 2024: 303
- 2025~: Projected growth
- Fresh Food Production Capacity Support
- 晉欣 (JINSHIN): Supports fresh food production capacity.
- 屏榮 (PRE): Supports fresh food production capacity.
- 長家 (Chang Chia International Food): Produces Uno Pasta.
- 福比 (FOPI Bakery): Produces bread. Second factory to operate in 2025.
- 建康 (Jian Kang International Food): Supplies freshly prepared items, beverages, ice cubes.
- 昶青 (Chang Ching Enterprise): Supplies fresh fruits and vegetables.
- Logistics Center Efficiency Support
- 全台物流 (TAIWAN DISTRIBUTION CENTER CO., LTD.)
- 日翊文化 (Re-Yi Distribution Service Co., Ltd.)
- Features:
- Smart supply chain.
- Multi-temperature zone shared distribution.
- Complete infrastructure.
Operational Growth Drivers - Meeting All-round Consumer Needs
- FamiSuper (Supermarket Store)
- Offerings: Provides fresh food or instant frozen product groups, combined with home delivery services.
- 東南亞商品專區 (Southeast Asian Product Zone)
- Offerings: "NO PORK" labeling for convenient selection of non-pork friendly cooked food areas.
- FamiPets (Pet Zone)
- Offerings: Pet shelves installed throughout the store. Introduced into residential areas or park commercial districts.
Operational Growth Drivers - Creating Distinctive Digital Channel Operational Momentum
- APP Function Optimization & Member Value Operation
- 會員人數 (Member Count): 18.5 million
- 每日交易會員 (Daily Transacting Members): 1 million+
- 高貢獻會員 (High-Contribution Members): 2 million+
- Fami隨買跨店取 (Fami Buy Across Stores Pick-up): App feature.
- FamiPoint: Member points system.
- Features:
- Personalized member recommendations.
- Multi-channel integration X one-stop shopping cart.
- Full-site search.
- Parcel status inquiry function.
- Platforms: 全家 (FamilyMart) FamiNow, 全盈+PAY (Quan Ying +PAY).
- 自有平台推進 (Own Platform Promotion)
- Partners: bibian, Rakuma (Cross-border E-commerce Cooperation).
Operational Growth Drivers - 3N Growth Strategy
- New Business (新事業)
- Strategy: Diversifying into industries beyond convenience stores, expanding new business segments, and creating multiple growth engines.
- Examples: 全家餐飲 (FamilyMart Catering), 全盈支付 (Quan Ying +PAY), 全寵家 (FamilyPets).
- New Format (新店型)
- Strategy: Exploring diverse store models to adapt to trends such as aging population, shrinking household size, and the rise of the "lazy economy."
- Examples: 實體店 (Physical Store), 雲端超市 (Cloud Supermarket), 區域中心店 (Regional Center Store), FamiSuper.
- New Area (新地區)
- Strategy: Re-evaluating the China market layout, selecting new regions with high growth potential, and adopting a leading operational strategy.
- Examples: 中國市場 (China Market).
Convenience & Sustainability You +1 - FamilyMart Sustainability Initiatives
- 遠見ESG企業永續獎 (CommonWealth Magazine ESG Corporate Sustainability Award)
- 樂齡友善組-首獎 (Age-Friendly Group - First Prize)
- 教育推廣組-楷模獎 (Education Promotion Group - Model Award)
- 公益推動組-楷模獎 (Public Welfare Promotion Group - Model Award)
- 社會創新組-楷模獎 (Social Innovation Group - Model Award)
- 台灣永續行動獎 (Taiwan Sustainability Action Award)
- 全家多元友善便利商店-銀級 (FamilyMart Diverse & Friendly Convenience Store - Silver)
- 實踐低碳支付的全盈家-銀級 (Implementing Low-Carbon Payment with Quan Ying +PAY - Silver)
- 全家影響力愛心大平台-銅級 (FamilyMart Influence Charity Platform - Bronze)
- 打造全家永續經營韌性-銅級 (Building FamilyMart's Sustainable Operational Resilience - Bronze)
- 天下永續公民獎 (CommonWealth Magazine Corporate Citizen Award)
- 大型企業組-第13名 (Large Enterprise Group - 13th Place)
- TCSA台灣企業永續獎 (Taiwan Corporate Sustainability Awards)
- 人權實踐與發展-領袖獎 (Human Rights Practice & Development - Leader Award)
- 永續報告-金獎 (Sustainability Report - Gold Award)
- Buying Power社創採購獎 (Buying Power Social Innovation Procurement Award)
- 採購獎-首獎 (Procurement Award - First Prize)
- 新創共好組-特別獎 (Startup Co-prosperity Group - Special Award)
- 資誠永續影響力獎 (PwC Sustainability Impact Award)
- 全家DEI便利店(影片)銀獎 (FamilyMart DEI Convenience Store (Video) - Silver Award)
Products, Services & Technology
- Products:
- FamiSuper (Supermarket format)
- FamiPets (Pet-friendly store format)
- Let's Café (Coffee brand)
- 私品茶 (Private Label Tea brand)
- 搖搖茶吧 (Shake Tea Bar - tea beverage sub-brand)
- 福爾摩沙茶館 (Formosa Tea House - tea beverage sub-brand)
- Fami!ce (Soft serve ice cream brand)
- Uno Pasta (Pasta brand)
- 烘焙-匠.極.滿 (Baking - Artisan.Extreme.Full - bakery brand)
- minimore (Dessert brand)
- 健康志向 (Healthy Living - fresh food line)
- 殿堂聯名 (Hall of Fame Collaborations - fresh food line)
- 植覺生活 (Plant-based Living - fresh food line)
- 現做調理 (Freshly Prepared Meals - food service)
- 馬尚煮 (Ma Shang Zhu - Oden)
- SO HOT炎選 (SO HOT Fire Selection - spicy food line)
- 哈逗堡 (Ha Dou Bao - hot dog/burger line)
- FamilyMart Collection (Own brand products)
- Services:
- Chain convenience store operation
- Lifestyle services provision
- Bill payment services (代收服務)
- Store-to-store parcel delivery (店到店寄件服務)
- Home delivery services (外送到府服務)
- Member value operation
- Cross-border e-commerce cooperation
- Technology/Platforms/Systems:
- NF1 (New Store Model 1)
- 全盈+PAY (Quan Ying +PAY - payment tool)
- FamilyMart App (行動購 - mobile shopping app)
- FamiNow (App feature for instant purchases)
- FamiPoint (Member points system)
- Fami隨買跨店取 (Fami Buy Across Stores Pick-up - app feature)
- OMO (Online-Merge-Offline - business model)
- Smart supply chain (智能供應鏈)
- Automated equipment (自動化設備)