PChome ONLINE (8044-TT) August 2025 法說會簡報
Company Overview
- Company Name: PChome ONLINE
- Ticker: 8044-TT
- Date: August 2025
Disclaimer
- This presentation contains forward-looking statements based on internal and external data.
- Actual results may differ due to various factors including price fluctuations, competitive situations, international economic conditions, exchange rate fluctuations, market demand, and other risk factors beyond the company's control.
- The company is not responsible for timely updates or adjustments to these forward-looking views.
- This presentation does not constitute an offer, invitation, or solicitation for the purchase or sale of securities or financial instruments.
Business Segments
- 電子商務銷售部門 (E-commerce Sales Department)
- 交易市集部門 (Marketplace Department)
- 金融科技部門 (Fintech Department)
- 其他部門 (Other Departments)
Financial Highlights and Key Metrics
Currency: 新台幣$百萬 (NT$ million)
Key Metrics (from Consolidated Income Statement Summary)
| Metric | 2Q 2025 | 2Q 2024 | Change | YoY | 1H 2025 | 1H 2024 | Change | YoY |
|---|---|---|---|---|---|---|---|---|
| 營業收入 (Operating Revenue) | 8,400 | 8,454 | (54) | -0.6% | 17,350 | 18,104 | (754) | -4.2% |
| 營業成本 (Operating Costs) | (7,266) | (7,270) | 4 | -0.1% | (15,031) | (15,678) | 647 | -4.1% |
| 營業毛利 (Gross Profit) | 1,134 | 1,184 | (50) | -4.2% | 2,319 | 2,426 | (107) | -4.4% |
| 營業費用 (Operating Expenses) | (1,233) | (1,219) | (14) | 1.1% | (2,513) | (2,473) | (39) | 1.6% |
| 營業利益 (Operating Income) | (99) | (35) | (64) | NM | (194) | (47) | (147) | NM |
| 營業外收入及支出 (Non-operating Income/Expenses) | (90) | 11 | (101) | NM | (6) | 20 | (26) | NM |
| 稅前淨利 (Profit Before Tax) | (189) | (24) | (165) | NM | (200) | (27) | (173) | NM |
| 所得稅費用 (Income Tax Expense) | (55) | (46) | (9) | 19.6% | (90) | (73) | (17) | 23.3% |
| 本期淨利 (Net Profit for the Period) | (244) | (70) | (174) | NM | (290) | (100) | (190) | NM |
| 歸屬於母公司業主 (Attributable to Owners of Parent) | (222) | (105) | (117) | NM | (370) | (181) | (189) | NM |
| 歸屬於非控制權益 (Attributable to Non-controlling Interests) | (22) | 35 | (57) | NM | 80 | 81 | (1) | -1.2% |
| 基本每股盈餘(元) (Basic EPS (NT$)) | (1.10) | (0.75) | (0.35) | NM | (1.89) | (1.28) | (0.61) | NM |
| 毛利率(%) (Gross Profit Margin) | 13.5% | 14.0% | -0.5ppt | 13.4% | 13.4% | 0.0ppt | ||
| 營業利益率(%) (Operating Income Margin) | -2.6% | -0.4% | -0.8ppt | -1.1% | -0.3% | -0.8ppt | ||
| 淨利率(%) (Net Profit Margin) | -2.9% | -0.8% | -2.1ppt | -1.7% | -0.6% | -1.1ppt |
Consolidated Balance Sheet (as of 2Q 2025 vs 2Q 2024)
| Item | 2Q 2025 (NT$ mn) | % | 2Q 2024 (NT$ mn) | % |
|---|---|---|---|---|
| 資產 (Assets) | ||||
| 流動資產總計 (Total Current Assets) | 11,388 | 44.2% | 11,241 | 43.0% |
| 非流動資產總計 (Total Non-current Assets) | 14,400 | 55.8% | 14,908 | 57.0% |
| 資產總計 (Total Assets) | 25,788 | 100.0% | 26,149 | 100.0% |
| 負債 (Liabilities) | ||||
| 流動負債總計 (Total Current Liabilities) | 10,114 | 39.2% | 10,677 | 40.8% |
| 非流動負債總計 (Total Non-current Liabilities) | 5,509 | 21.4% | 7,105 | 27.2% |
| 負債總計 (Total Liabilities) | 15,623 | 60.6% | 17,782 | 68.0% |
| 股東權益 (Shareholders' Equity) | ||||
| 股東權益總計 (Total Shareholders' Equity) | 10,165 | 39.4% | 8,367 | 32.0% |
| 負債與股東權益總計 (Total Liabilities and Shareholders' Equity) | 25,788 | 100.0% | 26,149 | 100.0% |
Consolidated Cash Flow Statement (1H 2025 vs 1H 2024)
| Item | 1H 2025 (NT$ mn) | 1H 2024 (NT$ mn) | Change (NT$ mn) |
|---|---|---|---|
| 營業活動現金流入(出) (Cash Flow from Operating Activities) | 317 | 534 | (217) |
| 投資活動現金流入(出) (Cash Flow from Investing Activities) | 178 | (413) | 591 |
| 籌資活動現金流入(出) (Cash Flow from Financing Activities) | (163) | (438) | 275 |
| 匯率變動影響數 (Effect of Exchange Rate Changes) | 50 | (7) | 56 |
| 本期現金流入(出) (Net Cash Flow for the Period) | 382 | (324) | 705 |
| 期初現金餘額 (Cash at Beginning of Period) | 3,580 | 4,263 | (683) |
| 期末現金餘額 (Cash at End of Period) | 3,962 | 3,939 | 23 |
Recent Performance and Results
2Q 2025 B2C Operational Highlights
- Revenue Momentum Turns Positive:
- Q2 Revenue Growth YoY: 0.4%
- 3C share and revenue YoY positive growth.
- Mobile revenue share continues to increase.
- Warehouse Efficiency Improvement:
- A7 warehouse outbound order share exceeds 85%.
- Warehouse integration reduces freight costs.
- Expand E-commerce Enablement Services:
- RMN revenue grows quarter by quarter.
- 3PL revenue YoY reaches double-digit growth.
B2C: 2Q 2025 Financial Summary
-
Revenue Composition (依品類):
- Total Revenue Growth: 0.4% YoY
- 3C Revenue Growth: 2.7% YoY
- Non-3C (N3C) Revenue Growth: -4.4% YoY
- Category Share:
- 2Q 2024: 3C (67.6%), Non-3C (32.4%)
- 2Q 2025: 3C (69.2%), Non-3C (30.8%)
-
Gross Profit:
- 2Q 2024 Gross Profit: NT$ 799 mn, Gross Profit Margin: 10.5%
- 2Q 2025 Gross Profit: NT$ 742 mn, Gross Profit Margin: 9.7%
B2C: Depreciation & Amortization Expenses and Warehouse Logistics Status
-
B2C Depreciation & Amortization Expenses (NT$ mn):
- 2023: 801
- 2024: 725
- 2Q 2024: 188
- 2Q 2025: 172
-
Warehouse Logistics Overview:
- A7 Outbound Order Share (%):
- 2Q24: 50%
- 2Q25: 84%
- Owned Warehouse Total Floor Area: 246k square meters (截至2Q 2025)
- A7 Outbound Order Share (%):
21st Fintech: Operating Revenue and Net Profit After Tax
-
Operating Revenue (NT$ mn):
- 2022: 1,481 (User: 87%, Merchant: 13%)
- 2023: 1,840 (User: 86%, Merchant: 14%)
- 2024: 2,049 (User: 84%, Merchant: 16%)
- 1H 2025: 1,019 (User: 84%, Merchant: 16%)
-
Consolidated Net Profit After Tax (NT$ mn):
- 2021: 14
- 2022: 104
- 2023: 274
- 2024: 351
- 1H 2024: 151
- 1H 2025: 142 (includes exchange loss of 36)
- Note: Q1 exchange gain was NT$87mn, Q2 exchange loss was NT$123mn.
Future Outlook and Guidance
- Japan Non-cash Payment Market: Expected to reach 80% by 2030, benefiting from market trends and government promotion. (2024: 42.8%)
Strategic Initiatives and Plans
-
B2C Operational Highlights:
- Continue to grow mobile revenue share.
- Further improve warehouse efficiency through integration to reduce freight costs.
- Expand e-commerce enablement services (RMN, 3PL).
-
21st Fintech Investment in Payment for Accelerating Fintech Innovation:
- Investment in "Payment for" by 21st Fintech.
- Acquired 65% equity with JPY 9.2 billion investment.
- Aims to accelerate fintech innovation.
Key Charts, Graphs, and Data Points
- PChome 24h: Brand logo indicating 24-hour delivery service.
- B2C Revenue Composition: Visual breakdown of 3C vs Non-3C revenue.
- Gross Profit Trend: Chart showing Gross Profit and Gross Profit Margin over time.
- B2C Depreciation & Amortization Expenses: Bar chart showing trend from 2023 to 2Q 2025.
- A7 Outbound Order Share: Line graph showing increasing share from 2Q24 to 2Q25.
- Owned Warehouse Total Floor Area: 246k square meters (as of 2Q 2025).
- 21st Fintech Operating Revenue: Bar chart showing User vs Merchant revenue share.
- 21st Fintech Consolidated Net Profit After Tax: Bar chart showing trend and highlighting exchange loss in 1H 2025.
- Japan Non-cash Payment Market Share: Line graph showing total payment volume (Trillion JPY) and percentage from 2019 to 2024.
Important Product Names, Terms, and Concepts
- PChome ONLINE: Company name.
- PChome 24h: Core B2C e-commerce service, known for 24-hour delivery.
- B2C (Business-to-Consumer): E-commerce business model.
- 3C: Computers, Communications, and Consumer electronics.
- N3C (Non-3C): Product categories other than 3C.
- A7倉 (A7 Warehouse): Specific warehouse facility for outbound order share.
- RMN (Retail Media Network): E-commerce enablement service.
- 3PL (Third-Party Logistics): E-commerce enablement service.
- 21st Fintech: Fintech department/subsidiary.
- User Services (Fintech):
- 行動支付 (Mobile payment)
- 分期支付 (Installment payment)
- 商品訂閱制 (Product subscription)
- Merchant Services (Fintech):
- 支付閘道 (Payment gateway)
- 金流服務 (Financial services)
- Tap to Pay
- 風險識別 (Risk identification)
- Payment for (原Metaps Payment): A Japanese fintech company acquired by 21st Fintech.
- Payment BU: Business Unit providing payment services in travel, public utilities, and real estate.
- Package Solution: Customized software and payment system solutions.
- Credit: Salary advance services.
- MPI Inc.: Subsidiary holding investment in Payment for.
- YoY (Year-over-Year): Comparison metric.
- ppt (percentage point): Unit for change in percentages.
- NM (Not Meaningful): Undetermined effect due to fluctuating values.
- 匯兌損失 (Exchange Loss): Losses due to currency exchange rate fluctuations.