信義房屋 (Sinyi Realty) [114] 114年第2季 法人說明會 (Q2 2025 Investor Conference)
Company Overview
- Presentation Title: 信義房屋114年第2季 法人說明會 (Sinyi Realty Q2 2025 Investor Conference)
- Speakers:
- 財務長 陳志桓 (CFO Chen Chih-Huan)
- 企研室專案經理 曾敬德 (Project Manager, Corporate Research Department, Tseng Ching-Te)
- Disclaimer: This document may contain forward-looking statements based on current expectations but are subject to known or unknown risks or uncertainties. Actual results may differ materially from these statements.
- Contact Information:
- Company Spokesperson: 陳志桓 副總經理 (Chen Chih-Huan, Vice President)
- Finance Department Contact: 財務處 蘇珮宜 經理#42602 (Finance Department, Su Pei-Yi, Manager #42602)
- Contact Phone: (02)2755-7666
- Email: Investor@sinyi.com.tw
Financial Highlights and Key Metrics (114Q2)
- 合併營收 (Consolidated Revenue): NTD 2,293 million
- Year-on-year decrease of 47% due to tightening of domestic real estate policies leading to reduced brokerage business revenue.
- 稅後淨利 (Net Profit After Tax): NTD (119) million
- Year-on-year decrease of 117%.
- 每股盈餘 (EPS): NTD (0.17)
- Year-on-year decrease of 117%.
- 毛利率 (Gross Margin): 18%
- Decreased by 14 percentage points.
Recent Performance and Results
Quarterly Revenue and Profit Performance
- 營業收入(合併) (Consolidated Operating Revenue): (Unit: NTD 100 million)
- 113Q2: 42.86
- 113Q3: 29.58
- 113Q4: 23.99
- 114Q1: 22.13
- 114Q2: 22.93 (3.6% increase from 114Q1)
- 稅後淨利(合併) (Consolidated Net Profit After Tax):
- 113Q2: 6.8 (16% Net Profit Margin)
- 113Q3: 4.1 (14% Net Profit Margin)
- 113Q4: 2.5 (10% Net Profit Margin)
- 114Q1: 0.9 (4% Net Profit Margin)
- 114Q2: (1.2) (-5% Net Profit Margin)
Business Segment Revenue Proportion
- 114Q2:
- 信義房屋 (Sinyi Realty): 85%
- 國內非開發事業子公司 (Domestic Non-Development Subsidiaries): 5%
- 日本信義 (Sinyi Japan): 8%
- 大陸非開發事業子公司 (China Non-Development Subsidiaries): 2%
Store Count and Distribution (as of 114.07)
- 雙北地區 (Taipei & New Taipei Area): 258
- 桃竹地區 (Taoyuan & Hsinchu Area): 65
- 台中地區 (Taichung Area): 73
- 南高地區 (Southern Taiwan - Tainan & Kaohsiung Area): 60
- 店鋪總數 (Total Store Count): 456
Sinyi Realty Subsidiaries 114Q2 Development Project Details
- 嘉品 (Jiaping):
- Salable Units: 114戶 (114 units)
- Cumulative Sales Completion Rate: 100%
- Total sales value: NTD 2.83 billion.
- 山水嘉庭 (Shanshui Jiating):
- Salable Units: 608套 (608 units)
- Cumulative Sales Completion Rate: 70%
- Recognized Revenue: NTD 2 million (includes parking spaces).
- 嘉學 (Jiaxue):
- Salable Units: 100戶 (100 units)
- Cumulative Sales Completion Rate: 100%
- Total sales value: NTD 2.81 billion.
East Malaysia Tourism Business
- 馬林松酒店 (Malinsung Hotel):
- Construction started in 2024, anticipated operational in H2 2027.
- 環灘島 (Mantanani Island):
- Focused on marine and island restoration efforts.
Future Outlook and Guidance
114H2 Market Forecast
- Uncertainty regarding US tariffs gradually resolved.
- Mortgage lending remains tight.
- Pre-sale market performance varies.
Strategic Initiatives and Plans
- 仲介策略 (Brokerage Strategy): Implement "Business Dream Realization Action Plan".
- 開發案進度 (Development Project Progress): Various project timelines and expected completions.
- 日本事業 (Japan Business): Focused on leveraging Taiwan-Japan chain advantages.
Key Charts, Graphs, and Data Points
Appendix 1: Income Statement YoY Differences (Unit: NTD)
| Item | 114Q2 | 113Q2 | Diff. | Diff(%) |
|---|---|---|---|---|
| 營業收入 (Operating Revenue) | 2,292,616 | 4,285,552 | (1,992,936) | -47% |
| 營業成本 (Operating Cost) | 1,882,731 | 2,921,518 | (1,038,787) | -36% |
| 營業毛利 (Gross Profit) | 409,885 | 1,364,034 | (954,149) | -70% |
| 營業費用 (Operating Expenses) | 414,880 | 499,992 | (85,112) | -17% |
| 本期淨利 (Net Profit for the Period) | (119,222) | 684,572 | (803,794) | -117% |
Appendix 2: Asset Differences (Unit: NTD)
| Item | 114.6.30 | 113.12.31 | Diff. | Diff(%) |
|---|---|---|---|---|
| 流動資產 (Current Assets) | ||||
| 現金及約當現金 (Cash and Cash Equivalents) | 4,979,718 | 4,205,337 | 774,381 | 18% |
| 流動資產總計 (Total Current Assets) | 18,856,334 | 19,325,058 | (468,724) | -2% |
Appendix 3: Liability Differences (Unit: NTD)
| Item | 114.6.30 | 113.12.31 | Diff. | Diff(%) |
|---|---|---|---|---|
| 流動負債 (Current Liabilities) | ||||
| 短期借款 (Short-term Borrowings) | 2,910,538 | 618,619 | 2,291,919 | 370% |
| 流動負債合計 (Total Current Liabilities) | 10,282,792 | 7,098,622 | 3,184,170 | 45% |
Appendix 4: Shareholder Equity Differences (Unit: NTD)
| Item | 114.6.30 | 113.12.31 | Diff. | Diff(%) |
|---|---|---|---|---|
| 普通股股本 (Ordinary Share Capital) | 7,368,465 | 7,368,465 | - | 0% |
| 本公司業主權益總計 (Total Equity Attributable to Owners of the Company) | 11,543,648 | 13,830,341 | (2,286,693) | -17% |
Appendix 5: Inventory Details (Unit: NTD)
| Item | Estimated Completion Year per Sales Contract | 114.06.30 | 113.12.31 | 113.06.30 |
|---|---|---|---|---|
| 開發中不動產 (Properties Under Development) | ||||
| 新北市板橋區嘉品案 (Jiaping Project) | 115年底前 (Before end of 2026) | 2,795,061 | 2,603,813 | 2,399,870 |
| 商品存貨 (Merchandise Inventory) | ||||
| 無錫市濱湖區山水嘉庭案 (Shanshui Jiating Project) | 2,271,956 | 2,613,990 | 2,811,846 |
Appendix 6: 114H1 Consolidated Cash Flow Statement (Unit: NTD)
| Item | 114H1 | 113H1 | YoY |
|---|---|---|---|
| 期末現金 (Cash at End of Period) | 4,979,718 | 3,950,477 | 1,029,241 |
Products, Services & Technology
- Business Segments:
- 信義房屋 (Sinyi Realty): Core real estate brokerage business.
- 國內非開發事業子公司 (Domestic Non-Development Subsidiaries).
- 日本信義 (Sinyi Japan).
- 大陸非開發事業子公司 (China Non-Development Subsidiaries).
- Real Estate Development Projects:
- 嘉品 (Jiaping).
- 嘉學 (Jiaxue).
- 山水嘉庭 (Shanshui Jiating).
- Tourism Projects:
- 馬林松酒店 (Malinsung Hotel).
- 環灘島 (Mantanani Island).
- Service Offerings (Japan Business):
- 租賃服務 (Leasing services).
- 代銷新築案件 (Agency sales for new construction projects).