FamilyMart (5903) 2025 Q2 法說會簡報
Company Overview
- 創立時間 (Founding Date): 1988年8月18日
- 上櫃時間 (Listing Date): 2002年2月25日
- 資本額 (Capital): NT$ 2.23 billion
- 營業項目 (Business Scope): 連鎖便利商店之經營及生活服務提供
- 董事長 (Chairman): 葉榮廷 (Yeh Rong-Ting)
- 店數 (截至2025/06) (Number of Stores as of 2025/06): 4,378 stores
Major Milestones
打底奠基 (Foundation Laying) 1988-1997
- 1988: 台灣「全家便利商店」成立第一家店開幕
- 1989: 物流中心建置
- 1990: 開始發展加盟體系
跳躍成長 (Leap Growth) 1998-2007
- 達到1,500店
- 1998: 首創代收服務
- 2002: 正式掛牌上櫃
- 2004: 跨足中國上海
- 2007: 併購福客多157間店舖
轉型再造 (Transformation & Re-creation) 2008-2020
- 達到3,000店
- 2008: 店到店寄件服務推出
- 2010: 大規模導入新店型(NF1)
- 2013: 推出自有品牌Fami Collection
- 2015: 福比麵包廠稼動生產
- 2019: 開創友善食光機制
數位轉型 (Digital Transformation) 2021-2025
- 達到4,000店
- 2022: 推出全盈+pay支付工具
- 2022: 台中大肚物流中心稼動
- 2023: 長家國際食品鮮食廠稼動
- 2024: 旗下子公司正式掛牌上櫃
Shareholder Structure
- 日本全家 (FamilyMart Japan): 45.0%
- 萬寶開發 (Wanbao Development): 19.4%
- 其他 (Others): 18.9%
- 光泉 (Kuang Chuan): 5.3%
- P. F. Investment: 5.0%
- 三洋維士比 (Sanyo Wisbey): 3.3%
- 泰山 (Tai Shan): 3.1%
- 資料更新至2025/06 (Data updated as of 2025/06)
Investment Business Landscape
- FamilyNet Marketing: 100% stake
- 日翊文化 (Ri Yi Culture): 100% stake
- 晉欣食品 (Jin Xin Food): 100% stake
- 福比 (Fubi): 93.5% stake
- 精藤 (Jing Teng): 70% stake
- 全家國際餐飲 (FamilyMart International Gourmet): 61.96% stake
- 全台物流 (Taiwan Distribution): 51.7% stake
- 全盈支付 (Quan Ying Pay): 51% stake
- 長家國際食品 (Changjia International Food): 45% stake
- 屏榮食品 (Ping Rong Food): 38.2% stake
- 昶青實業 (Chang Qing Industrial): 30% stake
Taiwan CVS Store Count
| CVS Chain | Metric | 2021 | 2022 | 2023 | 2024 | 2025/06 |
|---|---|---|---|---|---|---|
| FamilyMart | 店數 (Stores) | 3,980 | 4,138 | 4,234 | 4,316 | 4,378 |
| 淨增加 (Net Inc.) | +210 | +158 | +96 | +82 | +62 | |
| 市占率 (Mkt Share) | 31.5% | 31.7% | 31.6% | 31.6% | 31.8% | |
| 7-11 | 店數 (Stores) | 6,379 | 6,631 | 6,859 | 7,077 | 7,151 |
| 淨增加 (Net Inc.) | +355 | +252 | +228 | +218 | +74 | |
| 市占率 (Mkt Share) | 50.5% | 50.8% | 51.3% | 51.8% | 52.0% | |
| Hi-Life | 店數 (Stores) | 1,502 | 1,512 | 1,556 | 1,635 | 1,684 |
| 淨增加 (Net Inc.) | +80 | +10 | +44 | +79 | +49 | |
| 市占率 (Mkt Share) | 11.9% | 11.6% | 11.6% | 12.0% | 12.2% | |
| O.K. | 店數 (Stores) | 762 | 769 | 729 | 622 | 549 |
| 淨增加 (Net Inc.) | +12 | +7 | -40 | -107 | -73 | |
| 市占率 (Mkt Share) | 6.0% | 5.9% | 5.5% | 4.6% | 4.0% | |
| Total | 店數 (Stores) | 12,623 | 13,050 | 13,378 | 13,650 | 13,762 |
| 淨增加 (Net Inc.) | +657 | +427 | +328 | +272 | +112 |
Franchise Ratio
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Franchise Ratio stably maintained above 90%
- 2021: 93%
- 2022: 92%
- 2023: 91%
- 2024: 90%
- 2025/06: 90%
-
Franchise Store Type Breakdown:
| 加盟店型別 (Franchise Store Type) | Metric | 2021 | 2022 | 2023 | 2024 | 2025/06 |
|---|---|---|---|---|---|---|
| RC | 店數 (Stores) | 282 | 320 | 399 | 437 | 440 |
| 比率(%) (Ratio (%)) | 7 | 8 | 9 | 10 | 10 | |
| FC1 | 店數 (Stores) | 3,084 | 3,234 | 3,267 | 3,366 | 3,474 |
| 比率(%) (Ratio (%)) | 78 | 78 | 77 | 78 | 79 | |
| FC2 | 店數 (Stores) | 614 | 584 | 568 | 513 | 464 |
| 比率(%) (Ratio (%)) | 15 | 14 | 14 | 12 | 11 |
Profit Performance
2025年Q2獲利表現 (2025 Q2 Profit Performance)
- 單位: 仟元 (NT$ Thousand)
| 項目 (Item) | 2025Q2 | 2024Q2 | YoY(%) |
|---|---|---|---|
| 營業收入 (Operating Revenue) | 27,438,573 | 26,145,796 | +4.94% |
| 營業毛利 (Gross Profit) | 10,108,860 | 9,566,281 | +5.67% |
| 營業費用 (Operating Expenses) | 9,502,211 | 8,949,269 | +6.18% |
| 營業利益 (Operating Income) | 606,649 | 617,012 | -1.68% |
| 稅前淨利 (Profit Before Tax) | 496,352 | 619,870 | -19.93% |
| 稅後淨利 (Net Profit After Tax) | 382,517 | 478,661 | -20.09% |
| 本期淨利歸屬於母公司業主 (Net Profit Attributable to Owners of Parent) | 351,479 | 443,541 | -20.76% |
| EPS | 1.57 | 1.99 | -21.11% |
| 毛利率 (Gross Margin) | 36.84% | 36.59% | +0.25% |
| 營業費用率 (Operating Expense Ratio) | 34.63% | 34.23% | +0.40% |
| 營業利益率 (Operating Income Margin) | 2.21% | 2.36% | -0.15% |
| 稅前淨利率 (Pre-tax Net Profit Margin) | 1.81% | 2.37% | -0.56% |
| 稅後淨利率 (After-tax Net Profit Margin) | 1.39% | 1.83% | -0.44% |
2025年1H獲利表現 (2025 1H Profit Performance)
- 單位: 仟元 (NT$ Thousand)
| 項目 (Item) | 2025/1H | 2024/1H | YoY(%) |
|---|---|---|---|
| 營業收入 (Operating Revenue) | 52,722,434 | 51,022,195 | +3.33% |
| 營業毛利 (Gross Profit) | 19,234,450 | 18,490,265 | +4.02% |
| 營業費用 (Operating Expenses) | 18,362,690 | 17,530,155 | +4.75% |
| 營業利益 (Operating Income) | 871,760 | 960,110 | -9.20% |
| 稅前淨利 (Profit Before Tax) | 1,049,796 | 965,913 | +8.68% |
| 稅後淨利 (Net Profit After Tax) | 810,169 | 763,878 | +6.06% |
| 本期淨利歸屬於母公司業主 (Net Profit Attributable to Owners of Parent) | 769,161 | 704,485 | +9.18% |
| EPS | 3.45 | 3.16 | +9.18% |
| 毛利率 (Gross Margin) | 36.48% | 36.24% | +0.24% |
| 營業費用率 (Operating Expense Ratio) | 34.83% | 34.36% | +0.47% |
| 營業利益率 (Operating Income Margin) | 1.65% | 1.88% | -0.23% |
| 稅前淨利率 (Pre-tax Net Profit Margin) | 1.99% | 1.89% | +0.10% |
| 稅後淨利率 (After-tax Net Profit Margin) | 1.54% | 1.50% | +0.04% |
Recent Profit Performance
- 合併營收 (Consolidated Revenue):
| Year | Revenue (NT$ Million) |
|---|---|
| 2021 | 83,660 |
| 2022 | 90,743 |
| 2023 | 99,610 |
| 2024 | 105,104 |
| 2025/1H | 52,722 |
- 毛利率 (Gross Margin):
| Year | Margin (%) |
|---|---|
| 2021 | 36.11% |
| 2022 | 36.27% |
| 2023 | 36.50% |
| 2024 | 36.52% |
| 2025/1H | 36.48% |
- 稅後淨利 (Net Profit After Tax):
| Year | Net Profit (NT$ Million) |
|---|---|
| 2021 | 1,344 |
| 2022 | 1,841 |
| 2023 | 1,612 |
| 2024 | 3,804 |
| 2025/1H | 810 |
- EPS:
| Year | EPS (NT$) |
|---|---|
| 2021 | 6.02 |
| 2022 | 8.25 |
| 2023 | 7.22 |
| 2024 | 17.04 |
| 2025/1H | 3.45 |
Dividend Policy - Stable Cash Dividend Distribution
-
Cash Dividend (NT$):
- 2020: 7.5
- 2021: 4.7
- 2022: 6.5
- 2023: 5.8
- 2024: 11.5
-
Payout Ratio (%):
- 2020: 78.6%
- 2021: 77.7%
- 2022: 78.8%
- 2023: 80.3%
- 2024: 67.5%
Future Outlook & Strategy
外部環境及趨勢掃描 (External Environment & Trend Scan)
- FM店數及營收快速成長期: 2000-2008
- FM鮮食占比持續穩健成長
- 國際情勢:
- 2000: 網路泡沫
- 2008: 全球金融海嘯
- 2018: 中美貿易
- 2020: COVID-19疫情
- 2022: 俄烏戰爭 通膨飆升
- 2024: 美國對等關稅政策
- 消費趨勢:
- 生活必需品
- 消費平替
- 情緒消費
- CVS機會品類: 鮮食, 民生用品, 甜點, 菸酒
經營發展策略 (Business Development Strategy)
- 形塑實體賣場與商模多元魅力
- 滿足各式族群店型展開
- 打造具特色的數渠運營動能
- 數位渠道精準推動
- 虛實共同成長・OMO經營躍進
- 精進鮮食&商品競爭力
- 未來競爭力&企業價值升級
營運成長動能-鮮食生態圈 (Operational Growth Momentum - Fresh Food Ecosystem)
- 精進鮮食商品競爭力
- 聚焦自有鮮食戰略品牌經營
- 鮮食第二成長曲線推進
營運成長動能-集團賦能升級 驅動獲利成長 (Operational Growth Momentum - Group Empowerment Upgrade Driving Profit Growth)
- TFM轉投資利益
- 鮮食廠產能支援
- 物流中心效能支援
營運成長動能-全方位消費客群需求滿足 (Operational Growth Momentum - Meeting All-Round Consumer Group Needs)
- Fami Super超市店
- 東南亞商品專區
- FamiPets寵物專區
營運成長動能-打造具特色的數渠運營動能 (Operational Growth Momentum - Creating Distinctive Multi-Channel Operational Momentum)
- APP機能優化‧會員價值運營
- 自有平台推進
- 跨境EC合作
營運成長動能-3N成長策略 (Operational Growth Momentum - 3N Growth Strategy)
- New Business
- New Format
- New Area
Convenience & Sustainability You +1 - FamilyMart Sustainable Development Actions
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遠見ESG企業永續獎
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台灣永續行動獎
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天下永續公民獎
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TCSA台灣企業永續獎
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Buying Power社創採購獎
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資誠永續影響力獎
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Disclaimer: 禁止酒駕 未滿十八歲禁止飲酒