佳醫健康事業股份有限公司 (Excelsior Healthcare Group) 2025Q2 法說會簡報
Company Overview
- 公司名稱: 佳醫健康事業股份有限公司 (Excelsior Healthcare Group)
- 核心價值/標語: 用心 Dedication | 自主 Discipline | 創新 Innovation | 前瞻 Proactive
- 願景: 亞洲最有價值 健康醫療產業投資經營團隊 (Asia's Most Valuable Healthcare Industry Investment and Management Team)
- 網站: www.excelsior.com.tw
佳醫集團主要事業
- 貿易代理 (Trading Agency)
- 產品: 透析產品 (Dialysis Products), 醫學美容 (Medical Aesthetics), 醫療設備 (Medical Equipment), 醫療耗材 (Medical Consumables), 健康家電 (Health Appliances)
- 醫療通路 (Medical Channels)
- 服務據點: 透析中心 (Dialysis Centers), 醫美診所 (Medical Aesthetics Clinics), 長期照護 (Long-term Care), 地區醫院 (Regional Hospitals), 健髮中心 (Hair Care Centers)
- 醫藥物流 (Pharmaceutical Logistics)
- 服務內容: 業務推廣 (Business Promotion), 醫藥配銷 (Pharmaceutical Distribution), 醫材配銷 (Medical Device Distribution), GMP GDP ISO, 專業維修 (Professional Maintenance)
- 內部功能/流程 (Internal Functions/Processes): 產品企劃 (Product Planning), 情報分析 (Information Analysis), 販賣促進 (Sales Promotion), 市場管理 (Market Management), 創意開發 (Creative Development)
Financial Highlights
營收概況
- 佳醫2024年度合併營收超過新台幣85億，營業收入來源主要可區分為佳醫(血液透析)、曜亞(醫學美容)、久裕(醫藥物流)及其他。
| 指標 (Metric) | 2023年度 | 2024年度 | 2024 Q2 | 2025 Q2 |
|---|---|---|---|---|
| 合併營收 (Consolidated Revenue) | 8,233,404 | 8,538,546 | 4,201,550 | 4,316,974 |
| 合併營業淨利 (Consolidated Operating Profit) | 702,880 | 753,316 | 339,014 | 381,463 |
| 合併營業淨利率 (Consolidated Operating Profit Margin) | 8.54% | 8.82% | 8.07% | 8.84% |
| 合併毛利率 (Consolidated Gross Profit Margin) | 20.35% | 20.91% | 19.92% | 21.41% |
損益概況
| 指標 (Metric) | 2023年度 | 2024年度 | 2024 Q2 | 2025 Q2 |
|---|---|---|---|---|
| 總淨利 (Total Net Income) | 922,850 | 971,055 | 489,335 | 513,365 |
| 歸屬於母公司業主 (Attributable to Owners of Parent) | 746,605 | 771,259 | 405,554 | 425,065 |
| 非控制權益 (Non-controlling Interests) | 176,245 | 199,796 | 83,781 | 88,300 |
| EPS (元) (EPS (NT$)) | 4.57 | 4.72 | 2.48 | 2.60 |
轉投資概況
| 投資類別 (Investment Category) | 2023年度 | 2024年度 | 2024 Q2 | 2025 Q2 |
|---|---|---|---|---|
| FERS | 146,075 | 150,154 | 89,925 | 100,933 |
| ABH/ABL | 72,647 | 40,954 | 25,652 | 57,334 |
| 其他 (Others) | 123,580 | 132,085 | 85,126 | 73,507 |
| 總計 (Total) | 342,302 | 323,193 | 200,703 | 231,774 |
Business Segments
合併營收按事業群劃分
| 事業群 (Segment) | 2023年度 | 2024年度 | 2024 Q2 | 2025 Q2 |
|---|---|---|---|---|
| 佳醫(血液透析) (Excelsior (Hemodialysis)) | 5,246,870 (64%) | 5,290,980 (62%) | 2,625,485 (63%) | 2,647,434 (61%) |
| 曜亞(醫學美容) (Yaoya (Medical Aesthetics)) | 1,593,502 (19%) | 1,572,704 (19%) | 801,634 (19%) | 678,454 (16%) |
| 久裕(醫藥物流) (Jiuyu (Pharmaceutical Logistics)) | 1,140,078 (14%) | 1,297,767 (15%) | 629,143 (15%) | 772,514 (18%) |
| 其他 (Others) | 252,954 (3%) | 377,095 (4%) | 145,288 (3%) | 218,572 (5%) |
| 總營業收入 (Total Revenue) | 8,233,404 | 8,538,546 | 4,201,550 | 4,316,974 |
Recent Performance
損益表
| 項目 (Item) | 2023年度 | 2024年度 | 2025第二季 |
|---|---|---|---|
| 營業收入 (Operating Revenue) | 8,233,404 | 8,538,546 | 4,316,974 |
| 營業成本 (Operating Costs) | 6,557,836 | 6,753,082 | 3,392,807 |
| 營業毛利 (Gross Profit) | 1,675,568 | 1,785,464 | 924,167 |
| 毛利率 (Gross Profit Margin) | 20.35% | 20.91% | 21.41% |
| 營業費用 (Operating Expenses) | 972,688 | 1,032,148 | 542,704 |
| 營業利益 (Operating Income) | 702,880 | 753,316 | 381,463 |
| 營業外收支 (Non-operating Income and Expenses) | 441,200 | 421,046 | 247,931 |
| 稅前利益 (Profit Before Tax) | 1,144,080 | 1,174,362 | 629,394 |
| 所得稅 (Income Tax Expense) | 221,230 | 203,307 | 116,029 |
| 本期淨利 (Net Profit for the Period) | 922,850 | 971,055 | 513,365 |
| 本期淨利歸屬於母公司 (Net Profit Attributable to Owners of Parent) | 746,605 | 771,259 | 425,065 |
| EPS(元) (EPS (NT$)) | 4.57 | 4.72 | 2.60 |
資產負債表
| 項目 (Item) | 2023年12月31日 | 2024年12月31日 | 2025年6月30日 |
|---|---|---|---|
| 資產 (Assets) | |||
| 現金及約當現金 (Cash and Cash Equivalents) | 2,614,786 | 4,189,204 | 2,324,907 |
| 應收款項 (Accounts Receivable) | 1,961,336 | 1,945,932 | 1,980,811 |
| 其他應收款項 (Other Receivables) | 3,853,342 | 3,661,059 | 3,751,801 |
| 存貨 (Inventories) | 1,247,430 | 1,392,801 | 1,320,184 |
| 其他流動資產 (Other Current Assets) | 1,014,936 | 1,031,944 | 831,168 |
| 流動資產合計 (Total Current Assets) | 10,691,830 | 12,220,940 | 10,208,871 |
| 採用權益法之投資 (Investments accounted for using equity method) | 3,980,044 | 4,043,825 | 4,077,227 |
| 不動產、廠房及設備 (Property, Plant and Equipment) | 772,612 | 795,597 | 775,831 |
| 投資性不動產淨額 (Investment Property, Net) | 1,101,802 | 1,610,545 | 1,604,394 |
| 資產總計 (Total Assets) | 18,079,925 | 20,368,001 | 18,429,283 |
| 負債 (Liabilities) | |||
| 短期借款 (Short-term Borrowings) | 1,134,887 | 917,531 | 822,216 |
| 應付款項 (Accounts Payable) | 974,726 | 978,970 | 1,058,284 |
| 其他應付款 (Other Payables) | 3,464,888 | 5,307,269 | 3,619,937 |
| 其他流動負債 (Other Current Liabilities) | 1,104,256 | 1,084,891 | 1,073,710 |
| 流動負債合計 (Total Current Liabilities) | 6,678,757 | 8,288,661 | 6,574,147 |
| 長期借款 (Long-term Borrowings) | - | - | 350,000 |
| 其他非流動負債 (Other Non-current Liabilities) | 488,209 | 721,987 | 701,505 |
| 負債總計 (Total Liabilities) | 7,166,966 | 9,010,648 | 7,625,652 |
| 權益 (Equity) | |||
| 普通股股本 (Ordinary Share Capital) | 1,556,167 | 1,633,975 | 1,633,975 |
| 待分配股票股利 (Stock Dividends to be Distributed) | - | - | 81,699 |
| 資本公積 (Capital Surplus) | 3,287,576 | 3,382,788 | 3,382,788 |
| 保留盈餘 (Retained Earnings) | 3,502,602 | 3,619,990 | 3,343,199 |
| 其他權益 (Other Equity) | 266,664 | 333,488 | 44,372 |
| 歸屬於母公司業主之權益合計 (Total Equity Attributable to Owners of Parent) | 8,613,009 | 8,970,241 | 8,486,033 |
| 非控制權益 (Non-controlling Interests) | 2,299,950 | 2,387,112 | 2,317,598 |
| 權益總計 (Total Equity) | 10,912,959 | 11,357,353 | 10,803,631 |
| 負債及權益總計 (Total Liabilities and Equity) | 18,079,925 | 20,368,001 | 18,429,283 |
Cash Flow Statement
| 項目 (Item) | 2023年度 | 2024年度 | 2025第二季 |
|---|---|---|---|
| 營業活動之淨現金流入(流出) (Net Cash Inflow (Outflow) from Operating Activities) | 107,101 | 2,471,445 | (1,350,644) |
| 投資活動之淨現金流入(流出) (Net Cash Inflow (Outflow) from Investing Activities) | 105,745 | (65,567) | 160,963 |
| 籌資活動之淨現金流出 (Net Cash Outflow from Financing Activities) | (104,512) | (955,956) | (600,801) |
| 匯率變動對現金及約當現金之影響 (Effect of exchange rate changes on cash and cash equivalents) | (543) | 124,496 | (73,815) |
| 本期現金及約當現金增加(減少)數 (Net increase (decrease) in cash and cash equivalents) | 107,791 | 1,574,418 | (1,864,297) |
| 期初現金及約當現金餘額 (Cash and cash equivalents at beginning of period) | 2,506,995 | 2,614,786 | 4,189,204 |
| 期末現金及約當現金餘額 (Cash and cash equivalents at end of period) | 2,614,786 | 4,189,204 | 2,324,907 |
Outlook & Strategy
- 簡報中未提供具體的未來財務預測或指導數據，但強調了公司在亞洲市場的深耕和成為整合性醫療健康產業集團的願景。
戰略舉措與計劃
-
與夥伴長期合作不斷壯大
- 佳醫三十多年經營以來,憑藉所累積之核心競爭力,以新觀念、新模式整合各個醫療專業領域。
- 佳醫持續在亞洲市場深根,業務範圍包含了台灣、香港、菲律賓、馬來西亞等地區。
-
ESG具體執行成果
- 環境面 (Environmental Aspect):
- 溫室氣體盤查與查證: 112年度 (2023)提前完成ISO 14064-1溫室氣體盤查及查證。
- 節能減碳措施: 辦公大樓冷卻水泵導入智能節電系統。
- 社會面 (Social Aspect):
- 關懷失智長者活動，辦理各類關懷活動。
- 治理面 (Governance Aspect):
- 永續報告書與準則遵循，設置隸屬於董事會的永續發展委員會。
- 環境面 (Environmental Aspect):
Additional Data
關鍵圖表、圖形和數據點
- 所有圖表數據已整合至上述「2. 財務亮點與關鍵指標」和「3. 近期績效與成果」部分。
所有重要的產品名稱、術語和概念
- 業務板塊: 貿易代理 (Trading Agency), 醫療通路 (Medical Channels), 醫藥物流 (Pharmaceutical Logistics)
- 主要業務類別: 血液透析 (Hemodialysis), 醫學美容 (Medical Aesthetics), 醫藥物流 (Pharmaceutical Logistics)
產品、服務與技術
- 產品名稱/類別:
- 透析產品 (Dialysis Products)
- 醫學美容產品 (Medical Aesthetics Products)
- 醫療設備 (Medical Equipment)
- 服務提供/解決方案名稱:
- 透析中心服務 (Dialysis Center Services)
- 醫美診所服務 (Medical Aesthetics Clinic Services)
- 技術平台/系統名稱:
- ERP作業流程 (ERP Operational Processes)
- 智能節電系統 (Intelligent Power-saving System)