Investor Presentation: Taiwan Fu Hsing Industrial Co., Ltd.
1. Company Overview and Business Segments
Company Name: Taiwan Fu Hsing Industrial Co., Ltd. (台灣福興工業股份有限公司)
Established: November 23, 1957
Listed: March 15, 1995
Paid-in Capital: NT$ 1.5 billion (post-cash capital reduction)
Address: No. 88, Yucai Rd., Gangshan Dist., Kaohsiung City, Taiwan
Number of Employees: 2,200
Products, Services & Technology
Main Products:
- Door locks
- Electronic locks
- Door closers
- Panic exit devices / Fire-rated push bars
- Floor hinges / Pivot hinges
2. Financial Highlights and Key Metrics
2.1 Consolidated Income Statement
Unit: NT$ million
Note: EPS is calculated based on pre-capital reduction share capital of NT$ 1.88 billion.
Quarterly Performance
| Item | 2Q 25 | 1Q 25 | 2Q 24 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Operating Revenue | 1,927 | 1,769 | 1,971 | +8.9% | -2.2% |
| Gross Profit | 430 | 422 | 473 | +1.9% | -9.1% |
| Operating Expenses | (209) | (225) | (245) | -7.1% | -15% |
| Operating Income | 221 | 197 | 228 | +12.2% | -3.1% |
| Non-operating Income / Expenses | (249) | 59 | 83 | N/A | N/A |
| Profit Before Tax | (28) | 256 | 311 | N/A | N/A |
| Net Income Attributable to Parent Company | (48) | 199 | 234 | N/A | N/A |
| EPS (NT$) | (0.25) | 1.06 | 1.24 | ||
| Gross Margin | 22.3% | 23.9% | 24.0% | -1.6 ppts | -1.7 ppts |
| Operating Margin | 11.5% | 11.1% | 11.6% | +0.4 ppts | -0.1 ppts |
| Net Profit Margin | -2.5% | 11.2% | 11.9% | -13.7 ppts | -14.4 ppts |
| Avg. Exchange Rate (USD/NTD) | 30.77 | 32.79 | 32.25 | -6.2% | -4.6% |
Half-Yearly Performance
| Item | 2025 1st Half | 2024 1st Half | YoY Change |
|---|---|---|---|
| Operating Revenue | 3,696 | 3,879 | -4.7% |
| Gross Profit | 852 | 889 | -4.2% |
| Operating Expenses | (434) | (462) | -6.1% |
| Operating Income | 418 | 427 | -2.1% |
| Non-operating Income / Expenses | (190) | 196 | -197% |
| Profit Before Tax | 228 | 623 | -63% |
| Net Income Attributable to Parent Company | 151 | 479 | -68% |
| EPS (NT$) | 0.80 | 2.54 | |
| Gross Margin | 23.1% | 22.9% | +0.2 ppts |
| Operating Margin | 11.3% | 11.0% | +0.3 ppts |
| Net Profit Margin | 4.1% | 12.3% | -8.2 ppts |
| Avg. Exchange Rate (USD/NTD) | 31.59 | 31.78 | -0.6% |
2.2 Balance Sheet
Unit: NT$ million
| Item | 2Q 25 Amount | 2Q 25 % | 1Q 25 Amount | 1Q 25 % | 2Q 24 Amount | 2Q 24 % |
|---|---|---|---|---|---|---|
| Cash | 1,699 | 19% | 2,771 | 29% | 3,098 | 32% |
| Notes & Accounts Receivable | 1,269 | 14% | 1,212 | 12% | 1,410 | 14% |
| Inventory | 1,059 | 12% | 979 | 10% | 982 | 10% |
| Fixed Assets | 3,246 | 37% | 2,875 | 30% | 2,832 | 29% |
| Long-term Investments | 407 | 5% | 452 | 5% | 478 | 5% |
| Total Assets | 8,848 | 100% | 9,721 | 100% | 9,796 | 100% |
| Current Liabilities | 1,598 | 18% | 2,116 | 22% | 2,190 | 22% |
| Non-current Liabilities | 381 | 4% | 421 | 4% | 586 | 6% |
| Total Liabilities | 1,979 | 22% | 2,537 | 26% | 2,776 | 28% |
| Total Equity | 6,869 | 78% | 7,184 | 74% | 7,020 | 72% |
2.3 Cash Flow Statement
Unit: NT$ million
| Item | 2Q 25 | 1Q 25 | 2Q 24 |
|---|---|---|---|
| Cash at Beginning of Period | 2,771 | 2,582 | 2,776 |
| Net Change from Operating Activities | (625) | 482 | 474 |
| Capital Expenditures | (46) | (62) | (31) |
| Borrowings (Repayments) | (23) | 16 | (5) |
| Cash Dividends | (584) | - | - |
| Investments & Others | 206 | (247) | (116) |
| Cash at End of Period | 1,699 | 2,771 | 3,098 |
2.4 Key Financial Ratios
| Item | 2Q 25 | 1Q 25 | 2Q 24 |
|---|---|---|---|
| Accounts Receivable Turnover | 6.2 | 5.5 | 5.7 |
| Inventory Turnover | 5.4 | 5.3 | 5.7 |
| Current Ratio | 3.1 | 2.7 | 2.7 |
3. Recent Performance and Results
3.1 Operating Revenue Trend
Unit: NT$ 100 million
| Year | Operating Revenue |
|---|---|
| 2015 | 79.9 |
| 2016 | 84.0 |
| 2017 | 80.1 |
| 2018 | 83.0 |
| 2019 | 86.8 |
| 2020 | 90.3 |
| 2021 | 96.9 |
| 2022 | 95.3 |
| 2023 | 90.7 |
| 2024 | 80.4 |
| 2025 Jan-Jul | 44.5 |
3.2 Sales Region Information
- North America: 70%
- Europe: 6%
- Asia-Pacific / Australia: 21%
- Others: 3%
3.3 Operating Performance
| Year | EPS (NT$) | Cash Dividends (NT$) | Payout Ratio (%) |
|---|---|---|---|
| 2015 | 4.22 | 2.8 | 66% |
| 2016 | 4.35 | 2.8 | 64% |
| 2017 | 2.92 | 2.0 | 69% |
| 2018 | 3.68 | 2.4 | 65% |
| 2019 | 4.38 | 2.6 | 60% |
| 2020 | 4.37 | 2.6 | 60% |
| 2021 | 3.54 | 2.4 | 68% |
| 2022 | 4.83 | 2.9 | 60% |
| 2023 | 5.03 | 3.0 | 60% |
| 2024 | 4.83 | 3.1 | 64% |
4. Strategic Initiatives and Plans
Recent Operational Highlights
- Completion of capital reduction in cash
- Construction of subsidiary factory in Thailand
5. Disclaimer
In Chinese: 本簡報內容係基於本公司所認為可信來源所建構，部分資訊可能因未來不確定因素影響，使與原預期展望有所差異。本公司於未來若有資訊變更或調整，請以公開資訊觀測站公告為準。
In English: This presentation is based on information from reliable sources. Future uncertainties may result in deviations from original expectations. For changes or adjustments, refer to the MOPS website.
MOPS Website: http://mops.twse.com.tw/mops/web/index
6. Contact Information
Corporate Website: http://www.fuhsing.com.tw