POYA 寶雅 [time:2025Q3] 法說會簡報
Company Overview
核心價值 (Core Values):
- 多選擇 (Multiple Choices)
- 高品質 (High Quality)
- 便利性 (Convenience)
基本資訊:
- 董事長 (Chairman): 陳建造先生
- 總經理 (President): 陳宗成先生
- 上櫃時間 (Listing Date): 2002年9月6日
- 資本額 (Capital): 10.49億台幣 (NT$)
- 員工人數 (Employees): 5,038 (2025年9月)
- 分店數 (Store Count): 451店 (2025年11月)
Financial Highlights
3Q25 經營績效 (3Q25 Operating Performance)
3Q25 Financial highlights:
- Sales were NT$6.401bn, up 4.5% YoY, driven by beauty product categories and our remodeling efforts.
- GPM was 45.9%, down 0.1% YoY / up 3.3% QoQ.
- OPM was 15.7%, up 0.1% YoY / up 3.6% QoQ.
- NI came in of NT$808 mn with EPS of NT$7.59, up 5.4% YoY.
| (NT$ mn) | 2Q25 | 3Q24 | 3Q25 | QoQ | YoY |
|---|---|---|---|---|---|
| Net Sales | 6,044 | 6,125 | 6,401 | 5.9% | 4.5% |
| Cost of goods sold | 3,467 | 3,307 | 3,463 | -0.1% | 4.7% |
| Gross profit | 2,577 | 2,818 | 2,938 | 14% | 4.3% |
| Promotion Expense | 1,661 | 1,672 | 1,738 | 4.6% | 3.9% |
| Administrative Expense | 186 | 194 | 198 | 6.8% | 2.2% |
| Operating profit | 731 | 951 | 1,002 | 37.2% | 5.4% |
| Non-operating items | 6 | 2 | 8 | 43.9% | 229.6% |
| Profit before tax | 736 | 954 | 1,011 | 37.2% | 5.9% |
| Tax expenses | 142 | 191 | 202 | 42.0% | 6.0% |
| Net income | 594 | 763 | 808 | 36.1% | 5.9% |
| EPS (NT$) | 5.58 | 7.20 | 7.59 | 36.0% | 5.4% |
Ratio (DIF):
| Ratio | 2Q25 | 3Q24 | 3Q25 | QoQ (DIF) | YoY (DIF) |
|---|---|---|---|---|---|
| GPM | 42.6% | 46.0% | 45.9% | 3.3% | -0.1% |
| OPEX | 30.5% | 30.5% | 30.2% | -0.3% | -0.2% |
| OPM | 12.1% | 15.5% | 15.7% | 3.6% | 0.1% |
| NPM | 9.8% | 12.5% | 12.6% | 2.8% | 0.2% |
1-3Q25 經營績效 (1-3Q25 Operating Performance)
1-3Q25 Financial highlights:
- Sales were NT$18.7bn, up 6.3% YoY.
- GPM was 44.4%, down 0.4% YoY.
- OPM was 14.4%, comparable to 1-3Q24.
- EPS was NT$20.56, up 6% YoY.
| (NT$ mn) | 1-3Q24 | 1-3Q25 | YoY |
|---|---|---|---|
| Net Sales | 17,626 | 18,741 | 6.3% |
| Cost of goods sold | 9,740 | 10,427 | 7.1% |
| Gross profit | 7,887 | 8,314 | 5.4% |
| Promotion Expense | 4,811 | 5,055 | 5.1% |
| Administrative Expense | 545 | 563 | 3.3% |
| Operating profit | 2,531 | 2,696 | 6.5% |
| Non-operating items | 37 | 32 | -13.2% |
| Profit before tax | 2,567 | 2,728 | 6.3% |
| Tax expenses | 514 | 541 | 5.3% |
| Net income | 2,054 | 2,187 | 6.5% |
| EPS (NT$) | 19.39 | 20.56 | 6.0% |
Ratio:
| Ratio | 1-3Q24 | 1-3Q25 | YoY (DIF) |
|---|---|---|---|
| GPM | 44.7% | 44.4% | -0.4% |
| OPEX | 30.4% | 30.0% | -0.4% |
| OPM | 14.4% | 14.4% | 0.0% |
| NPM | 11.7% | 11.7% | 0.0% |
Business Segments
1-3Q25 產品銷售分析 (1-3Q25 Product Sales Analysis)
1-3Q25 Sales Mix (Pie Chart Data):
- Cosmetics: 18%
- Skin Care: 16%
- Bath: 16%
- Beauty: 12%
- Household: 9%
- Textile: 9%
- Food: 7%
- Others: 5%
- Accessories: 4%
- Groceries: 3%
- Hardware: 2%
3Q25 產品銷售表現 (3Q25 Product Sales Performance)
3Q25 Sales Trend: A solid demand for beauty products.
| Products | 3Q25 Sales YOY | Sales mix (3Q24) | Sales mix (3Q25) |
|---|---|---|---|
| Beauty | Double-digit growth (↑) | 8% | 9% |
| Bath | Double-digit growth (↑) | 11% | 12% |
| Cosmetics | Single-digit growth (↗) | 18% | 18% |
| Skin Care | Single-digit growth (↗) | 17% | 16% |
| Hardware | Single-digit growth (↗) | 4% | 4% |
| Groceries | Single-digit growth (↗) | 2% | 3% |
| Household | Single-digit growth (↗) | 16% | 15% |
| Accessories | Single-digit growth (↗) | 3% | 3% |
| Textile | Single-digit growth (↗) | 9% | 9% |
| Food | Single-digit growth (↗) | 7% | 6% |
| Others | Single-digit growth (↗) | 5% | 5% |
1-3Q25 產品銷售表現 (1-3Q25 Product Sales Performance)
1-3Q25 Sales Trend: A solid demand for beauty products.
| Products | 1-3Q25 Sales YOY | Sales mix (1-3Q24) | Sales mix (1-3Q25) |
|---|---|---|---|
| Beauty | Double-digit growth (↑) | 8% | 9% |
| Cosmetics | Double-digit growth (↑) | 18% | 18% |
| Bath | Double-digit growth (↑) | 12% | 12% |
| Skin Care | Single-digit growth (↗) | 16% | 16% |
| Hardware | Single-digit growth (↗) | 4% | 4% |
| Groceries | Single-digit growth (↗) | 2% | 2% |
| Household | Single-digit growth (↗) | 16% | 16% |
| Textile | Single-digit growth (↗) | 9% | 9% |
| Accessories | Single-digit growth (↗) | 3% | 3% |
| Food | Single-digit growth (↗) | 7% | 7% |
| Others | Single-digit growth (↗) | 5% | 5% |
Products & Technologies
自有品牌 (Private Brands)
- Private label products accounted for 3.2% of total sales in 1-3Q25.
- We plan to introduce more Poya private brands to enhance our brand value.
Key Private Brands:
- POYA PURE+: 煥采呵護 (Radiant Care)
- POYA Chic: 質感配件 (Quality Accessories)
- POYA COZY: 生活織品 (Lifestyle Textiles)
電商發展 (E-commerce Development)
- EC accounted for 2.2% of total sales in 1-3Q25 with accelerating growth and improving profitability.
- EC sales percentage has grown from 0.3% (2022) to 2.2% (1-3Q25).
線上線下整合(OMO)計畫 (Online-Merge-Offline (OMO) Plan)
POYA Stores Integration: Points, VIP money flow, sales data.
| OMO Component | Strategy/Function |
|---|---|
| Physical Display | Customers could have the try-on experience at POYA stores and place the order through POYA BUY for home delivery. |
| Product Extension | Extend product SKUS on EC platform, such as seasonal goods and pre order products to drive incremental sales. |
| Social Media | Integrate social media and our payment system to provide seamless shopping experience to enhance customer loyalty and drive traffic. |
| Precision Marketing | Analyze sales data to actively provide customized product recommendation and services to clients. |
| In-store Pickup | Unveil in-store pick up services for POYA will reach 470 stores by 2025 indicating better shopping experience, lowering delivery cost and higher traffic. |
| Batch Orders | Customers could buy online and pickup by batches. Clients could also share gifts with friends to drive store traffics. |
Outlook & Strategy
展店計畫 (Store Expansion Plan)
Store numbers (Projected):
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
| Store Count | 290 | 320 | 365 | 420 | 451 (Note: 451 is 2025/11 count from Page 3, chart shows 420 for 2025) | N/A | N/A | N/A |
Composition (Projected Store Mix):
| Store Type | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|
| Poya Standardized | 87% | 71% | 60% | 53% | 46% | 41% |
| Home Inside | 4% | 5% | 5% | 5% | 7% | 8% |
| Poya Beauty | 9% | 24% | 35% | 42% | 47% | 51% |
店面型態 (Store Formats)
- 百貨/購物中心美妝店 (Department Store/Shopping Center Beauty Store)
- 美妝街邊店 (Beauty Street Store)
- 寶雅家居店 (POYA Home Store)
- 寶雅社區店 (POYA Community Store)
物流中心 (Logistic Center)
Locations:
- Logistic Center in the North: Taoyuan
- Logistic Center in the Central: Changhua
- Logistic Center in the South: Kaohsiung
Capacity by Store (2024 Data):
- North: 246
- South: 243
社群媒體升級 (Social Media Upgrade)
- Focus on enhancing social media presence (e.g., Instagram @poyabeauty) to drive engagement and shopping traffic.
Additional Data
財務概況 (Financial Overview)
Sales (NTD billion):
- 2019: 15.79 (Growth: 12.1%)
- 2020: 17.54 (Growth: 11.1%)
- 2021: 17.47 (Growth: -0.4%)
- 2022: 19.48 (Growth: 11.5%)
- 2023: 22.08 (Growth: 13.4%)
- 2024: 23.63 (Growth: 7.0%)
- 1-3Q25: 18.74 (Growth: 6.3%)
Gross Profit (NTD billion) & GPM:
- 2019: 6.82 (GPM: 43.2%)
- 2020: 7.57 (GPM: 43.2%)
- 2021: 7.66 (GPM: 43.9%)
- 2022: 8.41 (GPM: 43.2%)
- 2023: 9.74 (GPM: 44.1%)
- 2024: 10.67 (GPM: 45.1%)
- 1-3Q25: 8.31 (GPM: 44.4%)
Operating Profit (NTD billion) & OPM:
- 2019: 2.43 (OPM: 15.4%)
- 2020: 2.65 (OPM: 15.1%)
- 2021: 2.32 (OPM: 13.3%)
- 2022: 2.65 (OPM: 13.6%)
- 2023: 3.19 (OPM: 14.5%)
- 2024: 3.45 (OPM: 14.6%)
- 1-3Q25: 2.70 (OPM: 14.4%)
Net Profit (NTD billion) & NPM:
- 2019: 1.89 (NPM: 12.0%)
- 2020: 2.11 (NPM: 12.0%)
- 2021: 1.84 (NPM: 10.5%)
- 2022: 2.07 (NPM: 10.6%)
- 2023: 2.53 (NPM: 11.4%)
- 2024: 2.80 (NPM: 11.9%)
- 1-3Q25: 2.19 (NPM: 11.7%)
Disclaimer
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