振宇五金 (2947) 2026Q1 法說會簡報

Company Overview

Presentation Date: Mar. 2026

Company Name: 振宇五金 (Zhen Yu Hardware) Stock Code: 2947 Slogan: 五金專業新地標 (Hardware Professional New Landmark) Core Values: 專業 (Professional), 服務 (Service), 創新 (Innovation), 團隊 (Team) Brand Slogan: 一起連線 共創改變 從信念出發 實踐永續責任 (Connect together, create change together, starting from belief, practicing sustainable responsibility)

Establishment & Milestones:

• 1978 (民國67年): 振宇五金商行 成立(前身) (Zhen Yu Hardware Store established (predecessor))
• 1989 (民國78年): 聯達五金批發 (Lianda Hardware Wholesale)
• 2008 (民國97年) May 14: 振宇五金(股)正式設立 (Zhen Yu Hardware Co., Ltd. formally established), 設立登記 (Registered), 導入自動補貨系統 (Introduced automatic replenishment system), 增加商品流通週轉率 (Increased product circulation turnover rate).
• 2015 (民國104年): 導入鼎新ERP系統 (Introduced Dingxin ERP system), 開始推動電子發票載具 (Began promoting electronic invoice carriers), 門市總數達40家 (Total stores reached 40).
• 2018 (民國107年): 北方倉儲物流中心啟用 (Northern warehouse logistics center activated), 提升全台商品流通效率 (Improved nationwide product circulation efficiency).
• 2019 (民國108年): 振宇五金正式IPO (Zhen Yu Hardware officially IPO), 台中企業總部設立 (Taichung corporate headquarters established), 擴大總部倉儲物流中心 (Expanded headquarters warehouse logistics center), 展店跨入嘉義、宜蘭地區 (Expanded stores into Chiayi, Yilan regions), 門市總數達53家 (Total stores reached 53).
• 2020 (民國109年): 通過上櫃案 股代2947 (Approved for OTC listing, stock code 2947), 榮獲經濟部潛力中堅企業獎 (Awarded Ministry of Economic Affairs Potential Mid-Sized Enterprise Award), 全台第六世代門市更新完成 (Sixth-generation stores nationwide completed renovation).
• 2021 (民國110年): 數位轉型元年 (First year of digital transformation), 總部倉儲物流中心、北倉導入智慧化倉儲系統 (Headquarters warehouse logistics center, Northern warehouse introduced intelligent warehousing system), 展店跨入高雄、屏東地區 (Expanded stores into Kaohsiung, Pingtung regions), 門市總數達71家 (Total stores reached 71).
• 2022 (民國111年): 永續發展委員會成立 (Sustainable Development Committee established), 積極落實ESG、CSR (Actively implemented ESG, CSR), 租就GO/OMO (Rent-to-Go/OMO).
• 2023 (民國112年): 南方倉儲物流中心啟用 (Southern warehouse logistics center activated), 提升全台商品流通效率 (Improved nationwide product circulation efficiency).
• 2024 (民國113年): 循環經濟 體驗升級 (Circular economy, experience upgrade).

Key Figures (as of 2025.12.31, unless otherwise noted):

• Capital: 新台幣214,931仟元 (NTD 214,931 thousand)
• Shares Issued: 21,493千股 (21,493 thousand shares)
• Employees: 814人 (814 people)
• 2025 (114年) Annual Revenue: NTD. 2,299,302仟元 (NTD 2,299,302 thousand)

Board of Directors & Management Team:

• Chairman: 曾善 (Zeng Shan)
• General Manager: 洪國展 (Hong Guo-Zhan)

Store Distribution (as of 2026.03.17):

• Total Stores Nationwide: 93間
• Current Store Distribution by Region:
  • 北部 (North): 25家
  • 中部 (Central): 43家
  • 南部 (South): 24家
  • 東部 (East): 1家
• New Stores in Last Two Years (2024-2026):
  • 北部 (North): 7家
  • 中部 (Central): 1家
  • 南部 (South): 7家
  • 東部 (East): 0家
• Regional Development Ratio in Last Two Years:
  • 北部 (North): 46.7%
  • 中部 (Central): 6.7%
  • 南部 (South): 46.7%

Warehouse Logistics Centers:

• 北方據點 (Northern Hub): 桃園市龍潭區中原路二段79號 (No. 79, Sec. 2, Zhongyuan Rd., Longtan Dist., Taoyuan City)
• 總部&中部據點 (Headquarters & Central Hub): 台中市西屯區環中路二段27號 (No. 27, Sec. 2, Huancheng Rd., Xitun Dist., Taichung City)
• 南方據點 (Southern Hub): 高雄市鳳山區海涵路361號 (No. 361, Haihan Rd., Fengshan Dist., Kaohsiung City)

Financial Highlights

Store Revenue & Gross Margin (Revenue unit: Thousand NTD)

Net Profit & EPS (Net Profit unit: NTD, Capital unit: Thousand NTD)

Business Segments

Market Positioning:

• 振宇五金 (Zhen Yu Hardware): Positioned as a professional-grade comprehensive hardware store, combining professional power tools and various hand tools. Offers a wide range of specifications, professional parts, and materials. Products have multi-tiered pricing and high CP value. Emphasizes professional hardware and home improvement, with professional staff available during all operating hours.
• Key Differentiators: 價格差異化 (Price Differentiation), 規模策略 (Scale Strategy), 商品 (Products), 服務 (Services), 客群 (Customer Base).

Competitive Landscape:

• DIY自助家 (DIY Home):
  • 特力屋 (Test Rite): Focuses on high-priced appliances, furniture, including power tools, DIY tools, decoration items. On-site services are provided by partners.
  • POYA 寶雅 (POYA), POYA HOME 寶家 (POYA HOME), 小北百貨 (Small North Department Store), 勝立生活百貨 (Sheng Li Life Department Store): Primarily offers mid-priced household hardware, consumables, and food. Small North Department Store also has some plumbing/electrical DIY tools and tobacco/alcohol sales, with fewer staff providing professional hardware services.
• 工具 (Tools):
  • ホームセンタームサシ (Home Center Musashi): Japan-originated specialized tool retailer.
  • 晉茂 (Jin Mao): Focuses on lathe tools, hand tools, and precision tools.
  • TOP 特欣行 (TOP Te Xin Hang): Traditional plumbing/electrical material store, mainly targets professional plumbers/electricians and B2B suppliers.
• 傳統五金行 建材行 水電材料行 (Traditional Hardware Stores, Building Material Stores, Plumbing/Electrical Material Stores): Sells professional power tools, includes a customer base of masters/craftsmen who buy tobacco/alcohol. These types of stores are often located near industrial areas.

Products & Technologies

Product Categories (2025 (114年) Annual Revenue Contribution):

• 水電油漆類 (Plumbing, Electrical, Paint Category):
  • Total Revenue: 48.9%
  • SKUs: 5,804種UP
  • Private Label Brands: 161種
• 各式工具類 (Various Tools Category):
  • Total Revenue: 19.6%
  • SKUs: 3,942種UP
  • Private Label Brands: 36種
• 居家園藝類 (Home & Garden Category):
  • Total Revenue: 15.8%
  • SKUs: 4,811種UP
  • Private Label Brands: 105種
• 建築土木類 (Construction & Civil Engineering Category):
  • Total Revenue: 15.7%
  • SKUs: 3,277種UP
  • Private Label Brands: 43種

Private Label (ALD) Expansion & Contribution (as of 2025.12.31):

• SKU Expansion & Revenue Share Growth:
  • 2023 (112年): 268 SKUs, 6.22% Revenue Share
  • 2024 (113年): 340 SKUs, 6.60% Revenue Share
  • 2025 (114年): 345 SKUs, 6.89% Revenue Share
  • SKU Growth (2023-2025): 28.7%
• Gross Margin Optimization:
  • 一般代理品牌商品 (General agency brand products): 37.36%
  • ALD 自有品牌系列 (ALD Private Label Series): 40.49%
• Private Label SKU Distribution by Category:
  • 水電油漆類 (Plumbing, Electrical, Paint): 46.7%
  • 各式工具類 (Various Tools): 10.4%
  • 居家園藝類 (Home & Garden): 30.4%
  • 建築土木類 (Construction & Civil Engineering): 12.5%

Professional Service Matrix:

• 網路購物 (Online Shopping)
• 專業諮詢 (Professional Consultation)
• 維修保固 (Repair & Warranty)
• 簽約月結 (Contract & Monthly Billing)
• 外送服務 (Delivery Service)
• 數位支付 (Digital Payment)
• 商品預訂 (Product Reservation)
• 跨店取貨 (Cross-store Pickup)
• 多層定價 (Multi-tier Pricing)
• 零裁販售 (Custom Cut Sales)

Service Upgrade & Green Living Services:

• 輔具服務 (Assistive Device Services)
• 點工成金 (Skilled Labor Matching)
• 工具租賃 (Tool Rental)
• 工具雷雕 (Tool Laser Engraving)
• 綠色商店 (Green Store)

Clients & Markets

Hardware Demand Trends:

• Aging Housing Stock (2025 (114年) Data):
  • National Old House Count: 9,300,202 units
  • Old House Ratio:
    • 15~20 years: 630,156 (6.73%)
    • 21~25 years: 484,393 (5.17%)
    • 26~30 years: 1,150,942 (12.29%)
    • 31~40 years: 1,939,263 (20.71%)
    • 41+ years: 3,604,448 (38.49%)
• Building Transaction Volume (Units) & Annual Growth Rate:
  • 2017 (106年): 266,086 (+7.78%)
  • 2018 (107年): 277,967 (+4.27%)
  • 2019 (108年): 300,275 (+8.06%)
  • 2020 (109年): 326,000 (+7.43%)
  • 2021 (110年): 348,200 (+6.20%)
  • 2022 (111年): 318,101 (-8.60%)
  • 2023 (112年): 306,971 (-3.50%)
  • 2024 (113年): 350,525 (+14.20%)
  • 2025 (114年): 261,308 (-25.50%) (Source: Ministry of the Interior, Real Estate Information Platform)

Hardware Retail Market Trends (Sales unit: Million NTD):

• Hardware Retail Stores (Number of stores): Decreased by 18.71% from 12,825 in 2017 (106年) to 10,425 in 2025 (114年).
• Total Sales of Paints, Hand Tools, Home Improvement: Fluctuated, reaching $106,071 Million NTD in 2025 (114年). (Source: Directorate-General of Budget, Accounting and Statistics)

Aging Society Impact (2025 (114年) Data):

• Taiwan Population Pyramid: Median age 45, entering a super-aged society.
• Impact: Drives demand for home safety and assistive devices.
• Key Statistics:
  • Proportion of population over 65 officially entering super-aged society: 20.8%
  • Elderly population (65+): Approx. 4.8 million people
  • Households with elderly (65+): Approx. 1.75 million households
  • High pressure for elderly living alone and elderly-caring-for-elderly households. (Source: National Development Council Population Projection Query System, Ministry of the Interior Household Registration Department)

Member Digitalization (as of 2025.12.31):

• Total Members: 679,744 people
• VIP Member Benefits: 95% off purchases, accumulate points for cash.
• 2025 (114年) New Member Age Distribution:
  • 41-60 years old: 41%
  • 21-40 years old: 46%
  • 61-80 years old: 11%
  • Other: 2%
• Average Spend per Customer (2025 (114年)):
  • Members: $442.38
  • Non-members: $294.37
• 2025 (114年) Key Metrics:
  • Member Growth Rate: 18.7%
  • Member Contribution Rate: 56.3%

ESG / Sustainability

Sustainable Shared New Business Model: 租就GO (Rent-to-Go)

• Concept: 建構產業的循環服務體系 (Building an industry circular service system)
• Pillars:
  • 專業技能賦能 (Professional Skills Empowerment): Providing expertise.
  • 數位租賃管理 (Digital Rental Management): Managing rental services digitally.
  • 全通路服務 (Omnichannel Service): Offering services across all channels.
  • 據點服務 (Hub Services): Leveraging physical locations.
• Services: 商品可租借 (Products available for rent), e.g., 平面砂輪機 (Angle Grinder), 圓鋸機 (Circular Saw), 震動電鑽 (Impact Drill).
• Platform: System online (Online system).

Green Operations × Talent Development × Sustainable Growth:

E: 節能設施 全面升級 (Energy-saving Facilities Fully Upgraded)

• Initiatives: 低碳文化×深植組織 (Low-carbon culture x deeply embedded organization).
• Technologies: LED LIGHT, DAIKIN.
• Recognition: 第三屆金走獎 Golden Walk Award 2025 金厲害 健康森林減碳GO! (3rd Golden Walk Award 2025, Healthy Forest Carbon Reduction GO!).
• Impact: 減碳20.26噸 (Carbon reduction 20.26 tons).

S: 厚植人才 發展動能 (Deepen Talent, Develop Momentum)

• Initiatives: 精進職能×深耕在地 (Enhance professional skills x deep local roots).
• Internal Trainers (2025 (114年)): 60人 (60 people).
• Six Major Training Bases: 五股 (Wugu), 北倉 (Northern Warehouse), 總部 (Headquarters), 中興 (Zhongxing), 安平 (Anping), 南方 (Southern).

G: 社區服務 創新模式 (Community Service, Innovative Model)

• Initiatives: 里來修繕×永續成長 (Community repair x sustainable growth).
• Program: 店長里來修繕學 REPAIRology 振宇五金 (Store Manager Community Repairology Zhen Yu Hardware).

Transparent Governance × Sustainable Growth:

• 榮譽見證實力 (Honors Demonstrate Strength): 深耕社會價值,共創品牌榮耀 (Deepening social value, co-creating brand glory).
• Awards & Recognition:
  • 花蓮災後復原行政院表揚 (Executive Yuan Commendation for Hualien Post-Disaster Recovery).
  • 國家品牌玉山獎-傑出企業、最佳人氣品牌 (National Brand Yushan Award - Outstanding Enterprise, Best Popular Brand).
  • 金展獎×幸福職場四星獎 (Golden Exhibition Award x Happy Workplace Four-Star Award).
  • 運動企業認證×CHR健康企業 (Sports Enterprise Certification x CHR Healthy Enterprise).
  • 資誠永續影響力獎-多元共融獎 (PwC Sustainable Impact Award - Diversity & Inclusion Award).
  • 舊鞋子救命公益活動 (Old Shoes for Life Charity Event).

Outlook & Strategy

Strategic Shift:

• "高舊屋佔比" (High proportion of old houses) combined with "高齡化需求" (aging population demand) accelerates hardware retail's transformation from "耗材供應" (material supplier) to "居家安全方案提供者" (home safety solution provider).
• Past & Present (DIY - Do It Yourself): 單純購買材料 (Simply purchasing materials).
• Future Strategy (DIFY - Do It For You): 解決修繕問題 (Solving repair problems).

Sustainable Shared New Business Model:

• Further development of the "租就GO" (Rent-to-Go) model to build an industry circular service system, integrating professional skills, digital rental management, omnichannel services, and physical hubs.

Recent Performance and Results

Store Revenue Growth:

Additional Data

Disclaimer:

• This presentation is based on the company's objective and subjective factors at the time of the presentation, summarizing and evaluating past, present, and future operations. It contains forward-looking statements that are subject to risks, uncertainties, and assumptions, some of which are beyond our control. Actual results may differ materially from these forward-looking statements.
• The information provided (including future outlook) does not explicitly or implicitly represent or guarantee its accuracy, completeness, or reliability; nor does it represent a complete statement of the company, industry conditions, and subsequent major developments.
• The future outlook in this presentation reflects the company's views as of the current date. The company is not responsible for timely reminding or updating if there are any changes or adjustments.

Brand Characters / Mascots:

• 吉拉猴 GLove: Represents "團隊" (Team)
• 威狗 WeGo: Represents "服務" (Service)
• 啵比 BallBee: Represents "創新" (Innovation)
• 熊溜 Show6: Represents "專業" (Professional)

(Note: All registered trademarks and copyrights belong to Zhen Yu Hardware. Reproduction, duplication, or modification is strictly prohibited.)