全家便利商店 (5903) 2025Q4 法說會簡報

Company Overview

• 創立時間: 1988年8月18日
• 上櫃時間: 2002年2月25日 (股票代號5903)
• 資本額: 22.3億元
• 營業項目: 連鎖便利商店之經營及生活服務提供
• 董事長: 葉榮廷
• 店數 (截至2025/12): 4,470店

Major Events (大事記)

• 打底奠基 (Foundation) (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 (Rapid Scale) (1998-2007)
  • 突破1,500店
  • 1988: 首創代收服務
  • 1989: 正式掛牌上櫃
  • 1990: 跨足中國上海
  • 2007: 併購福客多157間店舖
• 轉型再造 (Transformation) (2008-2021)
  • 突破3,000店
  • 2008: 店到店寄件服務推出
  • 2010: 大規模導入新店型(NF1), 展開店型革命
  • 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 Era) (2022-2025)
  • 突破4,000店
  • 2022: 推出全盈+PAY支付工具
  • 2022: 台中大肚物流中心稼動, 自動化設備導入
  • 2023: 「長家國際食品」鮮食廠稼動
  • 2024: 旗下子公司「全家國際餐飲」正式掛牌上櫃
  • 2025: 福比麵包二廠稼動

Financial Highlights

• 2025年度全家合併營收達1,100億元,年增4.7%,創下歷史新高。本業持續穩健成長,轉投資事業亦挹注獲利。
• 2024年同期認列大陸地區股權調整一次性利益,使基期墊高;若排除此一次性因素,稅後淨利仍為成長,顯示核心營運動能穩健向上。

Consolidated Revenue (合併營收) UNIT: NT$百萬元

• 22021: 83,660
• 2022: 90,743
• 2023: 99,610
• 2024: 105,104
• 2025: 110,042

Operating Income & OPM (營業利益&OPM) UNIT: NT$百萬元

• 2021: 1,667 (1.99%)
• 2022: 1,682 (1.85%)
• 2023: 2,012 (2.02%)
• 2024: 2,058 (1.96%)
• 2025: 1,855 (1.69%)

Net Income After Tax & NPM (稅後淨利&NPM) UNIT: NT$百萬元

• 2021: 1,344 (1.61%)
• 2022: 1,841 (2.03%)
• 2023: 1,612 (1.70%)
• 2024: 3,804 (3.75%)
• 2025: 1,696 (1.63%)

EPS UNIT: NT$元

• 2021: 6.02
• 2022: 8.25
• 2023: 7.22
• 2024: 17.04
• 2025: 7.60

Dividend Policy - Stable Cash Dividend Distribution (股利政策-穩定配發現金股利)

• Cash Dividend (現金股利) UNIT: 元
  • 2021: 4.7
  • 2022: 6.5
  • 2023: 5.8
  • 2024: 11.5
  • 2025: 6.5
• Payout Ratio (配發率)
  • 2021: 77.7%
  • 2022: 78.8%
  • 2023: 80.3%
  • 2024: 67.5%
  • 2025: 85.5%
• 【說明】2025年現金股利配發金額需以向股東會報告後為準

TFM Investment Income (TFM轉投資利益) UNIT: NT$百萬元

• 2020: 274
• 2021: 292
• 2022: 277
• 2023: 240
• 2024: 303
• 2025: 430

Business Segments

Invested Business Landscape (轉投資事業版圖)

• 全網行銷 (FamilyNet): 100%
• 日翊文化 (Re-Yi Distribution Service Co., Ltd.): 100%
• 晉欣食品 (JinXin Foods): 100%
• 福比 (FOPI Bakery): 93.5%
• 精藤 (Accudata It Total Solution): 70%
• 全家國際餐飲 (FamilyMart International Gourmet): 61.96%
• 全台物流 (Taiwan Distribution Center Co., Ltd.): 60%
• 全寵家 (QuanChongJia): 51.7%
• 全盈支付 (QuanYing+PAY): 51%
• 長家國際食品 (ChangJia International Foods): 45%
• 屏榮食品 (PingRong Foods): 38.2%
• 昶青實業 (ChangQing Industry): 30%
• 建康國際食品 (JianKang International Foods): 30%

Products & Technologies

Fresh Food Strategic Brands (鮮食戰略品牌)

• Let's Café: 經典&單品咖啡品質精進 (Enhancing quality of classic & single-origin coffee)
• Let's Tea: 四大產品線-原茶‧奶茶‧果茶‧現煮茶 (Four major product lines: original tea, milk tea, fruit tea, freshly brewed tea)
• 健康志向 (Healthy Ambition): 運動/纖食/補充應援 (Support for sports/fiber-rich food/supplements), e.g., 烤蛋白餐盒 (Grilled Protein Meal Box)
• Uno Pasta: 本質精進與美味度up (Essential improvement and taste enhancement)
• 烘焙-匠.極.滿 (Bakery - Artisan.Extreme.Full): 品牌化經營-匠吐司‧極鬆餅.生滿餡.棉蛋糕 (Branded operations - Artisan Toast, Extreme Waffles, Creamy Fillings, Cotton Cake)

Omnichannel Digital Lifestyle Ecosystem (全通路數位生活生態圈)

• APP機能優化・會員價值運營 (APP Function Optimization・Member Value Operations)
  • 會員人數 (Member Count): 2,000萬
  • 每日交易會員 (Daily Transacting Members): 110萬+
  • FamiNow APP features:
    • 會員個性化推薦 (Personalized member recommendations)
    • 多元渠道整合X一站式購物車 (Multi-channel integration X one-stop shopping cart)
    • 線上線下全站搜尋 (Online and offline full-site search)
    • 包裹動態查詢功能 (Package tracking function)
• 跨境EC 合作導入 (Cross-border E-commerce Partnership Introduction)
  • FamiPort 店到店 (Store-to-store delivery)
  • 買跨買 (Buy Across Borders)
  • FamilyMart 全家行動購 (FamilyMart Mobile Shopping)
• 自有平台 擴大推進 (Proprietary Platform: Expanded Promotion)
  • 全盈+PAY (QuanYing+PAY)
  • 隨買跨店取 (Buy and Pick Up Across Stores)
  • Fami煮煮 (FamiCook)
  • 經營社群電商的好選擇 (Good choice for operating social e-commerce)

Diversified Business Models (多元商模)

• FamiSuper 超市店 (FamiSuper Supermarket Store): 提供生鮮或即時冷凍品商組 (Providing fresh or instant frozen product categories), 結合外送到府服務 (Combined with home delivery service)
• FamiPets 寵物專區 (FamiPets Pet Zone): 全店設置寵物貨架 (Pet shelves installed in all stores), 住宅區或公園商圈導入寵物專區 (Introduction of pet zones in residential or park business districts)

AI Smart Support Layout (AI智能支援布局)

• 科技店4.0 (Tech Store 4.0): 「拿了就走」無感購物 (Grab-and-go" frictionless shopping), 科技設備與消費體驗再升級,打造全新無感購物體驗 (Upgrading tech equipment and consumer experience, creating a new frictionless shopping experience)
• 2 in 1 POS機 (2-in-1 POS Machine): 自由切換 (Free switching) between 人員結帳 (staff checkout) and 自助結帳 (self-checkout), 一鍵切換,提升服務效率 (One-click switching, improving service efficiency), 有效解決尖峰時刻結帳瓶頸 (Effectively solving checkout bottlenecks during peak hours)
• AI輔助店舖管理 (AI-assisted Store Management): 精準訂購,最適商組 (Precise ordering, optimal product mix), 智能預測模型輔助店舖決策,實現最適商品組合 (AI prediction model assists store decision-making, achieving optimal product mix)

ESG / Sustainability

Convenience & Sustainability You+1 - FamilyMart ESG Milestones (便利永續 你也+1 -全家ESG里程碑)

• 2025總統盃黑客松 (2025 Presidential Hackathon): 卓越團隊獎 (Outstanding Team Award)
• 2025天下永續公民獎 (2025 CommonWealth Magazine Corporate Citizen Award): 大型服務業組第8名 (8th Place in Large Service Industry Category)
• 2025親子天下 友善家庭職場獎 (2025 Parenting Magazine Family-Friendly Workplace Award)
• 2025遠見ESG企業永續獎 (2025 Global Views ESG Enterprise Sustainability Award)
  • 傑出方案-社會創新組楷模獎 (Outstanding Project - Social Innovation Category Model Award)
  • 傑出方案-環境友善組績優獎 (Outstanding Project - Environmentally Friendly Category Excellence Award)
• 台灣零售永續獎 (Taiwan Retail Sustainability Award)
  • 合作夥伴獎金獎 (Partner Gold Award)
  • 永續零售供應鏈金獎 (Sustainable Retail Supply Chain Gold Award)
  • 顧客永續行動金獎 (Customer Sustainable Action Gold Award)

Outlook & Strategy

2026 Annual Strategic Core (2026年度策略核心)

• 利益極大化 (Profit Maximization)
  • 店舖端 (Store Level)
    • 空間價值優化與精準陳列 (Space value optimization and precise display)
    • 數據AI協作優化 (Data AI collaboration optimization)
    • 營運現場支援 (Operational on-site support)
  • 總部端 (Headquarters Level)
    • 供應鏈資源整合 (Supply chain resource integration)
    • 高毛利品類商組推進 (Promotion of high-margin product categories)
  • 來客數 (Customer Traffic)
    • 數位渠道整合導流 (Digital channel integration and traffic generation)
    • 深耕會員生命週期經營 (In-depth management of member lifecycle)
  • 客單價 (Average Transaction Value)
    • 體驗優化激發消費 (Experience optimization to stimulate consumption)
    • 活動促進消費併買 (Promotional activities to encourage bundled purchases)
    • 打造商品獨特差異價值 (Creating unique differentiated value for products)
  • 毛利率 (Gross Margin)
    • 強化後勤支援效率與協作效能 (Strengthening back-end support efficiency and collaboration effectiveness)
    • 產品組合動態管理 (Dynamic product portfolio management)
    • 建立最適坪效×台帳×商品配置 (Establishing optimal space efficiency x inventory x product allocation)
  • 低重心經營 (Lean Operations)

2026 Growth Targets (2026成長目標)

• Store Expansion Momentum: Steady Growth (展店動能 穩健擴張)
  • 店數 (Store Count) UNIT: 店
    • 2022: 4,138
    • 2023: 4,234
    • 2024: 4,316
    • 2025: 4,470
    • 2026: +100~120店 (Target: 4,570-4,590)
• Consolidated Revenue: Continuously Reaching New Highs (合併營收 持續創高)
  • 合併營收 (Consolidated Revenue) UNIT: NT$億元
    • 2022: 907
    • 2023: 996
    • 2024: 1,051
    • 2025: 1,100
    • 2026: (Target: Implied higher than 1,100)
• Same-Store Profitability: Solid Growth (同店獲利 穩固成長)
  • SSSG (Same-Store Sales Growth) UNIT: %
    • 2026: +5~8% (Target)
• Gross Profit Maximization (毛利額 極大化)
  • 毛利率 (Gross Margin Rate) UNIT: %
    • 2022: 36.3%
    • 2023: 36.5%
    • 2024: 36.5%
    • 2025: 36.4%
    • 2026: (Target: Implied higher than 2025)
• Operating Expenses: Precise Control (營業費用 精準控制)
  • 營業費用率 (Operating Expense Ratio) UNIT: %
    • 2022: 34.4%
    • 2023: 34.5%
    • 2024: 34.6%
    • 2025: 34.8%
    • 2026: (Target: Implied controlled or lower than 2025)
• Customer Traffic: Increase (來客數 提升)
  • 來客數 (Customer Traffic) UNIT: 人
    • 2026: (Target: Implied higher than 2025)

Operational Growth Drivers (營運成長動能)

• ① In-depth Cultivation of Fresh Food Strategic Brands, Responding to Healthy Consumption Trends (鮮食戰略品牌深耕,健康消費趨勢對應)
  • 鮮食銷售 (Fresh Food Sales) and 鮮食構成 (%) show increasing trends (2020-2026 forecast).
  • Focus on Let's Café, Let's Tea, 健康志向 (Healthy Ambition), Uno Pasta, 烘焙-匠.極.滿 (Bakery - Artisan.Extreme.Full).
• ② Building Differentiated Product Power, Strengthening Core Competitive Advantage (建構差異化商品力,強化核心競爭優勢)
  • 通路 領先販售 (Channel: Leading Sales): 2025 Q4 同店PSD +6.2%
  • 商品 併買效應 (Products: Bundled Purchase Effect): 來客數 +1.0%
  • 來客 成長動能 (Customer: Growth Momentum): 客單價 +4.7%
• ③ Building an Omnichannel Digital Lifestyle Ecosystem (打造全通路數位生活生態圈)
  • APP function optimization, member value operations, cross-border e-commerce partnership introduction, expanded promotion of proprietary platforms (全盈+PAY, 隨買跨店取, Fami煮煮).
• ④ Diversified Business Models_High Potential Market Operations (多元商模_高潛能市場經營)
  • FamiSuper 超市店 (FamiSuper Supermarket Store): Fresh/frozen products, home delivery.
  • New Resident Business Opportunities (新住民商機): Southeast Asian product zone, NO PORK labels.
  • FamiPets 寵物專區 (FamiPets Pet Zone): Pet shelves in stores, pet zones in residential/park areas.
• ⑤ Group Empowerment Upgrade_Driving Profit Growth (集團賦能升級_驅動獲利再成長)
  • Fresh Food Factory Capacity Support (鮮食廠產能支援):
    • 晉欣 (JinXin), 屏榮 (PingRong): Support fresh food capacity.
    • 長家 (ChangJia): Produce Uno Pasta.
    • 福比 (FOPI): Produce bread, second factory operational in 2025.
    • 建康 (JianKang): Supply freshly mixed beverages and ice.
    • 昶青 (ChangQing): Fresh fruit and vegetable raw materials.
  • Logistics Center Efficiency Support (物流中心效能支援):
    • Smart supply chain, multi-temperature zone co-distribution, complete infrastructure.
    • Partners: 全台物流 (Taiwan Distribution Center Co., Ltd.), 日翊文化 (Re-Yi Distribution Service Co., Ltd.).
• ⑥ AI Smart Support Layout, Driving Frontline Operational Efficiency (AI智能支援布局,驅動前線營運效能)
  • Tech Store 4.0 (科技店4.0) with frictionless shopping.
  • 2-in-1 POS machine (2 in 1 POS機) for efficient checkout.
  • AI-assisted store management (AI輔助店舖管理) for precise ordering and optimal product mix.
• ⑦ 3N Growth Strategy (3N成長策略)
  • New Business (新事業): Diversified layout, expanding growth territory beyond convenience stores (e.g., 全家餐飲, 全盈支付, 全寵家).
  • New Format (新店型): Flexible adaptation, precise response to customer needs by exploring diverse store formats (e.g., 實體店, 雲端超市, 區域中心店, FamiSuper).
  • New Area (新地區): Strengthening layout, focusing on high-potential new markets, re-evaluating China market layout (e.g., 中國市場).

Additional Data

Shareholder Structure (股東結構) (*資料更新至2025/12)

• 日本全家: 45.0%
• 萬寶開發: 19.4%
• 其他: 18.9%
• 光泉: 5.3%
• P. F. Investment: 5.0%
• 三洋維士比: 3.3%
• 泰山: 3.1%

Taiwan CVS Store Count (台灣CVS店數)

• Franchise Ratio (加盟比率): 穩定維持90% (Stable at 90%)
  • 2021: 93%
  • 2022: 92%
  • 2023: 91%
  • 2024: 90%
  • 2025: 90%