燦坤實業 2026Q1 法說會簡報
Company Overview
公司名稱: 燦坤實業(股)有限公司 (Tsann Kuen Enterprise Co., Ltd.) 投資架構:
- 燦坤實業(股)有限公司 (Parent Company)
- 大力投資 (100%)
- 永益投資 (100%)
- RROWORLD (100%)
- 燦坤印尼 (100%) Slogan/Values:
- Anyone Anytime Awesome
- 用心經營 (Operate with heart)
- 安心購物環境 (Safe shopping environment)
- 貼心的服務 (Thoughtful service)
- 將需求交給燦坤 放心成家 (Entrust your needs to Tsann Kuen, settle down with peace of mind)
Financial Highlights
2025年度 財務報告重點 (2025 Annual Financial Report Highlights)
損益表 (單位:新台幣千元)
| 項目 (Item) | 2025/12/31 | % | 2024/12/31 | % | 年增率 YoY |
|---|---|---|---|---|---|
| 營業收入 (Operating Revenue) | 17,676,935 | 100.0% | 18,985,720 | 100.0% | -6.9% |
| 營業成本 (Operating Costs) | 15,016,882 | 85.0% | 16,126,119 | 85.0% | - |
| 營業毛利 (Gross Profit) | 2,660,053 | 15.0% | 2,859,601 | 15.0% | -7.0% |
| 營業費用合計 (Total Operating Expenses) | 2,519,118 | 14.2% | 2,574,816 | 13.6% | -2.2% |
| 營業利益 (Operating Income) | 140,935 | 0.8% | 284,785 | 1.5% | -50.5% |
| 營業外收支淨額 (Net Non-Operating Income/Expenses) | -40,115 | -0.2% | -49,063 | -0.3% | - |
| 稅前淨利 (Profit Before Tax) | 100,820 | 0.6% | 235,722 | 1.2% | -57.2% |
| 所得稅費用 (Income Tax Expense) | 19,637 | 0.1% | 47,285 | 0.2% | -58.5% |
| 本期淨利(歸屬母公司業主) (Net Profit Attributable to Owners of the Parent) | 81,183 | 0.5% | 188,437 | 1.0% | -56.9% |
| 基本每股盈餘(元) (Basic Earnings Per Share (NT$)) | 0.70 | - | 1.61 | - | -56.5% |
資產負債表 (單位:新台幣千元)
| 項目 (Item) | 2025/12/31 | % | 2024/12/31 | % | 年增率 (YoY Change) |
|---|---|---|---|---|---|
| 現金及約當現金 (Cash and Cash Equivalents) | 977,587 | 7.6% | 1,369,842 | 9.9% | -28.6% |
| 存貨 (Inventories) | 2,446,077 | 19.1% | 2,499,574 | 18.1% | -2.1% |
| 流動資產合計 (Total Current Assets) | 3,652,551 | 28.5% | 4,119,307 | 29.7% | -11.3% |
| 非流動資產合計 (Total Non-Current Assets) | 9,173,151 | 71.5% | 9,724,891 | 70.3% | -5.7% |
| 資產總計 (Total Assets) | 12,825,702 | 100.0% | 13,844,198 | 100.0% | -7.4% |
| 應付帳款及票據 (Accounts Payable and Notes Payable) | 2,015,469 | 15.7% | 2,370,564 | 17.1% | -15.0% |
| 流動負債合計 (Total Current Liabilities) | 4,237,975 | 33.0% | 4,747,331 | 34.3% | -10.7% |
| 負債總計 (Total Liabilities) | 8,417,150 | 65.6% | 9,348,570 | 67.6% | -10.0% |
| 權益總計 (Total Equity) | 4,408,552 | 34.4% | 4,495,628 | 32.4% | -1.9% |
股利政策 (Dividend Policy)
歷年現金股利 (單位:台幣元)
| 年份 | EPS | Cash Dividend | Payout Ratio |
|---|---|---|---|
| 2021 | 3.93 | 3.54 | 90% |
| 2022 | 4.29 | 4 | 93% |
| 2023 | 2.38 | 2.2 | 92% |
| 2024 | 1.61 | 1.5 | 93% |
| 2025 | 0.70 | 0.8 | 114% |
Business Segments
全台門市營運重點 (Key Operational Focus for Stores Nationwide)
2025年度全台門市資訊 (2025 Nationwide Store Information)
- 全台總計門市: 288 間
- 門市分佈總覽:
- 北區一 (北北基 - 台北、新北、基隆): 86 間 (30%)
- 北區二 (桃竹苗 - 桃園、新竹、苗栗): 44 間 (15%)
- 中區 (中彰投 - 台中、彰化、南投): 54 間 (19%)
- 南區一 (雲嘉南 - 雲林、嘉義、台南): 46 間 (16%)
- 南區二 (高高屏 - 高雄、屏東): 45 間 (16%)
- 東區 (宜花東 - 宜蘭、花蓮、台東): 13 間 (5%)
- KEY FINDING:
- 北部地區門市佔近半數 (北北基與桃竹苗地區合計佔比高達45%)。
- 東部地區佔比最低 (宜花東地區門市數量最少,僅佔5%)。
Outlook & Strategy
2026年未來展望 (2026 Future Outlook)
- 持續拓展新門市 (Continue to expand new stores)
- 整改現有門市 (Renovate existing stores)
- 強化寵物、銀髮商品、節能家電、數位AI商品銷售 (Strengthen sales of pet products, senior care products, energy-efficient appliances, and digital AI products)
- 導入新會員機制(寵物卡、WanDau)、擴大生態圈經營 (Introduce new membership mechanisms (Pet Card, WanDau), expand ecosystem operations)
Additional Data
簡報摘要 (Presentation Summary)
- 2025年度 財務報告重點 (2025 Annual Financial Report Highlights)
- 全台門市營運重點 (Key Operational Focus for Stores Nationwide)
- 2026年未來展望 (2026 Future Outlook)
- 股利政策 (Dividend Policy)
Disclaimer
This presentation contains some forward-looking statements that are subject to substantial risks and uncertainties. Typically, these statements contain words such as "anticipate", "believe”, “could”, “estimate”, “expect”, “intend”, “plan", "forecast", "project", "predict”, “potential”, “continue”, “may”, “should”, “will”, and “would” or similar words. You should consider these forward-looking statements carefully because such statements are only our expectations or projections about future events, and actual results may differ materially from those expressed or implied by such statements. The forward-looking statements in this presentation include, but are not limited to, growth rates for various markets estimated by third party sources, future products and technology development, widespread market acceptance of the hosted delivery model, future revenue growth and profitability. You should be cautioned that the forward-looking statements are no guarantee of our future performance. The forward-looking statements contained in this presentation are made only as of the date of this presentation and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances, except as required by law.