和康生物科技股份有限公司 (1783) 2026 Q1 法說會簡報
Company Overview
和康生物科技股份有限公司 (MAXIGEN BIOTECH INC.) 是一家膠原蛋白及玻尿酸生技醫療公司。
- 股票代號: 1783
- 員工數: 155人
- 總經理: 陳敬亭
公司沿革與重要里程碑:
- 1998: 公司成立
- 2006: 生醫材料獲美國FDA認證
- 2013: 正式掛牌上市
- 2017: 生醫材料獲印尼上市許可證
- 2018: 生醫材料獲俄羅斯、馬來西亞、台灣上市許可證
- 2019: 生醫材料獲歐盟CE許可證
- 2021:
- 大江生醫成為最大股東，林詠翔先生出任董事長
- 台塑生醫以私募方式入股
- 獲馬來西亞3項產品認證
- 2022:
- 取得馬來西亞、印尼、菲律賓、印度上市許可證
- 芙鎂登於中國東方整形美容藝術大會重磅上市
- 2023:
- 已獲准牙科基材於阿拉伯聯合大公國上市
- 皮膚填補劑馬來西亞技術審查獲准
- 預計取得越南、澳洲、埃及、約旦、吉爾吉斯上市許可證
- 據統計2023年共取證之產品品項有共計22個品項，公司至今共累計81項產品具有許可證資質
- 2024:
- 關節注射劑取得沙烏地阿拉伯、澳洲與秘魯許可
- 膠原敷材 (HAD, HAS) 取得越南、泰國許可
- 新一代鼻腔敷料 (NAS) 可進入美國/台灣市場
- 2025:
- 中國取得芙鎂靚NMPA認證
- 眼科產品取得菲律賓及泰國許可證
- 皮膚填補劑取得沙烏地阿拉伯許可證
- 牙科產品取得摩洛哥許可證
- 關節注射劑產品取得香港、阿聯酋及墨西哥許可證
- 2026:
- 取證品項達131個產品
- 皮膚填補劑取得巴西許可證
- 牙科產品取得加拿大許可證
Financial Highlights
2025 Income Statement (TWD'Million)
| 項目 | 2025 (Amount) | 2025 (%) | 2024 (Amount) | 2024 (%) | Q4 2025 (Amount) | Q4 2025 (%) | Q4 2024 (Amount) | Q4 2024 (%) |
|---|---|---|---|---|---|---|---|---|
| Operating Revenue | 812 | 100% | 681 | 100% | 225 | 100% | 206 | 100% |
| Gross Margin | 564 | 69% | 483 | 71% | 165 | 74% | 151 | 73% |
| Operating Expenses | -303 | -37% | -303 | -45% | -79 | -35% | -87 | -42% |
| - Selling | -90 | -11% | -95 | -14% | -21 | -9% | -20 | -10% |
| - G&A | -94 | -12% | -82 | -12% | -21 | -9% | -26 | -13% |
| - R&D | -126 | -16% | -112 | -16% | -34 | -15% | -34 | -17% |
| Expected Credit Losses | 7 | 1% | -14 | -2% | -3 | -1% | -6 | -3% |
| Operating Profit | 261 | 32% | 180 | 26% | 86 | 38% | 64 | 31% |
| Non-Operating Income | 44 | 5% | 46 | 7% | 16 | 7% | 5 | 2% |
| Income Tax | -40 | -5% | -35 | -5% | -19 | -8% | -17 | -8% |
| Net Profit After Tax | 265 | 33% | 190 | 28% | 84 | 37% | 52 | 26% |
| Net Profit Attributable to Shareholders of the Parent | 265 | 33% | 190 | 28% | 84 | 37% | 52 | 26% |
| Basic EPS | 2.96 | 2.13 | 0.94 | 0.59 |
2025 Balance Sheet (in TWD $ million)
| 項目 | Q4 2025 (Amount) | Q4 2025 (%) | Q3 2025 (Amount) | Q3 2025 (%) | Q2 2025 (Amount) | Q2 2025 (%) | Q1 2025 (Amount) | Q1 2025 (%) | Q4 2024 (Amount) | Q4 2024 (%) |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Cash Equivalent | 878 | 46% | 733 | 43% | 739 | 44% | 704 | 42% | 641 | 40% |
| Account Receivables | 132 | 7% | 122 | 7% | 106 | 6% | 87 | 5% | 104 | 7% |
| Inventories | 99 | 5% | 81 | 5% | 74 | 4% | 74 | 4% | 76 | 5% |
| Net PP&E | 784 | 41% | 771 | 45% | 773 | 46% | 831 | 49% | 762 | 48% |
| Total Assets | 1,893 | 100% | 1,708 | 100% | 1,692 | 100% | 1,696 | 100% | 1,582 | 100% |
| Short-Term Debt | 100 | 5% | - | 0% | - | 0% | - | 0% | - | 0% |
| Current Liabilities | 256 | 13% | 234 | 14% | 279 | 16% | 218 | 13% | 207 | 13% |
| Total Liabilities | 356 | 19% | 234 | 14% | 279 | 16% | 218 | 13% | 207 | 13% |
| Total Shareholders' Equity | 1,537 | 81% | 1,474 | 86% | 1,413 | 84% | 1,478 | 87% | 1,375 | 87% |
2025 Cash Flow Statement (in TWD $ million)
| 項目 | Q4 2025 (Amount) | Q3 2025 (Amount) | Q2 2025 (Amount) | Q1 2025 (Amount) | Q4 2024 (Amount) |
|---|---|---|---|---|---|
| Beginning Balance | 639 | 639 | 639 | 639 | 431 |
| Cash from Ops. | 290 | 194 | 111 | 74 | 298 |
| Cash from Investing | -383(*) | -38 | -26 | -16 | -29 |
| Cash from Financing | 31 | 68 | 6 | 7 | 60 |
| Foreign Exchange Rate Adj. | -1 | 4 | 8 | 2 | 1 |
| Ending Balance | 576 | 731 | 738 | 703 | 639 |
- *: 300 million refers to a fixed deposit of more than three months.
Recent Performance and Results
2026 Q1 活動 (2026 Q1 Activities)
醫學臨床活動 (Medical Clinical Activities)
- 透過與陳映瑜醫師的學術合作，於專業研討會展示臨床應用，確立品牌於醫美專業領域之技術標竿。
- 參加復健醫學會年會，鞏固公司在復健醫療市場之品牌地位。
- 大台北牙材展擴大參展規模，現場詢問度與品牌曝光量顯著提升，深獲業界臨床醫師高度肯定。
國際市場拓展 (International Market Expansion)
- 巴西取得皮膚填補劑許可證。
- 加拿大取得牙科產品許可證。
- NasoAid四月美國Combined Otolaryngology Spring Meetings (COSM) 上市。
集團綜效擴大 (Expanded Group Synergy)
- 偕同大江基因整合業務&研發資源。
- 行銷攤位共同曝光。
Outlook & Guidance
- 2025年1-12月營收: NTD 8.11億元 (Guidance)
- 2026年:
- 取證品項達131個產品 (Cumulative 131 approved products)
- 皮膚填補劑取得巴西許可證 (Dermal filler obtained market approval in Brazil)
- 牙科產品取得加拿大許可證 (Dental products obtained market approval in Canada)
Strategic Initiatives and Plans
- 持續透過學術合作與參與專業會議，強化品牌在醫美與復健醫療市場的技術領導地位。
- 積極拓展國際市場，尤其在巴西、加拿大等新興市場取得產品許可證。
- 深化與大江基因的合作，整合業務與研發資源，擴大集團綜效。
- 透過共同行銷攤位等方式，提升品牌曝光度。
Key Charts, Graphs, and Data Points
Sales Breakdown By Product (%)
| 產品類別 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | 2024 Q1 |
|---|---|---|---|---|---|---|---|---|
| HYALURONIC ACID RELATED | 44.21% | 38.47% | 45.27% | 35.71% | 48.15% | 34.94% | 37.04% | 40.19% |
| COLLAGEN RELATED | 53.75% | 60.15% | 53.93% | 60.61% | 49.50% | 64.13% | 62.08% | 58.47% |
| OTHERS | 2.04% | 1.38% | 0.80% | 3.68% | 2.35% | 0.93% | 0.88% | 1.35% |
Sales Breakdown By Product (TWD' thousand)
| 產品類別 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | 2024 Q1 |
|---|---|---|---|---|---|---|---|---|
| HYALURONIC ACID RELATED | 99,346 | 77,279 | 94,541 | 63,271 | 99,017 | 60,781 | 64,460 | 51,062 |
| COLLAGEN RELATED | 120,778 | 120,809 | 112,619 | 107,390 | 101,787 | 111,545 | 108,024 | 74,286 |
| OTHERS | 4,581 | 2,769 | 1,663 | 6,517 | 4,831 | 1,615 | 1,533 | 1,710 |
Sales Breakdown By Region (%)
| 區域 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | 2024 Q1 |
|---|---|---|---|---|---|---|---|---|
| TW | 37% | 40% | 40% | 42% | 43% | 44% | 43% | 50% |
| CN | 16% | 9% | 10% | 7% | 10% | 11% | 3% | 0% |
| AS | 5% | 11% | 7% | 13% | 9% | 12% | 11% | 10% |
| US | 32% | 33% | 28% | 32% | 23% | 28% | 33% | 34% |
| EU | 9% | 7% | 12% | 6% | 14% | 5% | 10% | 7% |
| OTHER | 1% | 0% | 2% | 0% | 0% | 0% | 0% | 0% |
Sales Breakdown By Region (TWD' thousand)
| 區域 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | 2024 Q1 |
|---|---|---|---|---|---|---|---|---|
| TW | 83,610 | 80,751 | 84,363 | 74,231 | 88,963 | 76,710 | 74,687 | 63,017 |
| CN | 36,544 | 17,367 | 21,785 | 12,703 | 20,955 | 19,879 | 5,487 | 291 |
| AS | 12,316 | 22,145 | 13,757 | 22,753 | 18,140 | 20,212 | 19,122 | 12,345 |
| US | 71,662 | 65,590 | 58,983 | 57,286 | 47,884 | 48,798 | 57,176 | 42,707 |
| EU | 19,333 | 14,958 | 25,739 | 10,207 | 29,692 | 8,342 | 17,544 | 8,698 |
| OTHER | 1,242 | 44 | 4,196 | 0 | 0 | 0 | 0 | 0 |
Products & Technologies
- 主要產品線: 膠原蛋白及玻尿酸生技醫療產品
- 產品類別:
- HYALURONIC ACID RELATED (玻尿酸相關產品)
- COLLAGEN RELATED (膠原蛋白相關產品)
- OTHERS (其他產品)
- 特定產品名稱:
- 生醫材料 (Biomedical materials)
- 牙科基材 (Dental bone graft material)
- 皮膚填補劑 (Dermal filler)
- 膠原敷材 (HAD, HAS) (Collagen dressings)
- 新一代鼻腔敷料 (NAS) (Next-generation nasal dressing)
- 關節注射劑 (Joint injection)
- 芙鎂登 (Fumei Deng) / 芙鎂靚 (Fumei Jing)
- 眼科產品 (Ophthalmic products)
- NasoAid
Clients & Markets
- 主要市場: 台灣 (TW), 中國 (CN), 亞洲 (AS, 不含台灣與中國), 美國 (US), 歐洲 (EU), 其他 (OTHER)
- 已獲許可證的國家/地區: 美國、俄羅斯、馬來西亞、台灣、印尼、歐盟、菲律賓、印度、阿拉伯聯合大公國、越南、澳洲、埃及、約旦、吉爾吉斯、秘魯、中國、摩洛哥、香港、墨西哥、巴西、加拿大。
Additional Data
Safe Harbor Notice: MBI's statements of its current expectations are forward looking statements subject to significant risks and uncertainties and actual results may differ materially from those contained in the forward-looking statements. Except as required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.