三能集團控股股份有限公司 (6671) 2025年第4季法人說明會
Company Overview
基本資料 (Basic Information)
- 公司名稱: 三能集團控股股份有限公司 (SANNENG GROUP HOLDINGS CO., LTD.)
- 股票代號: 6671
- 成立日期: 2015年4月 (三能-KY)
- 掛牌日期: 2018年12月
- 董事長: 張瑞榮 (Chang Jui-Jung)
- 執行長: 蕭凱峰 (Hsiao Kai-Feng)
- 實收資本額: 新台幣 6.075 億
- 員工總數: 721名 (截至2026年2月底)
- 產業: 烘焙、食品器具專業設計製造 (Professional Manufacturer of Bakery Equipment)
- Slogan: 立足台灣,深耕亞洲,放眼全球 (Based in Taiwan, Deeply Rooted in Asia, Looking Globally)
企業文化 (Corporate Culture)
- 願景 (Vision): 成為亞洲食品器具 專業、服務、信賴的領導品牌 (To become a leading brand in Asia for professional, service-oriented, and trusted food equipment).
- 使命 (Mission): 食品器具安全環保與節能減碳的推手 (A promoter of safe, environmentally friendly, and energy-saving food equipment).
- 價值觀 (經營理念) (Values (Operating Philosophy)): 專業、誠信、創新 (Professionalism, Integrity, Innovation).
- 宗旨 (Purpose): 提升亞洲烘焙技術水準,共創烘焙生態圈 (To enhance the level of baking technology in Asia and co-create a baking ecosystem).
投資架構 (Investment Structure)
- 三能-KY 控股公司 (CAYMAN - 6671)
- 100% 持有 薩摩亞 三能 (SAMOA)
- 100% 持有 台灣三能 (TW)
- 100% 持有 香港三能 (HK)
- 100% 持有 無錫三能 (WX)
- 59.78% 持有 鑫能公司 (XN)
- 52.48% 持有 斯凱爾 (SK)
- 100% 持有 廣州三能 (GZ)
- 100% 持有 無錫三能 (WX)
- 100% 持有 日本三能 (JP)
- 100% 持有 印尼三能 (ID)
- 100% 持有 印尼三能工業 (ID)
- 100% 持有 薩摩亞 三能 (SAMOA)
主要子公司及成立日期 (Key Subsidiaries and Establishment Dates)
- 台灣三能 (Taiwan Sanneng): 1982年06月
- 無錫三能 (Wuxi Sanneng): 2000年08月
- 日本三能 (Japan Sanneng): 2010年08月
- 印尼三能 (Indonesia Sanneng): 2015年11月
- 斯凱爾 (Skylark): 2017年07月
- 無錫鑫能 (Wuxi Xinneng): 2019年04月
- 廣州三能 (Guangzhou Sanneng): 2022年01月
- 印尼三能工業 (Indonesia Sanneng Industry): 2024年02月
品牌 (Brands)
- B to B 市場 (B to B Market):
- San Neng: 專業/品質 (Professional/Quality)
- SANNENG Premium: 高端/專業 (High-end/Professional)
- B to C 市場 (B to C Market):
- unopan: 家庭/溫馨 (Home/Warmth)
- Home: 便利實用 (Convenient/Practical)
- B to B/C 市場 (B to B/C Market):
- SANNENG: 美好生活 (Good Life)
產品與應用領域 (Products and Application Areas)
- 主要產品: 各式烘焙及食品器具之研發、製造與銷售 (R&D, manufacturing, and sales of various baking and food equipment).
- 產品類別:
- 烘焙烤模類 (Baking Molds): 烤盤、土司盒、蛋糕模、派盤、慕斯圈、鳳梨酥圈... (Baking trays, loaf pans, cake molds, pie pans, mousse rings, pineapple cake molds...).
- 烘焙工具類 (Baking Tools): 打蛋器、鋼盆、刀具類、測量器具、毛刷、轉台... (Whisks, stainless steel bowls, knives, measuring tools, brushes, turntables...).
- 訂製類 (Customized Products)
- 家用類 (Household Products): 繽紛的烘焙器具、親子烘焙器具、安全矽膠產品等 (Colorful baking utensils, parent-child baking utensils, safe silicone products, etc.).
- 食材類 (Ingredients)
- 其他類 (Other) (包含戶外用品類產品 - Outdoor Products)
- 應用領域:
- 工業客戶 (Industrial Clients)
- 戶外露營 (Outdoor Camping)
- 連鎖餐飲 (Chain Restaurants)
- 咖啡市場 (Coffee Market)
- 插畫家合作 (Illustrator Collaborations)
- 航空空廚 (Airline Catering)
- 精品店聯名品牌 (Boutique Co-branded Products)
- 連鎖餅店 (Chain Bakeries)
- 戶外燒烤 (Outdoor BBQ)
- 家居廚房 (Home Kitchens)
研發量能 (R&D Capabilities) (截至2025年12月)
- 台灣:
- 專利共40項,申請中4項。
- 取得臺中市地方產業創新研發推動計畫(SBIR)補助。
- 取得經濟部中小型製造業低碳及智慧化升級轉型案。
- 中國:
- 專利共141項,申請中21項。
- 無錫三能2015年-2028年連續四次獲得高新企業認證。
- 無錫三能獲得專精特新企業認證。
- 無錫三能獲得知識產權(智慧財產權)管理體系認證。
- 無錫三能獲得HACCP體系認證。
- 日本:
- 專利共9項。
Financial Highlights
2025及2024年度合併資產負債表 (Consolidated Balance Sheet for 2025 and 2024)
- 單位: 新台幣仟元 (NTD Thousand)
| 項目\期間 | 2025.12.31 | 2024.12.31 | 增(減)金額 | 增減百分比 |
|---|---|---|---|---|
| 現金 (Cash) | 416,934 | 405,842 | 11,092 | 2.73% |
| 按攤銷後成本衡量之金融資產 - 流動 | 229,296 | 202,966 | 26,330 | 12.97% |
| 應收款項 (Accounts receivable) | 264,737 | 227,625 | 37,112 | 16.30% |
| 存貨 (Inventories) | 275,411 | 298,253 | -22,842 | -7.66% |
| 其他流動資產 (Other current assets) | 28,727 | 34,450 | -5,723 | -16.61% |
| 流動資產合計 (Total current assets) | 1,215,105 | 1,169,136 | 45,969 | 3.93% |
| 按攤銷後成本衡量之金融資產 - 非流動 | 134,880 | 255,246 | -120,366 | -47.16% |
| 不動產、廠房、設備 (Property, plant & equipment) | 840,846 | 852,519 | -11,673 | -1.37% |
| 其他非流動資產 (Other non-current assets) | 60,647 | 62,494 | -1,847 | -2.96% |
| 非流動資產合計 (Total non-current assets) | 1,036,373 | 1,170,259 | -133,886 | -11.44% |
| 資產總計 (Total assets) | 2,251,478 | 2,339,395 | -87,917 | -3.76% |
| 流動負債 (Current liabilities) | 411,243 | 463,088 | -51,845 | -11.20% |
| 非流動負債 (Non-current liabilities) | 55,607 | 74,740 | -19,133 | -25.60% |
| 負債總計 (Total liabilities) | 466,850 | 537,828 | -70,978 | -13.20% |
| 普通股股本 (Common stock) | 607,500 | 607,500 | 0 | 0.00% |
| 其他股東權益 (Other equity) | 1,177,128 | 1,194,067 | -16,939 | -1.42% |
| 股東權益總計 (Total equity) | 1,784,628 | 1,801,567 | -16,939 | -0.94% |
- Note: The "負債總計" (Total liabilities) for 2024.12.31 was presented as 2,877,223 in the original slide, which appears to be a typo. The value has been corrected to 537,828 (463,088 + 74,740) to align with the provided "增(減)金額" and "增減百分比" for 2025.
2025及2024年度合併損益表 (Consolidated Income Statement for 2025 and 2024)
- 單位: 新台幣仟元 (NTD Thousand)
| 項目\期間 | 2025年度 | 2024年度 | 增(減)金額 | 增減百分比 |
|---|---|---|---|---|
| 營業收入 (Operating Revenue) | 1,996,591 | 2,039,422 | -42,831 | -2.10% |
| 營業毛利 (Gross Profit) | 759,381 | 771,205 | -11,824 | -1.53% |
| 毛利率 (Gross Profit Margin) | 38.03% | 37.81% | 0.22% | 0.58% |
| 營業費用 (Operating Expenses) | 564,289 | 551,199 | 13,090 | 2.37% |
| 營業淨利 (Operating Income) | 195,092 | 220,006 | -24,914 | -11.32% |
| 營業淨利率 (Operating Income Margin) | 9.77% | 10.79% | -1.02% | -9.45% |
| 營業外淨收(支) (Non-operating Income(Expenses)) | 16,930 | 37,012 | -20,082 | -54.26% |
| 稅前淨利 (Profit Before Tax) | 212,022 | 257,018 | -44,996 | -17.51% |
| 稅前淨利率 (Profit Before Tax Margin) | 10.62% | 12.60% | -1.98% | -15.71% |
| 所得稅費用 (Income Tax Expense) | 62,182 | 60,120 | 2,062 | 3.43% |
| 稅後淨利 (Net Profit After Tax) | 149,840 | 196,898 | -47,058 | -23.90% |
| 稅後淨利率 (Net Profit After Tax Margin) | 7.50% | 9.65% | -2.15% | -22.28% |
| EPS(元) (EPS (NTD)) | 2.37 | 3.18 | -0.81 | -25.47% |
歷史經營實績 (Historical Operating Performance)
- 單位: 新台幣仟元 (NTD Thousand)
| 項目\期間 | 2020Q4 | 2021Q4 | 2022Q4 | 2023Q4 | 2024Q4 | 2025Q4 |
|---|---|---|---|---|---|---|
| 營業收入 (Revenue) | 1,913,403 | 2,067,136 | 1,861,962 | 1,905,839 | 2,039,422 | 1,996,591 |
| 本期淨利 (Net Profit After Tax) | 220,416 | 207,426 | 145,572 | 178,477 | 196,898 | 149,840 |
歷年財務績效及股利政策 (Historical Financial Performance & Dividend Policy)
| 項目\期間 | 2020Q4 | 2021Q4 | 2022Q4 | 2023Q4 | 2024Q4 | 2025Q4 |
|---|---|---|---|---|---|---|
| 每股盈餘(EPS) (NTD) | 3.66 | 3.50 | 2.43 | 2.89 | 3.18 | 2.37 |
| 現金股利 (Cash Dividends) (NTD) | 3.00 | 3.00 | 2.00 | 2.50 | 2.60 | 1.20 |
| 現金股利發放率 (Cash Dividends Rate) | 81.97% | 85.71% | 82.30% | 86.51% | 81.76% | 50.63% |
| 殖利率 (Yield) | 6.42% | 6.12% | 5.01% | 6.10% | 6.06% | 3.30% |
財務比率分析 (Financial Ratio Analysis)
財務結構 (Financial Structure)
| 分析項目 | 2023年 | 2024年 | 2025年 |
|---|---|---|---|
| 負債占資產比率(%) (Debt to Asset Ratio) | 22.19 | 22.99 | 20.73 |
| 長期資金占不動產、廠房及設備比率(%) | 220.46 | 220.08 | 218.85 |
償債能力 (Solvency)
| 分析項目 | 2023年 | 2024年 | 2025年 |
|---|---|---|---|
| 流動比率(%) (Current Ratio) | 291.38 | 252.46 | 295.47 |
| 速動比率(%) (Quick Ratio) | 206.55 | 180.70 | 221.79 |
| 利息保障倍數(倍) (Interest Coverage Ratio) | 61.02 | 98.76 | 72.84 |
經營能力 (Operating Capability)
| 分析項目 | 2023年 | 2024年 | 2025年 |
|---|---|---|---|
| 應收款項週轉率(次) (Accounts Receivable Turnover) | 8.44 | 9.32 | 8.54 |
| 應收款項收款天數(天) (Days Sales Outstanding) | 43.24 | 39.16 | 42.74 |
| 存貨週轉率(次) (Inventory Turnover) | 3.44 | 3.75 | 3.78 |
| 平均售貨天數(天) (Average Days to Sell Inventory) | 106 | 97 | 97 |
| 不動產、廠房及設備週轉率(次) | 2.27 | 2.44 | 2.35 |
| 總資產週轉率(次) (Total Asset Turnover) | 0.86 | 0.89 | 0.86 |
獲利能力 (Profitability)
| 分析項目 | 2023年 | 2024年 | 2025年 |
|---|---|---|---|
| 資產報酬率(%) (Return on Assets) | 8.22 | 8.76 | 6.63 |
| 股東權益報酬率(%) (Return on Equity) | 10.49 | 11.20 | 8.35 |
| 營業利益占實收資本比率(%) | 36.29 | 36.21 | 32.11 |
| 稅前純益占實收資本比率(%) | 42.00 | 42.30 | 34.90 |
| 純益率(%) (Net Profit Margin) | 9.36 | 9.65 | 7.50 |
| 每股盈餘(元) (EPS (NTD)) | 2.89 | 3.18 | 2.37 |
Business Segments
營收與毛利 - 六大類產品 (Revenue and Gross Profit - Six Major Product Categories)
營收結構分析 (Revenue Structure Analysis)
| 產品別 (Product Category) | 2023年度 | 2024年度 | 2025年度 |
|---|---|---|---|
| 訂製類 (Customized Products) | 29.64% | 31.98% | 30.89% |
| 烘焙烤模類 (Baking Molds) | 41.24% | 40.95% | 41.48% |
| 烘焙工具類 (Baking Tools) | 22.30% | 21.05% | 21.66% |
| 家用類 (Household Products) | 1.42% | 1.22% | 0.96% |
| 食材 (Ingredients) | 1.66% | 2.05% | 1.78% |
| 其他 (Other) | 3.74% | 2.75% | 3.23% |
| 合計 (Total) | 100.00% | 100.00% | 100.00% |
毛利結構分析 (Gross Profit Structure Analysis)
| 產品別 (Product Category) | 2023年度 | 2024年度 | 2025年度 |
|---|---|---|---|
| 訂製類 (Customized Products) | 32.06% | 31.89% | 31.16% |
| 烘焙烤模類 (Baking Molds) | 39.88% | 39.52% | 40.29% |
| 烘焙工具類 (Baking Tools) | 44.76% | 44.00% | 44.51% |
| 家用類 (Household Products) | 37.10% | 33.05% | 37.57% |
| 食材 (Ingredients) | 31.26% | 20.32% | 23.36% |
| 其他 (Other) | 45.30% | 49.05% | 39.61% |
| 合計 (Total) | 38.67% | 37.81% | 38.03% |
營收與毛利 - 區域別 (Revenue and Gross Profit - By Region)
營收結構分析 (Revenue Structure Analysis)
| 地區別 (Region) | 2023年度 | 2024年度 | 2025年度 |
|---|---|---|---|
| 中國 (China) | 69.01% | 67.67% | 67.77% |
| 台灣 (Taiwan) | 16.00% | 15.80% | 14.55% |
| 亞洲 (Asia) | 12.92% | 13.88% | 14.45% |
| 歐美及其他 (Europe, America & Other) | 2.07% | 2.65% | 3.23% |
| 合計 (Total) | 100.00% | 100.00% | 100.00% |
毛利結構分析 (Gross Profit Structure Analysis)
| 地區別 (Region) | 2023年度 | 2024年度 | 2025年度 |
|---|---|---|---|
| 中國 (China) | 35.98% | 35.89% | 36.02% |
| 台灣 (Taiwan) | 38.94% | 39.43% | 38.98% |
| 亞洲 (Asia) | 52.28% | 44.74% | 45.09% |
| 歐美及其他 (Europe, America & Other) | 41.43% | 41.12% | 40.72% |
| 合計 (Total) | 38.67% | 37.81% | 38.03% |
Products & Technologies
技術優勢 (Technological Advantages)
- 次世代材料與工藝研發 (Next-generation Material and Process R&D):
- 環境友善 (Environmentally Friendly):
- PFAS Free 塗層研發 - 森系列、鑫系列 (PFAS Free coating R&D - Sen Series, Xin Series).
- 木質纖維粉、牡蠣殼粉 (Wood fiber powder, oyster shell powder).
- 環保型烤盤重處理-烤盤重處理 (Recoating) 延長生財器具壽命 (Environmentally friendly baking pan recoating to extend the lifespan of equipment).
- 效能優化 (Performance Optimization):
- 低糖土司盒縮短烘焙時間 (Low-sugar loaf pans shorten baking time).
- PVD 鍍鈦增加抗菌機能及提升美感 (PVD titanium coating enhances antibacterial function and aesthetics).
- 環境友善 (Environmentally Friendly):
服務與認證 (Services and Certifications)
- 診斷式服務 (Diagnostic Services): 提供生產效率及烘焙製程優化建議,改善使用者痛點 (Provides recommendations for optimizing production efficiency and baking processes, addressing user pain points).
- 轉型為方案解決提供者 (Transforming into a solution provider).
- 產品範例: 無邊框法烤盤 (Frameless French baking pan), 斜口烤盤 (Slanted baking pan).
- 國際認證 (International Certifications): 全面通過 ISO 與 HACCP 國際食品安全與品質認證 (Fully passed ISO and HACCP international food safety and quality certifications).
- 全球市場通行證 (Global market pass).
- 已獲認證:
- ISO 9001:2015 (品質管理體系 - Quality Management System) - 台灣三能, 無錫三能。
- ISO 45001:2018 (職業健康安全管理體系 - Occupational Health and Safety Management System) - 無錫三能。
- ISO 50001 (能源管理體系 - Energy Management System) - 無錫三能。
- ISO 14001:2015 (環境管理體系 - Environmental Management System) - 無錫三能。
- HACCP (危害分析關鍵控制點 - Hazard Analysis Critical Control Point) - 無錫三能。
- 哈拉認證 (Halal Certification): 取得印尼 Halal 認證,確保產品符合清真食品規範 (Obtained Indonesian Halal certification, ensuring products comply with Halal food regulations).
- 進軍東南亞市場門票 (Gateway to the Southeast Asian market).
- 印尼 Halal 證書號碼: ID33410041078660126 (PT SANNENG ASIA INDUSTRY INDONESIA), 簽發日期: 2026年1月31日。
ESG / Sustainability
- ESG 與食安領先地位 (ESG & Food Safety Leadership):
- 高耐用度減廢 (Long - High durability, waste reduction):
- 全新升級 鑫系列不沾烤盤 (Newly upgraded Xin Series non-stick baking pans), 耐用度提升500次 (durability increased by 500 times), 環保且降低單次成本 (environmentally friendly and reduces per-use cost).
- 低碳環保工藝 (Low - Low carbon, eco-friendly process):
- 低糖土司盒系列 (Low-sugar loaf pan series).
- 承諾 (Commitment): 致力減少碳排放與廢水處理,符合跨國食品大廠嚴格審核,安全環保與節能減碳同行 (Committed to reducing carbon emissions and wastewater treatment, meeting strict audits from multinational food manufacturers, ensuring safety, environmental protection, and carbon reduction).
- 高耐用度減廢 (Long - High durability, waste reduction):
Outlook & Strategy
未來展望:立足台灣 深耕亞洲 (Future Outlook: Based in Taiwan, Deeply Rooted in Asia)
- 南進東協 (Southward Expansion to ASEAN):
- 印尼現有租賃空間難以支撐未來的成長預期 (Existing leased space in Indonesia is insufficient to support future growth expectations)。
- 2026年啟動購地自建工廠,擴大「在地化生產一條龍」 (In 2026, initiate land acquisition for self-built factory, expanding "one-stop localized production")。
- 持續在東協地區舉辦冠軍師傅巡演，例如: Bakery ASEAN Talk 2025 (印尼雅加達), 馬來西亞冠軍學院活動 (與王森集團、新麥機械、德麥食品合作), 泰國冠軍巡演 (與王森集團、新麥機械合作)。
- 北進日韓 (Northward Expansion to Japan & Korea):
- 深化日本子公司與當地知名會社的戰略合作 (Deepen strategic cooperation with Japanese subsidiaries and well-known local companies)。
- 加強韓國烘焙技術與人才交流 (Strengthen baking technology and talent exchange with Korea)。
- 參與 KOREA INTERNATIONAL BAKERY FAIR 2026 (2026年4月16-19日, Coex D廳D303攤位)。
Additional Data
競爭優勢 (Competitive Advantages)
- 烘焙器具重要領導品牌之一 (One of the Important Leading Brands in Baking Equipment):
- 深耕40年研發底蘊 + 超過200 項專利 = 奠定專業、服務、信賴的品牌基礎 (40 years of deep R&D foundation + over 200 patents = established a professional, service-oriented, and trusted brand foundation).
- 五大核心優勢:
- 亞洲佈局與一站式採購 (Asia Layout & One-stop Procurement)
- 在地化生產: 台灣、中國、印尼三大生產基地 (Localized production: three major production bases in Taiwan, China, and Indonesia).
- 多元產品線: 超過2,000種品項, 滿足個性店及規模連鎖業者需求 (Diverse product lines: over 2,000 items, satisfying the needs of individual stores and large chain operators).
- 一站式解決方案: 大幅降低客戶採購成本與品管難度 (One-stop solution: significantly reduces customer procurement costs and quality control difficulty).
- ESG 與食安領先地位 (ESG & Food Safety Leadership)
- 世界冠軍與品牌生態系 (World Champions & Brand Ecosystem)
- 職人背書: 與世界冠軍師傅策略聯盟,將專業器具轉化為標準化商品 (Endorsement by Artisans: strategic alliance with world champion chefs, transforming professional tools into standardized products).
- 品牌力: 建立「專業度」心理護城河,提升產品附加價值與客戶忠誠 (Brand Power: building a "professionalism" psychological moat, enhancing product added value and customer loyalty).
- IP 跨界: 與迪士尼、愛訊集團客製開發,帶動市場話題與收藏性 (IP Crossover: customized development with Disney, Aixun Group, driving market buzz and collectibility).
- 技術優勢 (Technological Advantages)
- 服務與認證護城河 (Service & Certification Moat)
- 亞洲佈局與一站式採購 (Asia Layout & One-stop Procurement)