Wellell Inc. 2026Q1 法說會簡報
Company Overview
Wellell Inc. (雅博股份有限公司) held its First Investor Conference for 2026 on April 8, 2026. Slogan: Be well, Live well
Financial Highlights
2025年合併損益表 (2025 Consolidated Income Statement)
Unit: NTD K
| 項目 (Item) | 2025年 查核數 (Audited) | 2024年 查核數 (Audited) | 差異金額 (Difference) | 差異比例 (Difference Ratio) |
|---|---|---|---|---|
| 營業收入 (Operating Revenue) | 2,404,332 | 2,386,654 | 17,678 | +0.7% |
| 營業毛利 (Gross Profit) | 1,103,597 | 1,074,850 | 28,747 | +2.7% |
| 毛利率(%) (Gross Profit Margin (%)) | 45.9% | 45.0% | - | - |
| 營業費用 (Operating Expenses) | 952,767 | 943,141 | 9,626 | +1.0% |
| 稅前淨利 (Profit Before Tax) | 166,492 | 147,844 | 18,648 | +13.0% |
| 淨利歸屬於母公司業主 (Net Profit Attributable to Owners of the Parent) | 121,124 | 115,239 | 5,885 | +5.1% |
| 基本每股盈餘(元) (Basic Earnings Per Share (NTD)) | 1.20 | 1.14 | - | - |
2025/12/31 合併資產負債表 - 資產 (2025/12/31 Consolidated Balance Sheet - Assets)
Unit: NTD K
| 項目 (Item) | 2025/12/31 查核數 (Audited) | 2024/12/31 查核數 (Audited) | 差異金額 (Difference) | % |
|---|---|---|---|---|
| 現金及約當現金 (Cash and Cash Equivalents) | 784,615 | 666,440 | 118,175 | 17.7% |
| 按攤銷後成本衡量之金融資產 - 流動 (Financial Assets Measured at Amortized Cost - Current) | 53,956 | 131,327 | (77,371) | -58.9% |
| 應收帳款淨額 (Net Accounts Receivable) | 394,576 | 389,039 | 5,537 | 1.4% |
| 存貨 (Inventories) | 424,300 | 415,798 | 8,502 | 2.0% |
| 流動資產合計 (Total Current Assets) | 1,698,085 | 1,644,169 | 53,916 | 3.3% |
| 不動產、廠房及設備 (Property, Plant and Equipment) | 714,069 | 716,220 | (2,151) | -0.3% |
| 使用權資產 (Right-of-use Assets) | 31,975 | 46,124 | (14,149) | -30.7% |
| 無形資產 (Intangible Assets) | 663,158 | 657,563 | 5,595 | 0.9% |
| 非流動資產合計 (Total Non-current Assets) | 1,480,605 | 1,493,711 | (13,106) | -0.9% |
| 資產總計 (Total Assets) | 3,178,690 | 3,137,880 | 40,810 | 1.3% |
備註 (Notes):
- 以上僅摘錄重點科目。(Only key items are extracted above.)
- 應收帳款淨額包含關係人及其他應收款。(Net accounts receivable includes related parties and other receivables.)
2025/12/31 合併資產負債表 - 負債 (2025/12/31 Consolidated Balance Sheet - Liabilities)
Unit: NTD K
| 項目 (Item) | 2025/12/31 查核數 (Audited) | 2024/12/31 查核數 (Audited) | 差異金額 (Difference) | % |
|---|---|---|---|---|
| 短期借款 (Short-term Borrowings) | 118,622 | 156,347 | (37,725) | -24.1% |
| 應付帳款 (Accounts Payable) | 118,305 | 134,304 | (15,999) | -11.9% |
| 其他應付款(含關係人) (Other Payables (including related parties)) | 221,643 | 206,375 | 15,268 | 7.4% |
| 本期所得稅負債 (Current Tax Liabilities) | 33,083 | 22,105 | 10,978 | 49.7% |
| 流動負債合計 (Total Current Liabilities) | 541,902 | 584,121 | (42,219) | -7.2% |
| 長期借款 (Long-term Borrowings) | 93,931 | 103,005 | (9,074) | -8.8% |
| 租賃負債 - 非流動 (Lease Liabilities - Non-current) | 7,606 | 18,735 | (11,129) | -59.4% |
| 非流動負債合計 (Total Non-current Liabilities) | 106,465 | 130,108 | (23,643) | -18.2% |
| 負債總計 (Total Liabilities) | 648,367 | 714,229 | (65,862) | -9.2% |
備註 (Notes): 以上僅摘錄重點科目。(Only key items are extracted above.)
2025/12/31 合併資產負債表 - 權益 (2025/12/31 Consolidated Balance Sheet - Equity)
Unit: NTD K
| 項目 (Item) | 2025/12/31 查核數 (Audited) | 2024/12/31 查核數 (Audited) | 差異金額 (Difference) | % |
|---|---|---|---|---|
| 股本 (Share Capital) | 1,009,116 | 1,009,116 | - | - |
| 資本公積 (Capital Surplus) | 345,736 | 345,736 | - | - |
| 保留盈餘合計 (Total Retained Earnings) | 1,211,719 | 1,170,300 | 41,419 | 3.5% |
| 其他權益 (Other Equity) | (36,550) | (107,151) | 70,601 | -65.9% |
| 非控制權益 (Non-controlling Interests) | 302 | 5,650 | (5,348) | -94.7% |
| 權益總計 (Total Equity) | 2,530,323 | 2,423,651 | 106,672 | 4.4% |
備註 (Notes): 以上僅摘錄重點科目。(Only key items are extracted above.)
Business Segments
區域別營收比重 (Revenue Distribution by Region)
| 區域 (Region) | 2024 (%) | 2025 (%) |
|---|---|---|
| 歐洲 (Europe) | 69% | 71% |
| 亞中非 (Asia-Middle East-Africa) | 15% | 16% |
| 北美 (North America) | 8% | 6% |
| 大中華 (Greater China) | 7% | 6% |
| 拉美 (Latin America) | 1% | 1% |
產品別營收比重 (Revenue Distribution by Product)
| 產品類別 (Product Category) | 2024 (%) | 2025 (%) |
|---|---|---|
| PAC 壓瘡照護 (Pressure Ulcer Care) | 45% | 45% |
| Mobility 行動輔具 (Mobility Aids) | 15% | 17% |
| RT 呼吸治療 (Respiratory Therapy) | 21% | 19% |
| IPC 間歇性氣體加壓循環器 (Intermittent Pneumatic Compression) | 8% | 10% |
| ME 滅菌鍋 (Sterilizers) | 8% | 6% |
Note: A separate callout on the slide indicates "PRC 73%", which may refer to a broader category or market share not directly represented in the pie chart segments.
Products & Technologies
Crossover Nio 全域轉換混合型減壓床墊: 全程照護的卓越方案 (Crossover Nio Full-Range Convertible Hybrid Pressure Relief Mattress: An Excellent Solution for Full-Course Care)
產品名稱 (Product Name): Crossover Nio 產品類型 (Product Type): 全域轉換混合型減壓床墊 (Full-Range Convertible Hybrid Pressure Relief Mattress)
產品特性與優勢 (Product Features and Advantages):
- 解決傳統照護痛點 (Solves traditional care pain points):
- 傳統減壓床墊與氣墊床更換極為繁瑣，往往需耗費長達7小時並動員3名護理人員，易延誤高風險病患的照護並增加壓傷風險。
- 一床雙用，轉換零等待 (Dual-use mattress, zero waiting for conversion):
- 實現全程無縫銜接的照護，無需繁雜的床墊更換流程，有效減輕護理工作負擔。
- 不接主機(靜態減壓) (Static pressure relief (without main unit connection)):
- 提供極佳的沉浸包覆感，在病患復能期間給予穩定與舒適的安全支撐。
- 接上主機(動態減壓) (Dynamic pressure relief (with main unit connection)):
- 當患者病況加重時，可立即啟動均壓或交替模式，照護升級零等待，大幅降低壓傷風險。
- 壓力分散表現 (Pressure distribution performance):
- Crossover Nio 透過泡棉與動態交替/均壓模式的雙重守護，能提供更大的接觸面積與更優化的減壓效果。
有效減壓 (Effective Pressure Relief):
- 透過泡棉減壓設計與動態均壓CLP/交替 ALT 模式的雙重守護，為患者提供優化的舒適體驗與皮膚防護。
- 精密校準的泡棉內嵌氣囊 (Foam-in-Cell) 設計 (Precisely calibrated Foam-in-Cell design): 優化減壓床墊的性能表現。
- 斜坡式與中央溝槽設計 (Sloped and central groove design): 有效分散足跟壓力。
- 全時減壓零間斷，有效防護不壓傷 (Continuous pressure relief at all times, effective protection against pressure injuries)
運作模式 (Operating Modes):
- 靜態減壓 (不接主機) 沉浸包覆 (Static pressure relief (without main unit) immersion and envelopment):
- 復能期間，給予穩定與舒適的支撐。
- 適用於患者病況好轉，壓傷風險降低。
- 動態減壓 (接主機) 均壓/交替 (Dynamic pressure relief (with main unit) CLP/alternating):
- 照護升級零等待，降低壓傷風險，減輕照護負擔。
- 護理模式: 自動回復前治療模式。
- 適用於患者病況加重，壓傷風險增加。
Recent Performance and Results
近期營運概況 (Recent Operational Overview)
-
Wellell 響應 2025 世界壓傷日 — 照護現場的溫柔革命 (Wellell Responds to 2025 World Pressure Injury Day — A Gentle Revolution in Care)
- 活動 (Event): 2025年11月壓力性損傷預防研討會 (世界壓傷日前導) (World Pressure Injury Prevention Seminar - Pre-World Pressure Injury Day).
- 主辦單位 (Organizers): Wellell 攜手台灣傷口造口及失禁護理學會 (TWOCNA) 與高雄醫學大學附設醫院 (Kaohsiung Medical University Hospital) 共同舉辦。
- 目標 (Goal): 透過世界壓傷日推廣，提升臨床對壓力性損傷預防的重視，並從臨床評估、照護創新到團隊合作，全面強化病人皮膚健康與照護品質。
-
Wellell 與 ROHO 守護脊損夥伴每一刻 (Wellell and ROHO Guard Spinal Cord Injury Partners Every Moment)
- 合作 (Collaboration): Wellell 攜手 ROHO 深耕在地。
- 活動時間與地點 (Activities Time and Location): 於2025年12月及2026年2月走訪台中、南投與彰化脊髓損傷者協會。
- 方式 (Method): 透過一對一專業調整，將氣囊減壓技術融入生活，提升使用者的舒適與穩定。
- 使用者回饋 (User Feedback): 長期使用者回饋「用慣了回不去」，展現跨越歲月的信賴。
- 使命 (Mission): 持續實踐「Be well, Live well」使命。
- 產品 (Product): ROHO (pressure relief cushions).
Outlook & Strategy
2026年增長動能 (2026 Growth Drivers)
- 德國 (Germany):
- 專注拓展新客戶及採購聯盟 (Buying Group) 的合作機會。
- 法國 (France):
- 穩健提升居家與長照市場佔有率，並加速拓展至醫院通路。
- 亞太 (Asia-Pacific):
- 深耕東南亞重點國家，鎖定醫院通路，以具價格競爭力的產品深化在新興市場的布局與影響力。
- ODM全球代工 (Global ODM Manufacturing):
- 鎖定中高階氣墊床合作專案，透過全球合作夥伴關係，推動營收成長。