山林水環境工程股份有限公司 (8473) 2026Q1 法說會簡報

Company Overview

公司名稱 (Company Name): 山林水環境工程股份有限公司 (FOREST WATER ENVIRONMENTAL ENGINEERING CO., LTD.) 股票代號 (Stock Code): 8473

公司簡介 (Company Introduction): 山林水公司為環境保護工程專業營造業，主要項目橫跨六大事業區塊，持續於「循環經濟」領域發展。

重點里程碑 (Key Milestones):

• 公司成立 (Company Establishment): 實收資本額為 6,000,000 元。
• 上市櫃 (Listing): 2016 年 9 月 8 日登錄上市股票櫃檯買賣。
• 實收資本額 (Paid-in Capital): 2026 年 3 月實收資本額為 1,811,984,460 元。
• 主要子公司及專案 (Key Subsidiaries & Projects):
  • 綠山林開發事業(股)公司 (Green Forest Development Co., Ltd.): 2004 ~ 2041 (污水處理)
  • 元山林開發事業(股)公司 (Yuan Forest Development Co., Ltd.): 2016 ~ 2032 (再生水)
  • 馬公海淡廠通水 (Magong Seawater Desalination Plant): (+15 年維護)
  • 七美海淡廠通水 (Qimei Seawater Desalination Plant): (+15 年維護)
  • 中部科學園區台中園區污水下水道系統操作維護工作 (Central Taiwan Science Park Taichung Park Wastewater Sewer System O&M): (至 2029 年底)
  • 東山林開發事業(股)公司 (East Forest Development Co., Ltd.): 2005 ~ 2040 (生質能源)
  • 禾山林綠能(股)公司 (He Forest Green Energy Co., Ltd.): 2017 ~ 2044 (廢棄物處理)
  • 力優勢環保(股)公司 (Li You Shi Environmental Co., Ltd.): (海水淡化)
  • 永康再生水通水 (Yongkang Reclaimed Water Plant): (+15 年維護)
  • 高山林水務(股)公司 (Gaoshanlin Water Affairs Co., Ltd.): 2023 ~ 2044

組織架構 (Organizational Structure) (截至 2026 年 03 月 31 日):

• 母公司 (Parent Company):
  • 力麒建設股份有限公司 (Lakewood Construction Co., Ltd.) (5512): 持股 68.44%
  • 鶴京企業股份有限公司 (Hejing Enterprise Co., Ltd.): 持股 60.37%
• 山林水環境工程股份有限公司 (FOREST WATER ENVIRONMENTAL ENGINEERING CO., LTD.) (8473) 持股子公司 (Subsidiaries):
  • 東山林開發事業股份有限公司 (East Forest Development Co., Ltd.): 100% (污水處理)
  • 綠山林開發事業股份有限公司 (Green Forest Development Co., Ltd.): 70% (污水處理)
  • 元山林開發事業股份有限公司 (Yuan Forest Development Co., Ltd.): 100% (再生水)
  • 高山林水務股份有限公司 (Gaoshanlin Water Affairs Co., Ltd.): 70% (再生水)
  • 禾山林綠能股份有限公司 (He Forest Green Energy Co., Ltd.): 70% (生質能源)
  • 力優勢環保股份有限公司 (Li You Shi Environmental Co., Ltd.): 50.41% (廢棄物處理)
  • 力麗環保股份有限公司 (Li Li Environmental Co., Ltd.): 96.75% (廢棄物處理)
  • 新豐投資有限公司 (Xinfeng Investment Co., Ltd.): 100% (其他)
  • 信誠國際有限公司 (Xincheng International Co., Ltd.): 100% (其他)

Business Segments

山林水主營綠能環保事業，主要項目橫跨以下六大事業區塊，持續於「循環經濟」領域發展：

• 都市污水下水道系統 (Urban Wastewater Sewer Systems)
• 再生水 (Reclaimed Water)
• 生質能源 (Biomass Energy)
• 工業污水下水道系統 (Industrial Wastewater Sewer Systems)
• 海水淡化 (Seawater Desalination)
• 一般事業廢棄物 (General Industrial Waste)

Financial Highlights

2025: 營收與獲利成長、配股率穩定 (Revenue and Profit Growth, Stable Dividend Payout)

*殖利率計算係以除息前一日收盤價，2025 年度係以 2026/4/9 董事會決議日 (尚待 2026/6/15 股東常會通過)。

2025: 個體由虧轉盈、兩大BOT穩定 (Individual Entity Turns Profitable, Two Major BOT Projects Stable) 歸屬母公司淨利 (單位: 仟元) (Net Profit Attributable to Parent Company (NT$ Thousand))

+山林水個體提列工程虧損合約 (七美海淡、台糖豬改) 損失 108,000 仟元。 *綠山林 2025 年度淨利，內含一次性服務特許權淨利 134,550 仟元。 a元山林 2025 年度淨利，內含減損損失 17,100 仟元。

資產負債表: 支持大型專案執行 (Balance Sheet: Supporting Large-Scale Project Execution) 合併資產負債表 (單位: 百萬元) (Consolidated Balance Sheet (NT$ Million))

Recent Performance and Results

2026 Q1: 營收與獲利持續成長動能 (Revenue and Profit Continue to Grow) 合併損益表 (單位: 仟元) (Consolidated Income Statement (NT$ Thousand))

2026 Q1: 工程、水操作持續成長 (Engineering and Water Operations Continue to Grow) 年營收 (單位: 百萬元) (Annual Revenue (NT$ Million))

• 2023: 3,679
• 2024: 3,386
• 2025: 5,125
• 2026 Q1: 1,290

營收組成及年增長率 (Revenue Composition and YoY Growth Rate)

*2025 年增長率不計入綠山林公司一次性收入。

2026 Q1: 高階水處理佔比持續擴大 (Proportion of Advanced Water Treatment Continues to Expand) 2023-2026 水處理操作營收佔比 (%) (Water Treatment Operation Revenue Share (%))

2026 Q1 操作廠數 (Number of Operating Plants):

• 高階水處理與供水 (Advanced Water Treatment & Supply): 7
• 工業污水 (Industrial Wastewater): 4
• 民生污水 (Residential Wastewater): 11
• 總操作廠數 (Total Operating Plants): 22

Products, Services & Technology

山林水提供全生命週期整合服務 (Forest Water Provides Full Lifecycle Integrated Services) 公司透過「規劃」、「設計」、「工程建造」及「操作營運」的價值飛輪，提供整合服務。

操作營運 (Operation & Maintenance):

• 累積處理水量 (Cumulative Treated Water Volume): 35 億噸。
• 廠佔率 (Plant Occupancy Rate): 25% (5 年內操作 24 座污水廠，120 萬噸)。
• 營運評鑑 (Operational Evaluations): 147 次優等。

規劃 (Planning):

• 大型投資計劃管理 (Large-scale Investment Project Management): 5 件促參案 (BOT/PPP cases)。

設計 (Design):

• 整體規劃及細部設計 (Overall Planning & Detailed Design): 25 件統包案 (Turnkey Projects)。

工程建造 (Engineering Construction):

• 累積工程實績 (Cumulative Engineering Performance): 300 億元，138 萬噸。
• 工程會評定優良廠商 (Public Construction Commission Certified Excellent Contractor): 4 座金質獎 (Gold Quality Awards), 2 座金擘獎 (Golden Spade Awards)。

半導體供水: 持續深化工程與供水品質 (Semiconductor Water Supply: Deepening Engineering and Water Quality) 全國公共工程半導體供水市佔率第一 (截至 2025/04 已公告案件)。

• 永康再生水 (Yongkang Reclaimed Water):

  • 第一座供應高科技業的再生水廠。
  • 穩定擴充供水量 (Stable Expansion of Water Supply):
    • 2023 年供水 8,000 噸
    • 2025 年擴充至 15,500 噸
    • 2028 年擴充至 20,000 噸
  • 全國第一營運品質 (Taiwan's Top Operating Quality):
    • 水質 (Water Quality): 全國最高標 (21 項標準)。
    • 能耗 (Energy Consumption): 全國再生水廠最低。

• 高山林-楠梓再生水 (Gaoshanlin - Nanzi Reclaimed Water):

  • 南科最大再生水廠。
  • 提供 7 萬噸再生水、串聯南部半導體 S 廊帶。
  • 7 年興建期計畫管理，涵蓋取水系統、輸水系統、以及溼地中的再生水廠。
  • 預計三階段產水: 2 萬噸 (2028 年)、3.5 萬噸 (2029 年)、7 萬噸 (2030 年)。

禾山林: 支持政策、擴充多元處理量能 (He Forest: Supporting Policy, Expanding Diversified Treatment Capacity) 全國首座商轉廚餘生質能廠、具技術穩定性與可成長性。

• 原一期 (Phase I):
  • 30,000 噸年處理量 (生廚餘)。
  • 沼氣發電 300 萬度電。
  • 穩定營運近 7 年。
• 二期整建 (Phase II Renovation):
  • 2026/04 完成修約、2026/05 動工。
  • 產能分階段擴充、2027/2 完工。
  • 90,000 噸年處理量 (生熟廚餘)。
  • 沼氣發電 1,000 萬度電。
  • 新增廚餘去化技術達成全循環。
• 四大循環系統 (Four Major Circular Systems):
  • 廚餘油回收 (Food Waste Oil Recycling): 回收再利用，創造綠色價值。
  • 沼氣綠電 (Biogas Green Electricity): 沼氣發電，年發電量近 1,000 萬度。
  • 沼渣再製肥 (Digestate Sludge Reprocessing into Fertilizer): 製作有機肥料，循環再利用。
  • 沼液回田 (Digestate Liquid Returned to Fields): 沼液作為農地，循環施灌。

ESG / Sustainability

持續創新突破、營運優化 (Continuous Innovation and Operational Optimization) 全台首座! 碳中和示範廠 - 旗美污水處理廠 (Taiwan's First Carbon Neutral Demonstration Plant: Qimei Wastewater Treatment Plant)

• 減碳成果 (Carbon Reduction Achievements):
  • 碳排量下降 (Carbon Emissions Reduced): 42% (113 年上半年 316 噸 → 114 年同期 183 噸)。
  • 用電量降低 (Electricity Consumption Reduced): 約 1/3 (透過設備優化與智慧管理，大幅提升能源效率)。
  • 達成碳中和 (Achieved Carbon Neutrality): 結合綠電自發自用、綠電憑證與碳權機制，114 年達成碳中和目標。
• 減碳策略 (Carbon Reduction Strategies):
  • 溫室氣體盤查 (Greenhouse Gas Inventory): 精準掌握排放來源。
  • 設備汰換與製程優化 (Equipment Replacement & Process Optimization): 大幅降低能耗。
  • 導入太陽能發電與智慧監控系統 (Introduction of Solar Power & Smart Monitoring System): 精準掌握用電情況。
  • 結合綠電憑證與國際碳權機制 (Combining Green Electricity Certificates & International Carbon Credit Mechanisms): 共同推動減碳。
• 公私協力 共創永續 (Public-Private Collaboration for Sustainability):
  • 國土署、高雄市政府水利局與山林水環境工程攜手合作，將旗美污水處理廠打造為全台首座碳中和示範廠，引領智慧水務邁向淨零未來。

Outlook & Strategy

營收存量穩健累積 (Revenue Backlog Steadily Accumulating)

• 總體合約存量 (2026 Q1) (Total Contract Backlog (2026 Q1)): 318 億元 (較 2025 年底 312 億元增加 6 億元)。
  • 在建工程 (Projects Under Construction): 88 億元。
  • 水操作 (Water Operations): 230 億元。

近期新增工程合約 (Recently Added Engineering Contracts):

• 二林園區二期 (Erlin Park Phase II): 2025 年 11 月 | 2.8 億元 (接續一期、擴充 5,000 CMD 污水處理量能 (山林水承攬 43%))。
• 永康再生水二期 (Yongkang Reclaimed Water Phase II): 2026 年 3 月 | 4 億元 (首座半導體用再生水廠、擴增 4,500 CMD 再生水處理量能 (至 20,000 CMD))。
• 禾山林二期整建 (He Forest Phase II Renovation): 2026 年 4 月 | 5 億元 (首座廚餘生質能廠、擴充 6 萬噸/年廚餘處理量能 (至 9 萬噸))。

即將啟動操作合約 (Upcoming Operation Contracts):

• 福田再生水營運維護 (Futian Reclaimed Water Operation & Maintenance): 8.7 億元 (最大工業用再生水廠、15 年期、預計下半年通水 5.8 萬噸)。

在建工程: 穩健執行 (Projects Under Construction: Steady Execution)

山林水環境工程股份有限公司 (8473) 2026Q1 法說會簡報

Company Overview

公司名稱 (Company Name): 山林水環境工程股份有限公司 (FOREST WATER ENVIRONMENTAL ENGINEERING CO., LTD.) 股票代號 (Stock Code): 8473

公司簡介 (Company Introduction): 山林水公司為環境保護工程專業營造業，主要項目橫跨六大事業區塊，持續於「循環經濟」領域發展。

重點里程碑 (Key Milestones):

• 公司成立 (Company Establishment): 實收資本額為 6,000,000 元。
• 上市櫃 (Listing): 2016 年 9 月 8 日登錄上市股票櫃檯買賣。
• 實收資本額 (Paid-in Capital): 2026 年 3 月實收資本額為 1,811,984,460 元。
• 主要子公司及專案 (Key Subsidiaries & Projects):
  • 綠山林開發事業(股)公司 (Green Forest Development Co., Ltd.): 2004 ~ 2041 (污水處理)
  • 元山林開發事業(股)公司 (Yuan Forest Development Co., Ltd.): 2016 ~ 2032 (再生水)
  • 馬公海淡廠通水 (Magong Seawater Desalination Plant): (+15 年維護)
  • 七美海淡廠通水 (Qimei Seawater Desalination Plant): (+15 年維護)
  • 中部科學園區台中園區污水下水道系統操作維護工作 (Central Taiwan Science Park Taichung Park Wastewater Sewer System Operation & Maintenance): (至 2029 年底)
  • 東山林開發事業(股)公司 (East Forest Development Co., Ltd.): 2005 ~ 2040 (生質能源)
  • 禾山林綠能(股)公司 (He Forest Green Energy Co., Ltd.): 2017 ~ 2044 (廢棄物處理)
  • 力優勢環保(股)公司 (Li You Shi Environmental Co., Ltd.): (海水淡化)
  • 永康再生水通水 (Yongkang Reclaimed Water Plant): (+15 年維護)
  • 高山林水務(股)公司 (Gaoshanlin Water Affairs Co., Ltd.): 2023 ~ 2044

組織架構 (Organizational Structure) (截至 2026 年 03 月 31 日):

• 母公司 (Parent Company):
  • 力麒建設股份有限公司 (Lakewood Construction Co., Ltd.) (5512): 持股 68.44%
  • 鶴京企業股份有限公司 (Hejing Enterprise Co., Ltd.): 持股 60.37%
• 山林水環境工程股份有限公司 (FOREST WATER ENVIRONMENTAL ENGINEERING CO., LTD.) (8473) 持股子公司 (Subsidiaries):
  • 東山林開發事業股份有限公司 (East Forest Development Co., Ltd.): 100% (污水處理)
  • 綠山林開發事業股份有限公司 (Green Forest Development Co., Ltd.): 70% (污水處理)
  • 元山林開發事業股份有限公司 (Yuan Forest Development Co., Ltd.): 100% (再生水)
  • 高山林水務股份有限公司 (Gaoshanlin Water Affairs Co., Ltd.): 70% (再生水)
  • 禾山林綠能股份有限公司 (He Forest Green Energy Co., Ltd.): 70% (生質能源)
  • 力優勢環保股份有限公司 (Li You Shi Environmental Co., Ltd.): 50.41% (廢棄物處理)
  • 力麗環保股份有限公司 (Li Li Environmental Co., Ltd.): 96.75% (廢棄物處理)
  • 新豐投資有限公司 (Xinfeng Investment Co., Ltd.): 100% (其他)
  • 信誠國際有限公司 (Xincheng International Co., Ltd.): 100% (其他)

Financial Highlights

2025: 營收與獲利成長、配股率穩定 (Revenue and Profit Growth, Stable Dividend Payout)

*殖利率計算係以除息前一日收盤價，2025 年度係以 2026/4/9 董事會決議日 (尚待 2026/6/15 股東常會通過)。

2025: 個體由虧轉盈、兩大BOT穩定 (Individual Entity Turns Profitable, Two Major BOT Projects Stable) 歸屬母公司淨利 (單位: 仟元) (Net Profit Attributable to Parent Company (NT$ Thousand))

+山林水個體提列工程虧損合約 (七美海淡、台糖豬改) 損失 108,000 仟元。 *綠山林 2025 年度淨利，內含一次性服務特許權淨利 134,550 仟元。 a元山林 2025 年度淨利，內含減損損失 17,100 仟元。

資產負債表: 支持大型專案執行 (Balance Sheet: Supporting Large-Scale Project Execution) 合併資產負債表 (單位: 百萬元) (Consolidated Balance Sheet (NT$ Million))

Recent Performance and Results

2026 Q1: 營收與獲利持續成長動能 (Revenue and Profit Continue to Grow) 合併損益表 (單位: 仟元) (Consolidated Income Statement (NT$ Thousand))

2026 Q1: 工程、水操作持續成長 (Engineering and Water Operations Continue to Grow) 年營收 (單位: 百萬元) (Annual Revenue (NT$ Million))

• 2023: 3,679
• 2024: 3,386
• 2025: 5,125
• 2026 Q1: 1,290

營收組成及年增長率 (Revenue Composition and YoY Growth Rate)

*2025 年增長率不計入綠山林公司一次性收入。

2026 Q1: 高階水處理佔比持續擴大 (Proportion of Advanced Water Treatment Continues to Expand) 2023-2026 水處理操作營收佔比 (%) (Water Treatment Operation Revenue Share (%))

2026 Q1 操作廠數 (Number of Operating Plants):

• 高階水處理與供水 (Advanced Water Treatment & Supply): 7
• 工業污水 (Industrial Wastewater): 4
• 民生污水 (Residential Wastewater): 11
• 總操作廠數 (Total Operating Plants): 22

Products & Technologies

山林水提供全生命週期整合服務 (Forest Water Provides Full Lifecycle Integrated Services) 公司透過「規劃」、「設計」、「工程建造」及「操作營運」的價值飛輪，提供整合服務。

操作營運 (Operation & Maintenance):

• 累積處理水量 (Cumulative Treated Water Volume): 35 億噸。
• 廠佔率 (Plant Occupancy Rate): 25% (5 年內操作 24 座污水廠，120 萬噸)。
• 營運評鑑 (Operational Evaluations): 147 次優等。

規劃 (Planning):

• 大型投資計劃管理 (Large-scale Investment Project Management): 5 件促參案 (BOT/PPP cases)。

設計 (Design):

• 整體規劃及細部設計 (Overall Planning & Detailed Design): 25 件統包案 (Turnkey Projects)。

工程建造 (Engineering Construction):

• 累積工程實績 (Cumulative Engineering Performance): 300 億元，138 萬噸。
• 工程會評定優良廠商 (Public Construction Commission Certified Excellent Contractor): 4 座金質獎 (Gold Quality Awards), 2 座金擘獎 (Golden Spade Awards)。

半導體供水: 持續深化工程與供水品質 (Semiconductor Water Supply: Deepening Engineering and Water Quality) 全國公共工程半導體供水市佔率第一 (截至 2025/04 已公告案件)。

• 永康再生水 (Yongkang Reclaimed Water):

  • 第一座供應高科技業的再生水廠。
  • 穩定擴充供水量 (Stable Expansion of Water Supply):
    • 2023 年供水 8,000 噸
    • 2025 年擴充至 15,500 噸
    • 2028 年擴充至 20,000 噸
  • 全國第一營運品質 (Taiwan's Top Operating Quality):
    • 水質 (Water Quality): 全國最高標 (21 項標準)。
    • 能耗 (Energy Consumption): 全國再生水廠最低。

• 高山林-楠梓再生水 (Gaoshanlin - Nanzi Reclaimed Water):

  • 南科最大再生水廠。
  • 提供 7 萬噸再生水、串聯南部半導體 S 廊帶。
  • 7 年興建期計畫管理，涵蓋取水系統、輸水系統、以及溼地中的再生水廠。
  • 預計三階段產水: 2 萬噸 (2028 年)、3.5 萬噸 (2029 年)、7 萬噸 (2030 年)。

禾山林: 支持政策、擴充多元處理量能 (He Forest: Supporting Policy, Expanding Diversified Treatment Capacity) 全國首座商轉廚餘生質能廠、具技術穩定性與可成長性。

• 原一期 (Phase I):
  • 30,000 噸年處理量 (生廚餘)。
  • 沼氣發電 300 萬度電。
  • 穩定營運近 7 年。
• 二期整建 (Phase II Renovation):
  • 2026/04 完成修約、2026/05 動工。
  • 產能分階段擴充、2027/2 完工。
  • 90,000 噸年處理量 (生熟廚餘)。
  • 沼氣發電 1,000 萬度電。
  • 新增廚餘去化技術達成全循環。
• 四大循環系統 (Four Major Circular Systems):
  • 廚餘油回收 (Food Waste Oil Recycling): 回收再利用，創造綠色價值。
  • 沼氣綠電 (Biogas Green Electricity): 沼氣發電，年發電量近 1,000 萬度。
  • 沼渣再製肥 (Digestate Sludge Reprocessing into Fertilizer): 製作有機肥料，循環再利用。
  • 沼液回田 (Digestate Liquid Returned to Fields): 沼液作為農地，循環施灌。

ESG / Sustainability

持續創新突破、營運優化 (Continuous Innovation and Operational Optimization) 全台首座! 碳中和示範廠 - 旗美污水處理廠 (Taiwan's First Carbon Neutral Demonstration Plant: Qimei Wastewater Treatment Plant)

• 減碳成果 (Carbon Reduction Achievements):
  • 碳排量下降 (Carbon Emissions Reduced): 42% (113 年上半年 316 噸 → 114 年同期 183 噸)。
  • 用電量降低 (Electricity Consumption Reduced): 約 1/3 (透過設備優化與智慧管理，大幅提升能源效率)。
  • 達成碳中和 (Achieved Carbon Neutrality): 結合綠電自發自用、綠電憑證與碳權機制，114 年達成碳中和目標。
• 減碳策略 (Carbon Reduction Strategies):
  • 溫室氣體盤查 (Greenhouse Gas Inventory): 精準掌握排放來源。
  • 設備汰換與製程優化 (Equipment Replacement & Process Optimization): 大幅降低能耗。
  • 導入太陽能發電與智慧監控系統 (Introduction of Solar Power & Smart Monitoring System): 精準掌握用電情況。
  • 結合綠電憑證與國際碳權機制 (Combining Green Electricity Certificates & International Carbon Credit Mechanisms): 共同推動減碳。
• 公私協力 共創永續 (Public-Private Collaboration for Sustainability):
  • 國土署、高雄市政府水利局與山林水環境工程攜手合作，將旗美污水處理廠打造為全台首座碳中和示範廠，引領智慧水務邁向淨零未來。

Outlook & Strategy

營收存量穩健累積 (Revenue Backlog Steadily Accumulating)

• 總體合約存量 (2026 Q1) (Total Contract Backlog (2026 Q1)): 318 億元 (較 2025 年底 312 億元增加 6 億元)。
  • 在建工程 (Projects Under Construction): 88 億元。
  • 水操作 (Water Operations): 230 億元。

近期新增工程合約 (Recently Added Engineering Contracts):

• 二林園區二期 (Erlin Park Phase II): 2025 年 11 月 | 2.8 億元 (接續一期、擴充 5,000 CMD 污水處理量能 (山林水承攬 43%))。
• 永康再生水二期 (Yongkang Reclaimed Water Phase II): 2026 年 3 月 | 4 億元 (首座半導體用再生水廠、擴增 4,500 CMD 再生水處理量能 (至 20,000 CMD))。
• 禾山林二期整建 (He Forest Phase II Renovation): 2026 年 4 月 | 5 億元 (首座廚餘生質能廠、擴充 6 萬噸/年廚餘處理量能 (至 9 萬噸))。

即將啟動操作合約 (Upcoming Operation Contracts):

• 福田再生水營運維護 (Futian Reclaimed Water Operation & Maintenance): 8.7 億元 (最大工業用再生水廠、15 年期、預計下半年通水 5.8 萬噸)。

在建工程: 穩健執行 (Projects Under Construction: Steady Execution)

| 2026 年在建工程案* (Project) | 合約金額 (百萬元) (Contract Amount (NT$ Million)) | 2025 認列 (%) (2025 Recognition (%)) | 2026 Q1 認列 (%) (2026 Q1 Recognition (%)) | 進度/預計完工 (Progress/Expected Completion) | | :------------------------------ | :---------------------------------- | :--------------------------------- | :--------------------------------- | 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Additional Data

免責聲明 (Disclaimer) 本簡報所提及之相關內容，係由山林水環境工程股份有限公司提供，其目的僅作為訊息提供，並不具有購買/銷售或由第三方作為營利之目的。未來實際所可能發生的營運結果、財務狀況以及業務成果，可能因無法控制之政治、經濟、市場等不確定風險因素影響，而導致與本簡報陳述有重大差異，公司無義務因實際發生之事件主動更新或修訂該等資訊。本簡報中對未來的展望，係反映本公司截至目前為止對於未來的看法。對於這些看法，未來若有任何變更或調整時，本公司不負責隨時提醒或更新。

This presentation by FOREST WATER (the "Company") is intended solely for informational purposes. Actual operational results, financial performance, and business outcomes may differ significantly due to political, economic, or market risks. The Company assumes no obligation to update or revise the information or forward-looking statements, which reflect its current views as of the date of this presentation.

Outlook & Strategy

2026 展望 (2026 Outlook) 歸屬母公司淨利 (單位: 仟元) (Net Profit Attributable to Parent Company (NT$ Thousand))