美吾華股份有限公司 (1731) 115年度法人說明會簡報
Company Overview
- Company Name: 美吾華股份有限公司 (Maywufa Company Limited)
- Stock Code: 1731
- Event: 115年度法人說明會 (115th Annual Investor Conference)
- Company Established: 1976年
- Listed: 2001年
- Capital: NTD13.3億 (NTD 1.33 billion)
- Responsible Person: 李成家 (Li Cheng-chia)
- Presenter: 賴育儒 總經理 (Lai Yu-ju, General Manager)
- Copyright: © 2025 美吾華股份有限公司 著作權所有
Disclaimer
- 除了過去資料外,本次說明會所列事項若為前瞻性看法,此前瞻性看法可能受重大風險和不確定性因素影響而與實際結果有所差異。(Besides historical data, matters listed in this presentation, if forward-looking, may differ from actual results due to significant risks and uncertainties.)
- 本簡報中對於未來之展望,係反應本公司截至目前為止對於未來的看法。對於這些看法,倘若未來有因任何事件或環境變遷,本公司並不負有更新資料之責任。(The outlook for the future in this presentation reflects the company's views to date. The company is not obligated to update this information if future events or environmental changes occur.)
- 未經本公司許可的情況下,不可複製、修改、重新編譯、刪減或傳送本簡報任何內容或將任何該等內容用於商業用途。(Without the company's permission, no part of this presentation may be copied, modified, recompiled, deleted, or transmitted, nor may any such content be used for commercial purposes.)
- 本簡報內容包含所有歸屬於合併報表之個體。(This presentation includes all entities belonging to the consolidated financial statements.)
Core Strengths
- 50年 (50 Years): 集團穩健開創,正式邁入第50年的光輝里程碑。(The group has steadily pioneered, officially entering its 50th year of brilliant milestones.)
- 洗髮No. 1 (Shampoo No. 1): 深受消費者信賴,蟬聯台灣品牌洗髮精銷售榜首。(Deeply trusted by consumers, continuously ranked as the top-selling Taiwanese brand shampoo.)
- 染髮No. 1 (Hair Dye No. 1): 掌握核心客群,榮登台灣染髮品類市佔率霸主。(Capturing core customer groups, crowned as the market share leader in Taiwan's hair dye category.)
- 6,000+據點 (6,000+ Locations): 構建綿密銷售網絡,產品銷售據點突破6,000家。(Building a dense sales network, product sales outlets exceeding 6,000.)
- 30+獎項 (30+ Awards): 卓越的研發實力,產品累計榮獲逾30項國內外大獎。(Excellent R&D capabilities, products have cumulatively won over 30 domestic and international awards.)
- 產銷一條龍 (Integrated Production and Sales): 研發、製造、行銷、銷售垂直整合,建構營運護城河。(Vertical integration of R&D, manufacturing, marketing, and sales, building an operational moat.)
- GMP工廠 (GMP Factory): 品質至上,擁有國際高標準之化妝品綠生產建築廠房。(Quality first, owning an international high-standard cosmetic green production building factory.)
Financial Highlights
Condensed Consolidated Balance Sheet (單位:新台幣仟元)
財務結構健全 (Sound Financial Structure):
-
- 流動比率高:275% (High Current Ratio: 275%)
-
- 負債比率低:33% (Low Debt Ratio: 33%)
| 科目 | 2026.3.31 | % | 2025.12.31 | % |
|---|---|---|---|---|
| 流動資產 (Current Assets) | 1,235,092 | 37 | 1,209,501 | 37 |
| 非流動資產 (Non-current Assets) | 2,076,666 | 63 | 2,027,939 | 63 |
| 資產總計 (Total Assets) | 3,311,758 | 100 | 3,237,440 | 100 |
| 流動負債 (Current Liabilities) | 449,159 | 14 | 433,201 | 13 |
| 非流動負債 (Non-current Liabilities) | 640,716 | 19 | 641,308 | 20 |
| 負債合計 (Total Liabilities) | 1,089,875 | 33 | 1,074,509 | 33 |
| 股本 (Share Capital) | 1,329,152 | 40 | 1,329,152 | 41 |
| 資本公積 (Capital Surplus) | 192,319 | 6 | 192,289 | 6 |
| 保留盈餘及其他 (Retained Earnings & Others) | 700,412 | 21 | 641,490 | 20 |
| 權益合計 (Total Equity) | 2,221,883 | 67 | 2,162,931 | 67 |
| 負債與權益總計 (Total Liabilities & Equity) | 3,311,758 | 100 | 3,237,440 | 100 |
Historical Financial Structure and Current Ratio (單位:%)
- 維持低負債比率且流動比率皆>200%,財務結構穩健 (Maintaining low debt ratio and current ratio >200%, sound financial structure)
| Year | 自有資本比率 (Own Capital Ratio) | 負債比率 (Debt Ratio) | 流動比率 (Current Ratio) |
|---|---|---|---|
| 2020 | 76% | 24% | 424% |
| 2021 | 74% | 26% | 362% |
| 2022 | 79% | 21% | 336% |
| 2023 | 72% | 28% | 307% |
| 2024 | 66% | 34% | 264% |
| 2025 | 67% | 33% | 279% |
Condensed Consolidated Income Statement (單位:新台幣仟元)
-
- 營收比去年同期成長7% (Revenue grew 7% compared to the same period last year)
-
- 維持高毛利且營業淨利較去年同期成長 (Maintained high gross profit and operating profit grew compared to the same period last year)
| 科目 | 2026年第一季 (A) | % | 2025年第一季 (B) | % | 增減率% (A-B)/B |
|---|---|---|---|---|---|
| 營收淨額 (Net Revenue) | 452,346 | 100 | 422,336 | 100 | 7.1 |
| 營業毛利 (Gross Profit) | 281,778 | 62 | 272,538 | 65 | 3.4 |
| 營業費用 (Operating Expenses) | (207,024) | 46 | (206,429) | 49 | 0.3 |
| 營業淨利 (Operating Profit) | 74,754 | 16 | 66,109 | 16 | 13.1 |
| 營業外收支 (Non-operating Income/Expenses) | (1,013) | 0 | (1,032) | 0 | (1.8) |
| 稅前淨利 (Profit Before Tax) | 73,741 | 16 | 65,077 | 16 | 13.3 |
| 稅後淨利 (Net Profit After Tax) | 57,752 | 13 | 53,073 | 13 | 8.8 |
| 每股盈餘(元) (EPS (NTD)) | 0.43 | 0.4 | 7.5 |
Historical Consolidated Revenue and Gross Profit Margin (單位:新台幣佰萬元;%)
- 營收及毛利率續維持高檔 (Revenue and gross profit margin continue to remain high)
| Year | 合併營收 (Consolidated Revenue) | 毛利率 (Gross Profit Margin) |
|---|---|---|
| 2020 | 1,065 | 63% |
| 2021 | 1,289 | 67% |
| 2022 | 1,245 | 66% |
| 2023 | 1,301 | 66% |
| 2024 | 1,486 | 65% |
| 2025 | 1,584 | 63% |
Dividend Policy - Maximizing Shareholder Returns
- 每股現金股利發放金額連續五年 > $1元且持續成長 (Cash dividend per share distributed for five consecutive years > NTD 1 and continuously growing)
- 現金股利殖利率連續五年 > 5% (Cash dividend yield for five consecutive years > 5%)
| 年度 | 每股盈餘(元) (EPS (NTD)) | 每股現金股利(元) (Cash Dividend per Share (NTD)) | 現金股利殖利率 (Cash Dividend Yield) |
|---|---|---|---|
| 2019 | 0.76 | 0.60 | 4.57% |
| 2020 | 1.29 | 1.00 | 6.50% |
| 2021 | 1.24 | 1.17 | 6.13% |
| 2022 | 1.22 | 1.10 | 5.84% |
| 2023 | 1.27 | 1.15 | 5.37% |
| 2024 | 1.30 | 1.20 | 5.00% |
| 2025 | 1.36 | 1.22 (董事會決議 - Board of Directors Resolution) | 5.61% |
Business Segments
Consumer Products Business Layout (消費用品事業佈局)
- 自有品牌 (Own Brands):
- 自主研發創新,打造符合市場需求的個人清潔保養品牌 (Independent R&D and innovation, creating personal care brands that meet market demand)
- 國際總代理 (International Exclusive Agent):
- 引進國際頂級產品,法國婦嬰護理第一品牌台灣總代理 (Introducing international top-tier products, exclusive agent for France's #1 maternal and infant care brand in Taiwan)
Omnichannel Layout (全通路佈局)
- 線上線下無縫接軌,建構強大多元的市場銷售體系 (Seamless online and offline integration, building a diverse and robust market sales system)
- 實體 (Offline) - 81% 實體營收佔比 (81% Physical Revenue Share)
- 精品藥妝 (Boutique Drugstores): 寶雅 (Poya), 屈臣氏 (Watsons), 康是美 (Cosmed)
- 量販與超市 (Hypermarkets & Supermarkets): Costco, 家樂福 (Carrefour), 愛買 (A-Mart), 全聯 (PX Mart), 大全聯 (Da Quan Lian), 三商家購 (Simple Mart)
- 連鎖藥局 (Chain Pharmacies): 大樹 (Great Tree), 丁丁 (Ding Ding), 啄木鳥 (Woodpecker)
- 經銷與婦嬰 (Distributors & Maternal/Infant Stores): 各大實體經銷商體系 (Various physical distributor systems), 專業婦嬰用品專賣店 (Specialized maternal and infant product stores)
- 線上 (Online) - 19% 線上營收佔比 (19% Online Revenue Share)
- 品牌官方旗艦 (Brand Official Flagship): 品牌官方網站 (Brand official website)
- 主力電商平台 (Main E-commerce Platforms): momo 購物網 (momo Shopping), 蝦皮購物 (Shopee)
Products & Technologies
All-round Hair and Skin Care Products (全方位髮膚護理產品)
- 洗護營收佔比 (Shampoo & Conditioner Revenue Share): 59%
- 洗護產品 (髮膚清潔/保養) (Shampoo & Conditioner Products (Hair & Skin Cleansing/Care)): 台灣洗髮精銷售第1 (Taiwan Shampoo Sales No. 1)
- 重點品牌 (Key Brands):
- SAHOLÉA® 森歐黎漾 (Saholea Sen Ou Li Yang)
- 香水系列 (Fragrance Series)
- INNEX® 植萃賦活 (INNEX Plant Extract Revitalization)
- 草本主義 (Herbalism)
- INGRELUX® 髮之鑰 (INGRELUX Hair Key)
- AQILAH 髮本對策® (AQILAH Hair Solution)
- BlackVerse 賦活喚黑 (BlackVerse Revitalizing Black)
- 漢方賦黑 (Herbal Black)
- 首烏蘊髮® (He Shou Wu Hair Nourishment)
- 艾系列 (Ai Series)
- 產品分類 (Product Categories): 洗髮 (Shampoo), 護髮 (Conditioner), 養髮 (Hair Nourishment), 沐浴 (Body Wash), 私密清潔 (Intimate Cleansing), 身體乳 (Body Lotion)
- 重點品牌 (Key Brands):
- 染髮營收佔比 (Hair Dye Revenue Share): 41%
- 染髮產品 (Hair Dye Products): 台灣染髮劑市佔第1 (Taiwan Hair Dye Market Share No. 1)
- 重點品牌 (Key Brands):
- 快速護髮染髮霜 (Quick Hair Dye Cream)
- 植優® (Zhi You)
- 漢芳染 (Han Fang Dye)
- 植の染 (Zhi No Ran)
- 首烏蘊髮® (He Shou Wu Hair Nourishment)
- 妍粋® (Yan Cui)
- 白髮激黑 (White Hair Blackening)
- 利尻昆布 (Rishiri Kombu)
- 卡樂芙 COLORFUL® (Colorful)
- bubble up (Bubble Up)
- iBubble 泡泡宣妍® (iBubble Bubble Xuan Yan)
- 劑型分類 (Dosage Form Categories): 復黑露 (Blackening Lotion), 泡泡染 (Bubble Dye), 染髮霜 (Hair Dye Cream), 補色刷 (Color Touch-up Brush)
- 重點品牌 (Key Brands):
Mustela 慕之恬廊: Brand Strategic Layout
- 經營逾25年,台灣為全球績優代理商 (Operating for over 25 years, Taiwan is a global high-performing agent)
- 早期接觸·奠定心佔率 (Early Contact · Establishing Mind Share):
- 高強度實體曝光: 投入多場指標性婦幼展,於第一時間接觸並奠定新手父母市場佔有率。(High-intensity physical exposure: Participating in multiple key maternal and infant exhibitions, making first contact and establishing market share among new parents.)
- 深耕送禮市場: 主攻 Line 禮物與新生禮盒,透過精準體驗包設計,成功觸及新手媽媽群體。(Deepening the gift market: Focusing on Line gifts and newborn gift boxes, successfully reaching new mothers through precise trial pack design.)
- 拓展客群·專業化佈局 (Expanding Customer Base · Professional Layout):
- 擴大受眾族群: 強勢推廣AD / 防曬/修護霜/ 有機 等四大全家護理系列,拓展好市多銷售。(Expanding target audience: Strongly promoting AD / Sunscreen / Repair Cream / Organic and other four family care series, expanding sales at Costco.)
- 強化專業背書: 接觸專業通路導入教育訓練,並藉由醫師代言提升品牌專業信賴度。(Strengthening professional endorsement: Engaging professional channels for training, and enhancing brand professional credibility through physician endorsements.)
Strategic Initiatives and Plans
Multi-brand Strategy: Accelerating Hair Care Momentum (多品牌策略:加速洗護強大動能)
- 加速新品上市,精準佈局高階與新興品牌,推升客單與市佔 (Accelerating new product launches, precisely positioning high-end and emerging brands, boosting average customer value and market share)
- 加速高階洗護成長 (Accelerating High-End Hair Care Growth):
- 森歐黎漾(Saholea): 熱賣明星「極緞光山茶花系列」推出大容量版乘勝追擊,強勢搶市。(Best-selling star "Extreme Silk Camellia Series" launched in large-volume version, capitalizing on success, strongly entering the market.)
- 拓展新系列版圖: 全新「澄光蠟菊系列」重磅上市,挹注高階洗護系列強大增長動能。(Expanding new series territory: New "Clear Light Chrysanthemum Series" heavily launched, injecting strong growth momentum into high-end hair care series.)
- 擴展新興利基品牌 (Expanding Emerging Niche Brands):
- 打造社群爆款: 新興品牌髮本對策、髮之鑰引爆搶購熱潮,帶動高單價洗養髮品牌強勢增長。(Creating social media blockbusters: Emerging brands AQILAH Hair Solution and INGRELUX Hair Key sparked a buying frenzy, driving strong growth in high-priced shampoo and hair care brands.)
- 新品數箭齊發: 集結旗下新興品牌推出話題成分新品,精準搶佔市場。(Multiple new products launched simultaneously: Gathering popular ingredient new products from its emerging brands, precisely capturing the market.)
Multi-formulation × Multi-brand: Strengthening Hair Dye Momentum (多劑型 × 多品牌:強化染劑動能)
- 精準涵蓋全客群不同需求,穩固染髮市場絕對領先優勢 (Precisely covering the diverse needs of all customer groups, solidifying absolute leading advantage in the hair dye market)
- 鞏固復黑露領先優勢 (Consolidating the Leading Advantage of Blackening Lotion):
- 復黑露領軍拓局: 新劑型市場接受度高,持續導入新色並極大化通路覆蓋率,穩步擴大市場基盤。(Blackening lotion leading market expansion: High acceptance of new dosage forms, continuously introducing new colors and maximizing channel coverage, steadily expanding market base.)
- 多品牌並進: 多品牌滿足不同消費族群需求,同步積極爭取獨家資源,拉大競爭差距。(Multiple brands advancing simultaneously: Multiple brands satisfying different consumer group needs, actively competing for exclusive resources, widening the competitive gap.)
- 擴大全品類染劑市佔 (Expanding Market Share of All Hair Dye Categories):
- 泡泡染引爆話題: iBubble藝人限定版精準行銷年輕客群;妍粋泡泡染熱銷推新色,擴張白染黑版圖。(Bubble dye sparking discussion: iBubble artist limited edition precisely targets young consumers; Yan Cui bubble dye hot-selling new colors, expanding the white-to-black hair dye market.)
- 霜狀與新劑型佈局: 集結漢芳染、首烏蘊髮、利尻昆布鞏固霜狀優勢,並積極規劃彩染新劑型滿足多元需求。(Cream and new dosage form layout: Han Fang Dye, He Shou Wu Hair Nourishment, Rishiri Kombu consolidate cream advantages, and actively plan new dosage forms for fashion colors to meet diverse needs.)
ESG / Sustainability
Sustainable Development ESG (永續發展ESG)
- 實踐綠色營運與社會責任,建構企業長期永續價值 (Practicing green operations and social responsibility, building long-term sustainable value for the enterprise)
- 完成2024年度永續報告 (Completed 2024 Annual Sustainability Report)
- 完成SASB準則揭露 (Completed SASB Standards Disclosure)
- 取得溫室氣體盤查確信報告 (Obtained Greenhouse Gas Inventory Assurance Report)
- 導入MES(製造執行管理系統)且成效卓著 (Implemented MES (Manufacturing Execution System) with outstanding results)
- 榮獲「2025第五屆TSAA台灣永續行動獎」SDG09 GMP綠建築智慧工廠-銅獎 (Awarded "2025 5th TSAA Taiwan Sustainability Action Award" SDG09 GMP Green Building Smart Factory - Bronze Award)
Cosmetics GMP Green Building Factory (化妝品GMP綠建築工廠)
- 融合高品質與環境友善,奠定穩健發展的強大後盾 (Integrating high quality and environmental friendliness, laying a strong foundation for stable development)
- 化粧品GMP證書 (Cosmetics GMP Certificate): 國家最高標安全認證 (Highest national standard for safety certification)
- 綠建築標章 (Green Building Label): 落實 ESG 節能減碳指標 (Implementing ESG energy saving and carbon reduction indicators)
- ISO22716證書 (ISO22716 Certificate): 國際化妝品優良製造規範 (International cosmetics good manufacturing practice)
- ISO9001證書 (ISO9001 Certificate): 品質管理系統 (Quality management system)
- 預計取得ISO 45001 認證,職業安全衛生管理更到位 (Expected to obtain ISO 45001 certification, further enhancing occupational safety and health management)
Key Achievements - Technical Benefits in the Year of Completion (亮點成效 結案當年技術效益)
| 項目 | 效益 |
|---|---|
| 整體設備效率(OEE)(必填) (Overall Equipment Effectiveness (OEE) (Required)) | 由原_50_%提升為_60_% (Original 50% increased to 60%) |
| 提升生產良率(必填) (Improved Production Yield (Required)) | 由原_85_%提升為_90_% (Original 85% increased to 90%) |
| 提升生產效率 (Improved Production Efficiency) | 由原_75_%提升為_85_% (Original 75% increased to 85%) |
| 排程工單達成率 (Scheduled Work Order Completion Rate) | 由原_90_%提升為_95_% (Original 90% increased to 95%) |
| 交貨週期(Lead Time) (Lead Time) | 由原6天提升為4天 (Original 6 days reduced to 4 days) |
| 庫存資訊回饋速度 (Inventory Information Feedback Speed) | 由原1天提升為即時 (Original 1 day to real-time) |
International Awards and Honors (國際獎項殊榮)
- 深厚研發底蘊領航業界,卓越品質持續閃耀國際舞台。(Deep R&D heritage leading the industry, outstanding quality continuously shining on the international stage.)
- 累計30+ (Cumulative 30+): 國內外大獎肯定 (Domestic and international awards recognition)
- 2023 BEAUTY INNOVATION AWARD - SHAMPOO PRODUCT OF THE YEAR: 美國美妝創新獎 年度最佳洗髮精 (US Beauty Innovation Award, Best Shampoo of the Year) - INGRELUX® 髮之鑰 Revitalizing Strengthening Shampoo
- 2024 BEAUTY INNOVATION AWARD - HAIR COLORING PRODUCT OF THE YEAR: 美國美妝創新獎 年度最佳染髮品 (US Beauty Innovation Award, Best Hair Coloring Product of the Year) - 植優 護髮補色刷 (Zhi You Hair Care Color Touch-up Brush), 植優 漸進復黑菁華露 (Zhi You Progressive Blackening Essence Lotion)
- ARTE PLATINUM WINNER 2026: 法國全球美妝及保養品大獎 NEW (French Global Beauty & Personal Care Awards) - 勇奪3白金/2金/3銀共8項殊榮 (Won 3 Platinum / 2 Gold / 3 Silver, total 8 awards)