中國製釉股份有限公司 (1809) 2026Q1 法說會簡報
Disclaimer
本簡報是建立於本公司從各項來源所取得之資訊，有些資訊可能受未來不確定性因素影響，致使與原先本公司對於未來前景的說明迥異。未來若有變更或調整時，請以公開資訊觀測站公告資訊為依據。 This presentation is based on the information obtained from various sources which the Company believes to be reliable. But at some point in the future, there are a variety of factors which could cause actual results to differ materially from those statements. Therefore, please refer to the information on MOPS website as the main basis if any adjustment has been made. (http://mops.twse.com.tw/mops/web/index)
Company Overview
- 公司名稱: 中國製釉股份有限公司 (CHINA GLAZE CO., LTD.)
- 集團名稱: 中國製釉集團 (CHINA GLAZE GROUP)
- 股票代號: 1809
- 創立時間 (Founded in): 1974年 (1974Yr)
- 股票上市時間 (IPO Date): 1996年於台灣證券交易所審查通過股票上市 (1996Yr)
- 資本額 (Capital): 新台幣16.7億元 (NTD$16.7 billion)
- 董事長 (Chairman): 蔡憲龍先生 (Mr. Tsai, Hsien-Lung)
- 總經理 (General Manager): 蔡松祐先生 (Mr. Tsai, Sung-Yu)
- 集團員工人數 (Group Employee Headcount): 522人 (2026年5月31日止) (522 (As of 31-May-2026))
- 主要產品 (Main Products): 陶瓷原料、建築材料、玻璃螢光片 (Ceramic Materials、Building Materials、Advance Materials)
ESG / Sustainability
中釉公司 永續經營 (China Glaze Company – Sustainable Management)
本公司永續發展委員會為本公司永續治理作業的最高指導組織。本委員會由董事會推舉至少三名董事組成之，其中過半數獨立董事參與，總經理擔任永續發展委員會主任委員，總幹事由公司治理主管擔任，永續發展委員會每年至少2次向董事會呈報ESG執行成果。本委員會其下設置「公司治理工作小組」、「環境永續工作小組」、「員工及社會影響工作小組」。
The Sustainability Development Committee is the Company's highest governance body for sustainability matters. It is composed of at least three directors appointed by the Board, with a majority of independent directors. The President serves as Chairperson, and the Chief Corporate Governance Officer acts as Executive Secretary. The Committee reports ESG performance to the Board at least twice a year and oversees three working groups: Corporate Governance, Environmental Sustainability, and Employee & Social Impact.
永續發展委員會 (Sustainability Committee) 組織架構
- 員工及社會影響工作小組 (Employee and Social Impact Working)
- 勞工權益與人權 (Labor and Human Rights Protections)
- 安全與健康的工作環境 (Workplace Safety and Health)
- 社會參與及回饋 (Social Involvement and Contribution)
- 環境永續工作小組 (Environmental Sustainability)
- 氣候變遷因應 (Climate Change Response)
- 節能減碳 (Energy Saving and Carbon Reduction)
- 環境安全 (Environmental Health and Safety)
- 公司治理工作小組 (Corporate Governance Working)
- 企業永續策略 (Corporate Sustainability Strategy)
- 營運與公司治理 (Operations and Corporate Governance)
- 尊重利害關係人權益 (Respect for Stakeholders' Rights and Interests)
- 誠信經營 (Integrity in Business Operations)
永續報告 (Sustainability Reports)
- 中國製釉永續報告書 (2024) (Sustainability Reports)
- 溫室氣體盤查報告書 (2024) (Greenhouse gas inventory Report)
Business Segments
主要事業單位 (Main Business Units)
- 陶瓷原料 (Ceramic Materials)
- 建築材料 (Building Materials)
- 新材料 (Advance Materials)
營運據點 (Operating Base)
- 中國製釉股份有限公司 (CHINA GLAZE CO., LTD.) (1973)
- 地址: 31061新竹縣竹東鎮中興路四段136號 (136, Sec.4 Chung Hsing Road, Chutung Hsinchu, Taiwan, Republic of China)
- TEL: +886-3-5824128
- FAX: +886-3-5820543
- htpp://www.china-glaze.com.tw
- 廣東三水大鴻製釉有限公司 (GUANGDONG SANSHUIT&H GLAZE CO.LTD.) (1992)
- 地址: 廣東省佛山市三水區大誠大布沙工廠區 (Industrial Zone of Da-Busha, Datang Sanshui, Foshan, Guangdong, PR China)
- TEL: +86-757-87279999
- FAX: +86-757-87293862
- 上海大鴻製釉有限公司 (SHANGHAI T&H GLAZE CO.LTD.) (1996)
- 地址: 上海市閔行區金都路538號 (No. 538, Jindu Road, Minhang District, Shanghai, PR China)
- TEL: +86-21-64975566
- FAX: +86-21-64973535
- 印尼中國製釉股份有限公司 (PT. CHINA GLAZE INDONESIA) (2005)
- 地址: Kawasan Industri Suryadipta Surya Lestari Kav 1-17C. Kutamekar, Campel Karawang, Jawa Barat 41361, Indonesia
- TEL: +62-267-440938
- FAX: +62-267-440889
- 山東大鴻製釉有限公司 (SHANDONG T&H GLAZE CO.LTD.) (2006)
- 地址: 高青縣經濟開發區北一路北側東首 (Economic Development Zone, Gaoqing Zibo, Shandong, P.R. China)
- TEL: +86-533-6258888
- FAX: +86-533-6256666
- 上海敦鴻商貿有限公司 (2009)
- 孟加拉中國製釉股份有限公司 (CHINA GLAZE BANGLADESH LTD.) (2015)
- 地址: Baniarchala, Bhabanipur, Mirzapur Gazipur, Sadar Gazipur, Bangladesh
- TEL: +88-02-8881551
- FAX: +88-02-8835195
業務據點 (Sales Locations)
- 菲律賓 (Philippines)
- 中國 (China)
- 孟加拉 (Bangladesh)
- 印尼 (Indonesia)
- 馬來西亞 (Malaysia)
- 泰國 (Thailand)
- 越南 (Vietnam)
- 韓國 (South Korea)
- 日本 (Japan)
- 非洲貝南 (Benin)
- 斯里蘭卡 (Sri Lanka)
Products & Technologies
陶瓷事業部 (Ceramics Division)
專業陶瓷原料供應商 (Professional ceramic raw material supplier)
- 熔塊 (Frits)
- 色料 (Color Stains)
- 乾粒 (Vetrosa Grits)
- 陶瓷用無機墨水 (Ceramic-Jet Inks)
- 防滑釉 (Anti-Slip Glaze)
- 成釉 (Composed Glaze)
- 功能釉 (Functional Glaze)
- 拋光釉 (Poloshing Glaze)
- 矽酸鋯 (Zirconium Silicate)
- 印刷釉 (Printing Glaze)
建材事業部 (Building Materials Division)
- CHRISTONE® 中釉玉晶石
- 10mm CHRISTONE® 中釉玉晶石薄板
- CALMATE® SOUNDPROOF SYSTEM 康邁隔音墊
- MINERAL COATINGS 高功能隔熱節能礦物塗料
- CALMATE® SPC FLOORING 康邁石塑地板
新材料事業部 (Advanced Materials Division)
- 玻璃/陶瓷螢光片 (Phosphor in Glass/Ceramic)
- 低介電類晶玻璃陶瓷基板 (Low Dk/Df with High strength Ceramic-glass substrates for use in the interposer layer)
- 固態電池用電解質隔離膜材料 (Solid-state Electrolyte Material Solution for Solid-state Batteries)
中介層比較 (Interlayer Comparison)
| 特性 (Feature) | 有機 (Organic) | 矽 (Silicon) | 玻璃 (Glass) | 類晶玻璃陶瓷 (Glass-Ceramics) |
|---|---|---|---|---|
| 封裝架構 (Packaging Architecture) | 2.1D, 傳統封裝, 消費性電子 (Traditional packaging, consumer electronics) | 2.5D/3D, 5G/AI/HPC 高階晶片 (High-end chips) | 2.5D/Fan-out 扇出型封裝 (FOWLP), High-end chip | 2.5D/3D, AI/車用/HPC 高階晶片 (Al/Automotive/HPC high-end chips) |
| 穿孔加工 (Via Processing) | Drilling 鑽孔 | TSV Deep RIE (深反應離子蝕刻+銅填孔) (TSV Deep RIE + Cu filling) | TGV(雷射/溼蝕刻) (TGV (Laser / Wet etching)) | TGV(雷射/結晶強化) (TGV (Laser / Crystallization strengthening)) |
| 孔徑 (Via Pitch / Diameter) | 20-100µm (微米) | 1-10µm (微米) | 10-100µm (微米) | 5-100µm (微米) |
| 熱膨脹係數 C.T.E (Coefficient of Thermal Expansion) | 15-60 ppm/°C | ~2.6 ppm/°C | 3-8 ppm/°C | 3-10 ppm/°C (可調/Adjustable) |
| 介電特性 (Dielectric Properties) | 高損耗 (High loss) | 中等 (Medium) | 低損耗 (Low loss) | 低損耗 (Low loss) |
| 機械特性 (Mechanical Properties) | 柔性佳但穩定性差 (Good flexibility but poor stability) | 高剛性 (High rigidity) | 脆 (Brittle) | 高強度 (High strength) |
| 尺寸 (Size / Panel Dimensions) | 大面積 (Large area) | 12吋 (12 inches) | 大面積 (Large area) | 大面積 (Large area) |
| 成本 (Cost) | 低 (Low) | 高 (High) | 中 (Medium) | 中 (Medium) |
| 優勢 (Advantages) | 成熟製程 (Mature process) | 高精度、匹配晶片 (High precision, matching die) | 高頻低損耗 (High frequency, low loss) | 高可靠性、高強度、可調CTE (High reliability, high strength, adjustable CTE) |
| 缺點 (Disadvantages) | 高CTE、翹曲 (High CTE, warpage) | 成本高、漏電/寄生 (High cost, leakage/parasitic) | 易脆裂 (Easy to crack / Brittle) | 製程尚未成熟 (Process not yet mature) |
Financial Highlights
合併資產負債表摘要 (Balance Sheet Overview (Consolidated))
單位: 新台幣百萬元 (Unit: NT$ million)
| 項目 (Item) | 2026 Q1 金額(Amount) | 2026 Q1 % | 2025 Q1 金額(Amount) | 2025 Q1 % |
|---|---|---|---|---|
| 現金及約當現金 (Cash and cash equivalents) | 568 | 13 | 511 | 11 |
| 按攤銷後成本衡量之金融資產-流動 (Financial assets at amortized cost) | 20 | 0 | 39 | 1 |
| 應收款項 (Receivables) | 622 | 14 | 593 | 13 |
| 存貨 (Inventories) | 677 | 15 | 653 | 14 |
| 不動產、廠房及設備 (Net property, plant and equipment) | 1,919 | 42 | 1,913 | 42 |
| 其他資產 (Other assets) | 723 | 16 | 852 | 19 |
| 資產總額 (Total assets) | 4,529 | 100 | 4,561 | 100 |
| 流動負債 (Current liabilities) | 976 | 22 | 968 | 21 |
| 非流動負債 (Non-Current liabilities) | 216 | 5 | 163 | 4 |
| 本公司業主之權益 (Equity Attributable To Owners Of Parent) | 2,960 | 65 | 2,984 | 65 |
| 非控制權益 (Non-controlling Interests) | 377 | 8 | 446 | 10 |
| 負債及股東權益總額 (Total liabilities and shareholder's equity) | 4,529 | 100 | 4,561 | 100 |
合併綜合損益表摘要 (Statements of Comprehensive Income Overview (Consolidated))
單位: 新台幣百萬元 (Unit: NT$ million)
| 項目 (Item) | 2026-Q1 | 2025-Q1 | 增減金額 (Change Amount) | 增減% (Change %) |
|---|---|---|---|---|
| 營業收入 (Net revenue) | 592 | 575 | 17 | 3.0 |
| 營業成本 (Cost of good sold) | 477 | 460 | 17 | 3.7 |
| 營業毛利 (Gross profit) | 115 | 115 | 0 | 0.0 |
| 營業費用 (Operating expenses) | 126 | 120 | 6 | 5.0 |
| 其他收益及費損 (NET OTHER OPERATING INCOME) | 10 | 9 | 1 | 11.1 |
| 營業利益 (Operating profit) | 0 | 5 | (5) | (100.0) |
| 營業外收(支) (Non-operating gains & losses) | 4 | 3 | 1 | 33.3 |
| 稅前淨利 (Income before tax) | 4 | 8 | (4) | (50.0) |
| 本期淨利 (Net income) | 0 | 4 | (4) | (100.0) |
| 淨利歸屬於母公司業主 (Owners of the Company) | 9 | 9 | 0 | 0.0 |
| 淨利歸屬於非控制權益 (Non-controlling interests) | (9) | (5) | (4) | (80.0) |
| 每股盈餘 (EPS in NT dollar) | 0.05 | 0.05 | 0.00 | 0.0 |
合併現金流量表摘要 (Statement of Cash Flow Overview (Consolidated))
單位: 新台幣百萬元 (Unit: NT$ million)
| 項目 (Item) | 2026 Q1 金額(Amount) | 2025 Q1 金額(Amount) |
|---|---|---|
| 營業活動之現金流(出)入 (CASH FLOWS FROM OPERATING ACTIVITIES) | (31) | (37) |
| 合併稅前淨利 (Net income before tax) | 3 | 8 |
| 折舊費用 (Depreciation) | 20 | 20 |
| 應收款項 (Receivables) | 21 | 66 |
| 存貨 (Inventories) | (46) | (22) |
| 投資活動之現金流出 (CASH FLOWS FROM INVESTING ACTIVITIES) | (10) | (17) |
| 取得按攤銷後成本衡量之金融資產 (Acquisition of financial assets at amortised cost) | 0 | (7) |
| 處分按攤銷後成本衡量之金融資產 (Proceeds from disposal of financial assets at amortised cost) | 7 | 0 |
| 取得不動產、廠房及設備 (Acquisitions of property, plant and equipment) | (15) | (12) |
| 籌資活動之現金流入(出) (CASH FLOWS FROM FINANCING ACTIVITIES) | 4 | 30 |
| 借款淨增加(減少) (Increase (decrease) in loans) | 8 | 36 |
| 本期現金及約當現金增加數 (Increase in cash and cash equivalents) | (16) | (4) |
| 期末現金及約當現金餘額 (Cash and cash equivalents at the end of year) | 568 | 511 |
Recent Performance and Results
集團銷售分析(依產區營收) (Revenues by Subsidiary)
單位: 新台幣百萬元 (Unit: NT$ million)
| 產區 (Subsidiary) | 2026Q1 | 2025Q1 | 增減金額 (Change Amount) | 增減比率 (Change %) |
|---|---|---|---|---|
| 台灣 (Taiwan) | 438 | 386 | 52 | 13.5% |
| 中國 (China) | 59 | 92 | (33) | -35.9% |
| 印尼 (Indonesia) | 75 | 82 | (7) | -8.5% |
| 孟加拉 (Bangladesh) | 20 | 15 | 5 | 33.3% |
| 其他 (Other) | 0 | 0 | 0 | #DIV/0! |
| 合計 (Total) | 592 | 575 | 17 | 3.0% |
合併營收地區別同期比較 (Revenues by Region (Consolidated))
單位: 新台幣百萬元 (Unit: NT$ million)
| 區域 (Region) | 2026Q1 | 2025Q1 | 增減金額 (Change Amount) | 增減比率 (Change %) |
|---|---|---|---|---|
| 台灣 (Taiwan) | 140 | 118 | 22 | 18.6% |
| 中國 (China) | 45 | 75 | (30) | -40.0% |
| 印尼 (Indonesia) | 99 | 105 | (6) | -5.7% |
| 泰國 (Thailand) | 49 | 40 | 9 | 22.5% |
| 菲律賓 (Philippines) | 24 | 30 | (6) | -20.0% |
| 越南 (Vietnam) | 3 | 7 | (4) | -57.1% |
| 馬來西亞 (Malaysia) | 13 | 11 | 2 | 18.2% |
| 孟加拉 (Bangladesh) | 207 | 164 | 43 | 26.2% |
| 其他 (Other) | 12 | 25 | (13) | -52.0% |
| 合計 (Total) | 592 | 575 | 17 | 3.0% |
合併營業毛利 (Gross Profit (Consolidated))
單位: 新台幣百萬元 (Unit: NT$ million)
| 項目 (Item) | 2026Q1 | 2025Q1 | 增減金額 (Change Amount) | 增減比率 (Change %) |
|---|---|---|---|---|
| 台灣 (Taiwan) | 89 | 83 | 6 | 7% |
| 中國 (China) | 4 | 11 | 7 | 0% |
| 印尼 (Indonesia) | 15 | 16 | (1) | -6% |
| 孟加拉 (Bangladesh) | 7 | 5 | 2 | 40% |
| 其他 (Other) | 0 | 0 | 0 | #DIV/0! |
| 合計 (Total) | 115 | 115 | 0 | 0% |
Additional Data
原料成本 Material Cost
主要原料占總原料成本百分比 (2025.1~2026.3) (Unit: % of total material cost)
- 鋯粉 (Zirconium powder): 22%
- 鋯砂 (Zirconium sand): 16%
- 氧化鋅 (Zinc oxide): 15%
- 色料 (Colorants): 14%
- 其他 (Others): 14%
- 鈉長石 (Albite): 4%
- 氧化鋁 (Aluminum oxide): 4%
- 回收鋯 (Recycled zirconium): 3%
- 矽砂 (Silica sand): 3%
- 螢光粉 (Phosphor powder): 3%
- 鉀長石 (Potash feldspar): 2%
原料價格走勢-2022年~2025年第4季 (Material Price Trend – 2022Yr ~ 2025Yr-Q4)
2022/1-2026/3主要原料價格趨勢圖 (Main raw material price trend chart 2022/1-2026/3) 單位: 新台幣/公斤 (Unit: NT$/Kg) 趨勢圖顯示以下主要原料的價格走勢：鋯砂 (Zirconium sand)、氧化鋅 (Zinc oxide)、鋯粉 (Zirconium powder)、氧化鋁 (Aluminum oxide)、鈉長石 (Albite)。
Outlook & Strategy
陶瓷事業部 (Ceramics Division)
- 原訂今年推動沙烏地阿拉伯及埃及等中東市場之開發計畫，惟受美伊戰事情勢影響，相關推進時程爰暫予放緩。
- The original plan to promote the development of Middle Eastern markets such as Saudi Arabia and Egypt this year has been temporarily slowed down due to the situation of the US-Iran war.
- 越南分公司已於6月正式成立，預計8月開始投入陶瓷成釉之生產，計畫整合當地原物料資源，並分散地緣政治所帶來之經營風險。
- The Vietnam branch was officially established in June and is expected to begin ceramic glazing production in August. The plan is to integrate local raw material resources and mitigate geopolitical business risks.
- 本公司已將人工智慧技術導入磁磚圖紋設計作業，有效提升設計稿之品質及產出量能，未來將持續規劃並推動相關商業模式之應用與發展。
- Our company has incorporated artificial intelligence technology into the design of tile patterns, which has effectively improved the quality and output of design drafts. In the future, we will continue to plan and promote the application and development of related business models.
建材事業部 (Building Materials Division)
- 礦物節能塗料產品在台灣陸續取得相關產品認證，產品陸續推廣至全台灣案場。
- Mineral energy-saving coating products have successively obtained relevant product certifications in Taiwan, and the products have been gradually promoted to sales sites throughout Taiwan.
- 本公司與冠軍磁磚(1806)共同合作建築物外牆乾掛施工，工程建案陸續進行中。
- China Glaze is collaborating with Champion Tiles (1806) on the dry-hanging construction of building exterior walls, and the project is underway.
- 結晶化玻璃產品近期已簽約的有T3航站之A14捷運站、艾斯摩爾(ASML)林口新廠、台中BMW旗艦展示中心、台北新東陽大樓、微星科技大樓，未來朝大型建案及公共工程持續推動。
- Recent contracts for crystallized glass products include the A14 MRT station at Terminal 3, ASML's new plant, the BMW showroom in Taichung, Taipei Shin Tung Yang Building, and MSI HQ Building. Future expansion will continue towards public and large construction projects.
新材料事業部 (Advanced Materials Division)
- 螢光玻璃片(PiG)產品目前已導入中國電動車主流高階車款，惟因中國電動車市場於第一季與第二季銷售表現趨緩，對新材料部門營收造成影響。另方面，該產品已成功進入韓國與北美車燈供應鏈，並持續穩定放量出貨，預期今年下半年PiG產品營運成長動能可望轉趨樂觀。
- The company's Phosphor in Glass (PiG) products have already been adopted in high-end electric vehicle models in China. However, the slowdown in sales in the Chinese electric vehicle market during the first and second quarters has impacted the revenue of the new materials division. On the other hand, the product has successfully entered the automotive lighting supply chains in South Korea and North America, and shipments continue to increase steadily. The growth momentum of PiG products is expected to turn optimistic in the second half of this year.
- 開發固態電池用之固態電解質隔離膜材料，配合客戶進度送樣測試中。
- Developing solid electrolyte materials for solid-state batteries, samples are testing in progress.
- 本公司與日本山村硝子共同開發大面積、低介電(Low Dk/Df)及高強度之類晶玻璃陶瓷基板，目前仍在研發階段，藉由類晶玻璃陶瓷之材料韌性等特性，目標開發出低介電與高機械強度之玻璃基板，以因應TGV加工過程中玻璃脆裂等問題。
- We are collaborating with Nihon Yamamura Glass to develop large-area, low-dielectric (Low Dk/Df) and high-strength quasi-crystalline glass-ceramic substrates. Currently, the research and development is still in progress. By leveraging the material toughness and other properties of quasi-crystalline glass-ceramics, the goal is to develop glass substrates with low dielectric and high mechanical strength to address issues such as glass brittleness during TGV processing.