寶齡富錦生技 (1760.TT) 2026Q1 法說會簡報

Company Overview

Panion & BF Biotech Inc.

• Establishment: January 7, 1976, in Taipei, Taiwan.
• IPO Date: January 23, 2018, on Taiwan Stock Exchange Main Board (Ticker: 1760).
• Integration Capability: Vertical Integration Converting R&D, Manufacturing, Branding, Channel Marketing, and Diversification.
• Diversified Business Areas: Our mission is to provide innovative solutions for people with diverse health requirements at every stage of life. Our products and services cover pharmaceuticals, cosme-ceuticals, nutra-ceuticals, infection control, Antiseptics, Pet Care, Diagnostics/IVD, API manufacturing, and customized design/manufacturing services.
• Company Location and branches:
  • Taiwan: HQ, R&D center, and manufacturing sites.
  • China: Subsidiaries and manufacturing sites.
  • Vietnam: Representative office.
• Tagline: Health, Sharing, and Care – Innovative healthcare solutions for a better life.

Disclaimer (Page 2)

• The presentation and the relevant information mentioned in this material, including operating performance, financial performance, and the business outlook, have been compiled from both internal and external resources.
• These forward-looking statements involve known and unknown risks, uncertainties, and other factors, including price variation, competition, global economy, exchange rate movement, and market demand, which may cause actual results to differ materially from those implied by such forward-looking statements.
• This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees, or advisers. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis, and assumptions, and each recipient should satisfy itself in relation to such matters.
• The forward-looking statements expressed in this material reflect the Company's current view about the future as of today. The Company is not responsible for any updates if there are any changes in the future.

Financial Highlights

合併綜合損益表 (Consolidated Income Statement) (單位:新台幣千元)

合併產品別營業收入 (Consolidated Revenue by Product Category) (單位:新台幣千元)

• 註1: 其他-醫美醫材產品及其他營業收入(勞務)。

合併綜合損益表 2026年1-3月同期比 (Consolidated Income Statement YoY Comparison) (單位:新台幣仟元)

合併產品別營業收入 2026年1-3月同期比 (Consolidated Revenue by Product Category YoY Comparison) (單位:新台幣千元)

• 註1: 其他-醫美醫材產品及其他營業收入(勞務)。

Business Segments

PBF 成長架構: 由既有基礎, 發展三支劍 (PBF Growth Framework: Existing Foundation, Three Growth Pillars) 以學名藥與感控事業為基礎, 持續投入研發與資本, 延伸至新藥& API、檢驗、醫美三大成長引擎。

• 創新驅動・永續成長 (Innovation-driven, Sustainable Growth)
  • 既有基礎事業 (Existing Foundation Businesses)
    • 學名藥 (Generics): 穩定供應・專業品質 (Stable supply, professional quality)
    • 感控 (Infection Control): 守護健康・感染防護 (Protecting health, infection prevention)
  • 三大成長引擎 (Three Growth Pillars)
    • 新藥 & 原料藥 (New Drugs & APIs): 由既有藥品基礎延伸 (Extension from existing pharmaceutical foundation)
    • 檢驗 (Diagnostics): 精準檢測與 IVD 布局 (Precision testing and IVD deployment)
    • 醫美 (Medical Aesthetics): 因應老化趨勢, 布局抗衰老 (Addressing aging trends, deploying anti-aging solutions)
• 原有事業體持續穩健運行, 支撐長期投資與新成長動能 (Existing businesses continue to operate steadily, supporting long-term investment and new growth momentum).

從研發布局到長期價值: PBF 健康壽命策略推進 (From R&D Layout to Long-Term Value: PBF Health Longevity Strategy Promotion) PBF's strategy encompasses four key areas:

• 疾病診斷 (Disease Diagnosis)
• 疾病治療 (Disease Treatment)
• 疾病預防 (Disease Prevention)
• 無病抗老 (Anti-aging without disease)

Products & Technologies

創新醫療事業群 (Innovative Medicine)

Nephoxoil® China Approval: Achievement & Key Breakthrough (里程碑與關鍵突破)

1. 藥證取得時程優於原規劃, 提前開啟商業化進程 (Faster-than-Expected Approval Accelerates Commercialization)

   • 2026/4/27: 獲得中國國家藥品監督管理局 (NMPA) 核准, 取得檸檬酸鐵膠囊藥品上市許可 (MAH)。
     • NMPA approval obtained for Nephoxil® (ferric citrate) drug product (MAH).
   • 原預期取證時間 (Original Expectation): Q3 2026
   • 實際核准時間 (Actual Approval): Apr 2026
   • 效益:
     • 較原規劃提前約一季取得 NMPA 藥證 (Approval obtained ahead of schedule (~1 quarter earlier)).
     • 取得 2026 年國家醫保目錄 (NRDL) 申報資格 (Eligible for 2026 NRDL submission).
     • 談判順利之新品最快有機會於 2026 年底納入全國醫保支付體系 (Potential inclusion in national reimbursement list by year-end 2026).
   • 總結: 原預計於第三季度取得藥品上市許可, 在多方整合加速下提前於 4 月底獲批, 使本新藥得參與 2026 年度國家醫保目錄 (NRDL) 申報作業, 加速市場滲透與放量時程。 (NMPA approval was obtained ahead of schedule in April 2026 (originally anticipated in Q3 2026), enabling participation in the 2026 NRDL submission process and accelerating the pathway toward reimbursement-driven market expansion.)

2. 成功取得腹膜透析 (PD) 患者適應症, 擴大目標市場覆蓋 (Expanded Label to Include PD Patients, Expanding Market Coverage)

   • 2026/5/21: 原料藥取得 NMPA 進口上市許可, 完成中國市場多重商業模式所需之關鍵法規里程碑。
     • NMPA approval obtained for API import license, completing a key regulatory milestone that enables multiple commercial models in China.
   • 效益:
     • 核准前 (Before Approval): HD Only (血液透析患者)
     • 核准後 (After Approval): HD + PD (血液透析 + 腹膜透析患者)
     • 擴大潛在用藥族群 (Broader patient population).
     • 提升整體市場規模 (Larger addressable market).
     • 強化長期商業價值 (Stronger long-term commercial potential).
   • 總結: 在未額外執行中國 PD 患者臨床試驗的情況下, 透過法規科學證據整合及監管機關持續溝通, 成功取得涵蓋 HD 及 PD 患者之全適應症核准, 近一步擴大市場機會。(Without conducting additional clinical studies in China, the company obtained approval for both HD and PD indications through robust clinical evidence and ongoing regulatory engagement, further expanding our market opportunity.)

China Market Potential 中國市場發展狀況

• RAPID GROWTH OF HEMODIALYSIS PATIENTS IN CHINA (中國血液透析患者數量快速成長)
  • Hemodialysis Patients (10,000 people) 血液透析患者人數(萬人):
    • 2013: 21.0萬
    • 2023: 91.6萬
    • 2024: 102.7萬
    • Growth in 10 Years: 3.5x (+336%)
  • Hemodialysis patients increased from approximately 210,000 in 2013 to 1.03 million in 2024.
• 2024 DIALYSIS POPULATION IN CHINA (2024年透析患者結構)
  • Total Patients: 1.183 Million (118.3萬人)
    • HD (Hemodialysis): 1.027 Million (87%)
    • PD (Peritoneal Dialysis): 0.156 Million (13%)
• KEY DRIVERS OF GROWTH (市場成長主要驅動因素)
  • Expanding Reimbursement Coverage (醫保覆蓋範圍持續擴大): Broader coverage improves accessibility and affordability.
  • Population Aging (人口老齡化趨勢): The aging population increases the prevalence of end-stage kidney disease.
  • Rising Diabetes & Hypertension (糖尿病及高血壓盛行率上升): Increasing prevalence of chronic diseases drives kidney disease progression.
  • Improved Access to Dialysis Care (透析治療可近性提升): More dialysis centers and improved medical resources enhance treatment access.
• World largest dialysis population 潛在總透析人口估計為二至三百萬人 (Potential total dialysis population estimated at 2-3 million).
  • Source: Chinese National Renal Data System (CNRDS). 19th Conference on Critical Care Nephrology & Blood Purification, Chinese Society of Nephrology, 2025.

Business Model Evolution (商業模式演進)

• PAST: Historical Model
  • Primarily royalty-based revenue from licensing partnerships (United States, Japan).
  • Milestone Payments, Royalties from Licensed Partners, Established Presence in Key Markets.
• TODAY: Current Transition
  • Continuing royalty income while expanding self-commercialization in Asia-Pacific (United States, Japan, China, Taiwan, Korea, Southeast Asia).
  • Manufacturing (自主生產製造), Commercialization & Distribution (經銷與銷售).
• FUTURE: Future Growth Platform
  • Our established multi-revenue platform will accelerate the growth of future new drug pipeline across Asia-Pacific.
  • Platform Capabilities: Manufacturing Platform, Commercial Platform, Regulatory Platform, Partnership Platform.
  • Future Growth Drivers: Nephoxil® (Ferric Citrate), Established Asia-Pacific Platform, Future Pipeline Products, Multiple Revenue Streams.
  • Leveraging our platform to bring future therapies to more patients across Asia-Pacific.
• Strategic Benefits: Diversified Revenue, Greater Control, Stronger Presence, Enhanced Value, Sustainable Growth.

Ferric Citrate Japan

• Riona® 250 tablets
  • 2025: 8,479 million Yen, YOY 4% growth.
  • 2026Q1: 1,861 million yen, YOY 4.7% growth.
  • To date, no generic drug application has been approved for Riona Tablets.
  • Source: Torii pharmaceutical/Shoinogi.

Ferric Citrate USA

• Auryxia® 1000 Tablets
  • 2025 net sales achieved US$178M, due to CMS bundled payment and qualified for TDAPA.
  • 2026Q1: US$36.2M, lower than 2025 due to price competition.
  • In addition to the authorized generic for AURYXIA that has been on the market for the past year, an additional generic form of AURYXIA has entered the market.
• Ferric Citrate EU (Xoanacyl®):
  • Reimbursement submissions are ongoing in selected European countries. Initial launches are targeted for Q4 2026 through 2027.
• Source: www.Akebia.com.

Asia Pacific Market Expansion

• NEPHOXIL® (Generation I, ESRD Dialysis 末期腎病透析市場)
  • KOREA: >100,000 dialysis patients. LG Chem 2026 maintains expansion.
  • CHINA: >1 million dialysis patients. MAH approval in Apr 2026, is applying NRDL.
  • THAI: ~150,000 dialysis patient. DKSH 2026 continue market development.
  • South east Asian: In talks with potential distributors.
• FEXENOL® (Generation II, CKD 3-5 慢性腎病市場)
  • TAIWAN: 2.6 million CKD patients. Late stage NDA review targeting IDA and phosphate lowering effect.
  • Animal Use (NephoPet): Ferric citrate for CKD Pets: >140k pet cat, >200 pet dog. Clinical study for CKD pets is undergoing. Nephoxil Animal use license approval.
  • API progress: PBF's territories (Asia, CN, KR, TW, and others): Ready to supply. Global US/EU/JP: Customized process validation in progress and in talks with potential partners.

New Drug Pipeline 新藥開發進行中

• PBF-501 AR inhibitor for Acne
  • Acne, Androgen Receptor Inhibition 雄性素受體抑制之痤瘡治療新藥 505(b)(2).
  • Secured 8 Patents Across 7 Major Markets | 已取得台、美、中、歐等七國共八項專利.
  • Formulation optimization and IP development.
• PBF-502 ED Tri-Combo
  • Patented New combination for ED | 專利三合一性功能障礙治療新複方新藥 505(b)(2).
  • Exclusive License in Taiwan; 1st Priority Greater China | 台灣獨家授權, 中港澳第一優先權.
  • Formulation optimization and IP development.

創新診斷事業處 (Innovative Diagnostics Division) - Vstrip 飛確

IVD開發進度 IMD Development Status 2025~2027

2025全球IMD許可證概況 Global Approval Status

• Taiwan: 18
• US: 5
• Guatemala: 3
• Canada: 1
• Thailand: 1
• Singapore: 2

Pathogens of various kinds (Vstrip 飛確)

• 呼吸道病原 (Respiratory Pathogen)
  • 新型冠狀病毒 (Sars-Cov-2)
  • 流感病毒 (Influenza Virus)
  • 呼吸道融合病毒 (RSV)
  • 腺病毒 (Adenovirus)
  • A型鏈球菌 (GAS)
  • 嗜肺性退伍軍人桿菌 (L. pneumophila)
  • 肺炎鏈球菌 (S. pneumoniae)
  • 肺炎黴漿菌 (M. pneumoniae)
  • 人類間質肺炎病毒 (hMPV)
  • 副流感病毒 (Parainfluenza Virus)
• 其他病原 (Others)
  • B型鏈球菌 (GBS)
  • 登革熱病毒 (Dengue Virus)
  • 屈公病病毒 (Chikungunya Virus)
  • B型肝炎病毒 (HBV)
  • C型肝炎病毒 (HCV)
• 性傳染病原 (STD Pathogen)
  • 人類免疫缺乏病毒 (HIV)
  • 梅毒螺旋體 (T. pallidum)
  • 淋病雙球菌 (N. gonorrhoeae)
• 腸胃道病原 (Gastrointestinal Pathogen)
  • 幽門螺旋桿菌 (H. pylori)
  • 輪狀病毒 (Rotavirus)
  • 腺病毒 (Adenovirus)
  • 困難梭狀桿菌 (C. difficile)
  • 諾羅病毒 (Norovirus)
  • 腸病毒 (Enterovirus)
  • 沙門氏菌 (Salmonella)

Signals in the blood (Vstrip 飛確)

• 發炎指標 (Inflammation Marker)
  • 前降鈣素 (PCT)
  • C反應蛋白 (CRP)
  • 介白素6號 (IL-6)
• 癌症指標 (Cancer Marker)
  • CA125
  • CA15-3
  • CA199
  • PSA
• 全血細胞分析 (Complete Blood Count)
  • RBC, WBC, PLT, Hb, Neut%, MPV, HCT, Lymph%, PDW, MCV, Mono%, PCT, MCH, Eos%, MCHC, Baso%
• 心臟指標 (Cardiac Marker)
  • 心肌鈣蛋白 (Troponin)
  • B型利鈉利尿胜肽 (BNP)
  • 肌酸磷酸酶 (CK-MB)
• 血液生化檢驗 (Biochemistry)
  • 血脂 (Lipid Profile)
  • 肝功能 (Liver Function)
  • 腎功能 (Kidney Function)

Technology Platforms, Software, and Systems

• Technologies: qPCR, LFIA, LAMP, EWOD, CLIA, COLORIMETRY, Optical Scattering, Microfluidics, ELISA, Electrical Impedance, Multiplex, AI, CLOUD, Hot Spot Analysis, IoT.
• Devices:
  • NANA HT (prototype)
  • NANA S1
  • Self-Applied Capillary Blood Collection Device (for decentralized POCT sampling)
• Test Kits:
  • Vstrip Res3 (Flu AB & COVID-19)
  • Vstrip iFOB & H. pylori
  • Vstrip Res6 (Flu AB & COVID-19 & RSV ADV & HMPV)
  • Vstrip 5-in-1 Respiratory Panel (Flu A, Flu B, COVID-19, RSV, Adenovirus)

POCT Diagnostics Ecosystem

• OUR ECOSYSTEM: From Rapid Detection to Data Intelligence, Empowering Health Everywhere.
  • 1. RAPID DETECTION: POCT test kits, High sensitivity, Easy to use.
  • 2. POCT CONNECTIVITY: POCT devices, Auto data capture, Secure transmission.
  • 3. CLOUD PLATFORM: Data upload & management, Real-time sync, Secure & Scalable.
  • 4. DATA ANALYTICS: AI analytics engine, Trend analysis, Risk prediction.
  • 5. APPLICATIONS: Multi-role applications, Insights for better health decisions (Health Management App, Clinician Management Web App, Public Health Surveillance Dashboard).
• PRODUCT PIPELINE: Categories of Future Products
  • 1. LATERAL FLOW IMMUNOASSAY PLATFORM: Infectious disease rapid tests, Low-cost, easy-to-use POCT.
  • 2. QUANTITATIVE BLOOD TESTING: Quantitative blood biomarker measurement, Biochemistry and immunoassay applications, Higher analytical precision.
  • 3. MICROFLUIDIC CHIP INTEGRATION: Integrated sample handling, Reagent miniaturization, Multi-technology lab-on-chip design.
  • 4. LOW-VOLUME BLOOD SAMPLING PLATFORM: Fingerstick whole blood compatible, Sample volume within 500 µL, Designed for convenient near-patient testing.
  • FUTURE EXPANSION: From LFA to quantitative microfluidic blood diagnostics.
• USE CASES
  • 1. HEALTH MANAGEMENT APP: For general users to manage their health anytime, anywhere (Personal test records, Health trend tracking, AI health insights & reminders, Data sharing with family / clinicians).
  • 2. CLINICIAN WEB APP: For healthcare professionals to manage patients efficiently (Patient management, Test results & history, Trend analysis & reports, Clinical decision support).
  • 3. PUBLIC HEALTH SURVEILLANCE DASHBOARD: For public health authorities to monitor infectious disease in real time (Case trends & statistics, Hotspot dynamic map, Early warning & alerts, Data-driven policy support).

Vstrip 飛確 - Streamline the workflow from diagnosis to medical decision!

• 檢驗試劑 (Test Reagents):
  • 病原檢測 (Pathogen Detection)
  • 生物標記檢測 (Biomarker Detection)
  • 細胞檢測 (Cell Detection)
• 檢驗儀器 (Instruments):
  • 基層醫療單位 (Primary Care Facilities)
  • 醫學中心 (Medical Centers)
  • 家用 (Home Use)
• 數據管理 (Data Management):
  • 疾病診斷 (Disease Diagnosis)
  • 療效評估 (Treatment Monitoring)
  • 疾病預測 (Disease Prediction / Prognosis)
  • 健康管理 (Health Management)
• Diagnosis within 30 min (30分鐘內完成診斷).

醫美抗衰老市場 (Medical Aesthetics Anti-Aging Market) - Anti-Aging Platform

同一浪潮的另一端-醫美抗衰老市場 (The Other End of the Same Wave - Medical Aesthetics Anti-Aging Market)

• 老化 → 抗老凍齡意識抬升, 市場結構性成長 (Aging → Increased awareness of anti-aging and freezing age, structural market growth).
• 醫美抗衰老端 (Medical Aesthetics Anti-Aging Segment)
  • 變老 → 抗老凍齡意識抬升 (Aging → Increased awareness of anti-aging and freezing age).
  • PLLA、外泌體+PRP、雕塑線、微針 (PLLA, Exosomes+PRP, Aesthetic Threads, Microneedles).
  • 台灣醫美市場規模突破 600億元 (Taiwan's medical aesthetics market size exceeds NT$60 billion) (含自費醫美手術:隆乳、抽脂、整型) (including self-paid cosmetic surgeries: breast augmentation, liposuction, body contouring).
• 同一個人口趨力, 往醫美這端推升的是『抗老凍齡』需求。(The same demographic trend drives the demand for 'anti-aging and freezing age' in medical aesthetics.)

以「深度」組織產品線 (Depth-based Portfolio) 表層凍齡(非侵入) → 中胚層(再生)→ 深層逆齡(侵入) (Surface layer anti-aging (non-invasive) → Mesoderm (regeneration) → Deep layer anti-aging (invasive)).

• 表層・微針平台 (Surface Layer・Microneedle Platform)
  • WSP 美白/除皺微針 (Whitening/Anti-wrinkle Microneedles)
  • SMP 偽髮 (196 needles/cm² ) (SMP Hair Simulation)
• 中胚層・再生醫美 (Mesoderm・Regenerative Medical Aesthetics)
  • 外泌體+PRP (PxoBang) (Exosomes+PRP)
  • 多分子玻尿酸 (珍珠水光) (Multi-molecular Hyaluronic Acid)
• 深層·微創醫美 (Deep Layer・Minimally Invasive Medical Aesthetics)
  • PLLA 微米球 (注射) (PLLA Microspheres (injection))
  • 一體成形雕塑線 (埋線) (Integrated Molding Aesthetic Threads (thread lift))

深層: PLLA 微米球 + 一體成形雕塑線 (Deep Layer: PLLA Microspheres + Integrated Molding Aesthetic Threads)

• 技術差異化 | 國產自有專利 (Technological Differentiation | Domestic Patents)
• PLLA 微米球 (皮膚填補劑) (PLLA Microspheres (Dermal Filler))
  • 微球 30-100µm, 表面光滑、內部實心 (Microspheres 30-100µm, smooth surface, solid interior).
  • 全層次施打, 淺層至深層皆適用 (Full-layer injection, suitable for superficial to deep layers).
• 保娱妍® 一體成形雕塑線 (PBF Aesthetic Threads)
  • 一體成形鑄模 >38.2N, 優於切割/壓印 (Integrated molding >38.2N, superior to cutting/stamping).
  • 雙鉤針、0.15mm 等距間距 → 全臉拉力分布最均勻 (Double barbed, 0.15mm equidistant spacing → most even tension distribution across the face).

Hero Product: 外泌體 + PRP 與多分子玻尿酸 (Hero Product: Exosomes + PRP and Multi-molecular Hyaluronic Acid)

• 中胚層再生醫美 | 獨家標準化技術 (Mesoderm Regenerative Medical Aesthetics | Exclusive Standardized Technology)
• 外泌體 + PRP (PxoBang)
  • 活性保護技術 (Double Umbrella ): 目前唯一可室溫保存 3年, 確保活性穩定 (Active protection technology: currently the only one that can be stored at room temperature for 3 years, ensuring stable activity).
  • 外泌體 + PRP 萃取技術: 再生醫療獨有的雙效凍晶粉, 定性定量標準化 (Exosomes + PRP extraction technology: unique dual-effect lyophilized powder for regenerative medicine, qualitatively and quantitatively standardized).
• 多分子玻尿酸 (珍珠水光) (Multi-molecular Hyaluronic Acid (Pearl Glow))
  • 專利分子切割技術: 9種分子量, 皮膚上/中/下各層全面補水 (Patented molecular cutting technology: 9 molecular weights, comprehensive hydration for all skin layers (surface, middle, deep)).
  • 非交聯玻尿酸、無交聯劑殘留, 降低交聯劑殘留疑慮 (Non-crosslinked hyaluronic acid, no crosslinking agent residue, reducing concerns about crosslinking agent residue).

表層: 微針平台, 模組化標靶層 (Surface Layer: Microneedle Platform, Modular Targeted Layer)

• 先進鑄模製程 | 一針兩體 - 疊加式雙重微針技術 (Advanced Molding Process | One Needle, Two Bodies - Stacked Dual Microneedle Technology)
• 196 needles/cm²: 高密度矩陣, 精準遞送 | 針尖(標靶層)+針體(載體層) (High-density matrix, precise delivery | Needle tip (targeted layer) + needle body (carrier layer)).
• 產品線:
  • 美白淡斑 (Whitening/Spot Removal): 196 needles, 2026/9 上市 (Launch).
  • 除皺拉提 (Wrinkle Lifting): 81 needles, 2026/9 上市 (Launch).
  • 眼膜微針 (Eye Mask Microneedle): 2026/10 上市 (Launch).

感控市場 (Infection Control Market) - CHG Technology Platform

寶齡感控市場的核心: CHG 技術平台, 多產品衍生 (PBF Infection Control Market Core: CHG Technology Platform, Multi-product Derivations)

• 同一核心成分 Chlorhexidine Gluconate 2%, 多場景衍生 (Same core ingredient Chlorhexidine Gluconate 2%, derived for multiple scenarios).
• CHG 2% 核心平台 (CHG 2% Core Platform)
  • CHG 2% 擦澡組 (CHG 2% Wipes): 皮膚消毒 | 旗艦 (Skin disinfection | Flagship product).
  • 牙周凝膠 (Periodontal Gel): 牙科 | 已上市 (Dental | Marketed).
  • 口腔抗炎漱洗液 (Anti-inflammatory Mouthwash): 無酒精照護 | 已上市 (Alcohol-free care | Marketed).
• 從『產品清單』升級為『技術平台』——同一核心, 跨皮膚、牙科、口腔多場景衍生。(Upgraded from 'product list' to 'technology platform' — same core, extended across skin, dental, and oral scenarios.)

Clients & Markets

使用情境 Application Scenario (Vstrip 飛確)

• 照護點醫療 (POC Medical Services)
  • 居家住宅 (Home Care / Residential Care)
  • 基層診所 (Primary Care Clinics)
  • 長照中心 (Long-Term Care Centers)
• 政策接軌 (Policy Alignment)
  • 提升醫療分層 (Strengthen Tiered Healthcare)
  • 提升到宅醫療 (Expand Home-Based Healthcare)
  • 提升醫療韌性 (Enhance Healthcare Resilience)
  • 減少抗生素濫用 (Reduce Antibiotic Overuse)
  • 減少診斷延遲 (Reduce Diagnostic Delays)

Clinic-Based POCT (診所即時檢測)

• 上呼吸道檢測 (Respiratory Infection Testing)
• 抗生素管理 (Antibiotic Stewardship)
• 慢性病管理 (Chronic Disease Management)

Home-Based Care (到宅醫療)

• 到宅 POCT 檢測 (At-Home POCT)
• 長照與高齡監測 (Elderly & Long-Term Care Monitoring)
• 感染與急性症狀評估 (Infection & Acute Symptom Assessment)

Disaster Medicine & Humanitarian Aid (災難醫療&人道救援)

• 現場快速分流 (On-site Rapid Triage)
• 傳染病群聚監測 (Infectious Disease Cluster Monitoring)
• 慢病與高風險追蹤 (Chronic Disease & High-Risk Follow-up)

Public Health Trend Analysis (公衛趨勢分析)

• 傳染病熱點監測 (Infectious Disease Hotspot Monitoring)
• 區域風險預警 (Regional Risk Alerts)
• 公衛決策與資源配置 (Decision-Making & Resource Allocation)
  • Example: Taipei City Influenza Hotspot Map (Day 0, Day 7, Day 14) showing influenza transmission intensity.

Home Testing & Health Monitoring (居家檢測與健康監控)

• 預防醫學與健康管理 (Preventive Medicine & Health Management)
• 居家感染檢測 (Home Infection Testing)
• 居家慢病追蹤 (Home Chronic Disease Monitoring)
• 出院後追蹤 (Post-Discharge Follow-up)

擦澡巾的市場, 三層需求 (Wipe Market: Three Layers of Need) 由專業院內, 逐層擴散至居家 (From professional inpatient, gradually expanding to home care).

• 院內感染防線 (Inpatient Infection Control): 醫院①術前②術後③加護病房(ICU)緊急消毒處置 (Hospital: pre-op, post-op, ICU emergency disinfection).
  • 手術人次每年約 231 萬人〔衛福部,2024年〕 (Approx. 2.31 million surgeries annually [Ministry of Health and Welfare, 2024]).
• 長照機構照護 (Long-Term Care Facilities): 慢性重症長期臥床病患清潔消毒 (Cleaning and disinfection for chronically ill, long-term bedridden patients).
  • 平均住院 9.29 天〔衛福部統計處, 2024年〕 (Average hospital stay 9.29 days [Ministry of Health and Welfare Statistics, 2024]).
• 居家照護市場 (Home Care Market): 專業信任建立後, 放大消費 / 居家市場 (After establishing professional trust, expanding consumption / home market).
  • 由內而外的滲透機會 (Inward-outward penetration opportunity).
  • 院內 → 長照 → 居家, 不是三個孤立市場, 而是一條滲透路徑。(Inpatient → Long-term care → Home care, not three isolated markets, but a penetration pathway.)

ESG / Sustainability

2025年度溫室氣體盤查 (2025 Greenhouse Gas Inventory)

• 依循標準 (Adherence Standards): 國際標準: ISO 14064-1: 2018.
• 組織與報告邊界 (Organizational and Reporting Boundaries):
  • 盤查期間: 2025/01/01 ~ 2025/12/31。
  • 營運邊界: 採營運控制法, 全面盤查集團內外共 8 個廠址。
    • 台灣母公司: 包括台北總公司、平鎮廠、龍潭研發中心、汐止廠(含二廠與三廠區).
    • 子公司: 正峰化學製藥大園廠(台灣)、珠海廠(中國).
    • 變動據點: 汐科廠(營運至 2025/04/30, 後併入平鎮廠).
• 第三方查證機構 (Third-Party Verification Body):
  • BSI (英國標準協會)進行查證, 類別1與類別2達到最高標準的合理保證等級。(BSI (British Standards Institution) conducts verification, achieving the highest level of reasonable assurance for Category 1 and Category 2.)
• 時程 (Timeline):
  • 2026/03~04: 完成內部查證 (Internal verification completed).
  • 2026/06/04: BSI 第一階段審查 (BSI Phase 1 review).
  • 2026/06/16: BSI 第二階段審查 (BSI Phase 2 review).
  • 22026/07: 預計取得盤查意見書 (Expected to obtain verification opinion).

2025年度永續報告書 (2025 Sustainability Report)

• 報告書編製標準與亮點 (Report Preparation Standards and Highlights):
  • 國際接軌標準: 依據 GRI 2021 核心標準、SASB 醫療保健(生物技術與製藥)行業分類編製。(International alignment: Prepared according to GRI 2021 Core Standards, SASB Healthcare (Biotechnology & Pharmaceuticals) industry classification.)
  • 法令遵循: 遵循「公司治理 3.0 - 永續發展藍圖」及證交所作業辦法。(Legal compliance: Adheres to "Corporate Governance 3.0 - Sustainable Development Blueprint" and Taiwan Stock Exchange operating procedures.)
  • 核心內容: 彙整 2025 年公司治理、經濟、產品服務、環境與社會等各面向之具體成果與數據, 將揭露於公開資訊觀測站及官網。(Core content: Consolidates concrete achievements and data across various aspects of corporate governance, economy, product services, environment, and society for 2025, to be disclosed on the Market Observation Post System and official website.)
• 報告範疇與報導期間 (Reporting Scope and Period):
  • 報導期間: 2025/01/01 ~ 2025/12/31。
  • 涵蓋範疇:
    • 台灣母公司: 包括台北總公司、平鎮廠、龍潭研發中心、汐止廠(含二廠與三廠).
    • 子公司: 正峰化學製藥大園廠(台灣)、珠海廠(中國).
    • 變動據點: 汐科廠(營運至 2025/04/30, 後併入平鎮廠).
• 第三方查證機構 (Third-Party Verification Body):
  • 委由 BSI (英國標準協會)執行獨立查證並簽發獨立保證意見聲明書。(Commissioned BSI (British Standards Institution) to conduct independent verification and issue an independent assurance statement.)
• 利害關係人 (Stakeholders): 股東及投資人 (Shareholders & Investors), 供應商 (Suppliers), 員工 (Employees), 顧客 (Customers), 政府與監管機構 (Government & Regulators), 子公司 (Subsidiaries).
• 時程 (Timeline):
  • 22026/06/09: BSI 第一階段審查 (BSI Phase 1 review).
  • 22026/06/23: BSI 第二階段審查 (BSI Phase 2 review).
  • 22026/07: 預計取得 AA1000AS 保證 (Expected to obtain AA1000AS assurance).

IFRS永續揭露準則及導入 (IFRS Sustainability Disclosure Standards and Implementation)

• 依主管機關規定, 資本額未滿 50 億元之上市公司: 本公司屬第三階段導入企業。(According to regulatory requirements for listed companies with capital less than NT$5 billion, the Company belongs to the third phase of implementation.)
• 寶齡富錦攜手 KPMG 推動及導入 IFRS 永續永續揭露準則 (S1及S2)。此將於 2029 年正式適用及發布, 採 IFRS 永續揭露準則揭露之 2028 年永續資訊。同時納入股東會年報【永續專章】。(Panion & BF Biotech Inc. partners with KPMG to promote and implement IFRS Sustainability Disclosure Standards (S1 and S2). These will be officially applied and published in 2029, with 2028 sustainability information disclosed under IFRS Sustainability Disclosure Standards. It will also be included in the annual report as a [Sustainability Chapter].)
• 全面性落差分析 (Comprehensive Gap Analysis):
  • 由 KPMG 專業團隊協助, 針對現行「環境(E)」、「社會(S)」、「治理(G)」三面向進行全面盤點, 對標國際頂尖同業, 鑑別出關鍵優化機會點。(Assisted by KPMG's professional team, a comprehensive review of current "Environmental (E)," "Social (S)," and "Governance (G)" aspects is conducted, benchmarking against top international peers to identify key optimization opportunities.)
• 建構完整永續策略藍圖 (Building a Complete Sustainable Strategy Blueprint):
  • 結合公司「生技醫療」核心本業, 量身打造中長期減碳路徑與永續發展指標(KPIs), 將 ESG 精神深度內化至日常營運決策。(Integrating the company's core biotechnology and healthcare business, a tailored long-term decarbonization pathway and sustainable development indicators (KPIs) are established, deeply embedding ESG principles into daily operational decisions.)
• 強化資訊揭露公信力 (Strengthening Information Disclosure Credibility):
  • 透過 KPMG 會計師事務所的專業與深入輔導, 優化永續報告書(GRI/SASB)之數據搜集流程, 大幅提升未來對外【財務】與【非財務】資訊揭露的透明度與準確性。(Through professional and in-depth guidance from KPMG accounting firm, the data collection process for sustainability reports (GRI/SASB) is optimized, significantly enhancing the transparency and accuracy of future external [financial] and [non-financial] information disclosure.)

Outlook & Strategy

一個人口浪潮, 兩端變現 (One Demographic Wave, Two Ends of Monetization) 超高齡社會下的 PBF — 疾病預防 × 無病抗老 (PBF in a super-aged society — Disease Prevention × Anti-aging without disease).

• 20.06%: 65 歲以上人口占比·2025 年底台灣正式邁入超高齡社會(內政部) (Percentage of population aged 65 and above. By the end of 2025, Taiwan officially enters a super-aged society (Ministry of Interior)).
• 感染控制 (Infection Control): 失能臥床・長照・院內感染 (Disabled bedridden, long-term care, nosocomial infections).
• 醫美抗衰老 (Medical Aesthetics Anti-aging): 抗老凍齡意識抬升 (Rising awareness of anti-aging and freezing age).

抗老市場的生產、擴產: 成長的產能後盾 (Production and Expansion for the Anti-Aging Market: A Growing Capacity Backbone) 平鎮廠二期已量產、產能倍增; 三期擴建中 (Pingzhen Plant Phase II is in mass production, capacity doubled; Phase III is under expansion).

• 二期・已完工正式量產 (Phase II · Completed and in formal mass production)
  • 消費品產線 (保健 + 化妝) (Consumer product lines (health supplements + cosmetics)).
  • 產能已放大 2 倍, 外泌體與玻尿酸已量產 (Capacity has doubled, exosomes and hyaluronic acid are in mass production).
  • 主供: 生活事業處 + 抗衰事業處 (Mainly supplies: Lifestyle business unit + Anti-aging business unit).
  • 產能領先佈局 → 可支撐後續成長 (Leading capacity layout → can support future growth).
• 三期・2026 Q3 起建照/招標 (Phase III · Building permit/bidding from Q3 2026)
  • 西藥原物料倉庫 (PIC/S GMP ) (Western medicine raw material warehouse (PIC/S GMP)).
  • 半固型製劑西藥廠 + 醫材廠 (Semi-solid dosage form Western medicine plant + medical device plant).
  • 醫材廠落成後, PLLA 轉回平鎮放大量產 (After the completion of the medical device plant, PLLA will be transferred back to Pingzhen for mass production).
  • 2026/5 整地完成 (Site leveling completed in May 2026).
• 產能後盾: 二期產能已倍增並預留成長餘裕, 產線就緒、可隨業務放量同步擴充 (Capacity Backbone: Phase II capacity has doubled and reserved for future growth, production lines are ready, and can expand simultaneously with business volume).

Additional Data

依Milestone,穩步推進 (Progressing Steadily by Milestone)

• 里程碑逐一兌現 (Milestones Realized One by One)
  • CHG 擦澡組 (CHG Wipes): 關鍵臨床完成 (Key clinical trials completed). 2026/7底前送件 (Submission by end of July 2026).
  • PLLA 微球 (PLLA Microspheres): 查登送件 11/11 (Application submitted 11/11). 近期領證上市 (License expected soon for market launch).
  • 保娱妍平滑線 17/45cm (PBF Aesthetic Threads 17/45cm): 已上市 (Marketed).
  • 平鎮二期 (Pingzhen Phase II): 完工量產 (Completed and in mass production). 保健&藥妝廠產擴大兩倍 (Health and cosmetic product capacity doubled).
• 2026 催化劑日曆、醫美(逆齡、凍齡)全面布局 (2026 Catalyst Calendar, Comprehensive Deployment in Medical Aesthetics (Anti-aging, Freezing Age))
  • 2026/5: 雕塑線 17/45cm (Aesthetic Threads 17/45cm) - 已上市 (Marketed).
  • 2026/7: 珍珠水光 (Pearl Glow) - 規劃上市 (Planned launch).
  • 2026/9: 美白/除皺微針 (Whitening/Anti-wrinkle Microneedles) - 規劃上市 (Planned launch).
  • 2026/10: 眼膜微針 (Eye Mask Microneedle) - 規劃上市 (Planned launch).
  • 2026/12: PLLA 微球 (PLLA Microspheres) - 取證目標 (Target for license acquisition).

診斷延遲 Diagnostic Delay &共病時間 Duration of Comorbidities

| 疾病 | 診斷延遲的定義 | 延遲比例/時間 | 來源 | 若診斷延遲 → 典型共病/併發症 | 關聯性說明