美利達 2026年6月法人說明會

Company Overview

• 公司名稱: 美利達 (MERIDA)
• 法人說明會日期: 2026/6/26
• 集團介紹: 美利達集團 (Merida Group Info)
• 企業組織架構 (Organization Chart):
  • MERIDA
    • 台灣: 台灣MERIDA INDUSTRY CO., LTD
    • 德國: MERIDA & CENTURION GERMANY GMBH
    • 荷蘭: MERIDA BENELUX B.V.
    • 挪威: MERIDA NORDIC AS
    • 英國: MERIDA BICYCLES LTD.
    • 日本: MERIDA JAPAN CO., LTD.
    • 波蘭: MERIDA POLSKA SP. Z O.O.
    • 中國:
      • 深圳 MERIDA BICYCLE (CHINA) CO., LTD
      • 山東 MERIDA BICYCLE (SHANDONG) CO., LTD
      • 江蘇 MERIDA BICYCLE (JIANGSU) LTD
• 研發行銷及生產基地 (Marketing, R&D, and Factory Locations):
  • 德國廠 (Germany)
  • 德國研發行銷中心 (Germany Headquarter)
  • 中國:
    • 山東德州廠 (Shandong)
    • 江蘇南通廠 (Nantong)
    • 深圳廠 (Shenzeng)
  • 台灣總部+工廠 (Taiwan Headquarter)
• 德國研發行銷中心 (Marketing and R&D Center, Germany) 功能:
  • 貼近主要市場 (Close To Market)
  • 市場行銷 (Marketing)
  • 產品開發 (Product Development)
  • 車隊管理 (Race Team Management)

Financial Highlights

• 集團營業毛利率 (Gross Margin %):
  • 集團整體毛利率回升,主因:
    • 市場端銷售的新車比重持續升高,需折扣出清的舊庫存比重降低 (Higher new product mix on the sales (less discounted products to sell))
    • 匯率的變動相較去年穩定 (More stable foreign exchange movements compared with last year)
  • 毛利率數據:
    • 2025 Q1: 16.55%
    • 2025 Q2: 14.85%
    • 2025 Q3: 13.60%
    • 2025 Q4: 10.02%
    • 2026 Q1: 16.60%

Business Segments

• 美利達集團營收分佈 (Merida Group Revenue Breakdown):
  • 2026 Q1:
    • SUBSIDIARIES (子公司): 33%
    • CHINA DOMESTIC (大陸內銷): 16%
    • TAIWAN EXPORT (台灣廠): 51%
  • 2025 (全年):
    • SUBSIDIARIES (子公司): 21%
    • CHINA DOMESTIC (大陸內銷): 16%
    • TAIWAN EXPORT (台灣廠): 62%
  • 子公司比重增加的原因 (Key drivers on the higher subsidiary sales %):
    1. 子公司於Q1銷售成長16% (Q1 subsidiary sales +16%)
    2. 台灣廠謹慎控制訂單及出貨量 (Taiwan operations maintained prudent control on orders and shipments)

Products & Technologies

• 新產品陸續上市 (New products launches):
  • Lethos (e-bike): Launched on 6/19 (2026)
  • REACTO (公路車): 3/6新車發表,市場反應熱烈 (Good reception after 3/6 launch of new REACTO bike)
  • 過去一年在德國及西班牙舉辦3場全球新車發表會,尤其德國的場次超過800人參加。今年夏天會在德國再舉辦一場大型的年度全球新車發表會。隨著庫存回歸較健康水位,加速新產品布局 (Successfully hosted three global launches in Germany and Spain in the past 12 months, with the German dealer event drawing over 800 attendees. Another global launch is slated for Germany this summer. Backed by normalized inventory levels, we are now accelerating our new product pipeline.)
  • 各品牌陸續推出新車款活絡市場: 隨著舊庫存逐漸減少,各品牌陸續開始推出新車款。例如美利達及巨大在3月6日同時推出新一代的 REACTO 及 PROPEL 公路車。(New Model Launches Stimulate the Market: As old inventory going away, brands are rolling out new models to push on market sales. For example, on March 6, Merida and Giant simultaneously launched the next-generation REACTO and PROPEL road bikes.)
  • 今年3月有新公路車上市,6月也有新電動車發表,7月將在歐洲舉辦全球新產品發表會邀各國車店參加 (New road bike launched in March, e-bike in June, and global dealer event in Europe scheduled for July.)
• 台灣廠銷往歐洲市場的車款比例 (Category of bikes shipped from Taiwan to Europe) (By Qty 台數):
  • 2025:
    • 電動車-登山車 (eMTB): 35%
    • 自行車-公路車 (Road): 32%
    • 電動車-城市車 (eCity): 13%
    • 自行車-登山車 (MTB): 10%
    • 電動車-公路車 (eRoad): 5%
  • 2024:
    • 電動車-登山車 (eMTB): 32%
    • 自行車-公路車 (Road): 30%
    • 自行車-登山車 (MTB): 15%
    • 電動車-城市車 (eCity): 15%
    • 自行車-城市車: 5%
    • 電動車-公路車: 2%
  • 趨勢: Road + eMTB仍是銷售的主力,二者合計佔67%的數量。eMTB取代了部份MTB的市場 (Road + eMTB contributes to 67% of the sales. eMTB taking pedal MTB market.)

Clients & Markets

• 美利達品牌銷售據點 (Merida Brand Sales Network):
  • 58個銷售國家 (58 Countries)
  • 歐洲是主要市場 (Europe is the main market)
  • 沒有在北美銷售 (Not in North America)
• 台灣廠外銷區域比例 (Sales % by Markets from Taiwan Factory):
  • 2026 Q1:
    • 歐洲 Europe: 57.36%
    • 北美洲 North America: 25.41%
    • 亞洲 Asia: 7.27%
    • 中南美洲 Central and South America: 5.05%
    • 大洋洲 Oceania: 4.91%
  • 2025 (全年):
    • 歐洲 Europe: 56.67%
    • 北美洲 North America: 23.76%
    • 亞洲 Asia: 10.5%
    • 中南美洲 Central and South America: 5.32%
    • 大洋洲 Oceania: 3.76%
  • 備註: 北美洲含加拿大, 2025年 美國銷售佔集團15% (North America includes Canada, US sales accounted for 15% of the group in 2025)
• 市場概況 (Market Situation Update):
  • 雖然庫存去化仍未結束,市場有溫和成長的跡象: 歐洲及中國的銷售都有逐漸好轉 (Although inventory destocking is still ongoing, there are signs of modest market recovery, with gradual sales improvement in both European and China markets.)
• 中國市場銷售優於預期 (China market: Sales Better Than Expected):
  • 2026年1月-5月表現: 累計至5月底,銷售數量成長11%,金額成長4%: 春天銷售季節起,中低階車款的銷售有出現明顯的成長,帶動整體銷售金額回升 (Jan - May: Units +11%, Revenue +4%, driven by stronger demand in entry to mid level bikes.)
  • 細分市場成長: 入門款及登山車逆勢成長: 市場消費降級與理性回歸實用取向。運動風氣仍在,網紅帶貨及打卡文化退潮,回到理性成長 (Entry-level and MTB segments grew, driven by consumers shifting to lower-priced and more utility-oriented products. Influencer-driven demand has eased, with the market returning to more rational growth.)
• 歐洲市場穩定成長 (European market: Stable Growth):
  • 2026年1月-5月表現: 累計至5月子公司銷售成長13%: 市場庫存水位逐漸回復正常,加上新車上市加持,市場銷售優於去年 (Sales from subsidiaries grew 13% from Jan to May. Market inventory levels have gradually returned to normal, and new product launches have supported sales performance, leading to the growth.)
• 美國市場能見度仍低 (The US market: Visibility Low):
  • 轉投資公司: 2025年起回復獲利: 營運好轉 (Investee Company Returning to Profitability)
  • 整體市場狀況: 整體市場仍在低點: 如美國業界媒體Bicycle Retailer 2026/2/26報導, 2025年市場進口成車數量仍在低點 (As reported by Bicycle Retailer on Feb. 26, 2026, the number of bicycles imported to the U.S. in 2025 remained at a low level)
  • 挑戰: 政經及可能的通膨因素影響,恢復成長的速度可能會比歐洲慢 (Market situation remains challenging: Due to political and economic factors such as tariffs and inflation, there are more challenges in the market, and it is more difficult to predict future market trends.)

ESG / Sustainability

• 永續報告書 (由SGS認證) (Sustainability Report (SGS Certified)):
  • 最新版本是在2025年8月公布 (Latest Report Released in Aug 2025)
  • 報告連結:
    • English: https://merida-cdn.m-c-g.net/merida-v2/media-raw/countries/zh-tw/esg/2024-merida-esg-report-en20250826.pdf?p3
    • 中文: https://merida-cdn.m-c-g.net/merida-v2/media-raw/countries/zh-tw/esg/2024-merida-esg-report-cn20250807.pdf?p1
• 勞動人權符合國際標準 (Labor practices comply with international standards):
  • 移工人權: 在移工人權方面,公司已實施零付費政策,符合國際標準 (In migrant worker human rights, the Company has implemented a zero-fee policy in line with international standards.)
  • 社會責任稽核: 2025年12月取得第三方認證公司稽核的社會責任稽核報告 (A social responsibility audit report conducted by an independent third-party certification body was obtained in December 2025.)
  • 人權盡職調查: 已於2026年1月取得PwC(資誠)進行台灣廠的人權盡職調查報告 (In January 2026, PwC completed a human rights due diligence report for the Taiwan plant.)
  • WRAP(全球社會責任生產認可) 認證: 台灣廠已於6月進行認證稽核,預計在2026 Q3可以拿到正式的WRAP證書 (The Taiwan plant underwent a WRAP audit in June, with certification expected in Q3 2026.)

Additional Data

• 美利達集團營收 (Merida Group Revenue) (TWD/億元 100 million):
  • 2024 Q1: 59
  • 2024 Q2: 93
  • 2024 Q3: 87
  • 2024 Q4: 58
  • 2025 Q1: 76
  • 2025 Q2: 70
  • 2025 Q3: 72
  • 2025 Q4: 49
  • 2026 Q1: 55
• 集團庫存 (Merida Group Inventory) (TWD/億元 100 million):
  • 2025庫存金額較2024年底減少21%, 2026穩定維持 (2025 Inventory down by 21% compared with 2024. Inventory in 2026 remains stable.)
  • Dec-23: ~97
  • Mar-2024: ~94
  • Jun-2024: ~91
  • Sep-2024: ~99
  • Dec-24: ~107
  • Mar-25: ~96
  • Jun-25: ~88
  • Sep-25: ~81
  • Dec-25: ~85
  • Mar-26: ~86