美利達 (股票代號) 2026H1 法說會簡報
Company Overview
美利達集團介紹 (Merida Group Info)
- 企業組織架構 (Organization Chart)
- MERIDA (母公司)
- 台灣 MERIDA INDUSTRY CO., LTD
- 德國 (Germany): MERIDA & CENTURION GERMANY GMBH
- 荷蘭 (Netherlands): MERIDA BENELUX B.V.
- 挪威 (Norway): MERIDA NORDIC AS
- 英國 (United Kingdom): MERIDA BICYCLES LTD.
- 日本 (Japan): MERIDA JAPAN CO., LTD.
- 波蘭 (Poland): MERIDA POLSKA SP. Z O.O.
- 深圳 MERIDA BICYCLE (CHINA) CO., LTD
- 山東 MERIDA BICYCLE (SHANDONG) CO., LTD
- 江蘇 MERIDA BICYCLE (JIANGSU) LTD
- 台灣 MERIDA INDUSTRY CO., LTD
- MERIDA (母公司)
- 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 (China, Shandong)
- 中國: 江蘇南通廠 (China, Nantong)
- 中國: 深圳廠 (China, Shenzeng)
- 台灣總部+工廠 (Taiwan Headquarter)
- 德國研發行銷中心 (Marketing and R&D Center, Germany)
- 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)
- 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)
- 自行車活動騎聚熱情, 傳遞騎行文化 (Promoting Cycling Culture In Taiwan)
- 每年在台灣舉辦兩大自行車活動 (Two large cycling events in Taiwan annually):
- 彰化經典百K (Changhua Classic 100): 4月在彰化舉辦 (April in Changhua County)
- 美利達盃 (Merida Cup): 12月在日月潭舉辦 (December at Sun Moon Lake)
- 每年在台灣舉辦兩大自行車活動 (Two large cycling events in Taiwan annually):
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)
- English Report Link:
https://merida-cdn.m-c-g.net/merida-v2/media-raw/countries/zh-tw/esg/2024-merida-esg-report-en20250826.pdf?p3 - 中文 Report Link:
https://merida-cdn.m-c-g.net/merida-v2/media-raw/countries/zh-tw/esg/2024-merida-esg-report-cn20250807.pdf?p1 - 報告封面顯示年份: 2022 ESG Sustainability Report, 2023 ESG Report, 2024 VOL.3 美利達工業股份有限公司 永續報告書 (Sustainability Report)
Financial Highlights
重點財務數字說明 (Key Financial Highlights)
- 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: 54
- 2026 Q2: 69
- 營收組成 (Revenue Breakdown):
- SUBSIDIARIES 子公司
- CHINA EXPORT 大陸外銷
- CHINA DOMESTIC 大陸內銷
- TAIWAN EXPORT 台灣廠
- 美利達集團營收來源分佈 (Merida Group Revenue Breakdown)
- 2026 Q1~Q2
- SUBSIDIARIES 子公司: 33%
- TAIWAN EXPORT 台灣廠: 45%
- CHINA DOMESTIC 大陸內銷: 22%
- 2025
- SUBSIDIARIES 子公司: 21%
- TAIWAN EXPORT 台灣廠: 62%
- CHINA DOMESTIC 大陸內銷: 16%
- 說明:
- 市場銷售回溫, 歐洲及中國市場的子公司銷售成長。
- Sales improved as market demand recovered, with subsidiaries in Europe and China reporting sales growth.
- 2026 Q1~Q2
- 集團銷售市場比例 (Group Sales % by Market)
- 2026 Q1~Q2
- 歐洲 (Europe): 54%
- 中國 (China): 21%
- 美洲 (Americas): 18%
- 其他 (Other): 7%
- 2025 Q1~Q2
- 歐洲 (Europe): 57%
- 美洲 (Americas): 19%
- 中國 (China): 15%
- 其他 (Other): 9%
- 說明:
- 歐洲是主要市場。
- Europe is the Company's largest market.
- 2026 Q1~Q2
- 台灣廠銷售的車款比例 (Category of bikes shipped from Taiwan) (By Qty 台數)
- 說明: Road + eMTB仍是銷售的主力,合計佔58%的數量。之前市場庫存高的E-City銷售比重開始增加。
- English Explanation: Road bikes and eMTBs remained the Company's key sales drivers, together accounting for 58% of total unit sales. Meanwhile, the share of E-City bikes, which had previously been affected by elevated market inventory levels, has begun to increase.
- 2026 Q1~Q2
- ROAD: 27%
- E-MTB: 21%
- E-CITY: 17%
- MTB: 13%
- Gravel: 10%
- CITY: 6%
- Kids Bike: 3%
- 2025
- E-MTB: 31%
- ROAD: 22%
- Americas: 19%
- MTB: 14%
- Gravel: 11%
- E-CITY: 11%
- CITY: 5%
- E-Gravel: 4%
- 集團營業毛利率 (Gross Margin %)
- 趨勢:
- 2022: 17%
- 2023: 19%
- 2024: 18.2%
- 2025: 14.1%
- 2026Q1: 16.6%
- 2026Q2: 18.0%
- 說明: 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。
- 匯率的變動相較去年穩定。
- English Explanation: Group gross margin improved, mainly due to:
- Higher new product mix on the sales (less discounted products).
- More stable foreign exchange movements compared with last year.
- 趨勢:
- 集團庫存 (Merida Group Inventory) (TWD/億元 100 million)
- 說明: 庫存金額從2024年開始下降,近期維持穩定。
- English Explanation: Inventory value has decreased since 2024 and has stabilized.
- 趨勢 (Approximate values from chart):
- Jun-2024: ~90
- Sep-2024: ~98
- Dec-24: ~105
- Mar-25: ~95
- Jun-25: ~88
- Sep-25: ~82
- Dec-25: ~85
- Mar-26: ~87
- Jun-26: ~80
Recent Performance and Results
1H 2026: EPS 2.15 (Q1: 1.09, Q2: 1.06)
- 營運好轉中: 台灣、中國、歐亞銷售子公司獲利皆成長。美國轉投資稅前獲利也是成長,但稅後虧損。
- English Explanation: Profitability improved across Taiwan, China, and European subsidiaries. US equity-method investee company pre-tax profit increased, while tax-related impacts resulted in an after-tax loss.
- 1H 2026 與去年同期獲利比較 (1H 2026 YOY Profit Comparison)
- 來源 (Source)
- 台灣母公司 (Taiwan Headquarter): 相較去年同期 (YOY) 48%
- 中國大陸廠 (China companies): 相較去年同期 (YOY) 39%
- 美利達品牌銷售子公司及轉投資 (Merida global sales companies): 相較去年同期 (YOY) 49%
- 美國轉投資公司 (US equity-method investee company): 盈轉虧 (Profit to Loss)
- 來源 (Source)
美國轉投資公司狀況 (US Equity-Method Investee Company Situation)
- 營運及獲利持續好轉,上半年稅前獲利較去年同期成長41%。
- 2025年歐洲等地區獲利,但美國仍處於虧損狀態,很大程度抵銷歐洲等地區的獲利。歐洲等地區的獲利需要繳稅,因此出現很高將近80%的集團有效稅率。
- 2026年預期狀況會類似2025年。為避免年度財報出現大幅波動,提前在年中先做有效稅率的估算。有效稅率以超過100%保守的假設做預估。因此出現H1帳面上稅前獲利,稅後虧損。實際有效稅率仍需依全年營運結果及各地稅務情況於年底結算後才能確定,目前數字僅屬預估。
- 依據美國GAAP會計準則,若企業連續三年處於虧損狀態,相關遞延所得稅資產需評估其可實現性,並提列評價備抵(Valuation Allowance)。未來待美國營運恢復獲利並具備足夠可實現性時,相關備抵數額即可迴轉。自2024年起,美國地區因連續虧損所提列的遞延所得稅資產評價備抵持續累積中。
US Equity-Method Investee Company Situation (English Summary)
- Operational performance and profitability continued to improve, with pre-tax income in H1 increasing by 41% YOY.
- In 2025, operations in Europe and other regions were profitable, while the U.S. continued to incur losses. U.S. losses largely offset the profits from other profitable regions. Profits earned in Europe and other regions are subject to local taxes. As a result, the Group reported a high effective tax rate of nearly 80%.
- 2026 situation is expected to be similar as 2025. To avoid significant fluctuations in annual financial statements, an estimated effective tax rate calculation at mid-year was done. An effective tax rate of over 100% was used for conservative forecasting. That's the reason why the Company reported pre-tax profitability but an after-tax loss. The actual effective tax rate can only be determined after year-end. The current tax rate is only an estimate.
- Under U.S. GAAP, if an entity has incurred losses for three consecutive years, its deferred tax assets must be assessed for realizability. A Valuation Allowance is recorded when it is determined that the deferred tax assets are not more likely than not to be realized. Once the U.S. operations return to profitability and sufficient taxable income is expected in the future, the valuation allowance may be reversed. Accordingly, since 2024, the valuation allowance recorded against deferred tax assets related to the U.S. operations has continued to accumulate as a result of ongoing losses.
美國轉投資公司狀況示意圖 (US Equity-Method Investee Company Situation Chart)
- 歐洲 (稅前獲利) Europe (Income Before Tax): 增加+ (Positive bar)
- 歐洲 (稅) Europe (Tax): 減少- (Negative bar, offsetting part of Europe income)
- 美國 (稅前虧損) US (Loss Before Tax): 減少- (Negative bar, larger than Europe tax)
Outlook & Strategy
其他市場近況 (Latest Market Update)
- 勞動人權符合國際標準 (Labor practices comply with international standards)
- 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.
- 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。
- Human rights due diligence: 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7月拿到WRAP證書。
- WRAP certification: The Taiwan plant has received WRAP certification in July, 2026.
- 新產品陸續上市 (New products launches)
- 7月在德國舉辦全球新車發表會,活動中準備了近500台的展示及試騎車。有出現開場前一小時就出現排隊人潮的狀況,明顯感受到經銷商對新產品的期待。
- In July, the Company held its global new product launch event in Germany. Nearly 500 display and test-ride bicycles were made available during the event. Dealer enthusiasm was evident, with attendees lining up as early as one hour before the opening, demonstrating strong anticipation for the new products.
- 客制化成車上線 (Customization Bike)
- 去年客制化只有車架,今年7月起在台灣市場開始提供成車的客制化,未來也將逐步推展到歐洲等國家,拓展頂端市場。
- Last year, the Company launched customization services for framesets in Taiwan. Beginning in July this year, customization program has expanded to include complete bicycles. The program will be gradually rolled out to other markets, including Europe, as part of the Company's strategy to further penetrate the premium segment.
- 客製化選項範例: FRAME COLOR 2 (M82E 陶土棕色① +NT$0), LOGO COLOR (M81Y 夢幻珍珠紫① +NT$0)
- 美國新的301條款關稅對台灣有利 (Taiwan Benefits from New U.S. Section 301 Tariffs)
- 美國自2026年7月24日起實施新的301條款關稅,台灣取得有利的「10%且不疊加MFN」稅率,台灣自行車輸美適用稅率相較越南等主要競爭國具有2.5% ~ 12.5%優勢(不同車款有不同稅率)。
- Effective July 24, 2026, the United States implemented a new round of Section 301 tariffs. Taiwan has secured a favorable tariff treatment of "10% without stacking on top of MFN duties," giving Taiwanese bicycle exports to the U.S. a tariff advantage of approximately 2.5% to 12.5% (depending on product category) over key competing countries such as Vietnam.
- 市場概況 (Market Situation Update)
- 市場庫存去化接近尾聲,市場溫和成長: 歐洲及中國的銷售都有逐漸好轉。
- English Explanation: Although inventory destocking is still ongoing in the market, there are modest market recovery, with gradual sales improvement in both European and China markets.
- 各品牌陸續推出新車款活絡市場: 各成車品牌及零件供應商陸續開始推出新產品。
- English Explanation: New Model Launches Stimulate the Market: As old inventory going away, bicycle and component brands are rolling out new models to push on market sales.
- 集團將持續推出更多新產品及加強行銷: 隨著市場增溫,公司將持續開發更多的新產品上市,也會擴大行銷的力道,增加市場銷售。
- English Explanation: Continue launching new products and strengthening marketing efforts to capitalize on improving market demand and drive sales growth.
- 中國市場銷售優於預期 (China market: Sales Better Than Expected)
- 累計至6月底,銷售數量成長12.5%,金額成長6%: 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 - Jun: Units +12.5%, Revenue +6%, driven by stronger demand in entry to mid level bikes.
- 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。
- Growth in entry-level bicycles and mountain bikes has remained resilient despite broader market challenges. This trend reflects a shift toward more rational consumer spending and a renewed focus on practical value. 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)
- 上半年子公司銷售成長14%: 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 14% in the First Half of the year. Market inventory levels have gradually returned to normal, and new product launches have supported sales performance, leading to the growth.
- 獲利改善: 2026年H1獲利NT$1.67億,較去年同期成長49%。
- Profitability improvement: 1H2026 profit reached NT$167 million, representing a 49% year-over-year increase.
- 美國市場能見度仍低 (The US market: Visibility Low)
- 整體市場仍在低點: 如美國業界媒體Bicycle Retailer 2026/8/5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.
- 政經的紛擾及通膨的擔憂,恢復成長的速度比歐洲慢。
- 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.
Products & Technologies
- REACTO 8000 (Road bike model)