夏都酒店集團 (2722) 2026Q2 法說會簡報

Company Overview

公司名稱 (Company Name): 夏都酒店集團 (Château Hotels & Resorts)
股票代號 (Stock Code): 2722
成立日期 (Establishment Date): 1995/09/27
上市日期 (Listing Date): 2012/03/14
資本額 (Capital): NT$14.32億 (2024年完成現增後實收資本)
員工人數 (Number of Employees): 382人 (截至2026年7月)
產業 (Industry): 深耕休閒旅宿產業 (Deeply cultivated in leisure accommodation industry)
核心資產 (Core Assets): 3大品牌平台 (3 major brand platforms): 墾丁/台南/宜蘭 (Kenting/Tainan/Yilan)
經營主軸 (Main Business Focus): 旅宿+餐飲+休閒 (Accommodation + F&B + Leisure), 並朝健康觀光延伸 (and extending towards health tourism)
報告人 (Presenter): 張曉雯/財務長 (Chang Hsiao-Wen / CFO)
報告日期 (Report Date): 2026.08.28
Slogan: KEEP TRAVELING & LOVE Château

股權結構與集團架構 (Shareholding Structure and Group Structure)

主要股東 (Major Shareholders):
- 官田投資開發股份有限公司(官田鋼) (Guantian Investment Development Co., Ltd. (Guantian Steel)): 25.43%
- 中欣開發股份有限公司(中鋼) (Chung Hsin Development Co., Ltd. (China Steel)): 16.21%
- 中環股份有限公司 (Ritek Corporation): 13.70%
- 其餘股東 (Other Shareholders): 44.66%
集團平台 (Group Platform):
- 母公司 (Parent Company): 夏都國際開發股份有限公司 (Château International Development Co., Ltd.)
- 既有飯店營運 (Existing Hotel Operations):
  - 墾丁夏都沙灘酒店 (Kenting Château Beach Resort)
  - 夏都城旅安平館 (Château Anping)
- 夏都富朗 (Château Fubon):
  - 持股 (Shareholding): 50.65%
  - | 宅·夏都 (JAI Château)
- 夏都地產開發 (Château Real Estate Development):
  - 持股 (Shareholding): 100%
  - | 宜蘭大型開發 (Yilan Large-scale Development)

重要發展里程碑 (Key Development Milestones)

1995: 公司成立, 取得墾丁森林遊樂區海濱區經營權。正式投入休閒育樂與旅宿產業。 (Company established, obtained operating rights for Kenting Forest Recreation Area coastal zone. Officially entered leisure and accommodation industry.)
1998: 墾丁夏都沙灘酒店開幕。建立核心海濱度假資產。 (Kenting Château Beach Resort opened. Established core coastal resort assets.)
2012: 股票掛牌上市。提升品牌能見度與資本市場連結。 (Listed on stock exchange. Enhanced brand visibility and connected with capital markets.)
2018: 夏都城旅安平館營運, 納入子公司夏都富朗。完成台南雙據點布局。 (Château Anping operated, subsidiary Château Fubon incorporated. Completed dual-base layout in Tainan.)
2024: 設立子公司夏都地產, 退輔會宜蘭BOT案簽約並完成現金增資。啟動新成長平台與資本補強。 (Established subsidiary Château Real Estate, signed BOT contract for Yilan with Veterans Affairs Council and completed cash capital increase. Launched new growth platform and capital strengthening.)
2025~2026: 宜蘭BOT案持續推進。墾丁夏都取得銀級環保旅館及環保餐廳標章。強化中長期成長動能。 (Yilan BOT project continues to advance. Kenting Château obtained Silver Eco-Friendly Hotel and Eco-Friendly Restaurant certifications. Strengthened mid-to-long term growth momentum.)
2024以後,集團從既有飯店營運走向資產開發平台化。 (After 2024, the group transitions from existing hotel operations to an asset development platform.)

服務與管理精神 (Service and Management Philosophy)

1. 以客為主,從心出發 (Customer-centric, from the heart): 秉持服務理念,提供自然、親切且貼近需求的顧客體驗。透過真誠互動與貼心服務,拉近品牌與顧客距離,創造值得信賴的企業形象。 (Uphold service philosophy, provide natural, friendly, and needs-oriented customer experience. Through sincere interaction and thoughtful service, bridge the distance between brand and customer, creating a trustworthy corporate image.)
2. 以人為本,打造有溫度的職場 (People-oriented, creating a warm workplace): 員工是企業永續發展的重要基礎。重視員工榮譽感與使命感,培養團隊具備「主動、熱情、開心、貼心」的服務特質,營造如家一般溫暖且具凝聚力的工作環境。 (Employees are the important foundation for sustainable corporate development. Value employee honor and mission, cultivate team members with "proactive, passionate, happy, and caring" service qualities, creating a warm and cohesive work environment like home.)
3. 由內而外,提升品牌價值 (From inside out, enhancing brand value): 員工認同工作、享受服務,將正向氛圍自然傳遞給顧客。提升員工自我價值,強化企業親切、專業且值得信賴的品牌形象,推動國內休閒產業邁向以人為核心、從心出發的品牌價值。 (Employees who identify with their work and enjoy service naturally convey a positive atmosphere to customers. This enhances employee self-worth, strengthens the brand image of friendliness, professionalism, and trustworthiness, driving the domestic leisure industry towards a people-centric, heartfelt brand value.)

治理理念與企業核心價值 (Governance Philosophy and Core Values)

1. 堅持誠信正直 (Upholding integrity and honesty): 以誠信作為企業經營基礎,落實正直透明的管理原則。 (Integrity as the foundation of business operations, implementing honest and transparent management principles.)
2. 鼓勵創新發展 (Encouraging innovation and development): 支持員工在服務、管理與營運各層面持續創新,提升企業競爭力。 (Support continuous innovation in all aspects of employee service, management, and operations to enhance corporate competitiveness.)
3. 重視長期策略與永續經營 (Emphasizing long-term strategy and sustainable operations): 以長遠視野制定發展方向,追求穩健成長與永續價值。 (Formulate development directions with a long-term perspective, pursuing steady growth and sustainable value.)
4. 兼顧員工、股東與社會共好 (Balancing employees, shareholders, and social well-being): 重視員工福利與股東權益,並積極善盡企業社會責任,回饋社會。 (Prioritize employee welfare and shareholder interests, actively fulfill corporate social responsibility, and give back to society.)
總結 (Summary): 我們以穩健治理為基礎,持續創造員工、顧客、股東與社會共享的長期價值。 (We are based on sound governance, continuously creating long-term value shared by employees, customers, shareholders, and society.)

營運據點與平台化布局 (Operational Bases and Platform Layout)

策略 (Strategy): 以南台灣核心資產為基礎,向東部健康觀光延伸。 (Based on core assets in Southern Taiwan, extending towards health tourism in Eastern Taiwan.)
據點 (Locations): 墾丁 (Kenting), 台南 (Tainan), 宜蘭 (Yilan)

Business Segments

營運據點概覽 (Operational Bases Overview)

據點 (Location)	定位 (Positioning)	主要產品 (Main Products)	策略角色 (Strategic Role)
墾丁夏都沙灘酒店	海濱度假飯店	客房295間、餐飲、婚宴、會議、海陸活動	指標性度假品牌與現金流核心
夏都城旅安平館	城市休閒飯店	客房104間、自助餐、中餐、宴會、親子設施	都會據點與F&B成長平台
宅・夏都	設計旅店/背包客	客房93間、背包客61床位、Buffet、公共空間	年輕旅客與中價位補充
夏都地產開發	開發平台	宜蘭健康示範園區	長期成長曲線與資產升級

墾丁-墾丁夏都沙灘酒店 (Kenting - Kenting Château Beach Resort)

定位 (Positioning): 指標性海濱度假資產 (Iconic coastal resort asset)
核心稀缺資產 (Core Scarce Asset): 指標性海濱度假體驗 (Iconic Coastal Resort Experience)
品牌與現金流核心 (Brand and Cash Flow Core): 指標性海濱度假品牌與現金流核心 (Iconic coastal resort brand and cash flow core)
開幕營運 (Opened): 1998 (正式營運 - Officially operated)
客層 (Customer Segment): 家庭/婚禮/永續旅遊 (Family/Wedding/Sustainable Tourism), 多元客層滲透 (Diverse customer segment penetration)
餐飲服務 (F&B Services): 愛琴海/熱海西餐廳 (Aegean/Tropical Western Restaurant), 地中海宴會廳 (Mediterranean Banquet Hall), 臨海/馬提斯/城思咖啡 (Seaside/Matisse/Château Café)
策略目標 (Strategic Objectives):
- √ 提升住房率與ADR組合 (Increase occupancy rate and ADR mix)
- √ 精細化旺淡季定價 (Refine peak/off-peak pricing)
- √ 強化婚宴與活動客源開發 (Strengthen wedding and event customer acquisition)
- √ 放大餐飲與海陸活動附加消費 (Maximize F&B and land/sea activity add-on consumption)

台南-夏都城旅安平館 (Tainan - Château Anping)

定位 (Positioning): 城市旅宿與餐飲平台 (Urban Accommodation and F&B Platform)
品牌形象 (Brand Image): 台南知性人文與城市漫旅 (Tainan Intellectual Humanities and Urban Wanderlust)
成長平台 (Growth Platform): 都會據點與F&B成長平台 (Urban hub and F&B growth platform)
開幕營運 (Opened): 2018 (正式營運 - Officially operated)
客層與消費 (Customer Segment & Consumption): 親子漫遊/餐飲 (Family Travel/F&B), 帶動非住宿型消費與家庭旅遊黏著度 (Drive non-accommodation consumption and family travel stickiness)
餐飲服務 (F&B Services): 城食百匯 (City Feast Buffet), 城思咖啡酒吧 (Château Café Bar), 城旅軒中餐廳 (Château Journey Chinese Restaurant)
策略目標 (Strategic Objectives):
- √ 強化F&B獲利結構與宴會檔期管理 (Strengthen F&B profit structure and banquet schedule management)
- √ 將都會旅遊與國旅需求轉化為餐飲與宴會收益 (Convert urban tourism and domestic travel demand into F&B and banquet revenue)
- √ 以家庭、親子與在地餐飲需求建立平日客源 (Establish weekday customer base with family, parent-child, and local F&B demand)

台南-宅・夏都 (子公司) (Tainan - JAI Château (Subsidiary))

定位 (Positioning): 設計旅店與青年旅宿 (Design Hotel and Youth Hostel)
品牌理念 (Brand Philosophy): 每天都是一個旅程,以旅為家 (Every day is a journey, travel is home)
客層 (Customer Segment): 年輕旅客與中價位補充 (Young travelers and mid-range supplement)
開幕營運 (Opened):
- 2012: 公司設立 (Company established)
- 2018: 併入夏都集團, 夏都持股50.65% (Merged into Château Group, Château holds 50.65% share)
產品 (Offerings): 行政/商務套房 (Executive/Business Suites), 宅單間 (JAI Single Rooms), 巧食百匯 (Clever Food Buffet)
策略目標 (Strategic Objectives):
- √ 由子公司夏都富朗經營 (Operated by subsidiary Château Fubon)
- √ 結合設計旅店與青年旅宿概念 (Combines design hotel and youth hostel concepts)
- √ 2至4樓共54間商務客房整修已於2026年第三季完成 (Renovation of 54 business rooms on 2nd to 4th floors completed in Q3 2026)

宜蘭-夏都地產開發 (子公司) (Yilan - Château Real Estate Development (Subsidiary))

定位 (Positioning): 智慧健康觀光 (Smart Health Tourism)
願景 (Vision): 打造臺灣健康未來園區 (Creating Taiwan's Future Health Park)
成長策略 (Growth Strategy): 長期成長曲線與資產升級 (Long-term growth curve and asset upgrade)
開幕營運 (Opened): 2024 (公司成立 - Company established), 夏都持股100% (Château holds 100% share)
平台 (Platform): 資產開發平台 (Asset Development Platform), 宜蘭「健康臺灣未來示範園區」主體 (Main body of Yilan "Healthy Taiwan Future Demonstration Park")
園區組成 (Park Components): 榮民文化館 (Veterans Culture Center), 觀光遊憩 (Tourism & Recreation), 購物商場 (Shopping Mall), 健康休憩 (Health & Wellness)
基地面積 (Base Area): 51150.65平方公尺 (5.115公頃) (51,150.65 square meters / 5.115 hectares)
基地現況 (Current Status of Base): 已完成道路+汙、排水+號誌/交通等基礎工程 (Roads, sewage, drainage, traffic signals/transportation and other basic infrastructure completed)
策略目標 (Strategic Objectives):
- √ 負責開發與資本配置 (Responsible for development and capital allocation)
- √ 推動集團升級為營運+資產雙引擎模式 (Promote group upgrade to operation + asset dual-engine model)
- √ 目標2027年文化館開工 (Target 2027 groundbreaking for Culture Center)

Financial Highlights

簡明資產負債表(合併) (Condensed Consolidated Balance Sheet)

單位 (Unit): 新台幣仟元 (NTD thousands), % (Percentage)

會計項目 (Account Item)	2026/06/30 金額 (Amount)	2026/06/30 %	2025/12/31 金額 (Amount)	2025/12/31 %	2025/06/30 金額 (Amount)	2025/06/30 %
流動資產合計 (Total Current Assets)	1,092,769	27.76	774,919	21.52	802,078	22.10
非流動資產合計 (Total Non-current Assets)	2,843,440	72.24	2,826,756	78.48	2,827,099	77.90
資產總額 (Total Assets)	3,936,209	100.00	3,601,675	100.00	3,629,177	100.00
流動負債合計 (Total Current Liabilities)	705,717	17.93	499,111	13.86	554,785	15.29
非流動負債合計 (Total Non-current Liabilities)	383,485	9.74	507,484	14.09	395,717	10.90
負債總額 (Total Liabilities)	1,089,202	27.67	1,006,595	27.95	950,502	26.19
歸屬於母公司業主之權益 (Equity Attributable to Owners of Parent)
股本合計 (Total Share Capital)	1,431,697	36.37	1,431,697	39.75	1,431,697	39.45
資本公積合計 (Total Capital Surplus)	593,410	15.08	593,410	16.48	593,410	16.35
保留盈餘合計 (Total Retained Earnings)	387,194	9.84	428,878	11.91	459,891	12.67
其他權益合計 (Total Other Equity)	67,967	1.73	(91,303)	-2.54	(42,971)	-1.18
歸屬於母公司業主之權益合計 (Total Equity Attributable to Owners of Parent)	2,480,268	63.01	2,362,682	65.60	2,442,027	67.29
非控制權益 (Non-controlling Interests)	366,739	9.32	232,398	6.45	236,648	6.52
權益總額 (Total Equity)	2,847,007	72.33	2,595,080	72.05	2,678,675	73.81
負債及權益總計 (Total Liabilities and Equity)	3,936,209	100.00	3,601,675	100.00	3,629,177	100.00

註 (Note): 上開年度財務資料均經會計師核閱 (The financial data for the above years have been reviewed by independent accountants).

簡明綜合損益表(合併) (Condensed Consolidated Income Statement)

單位 (Unit): 新台幣仟元 (NTD thousands), % (Percentage)

會計項目 (Account Item)	2026Q2 金額 (Amount)	2026Q2 %	2025Q2 金額 (Amount)	2025Q2 %	YoY 金額 (Amount)	YoY 成長率% (Growth Rate%)
營業收入合計 (Total Operating Revenue)	278,754	100.00	287,308	100.00	(8,554)	-2.98
營業成本合計 (Total Operating Costs)	202,266	72.56	200,426	69.76	1,840	0.92
營業毛利(毛損) (Gross Profit (Loss))	76,488	27.44	86,882	30.24	(10,394)	-11.96
營業費用合計 (Total Operating Expenses)	132,953	47.70	132,203	46.01	750	0.57
其他收益及費損淨額 (Net Other Income and Expenses)	(3)	0.00	419	0.15	(422)	-100.72
營業利益(損失) (Operating Profit (Loss))	(56,468)	-20.26	(44,902)	-15.63	(11,566)	-25.76
營業外收入及支出合計 (Total Non-operating Income and Expenses)	(1,543)	-0.55	(2,339)	-0.81	796	34.03
稅前淨利(淨損) (Profit (Loss) Before Tax)	(58,011)	-20.81	(47,241)	-16.44	(10,770)	-22.80
所得稅費用(利益)合計 (Total Income Tax Expense (Benefit))	606	0.22	0	0.00	606	-
本期淨利(淨損) (Net Profit (Loss) for the Period)	(58,617)	-21.03	(47,241)	-16.44	(11,376)	-24.08
其他綜合損益(淨額) (Other Comprehensive Income (Net))	310,544	111.40	(23,648)	-8.23	334,192	1413.19
本期綜合損益總額 (Total Comprehensive Income for the Period)	251,927	90.38	(70,889)	-24.67	322,816	455.38
淨利(損)歸屬於 (Net Profit (Loss) Attributable to)
母公司業主(淨利/損) (Owners of Parent)	(50,267)	-18.03	(38,787)	-13.50	(11,480)	-29.60
非控制權益 (Non-controlling Interests)	(8,350)	-3.00	(8,454)	-2.94	104	1.23
稀釋每股盈餘(新台幣元) (Diluted EPS (NTD))	(0.35)		(0.27)		(0.08)	-29.63

註 (Note): 上開年度財務資料均經會計師核閱 (The financial data for the above years have been reviewed by independent accountants).

穩定的股利配發政策 (Stable Dividend Distribution Policy)

單位 (Unit): 新台幣元 (NTD)

年度 (Year)	EPS	現金股利 (Cash Dividend)	股票股利 (Stock Dividend)
2016	1.31	0.5	0.5
2017	0.88	0.4	0.4
2018	0.19	0.2	0.2
2019	0.36	0.2	0.2
2020	0.79	0.5	0.5
2021	0.18	0.2	0.2
2022	1.38	0.6	0.6
2023	0.69	0.25	0.25
2024	0.03	0.1	0.1
2025	(0.09)	0.00	0.00

Clients & Markets

來臺旅客及國民出國人次變化 (Changes in Inbound Visitors and Outbound Nationals)

單位 (Unit): 人次 (Persons)

年度 (Year)	來臺旅客 (Inbound Visitors)	國民出國 (Outbound Nationals)
2014	9,910,204	11,844,635
2015	10,439,785	13,182,976
2016	10,690,279	14,588,923
2017	10,739,601	15,654,579
2018	11,066,707	16,644,684
2019	11,864,105	17,101,335
2020	1,377,861	2,835,564
2021	140,479	359,977
2022	895,962	1,482,821
2023	6,486,951	11,798,834
2024	7,857,686	16,849,683
2025	8,574,547	18,944,436

115年1-7月累計 (January-July 2026 Cumulative):
- 來臺旅客人次 (Inbound Visitors): 4,902,123
- 國人出國人次 (Outbound Travelers): 12,652,202
115年7月小計 (July 2026 Subtotal):
- 來臺旅客人次 (Inbound Visitors): 607,534
- 國人出國人次 (Outbound Travelers): 1,997,532

來臺主要客源國旅客成長趨勢 (2026/012026/07) (Growth Trend of Major Inbound Visitor Source Countries (2026/012026/07))

來臺旅客居住地 (Inbound Visitors' Residence) (統計範圍: 115年1-7月累計 - Statistics range: January-July 2026 cumulative):
- 日本 (Japan): 15.5% (761,056)
- 香港 (Hong Kong): 13.0% (636,739)
- 韓國 (South Korea): 11.7% (572,097)
- 美國 (USA): 9.3% (455,229)
- 菲律賓 (Philippines): 9.2% (450,016)
- 中國大陸 (China): 7.5% (369,048)
- 越南 (Vietnam): 5.8% (282,386)
- 泰國 (Thailand): 4.9% (241,267)
- 新加坡 (Singapore): 4.7% (229,914)
- 馬來西亞 (Malaysia): 4.1% (201,422)
- 其他 (Others): 14.3% (702,949)
國人出國目的地 (Outbound Destination) (統計範圍: 115年1-7月累計 - Statistics range: January-July 2026 cumulative):
- 日本 (Japan): 36.9% (4,674,085)
- 中國大陸 (China): 17.1% (2,166,888)
- 韓國 (South Korea): 10.9% (1,379,831)
- 香港 (Hong Kong): 8.1% (1,020,102)
- 越南 (Vietnam): 5.6% (706,117)
- 泰國 (Thailand): 5.1% (645,687)
- 澳門 (Macau): 3.1% (389,623)
- 美國 (USA): 3.0% (374,537)
- 新加坡 (Singapore): 2.1% (265,918)
- 馬來西亞 (Malaysia): 1.4% (175,634)
- 其他 (Others): 6.7% (853,780)

來臺旅客目的別人次及佔比變化 (Changes in Inbound Visitors by Purpose and Proportion)

單位 (Unit): 人次 (Persons)

目的 (Purpose)	2020	2021	2022	2023	2024	2025
業務 (Business)	81,324	11,937	96,620	435,743	507,421	447,138
觀光 (Sightseeing)	694,187	156	254,686	4,316,832	5,376,199	5,883,794
探親 (Visiting Relatives)	79,882	6,542	85,921	368,437	362,461	353,347
會議 (Meetings)	3,831	102	5,893	41,130	42,157	60,741
求學 (Study)	19,489	7,644	14,269	43,557	57,771	67,451
展覽 (Exhibitions)	745	29	1,666	19,943	26,157	31,038
醫療 (Medical)	8,191	808	2,015	12,280	14,648	16,687
其他 (Others)	490,212	113,261	434,892	1,249,020	1,470,870	1,714,350

國人國內旅遊總旅次變化 (Changes in Total Domestic Travel Trips by Nationals)

單位 (Unit): 千人次 (Thousand persons)

年度 (Year)	旅次 (Trips)
2011	152,268
2012	142,069
2013	142,615
2014	156,260
2015	178,524
2016	190,376
2017	183,449
2018	171,090
2019	169,280
2020	142,970
2021	126,027
2022	168,558
2023	206,747
2024	222,032
2025	247,614

最近五年台灣觀光旅館家數/住用率/房均價/營業收入 (Taiwan Tourist Hotel Number/Occupancy Rate/ADR/Revenue for the Past Five Years)

單位 (Unit): 間 (Rooms), % (Percentage), 新台幣元 (NTD)

年度 (Year)	家數 (Number of Hotels)	平均住房率 (Avg. Occupancy Rate)	平均房價 (Avg. ADR)	營業收入 (新台幣千元) (Revenue (NTD thousands))	年增率 (%) (YOY %)
2018	-	-	-	59,238,864	-
2019	-	-	-	59,897,387	0.63
2020	-	-	-	40,497,761	-32.39
2021	121	33.59	3,783	33,877,983	-16.35
2022	117	48.06	4,195	45,725,453	34.97
2023	119	60.76	4,660	59,494,184	30.11
2024	116	60.98	4,531	61,201,004	2.87
2025	116	64.15	4,629	63,458,776	3.69

2026Q2台灣觀光旅館家數/住用率/房均價/營業收入 (Taiwan Tourist Hotel Number/Occupancy Rate/ADR/Revenue for 2026Q2)