國光生物科技股份有限公司 2026年中法人座談會

Company Overview

• Company Name: 國光生物科技股份有限公司 (Adimmune Corporation)
• Event: 2026年中法人座談會 (Mid-year Institutional Investor Conference 2026)
• Date: 2026年9月
• Main Theme: 多核心引擎驅動全球化佈局 (Multi-core Engines Driving Global Layout)
• Report Highlights:
  • 01 財務成果 (Financial Results)
  • 02 營運發展 (Operational Development)
  • 03 未來展望 (Future Outlook)

Disclaimer

• 本公司並未發佈財務預測,但本簡報所作有關本公司業務面、財務面及Q&A之說明,若涉及本公司對未來公司經營與產業發展上之見解,實際結果可能因以下不確定性風險而存在差異:
  • 法規與驗收 (Regulations and Acceptance): 國內公費疫苗標案驗收受行政程序、檢驗封緘進度影響; 各國查廠 (FDA/EMA/TFDA) 時程存在不確定性。
  • 國際代工 (International Contract Manufacturing): 技術移轉、製程確效與客戶驗收可能因技術複雜度而延遲。
  • 市場需求變化、價格波動、競爭行為、國際經濟狀況、匯率波動、上下游供應鏈等其他各種本公司所不能掌握之風險因素 (Market demand changes, price fluctuations, competitive behavior, international economic conditions, exchange rate fluctuations, upstream and downstream supply chains, and other risk factors beyond the company's control).
• 產品開發、臨床試驗、查驗登記與核准時程也可能改變; 所有資料應以公司依法公開揭露之資訊為準。
• 本簡報中對未來的展望,反映本公司迄今對未來之觀點。當這些觀點有任何改變或調整時,本公司並不負調整或更新之責。

Financial Highlights

• 2026上半年透過體質優化與產能儲備,為下半年(Q3/Q4)的出貨奠定高峰期基石 (H1 2026 optimized structure and reserved capacity, laying the foundation for peak shipments in H2 (Q3/Q4)).
• 財務體質優化 (Financial Structure Optimization):
  • 1-8月累計合併營收達5.55億元 (YoY+12.6%) (Cumulative consolidated revenue for Jan-Aug reached NT$555 million (YoY+12.6%)).
  • 營業費用率降低,經營效率逐步正向發展 (Operating expense ratio decreased, operating efficiency gradually improving).
• 出貨高峰啟動 (Peak Shipments Initiated):
  • 7月起已啟動檢驗封緘作業 (Inspection and sealing operations started in July).
  • Q3/Q4 迎接常規公費流感疫苗大批量集中交付與認列 (Q3/Q4 will see large-scale concentrated delivery and recognition of routine public influenza vaccines).
• 國際化進展 (Internationalization Progress):
  • 國際CDMO客戶代工訂單大躍進 (Significant leap in international CDMO client contract manufacturing orders).
  • 今年度充填量成長50% (Filling volume grew by 50% this year).
  • 東南亞腸病毒產品藥證與合作將逐步進入收成期 (Southeast Asian enterovirus product drug licenses and collaborations will gradually enter the harvest period).

Recent Performance and Results

1–8月營收成長12.6% 下半年營收動能延續

• 1–8月累計營收 (台幣億元) (Cumulative Revenue Jan-Aug (NT$100 million)):
  • 114年1-8月 (2025 Jan-Aug): 4.93億元 (NT$493 million)
  • 115年1-8月 (2026 Jan-Aug): 5.55億元 (NT$555 million)
  • Growth: +12.6%
• 114年度營收季節性 (2025 Annual Revenue Seasonality):
  • 114年度總營收: 14.02億元 (NT$1,402 million)
  • 1-8月 (Jan-Aug): 35%
  • 9-12月 (Sep-Dec): 65%
  • 說明:
    • 配合公費流感疫苗10月開打。9–10月為主要出貨與營收認列期 (Public influenza vaccine launch in October. Sep-Oct is the main period for shipments and revenue recognition).
    • 海外自有疫苗出口及國際無菌充填代工亦將陸續認列,帶動下半年營收成長 (Overseas proprietary vaccine exports and international aseptic filling contract manufacturing will also be recognized sequentially, driving H2 revenue growth).
• Q1-Q2/備料與產線維護 (Q1-Q2/Material Preparation & Production Line Maintenance):
  • 病毒株篩選培養、原液無菌生產、固定產線歲修確效 (Virus strain selection and cultivation, aseptic bulk drug substance production, fixed production line annual maintenance and validation).
• Q3-Q4/封緘、出貨與認列 (Q3-Q4/Sealing, Shipments & Recognition):
  • 8月啟動檢驗封緘 (Inspection and sealing started in August).
  • 產品自9月起陸續交貨下半年營收動能延續 (Products delivered sequentially from September, H2 revenue momentum continues).

CDMO占比提升營收結構持續轉型

• 各年度1–8月營收組合 (Revenue Mix for Jan-Aug by Year):
  • 112年 (2023):
    • 自製流感疫苗: 57%
    • 自製其他疫苗: 21%
    • 伊諾肝素鈉注射液: 17%
    • 代工收入: 2%
    • 技術服務: 3%
    • 其他收入: 0%
  • 113年 (2024):
    • 自製流感疫苗: 31%
    • 自製其他疫苗: 18%
    • 伊諾肝素鈉注射液: 43%
    • 代工收入: 4%
    • 技術服務: 4%
    • 其他收入: 0%
  • 114年 (2025):
    • 自製流感疫苗: 13%
    • 自製其他疫苗: 21%
    • 伊諾肝素鈉注射液: 59%
    • 代工收入: 5%
    • 技術服務: 1%
    • 其他收入: 1%
  • 115年 (2026):
    • 代工收入: 67%
    • 技術服務: 16%
    • 伊諾肝素鈉注射液: 16%
    • 自製流感疫苗: 10%
    • 自製其他疫苗: 6%
    • 其他收入: 1%
• CDMO 67% 代工業務持續擴大 (CDMO 67% Contract Manufacturing Business Continues to Expand):
  • 115年1-8月代工收入佔比達67%。
• 技術服務收入16% 服務型收入比重提升 (Technical Services Revenue 16%, Service-type Revenue Proportion Increases):
  • 過去三年低於5%,今年升至16%,收入結構更具多樣性 (Below 5% in the past three years, rising to 16% this year, making the revenue structure more diverse).
• 9月起交貨 下半年產品出貨接棒 (Shipments from September, H2 Product Shipments Take Over):
  • 流感疫苗及伊諾肝素鈉將陸續出貨,支撐後續營收 (Influenza vaccines and Enoxaparin Sodium will be shipped sequentially, supporting subsequent revenue).

毛利由負轉正費用控管支撐營運改善

• 114年與115年1–8月財務比較(自結報表) (Financial Comparison Jan-Aug 2025 vs 2026 (Unaudited)):
  • 115年1-8月 (2026 Jan-Aug):
    • 合併營收 (Consolidated Revenue): 5.55億元 (NT$555 million)
    • 毛利率 (Gross Margin): 54%
    • 營業費用率 (Operating Expense Ratio): 1%
  • 114年1-8月 (2025 Jan-Aug):
    • 合併營收 (Consolidated Revenue): 4.93億元 (NT$493 million)
    • 毛利率 (Gross Margin): -23%
    • 營業費用率 (Operating Expense Ratio): 80%
• 第三季毛利轉正 (Q3 Gross Margin Turns Positive):
  • 第三季主要客戶開始出貨,產能利用率提升 (Major clients started shipments in Q3, increasing capacity utilization).
  • 技術服務收入提升,優化毛利結構 (Technical services revenue increased, optimizing gross margin structure).
• 營業費用率降低 (Operating Expense Ratio Decreased):
  • 子公司腸病毒臨床試驗三期已於114年完成 (Subsidiary's enterovirus clinical trial Phase III completed in 2025).
  • 太陽能節能設備啟用 (Solar energy-saving equipment activated).
  • 管理費用、研發費用同步下降 (Management expenses and R&D expenses decreased simultaneously).
• 總結: 營收成長與費用控管同步改善 115年1—8月毛利已由負轉正 (Revenue growth and cost control improved simultaneously, Jan-Aug 2026 gross margin has turned positive).

Business Segments

多核心業務引擎 (Multi-core Business Engines)

1. 疫苗自有產品 (Proprietary Vaccine Products):
   • 業務屬性: 支持國家防禦力,季節性收入 (Supports national defense capability, seasonal income).
   • 戰略價值: 【防禦力】穩定市占底盤 (【Defensive Strength】Stable market share base).
2. 國際專業代工 (CDMO) (International Contract Manufacturing (CDMO)):
   • 業務屬性: 全球供貨、多樣化產品,收入具高擴展性 (Global supply, diverse products, high revenue scalability).
   • 戰略價值: 【成長力】跨國大型藥廠區域製造夥伴 (【Growth Potential】Regional manufacturing partner for multinational large pharmaceutical companies).
3. 技術服務收入 (Technical Services Income):
   • 業務屬性: 受委託專案,單次或長期專案補助性收入 (Commissioned projects, one-time or long-term project-based income).
   • 戰略價值: 【未來技術力】厚植DS製程開發技術底蘊 (【Future Technical Capability】Deepen DS process development technical foundation).

Products & Technologies

• 疫苗自有產品 (Proprietary Vaccine Products):
  • 流感疫苗 (Influenza vaccine)
  • 腸病毒疫苗 (Enterovirus vaccine)
  • 破傷風疫苗 (Tetanus vaccine)
• 國際專業代工 (CDMO) 產品 (International Contract Manufacturing (CDMO) Products):
  • 蛋白質疫苗 (Protein Vaccines)
  • 蛋白質藥物 (Protein Biologics)
  • 低分子量肝素 (LMWH) 抗凝血劑 (Low Molecular Weight Heparin (LMWH) Anticoagulant)
• 技術服務 (Technical Services):
  • 新製程與新疫苗開發 (New process and new vaccine development)
    • 流感新技術 (New influenza technologies)
    • 日本腦炎 (Japanese encephalitis)
• 核心製造平台與自動化產能 (Core Manufacturing Platform and Automated Capacity):
  • 核心擴展: 擴建第三條自動化無菌充填包裝線 (年產能可達400萬劑) (Expanding the third automated aseptic filling and packaging line (annual capacity up to 4 million doses)).
  • 技術突破 (綠色與彈性製造):
    • 全面導入「一次性充填套組 (Single-Use)」,專注小包裝針劑 (Fully adopting "Single-Use filling kits", focusing on small-package injectables).
    • 大幅降低GMP量產門檻 (Significantly lowering the GMP mass production threshold).
  • 設備升級排程:
    • 第二充填產線 (PFS) 與高速充填凍乾產能持續開展 (Second filling line (PFS) and high-speed freeze-drying filling capacity continue to develop).
    • 新增異檢機以提升品質控管效率與批量產出率 (Adding new inspection machines to improve quality control efficiency and batch yield).
  • 自動化無菌充填包裝線 (Automated Aseptic Filling and Packaging Line) - Process Flow:
    • 準備與滅菌 (Preparation & Sterilization)
    • 充填與封口 (Filling & Sealing)
    • 檢查與標識 (Inspection & Labeling)
    • 包裝與儲存 (Packaging & Storage)
  • 優勢: <<生產啟動成本低、彈性高、耗損少 >> (<<Low production start-up cost, high flexibility, low wastage>>).

Clients & Markets

• 疫苗自有產品: 主打台灣公費市場、東南亞市場 (Mainly Taiwan public health market, Southeast Asian market).
• 國際專業代工 (CDMO): Sanofi/歐洲+美國、SCD/歐洲+加拿大、天道/歐洲 (Sanofi/Europe+US, SCD/Europe+Canada, Takeda/Europe).
• 技術服務: 國際客戶或國家技術單位 (International clients or national technical units).

ESG / Sustainability

• 內部雙向整合: 執行政府技轉專案與 ESG 無塑/綠色製造專案 (Executing government technology transfer projects and ESG plastic-free/green manufacturing projects).
• 國際合作: 同步落實 ESG 永續製造專案,符合國際供應商規格 (Simultaneously implementing ESG sustainable manufacturing projects, meeting international supplier specifications).

Outlook & Strategy

2026 下半年業務展望總結

• 出貨與營收認列 (Shipments & Revenue Recognition):
  • 出貨高峰啟動: 9-11月公費疫苗與國際代工集中出貨驗收,帶動全年現金流與獲利於 Q3/Q4 爆發 (Public vaccines and international contract manufacturing concentrated shipments and acceptance in Sep-Nov, driving full-year cash flow and profit explosion in Q3/Q4).
• CDMO 擴展 (CDMO Expansion):
  • 國際代工放量: 確保國際大廠訂單成長目標軌跡 (Ensuring international major manufacturer order growth trajectory).
  • 新建無菌充填線商轉挹注營收 (New aseptic filling line commercial operation contributing to revenue).
  • 主要客戶代工目標量持續成長,其他新客戶及新產品洽談中 (Key client contract manufacturing target volumes continue to grow, other new clients and new products under discussion).
• 國際合作 (International Collaboration):
  • 技術平台引進: 爭取與國際生技大廠合作引進新技術平台 (Striving to collaborate with international biotech major manufacturers to introduce new technology platforms).
  • 同步落實 ESG 永續製造專案,符合國際供應商規格 (Simultaneously implementing ESG sustainable manufacturing projects, meeting international supplier specifications).
• 東協市場 (ASEAN Market):
  • 藥證陸續落地: 加速越南、澳門等地腸病毒疫苗上市 (Accelerating the launch of enterovirus vaccines in Vietnam, Macau, etc.).
  • 持續與泰國、馬來西亞、菲律賓洽談自有產品輸出 (Continuing discussions with Thailand, Malaysia, Philippines for proprietary product exports).
  • 擴張防禦性收入基盤 (Expanding defensive revenue base).
• 總結: 以堅實的合規產能為基石,迎接下半年營收高峰,持續建構長期價值 (Building on a solid compliant capacity, embracing H2 revenue peak, continuously building long-term value).

引擎一:國際 CDMO 規模升級

• 國際大廠訂單躍升 (Significant Increase in Orders from International Major Manufacturers):
  • 2025實績 (Actual): 520萬劑 (5.2 million doses)
  • 2026實績 (Actual): YoY +50% (Expected 7.8 million doses)
  • 預期代工訂單持續成長 (Expected contract manufacturing orders continue to grow) -> 長期目標 (Long-term target)
• 策略: 藉由高稼動率與新簽約技術移轉 (Tech-transfer),有效攤提固定成本,推升毛利率 (By high capacity utilization and new tech-transfer agreements, effectively amortize fixed costs and boost gross margin).

引擎二:東南亞戰略地圖

• 戰略轉向說明 (Strategic Shift Explanation):
  • 全面聚焦東南亞 (Full focus on Southeast Asia):
    • 因南半球巴西不再受理流感四價疫苗,三價流感不符商業價值 (Due to Brazil in the Southern Hemisphere no longer accepting quadrivalent influenza vaccines, and trivalent influenza vaccines not meeting commercial value).
    • 資源重新聚焦轉移至高潛力東協市場 (人口密集與高新生兒出生率) (Resources re-focused on high-potential ASEAN markets (dense population and high birth rate)).
• 近期亮點 (Recent Highlights):
  • 腸病毒產品目前正與越南、泰國、新加坡、馬來西亞積極洽談中 (Enterovirus products currently in active discussions with Vietnam, Thailand, Singapore, Malaysia).
  • 自製流感產品受到菲律賓關注 (Proprietary influenza products receiving attention from the Philippines).
• 東南亞市場發展時程 (Southeast Asia Market Development Timeline):
  • 2026: 澳門 (Macau) 取得腸病毒71型藥證 (Obtained Enterovirus 71 drug license).
  • 2027: 越南、泰國 (Vietnam, Thailand) 腸病毒疫苗藥證已送件 (Enterovirus vaccine drug license submitted).
  • 2028: 新加坡、馬來西亞 (Singapore, Malaysia) 腸病毒疫苗合作夥伴洽談 (Enterovirus vaccine partnership discussions).
  • 2029: 印尼、菲律賓 (Indonesia, Philippines) 腸病毒、流感疫苗合作洽談中 (Enterovirus, influenza vaccine partnership discussions).
  • 22030 起: 全面開展東協市場 (Full market expansion in ASEAN from 2030 onwards).

Additional Data

國際合規與品質護城河 (International Compliance and Quality Moat)

• 深厚底蘊: 自2013年即成為第43個會員國,奠定進軍東協關鍵門檻 (Became the 43rd member state since 2013, laying a key threshold for entering ASEAN). (Refers to PIC/S membership).
• 極速達成:
  • 1年內完成製程確效 (PPQ) (Completed Process Performance Qualification (PPQ) within 1 year).
  • 僅20個月取得藥證 (Obtained drug license in just 20 months).
• 全球查廠實績: 具備 US FDA、歐盟 EU EMA 及台灣 TFDA cGMP 國際查廠合規狀態與外國大廠商業化稽核里程碑。(Global inspection track record: Possessing US FDA, EU EMA, and Taiwan TFDA cGMP international inspection compliance status and commercialization audit milestones from foreign major manufacturers).
• 主要認證: PIC/S GMP, TFDA, US FDA, EU EMA.

國家防禦韌性與全球供應鏈連結 (National Defense Resilience and Global Supply Chain Linkage)

• 目標: 不僅建立台灣國家防疫韌性,更將「台灣製造 (Taiwan-made)」的生物製劑打入全球防疫供應鏈 (Not only building Taiwan's national epidemic prevention resilience but also integrating "Taiwan-made" biologics into the global epidemic prevention supply chain).
• Taiwan (Trusted Hub) - 核心角色:
  • 內部雙向整合: 執行政府技轉專案與 ESG 無塑/綠色製造專案 (Executing government technology transfer projects and ESG plastic-free/green manufacturing projects).
  • 外部實質連結: 作為亞太地區可信賴製造節點 (Trusted Hub),與全球防疫聯盟 (Global Pandemic Alliance) 合作 (As a trusted manufacturing hub in the Asia-Pacific region, collaborating with the Global Pandemic Alliance).
• 全球連結區域: USA, Canada, EU EMA, South East Asia.

Investor Relations

• 投資人關係聯絡資訊 (Investor Relations Contact Information): https://www.adimmune.com.tw/tw/investor/agent