嘉新水泥股份有限公司 [time:2026Q2] 法說會簡報

Company Overview

嘉新水泥股份有限公司 (CHIA HSIN CEMENT CORPORATION) 隸屬於嘉新企業團 (CHIA HSIN CEMENT GROUP)。

Financial Highlights

115H1 財務摘要 (H1 FY2026 Key Financial Metrics)

單位: 新台幣 (NTD) | Currency: NT$

財務穩健: 流動與資本雙重防線 (Financial Soundness: Strong Liquidity & Capital Structure (Q2 2026))

• 流動比率 (Current Ratio): 242.4%
  • 115Q2; 114年底258.7% / 114Q2 244.1%
  • 連三期穩定逾200% | Sustained >200% for 3 Consecutive Quarters
• 現金及理財性資產 (Cash & Liquid Financial Assets): 約91億
  • 現金18.0億 + 短期理財性資產約73億
  • Cash: NT$1.80B | Short-term Financial Assets: ~NT$7.3B
• 流動資產 vs 流動負債 (Current Assets vs. Liab.): 96.9億 : 40.0億
  • 流動資產覆蓋流動負債達 2.4倍 | Current Asset Coverage: 2.4x Current Liabilities
• 歸屬業主權益 (Equity Attributable to Owners of the Parent): 187.1億
  • 較114Q2成長 4.7%, 股東權益穩健增長 | Up 4.7% YoY, reflecting solid book value growth

Recent Performance and Results

毛利率結構轉型深化 (Gross Margin Structural Improvement Deepens (2022Q2–2026Q2))

• 115Q2毛利率 (Q2 FY2026 Margin): 21%
  • 較115Q1持平 | +5pp / Flat QoQ | +5pp YoY
• 連續兩季21%高點 (High of 21% Sustained for 2 Consecutive Quarters)
• 四年毛利率變化 (4-Year Expansion): +20pp
  • 111Q2→115Q2 (1%→21%)
• H1營業毛利 (H1 Gross Profit): 2.81億
  • YoY +12.4%, 創同期新高 | +12.4% YoY (record high for the period)
• 結構性改善,非單季效應 (Structural transformation rather than a one-off fluctuation.)
  • 連續兩季維持21%,四年來逐季墊高 | Sequential margin expansion over the past four years.
• 毛利率趨勢 111Q2–115Q2 (%)
  • 111Q2: 1%
  • 112Q2: 11%
  • 113Q2: 16%
  • 114Q2: 16%
  • 115Q1: 21%
  • 115Q2: 21%

營業淨利轉正 (Core Operating Income Turns Positive (2022H1–2026H1))

• 115H1營業淨利 (Operating Income): +1,798萬
  • 較114H1(40萬)大幅成長
• 五年轉正歷程 (5-Year Turnaround Track Record): 轉正
  • -2.15億 → +0.18億 | -NT$215M to +NT$17.98M
• 旅宿貢獻度 (Hospitality Contribution): 156.5%
  • H1改善1,758萬中旅宿占2,751萬 | Hospitality accounted for NT$27.51M of the NT$17.58M total 1H operating income improvement.
• 連續兩季獲利 (115Q1 + 115Q2) (Two Consecutive Quarters of Operating Profitability)
  • 本業獲利連續兩季為正,非單季效應 | Core operating profit remains positive for two consecutive quarters, demonstrating sustainable operating turnaround.
• 營業淨利走勢 111H1–115H1 (億元) (Operating Income Trend: 1H 2022–1H 2026 (NT$ 100M))
  • 111H1: -2.15億
  • 112H1: -1.00億
  • 113H1: -0.27億
  • 114H1: 0.00億
  • 115H1: +0.18億

Business Segments

旅宿事業: 結構轉變的引擎 (Hospitality: The Engine Behind the Structural Shift (2021H1–2026H1))

• 旅宿營收五年成長 (5-Year Hospitality Revenue Growth): 成長 293%
  • 1.08億 → 4.23億 (110H1→115H1) | NT$108M → NT$423M (+293%)
• 旅宿損益五年轉正 (5-Year Hospitality P&L Turnaround): 轉正
  • -2.68億 → +0.04億 | -NT$268M → +NT$3.73M
• 營收占比躍升 (Hospitality Share of Total Revenue): 31.2%
  • 9.8% → 31.2% 比重連年攀升 | 9.8% → 31.2% (Steady year-on-year rise)
• 水泥佔比下降 (50% → 35%) (Cement share decreased from 50% to 35%)
  • 集團營收結構重心正在轉移 | Strategic revenue pivot underway across the group
• 營收佔比變化(%) (1H21-1H26) (水泥 Cement / 旅宿 Hospitality)
  • 110H1: 50% / 10%
  • 111H1: 45% / 15%
  • 112H1: 43% / 25%
  • 113H1: 40% / 27%
  • 114H1: 42% / 27%
  • 115H1: 35% / 31%

水泥有壓,旅宿補位 (Hospitality Offsets Cement Sector Headwinds (2026H1))

水泥事業 (Cement): 外部逆風承壓 (Facing External Macro Headwinds)

• 115H1 營收與虧損收斂概況 | 1H 2026 Revenue & Loss-Narrowing Overview
• 營收 (Revenue): 4.68億
  • 較114H1衰退26.6%
  • 受進口水泥及土方之亂影響 | Impacted by imported cement competition and domestic earthwork disposal bottlenecks
• 部門營業損益 (Operating Loss Narrowed by 34% YoY): 虧損收斂34%
  • 115H1虧827萬,較114H1虧1,250萬收斂 | 1H 2026 operating loss narrowed to -NT$8.27M (vs. -NT$12.50M in 2025H1).

旅宿事業 (Hospitality): 集團成長引擎 (Growth Engine for the Group)

• 115H1 營收與轉正動能 | 1H 2026 Revenue & Turnaround Momentum
• 營收五年成長 (5-Year Revenue Growth): 1.08億→4.23億
  • 五年成長293% (110H1→115H1) | Up 293% over 5 years
• 部門損益轉正 (Operating Profit Turned Positive): +NT$3.73M
  • 轉正+373萬
  • 較114H1虧2,378萬大幅改善
  • 貢獻集團H1損益改善156.5% | Contributed to 156.5% of the Group's operating income improvement

Products, Services & Technology

旅宿事業新設施: KIDS PLAYROOM

• 地點與樓層 (Location & Floor): 沖繩那霸.Hotel Collective 4樓 | Naha, Okinawa · Hotel Collective, 4th Floor
  • 國際通.4F | 4F, 2-5-7 Matsuo, Naha, Okinawa (Along Kokusai-dori)
• 營業時間 (Opening Hours): 10:00-18:00
  • 每日營業,最後入場17:00 | Open daily, last entry 17:00
• 收費標準 (Pricing): ¥1,500起/hr
  • 平日兒童¥1,500/hr,假日¥2,000/hr起 | Weekdays: ¥1,500/hr (Children) | Weekends & Holidays: from ¥2,000/hr
• 遊樂特色 (Play Zones): 數位 x 類比 (Interactive "Phygital" Zones)
  • 恐龍探索、繪畫牆、球池、扮演區等 | Dinosaur exploration, digital drawing wall, ball pit, and role-play areas

Strategic Initiatives and Plans

欣葉聯名·深化台灣市場 (Hsin Yeh Collab: Deepening the Taiwan Market)

• 合作項目: 台灣·欣葉日本料理「沖繩屋台祭」 (Hsin Yeh Taiwan : 'Okinawa Yatai Festival')
• 活動期間: 2026.7.10–8.10 期間限定 | Limited-Time Summer Campaign
• 內容:
  • 2026年7月10日 ~ 8月10日供應沖繩料理 | Okinawa cuisine served for a limited time
  • 住宿券·餐券抽獎活動 | Lucky draw for hotel & dining vouchers
• 目標: 提升台灣市場認知,喚起訪沖需求 | Builds Taiwan awareness, drives Okinawa travel demand

ESG / Sustainability

ESG: 人才與公益的韌性 (ESG Highlights: Talent & Community Resilience)

• 嘉新企業團:HR Asia 最佳雇主獎 (2026 HR Asia Best Companies to Work for in Asia)
  • 獲獎公布 (Award Announced): 2026.08.14
  • 榮譽: 台灣 97 家企業上榜,嘉新企業團獲選 | Selected as one of the 97 Honorees in Taiwan
  • 雇主品牌意義 (Employer Branding): 亞洲最佳雇主
    • 呼應人才與治理韌性,強化留才吸引力 | Reinforces workplace & governance resilience while enhancing employer branding and talent retention.
• 嘉新兆福文化基金會頒獎典禮 (Chia Hsin Foundation Scholarship Award Ceremony)
  • 日期: Sept 6, 2026
  • 申請與獲獎 (Applicants & Winners): 1,522 → 503
  • 總獎助 (Total awards): 880萬元,主題「把限制化為力量」 | theme 'Turning Limits into Strength'
  • 得主培力計畫夥伴 (Winner Empowerment Partners): Microsoft / Google 等 6+
    • 新增永豐銀行、君品酒店、C_musical、時代基金會等 | New partners include SinoPac Bank, Palais de Chine Hotel, C_musical, and Epoch Foundation (6+ partners including Microsoft & Google)

Outlook & Strategy

企業韌性四大支柱 (The Four Pillars of Corporate Resilience (115年第2季 | Q2 FY2026))

從轉型到分散:業務面的韌性 (Business Resilience: Transformation & Diversification)

• ① 本業轉型韌性 (Transformation)
  • 毛利率21%創新高
  • 本業五年轉正,結構優化見效 | Record 21% Gross Margin & 5-Year Operating Turnaround
• ② 多元分散韌性 (Diversification)
  • 旅宿穩健成長
  • 以旅宿成長抵銷水泥外部衝擊 | Hospitality Growth Offsets Cyclical Cement Headwinds

從財務到人才:根基面的韌性 (Foundational Resilience: Finance & Talent)

• ③ 財務韌性 (Financial Strength)
  • 流動比率242%
  • 現金及理財性資產近百億,緩衝充足 | 242% Current Ratio & ~NT$9.1B Liquid Assets Provide Ample Buffer
• ④ 人才與治理韌性 (Talent & Governance)
  • 亞洲最佳雇主
  • 嘉新兆福公益一甲子,深耕人才與社會 | HR Asia Best Employer & 60+ Years of Foundation Impact

總結 (Summary)

• 不只轉型,是韌性——毛利率21%新高、本業五年轉正,四大支柱撐穩韌性格局。
  • Beyond Transformation: Building Resilience — Anchored by record 21% gross margin and a 5-year operating turnaround across four core pillars.
• 旅宿成長、財務穩健、人才治理——韌性成為嘉泥新常態。
  • Driven by hospitality expansion, robust balance sheet, and people-centric governance, resilience is CHC's new normal.

Additional Data

免責聲明 (Disclaimer)

本文件中包含的前瞻性陳述有風險及不確定性,實際結果可能與前瞻性聲明中明示或暗示的內容大不相同。 This presentation contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those expressed or implied herein.

嘉新水泥股份有限公司對前瞻性陳述的準確性及完整性不作任何聲明或保證,嘉新水泥股份有限公司亦不承擔更新任何前瞻性陳述的義務,無論是新的資訊或未來的事件。 Chia Hsin Cement Corporation makes no representation or warranty, express or implied, as to the accuracy or completeness of these statements, and undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

此簡報及其內容未經本公司書面許可,任何第三者不得任意取用。 All rights reserved. Neither this presentation nor any part of its contents may be reproduced, redistributed, or disclosed to any third party without the prior written consent of the Company.

Contact Information

• Official Website
• Official Facebook Page
• Email: IR@chcgroup.com.tw
• Hotel Collective
• 人之初產後護理之家