YUNG ZIP CHEMICAL (股票代號: 4102) 2026年 法說會簡報
Company Overview
公司願景與目標 (Company Vision and Goals)
- 我們的願景 (Our Vision): 成為免除人類疾病有貢獻的化學公司 (To be a chemical company contributing to the elimination of human diseases).
- 公司成立 (Company Establishment): 永日化學成立於民國67年6月8日 (Yung Zip Chemical established on June 8, 1978).
- 產業經驗 (Industry Experience): 扎根原料藥產業40餘年 (Over 40 years in the API industry).
- 主要認證 (Key Certifications):
- 國內第一家取得台灣衛生署GMP認證之原料藥廠 (First API manufacturer in Taiwan to obtain TFDA GMP certification).
- 陸續通過FDA、MHRA、PMDA、KFDA、HALAL、KOSHER等國際認證 (Subsequently passed international certifications like FDA, MHRA, PMDA, KFDA, HALAL, KOSHER).
- 經營理念 (Business Philosophy): 秉持著“創新、效能、服務”的永續經營理念、信守誠信、可靠及嚴謹的商業道德 (Upholding sustainable business philosophy of "Innovation, Efficiency, Service", integrity, reliability, and rigorous business ethics).
- 企業承諾 (Corporate Commitment): 以提供最佳的藥品,增進人類健康的信念為創造股東最大利益、增進員工福利、善盡企業社會責任持續努力 (Committed to providing the best medicines, improving human health, maximizing shareholder value, enhancing employee welfare, and fulfilling corporate social responsibility).
Financial Highlights
上半年合併損益表 (First Half Consolidated Income Statement)
(新台幣: 仟元)
| 損益表項目 (Income Statement Item) | 2026上半年 (核閱數) (2026 H1 (Reviewed)) | 2025上半年 (核閱數) (2025 H1 (Reviewed)) | 年成長率 (YOY Growth Rate) |
|---|---|---|---|
| 營業收入 (Operating Revenue) | 276,030 | 256,212 | 8% |
| 營業成本 (Operating Cost) | 209,155 | 197,802 | 6% |
| 營業毛利 (Gross Profit) | 66,875 | 58,410 | 14% |
| 營業毛利率 (Gross Profit Margin) | 24% | 23% | |
| 營業費用 (Operating Expenses) | 59,909 | 56,736 | 6% |
| 營業淨利 (Operating Income) | 6,966 | 1,674 | 316% |
| 營業淨利率 (Operating Income Margin) | 3% | 1% | |
| 營業外收(支) (Non-operating Income (Expenses)) | 1,402 | -11,585 | 112% |
| 本期淨利 (Net Income for the Period) | 7,389 | -6,470 | 214% |
| 稅後淨利率 (Net Income Margin after Tax) | 3% | -3% | |
| 每股盈餘 (EPS) | 0.13 | -0.19 |
毛利率趨勢 (Gross Profit Margin Trend)
- 2021年上半年: 24.00%
- 2022年上半年: 29.00%
- 2023年上半年: 30.00%
- 2024年上半年: 35.00%
- 2025年上半年: 23.00%
- 2026年上半年: 24.00%
合併資產負債表 (Consolidated Balance Sheet)
(新台幣: 仟元)
| 資產負債表項目 (Balance Sheet Item) | 2026/6/30 (核閱數) | 2025/6/30 (核閱數) | 2024/6/30 (核閱數) |
|---|---|---|---|
| 現金及約當現金 (Cash and Cash Equivalents) | 90,370 (10%) | 99,786 (11%) | 171,303 (17%) |
| 應收款項 (Accounts Receivable) | 110,144 (11%) | 79,860 (8%) | 114,118 (11%) |
| 存貨 (Inventory) | 147,057 (16%) | 144,992 (16%) | 158,433 (15%) |
| 長期投資 (Long-term Investments) | 109,707 (11%) | 107,225 (12%) | 155,192 (15%) |
| 不動產、廠房及設備 (Property, Plant and Equipment) | 394,110 (41%) | 405,087 (44%) | 390,429 (38%) |
| 其他流動及非流動資產 (Other Current and Non-current Assets) | 100,482 (11%) | 80,501 (9%) | 51,128 (4%) |
| 資產總額 (Total Assets) | 951,870 (100%) | 917,451 (100%) | 1,040,603 (100%) |
| 流動負債 (Current Liabilities) | 198,371 (21%) | 165,019 (18%) | 160,176 (15%) |
| 非流動負債 (Non-current Liabilities) | 73,571 (8%) | 78,559 (9%) | 131,538 (13%) |
| 負債總額 (Total Liabilities) | 271,942 (29%) | 243,578 (27%) | 291,714 (28%) |
| 股東權益總額 (Total Equity) | 679,928 (71%) | 673,873 (73%) | 748,889 (72%) |
重要財務指標 (Key Financial Ratios)
| 指標 (Metric) | 2026/6/30 | 2025/6/30 | 2024/6/30 |
|---|---|---|---|
| 平均收現日數(天) (Average Days to Collect Receivables) | 62 | 53 | 65 |
| 平均銷貨日數(天) (Average Days to Sell Inventory) | 140 | 148 | 143 |
| 流動比率(倍) (Current Ratio (times)) | 1.81 | 2.17 | 2.86 |
合併現金流量表 (Consolidated Cash Flow Statement)
(新台幣: 仟元)
| 項目 (Item) | 2026上半年 (核閱數) | 2025上半年 (核閱數) | 2024上半年 (核閱數) |
|---|---|---|---|
| 期初現金 (Cash at Beginning of Period) | 95,041 | 133,526 | 124,111 |
| 營業活動之現金流量 (Cash Flow from Operating Activities) | 32,667 | 4,353 | 83,204 |
| 投資活動之現金流量 (Cash Flow from Investing Activities) | (11,987) | (23,975) | (13,864) |
| 籌資活動之現金流量 (Cash Flow from Financing Activities) | (25,351) | (14,118) | (22,148) |
| 期末現金及約當現金 (Cash and Cash Equivalents at End of Period) | 90,370 | 99,786 | 171,303 |
Recent Performance and Results
1-8月營收資料 (2025 VS 2026) (Jan-Aug Revenue Data)
(新台幣: 仟元)
- 總營收 (Total Revenue):
- 2025年1-8月: 324,808
- 2026年1-8月: 353,059
- 內外銷營收分布 (Domestic and Export Revenue Distribution):
- 2026年1-8月:
- 外銷 (Export): 226,822 (64%)
- 內銷 (Domestic): 126,237 (36%)
- 2025年1-8月:
- 外銷 (Export): 192,536 (59%)
- 內銷 (Domestic): 132,272 (41%)
- 2026年1-8月:
全球各主要區域市場分布佔比 (Global Major Regional Market Distribution)
統計期間: 當年度1月-8月 (Statistical Period: Jan-Aug of Current Year)
| 區域 (Region) | 2025年1-8月 | 2026年1-8月 | 差異 (Difference) |
|---|---|---|---|
| Taiwan | 41% | 36% | -5% |
| Asia | 52% | 52% | 0% |
| Africa | 1% | 2% | 1% |
| America | 2% | 4% | 2% |
| Europe | 4% | 6% | 2% |
產品類型分析 (Product Type Analysis)
統計期間: 當年度1月-8月 (Statistical Period: Jan-Aug of Current Year) (新台幣: 仟元)
| 產品類別 (Product Category) | 2025年1-8月 (仟元) | 2026年1-8月 (仟元) | 成長率 (Growth Rate) |
|---|---|---|---|
| 賦型劑 (Excipients) | ~110,000 | ~112,200 | ↑2% |
| 止痛類 (Analgesics) | ~73,000 | ~88,330 | ↑21% |
| 代工&特化品 (CMO & Specialty Chemicals) | ~52,000 | ~51,480 | ↓1% |
| 皮膚抗菌類 (Dermatological Antibacterials) | ~22,000 | ~26,400 | ↑20% |
| 其他類原料藥 (Other APIs) | ~13,000 | ~13,910 | ↑7% |
Business Segments
化學合成核心平台之多元商業化佈局 (Chemical Synthesis Core Platform and Diversified Commercialization Layout) 永日化學不僅是原料藥廠,更是具備國際認證的化學合成技術整合平台;透過「利基醫藥 + CDMO 平台 + 健康食品 + 特用化學品」的多軌商業化配置,極大化核心技術商業價值與抗週期獲利能力。
| 業務板塊 (Business Segment) | 營收佔比 (Revenue Share) | 策略定位 (Strategic Positioning) | 核心優勢與戰略發酵 (Core Strengths & Strategic Development) R&D Technology Application
- Core Technology: 合成技術 (Synthesis Technology)
- Main Business Areas:
- 原料藥 (API - Active Pharmaceutical Ingredients)
- 藥證註冊 (Drug Registrations):
- TDMF: 16
- US DMF: 18
- EU CEP: 3
- JP MF: 3
- Other countries: 16
- GMP approved:
- TFDA: 17
- U.S. FDA: 5
- JP PMDA: 3
- 服務 (Services): 代工、量產 (Contract manufacturing, Mass production), GMP整件/送件 (GMP documentation/submission), 客製化服務 (Customized services)
- 藥證註冊 (Drug Registrations):
- 特用化學品 (Specialty Chemicals)
- 應用 (Applications): 光電 (Optoelectronics), 塑化 (Plastics), 半導體材料 (Semiconductor materials)
- 受託開發 受託生產 (Contract Development, Contract Manufacturing)
- 支持 (Supported by): 小量研究、中試工廠 (Small-scale research, Pilot plant)
- 認證 (Certifications): FDA GMP品質認證 (FDA GMP Quality Certification)
- 子公司 食品生產 (Subsidiary Food Production)
- 服務 (Services): 食品製造 (Food manufacturing), 食品包裝 (Food packaging), 食品代工 (Food contract manufacturing)
- 原料藥 (API - Active Pharmaceutical Ingredients)
Products & Technologies
API產品開發清單與開發狀態 (API Product Development List and Status)
(市場資料來源: Cortellis™ Generics Intelligence Data)
| 開發狀態 (Development Status) | 產品 (Product) | 用途 (Application) | 主要目標市場 (Primary Target Market) | *全球市場規模 (USD) | *全球市場規模 (kg) | 備註 (Remarks) |
|---|---|---|---|---|---|---|
| 製程確效完成 樣品供客戶試製研究中 | SBT | 心衰竭治療 (Heart Failure Treatment) | US/CN | 10,440 M | 271,216 | 藥品韌性計畫 (Drug Resilience Plan) |
| EDV | 漸凍症 (ALS) | US | 703 M | 1,229 | ||
| MRG | 膀胱過動症 (Overactive Bladder) | JP/US | 3,326 M | 59,637 | ||
| ZPT | 失眠症 (Insomnia) | JP/US | 592 M | 33,752 | ||
| TOP | 低血鈉症 (Hyponatremia) | JP/US | 708 M | 1,926 | ||
| PLC | 局部麻醉劑(注射) (Local Anesthetic (Injection)) | JP/CN | 238 M | 15,915 | ||
| 確效階段 (Validation Phase) | DAT | 治療慢性腎病(CKD) (Treatment of Chronic Kidney Disease (CKD)) | US/JP | 80.4 M | 200.3 | |
| 中試階段 (Pilot Phase) | CPS | 心肌梗塞 (Myocardial Infarction) | TW | 2,300 M | 1,107,340 | 藥品韌性計畫 (Drug Resilience Plan) |
| SKL | 非類固醇抗發炎 (Non-steroidal Anti-inflammatory) | CN/US/TW | - | - | CDMO | |
| CCS | 賦形劑 (Excipient) | EU | - | - | CDMO | |
| 研發階段 (R&D Phase) | TCY | 非類固醇抗發炎 (Non-steroidal Anti-inflammatory) | CN/US/TW | - | - | CDMO |
| BEX | 糖尿病用藥 (Diabetes Medication) | US | 0.8M | 10.5 | ||
| 接單量產 (Order-based Mass Production) | VY01 | 腎臟病用藥 (Kidney Disease Medication) | CN/US | - | - | |
| 製程確效完成 (Process Validation Completed) | VY05 | 腎臟病用藥 (Kidney Disease Medication) | CN/US | - | - |
特用化學品與醫藥中間體清單與開發狀態 (Specialty Chemicals and Pharmaceutical Intermediates List and Status)
| 開發狀態 (Development Status) | 產品 (Product) | 用途 (Application) | 區域 (Region) | 需求量 Kg/年 (Demand Kg/year) |
|---|---|---|---|---|
| 製程開發完成 接單生產中 | TX06 | 特化品 (Specialty Chemical) | TW/JP | 300 |
| TX08 | 特化品 (Specialty Chemical) | TW/JP | 3,600~4,800 | |
| MP01 | 醫藥中間體 (Pharmaceutical Intermediate) | TW | CDMO | |
| 製程開發完成 樣品測試 | TX10 | 特化品 (Specialty Chemical) | TW/JP | 1,200 |
| 製程開發完成 | HBP | 醫藥中間體 (Pharmaceutical Intermediate) | 全球 (Global) | 2000 |
| AIP | 醫藥中間體 (Pharmaceutical Intermediate) | 全球 (Global) | 2000 | |
| HBO | 醫藥中間體 (Pharmaceutical Intermediate) | 全球 (Global) | 500 | |
| CTA | 拆分劑 (Resolving Agent) | 全球 (Global) | 2600 | |
| HPH | 中間體 (Intermediate) | 全球 (Global) | 650 |
Outlook & Strategy
產業概況 (Industry Overview)
全球市場 (Global Market)
- 2026年全球原料藥(API)市場: 持續穩健成長,市場規模約達2,500億至2,900億美元,未來數年預估維持約6%~7%年複合成長率 (Global API market in 2026 continues robust growth, market size approximately US$250-290 billion, estimated 6-7% CAGR in coming years).
- 驅動因素 (Driving Factors): 全球高齡化、慢性疾病增加,以及癌症、罕見疾病等高附加價值療法需求,持續帶動API市場成長 (Global aging, increase in chronic diseases, and demand for high value-added therapies for cancer, rare diseases, etc., continuously driving API market growth).
- 供應鏈趨勢 (Supply Chain Trends): 美國推動藥品供應鏈在地化,加上全球藥廠降低對單一供應來源的依賴,帶動API供應鏈朝多元化發展 (US promoting localized drug supply chains, coupled with global pharmaceutical companies reducing reliance on single suppliers, driving diversified API supply chain development).
- 台灣原料藥廠優勢 (Advantages of Taiwan API Manufacturers): 具備品質、製程技術及穩定供貨優勢,可望受惠供應鏈重組趨勢 (Possessing quality, process technology, and stable supply advantages, expected to benefit from supply chain restructuring).
- 未來策略 (Future Strategy): 持續聚焦高附加價值及利基型API,強化國際法規認證與海外市場布局,提升全球市場競爭力 (Continue to focus on high value-added and niche APIs, strengthen international regulatory certifications and overseas market layout, enhance global market competitiveness).
永日化學 (Yung Zip Chemical)
- 2026年成果 (2026 Achievements): 完成兩支新產品確效,申請一張藥證 (Completed validation for two new products, applied for one drug license).
- 2027年預計 (2027 Outlook): 進行兩支新產品確效,申請兩張藥證 (Expected to complete validation for two new products, apply for two drug licenses).
- 戰略目標 (Strategic Goal): 深化CDMO服務、拓展國際市場,打造從研發到商業化的一站式醫藥服務平台 (Deepen CDMO services, expand international markets, build a one-stop pharmaceutical service platform from R&D to commercialization).
- 具體行動 (Specific Actions):
- 持續爭取新藥開發及國際合作案件 (Continuously seek new drug development and international cooperation projects).
- 從API研發製造延伸至製劑開發與商業化生產 (Extend from API R&D and manufacturing to formulation development and commercial production).
- 聚焦高附加價值及利基型產品,擴大海外市場布局 (Focus on high value-added and niche products, expand overseas market layout).
- 長期願景 (Long-term Vision): 透過研發、製造與市場服務的整合,強化永日化學作為新藥公司及藥廠長期合作夥伴的角色,持續創造醫藥事業成長動能 (Through the integration of R&D, manufacturing, and market services, strengthen Yung Zip Chemical's role as a long-term partner for new drug companies and pharmaceutical manufacturers, continuously create growth momentum for the pharmaceutical business).
研發策略 (R&D Strategy)
驅動創新與永續成長的五大核心主軸 (Five Core Pillars Driving Innovation and Sustainable Growth)
-
精進製程效率與ESG設計 (Enhance Process Efficiency & ESG Design)
- 精進製程效率,顯著降低生產成本並提升產能 (Improve process efficiency, significantly reduce production costs, and increase capacity).
- 強化關鍵中間體技術自主性,確保供應鏈穩定與韌性 (Strengthen key intermediate technology autonomy, ensure supply chain stability and resilience).
- 導入ESG原則,開發循環經濟製程,實現低碳生產與資源節約 (Integrate ESG principles, develop circular economy processes, achieve low-carbon production and resource conservation).
-
原料藥市場深度開發 (In-depth Development of API Market)
- 聚焦高價值與孤兒藥品項開發,最大化產線效益與產品毛利 (Focus on high-value and orphan drug development, maximize production line efficiency and product gross margin).
- 拓展同一治療領域產品組合,深化市場滲透率與多元性 (Expand product portfolio within the same therapeutic area, deepen market penetration and diversification).
- 洞察專利懸崖趨勢,搶佔學名藥市場先機與市場份額 (Anticipate patent cliff trends, seize first-mover advantage and market share in the generic drug market).
-
臨床新藥與策略合作 (Clinical New Drugs & Strategic Partnerships)
- 與製劑廠建立策略聯盟,共同開發具市場潛力之專利到期學名藥 (Establish strategic alliances with formulation manufacturers, jointly develop off-patent generic drugs with market potential).
- 提供CDMO服務,協助新藥公司進行臨床新藥製程研發與產品註冊 (Provide CDMO services, assist new drug companies with clinical new drug process R&D and product registration).
- 供應符合GMP標準之臨床試驗用新藥原料,成為首選合作供應商 (Supply GMP-compliant API for clinical trials, become a preferred partner supplier).
-
專業代工業務拓展(CMO/CDMO) (Professional Contract Manufacturing Business Expansion (CMO/CDMO))
- 積極拓展原料藥、中間體及特用化學品之CMO/CDMO業務 (Actively expand CMO/CDMO business for APIs, intermediates, and specialty chemicals).
- 與全球領先藥廠建立長期穩定的策略合作夥伴關係 (Establish long-term stable strategic partnerships with leading global pharmaceutical companies).
- 持續擴大生產規模與服務範疇,滿足客戶多元需求 (Continuously expand production scale and service scope, meet diverse customer needs).
-
特化品/醫藥中間體市場創新 (Innovation in Specialty Chemicals/Pharmaceutical Intermediates Market)
- 開發非藥品類高附加價值特用化學品及光電材料等新產品線 (Develop new product lines of high value-added non-pharmaceutical specialty chemicals and optoelectronic materials).
- 擴大產品生產面向,實現多元化營收增長 (Expand product production aspects, achieve diversified revenue growth).
- 透過上下游供應鏈整合,穩固市場供貨佈局與競爭優勢 (Strengthen market supply layout and competitive advantage through upstream and downstream supply chain integration).
策略目標與願景 (Strategic Goals & Vision) 透過五大策略的整合執行與協同作用,我們將建立從前端研發到後端市場的完整高價值鏈,不僅提升核心技術自主性與市場佔有率,更將為股東與社會創造永續的價值與貢獻 (Through the integrated execution and synergy of the five strategies, we will establish a complete high-value chain from front-end R&D to back-end market, not only enhancing core technology autonomy and market share but also creating sustainable value and contributions for shareholders and society).
Additional Data
2019-2025年合併營收 (2019-2025 Consolidated Revenue)
(新台幣: 仟元)
| 年度 (Year) | 子公司 (Subsidiary) | API內銷 (API Domestic) | 代工 (Contract Mfg) | API外銷 (API Export) | 特用化學品 (Specialty Chemicals) | 總營收 (Total Revenue) |
|---|---|---|---|---|---|---|
| 2019 | 58,008 | 33,810 | 284,896 | 40,122 | - | 416,836 |
| 2020 | 24,279 | 56,210 | 289,528 | 13,257 | 79,937 | 463,211 |
| 2021 | 65,591 | 60,215 | 259,802 | 91,988 | - | 477,596 |
| 2022 | 92,562 | 29,037 | 318,597 | 122,879 | 4,255 | 567,330 |
| 2023 | 84,951 | 43,441 | 321,682 | 106,057 | 3,022 | 559,153 |
| 2024 | 96,537 | 37,353 | 328,041 | 119,976 | 1,787 | 583,694 |
| 2025 | 85,237 | 43,748 | 294,487 | 48,570 | 2,179 | 474,221 |
免責聲明 (Disclaimer) 本簡報及同時發佈之相關訊息所提及之預測性資訊包括營運展望、財務狀況以及業務預測等內容,乃是建立在本公司從內部與外部來源所取得的資訊基礎。本公司未來實際所發生的營運結果、財務狀況及業務成果,可能與預測性資訊有所差異。其原因可能來自於各種因素,包括但不限於市場風險、市場需求等因素。本簡報中對未來的展望,反應本公司截至目前為止對於未來的看法。對於這些看法,未來若有任何變更或調整時,本公司並不負責隨時再度提醒或更新。