美吾華股份有限公司 (1731) 115年度法人說明會簡報

Company Overview

• Company Name: 美吾華股份有限公司 (Maywufa Company Limited)
• Stock Code: 1731
• Event: 115年度法人說明會 (115th Annual Investor Conference)
• Establishment Date: 1976年
• Listing Date: 2001年
• Capital: NTD13.3億 (NTD 1.33 billion)
• Responsible Person: 李成家 (Li Cheng-chia)
• Presenter: 賴育儒 總經理 (Lai Yu-ru, General Manager)
• Copyright: © 2026 美吾華股份有限公司 著作權所有
• Disclaimers:
  • Statements in this presentation, other than historical data, are forward-looking and may differ from actual results due to significant risks and uncertainties.
  • The outlook on the future in this presentation reflects the company's views to date and the company is not obligated to update this information if future events or environmental changes occur.
  • Unauthorized reproduction, modification, re-compilation, deletion, or transmission of any content of this presentation or use of such content for commercial purposes is prohibited.
  • The content of this presentation includes all entities belonging to the consolidated financial statements.
• Core Advantages:
  • Established 50 years: Steady group development, deeply rooted in the Taiwan market for 50 years.
  • Shampoo No. 1: Deeply trusted by consumers, continuously ranked #1 in sales for Taiwan's brand shampoos.
  • Hair Dye No. 1: Controls core customer base, dominating market share in Taiwan's hair dye category.
  • 6,000+ Outlets: Nationwide channel layout, product sales outlets exceeding 6,000.
  • 30+ Awards: Excellent R&D capabilities, products cumulatively won over 30 domestic and international awards.
  • Complete Value Chain: R&D, manufacturing, marketing, sales vertically integrated.
  • GMP Factory: Smart factory with dual certification for GMP and green building.
  • Sustainable Development ESG: Successfully completed sustainability report, greenhouse gas inventory, and awarded Taiwan Sustainable Action Award.

Financial Highlights

• Financial Structure (2026.6.30):
  • Current Ratio: 206% (High)
  • Debt Ratio: 37% (Low)
  • Total Assets: NTD 3,481,551 thousand
  • Total Liabilities: NTD 1,288,566 thousand (37% of total assets)
  • Total Equity: NTD 2,192,985 thousand (63% of total assets)
• Historical Financial Structure and Current Ratio (Unit: %):

  Year	Own Capital Ratio	Debt Ratio	Current Ratio
  2020	76%	24%	424%
  2021	74%	26%	362%
  2022	79%	21%	336%
  2023	72%	28%	307%
  2024	66%	34%	264%
  2025	67%	33%	279%
  2026H1	63%	37%	206%

• Condensed Consolidated Income Statement (H1 2026 vs H1 2025, Unit: NTD thousands):
  • Net Revenue: NTD 854,499 (H1 2026) vs NTD 796,989 (H1 2025), Growth: 7.2%
  • Gross Profit: NTD 530,875 (62%) vs NTD 509,730 (64%), Growth: 4.1%
  • Operating Expenses: (NTD 407,489) (48%) vs (NTD 382,754) (48%), Growth: 6.5%
  • Operating Income: NTD 123,386 (14%) vs NTD 126,976 (16%), Growth: -2.8%
  • Non-operating Income/Expenses: NTD 30,969 (4%) vs NTD 5,349 (0%), Growth: 479.0%
  • Profit Before Tax: NTD 154,355 (18%) vs NTD 132,325 (16%), Growth: 16.6%
  • Net Profit After Tax: NTD 125,858 (14%) vs NTD 105,537 (13%), Growth: 19.3%
  • EPS (NTD): 0.95 vs 0.79, Growth: 20.3%
• Historical Consolidated Revenue and Gross Profit Margin (Unit: NTD millions; %):

  Year	Consolidated Revenue	Gross Profit Margin
  2020	1,065	63%
  2021	1,289	67%
  2022	1,245	66%
  2023	1,301	66%
  2024	1,486	65%
  2025	1,584	63%
  2026H1	854	62%

• Dividend Policy - Maximize Shareholder Returns:
  • Cash dividend per share distributed for five consecutive years > NTD 1 and continuously growing.
  • Cash dividend yield for five consecutive years > 5%.
  • Historical Dividend Data (Unit: NTD; %):

    Year	EPS (NTD)	Cash Dividend per Share (NTD)	Cash Dividend Yield (%)
    2019	0.76	0.60	4.57%
    2020	1.29	1.00	6.50%
    2021	1.24	1.17	6.13%
    2022	1.22	1.10	5.84%
    2023	1.27	1.15	5.37%
    2024	1.30	1.20	5.00%
    2025	1.36	1.22	5.61%

Business Segments

• Consumer Products Business Layout:
  • 自有品牌 (Own Brands):
    • 美吾髮 (Maywufa)
    • SAHOLÉA 森歐黎漾® (SAHOLÉA Sen Ou Li Yang)
    • 植優 INNEX (Zhi You INNEX)
  • 國際總代理 (International General Agency):
    • Mustela 慕之恬廊® (Mustela Mu Zhi Tian Lang) - Taiwan's general agent for France's #1 maternal and infant care brand.
• Revenue Contribution:
  • Shampoo & Conditioner Products: 65%
  • Hair Dye Products: 35%
• Omnichannel Layout:
  • Offline Revenue Share: 82%
    • Boutique Drugstores: 寶雅 (Poya), 屈臣氏 (Watsons), 康是美 (Cosmed)
    • Hypermarkets & Supermarkets: Costco, 萬家福 (Wanjiafu), 愛買 (A-Mart), 全聯 (PX Mart), 大全聯 (Daqianlian), 三商家購 (San Shang Jia Gou)
    • Chain Pharmacies: 大樹 (Great Tree), 丁丁 (Ding Ding), 啄木鳥 (Woodpecker)
    • Distributors & Maternal/Infant: Various physical distributor systems, Specialized maternal and infant product stores
  • Online Revenue Share: 18%
    • Brand Official Flagship: Brand official website
    • Main E-commerce Platforms: momo 購物網 (momo Shopping Network), 蝦皮購物 (Shopee)

Products & Technologies

• All-round Hair and Skin Care Products:
  • Shampoo & Conditioner Products (Hair & Skin Cleansing/Care):
    • Key Brands: SAHOLÉA® 森歐黎漾 (Fragrance Series), INNEX® 植萃賦活, 草本主義, INGRELUX® 髮之鑰, AQILAH 髮本對策®, BlackVerse 賦活喚黑, 漢方賦黑, 首烏髮蘊®, 髮蘊活.
    • Product Categories: Shampoo, Conditioner, Hair Nourishment, Body Wash, Intimate Cleansing, Body Lotion.
    • New Product/Series:
      • IDEA5 髮蘊活 健髮蓬彈5公分 (Cosmetic-grade! Hair revitalizing exosome + resilient hair active peptide).
      • BLACKVERSE 賦活喚黑 外泌體系列 (3-in-1: Blackening x Volume x Strength, Korean patented exosome *LDN C-Exosome).
      • INNEX 全能PDRN極效健髮系列 (PDRN x 3D Patented Hair Revitalizing Peptide, 5x stronger hair roots, revitalized and voluminous).
      • SAHOLÉA 森歐黎漾 髮質即刻逆襲 48H極致高光 (Hair oil, 1 drop locks in shine, 3x smoother).
      • INNEX 乾洗髮 (Dry shampoo, 1 spray oil control & volume, refreshing with 0 powdery feel, triple oil control & volume factors x patented hair revitalizing peptide).
      • INNEX 植萃賦活 時光胜肽身體乳 (Time Peptide Body Lotion, 96% skin renewal, firm and elastic, patented time-reversing peptide).
  • Hair Dye Products:
    • Key Brands: 快速護髮染髮霜, 植優®, 漢芳染, 植の染, 首烏蘊髮, 利尻昆布, 妍粹® 白髮激黑, 卡樂芙, bubble up iBubble, COLORFIX.
    • Dosage Form Categories: Blackening Lotion, Bubble Dye, Hair Dye Cream, Color Touch-up Brush.
    • New Product/Series:
      • COLORFIX 角蛋白染髮凝露 (Revolutionary Gel x Structural Repair, no bleaching needed, 7x hair repair power, European patented active keratin with 90% similarity to human hair keratin structure).
      • iBubble 泡泡宣妍 (New upgraded Korean misty dye, 9 weeks of color retention without fading, new colors launched).
• Technology Platforms:
  • PDRN: Biologically derived active ingredient, containing DNA repair technology concept, strengthening skin and scalp care.
  • Exosome: Tiny vesicles secreted by cells, transmitting repair signals, activating skin and scalp care mechanisms.
  • Keratin Structural Repair: Technology used in COLORFIX hair dye, providing 7x hair repair power and 90% similarity to human hair keratin structure.

Clients & Markets

• Market Share:
  • Taiwan Shampoo Sales: #1
  • Taiwan Hair Dye Market Share: #1
• Mustela 慕之恬廊 (International General Agency):
  • Consolidate Maternal & Infant Core: High-intensity physical exposure at maternal and infant exhibitions, deepens gift market with Line gifts and newborn gift sets.
  • Expand Customer Reach: Strongly promoting AD/sunscreen/repair cream/organic four major family care series, expanding Costco sales. Enhancing brand professional credibility through physician endorsements.

ESG / Sustainability

• Achievements:
  • Completed 2025 Annual Sustainability Report.
  • Completed SASB Standards Disclosure.
  • Obtained Greenhouse Gas Inventory Assurance Report.
  • Implemented MES (Manufacturing Execution System) with outstanding results.
  • Awarded "2025 5th TSAA Taiwan Sustainable Action Award" SDG09 GMP Green Building Smart Factory - Bronze Award.
• Certifications:
  • Cosmetics GMP Certificate (Highest national standard for safety certification).
  • Green Building Label (Implementing ESG energy saving and carbon reduction indicators).
  • ISO22716 Certificate (International Cosmetics Good Manufacturing Practices).
  • ISO9001 Certificate (Quality Management System).
  • Soon to obtain ISO 45001 certificate, further enhancing occupational health and safety management.

Outlook & Strategy

• Accelerate Hair Care Growth:
  • Focus on Core Hair Care: Trend towards scalp skincare, introducing medical beauty ingredients for scalp and hair product care.
  • Develop New Functional Categories: Targeting mid-to-high-priced functional products, and expanding into the skincare market (e.g., dry shampoo, hair oil, body lotion).
• Strengthen Hair Dye Momentum:
  • Innovative Formulations Drive Demand: Launching new hair dye gel formulations (e.g., COLORFIX), innovative packaging design, strengthening market competitiveness.
  • Consolidate Market Base: Promoting upgrades in mature brand formulas, packaging, and accessories, creating higher product value, steadily expanding market share (e.g., iBubble).

Additional Data

• Awards and Honors:
  • Accumulated over 30 domestic and international awards.
  • 2023 US Beauty Innovation Award - Best Shampoo of the Year (INGRELUX® SPHINGORY Revitalizing Strengthening Shampoo 髮之鑰).
  • 2024 US Beauty Innovation Award - Best Hair Coloring Product of the Year (植優 護髮補色刷, 植優 漸進復黑菁華露).
  • ARTE PLATINUM WINNER 2026: French Global Beauty & Personal Care Awards (Won 3 Platinum / 2 Gold / 3 Silver, total 8 awards).
• Value Chain: R&D, manufacturing, marketing, sales vertically integrated.