Business Overview
[[利華]]羊毛 (Reward Wool Industry) 是台灣唯一的[[羊毛]]防縮處理及毛條製造廠。主要產品包括毛條 (Wool Tops)、防縮毛條 (Superwash Wool)、炭化羊毛 (Carbonized Wool) 及防縮散毛。公司引進[[Kroy]]防縮設備及烘乾機，專注於高品質羊毛加工。產品最終應用於高級西裝、毛衣及戶外機能羊毛衣。
Supply Chain
上游 (原料):
- 從澳洲、紐西蘭進口原羊毛 (Greasy Wool)
中游 (加工):
- 利華: 洗毛、梳毛、防縮處理、染色
下游 (毛紡/成衣):
- 毛紡廠 (將毛條紡成毛紗)
- 織布廠、成衣廠
Customers and Suppliers
主要客戶
- 毛紡廠: 國內外毛紡廠及精紡廠
- 終端品牌供應鏈: [[Smartwool]]、[[Icebreaker]]、[[Patagonia]]等戶外機能羊毛衣品牌
主要供應商
- 原料: 澳洲[[AWN]]、紐西蘭羊毛供應商
- 設備: [[Kroy]]防縮處理設備
Financial Tables
Valuation Metrics (Share price $40.20 as of 2026-03-26 | TTM through 2025-12-31 | Forward forecast through 2026-12-31)
| P/E (TTM) | Forward P/E | P/S (TTM) | P/B | EV/EBITDA |
|---|---|---|---|---|
| 9.28 | N/A | 46.91 | 1.09 | -51.42 |
Annual Financials (Last 3 Years)
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Revenue | 85.39 | 104.44 | 124.19 |
| Gross Profit | -11.56 | -27.79 | -38.94 |
| Gross Margin (%) | -13.54 | -26.61 | -31.36 |
| Selling & Marketing Exp | 1.88 | 3.27 | 3.62 |
| R&D Exp | - | - | - |
| General & Admin Exp | 51.93 | 27.92 | 28.22 |
| Operating Income | -65.37 | -58.99 | -70.79 |
| Operating Margin (%) | -76.56 | -56.48 | -57.00 |
| Net Income | 433.97 | 80.80 | 70.53 |
| Net Margin (%) | 508.23 | 77.36 | 56.80 |
| Op Cash Flow | 146.34 | 138.79 | 149.34 |
| Investing Cash Flow | -86.32 | -343.03 | 100.19 |
| Financing Cash Flow | -80.80 | -59.01 | -415.09 |
| CAPEX | -0.94 | -41.79 | -28.77 |
Quarterly Financials (Last 4 Quarters)
| 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | |
|---|---|---|---|---|
| Revenue | 18.15 | 24.33 | 14.52 | 28.39 |
| Gross Profit | -2.86 | 10.97 | -19.43 | -0.24 |
| Gross Margin (%) | -15.75 | 45.08 | -133.79 | -0.86 |
| Selling & Marketing Exp | 0.60 | 0.36 | 0.49 | 0.43 |
| R&D Exp | - | - | - | - |
| General & Admin Exp | 8.34 | 23.32 | 9.07 | 11.20 |
| Operating Income | -11.79 | -12.72 | -28.99 | -11.87 |
| Operating Margin (%) | -64.99 | -52.26 | -199.63 | -41.82 |
| Net Income | 29.40 | 268.94 | 62.17 | 73.45 |
| Net Margin (%) | 162.03 | 1105.39 | 428.14 | 258.72 |
| Op Cash Flow | -6.88 | 147.23 | 9.72 | -3.73 |
| Investing Cash Flow | 53.52 | -100.18 | -110.49 | 70.84 |
| Financing Cash Flow | -0.34 | -79.83 | -0.19 | -0.44 |
| CAPEX | -0.25 | -0.04 | -0.65 | 0.00 |