Business Overview
[[東華]]龍 (TongHwa Corporation，原[[東華合纖]]) 主要業務為[[亞克力棉]] (Acrylic Staple) 及[[聚丙烯腈]]纖維 (Tow) 的買賣，以及不動產投資、開發與租賃。由於台灣紡織產業結構改變，公司已逐步轉型，將閒置廠房資產活化，轉向資產管理與不動產開發為主。大額借款投入不動產開發，尚處轉型初期。
Supply Chain
紡織貿易:
- 買賣亞克力棉原料，供應給下游紡紗廠
- 原料主要來自[[三菱化學]]、[[東麗]]等國際化纖廠
不動產:
- 開發自有土地資產 (台北市精華地段)，進行租售
- 位於資產管理與開發端
Customers and Suppliers
主要客戶
- 紡織: 國內外紡紗廠、毛紡廠
- 不動產: 承租戶或買家
主要供應商
- 原料: [[三菱化學]]、[[東麗]]、[[旭化成]]等國際亞克力棉製造商
Financial Tables
Valuation Metrics (Share price $19.05 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 |
|---|---|---|---|---|
| N/A | N/A | 194.15 | 0.83 | -8.50 |
Annual Financials (Last 3 Years)
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Revenue | 5.33 | 10.25 | 20.59 |
| Gross Profit | 4.10 | -6.40 | 3.91 |
| Gross Margin (%) | 76.99 | -62.49 | 19.01 |
| Selling & Marketing Exp | 17.72 | 19.34 | 24.86 |
| R&D Exp | - | - | 0.00 |
| General & Admin Exp | 61.08 | 56.63 | 52.66 |
| Operating Income | -74.81 | -51.59 | -74.58 |
| Operating Margin (%) | -1403.87 | -503.43 | -362.24 |
| Net Income | -69.94 | 25.79 | 39.98 |
| Net Margin (%) | -1312.39 | 251.61 | 194.21 |
| Op Cash Flow | -600.25 | -539.42 | -105.83 |
| Investing Cash Flow | 15.15 | -51.15 | -62.64 |
| Financing Cash Flow | 351.56 | 728.73 | 548.38 |
| CAPEX | -20.30 | -5.38 | -53.59 |
Quarterly Financials (Last 4 Quarters)
| 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | |
|---|---|---|---|---|
| Revenue | 1.73 | 0.05 | 0.71 | 2.84 |
| Gross Profit | 3.60 | 0.05 | 0.12 | 0.33 |
| Gross Margin (%) | 208.69 | 100.00 | 16.22 | 11.65 |
| Selling & Marketing Exp | 5.16 | 4.47 | 4.13 | 3.95 |
| R&D Exp | - | - | - | - |
| General & Admin Exp | 15.57 | 15.20 | 17.27 | 13.04 |
| Operating Income | -17.12 | -19.74 | -21.29 | -16.66 |
| Operating Margin (%) | -991.43 | -37247.17 | -3003.10 | -586.51 |
| Net Income | 51.54 | -38.66 | -45.17 | -37.65 |
| Net Margin (%) | 2984.48 | -72941.51 | -6370.66 | -1325.77 |
| Op Cash Flow | -43.00 | -60.91 | -428.68 | -67.67 |
| Investing Cash Flow | -7.38 | -6.10 | 5.64 | 23.00 |
| Financing Cash Flow | 207.58 | 127.15 | 13.15 | 3.67 |
| CAPEX | -1.83 | -12.38 | -5.76 | -0.33 |