Business Overview
[[南紡]] (Tainan Spinning) 是台灣紡織業龍頭之一，為[[統一集團]]關係企業，業務涵蓋紡織與流通事業。紡織部門為台灣最大聚酯棉/紡紗廠之一，產品包括棉紗、聚酯粒、聚酯棉、機能性布料，產能布局台灣及越南；流通部門開發經營「南紡購物中心 (T.S. Mall)」，為台南地標型商場。
Supply Chain
上游 (石化原料):
- 採購[[PTA]]、[[EG]]等石化原料
中游 (化纖/紡紗):
- 生產聚酯纖維、紡紗、織布
下游 (成衣/零售):
- 供應給成衣布料廠
- 南紡購物中心直接面對消費者 (B2C)
Customers and Suppliers
主要客戶
- 紡織: 國內外織布廠、成衣廠、品牌商
- 流通: 南紡購物中心之租戶與消費者
主要供應商
- 石化原料: [[南亞]] ([[PTA]])、[[東聯]] ([[EG]])等化纖原料廠
Financial Tables
Valuation Metrics (Share price $12.80 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 | 60.95 | 1.47 | 0.77 | 69.21 |
Annual Financials (Last 3 Years)
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Revenue | 14420.71 | 17190.25 | 19445.21 |
| Gross Profit | 1055.44 | 877.90 | 600.32 |
| Gross Margin (%) | 7.32 | 5.11 | 3.09 |
| Selling & Marketing Exp | 863.94 | 911.39 | 944.21 |
| R&D Exp | 32.67 | 38.08 | 39.12 |
| General & Admin Exp | 752.88 | 795.92 | 869.49 |
| Operating Income | -594.05 | -867.49 | -1252.49 |
| Operating Margin (%) | -4.12 | -5.05 | -6.44 |
| Net Income | -247.96 | -558.10 | 2101.85 |
| Net Margin (%) | -1.72 | -3.25 | 10.81 |
| Op Cash Flow | 2518.01 | 1101.46 | -233.81 |
| Investing Cash Flow | -247.31 | -2547.35 | 3338.38 |
| Financing Cash Flow | -1438.78 | -3045.32 | -268.94 |
| CAPEX | -95.24 | -1027.07 | -832.39 |
Quarterly Financials (Last 4 Quarters)
| 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | |
|---|---|---|---|---|
| Revenue | 3276.84 | 3251.26 | 3700.25 | 4192.37 |
| Gross Profit | 244.02 | 222.32 | 316.48 | 272.61 |
| Gross Margin (%) | 7.45 | 6.84 | 8.55 | 6.50 |
| Selling & Marketing Exp | 157.29 | 226.77 | 238.56 | 241.32 |
| R&D Exp | 7.87 | 8.16 | 8.72 | 7.91 |
| General & Admin Exp | 239.37 | 177.71 | 156.71 | 179.10 |
| Operating Income | -160.51 | -190.31 | -87.50 | -155.73 |
| Operating Margin (%) | -4.90 | -5.85 | -2.36 | -3.71 |
| Net Income | -181.86 | 4.68 | 6.98 | -77.76 |
| Net Margin (%) | -5.55 | 0.14 | 0.19 | -1.85 |
| Op Cash Flow | 487.23 | 531.20 | 1064.22 | 435.37 |
| Investing Cash Flow | -139.47 | -160.53 | -17.43 | 70.12 |
| Financing Cash Flow | 64.22 | -548.14 | -292.98 | -661.88 |
| CAPEX | -35.07 | -12.12 | -1.20 | -46.85 |