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1736

喬山 Sports & Leisure As of 2026-06-17 Updated daily after market close

quality needs a look, discounted valuation.

1 active signal
Foreign buy
This page refreshes daily after the close. Add 喬山 to your watchlist to track signal changes on your next visit.
Valuation 61Quality 26Growth 36Momentum 18Chips 76

Is 喬山 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 25th market percentile. Latest quarterly ROE ≈ 0.2%.

  • Valuation is low.PE is in the 23th market percentile; within its own history, PE is around the 11th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 4.7% of volume (net buy).

  • Signals are active now.On the latest data, signals such as Foreign net buying 5 straight days are active — see the historical forward returns after each occurrence below.

Chip flow

Neutral -0.11
BearishNeutralBullish

Institutional rotation, concentration steady — neutral

  • Institutional rotation, concentration steady — neutral
  • 元富-文心 holds 471 lots
  • sellers have 648 lots left, ~740 sessions to clear

Window from 2026-01-17 · Price -23% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 元富-文心 has accumulated 471 lots since the start (sold 0%), holding.
  • Main distributor 美商高盛 peaked at 553 lots, has sold 38%, 342 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders -0.84pp, mid holders -1, retail +1.05pp — drifting down to retail.
  • Foreign hedge-desk net short Net short -1,934 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Branch inventory reconstruction
Accumulating holders Branches that accumulated shares during the window and still hold positive inventory; they are the absorbing side.
Distributing sellers Branches that built inventory earlier and have been selling it down; the remaining number estimates what has not cleared.
Net-short desks Trading-desk branches with negative inventory or net selling, often hedge, offsetting, or short-term flow. It is not automatically a bearish view.
Accumulating
元富-文心花旗環球統一富邦證券元大-南屯康和
Distributing
美商高盛港商麥格理華南永昌-南京新光國泰-敦南元大-天母
Desks
own scale
元大-雙和凱基-台北國泰證券摩根大通
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 元富-文心 +471
    sold 0%
  • 花旗環球 +379
    sold 0%· still adding
  • 統一 +349
    sold 3%· still adding
  • 富邦證券 +305
    sold 0%· still adding
  • 元大-南屯 +222
    sold 4%
  • 康和 +150
    sold 0%· still adding

Distributing

  • 美商高盛 342 left
    sold 38%· paused recently
  • 港商麥格理 189 left
    sold 42%· ~14 sessions to clear
  • 華南永昌-南京 71 left
    sold 64%· ~15 sessions to clear
  • 新光 73 left
    sold 51%· ~11 sessions to clear
  • 國泰-敦南 74 left
    sold 49%· ~740 sessions to clear
  • 元大-天母 57 left
    sold 56%· ~8 sessions to clear

Desks

  • 元大-雙和 -1,014
    unclassified
  • 凱基-台北 -877
    day-trade · selling pressure
  • 國泰證券 -704
    unclassified
  • 摩根大通 -630
    hedge desk · will cover
Still selling 648 lots ~740 sessions to bottom at most
Recent buy/sell force +1,344 absorbed / -530 sold buyers slightly ahead
Hedge-desk net short -1,056 lots potential cover-buying, not selling pressure
TDCC big holders · absolute-holding cross-check
>1000-lot holder share Retail (<400 lots) share Price (right axis)

Weak direction: big-holder share fell while retail share rose.

Describes chip flow, not investment advice. Branch data discloses only high-volume branches with ~1-day lag; TDCC is weekly. Inventory is a relative reconstruction from the window start, not absolute holdings.

Historical evidence

Signals active now

These signals are true on the latest data, with this stock's own historical forward-return stats after each occurrence.

Foreign net buying for 5 straight days

Active · now 6%

Foreign net flow (ex-dealer) positive for 5 straight days; event on day 5; repeats within 20 days counted once.

55 historical occurrences (since 2012-05-16)
Average forward return after Foreign net buying for 5 straight days。20-day: Win 37%, Sample 54, Median -1.85%, Excess -0.42%, Beat mkt rate 38.9%；60-day: Win 45.3%, Sample 53, Median -4.01%, Excess +3.11%, Beat mkt rate 43.4%；120-day: Win 57.7%, Sample 52, Median +5.86%, Excess +7.29%, Beat mkt rate 46.2%

120 days after: historical avg +13.38%

20-day +0.11%
60-day +6.2%
120-day +13.38%
20-day
60-day
120-day
Win
37%
45.3%
57.7%
Sample
54
53
52
Median
-1.85%
-4.01%
+5.86%
Excess
-0.42%
+3.11%
+7.29%
Beat mkt rate
38.9%
43.4%
46.2%

Over 52 occurrences, 120-day forward avg gained 13.38%, beat the market by 7.29 pts; win rate 57.7%.

Valuation regime and subsequent returns

Each day's PE is converted to its own-history percentile (as of that day), then we look at adjusted-close returns over the next 240 trading days by valuation regime.

PE percentile bandSample days240-day avg returnMedianWin rateAvg excess (vs index)
0-20 You are here510-4.7% -15.3% 26.5% -20.3%
20-40 330+4% +2.5% 54.8% -12.4%
40-60 403+0.1% -15% 41.9% -18.9%
60-80 936+31.7% +15.2% 60.5% +9.9%
80-100 575+49.4% +26.9% 80.9% +36%

Percentiles use an expanding own-history window (no look-ahead); forward return is 240 trading days on adjusted close. Sample days overlap; distribution is indicative only.

Current PE ≈ 14.34, at the 11.3th percentile of its own history (0-20 band).

Valuation × momentum historical grid

Every day in its own history is bucketed by valuation tercile (own-history PE) and 60-day momentum sign into six cells; we show adjusted-close returns over the next 120 trading days per cell.

Valuation
Momentum
Cheap (own-history bottom 1/3)
Mid
Expensive (own-history top 1/3)
60-day momentum up
-6.9%
Win rate 34.8% Excess -15.4%
333d
+13.8%
Win rate 44.5% Excess +4.1%
310d
+19.7%
Win rate 50.9% Excess +11.1%
717d
60-day momentum down
Now
+0.7%
Win rate 38.2% Excess -11.2%
489d
-5.5%
Win rate 23.8% Excess -14.7%
395d
+18.3%
Win rate 72.4% Excess +11%
630d

Currently in “Cheap (own-history bottom 1/3) × 60-day momentum down”: across 489 historical days, 120-day forward avg gained 0.7%, win rate 38.2%, lagged the market by 11.2%.

Days = trading days in this bucket; returns use adjusted prices, ex-costs. 60-day momentum: direction of this stock's price over the past 60 trading days.

Signals not active (historical stats for reference)

These are not occurring now; historical samples shown for comparison.

252-day price high (breakout)

Pending

Adjusted close makes a new 252-day high; repeats within 20 days counted once.

25 times historically; 60-day forward avg +8.19%, win rate 56%, beating the market by +7.85 pts on average.

Monthly revenue YoY ≥ 20% (from filing deadline)

Pending

Monthly revenue YoY ≥ 20%; event date is the first trading day after the filing deadline (no look-ahead).

76 times historically; 60-day forward avg +4.54%, win rate 50%, beating the market by +1.96 pts on average.

What does 喬山 do? Company profile

運動休閒／健身器材 台灣證券交易所上市

Overview

1736 對應證券為喬山健康科技股份有限公司，為台灣證券交易所上市普通股，非 ETF、ETN、特別股或權證。公司創立於 1975 年 10 月 7 日，原名喬山金屬工業股份有限公司，總部位於台中市大雅區東大路二段 999 號，2000 年公開發行、2002 年興櫃、2003 年 1 月 9 日上市。董事長為羅崑泉，總經理為羅光廷，發言人為羅雅芳。資本額約新台幣 30.34 億元，發行股數約 303,394,617 股。公司從早期啞鈴、槓鈴與代工起家，逐步轉型為自有品牌與全球製造、銷售通路並重的健身器材集團。公開資料顯示集團截至 2026 年約有超過 1 萬名員工，業務遍及 38 個國家、約 44 至 46 家子公司、60 多國經銷商、約 316 至 318 家自有通路與 7 座製造基地；不同來源統計口徑略有差異。主要經營者與大股東以羅氏家族成員為核心，公開董監持股資料顯示羅光廷、羅崑泉、羅雅芳、羅碧芳、何月欣、林采瑤等內部人持股占比較高。

Business

喬山主要從事健身器材、心肺訓練機、重量訓練機、電動按摩椅及相關馬達、儀錶、電子控制板等產品之研發、製造、批發、零售與內外銷。主要產品包括跑步機、健身車、橢圓機、划船機、踏步機、重量訓練設備、團體訓練設備、按摩椅與健康科技相關產品。品牌組合方面，商用市場以 Matrix 為核心，並以高階 ONYX 系列切入豪華健身房、以 Vision 商用線補足中階與價格敏感客戶；家用市場以 Horizon、BowFlex、Schwinn 等品牌布局大型量販、電商、自有零售與專賣店；按摩椅事業則以 Fujiiryoki 與 SYNCA 等品牌為主。商業模式為垂直整合製造、自有品牌、全球子公司與經銷通路銷售並行，收入主要來自銷售商品，商用客戶包含大型連鎖健身房、飯店、企業健身中心、高端住宅與俱樂部，家用客戶則透過量販、電商、零售門市及經銷商觸及終端消費者。2024 年產品營收約健身器材 90%、電動按摩椅 10%；2025 年法說摘要顯示業務別約商用 71%、家用 22%、按摩椅 7%，地區別以北美最大，其次歐洲與亞洲。2025 年合併營收約新台幣 543.29 億元、年增 13.7%，稅後淨利約 27.5 億元，EPS 9.06 元，營收與獲利均創近年高點。

Outlook 2025–2028

2025 至 2028 年展望以商用健身器材市占提升、家用品牌整合、越南產能放大與高毛利產品組合改善為主軸。2025 年公司已受惠全球大型連鎖健身房展店與汰換需求、BowFlex 併購效益、商用 Matrix／Vision／ONYX 產品線擴張，全年營收達新高。2026 年公司與法說摘要均指出商用與家用業務仍有雙位數成長動能，其中商用受 Planet Fitness、Basic-Fit、Smart Fit 等大型客戶展店與汰換帶動，家用受 BowFlex 可調式啞鈴恢復銷售、廣告投放及通路擴張帶動。越南第二廠預計 2026 年第三季量產，產能為一廠約兩倍，將提高越南供貨比重，支援北美與全球需求，並協助分散中國與台灣產能、降低關稅與成本風險。中長期目標方面，公司管理層與市場報導提到商用市占率由 2024 年約 35%、2025 年底約 41% 持續提升，短期目標突破 50%，2028 年挑戰 70%；家用市場則以 2030 年全球市占率 30% 為長期目標。新產品與技術重點包括高階商用 ONYX、智能商用重訓、數位介面與團課支援、Horizon／BowFlex 與健身 App 或數位內容整合、AI／VI 輔助功能、商用按摩椅與高毛利健康產品。主要風險包含美國關稅與貿易政策、匯率波動、海運與物流成本、全球消費景氣、家用市場競爭激烈、BowFlex 召回或品牌整合進度、越南新廠量產時程與良率、歐美大型客戶資本支出變化，以及 Technogym、Life Fitness、Peloton、iFIT、岱宇、力山等競爭者的價格與通路競爭。

Supply Chain

Upstream
  • 電子儀錶及電子零件供應鏈 公開資料列為喬山主要採購原料之一；未查得公司揭露具名供應商，因此不指定台股代號。
  • 馬達及控制系統供應鏈 喬山產品使用馬達、控制板與相關電子控制零組件，部分關鍵零組件具垂直整合與自製能力；未查得具名外部供應商。
  • 鋼材、管材、五金及塑膠供應鏈 跑步機、重訓設備與健身器材機構件所需原材料；公開來源僅揭露類別，未揭露特定供應商。
  • 跑板、跑帶、座墊與機構加工供應鏈 屬健身器材關鍵耗材與機構件；公開來源僅揭露採購品項，未揭露具名企業。
  • 喬山集團全球製造基地 台灣台中、中國上海、越南河內／北寧、美國威斯康辛、日本大阪等製造基地承擔內部供應與組裝；屬集團內部產能，不是獨立台股供應商。
Downstream
  • Planet Fitness 美國上市連鎖健身房業者，為喬山重要商用客戶；法說摘要稱約占喬山營收 10%，其展店與設備汰換帶動商用器材需求。
  • Basic-Fit 歐洲上市連鎖健身房業者，為喬山重要商用客戶；法說摘要稱約占營收 5%，持續展店帶動設備需求。
  • Smart Fit 巴西上市、拉丁美洲大型連鎖健身房業者，為喬山商用客戶；法說摘要稱約占營收 3% 至 4%。
  • 全球飯店、企業健身中心與高端住宅通路 商用 Matrix、Vision、ONYX 與按摩椅產品之終端應用場景，非單一掛牌公司。
  • 大型量販、電商、自有零售門市與經銷商 Horizon、BowFlex、Schwinn 等家用產品主要銷售通路；公開資料未完整揭露具名通路商清單。

Competitors

  • 岱宇 1598 台灣上市健身器材與運動休閒設備業者，為喬山在家用與商用健身器材市場的台股同業。
  • 力山 1515 台灣上市健身器材與工具機相關製造商，亦承接國際健身器材品牌代工，為製造端競爭者之一。
  • Technogym 義大利上市健身器材品牌，全球商用與高階家用市場競爭者，非台股掛牌。
  • Life Fitness 全球商用健身器材品牌，非台股掛牌，為 Matrix 等商用產品主要國際競爭者。
  • Peloton Interactive 美國上市互聯健身與家用健身產品品牌，非台股掛牌，與喬山家用產品及通路競爭。
  • iFIT／ICON Health & Fitness 美國家用健身器材與互聯健身平台業者，非台股掛牌，旗下 NordicTrack、ProForm 等品牌與 BowFlex、Horizon 競爭。
  • Precor 國際商用健身器材品牌，非台股掛牌，與喬山商用健身器材競爭。
Sources（15）

This company profile is compiled from public sources (annual reports, filings, news and analyst reports), not finlab backtest data; the 2025–2028 outlook contains forward-looking estimates and is for reference only.

Method and limitations

  • All returns use adjusted close (etl:adj_close), already adjusted for dividends and splits.
  • Excess return is measured against the TAIEX total-return index (dividends included).
  • Valuation regime and percentile stats use an expanding own-history window (no future data).
  • Revenue-signal event dates align to the first trading day after the filing deadline, avoiding look-ahead.
  • Event samples may overlap in time; stats describe historical distribution only and are less reliable when samples are few.

This page is historical statistics for educational purposes and is not investment advice. Investing involves risk; past performance does not indicate future results. Assess and bear the risk yourself before trading.