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3205

佰研 Biotech & Healthcare As of 2026-06-17 Updated daily after market close

quality needs a look, fair valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 佰研 to your watchlist to track signal changes on your next visit.
Valuation 21Quality 29Growth 94Momentum 44Chips 5

Is 佰研 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 30th market percentile. Latest quarterly ROE ≈ 0.3%.

  • Valuation is neutral.PE is in the 72th market percentile; within its own history, PE is around the 31th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -7.9% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 129.6%, above the 20% growth threshold.

  • Signals are active now.On the latest data, signals such as Revenue YoY ≥ 20% are active — see the historical forward returns after each occurrence below.

Chip flow

Bullish +0.59
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 富邦-仁愛 holds 251 lots
  • sellers have 86 lots left, ~38 sessions to clear

Window from 2026-01-17 · Price +6% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 富邦-仁愛 has accumulated 251 lots since the start (sold 9%), still adding.
  • Main distributor 群益金鼎-彰化 peaked at 60 lots, has sold 67%, 20 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders +2.01pp, mid holders -3, retail +0.63pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -929 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
富邦-仁愛第一金-台南群益金鼎-開元臺銀-高雄華南永昌-高雄元富-台南
Distributing
群益金鼎-彰化群益金鼎群益金鼎-東門國票-嘉義富邦-北港元大-嘉義
Desks
own scale
元富-松德凱基-台北美商高盛兆豐-麻豆
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 富邦-仁愛 +251
    sold 9%· still adding
  • 第一金-台南 +246
    sold 0%
  • 群益金鼎-開元 +221
    sold 0%· still adding
  • 臺銀-高雄 +195
    sold 0%
  • 華南永昌-高雄 +154
    sold 6%
  • 元富-台南 +149
    sold 11%

Distributing

  • 群益金鼎-彰化 20 left
    sold 67%· paused recently
  • 群益金鼎 14 left
    sold 76%· paused recently
  • 群益金鼎-東門 38 left
    sold 32%· ~21 sessions to clear
  • 國票-嘉義 7 left
    sold 87%· paused recently
  • 富邦-北港 34 left
    sold 26%· paused recently
  • 元大-嘉義 10 left
    sold 76%· ~3 sessions to clear

Desks

  • 元富-松德 -421
    unclassified
  • 凱基-台北 -399
    day-trade · selling pressure
  • 美商高盛 -234
    hedge desk · will cover
  • 兆豐-麻豆 -217
    unclassified
Still selling 86 lots ~38 sessions to bottom at most
Recent buy/sell force +749 absorbed / -85 sold buyers slightly ahead
Hedge-desk net short -521 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)

Mixed direction: big-holder and retail changes are not aligned.

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.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 129.6%

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

91 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 42.5%, Sample 87, Median -1.43%, Excess +3%, Beat mkt rate 47.1%；60-day: Win 50.6%, Sample 85, Median +0.35%, Excess +11.98%, Beat mkt rate 43.5%；120-day: Win 48.2%, Sample 83, Median -1.75%, Excess +21.78%, Beat mkt rate 43.4%

120 days after: historical avg +28.92%

20-day +4.78%
60-day +17.45%
120-day +28.92%
20-day
60-day
120-day
Win
42.5%
50.6%
48.2%
Sample
87
85
83
Median
-1.43%
+0.35%
-1.75%
Excess
+3%
+11.98%
+21.78%
Beat mkt rate
47.1%
43.5%
43.4%

Over 83 occurrences, 120-day forward avg gained 28.92%, beat the market by 21.78 pts; win rate 48.2%.

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 0Insufficient data
20-40 You are here0Insufficient data
40-60 0Insufficient data
60-80 0Insufficient data
80-100 0Insufficient data

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 ≈ 24.81, at the 31.1th percentile of its own history (20-40 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
Insufficient data
(0d)
Insufficient data
(0d)
Insufficient data
(0d)
60-day momentum down
Now
Insufficient data
(0d)
Insufficient data
(0d)
Insufficient data
(0d)

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.

Does this signal hold up across the market

Over the past 242 months, on average ~404 stocks per month met “monthly revenue YoY ≥ 20%”; their adjusted-close return over the next 60 trading days averaged 6.94% (equal-weighted), beating the market by 2.37 points on average, and outperformed the TAIEX total-return index in 64.5% of months.

Each month, equal-weighted 60-day forward adjusted return of all signal-matching stocks, then averaged across months; excess vs the TAIEX total-return index.

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.

13 times historically; 60-day forward avg +34.73%, win rate 50%, beating the market by +32.65 pts on average.

Foreign net buying for 5 straight days

Pending

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

45 times historically; 60-day forward avg +13.64%, win rate 51.2%, beating the market by +9.24 pts on average.

What does 佰研 do? Company profile

生技醫療業；保健食品、功能性食品、技術服務與通路零售相關 上櫃（櫃買中心）

Overview

佰研生化科技股份有限公司，統一編號 16313696，1998/03/16 成立，2004/05/28 登錄興櫃，2005/09/12 上櫃掛牌，證券代號 3205，為普通股。官方與股市資料顯示英文簡稱 SLS，英文全名 Sagittarius Life Science Corp.；主要業務為生化科技產品（中西藥）研發技術服務、中西藥品零售、食品飲料零售。最新可查公司治理頁列示董事長為楊清宗、總經理為楊朝崴；基本資料來源曾列總經理為陳均恒，應為資料時間差異。資本額約新台幣 6.75 億元，已發行普通股 67,545,631 股（Goodinfo 顯示含私募 35,000,000 股）。公司公開資料地址有時間差：Goodinfo 2026/06/16 資料列臺南市東區中華東路二段77號10樓之2，Yahoo 2025/12/10 資料列臺北市南港區園區街3號10樓之6，公司官網頁尾亦有臺北與臺南版本，推估與營業地址異動或資料更新時點不同有關。2024 年永續報告書揭露台灣員工 44 人，均為正式員工，其中女性 30 人、男性 14 人。主要股東依公司股東結構頁（更新日期 115年3月8日）包括楊清宗 23,695,254 股、璽富投資 6,005,109 股、進富投資 5,237,591 股、進滿投資 3,038,318 股、全豐盛投資 2,183,572 股、豐農投資 1,750,000 股等。公司沿革包括 2000 年設立醱酵工程部、2005 年上櫃、2016 年成立 100% 持有子公司上海廣喬生物科技有限公司、2023 年 NBK-H8 Biopeptide 保養品原料取得 INCI 認證。

Business

佰研早期定位為天然中草藥萃取、植物新藥與保健品研發公司，官網說明公司深耕天然中草藥萃取技術，擁有美、日、中、台、港等多國專利，產品涵蓋營養輔助品、健康食品、保健品、功能性食品、營養強化食品與化妝品原料。服務項目包括：1. 獨家原料銷售，例如超穀酵素 Saponzyme、狼尾草/淡竹葉 Zeurogen、透明質酸酶抑制劑 Hyase-E2；2. OEM/ODM 生產代工，劑型涵蓋粉劑、膠囊、錠劑、液劑、果凍、軟糖/硬糖等；3. CRO 與植物新藥服務，包括 GACP 種植平台、IND 申請協助、CMC 與系統整合、藥物探索服務；4. 自有品牌與代理/經銷，包括 Dr.Key、Beauté28，以及食品零售通路與代理商品。2024 年永續報告書揭露營收結構：食品 96.58%，主要產品為初鹿商品、生鮮商品及百奧維他（Biotta）果汁等；其他類 3.42%，主要為技術服務。商業模式呈現研發/專利原料能力、保健食品配方設計與代工、代理經銷、連鎖通路/經銷/直營銷售並行。下游客戶名稱多未逐一公開，永續報告書僅說明與連鎖通路商、經銷商或直營商訂有契約；另揭露將研發成果與專利原料應用於寵物保健產品，並與全台大型連鎖寵物通路寵物公園合作。

Outlook 2025–2028

2025-2028 年展望偏向「保健食品消費需求成長、但公司轉型與獲利穩定度仍待驗證」。成長動能包括：1. 台灣高齡化、銀髮族保健需求、腸道健康、免疫、抗老、女性保健、寵物保健與個人化營養趨勢，對佰研的保健食品、天然原料、功能性配方與通路銷售有中長期支撐；2. 公司已有專利原料、植物萃取、醱酵技術、GACP/IND 經驗與 CRO 能力，可支援功能性食品、保健原料與植物新藥相關技術服務；3. 2024 年營收 4.6775 億元、年增 6.2%，2025 年營收降至 3.4608 億元、年減 26%，但 2026 年 1-5 月累計營收 2.94445 億元、年增 68.5%，且 2026 年第一季公告稅後歸屬母公司淨利約 331.8 萬元、EPS 0.05 元，顯示 2026 年初營運有反彈跡象；4. 2025 年私募及 2026 年董事會再決議私募現金增資，若資金用於營運改善、通路擴張或新產品開發，可能改善財務彈性。主要挑戰包括：1. 2024-2025 年仍有虧損紀錄，毛利率與營業利益率波動大，2025 年營收大幅下滑，獲利品質尚未穩定；2. 2024 年營收高度集中於食品零售/代理商品，技術服務占比僅 3.42%，與公司長期標榜的研發/植物新藥能力之間仍需轉化為穩定收入；3. 保健食品代工、原料與通路競爭激烈，上市櫃同業包括大江、葡萄王、金穎生技、綠茵、生展、景岳等；4. 食品安全、原料溯源、標示法規、廣告宣稱、健康食品功效宣稱、庫存與通路費用均是關鍵風險；5. 主要股東與董事會變動、公開收購與私募等資本市場事件，可能帶來策略轉向與股權稀釋風險。2027-2028 年能否成長，關鍵在於食品通路銷售是否延續 2026 年反彈、保健/寵物保健新品是否放大、專利原料與技術服務是否提高占比，以及私募資金是否形成有效營運改善。

Supply Chain

Upstream
  • 超能生化科技股份有限公司 未上市公司；佰研曾公告與其簽訂初鹿牧場品牌商品獨家代理經銷契約，2024 年永續報告書亦將初鹿商品列為食品類主要產品之一。
  • Biotta AG／百奧維他 瑞士品牌/非台股掛牌；2024 年永續報告書將百奧維他（Biotta）果汁列為食品類主要產品之一，屬代理或採購商品來源。
  • 原料、物料、包材、備品備件、辦公設備、機器儀器設備與工程供應商 供應商名稱未逐一揭露；永續報告書說明生產經營所需原料、物料、包材與設備工程廠商均屬廣義供應商，且以國內廠商優先採購並訂有契約。
  • 上海廣喬生物科技有限公司 佰研 100% 持有中國子公司；非台股掛牌，負責中國市場健康產品研發與產品改良，屬集團研發/產品平台。
Downstream
  • 萬達寵物事業股份有限公司／寵物公園 6968 台股上櫃公司；佰研 2024 年永續報告書揭露其寵物保健產品與全台大型連鎖寵物通路寵物公園合作。
  • 連鎖通路商、經銷商、直營商 多數具名客戶未公開；永續報告書說明佰研與連鎖通路商、經銷商或直營商訂有契約，維持供貨與服務。
  • 無毒的家／YOGI HOUSE 非台股掛牌；佰研歷史沿革曾列 2009 年接手營運「無毒的家」有機商店，屬食品與健康商品零售通路。
  • 終端消費者與家庭客群 佰研自有品牌、代理食品、生鮮商品、保健食品與寵物保健品的終端需求來源；非公司實體。

Competitors

  • 大江生醫 8436 台股上櫃；保健食品及保養品研發、製造與銷售，CDMO/OEM/ODM 能力與佰研保健食品代工、配方設計業務競爭。
  • 葡萄王 1707 台股上市；保健食品、益生菌、機能飲品與生技產品，與佰研在保健食品、自有品牌與通路市場競爭。
  • 金穎生技 1796 台股上櫃；微生物發酵萃取與生技食品專業代工，與佰研醱酵、保健原料及功能性食品開發競爭。
  • 綠茵 6846 台股上櫃；保健食品原料、配方整合與海外市場布局，與佰研天然原料、保健配方與技術服務競爭。
  • 生展 8279 台股上櫃；生技醫療與保健相關產品，與佰研在保健品、原料與生技服務市場部分重疊。
  • 景岳 3164 台股上櫃；益生菌與生技食品相關，與佰研在腸道健康、保健食品與功能性原料市場競爭。
  • 味全 1201 台股上市；食品飲料與乳品公司，若以佰研 2024 年食品類主要產品含初鹿商品、生鮮商品與果汁等角度，屬食品/乳品通路與消費品競爭者。
  • 統一 1216 台股上市；大型食品飲料與零售通路集團，與佰研食品飲料零售與代理商品在通路與消費品市場競爭。
Sources（23）

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.