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4127

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

steady quality, premium valuation.

2 active signals
252d high Revenue ≥20%
This page refreshes daily after the close. Add 天良 to your watchlist to track signal changes on your next visit.
Valuation 8Quality 75Growth 71Momentum 90Chips 59

Is 天良 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 59th market percentile. Latest quarterly ROE ≈ 7.0%.

  • Valuation is high.PE is in the 98th market percentile; within its own history, PE is around the 100th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 1.6% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 27.0%, above the 20% growth threshold.

  • Signals are active now.On the latest data, signals such as 252-day price high, Revenue YoY ≥ 20% are active — see the historical forward returns after each occurrence below.

Chip flow

Bullish +0.86
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 永豐金-台南 holds 1,305 lots
  • sellers have 337 lots left, ~95 sessions to clear

Window from 2026-01-17 · Price +134% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 永豐金-台南 has accumulated 1,305 lots since the start (sold 0%), still adding.
  • Main distributor 台新 peaked at 543 lots, has sold 85%, 82 left, ~27 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +2.70pp, mid holders +9, retail -11.26pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -76 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
永豐金-台南富邦證券永豐金-北高雄國票-天祥永豐金-萬盛永興-大墩
Distributing
台新聯邦-興中玉山-台中華南永昌-竹北富邦-台北統一
Desks
own scale
華南永昌-高雄玉山-信義統一-城中凱基-和平
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 永豐金-台南 +1,305
    sold 0%· still adding
  • 富邦證券 +1,021
    sold 0%· still adding
  • 永豐金-北高雄 +830
    sold 0%
  • 國票-天祥 +822
    sold 0%· still adding
  • 永豐金-萬盛 +728
    sold 1%
  • 永興-大墩 +524
    sold 23%

Distributing

  • 台新 82 left
    sold 85%· ~27 sessions to clear
  • 聯邦-興中 60 left
    sold 74%· paused recently
  • 玉山-台中 69 left
    sold 61%· paused recently
  • 華南永昌-竹北 19 left
    sold 89%· ~95 sessions to clear
  • 富邦-台北 17 left
    sold 88%· ~34 sessions to clear
  • 統一 23 left
    sold 79%· ~3 sessions to clear

Desks

  • 華南永昌-高雄 -953
    unclassified
  • 玉山-信義 -608
    unclassified
  • 統一-城中 -590
    unclassified
  • 凱基-和平 -469
    unclassified
Still selling 337 lots ~95 sessions to bottom at most
Recent buy/sell force +1,424 absorbed / -288 sold buyers slightly ahead
Hedge-desk net short -1 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)

Direction matches: big-holder share rose while retail share fell.

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.

252-day price high (breakout)

Active

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

18 historical occurrences (since 2009-04-10)
Average forward return after 252-day price high (breakout)。20-day: Win 38.9%, Sample 18, Median -7.74%, Excess +3.6%, Beat mkt rate 38.9%；60-day: Win 17.6%, Sample 17, Median -13.1%, Excess -5.81%, Beat mkt rate 23.5%；120-day: Win 31.2%, Sample 16, Median -12.16%, Excess -5.43%, Beat mkt rate 37.5%

120 days after: historical avg +1.79%

20-day +5.99%
60-day -1.21%
120-day +1.79%
20-day
60-day
120-day
Win
38.9%
17.6%
31.2%
Sample
18
17
16
Median
-7.74%
-13.1%
-12.16%
Excess
+3.6%
-5.81%
-5.43%
Beat mkt rate
38.9%
23.5%
37.5%

Over 16 occurrences, 120-day forward avg gained 1.79%, lagged the market by 5.43 pts; win rate 31.2%.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 27.02%

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

60 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 44.4%, Sample 54, Median -1.42%, Excess +2.52%, Beat mkt rate 48.1%；60-day: Win 57.7%, Sample 52, Median +2.51%, Excess +4.43%, Beat mkt rate 53.8%；120-day: Win 61.2%, Sample 49, Median +3.39%, Excess +1.77%, Beat mkt rate 46.9%

120 days after: historical avg +12.29%

20-day +3.77%
60-day +10.63%
120-day +12.29%
20-day
60-day
120-day
Win
44.4%
57.7%
61.2%
Sample
54
52
49
Median
-1.42%
+2.51%
+3.39%
Excess
+2.52%
+4.43%
+1.77%
Beat mkt rate
48.1%
53.8%
46.9%

Over 49 occurrences, 120-day forward avg gained 12.29%, beat the market by 1.77 pts; win rate 61.2%.

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)
0-20 666-4.6% -3.4% 36.2% -41.2%
20-40 360+53.6% +2% 62.2% +24.8%
40-60 0Insufficient data
60-80 113+117% +168% 69.9% +59%
80-100 You are here248+12.6% +5.8% 63.3% -10.7%

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 ≈ 508.57, at the 100.0th percentile of its own history (80-100 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
-6.3%
Win rate 25.9% Excess -12.6%
471d
+123.5%
Win rate 78.8% Excess +99.4%
99d
Now
+9.9%
Win rate 59.4% Excess +4.1%
251d
60-day momentum down
+6.1%
Win rate 56.9% Excess -9.6%
464d
+44.2%
Win rate 52.1% Excess +30.3%
71d
-2.6%
Win rate 53% Excess -62.6%
151d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 251 historical days, 120-day forward avg gained 9.9%, win rate 59.4%, beat the market by 4.1%.

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.

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.

29 times historically; 60-day forward avg +0.39%, win rate 35.7%, beating the market by -2.37 pts on average.

What does 天良 do? Company profile

生技醫療業；中西藥、保健食品及健康照護產品 上櫃

Overview

4127 對應證券為天良生物科技企業股份有限公司普通股，股票簡稱天良，為櫃買中心上櫃公司，產業別為生技醫療業。公司成立於 1971-04-22，2001-07-17 公開發行，2003-01-14 興櫃，2005-07-29 上櫃；總部位於新北市汐止區大同路一段147號9樓。依 Goodinfo 及公司網站/年報資料，實收資本額約新台幣4.58億元，已發行普通股約45,760仟股，無特別股；董事長為詹漢山，總經理為沈錫聰。113 年底公司員工人數 61 人，112 年底為 65 人。113 年底主要股東資訊揭露持股逾 5% 者為臺北作想股份有限公司，持股 16,747 仟股、持股比例 36.59%。公司網站財務資訊頁已揭露 114 年度合併/個體財報與年報下載連結。2026 年 5 月曾因世紀民生科技股份有限公司與星雲電腦股份有限公司聯合公開收購天良普通股而發布重大訊息，公開收購價格每股新台幣32.71元，審議委員會認為價格落於獨立專家合理區間，但提醒股東自行評估應賣風險。

Business

天良為傳統製藥與健康產品公司，主要營業項目為中藥製造買賣、西藥進口批發零售、其他健康照護產品、保健食品製造批發零售。產品線涵蓋中藥產品、西藥產品、保健產品與其他健康/美容相關商品；公司網站產品分類包含中藥產品、西藥產品、保健產品、其他商品與銷售通路。商業模式以自有/代理產品搭配媒體與零售通路銷售為主，並非單純代工廠；年報收入分類以銷售通路呈現。114 年度合併主要產品/通路收入為：電視及電台購物新台幣423,106仟元，約82.67%；實體通路48,890仟元，約9.55%；電商通路29,816仟元，約5.83%；其他9,981仟元，約1.95%；合計511,793仟元。113 年度收入為385,206仟元，其中電視及電台購物316,776仟元，約82.24%；實體通路38,804仟元，約10.07%；電商通路19,806仟元，約5.14%；其他9,820仟元，約2.55%。公司銷售通路頁揭露自營通路、知名連鎖藥妝/藥局、網路電商通路、電視購物等型態；MoneyDJ 亦整理其通路包含屈臣氏、康是美、指定藥局、一般藥房、眼鏡行、百貨、大賣場、電視購物頻道及電子商務。113/114 年報關係人交易亦揭露對歐研醫藥、鴻磐科技、信吉媒體科技、金鳳凰國際、真旺科技及利鴻等關係人銷售或收款條件，但未能確認其是否為主要客戶。

Outlook 2025–2028

2025 至 2028 年展望重點：一、成長動能在高齡化、預防保健與保健食品剛性需求。Worldpanel/Kantar 2025 報告指出台灣邁入超高齡社會，熟齡族群保健品需求與購買行為是品牌布局重點；這對天良的骨骼、關節、免疫、營養補充及漢方保健產品具結構性支撐。二、通路重心仍在電視/電台購物，但電商通路具成長空間。114 年電商通路收入較 113 年提升至29,816仟元，電視及電台購物仍占約八成，顯示若能降低單一媒體通路依賴、提高自營會員與電商轉換，毛利與營收穩定性有改善空間。三、公司於 2025-02 董事會通過投資諾得生技股份有限公司，預計投資新台幣1.2億元，目的為承攬有線電視購物頻道節目製作及廣告銷售業務，顯示其強化媒體銷售與內容/廣告能力。四、2026 年世紀民生與星雲電腦公開收購若推進，可能帶來健康產品、電商通路與智慧應用整合題材；公開資訊提到收購人布局健康產品、電商通路與智慧應用，並將天良定位為串聯產品端、通路端與終端消費市場的節點。五、產業趨勢上，PwC 2025 生技醫療產業報告提到台灣生醫受健康台灣政策、預防、個人化、預測與定點照護等主題帶動；但天良短中期更直接受惠於保健食品、學名藥/中成藥與媒體電商通路，而非高研發門檻新藥。主要風險包括：電視/電台購物收入占比過高，若節目排檔、廣告成本、媒體法規或消費者行為轉移，營收波動會放大；產品具有效期，年報明確指出存貨因保存期限、滯銷或無市場銷售價值可能產生評價風險；藥品與健康食品法規、廣告宣稱限制及產品安全事件可能影響品牌；中藥材、原料藥、保健食品原料成本及品質控管亦是風險；公開收購與經營權變動可能影響策略方向。

Supply Chain

Upstream
  • 中藥材、原料藥、保健食品原料及包材供應商 年報揭露公司主要經營中西藥及保健食品，產品具有保存期限並有存貨評價風險；但未查得公司公開具名揭露主要上游供應商，故以原料類別描述，stock_id 設為 null。
Downstream
  • 富邦媒體科技股份有限公司 8454 公司銷售通路頁列示 momo 作為網路電商通路之一；momo 由台股上市公司富邦媒營運，屬電商銷售平台。
  • 遠傳電信股份有限公司 4904 公司銷售通路頁列示 friDay 購物作為網路電商通路之一；friDay 購物為遠傳相關電商平台，屬電商銷售通路。
  • 屈臣氏 MoneyDJ 整理天良國內通路包含屈臣氏；屈臣氏在台非台股掛牌公司，stock_id 設為 null。
  • 康是美 MoneyDJ 整理天良國內通路包含康是美；康是美屬統一集團藥妝通路但本身非台股掛牌公司，stock_id 設為 null。
  • 歐研醫藥股份有限公司 114 年報關係人交易揭露對歐研醫藥有營業收入，收款期間為月結3.5個月；未查得台股掛牌，stock_id 設為 null。
  • 信吉媒體科技股份有限公司 114 年報關係人交易揭露銷售予信吉媒體科技依雙方議定價格，收款條件月結2個月；推估與媒體/通路銷售相關，未查得台股掛牌。

Competitors

  • 葡萄王生技股份有限公司 1707 台股上市生技醫療公司，核心業務包含保健食品、益生菌與菇菌類產品，與天良保健食品產品線及大眾健康需求有競爭/替代關係。
  • 杏輝藥品工業股份有限公司 1734 台股上市製藥公司，產品涵蓋藥品、保健食品、醫美保養品等，與天良在成藥、保健食品及健康產品通路競爭。
  • 生達化學製藥股份有限公司 1720 台股上市製藥公司，為國內學名藥及製藥通路重要同業，與天良西藥及健康產品領域有部分競爭。
  • 中國化學製藥股份有限公司 1701 台股上市製藥公司，旗下亦有健康生技/保健產品，與天良在藥品與保健食品市場有部分競爭。
  • 勝昌製藥廠股份有限公司 中草藥與漢方產品同業，具中藥與草本保健產品競爭關係；未確認為台股上市櫃公司，stock_id 設為 null。
  • 大樹醫藥股份有限公司 6469 上櫃藥局通路及健康商品零售商，非純製造同業，但在保健品銷售與終端通路掌握上與天良有競合關係。
Sources（16）

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.