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5904

寶雅 Home & Living As of 2026-06-17 Updated daily after market close

steady quality, fair valuation.

2 active signals
252d high Foreign buy
This page refreshes daily after the close. Add 寶雅 to your watchlist to track signal changes on your next visit.
Valuation 44Quality 88Growth 64Momentum 69Chips 92

Is 寶雅 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 79th market percentile. Latest quarterly ROE ≈ 13.7%.

  • Valuation is neutral.PE is in the 44th market percentile; within its own history, PE is around the 35th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 11.9% of volume (net buy).

  • Signals are active now.On the latest data, signals such as 252-day price high, Foreign net buying 5 straight days are active — see the historical forward returns after each occurrence below.

Chip flow

Neutral +0.12
BearishNeutralBullish

Institutional rotation, concentration steady — neutral

  • Institutional rotation, concentration steady — neutral
  • 美商高盛 holds 1,424 lots
  • sellers have 1,287 lots left, ~75 sessions to clear

Window from 2026-01-17 · Price +47% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 美商高盛 has accumulated 1,424 lots since the start (sold 0%), still adding.
  • Main distributor 台灣摩根士丹利 peaked at 1,970 lots, has sold 37%, 1,242 left, ~75 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders -1.30pp, mid holders +5, retail -0.50pp — little change.
  • Foreign hedge-desk net short Net short -223 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
美商高盛美林富邦證券新加坡商瑞銀花旗環球永豐金證券
Distributing
台灣摩根士丹利元大-汐止元富-松德康和群益金鼎-屏東群益金鼎-海山
Desks
own scale
摩根大通凱基港商麥格理元大-仁愛
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 美商高盛 +1,424
    sold 0%· still adding
  • 美林 +1,279
    sold 0%· still adding
  • 富邦證券 +920
    sold 1%· still adding
  • 新加坡商瑞銀 +750
    sold 9%· still adding
  • 花旗環球 +732
    sold 7%· still adding
  • 永豐金證券 +683
    sold 3%

Distributing

  • 台灣摩根士丹利 1,242 left
    sold 37%· ~75 sessions to clear
  • 元大-汐止 40 left
    sold 32%· paused recently
  • 元富-松德 6 left
    sold 89%· paused recently
  • 康和 11 left
    sold 66%· ~22 sessions to clear
  • 群益金鼎-屏東 8 left
    sold 69%· ~4 sessions to clear
  • 群益金鼎-海山 2 left
    sold 90%· paused recently

Desks

  • 摩根大通 -1,491
    hedge desk · will cover
  • 凱基 -1,024
    unclassified
  • 港商麥格理 -358
    hedge desk · will cover
  • 元大-仁愛 -247
    unclassified
Still selling 1,287 lots ~75 sessions to bottom at most
Recent buy/sell force +1,638 absorbed / -217 sold buyers slightly ahead
Hedge-desk net short -69 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.

252-day price high (breakout)

Active

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

46 historical occurrences (since 2009-04-06)
Average forward return after 252-day price high (breakout)。20-day: Win 60%, Sample 45, Median +2.05%, Excess +2.38%, Beat mkt rate 51.1%；60-day: Win 77.3%, Sample 44, Median +13.02%, Excess +8.2%, Beat mkt rate 63.6%；120-day: Win 76.7%, Sample 43, Median +14.29%, Excess +12.82%, Beat mkt rate 55.8%

120 days after: historical avg +20.18%

20-day +4.03%
60-day +13.2%
120-day +20.18%
20-day
60-day
120-day
Win
60%
77.3%
76.7%
Sample
45
44
43
Median
+2.05%
+13.02%
+14.29%
Excess
+2.38%
+8.2%
+12.82%
Beat mkt rate
51.1%
63.6%
55.8%

Over 43 occurrences, 120-day forward avg gained 20.18%, beat the market by 12.82 pts; win rate 76.7%.

Foreign net buying for 5 straight days

Active · now 10%

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

80 historical occurrences (since 2012-05-15)
Average forward return after Foreign net buying for 5 straight days。20-day: Win 54.4%, Sample 79, Median +1.52%, Excess +0.67%, Beat mkt rate 53.2%；60-day: Win 58.2%, Sample 79, Median +2.53%, Excess +2.3%, Beat mkt rate 48.1%；120-day: Win 57.9%, Sample 76, Median +4.06%, Excess +4.73%, Beat mkt rate 47.4%

120 days after: historical avg +13.29%

20-day +2.22%
60-day +7.11%
120-day +13.29%
20-day
60-day
120-day
Win
54.4%
58.2%
57.9%
Sample
79
79
76
Median
+1.52%
+2.53%
+4.06%
Excess
+0.67%
+2.3%
+4.73%
Beat mkt rate
53.2%
48.1%
47.4%

Over 76 occurrences, 120-day forward avg gained 13.29%, beat the market by 4.73 pts; win rate 57.9%.

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 here743+23.8% +12.6% 71.9% +0.5%
40-60 1043+7.2% +2% 51.8% -6.6%
60-80 362+3.8% -4.1% 40.6% -22.8%
80-100 895+40.6% +32% 86.6% +30.8%

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 ≈ 19.65, at the 34.6th 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
-3.1%
Win rate 20.6% Excess -17.2%
141d
Now
+9%
Win rate 55.2% Excess -1.2%
835d
+19.6%
Win rate 64.8% Excess +13.6%
858d
60-day momentum down
+14.7%
Win rate 84.2% Excess -3%
360d
+0.7%
Win rate 45.9% Excess -3%
702d
+18.6%
Win rate 84.2% Excess +10.8%
266d

Currently in “Mid × 60-day momentum up”: across 835 historical days, 120-day forward avg gained 9%, win rate 55.2%, lagged the market by 1.2%.

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.

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).

54 times historically; 60-day forward avg +9.72%, win rate 70.6%, beating the market by +8.63 pts on average.

What does 寶雅 do? Company profile

居家生活、綜合商品零售、美妝生活百貨通路 櫃買中心上櫃

Overview

5904 對應寶雅國際股份有限公司，為櫃買中心上櫃普通股，非 ETF、ETN、權證或特別股。公司法定成立日為 1997/03/12，股票上櫃日為 2002/09/06，總部位於台南市民族路三段74號。董事長為陳建造，總經理為陳宗成，發言人為沈鴻猷。官方投資人專區揭露實收資本額為新台幣1,064,438,260元，已發行普通股106,443,826股，普通股每股面額新台幣10元，特別股0股。2025年年報揭露，2025年底員工合計4,977人，2026/03/31為4,816人；截至2025年底全國總店數470家，截至2026/03止分布473家分公司。2025年年報主要股東名單以2026/03/21為基準，前十大包括多慶投資8.23%、寶亞投資8.07%、真慶投資7.59%、快桅投資3.72%、心采投資3.17%、陳宗成3.05%、高恆投資2.97%、恩采投資2.46%、常綺投資2.24%、維京投資2.15%。

Business

寶雅為台灣美妝生活百貨連鎖零售商，採連鎖直營通路與線上線下整合模式經營，主要銷售時尚美妝美材保養品、生活日用品、精緻個人用品、流行內衣襪等商品，並提供門市、POYA Pay、POYA Buy線上購物、會員經營、門市取貨、部分門市停車、寄物、試用、試妝等服務。2025年度營業收入淨額為新台幣25,319,841千元，年增7.16%；營收結構為時尚美妝美材保養品類11,555,989千元、占45.64%，生活日用品類8,493,457千元、占33.54%，精緻個人用品類3,035,068千元、占11.99%，流行內衣襪類2,235,327千元、占8.83%。銷售區域100%內銷，主要銷售對象為國內一般消費者及公司行號；2025年區域營收占比為北區44.8%、中區24.7%、南區14.0%、高屏區16.5%。商業模式核心是以實體門市密度、商品廣度、集中採購、會員資料與行銷活動創造規模經濟，並以POYA Beauty新店型、自有品牌、門市改裝與OMO導流提升客單、毛利率與顧客黏著。2025年全年營收約253.2億元，營業毛利約114.5億元，毛利率約45.2%，營業利益約38.75億元，稅後純益約31.43億元，EPS 29.54元，現金股利每股25.5元；相關財務數字來自公司公告及財經媒體轉述。

Outlook 2025–2028

2025年已由展店、同店成長、門市改裝、電商成長與商品組合優化支撐營收創高；年報載明2025年加速各店型展店、擴大自有品牌規模、提升產品組合與數位布局。2026年公司規劃持續優化美妝門市布局，聚焦年輕族群與核心消費者，調整商品結構、提升自有品牌占比，並強化數位會員經營、精準行銷、供應鏈與庫存管理效率。中長期展店空間方面，法說與產業報導提到一般店、美妝店、店中店等合計市場潛力約800店；若維持每年展店與既有門市改裝節奏，2026至2028年主要成長動能預期來自POYA Beauty滲透率提升、舊店改裝帶動美妝品類占比提高、會員資料驅動促銷、門市取貨與電商雙向導流、自有品牌毛利改善、北中南物流中心支援更大門市規模。產業趨勢方面，台灣藥妝、美妝、生活用品通路競爭升溫，消費者偏好高性價比、平價流行、快速便利及一次購足；大型化、連鎖化、OMO與精準行銷將持續是關鍵。主要風險包括展店速度過快造成店效遞減或商圈重疊、租金與人力成本上升、電商及跨境平台價格競爭、康是美與屈臣氏等藥妝通路改裝與擴店、便利商店及藥局切入保健美妝、供應鏈與庫存管理壓力、流行品類汰換快、自有品牌品質控管、個資與資安風險、極端氣候造成門市營運或物流中斷。2027至2028具體財務預測未見公司正式量化指引，本段對2027至2028的展望屬依公開策略與產業趨勢推估。

Supply Chain

Upstream
  • 製造商 年報揭露寶雅銷售產品來源涵蓋製造商，並逐漸轉向直接向製造商與貿易商進貨；未揭露單一占進貨10%以上供應商名稱，故此為供應來源類別而非特定上市櫃公司。
  • 代理商或經銷商 提供美妝、保養、內衣襪、日用品、個人用品等品牌商品；年報僅揭露類別，未揭露具名主要供應商。
  • 貿易商 提供進口美妝保養、生活雜貨、休閒食品、流行配件等商品來源；年報未揭露具名主要貿易商。
  • 自有品牌代工與包材供應商 寶雅近年擴大自有品牌規模以提升毛利，但公開資料未確認具名代工廠或包材供應商。
Downstream
  • 國內一般消費者 主要終端客戶；年報揭露商品100%內銷，主要銷售對象為國內一般消費者及公司行號，核心客群為15至49歲年輕消費族群並以女性消費者為主。
  • 公司行號 年報揭露銷售對象包含國內公司行號，但最近兩年度未有占銷貨總額10%以上客戶，故無具名主要客戶。
  • POYA Buy線上買與門市取貨消費者 屬寶雅自有線上通路與OMO服務的終端消費者；透過線上購物、會員行銷與門市取貨提升消費頻次。

Competitors

  • 屈臣氏 台灣主要藥妝美妝通路之一，與寶雅在美妝、保養、個人清潔、生活用品及年輕女性客群高度重疊；台灣屈臣氏未在台股上市櫃，母集團為香港屈臣氏集團體系。
  • 康是美 統一集團旗下藥妝通路，與寶雅在美妝、保健、生活用品與都市商圈門市競爭；康是美本身未上市櫃，相關集團公司統一超為台股2912。
  • 大樹醫藥 6469 台股上櫃連鎖藥局，與寶雅在保健食品、個人護理、母嬰、藥妝及社區型零售場景部分競爭。
  • 杏一醫療用品 4175 台股上櫃醫療與健康照護用品通路，與寶雅在保健、個人照護、醫療日用品部分重疊，但專業醫療用品占比更高。
  • 統一超 2912 台股上市便利商店龍頭，並透過集團零售資源與康是美等通路參與生活用品、保健、美妝與會員零售競爭；與寶雅並非完全同型態但在日用品與消費者時間分配上競爭。
  • 全家便利商店 5903 台股上櫃便利商店業者，與寶雅在部分日用品、零食、即時消費與會員零售場景上競爭，但業態以便利商店為主。
  • 全聯福利中心 台灣大型超市通路，未上市櫃；與寶雅在生活日用品、清潔用品、個人用品、食品等部分品類競爭。
Sources（14）

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.