「生」入財務分析，「技」見投資價值—以葡萄王與杏輝為例

Abstract

中文摘要 本研究以生技醫療產業為研究主題，並以葡萄王生技股份有限公司為主要研究 對象、杏輝藥品工業股份有限公司為比較公司，探討兩家公司於近年之財務狀況、 經營績效與投資價值。隨著高齡化社會與健康意識提升，生技醫療產業逐漸受到市 場重視，因此希望透過財務分析，了解企業在市場中的競爭能力及未來發展潛力， 作為投資人評估企業價值之參考依據。 本研究主要蒐集 2021 年至 2025 年之相關財務資料，並以 TEJ 資料庫、公開 資訊觀測站、公司年報及公開財務資訊作為研究來源。研究方法包含共同比分析與 財務比率分析，針對短期償債能力、現金流量、資本結構、長期償債能力、經營績效 及股票評價等項目進行比較，而同產業之數值則以中位數來去計算，主要是因為母 體分布變異過大的情況，平均數易受極端值牽引，中位數反而更具代表性。透過表 格與趨勢圖分析兩家公司之財務變化與經營情形，以進一步探討其投資價值與市場 表現。 研究結果顯示，葡萄王生技在獲利能力與經營績效方面表現較為穩定，具有較 佳之品牌優勢與市場競爭力；而杏輝製藥則在部分財務指標上展現成長潛力，但整 體營運穩定度相對較受市場環境影響。整體來說，生技醫療產業仍具長期發展趨勢 與投資潛力，而企業之財務結構與經營能力將成為投資人評估的重要依據。本研究 結果可作為投資分析及企業經營策略之參考。

Abstract This study focuses on the biotech medical industry, with Grape King Bio Ltd as the primary research subject and Sinphar Pharmaceutical Co., Ltd. as the comparative company, exploring the financial conditions, operational performance, and investment value of these two companies in recent years. With the aging society and increasing health awareness, the biotech medical industry has gradually gained market attention. Therefore, this study aims to understand the competitive capabilities and future development potential of companies in the market through financial analysis, serving as a reference for investors to evaluate corporate value. We primarily collected financial data from 2021 to 2025, using the TEJ database, the Public Information Observation Station, company annual reports, and public financial information as research sources. The research methods include common-size analysis and financial ratio analysis, comparing items such as short-term solvency, cash flow, capital structure, long-term solvency, operational performance, and stock valuation. Through tables and trend charts, we analyzed the financial changes and operational conditions of the two companies to further explore their investment value and market performance. Research results show that grape king biotech demonstrates relatively stable performance in profitability and operational efficiency, with better brand advantages and market competitiveness; while xinghui pharmaceuticals shows growth potential in some financial indicators, but its overall operational stability is relatively more affected by market conditions. Overall, the biotech medical industry still exhibits a long-term development trend and investment potential, with the financial structure and operational capabilities of enterprises becoming important bases for investors' evaluation. The findings of this study can serve as a reference for investment analysis and corporate operational strategies.