1. Business Performance Review
Investor Conference PDF: https://mopsov.twse.com.tw/nas/STR/160920260401M001.pdf
Strong Overall Group Revenue Growth
Driven by robust demand in its core wire and cable business as well as the continued expansion of its green energy operations, Taya Group reported consolidated revenue of NT$31.105 billion in 2025, representing approximately 13.4% growth compared to NT$30.084 billion in 2024.
Core Wire and Cable Business
Traditional wire and cable operations remained the Group’s primary revenue driver, contributing approximately NT$29.48 billion, accounting for 94.8% of total revenue.
From both shipment volume and sales value perspectives, power cables represented the largest share, accounting for 71% of shipment volume and 74% of revenue. Total shipment tonnage in 2025 increased by more than 50,000 tons year-over-year, reflecting moderate growth overall.
However, the magnet wire business continued to face challenges due to previous tariff impacts and uncertainties in the U.S. market, with revenue still below the levels seen three to four years ago.
Green Energy and Energy Storage Business
Revenue contribution from solar power and energy storage businesses reached approximately NT$1.618 billion, accounting for 5.2% of total revenue.
Currently, Taya Group operates 70 conventional solar power plants with a combined installed capacity of 207MW.
Among these projects, the most outstanding performer was the Phase 1 “Zhiguang” fishery-solar symbiosis project (85MW) located in Qigu, Tainan. By integrating an energy storage system with the solar facility, the project achieved higher electricity selling prices. In 2025 alone, this single project contributed approximately NT$808 million in power generation revenue, significantly outperforming its 2024 results.
2. Financial Highlights
Improved Core Profitability and Stable Gross Margin
Gross profit in 2025 reached NT$4.348 billion, with gross margin remaining stable at approximately 14%. This represents a steady improvement from 10.2% in 2021, primarily benefiting from rising global copper prices, TPC's grid resilience program, and continued development in green energy businesses.
Operating income increased to NT$2.73 billion, significantly higher than NT$2.214 billion in 2024, demonstrating strong operating performance in the Group’s core businesses.
Non-Operating Losses Weighed on Net Profit
Despite growth in core operating profit, non-operating losses — mainly stemming from valuation losses on shares held in Bora Pharmaceuticals Co., LTD. - negatively impacted bottom-line earnings.
As a result, net income after tax declined to NT$1.29 billion in 2025, compared with NT$1.609 billion in 2024. Earnings per share (EPS) came in at NT$1.65, down from NT$2.06 in 2024.
Dividend Policy
The Board of Directors has approved the 2025 earnings distribution proposal, with a planned cash dividend of NT$0.7 per share.
3. Future Outlook
Solar Power Development Becoming More Selective
Due to increasingly stringent government reviews and policy requirements, future evaluations of new solar power projects will be conducted more cautiously.
Key projects currently under development include:
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Zhiguang Phase II (35MW):
Agricultural permits have been under application for several years and are expected to receive approval from the Tainan City Agriculture Bureau in the near future. Construction is expected to commence immediately after approval is granted.
(Note: Zhiguang Phase III was officially canceled several years ago.) -
Xuejia Xinzhong Project:
The project is preparing to implement a “Solar + Storage” configuration, with land rezoning applications currently in progress. -
Mailiao Project in Yunlin:
Progress remains limited due to difficulties encountered during local permitting procedures.
Energy Storage System Expansion (Targeting 200MW)
Taya Group is actively building a vertically integrated energy storage supply chain.
For large-scale projects:
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The Zhifu Energy Storage project in Longjing District, Taichung (100MW E-dReg) officially commenced operations in September 2025.
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The adjacent Dashu Energy project (75MW E-dReg) entered meter registration and testing in March 2026, with the goal of officially joining TPC's trading platform by the end of July 2026.
Upon completion, the Group’s total online energy storage capacity is expected to approach 200MW.
4. Industry Trends and Q&A
Strong Demand from Taipower's Grid Resilience Program and Private Enterprises
Regarding order visibility, management indicated that TPC's "Grid Resilience Program” continues to progress steadily, with order momentum remaining at levels comparable to the previous two years.
Orders from Taipower account for approximately 10% of consolidated revenue, while the remaining demand comes from private-sector customers including manufacturers, technology companies, semiconductor firms, and real estate developers. Management emphasized that private-sector demand remains very strong with no signs of contraction.
Order Visibility and Inventory Management
Current order lead times range from six months to one or even two years for long-term contracts.
The company currently maintains approximately two to four months of inventory, including raw materials and semi-finished goods. More than 80–90% of this inventory is already backed by confirmed orders through advance production planning or pre-purchased materials, with corresponding hedging measures already in place.
Passing Through Rising Copper Costs
In response to elevated international copper prices on the London Metal Exchange (LME), management stressed that increases in copper costs will inevitably be reflected in product pricing.
The company emphasized that it will not sell products at a loss and will make every effort to maintain gross margin levels.
Energy Storage Market Facing Oversupply Challenges
Regarding declining bid prices in AFC energy storage tenders, management acknowledged that the current energy storage market is experiencing significant oversupply relative to demand.
Competition for project bids has become extremely intense, with situations emerging where even “zero-price bids” do not guarantee successful contract awards.
As a result, revenue streams from capacity fees and performance fees in the energy storage business have become increasingly difficult to forecast, making overall revenue and gross margins more sensitive to market fluctuations. The company stated that it will continue to closely monitor market conditions and respond flexibly.
Disclaimer
The content of this article/material is provided for reference purposes only and does not constitute any form of investment advice, offer, solicitation, or recommendation.
The financial figures, operational performance, forecasts, and industry outlooks presented herein are compiled based on verbal statements made during the company’s investor conference or publicly available information at specific points in time. Actual future developments may differ materially from the information or expectations described due to changes in macroeconomic conditions, industry environments, market competition, and other objective factors.
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Source: https://vocus.cc/article/69cfc7e4fd8978000188d983