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FH Interim / Quarterly Report 2025

Oct 14, 2025

51946_rns_2025-10-14_1e5516f9-bff8-4465-b5b5-fb573e6f1476.pdf

Interim / Quarterly Report

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豐興鋼鐵股份有限公司 2025 年第三季法人說明會 Feng Hsin Steel Co.,Ltd. Q3 2025 Earnings Conference

2025/11/20

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會議大綱 Agenda

  • 公司簡介 Profile

  • 2025 年第三季財務績效 Q3 2025 Financial Results

  • 公司、產業及營運概況暨未來展望 Steel Market Overview

◼ Q&A

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免責聲明

Safe Harbor Notice

  • 本簡報 2025 年第三季財務資訊經會計師核閱。

  • The related consolidated statements of September 30 2025 were reviewed by CPA.

  • 本簡報中對未來的展望，反應本公司截至目前為止對於未來的看 法。對於這些看法，未來若有任何變更或調整時，本公司並不負 責隨時提醒或更新。

Except as required by law, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

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公司簡介 Profile

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公司簡介 Profile

    1. 公司成立時間： 1969.1

Company Founded ： January, 1969

    1. 實收資本額： 58.15 億

Capitial ： NTD5.815 Billion

    1. 員工人數：約 980 人 Number of Employees ： About 980

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    1. 公司所在地：台中市后里區 Location ： Houli, Taichung Taiwan

• 5. 主要設備： 85 噸 DC 電弧爐 X1 100 噸 AC 電弧爐 X1 直列式軋鋼設備 X3 Facilities: 85 MT DC Arc Furnace x 1 100 MT AC Arc Furance x 1 Rolling Line x 3

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2025 年第三季財務績效 Q3 2025 Financial Results

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銷值表 Sale amounts

單位：百萬元 Unit: NTD Million

銷售淨額 2025Q32025Q2 QoQ % 2024Q3 YoY % Net Sales 型鋼 Merchant Bar 1,413 1,568 (155) -10% 1,511 (98) -6% 條線 Round Bar 1,626 2,050 (424) -21% 2,111 (485) -23% 鋼筋 Rebar 3,576 4,711 (1,135) -24% 4,528 (952) -21% 其他 others 29 27 2 7% 29 0 0% 合計 Total 6,644 8,356 (1,712) -20% 8,179 (1,535) -19%

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銷值表 Sale amounts

單位：百萬元 Unit: NTD Million

銷售淨額Net Sales 2025/1-9 2024/1-9 YoY %
型鋼Merchant Bar 4,567
4,992
(425)		 -9%
條線Round Bar 5,525
6,192
(667)		 -11%
鋼筋Rebar 12,286
14,433
(2,147)		 -15%
其他others 78
76		 2
3%
合計Total 22,456
25,693
(3,237)		 -13%

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銷值表 Sale amounts

銷售組合
Sales Mix		 2025Q3 2025Q2 QoQ 2024Q3 YoY
型鋼Merchant Bar 21% 19% 2% 19% 2%
條線Round Bar 25% 25% 0% 26% -1%
鋼筋Rebar 54% 56% -2% 55% -1%
其他others - - 0% - -
合計Total 100% 100% 100%
內銷Domestic 91% 91% 0% 92% -1%
外銷Export 9% 9% 0% 8% 1%

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銷值表 Sale amounts

銷售組合Sales Mix 2025/1-9 2024/1-9 YoY
型鋼Merchant Bar 20% 20% 0%
條線Round Bar 25% 24% 1%
鋼筋Rebar 55% 56% -1%
其他others - - -
合計Total 100% 100%
內銷Domestic 91% 91% 0%
外銷Export 9% 9% 0%

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銷量表 Sale quantity

單位：噸 Unit: MT 銷售量 2025Q3 2025Q2 QoQ % 2024Q3 YoY % Sales t q y 型鋼 69,665 73,962 (4,297) -6% 65,370 4,295 7% Merchant Bar 條線 Round Bar 75,095 90,230 (15,135) -17% 86,689 (11,594) -13% 鋼筋 Rebar 201,405 256,590 (55,185) -22% 231,863 (30,458) -13% 其他 others 189 166 23 14% 269 (80) -30% 合計 Total 346,354 420,948 (74,594) -18% 384,191 (37,837) -10%

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銷量表 Sale quantity

銷量表Sale quantity 銷量表Sale quantity 銷量表Sale quantity 銷量表Sale quantity 銷量表Sale quantity
單位：噸Unit: MT
銷售量Sales qty 2025/1-9 2024/1-9 YoY %
型鋼Merchant Bar 215,609
211,476
4,133
2%
條線Round Bar 245,327
249,340
(4,013)		 -2%
鋼筋Rebar 671,561
731,673
(60,112)		 -8%
其他others 785
936
(151)		 -16%
合計Total 1,133,282
1,193,425
(60,143)		 -5%

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銷量表 Sale quantity

銷售量組合
Sales Mix		 2025Q3 2025Q2 QoQ 2024Q3 YoY
型鋼Merchant Bar 20% 18% 2% 17% 1%
條線Round Bar 22% 21% 1% 23% -1%
鋼筋Rebar 58% 61% -3% 60% -2%
其他others - - - - -
合計Total 100% 100% 100%

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銷量表 Sale quantity

銷售量組合Sales Mix 2025/1-9 2024/1-9 YoY
型鋼Merchant Bar 19% 18% 1%
條線Round Bar 22% 21% 1%
鋼筋Rebar 59% 61% -2%
其他others - - -
合計Total 100% 100%

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簡明合併資產負債表 Consolidated Balance Sheets

簡明合併資產負債表Consolidated Balance Sheets 簡明合併資產負債表Consolidated Balance Sheets 簡明合併資產負債表Consolidated Balance Sheets 簡明合併資產負債表Consolidated Balance Sheets 簡明合併資產負債表Consolidated Balance Sheets 簡明合併資產負債表Consolidated Balance Sheets 簡明合併資產負債表Consolidated Balance Sheets
單位：仟元Unit: NTD Thousand
年度(Date) 2025.9.30 2025.6.30 2024.9.30
項目(Item) 金額(Amount) % 金額(Amount) % 金額(Amount) %
流動資產
Current Assets		 10,599,996 42.78% 10,386,830 42.27% 12,055,550 45.43%
非流動資產
Non-current Assets		 4,532,553 18.29% 4,607,613 18.75% 4,688,835 17.67%
不動產、廠房及設備
Property,Plant and
Equipment		 9,644,524 38.93% 9,577,541 38.98% 9,793,865 36.90%
資產總額
Total Assets		 24,777,073 100.00% 24,571,984 100.00% 26,538,250 100.00%
流動負債
Current Liabilities		 2,086,419
8.42%		 2,417,367
9.84%		 3,984,227 15.01%
非流動負債
Non-current Liabilities		 722,898
2.92%		 742,071
3.02%		 747,143 2.82%
負債總額
Total Liabilities		 2,809,317 11.34% 3,159,438 12.86% 4,731,370 17.83%
股東權益總額
Total Equities		 21,967,756 88.66% 21,412,546 87.14% 21,806,880 82.17%

每股淨值
PE		 37.77 36.82 37.49

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季度簡明合併損益表 Consolidated Income Statement 單位：仟元 Unit: NTD Thousand

期間Period 2025Q3 2025Q2 QoQ % 2024Q3 YoY %
營業收入
Net Sales		 6,644,232 8,355,987 (1,711,755) -20% 8,179,356 (1,535,124) -19%
營業毛利
Gross Profit		 826,080
952,805
(126,724)		 -13% 718,871
107,210
15%
毛利率
Gross Profit Margin		 12.4% 11.4% 1.0% 9% 8.8% 3.6% 41%
營業利益
Operation Income		 630,363
740,190
(109,827)		 -15% 514,784
115,579
22%
營業外收入及支出
Non-operatingIncome& Expense		 64,214
59,974
4,240		 7% 41,811
22,403
54%
---採權益法之關聯企業
投資份額
Shares ofprofit of associates		 25,765
42,476
(16,711)		 -39% 23,306
2,459
11%
稅前淨利
Income Before Income Tax		 694,577
800,164
(105,587)		 -13% 556,595
137,982
25%
本期淨利
Net Income		 566,373
667,442
(101,069)		 -15% 456,093
110,280
24%
透過OCI按公允價值衡量之權益工具投資
未實現評價損益
Unrealized gains (losses) from equity
instruments investments
measured at fair value through other
comprehensive income		 (11,163) (78,315) 67,152 -86% 74,191
(85,354)		 -115%
綜合淨利總額
Total comprehensive income		 555,210
589,127
(33,917)		 -6% 530,284
24,926
5%
每股稅後盈餘(單位：元)
Earnings per Share (NTD) after tax		 0.98
1.15
(0.17)		 -15% 0.78
0.20
26%

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累計簡明合併損益表 Consolidated Income Statement

單位：仟元 Unit: NTD Thousand

期間Period 2025/1-9 2024/1-9 YoY %
營業收入Net Sales 22,456,653 25,693,266 (3,236,613)
-13%
營業毛利Gross Profit 2,582,355
2,701,817
(119,462)		 -4%
毛利率Gross Profit Margin 11.5% 10.5% 1.0% 9%
營業利益Operation Income 1,944,433
2,039,639
(95,206)		 -5%
營業外收入及支出Non-operating Income& Expense 139,945
177,569
(37,624)		 -21%
-----採權益法之關聯企業
投資份額Share of profit of associates		 74,278
106,357
(32,079)		 -30%
稅前淨利Income Before Income Tax 2,084,378
2,217,208
(132,830)		 -6%
本期淨利Net Income 1,706,341
1,831,601
(125,260)		 -7%
透過OCI按公允價值衡量之權益工具投資未實現評價損益
Unrealized gains (losses) from equity instruments investments
measured at fairvalue through other comprehensive income		 20,282
87,274
(66,992)		 -77%
綜合淨利總額
Total comprehensive income		 1,726,623
1,918,864
(192,241)		 -10%
每股稅後盈餘(單位：元)
Earnings per Share (NTD) after tax		 2.94
3.15
(0.21)		 -7%

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公司、產業及營運概況暨未 來展望 Steel Market Overview

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一、全世界鋼鐵業的現況/The current state of the world's steel industry

1. 2011~2025M9 全球主要國家粗鋼生產統計表 / 2011~2025M9 Statistical

table of crude steel production in major countries in the world


單位：百萬噸 / Unit: million ton
單位：百萬噸 / Unit: million ton
單位：百萬噸 / Unit: million ton
單位：百萬噸 / Unit: million ton
單位：百萬噸 / Unit: million ton
國家/年 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
M1-M9		 2025-2024
同期M1-M9
比%
中國 Mainland
China		 702 731 822 823 804 808 871 928 993 1,057 1,034 1,019 1,022 1,005 746 -2.9%
日本 Japan 108 107 111 111 105 105 105 104 99 83 96 89 87 84 60 -4.4%
美國 U.S.A 86 89 87 88 79 79 82 87 88 73 86 81 81 79 61 2.1%
印度 India 73 77 81 87 89 96 102 106 111 100 118 125 141 150 122 10.5%
南韓 S.Korea 69 69 66 72 70 69 71 72 71 67 70 66 67 64 46 -3.4%
俄羅斯 Russia 69 70 69 71 71 71 72 72 72 72 76 71 76 71 51 -4.7%
德國 Germany 44 43 43 43 43 42 43 42 40 36 40 37 35 37 25 -10.7%
越南 Viet Nam 5 5 6 6 6 8 12 16 18 17 23 20 19 22 18 9.7%
其他 Others 381 368 366 340 331 326 342 364 347 326 371 343 328 329 243 -2.0%
合計 Global 1,537 1,559 1,650 1,641 1,598 1,604 1,699 1,790 1,839 1,831 1,914 1,851 1,856 1,840 1,374 -1.6%

世界鋼鐵協會對於全球總體預測2025年需求與2024年持平，約為17.5億噸。需求在2025觸底後2026年將溫和反 彈1.3%，達17.73億噸。IMF最新報告全球經濟面臨保護主義升級、人工智慧（AI）投資，以及不斷膨脹的債務 風險，預測2025年全球經濟增長為3.2%，2026年放緩至3.1 %。 The World Steel Association forecasts that global steel demand in 2025 will remain flat compared to 2024, at approximately 1.75 billion tons. After hitting bottom in 2025, demand is expected to modestly rebound by 1.3% in 2026, reaching 1.773 billion tons. According to the latest IMF report, the global economy faces escalating protectionism, investments in artificial intelligence (AI), and growing debt risks. The report projects global economic growth to be 3.2% in 2025, slowing to 3.1% in 2026

資料來源 : World Steel Association

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2. 2011~2025M9 全球主要國家粗鋼生產佔比 /

Proportion of crude steel production in major countries of the world from 2011 to 2025M9

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2025
國家 / 年 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 M1-M9
Mainland
中國 China 46% 47% 50% 50% 50% 50% 51% 52% 54% 58% 54% 55% 55% 55% 54%
日本 Japan 7% 7% 7% 7% 7% 7% 6% 6% 5% 5% 5% 5% 5% 5% 4%
美國 U.S.A 6% 6% 5% 5% 5% 5% 5% 5% 5% 4% 4% 4% 4% 4% 4%
印度 India 5% 5% 5% 5% 6% 6% 6% 6% 6% 5% 6% 7% 8% 8% 9%
南韓 S.Korea 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 3% 3%
俄羅斯 Russia 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4%
德國 Germany 3% 3% 3% 3% 3% 3% 3% 2% 2% 2% 2% 2% 2% 2% 2%
越南 Viet Nam 0% 0% 0% 0% 0% 0% 1% 1% 1% 1% 1% 1% 1% 1% 1%
其他 Others 25% 24% 22% 21% 21% 20% 20% 20% 19% 18% 19% 19% 18% 18% 18%
合計 Global 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
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2025年1~9月全球粗鋼產量為13.738億噸，年減1.6％，大陸、日本、俄羅斯、韓國等都呈顯減產的狀態，印 度、美國、越南的粗鋼產量卻呈現增加趨勢，特別是美國今年前九月粗鋼產量已達0.61億噸，超越日本成為 全球粗鋼第三大產量國家，僅次於大陸及印度。 From January to September 2025, global crude steel production totaled 1.3738 billion tons, down 1.6% year on year. Major producers such as China, Japan, Russia, and South Korea saw declines, while India, the United States, and Vietnam recorded increases. Notably, the U.S. produced 61 million tons in the first nine months, surpassing Japan to become the world’s third-largest crude steel producer, after China and India.

資料來源 : World Steel Association

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3.2019~2025 國際廢鋼、鐵礦石價格走勢 ( Import Scrap & Iron Ore Price Index)

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資料來源:My steel、豐興

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二、中國進出口狀況/ China's import and export status

- 1.2013~2025Q3中國鋼材出口統計 2023年2024年出現強勁成長。2025年仍持續增加。 2025 年 1~9 月，月均量達 977 萬噸，相較 2024 年同期成長 8.8% 。由於國內需求下滑，2025年全年出口量 可能創下歷史新高。近期中國政府透過嚴格調控產能來減緩出口壓力，這將對國際鋼價產生正面支撐。 After strong growth in 2023 and 2024, the upward trend continued in 2025. From January to September 2025, the monthly average reached 9.77 million tons, an 8.8% increase compared with the same period in 2024. Due to weakening domestic demand, total exports for 2025 may hit a record high. Recently, the Chinese government has been easing export pressure through strict productioncapacity controls, which will provide positive support to international steel prices 

單位:萬噸
1月
Jan		 2月
Feb		 3月
Mar		 4月
Apr		 5月
May		 6月
Jun		 7月
Jul		 8月
Aug		 9月
Sep		 10月
Oct		 11月
Nov		 12月
Dec		 月均量
Monthly
AVG		 與去年
比
Compare
to last
year
2013 492 424 528 555 541 529 515 614 492 507 500 537 520
2014 677 480 676 754 807 707 806 776 852 855 972 1,017 782 150%
2015 1,029 780 770 854 920 889 971 973 1,125 902 961 1,066 937 120%
2016 974 811 998 908 942 1,094 1,030 901 880 770 812 780 908 97%
2017 742 575 756 649 698 681 696 652 514 498 535 567 630 69%
2018 465 485 565 647 688 694 589 588 595 550 530 556 579 92%
2019 619 451 633 633 574 531 557 501 553 478 458 468 538 93%
2020 404 378 648 631 440 370 418 368 383 404 440 485 447 83%
2021 533 481 754 797 527 646 557 505 492 450 436 503 557 124%
2022 433 391 495 498 776 756 677 615 498 518 559 540 563 101%
2023 640 579 789 793 836 751 731 828 806 794 801 773 760 135%
2024 822 769 989 922 963 875 783 950 1,015 1,118 928 973 926 122%
2025 892 805 1,046 1,046 1,058 968 984 951 1,047 977 105%

資料來源 : 西本新干線 / Data Source: Xiben New Line

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2.2014~2025年Q3中國鋼材出口走勢–近年鋼材出口在2020年見底後，逐年快速增加, 2025年上半年月均量創新高。

In recent years, steel exports have increased rapidly year by year after bottoming out in 2020. In the first half of 2025, the average monthly export volume reached a record high.

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12.00
1,125 1118 1047
萬噸 989 萬噸 萬噸
萬噸
10.00
797
萬 萬噸
噸 8.00
6.00
4.00
368
萬噸
2.00
0.00
Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25
----- End of picture text -----

資料來源 : 西本新干線 / Data Source: Xiben New Line

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3.2025M1-M9 大陸鋼品出口統計

’ - 2025M1 M9 China s Steel Product Export Statistic

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2024 年月均量 2023 年月均量
2025 年 1~9 月均量
項 目 Item 2024 Monthly 2023 Monthly
2025 Jan-Sep Monthly Average
Average Average 2024年月平均
較2023年月平
年月均成長率 同期月均
數量(MT) 數量(MT) 數量(MT) 均增減情形
成 品 Product Monthly Average 成長率
Quantity(MT) Quantity(MT) Quantity(MT)
Growth(%) Growth(%)
成品Finished Product 9,773,000 5.6% 8.8% 9,255,167 7,600,083 22%
半成品
Semi-Finished
1,175,863 128.9% 220.8% 513,789 255,214 101%
Product(carbon steel
blanks)
----- End of picture text -----

4.2025M1-M9 大陸鋼品進口統計

’ - 2025M1 M9 China s Steel Product Import Statistic

項 目 Item
成 品 Product		 2025年1~9月均量
2025 Jan-Sep Monthly Average		 2025年1~9月均量
2025 Jan-Sep Monthly Average		 2025年1~9月均量
2025 Jan-Sep Monthly Average		 2024年月均量
2024 Monthly
Average		 2023年月均量
2023 Monthly
Average		 2024年月平均
數量(MT)
Quantity(MT)		 年月均成長率
Monthly Average
Growth(%)		 同期月均
成長率
Growth(%)		 數量(MT)
Quantity(MT)		 數量(MT)
Quantity(MT)		 較2023年月平
均增減情形
成品Finished Product 502,644 -11.5% -12.8% 568,008 637,167 -11%
半成品
Semi-Finished
Product(carbon steel
blanks)		 47,722 -52.7% -61.0% 100,941 213,002 -53%
重熔廢鋼
Remelting scrap		 2,457 -27.2% -30.6% 3,373 6,627 -49%

資料來源 : Mysteel / Data Source: Mysteel

P24

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5. 2014~2025M9 中國重熔廢鋼進口走勢

2014~2025M9 China's Remelting scrap import trends

中國重熔廢鋼進口量 ( 萬噸 )

==> picture [643 x 279] intentionally omitted <==

----- Start of picture text -----

300
萬 247
噸 250 222 223
206
200
150
120
100
40
50 30
6 1 8 4 4
-
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 年化
2025 2025
年度 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
年化 M1-M9
進口量
247 222 206 223 120 6 1 40 30 8 4 4 2
( 萬噸 )
----- End of picture text -----

註：2025/1-9累計進口量為22,109噸, 2025年化值= 1~9月均量*12個月

資料來源 : ITC TRADE MAP / Data Source: ITC TRADE MAP

P25

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==> picture [28 x 27] intentionally omitted <==

三、台灣進出口狀況/Taiwan’s import and export status
1.2025M1-M10台灣條鋼類主要鋼品進口統計

2025M1-M10Taiwan Bar Product Import Statistic
項目Item 2025年1~10月平均
2025 Jan-Oct Monthly Ave.		 2025年1~10月平均
2025 Jan-Oct Monthly Ave.		 2025年1~10月平均
2025 Jan-Oct Monthly Ave.		 2025年1~10月平均
2025 Jan-Oct Monthly Ave.		 2024年月平均
2024 Monthly Ave.		 2024年月平均
2024 Monthly Ave.		 2023年月平均
2023 Monthly Ave.		 2023年月平均
2023 Monthly Ave.		 2024年月平均
產品
Product		 數量(MT)
Quantity(MT)		 年月均量成長率
Monthly Ave.
Growth(%)		 同期月均量成長率
Growth
(%)		 單價($/kg)
Price($/kg)		 數量(MT)
Quantity(MT)		 單價($/kg)
Price($/kg)		 數量(MT)
Quantity(MT)		 單價($/kg)
Price($/kg)		 較2023年月平
均增減情形
廢鋼
Scrap		 145,906 -35.8% -36.9% 9.58 227,338 11.42 259,372 11.96 -12%
小鋼胚
Billet		 221,914 4.2% 3.9% 14.68 213,037 16.79 178,522 17.24 19%
鋼筋
Rebar		 372 37.3% 34.3% 19.48 271 23.01 187 26.52 45%
型鋼
Merchant Bar		 3,914 7.5% 10.9% 41.20 3,642 38.59 3,648 37.40 0%
H型鋼
H-Beam		 11,032 13.4% 6.9% 21.22 9,728 22.99 7,792 24.03 25%
盤元(14mm↓)
BIC(14mm↓)		 42,291 8.4% 4.8% 18.96 39,014 22.11 29,353 21.41 33%
盤元(14mm↑)
BIC(14mm↑)		 2,319 0.0% -5.5% 27.86 2,320 29.19 1,569 27.75 48%
直棒
Round Bar		 18,167 -7.1% -9.3% 31.90 19,553 35.06 15,156 40.13 29%

P26

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==> picture [28 x 27] intentionally omitted <==

2.2025M1-M10 台灣條鋼類主要鋼品出口統計 2025M1-M10 Taiwan Bar Product Export Statistic

項目Item
產品
Product		 2025年1~10月平均
2025 Jan-Oct Monthly Ave.		 2025年1~10月平均
2025 Jan-Oct Monthly Ave.		 2025年1~10月平均
2025 Jan-Oct Monthly Ave.		 2025年1~10月平均
2025 Jan-Oct Monthly Ave.		 2024年月平均
2024 Monthly Ave.		 2024年月平均
2024 Monthly Ave.		 2023年月平均
2023 Monthly Ave.		 2023年月平均
2023 Monthly Ave.		 2024年月平均
數量(MT)
Quantity(MT)		 年月均量成長率
Monthly Ave.
Growth(%)		 同期月均量成長率
Growth
(%)		 單價($/kg)
Price($/kg)		 數量(MT)
Quantity(MT)		 單價($/kg)
Price($/kg)		 數量(MT)
Quantity(MT)		 單價($/kg)
Price($/kg)		 較2023年月平
均增減情形
廢鋼
Scrap		 3,183 -10.9% -18.7% 18.98 3,572 17.81 3,219 20.04 11%
小鋼胚
Billet		 7 89.2% 40.0% 55.86 4 67.87 5 47.88 -26%
鋼筋
Rebar		 4,240 52.5% 121.4% 20.11 2,781 22.29 1,483 26.36 88%
型鋼
Merchant Bar		 13,403 -0.4% 7.8% 21.56 13,455 23.05 13,859 23.89 -3%
H型鋼
H-Beam		 3,404 -1.2% 1.9% 22.97 3,446 24.83 3,473 26.02 -1%
盤元(14mm↓)
BIC(14mm↓)		 8,426 0.6% -2.5% 23.41 8,377 26.64 7,956 28.65 5%
盤元(14mm↑)
BIC(14mm↑)		 2,830 0.1% -6.2% 22.81 2,827 25.01 3,858 27.81 -27%
直棒
Round Bar		 9,615 -6.6% -3.4% 60.26 10,296 59.93 10,074 62.86 2%

P27

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四、鋼筋產業/ Rebar industry 1.2012~2025M9 國內鋼筋表面消費量 2012~2025M9 Domestic Rebar surface consumption

500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
6,500
7,000
千噸


6,473
6215
6,563
5730
5,794
6,060

5,817
6,063
,
,

5,621
5232
5,488
4692
4709
,
,
,
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2		 023 2024 2025與2023
同期比		 2025與2024
同期比
單位：千公噸
年別 / Year 2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
5,779
5,870
6,162
5,772
4,960
4,879
5,425
5,635
5,927
6,302
6,268
3
2
5
1
1
2
2
0
0
1
1
53
78
107
151
269
171
195
147
110
240
53
5,730
5,794
6,060
5,621
4,692
4,709
5,232
5,488
5,817
6,063
6,215		 2023
6,578
2
18
6,563		 2024
6,503		 2025
M1-M9
4,691
3
42
4,652		 (M1-M9) (M1-M9)
生產/ Production ( A )
進口/ Import ( B )
出口/ Export ( C )
表面消費量(D=A+B-C)
Apparent Consumption		 -4.2% -4.5%
3 175.6% 26.4%
33 145.7% 193.0%
6,473 -4.7% -5.1%
表面消費成長%
Growth of Apparent
Consumption%		 BASE
101%
106%
98%
82%
82%
91%
96%
102%
106%
108%
115%
113%

備註 : 1. 資料來源 : 台灣鋼鐵工業同業公會網站 ( 生產、出貨、庫存統計、產品別進出口統計資料查詢 )

、 Data Source: TSIIA Website(Production Delivey, Inventroy,Product tpye Import/Export date search)

  1. 表面消費量以 2012 年為基期 (Base) ，各年度成長率係與基期相比。

Apperant Consumption is calculated by using 2012 figures as base.

P28

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2.2013~2025M9 營建統計-台灣地區歷年核發建築物建照執照統計 2013~2025M9 Construction Statistic – Taiwan Building Construction Permit Approval Statistic

資料來源:內政部營建署營建業務指標/ Data Source: Construction and Planning Agency, MOI , construction business metrics

P29

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==> picture [100 x 23] intentionally omitted <==

3.2021~2025Q3 營建統計-台灣地區近四年逐季核發建築物建照執照統計
2021~2025Q3 Statistics of building construction licenses
quarterly in the past three years in Taiwan

==> picture [692 x 376] intentionally omitted <==

資料來源:內政部營建署營建業務指標/ Data Source: Construction and Planning Agency, MOI , construction business metrics

P30

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==> picture [28 x 27] intentionally omitted <==

4.豐興鋼筋銷售& 國內市佔率 Feng Hsin’s Rebar Sales & Domestic Market Share

6%
8%
10%
12%
14%
16%
18%		 240,928
247,762
239,913
235,313
266,131
246,416
255,751
222,067
266,812
241,890
255,107
231,966
256,996
213,604
256,584
201,257
0
50,000
100,000
150,000
200,000
250,000
300,000
2022Q AVG 2023Q AVG
2024Q AVG
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025/Q2
2025/Q3
豐興市佔率
FH Market Share
豐興銷售量
FH Sales
噸		 240,928
247,762
239,913
235,313
266,131
246,416
255,751
222,067
266,812
241,890
255,107
231,966
256,996
213,604
256,584
201,257
0
50,000
100,000
150,000
200,000
250,000
300,000
2022Q AVG 2023Q AVG
2024Q AVG
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025/Q2
2025/Q3
豐興市佔率
FH Market Share
豐興銷售量
FH Sales
噸		 240,928
247,762
239,913
235,313
266,131
246,416
255,751
222,067
266,812
241,890
255,107
231,966
256,996
213,604
256,584
201,257
0
50,000
100,000
150,000
200,000
250,000
300,000
2022Q AVG 2023Q AVG
2024Q AVG
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025/Q2
2025/Q3
豐興市佔率
FH Market Share
豐興銷售量
FH Sales
噸		 240,928
247,762
239,913
235,313
266,131
246,416
255,751
222,067
266,812
241,890
255,107
231,966
256,996
213,604
256,584
201,257
0
50,000
100,000
150,000
200,000
250,000
300,000
2022Q AVG 2023Q AVG
2024Q AVG
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025/Q2
2025/Q3
豐興市佔率
FH Market Share
豐興銷售量
FH Sales
噸		 240,928
247,762
239,913
235,313
266,131
246,416
255,751
222,067
266,812
241,890
255,107
231,966
256,996
213,604
256,584
201,257
0
50,000
100,000
150,000
200,000
250,000
300,000
2022Q AVG 2023Q AVG
2024Q AVG
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025/Q2
2025/Q3
豐興市佔率
FH Market Share
豐興銷售量
FH Sales
噸		 240,928
247,762
239,913
235,313
266,131
246,416
255,751
222,067
266,812
241,890
255,107
231,966
256,996
213,604
256,584
201,257
0
50,000
100,000
150,000
200,000
250,000
300,000
2022Q AVG 2023Q AVG
2024Q AVG
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025/Q2
2025/Q3
豐興市佔率
FH Market Share
豐興銷售量
FH Sales
噸		 240,928
247,762
239,913
235,313
266,131
246,416
255,751
222,067
266,812
241,890
255,107
231,966
256,996
213,604
256,584
201,257
0
50,000
100,000
150,000
200,000
250,000
300,000
2022Q AVG 2023Q AVG
2024Q AVG
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025/Q2
2025/Q3
豐興市佔率
FH Market Share
豐興銷售量
FH Sales
噸		 240,928
247,762
239,913
235,313
266,131
246,416
255,751
222,067
266,812
241,890
255,107
231,966
256,996
213,604
256,584
201,257
0
50,000
100,000
150,000
200,000
250,000
300,000
2022Q AVG 2023Q AVG
2024Q AVG
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025/Q2
2025/Q3
豐興市佔率
FH Market Share
豐興銷售量
FH Sales
噸		 240,928
247,762
239,913
235,313
266,131
246,416
255,751
222,067
266,812
241,890
255,107
231,966
256,996
213,604
256,584
201,257
0
50,000
100,000
150,000
200,000
250,000
300,000
2022Q AVG 2023Q AVG
2024Q AVG
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025/Q2
2025/Q3
豐興市佔率
FH Market Share
豐興銷售量
FH Sales
噸		 240,928
247,762
239,913
235,313
266,131
246,416
255,751
222,067
266,812
241,890
255,107
231,966
256,996
213,604
256,584
201,257
0
50,000
100,000
150,000
200,000
250,000
300,000
2022Q AVG 2023Q AVG
2024Q AVG
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025/Q2
2025/Q3
豐興市佔率
FH Market Share
豐興銷售量
FH Sales
噸		 240,928
247,762
239,913
235,313
266,131
246,416
255,751
222,067
266,812
241,890
255,107
231,966
256,996
213,604
256,584
201,257
0
50,000
100,000
150,000
200,000
250,000
300,000
2022Q AVG 2023Q AVG
2024Q AVG
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025/Q2
2025/Q3
豐興市佔率
FH Market Share
豐興銷售量
FH Sales
噸		 240,928
247,762
239,913
235,313
266,131
246,416
255,751
222,067
266,812
241,890
255,107
231,966
256,996
213,604
256,584
201,257
0
50,000
100,000
150,000
200,000
250,000
300,000
2022Q AVG 2023Q AVG
2024Q AVG
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025/Q2
2025/Q3
豐興市佔率
FH Market Share
豐興銷售量
FH Sales
噸		 240,928
247,762
239,913
235,313
266,131
246,416
255,751
222,067
266,812
241,890
255,107
231,966
256,996
213,604
256,584
201,257
0
50,000
100,000
150,000
200,000
250,000
300,000
2022Q AVG 2023Q AVG
2024Q AVG
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025/Q2
2025/Q3
豐興市佔率
FH Market Share
豐興銷售量
FH Sales
噸		 240,928
247,762
239,913
235,313
266,131
246,416
255,751
222,067
266,812
241,890
255,107
231,966
256,996
213,604
256,584
201,257
0
50,000
100,000
150,000
200,000
250,000
300,000
2022Q AVG 2023Q AVG
2024Q AVG
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025/Q2
2025/Q3
豐興市佔率
FH Market Share
豐興銷售量
FH Sales
噸		 240,928
247,762
239,913
235,313
266,131
246,416
255,751
222,067
266,812
241,890
255,107
231,966
256,996
213,604
256,584
201,257
0
50,000
100,000
150,000
200,000
250,000
300,000
2022Q AVG 2023Q AVG
2024Q AVG
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025/Q2
2025/Q3
豐興市佔率
FH Market Share
豐興銷售量
FH Sales
噸		 240,928
247,762
239,913
235,313
266,131
246,416
255,751
222,067
266,812
241,890
255,107
231,966
256,996
213,604
256,584
201,257
0
50,000
100,000
150,000
200,000
250,000
300,000
2022Q AVG 2023Q AVG
2024Q AVG
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025/Q2
2025/Q3
豐興市佔率
FH Market Share
豐興銷售量
FH Sales
噸		 240,928
247,762
239,913
235,313
266,131
246,416
255,751
222,067
266,812
241,890
255,107
231,966
256,996
213,604
256,584
201,257
0
50,000
100,000
150,000
200,000
250,000
300,000
2022Q AVG 2023Q AVG
2024Q AVG
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025/Q2
2025/Q3
豐興市佔率
FH Market Share
豐興銷售量
FH Sales
噸		 240,928
247,762
239,913
235,313
266,131
246,416
255,751
222,067
266,812
241,890
255,107
231,966
256,996
213,604
256,584
201,257
0
50,000
100,000
150,000
200,000
250,000
300,000
2022Q AVG 2023Q AVG
2024Q AVG
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025/Q2
2025/Q3
豐興市佔率
FH Market Share
豐興銷售量
FH Sales
噸		 240,928
247,762
239,913
235,313
266,131
246,416
255,751
222,067
266,812
241,890
255,107
231,966
256,996
213,604
256,584
201,257
0
50,000
100,000
150,000
200,000
250,000
300,000
2022Q AVG 2023Q AVG
2024Q AVG
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025/Q2
2025/Q3
豐興市佔率
FH Market Share
豐興銷售量
FH Sales
噸
2022Q
AVG		 2023Q
AVG		 2024Q
AVG		 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025/Q2 2025/Q3 2025
Q1-Q3		 與2024
Q1-Q3
同期比
豐興銷售量
FH Sales		 240,928 247,762 239,913 235,313 266,131 246,416 255,751 222,067 266,812 241,890 255,107 231,966 256,996 213,604 256,584 201,257 671,445 -7.89%
全國銷售量
Nation Sales		 **1,718,597 ** **1,818,474 ** **1,766,258 ** **1,718,523 ** **1,853,277 ** **1,753,849 ** **1,852,658 ** **1,752,457 ** **1,914,930 ** **1,784,917 ** **1,798,253 ** **1,692,078 ** **1,785,580 ** **1,770,460 ** 1,879,826 1,617,465 5,267,751 -0.14%
豐興市佔率
FH Market
Share		 14.0% 13.6% 13.6% 13.7% 14.4% 14.1% 13.8% 12.7% 13.9% 13.6% 14.2% 13.7% 14.4% 12.1% 13.6% 12.4% 12.7%

114 年 M10 豐興鋼筋出貨量為 65,935 噸 / Feng Hsin Rebar sales quantity by 2025 M10 was 65,935 MT 。

P31

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五、廢鐵原料與產品行情走勢

Scrap iron raw materials and product market trends
1.豐興廢鐵與成品行情趨勢
Feng Hsin’s Scrapand Finished Product market trends

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2023/07 2023/08 2023/09 2023/10 2023/11 2023/12 2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/07 2024/08 2024/09 2024/10 2024/11 2024/12 2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/07 2025/08 2025/09 2025/10
國內廢鋼基價 /Domestic Scrap Base Price 10.7 11.1 11.1 10.5 11.0 11.3 11.2 10.8 10.5 10.9 10.6 10.3 10.3 9.4 8.9 9.4 8.8 8.4 8.4 9.0 9.1 8.3 8.4 7.8 7.6 8.1 7.6 7.6
條線基價 /SBQ Base Price 25.4 25.4 25.9 25.9 25.9 26.9 26.9 26.9 26.9 26.9 26.9 26.9 26.9 25.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.3 23.9 23.9 23.9 23.9 23.9
型鋼基價 /Merchant Base Price 26.3 26.3 26.3 26.3 26.3 26.3 26.3 26.7 26.7 26.7 26.7 26.2 26.2 25.7 25.2 25.2 24.8 24.8 24.3 24.7 24.7 24.7 24.1 23.7 23.3 23.8 23.8 23.0
鋼筋牌價 /Rebar Base Price 19.3 19.7 19.7 19.1 19.7 20.0 20.0 19.7 19.2 19.7 19.4 19.1 19.3 18.5 18.1 18.8 18.4 18.0 17.7 18.2 18.1 17.8 17.4 16.4 16.5 17.2 16.7 16.2
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資料來源:豐興鋼鐵/ Data Source:Feng Hsin

P32

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2.豐興廢鐵與成品價差行情趨勢

Feng Hsin’s Scrap and Finished Product Price Difference market trends

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13
11
9
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5
2023/07 2023/08 2023/09 2023/10 2023/11 2023/12 2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/07 2024/08 2024/09 2024/10 2024/11 2024/12 2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/07 2025/08 2025/09 2025/10
國內廢鋼基價 /Domestic Scrap Base Price 10.7 11.1 11.1 10.5 11.0 11.3 11.2 10.8 10.5 10.9 10.6 10.3 10.3 9.4 8.9 9.4 8.8 8.4 8.4 9.0 9.1 8.3 8.4 7.8 7.6 8.1 7.6 7.6
條線與廢鋼價差 /SBQ VS. Scrap 14.7 14.3 14.8 15.4 14.9 15.6 15.7 16.1 16.4 16.0 16.3 16.6 16.6 16.5 16.0 15.5 16.1 16.5 16.5 15.9 15.8 16.6 15.9 16.1 16.3 15.8 16.3 16.3
型鋼與廢鋼價差 /Merchant VS. Scrap 15.6 15.2 15.2 15.8 15.3 15.0 15.1 15.9 16.2 15.8 16.1 15.9 15.9 16.3 16.3 15.8 16.0 16.4 15.9 15.7 15.6 16.4 15.9 15.9 15.7 15.2 15.7 15.4
鋼筋與廢鋼價差 /Rebar VS. Scrap 8.6 8.6 8.6 8.6 8.7 8.7 8.8 8.9 8.7 8.8 8.8 8.8 9.0 9.1 9.2 9.4 9.6 9.6 9.3 9.2 9.0 9.5 9.0 8.6 8.9 9.1 9.1 8.6
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資料來源:豐興鋼鐵/ Data Source:Feng Hsin

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Q&A

P34

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