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6472

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

steady quality, fair valuation.

1 active signal

Revenue ≥20%

This page refreshes daily after the close. Add 保瑞 to your watchlist to track signal changes on your next visit.

Is 保瑞 a buy? Fundamentals and valuation first

Above-average profitability.Operating margin is in the 62th market percentile. Latest quarterly ROE ≈ 0.3%.
Valuation is neutral.PE is in the 64th market percentile; within its own history, PE is around the 77th percentile.
Foreign investors are net buying.Foreign 20-day net flow ≈ 5.3% of volume (net buy).
Strong revenue growth.Latest monthly revenue YoY ≈ 40.2%, above the 20% growth threshold.
Signals are active now.On the latest data, signals such as Revenue YoY ≥ 20% are active — see the historical forward returns after each occurrence below.

Chip flow

Bullish +0.23

BearishNeutralBullish

Institutional rotation, concentration steady — bullish

Institutional rotation, concentration steady — bullish
國泰證券 holds 778 lots
sellers have 628 lots left, ~180 sessions to clear

Window from 2026-01-17 · Price -22% · branches to 2026-06-17· TDCC to 2026-06-12

Largest holder 國泰證券 has accumulated 778 lots since the start (sold 15%), now trimming.
Main distributor 美林 peaked at 294 lots, has sold 31%, 202 left, paused recently.
TDCC big holders (absolute) >1000-lot holders -0.13pp, mid holders +0, retail +0.22pp — little change.
Foreign hedge-desk net short Net short -192 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

國泰證券港商野村摩根大通台灣摩根士丹利台新新加坡商瑞銀

Distributing

美林花旗環球國泰-敦南合庫證券兆豐-南京台新-建北

Desks

own scale

凱基-永康元大-南勢角兆豐-台南亞東

Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline

Branch details Unit: lots

Accumulating

國泰證券 +778

sold 15%
港商野村 +673

sold 3%· still adding
摩根大通 +609

sold 9%· still adding
台灣摩根士丹利 +483

sold 3%· still adding
台新 +398

sold 5%· still adding
新加坡商瑞銀 +338

sold 24%· still adding

Distributing

美林 202 left

sold 31%· paused recently
花旗環球 141 left

sold 44%· ~23 sessions to clear
國泰-敦南 134 left

sold 34%· ~37 sessions to clear
合庫證券 75 left

sold 55%· paused recently
兆豐-南京 70 left

sold 57%· ~18 sessions to clear
台新-建北 103 left

sold 26%· paused recently

Desks

凱基-永康 -521

unclassified
元大-南勢角 -485

unclassified
兆豐-台南 -457

unclassified
亞東 -438

unclassified

Still selling 628 lots ~180 sessions to bottom at most

Recent buy/sell force +2,062 absorbed / -351 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)

Weak direction: big-holder share fell while retail share rose.

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.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 40.19%

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

79 historical occurrences (since 2017-04-19)

120 days after: historical avg +41.93%

20-day +7.27%

60-day +18.61%

120-day +41.93%

20-day

60-day

120-day

Win

60.3%

61.9%

69.8%

Sample

Median

+2.52%

+5.51%

+9.26%

Excess

+6.06%

+15.41%

+34.98%

Beat mkt rate

63.5%

60.3%

63.5%

Over 63 occurrences, 120-day forward avg gained 41.93%, beat the market by 34.98 pts; win rate 69.8%.

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.

0-20 Insufficient data

20-40 +60.7%

40-60 +80.2%

60-80 +78.6% Now

80-100 Insufficient data

PE percentile band	Sample days	240-day avg return	Median	Win rate	Avg excess (vs index)
0-20	7	Insufficient data
20-40	422	+60.7%	+14.6%	61.1%	+43%
40-60	446	+80.2%	+30.7%	86.5%	+51.7%
60-80 You are here	352	+78.6%	+44.3%	93.8%	+57.3%
80-100	19	Insufficient data

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 ≈ 32.69, at the 77.4th percentile of its own history (60-80 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

-17.8%

Win rate 4.8% Excess -32.1%

126d

+36.8%

Win rate 77.7% Excess +22.3%

632d

+37.2%

Win rate 81.9% Excess +25.7%

160d

60-day momentum down

+19.4%

Win rate 57.4% Excess +12.5%

223d

+31.2%

Win rate 75.2% Excess +17.4%

214d

Now

Insufficient data
(9d)

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.

252-day price high (breakout)

Pending

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

18 times historically; 60-day forward avg +11.01%, win rate 55.6%, beating the market by +4.54 pts on average.

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.

24 times historically; 60-day forward avg +15.66%, win rate 56.5%, beating the market by +10.23 pts on average.

What does 保瑞 do? Company profile

生技醫療業；製藥、CDMO、特殊學名藥與保健品台灣證券交易所上市

Overview

6472 對應保瑞藥業股份有限公司，為台灣證券交易所上市普通股，非 ETF/ETN/權證。公司成立於 2007 年 6 月 12 日，創辦人為盛保熙，總部位於台北市內湖區瑞光路26巷36弄2號6樓。公司 2017 年 4 月 19 日於櫃買中心掛牌上櫃，2023 年 12 月 19 日轉上市。董事長暨集團執行長為盛保熙；可查公開資料亦列盛保熙兼任總經理。TWSE 公司資料顯示實收資本額約新台幣 12.77 億元；官方股東服務頁揭露 2026 年 4 月 11 日主要股東包含保雷國際有限公司 17.53%、瑞寶興投資有限公司 10.64%、盛保熙 5.00%、大亞創業投資股份有限公司 3.50%、英屬維京群島商史達克國際有限公司 3.33%、姜志融 1.82%、保恩國際股份有限公司 1.41%、百川國際投資股份有限公司 1.11%、嘉熙國際股份有限公司 1.04% 等。2024 年永續報告書揭露截至 2024 年底集團全球員工 2,255 人，其中台灣 1,043 人、海外含美國及加拿大 1,212 人；2025 年法說資料另有員工 2,100+ 的概略口徑，可能因組織重整或統計口徑不同。

Business

保瑞採「雙引擎」模式：一是 CDMO 委託開發與製造服務，二是全球藥品銷售與專科/罕病/特殊學名藥布局，另有消費性保健產品。公司產品與服務涵蓋西藥代理及銷售、學名藥與特殊學名藥、藥品製造、口服固體製劑、液劑、眼科製劑、無菌針劑、大分子/生物製劑 CDMO、保健食品研發製造與銷售。官方網站列示事業群包括 Bora CDMO、Pharma Sales、Consumer Healthcare；近年透過併購擴張台灣、加拿大、美國製造基地。2024 年完成收購 Upsher-Smith Laboratories，取得美國明尼蘇達州製造與商業銷售平台；同年收購馬里蘭州無菌製劑廠；2025 年完成對泰福生技的策略投資與保瑞生技整合，強化大分子 CDMO；2026 年董事會通過收購 MacroGenics 拆分之 CDMO/GMP 製造業務，取得 Rockville 生物製劑廠與 Frederick 倉儲中心。營收結構方面，2025 全年 CDMO 含內部訂單營收約新台幣 106.4 億元、年增 53.8%，外部訂單約 75 億元、年增 19.53%，全年 CDMO 占比約 39.43%，第四季占比升至 45.78%；2025 年全年合併營收公開報導約新台幣 190.14 億元，EPS 23.90 元。終端應用包含中樞神經、胃腸、抗生素、眼科、乾眼症、低鈉血症、多發性硬化症學名藥、罕病/專科用藥、生物相似藥及一般消費保健需求。主要客戶與合作方包括 GSK 等國際藥廠、全球前 20 大製藥公司、MacroGenics、Cipla、既有 CDMO 客戶、Upsher-Smith 美國銷售通路及各國藥品通路；部分客戶名稱未完整揭露。

Outlook 2025–2028

2025 年是併購後整合與產品組合優化期，CDMO 成為主要成長引擎，全年含內部訂單營收達新台幣 106.4 億元，顯示規模效益提升；但停業部門損失、產品組合調整與美國學名藥市場波動壓抑 EPS。2026 年成長重點包括：與 GSK 續約帶來長約能見度；2025 年新簽訂單 4.82 億美元、其中 89% 為商業化階段訂單；2025 年底未來 12 個月 CDMO 在手訂單 2.64 億美元，2026 年第一季底增至 3.15 億美元；MacroGenics 交易若完成，預期在手訂單進一步提高至約 3.75 億美元，並補齊大分子原液端產能。2026 年公司規劃至少上市 7 項學名藥新產品，包含 Cyclosporine 乾眼症相關產品及低鈉血症授權引進產品；保盛藥業 Cladribine/Mavenclad 成分學名藥若獲 FDA 核准，Upsher-Smith 作為獨家經銷商可望帶來美國市場收入。2027 至 2028 年中長期展望取決於北美 CDMO 產能稼動、無菌針劑與大分子平台整合、泰福生技合作成效、全球客戶去風險化與美國在地製造需求，以及 AI/自動化導入製造與品質系統的效率提升。主要風險包括：美國學名藥價格競爭與需求波動、FDA/Health Canada/EMA 等法規查廠與藥證時程、併購整合與商譽/無形資產減損風險、匯率與利率、API 與中間體供應風險、無菌廠歲修造成固定成本吸收壓力、泰福權益法虧損、大分子 CDMO 接單轉量產的不確定性，以及國際大型 CDMO 競爭。2027-2028 的具體財測公司未公開，本段對遠期成長率與獲利改善僅能以訂單、產能與產業趨勢推估。

Supply Chain

Upstream

全球原料藥（API）與中間體供應商官方供應鏈管理頁指出商業化業務高度仰賴特定 API 及中間體，採全球採購與多元料源策略，來源包含美國、印度、德國、中國、日本及其他地區；公司未完整揭露個別供應商名稱。
泰福生技股份有限公司 6541 台股上市公司；保瑞於 2025 年完成策略投資並成為泰福重要股東，原保瑞生技併入泰福體系，泰福提供大分子/生物相似藥與 CDMO 相關研發製造平台，屬保瑞大分子 CDMO 戰略合作與產能整合關係。
MacroGenics, Inc. 美國 NASDAQ 上市公司；保瑞 2026 年通過收購其拆分之 GMP 製造/CDMO 業務，交易標的包含 Rockville 生物製劑廠與 Frederick 倉儲中心，完成後將成為保瑞大分子 CDMO 產能來源之一。
設備、包材、耗材與品質檢測服務供應商製藥 CDMO 需要製程設備、包材、一次性耗材、檢測與驗證服務；公司公開資料僅揭露供應商評選與品質合約制度，未確認具名關係企業。

Downstream

GSK plc 英國上市跨國藥廠；保瑞揭露 2026 年已與 GSK 完成續約，雙方合作將邁向十年，屬 CDMO 長期客戶/合作方。
MacroGenics, Inc. 美國 NASDAQ 上市公司；保瑞收購其 CDMO 業務後規劃簽署長期 CDMO 服務合約，MacroGenics 將成為下游客戶之一。
Cipla Limited 印度上市藥廠；2025 年第三季公開報導提及泰福/大分子 CDMO 除 Cipla 外新增 ADC 新客戶，屬大分子 CDMO 客戶或合作方，非台股掛牌。
全球前 20 大製藥公司客戶群 2026 年第一季公司公開說明 CDMO 業務中全球前 20 大製藥公司營收貢獻 32.10%，但未完整揭露客戶名稱。
Upsher-Smith Laboratories, LLC 保瑞 100% 持有之美國子公司，具美國學名藥與特殊學名藥銷售、製造與通路能力，是保瑞全球銷售與美國市場商業化平台；未上市。
美國與全球藥品通路、醫療院所及終端病患保瑞產品銷售全球超過 100 國家，下游包含藥品經銷商、藥局、醫院、醫療體系與終端患者；多數非單一掛牌企業。

Competitors

美時化學製藥股份有限公司 1795 台股上市；特殊學名藥與美國/國際市場布局，與保瑞在學名藥、專科藥及國際銷售面向部分競爭。
健喬信元醫藥生技股份有限公司 4114 台股上櫃；台灣製藥、藥品銷售與通路公司，與保瑞在部分學名藥及國內藥品市場競爭。
生達化學製藥股份有限公司 1720 台股上市；台灣老牌製藥公司，產品涵蓋處方藥與醫療通路，與保瑞在部分製劑與通路市場競爭。
永信藥品工業股份有限公司 3705 台股上市；製藥與藥品銷售公司，與保瑞在台灣製劑、學名藥與部分外銷市場競爭。
台康生技股份有限公司 6589 台股上市；生物相似藥與大分子 CDMO 相關業務，與保瑞/泰福在大分子與生物藥委託開發製造領域具可比性。
永昕生物醫藥股份有限公司 4726 台股上櫃；生物藥開發與 CDMO 服務，與保瑞大分子 CDMO 平台在部分客戶與技術服務上競爭。
Lonza Group AG 瑞士上市國際大型 CDMO，非台股掛牌；在全球小分子、大分子與細胞/基因治療 CDMO 市場為保瑞國際競爭對手。
Samsung Biologics Co., Ltd. 韓國上市大型生物製劑 CDMO，非台股掛牌；在大分子、生物製劑與全球藥廠委託製造市場具競爭性。
Catalent, Inc. 國際 CDMO；已由 Novo Holdings 推動收購並下市/私有化相關狀態需以最新交易完成公告為準，非台股掛牌；在口服製劑、無菌製劑與生物製劑 CDMO 市場與保瑞競爭。

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.