華紙
190511.35−0.35−2.99%收盤・資料日 2026-11-06
股期 法說 11/16
償債能力單位：%（利息保障倍數：倍）；資料到 2026 Q2
2026 Q253.36%131.97%82.74%−4.6 倍
負債比率（%）
流動比率、速動比率（%）
利息保障倍數（倍）
21Q422Q222Q423Q223Q424Q224Q425Q225Q426Q2
| 期間 | 負債比率 | 流動比率 | 速動比率 | 利息保障倍數 |
|---|---|---|---|---|
| 2026 Q2 | 53.36% | 131.97% | 82.74% | −4.6 |
| 2026 Q1 | 53.95% | 117.44% | 71.89% | −1.4 |
| 2025 Q4 | 54.04% | 115.01% | 72.75% | 5.8 |
| 2025 Q3 | 55.77% | 110.27% | 68.90% | −3.7 |
| 2025 Q2 | 55.22% | 108.52% | 64.66% | −3.1 |
| 2025 Q1 | 53.88% | 115.14% | 68.98% | −4.2 |
| 2024 Q4 | 52.89% | 117.05% | 70.67% | −1.6 |
| 2024 Q3 | 51.92% | 112.84% | 70.52% | 1.7 |
| 2024 Q2 | 50.42% | 114.76% | 75.33% | −2.5 |
| 2024 Q1 | 50.20% | 112.85% | 69.63% | 1.9 |
| 2023 Q4 | 50.65% | 113.16% | 69.55% | 1.4 |
| 2023 Q3 | 50.72% | 106.67% | 66.08% | −2.3 |
| 2023 Q2 | 51.72% | 112.98% | 67.72% | −5.6 |
| 2023 Q1 | 50.69% | 107.56% | 66.09% | −1.5 |
| 2022 Q4 | 48.94% | 251.22% | 158.35% | 2.7 |
| 2022 Q3 | 48.45% | 138.25% | 94.29% | 9.0 |
| 2022 Q2 | 49.07% | 110.74% | 77.69% | 6.9 |
| 2022 Q1 | 48.40% | 103.87% | 72.42% | −1.1 |
| 2021 Q4 | 48.09% | 109.15% | 72.80% | −10.1 |
| 2021 Q3 | 48.02% | 102.85% | 65.16% | 8.0 |
經營效率單位：天
2026 Q250.7 天135.0 天36.9 天185.7 天148.8 天
週轉天數（天）
21Q422Q222Q423Q223Q424Q224Q425Q225Q426Q2
| 期間 | 應收帳款週轉天數 | 存貨週轉天數 | 應付帳款週轉天數 | 營業週期 | 現金轉換循環 |
|---|---|---|---|---|---|
| 2026 Q2 | 50.7 | 135.0 | 36.9 | 185.7 | 148.8 |
| 2026 Q1 | 59.1 | 144.4 | 40.8 | 203.5 | 162.8 |
| 2025 Q4 | 62.0 | 128.7 | 35.2 | 190.7 | 155.5 |
| 2025 Q3 | 62.5 | 125.8 | 33.7 | 188.3 | 154.6 |
| 2025 Q2 | 60.7 | 130.5 | 35.0 | 191.2 | 156.2 |
| 2025 Q1 | 62.0 | 125.3 | 37.3 | 187.4 | 150.0 |
| 2024 Q4 | 58.3 | 116.8 | 38.7 | 175.1 | 136.5 |
| 2024 Q3 | 60.7 | 112.7 | 39.5 | 173.4 | 133.9 |
| 2024 Q2 | 55.1 | 97.4 | 33.3 | 152.5 | 119.2 |
| 2024 Q1 | 51.8 | 108.4 | 35.8 | 160.2 | 124.5 |
| 2023 Q4 | 46.9 | 100.0 | 33.6 | 146.8 | 113.3 |
| 2023 Q3 | 50.2 | 101.4 | 35.0 | 151.6 | 116.6 |
| 2023 Q2 | 55.0 | 99.1 | 34.6 | 154.1 | 119.5 |
| 2023 Q1 | 55.2 | 91.1 | 34.1 | 146.2 | 112.2 |
| 2022 Q4 | 55.0 | 81.6 | 34.5 | 136.6 | 102.1 |
| 2022 Q3 | 53.8 | 68.8 | 34.0 | 122.6 | 88.6 |
| 2022 Q2 | 52.7 | 66.0 | 34.7 | 118.7 | 84.1 |
| 2022 Q1 | 57.9 | 73.8 | 35.4 | 131.8 | 96.4 |
| 2021 Q4 | 53.1 | 73.3 | 33.8 | 126.4 | 92.7 |
| 2021 Q3 | 55.0 | 81.5 | 38.6 | 136.4 | 97.8 |
現金流單位：億元
2026 Q2−1.17 億元−4.84 億元−6.01 億元
單季現金流（億元）
21Q422Q222Q423Q223Q424Q224Q425Q225Q426Q2
| 期間 | 營運現金流 | 資本支出 | 自由現金流 |
|---|---|---|---|
| 2026 Q2 | −1.17 | −4.84 | −6.01 |
| 2026 Q1 | 4.00 | −2.11 | 1.89 |
| 2025 Q4 | −2.99 | −3.17 | −6.15 |
| 2025 Q3 | −2.17 | −2.10 | −4.27 |
| 2025 Q2 | 6.29 | −5.51 | 0.78 |
| 2025 Q1 | −8.57 | −3.15 | −11.73 |
| 2024 Q4 | −1.02 | −6.31 | −7.33 |
| 2024 Q3 | −1.79 | −2.75 | −4.55 |
| 2024 Q2 | 2.81 | −2.66 | 0.15 |
| 2024 Q1 | −1.50 | −1.97 | −3.47 |
| 2023 Q4 | −0.01 | −2.12 | −2.13 |
| 2023 Q3 | 3.89 | −1.60 | 2.29 |
| 2023 Q2 | 4.77 | −1.63 | 3.14 |
| 2023 Q1 | −5.51 | −1.70 | −7.20 |
| 2022 Q4 | −1.35 | −1.66 | −3.02 |
| 2022 Q3 | −5.00 | −0.44 | −5.44 |
| 2022 Q2 | 8.13 | −5.58 | 2.54 |
| 2022 Q1 | 4.35 | −5.70 | −1.35 |
| 2021 Q4 | 1.09 | −2.89 | −1.81 |
| 2021 Q3 | −1.50 | −1.43 | −2.93 |