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Shimano自行車零件銷售小幅增長

Jan-Willem van Schaik | translated by Ferlin Wu
Published: 25 Feb 2026
Shimano自行車零件銷售小幅增長
Shimano預期,物價穩定及個人消費回升,有助歐洲市場經濟溫和復甦。圖/Shimano

Shimano Inc.在歐洲市場表現優異,彌補2025年北美及亞洲市場需求疲弱造成的影響。與2024年表現雷同,各市場之間的差異仍明顯。在嚴苛的市場環境之下,歐洲銷售表現亮眼,但仍無法防止營業利益大幅下滑。就中期趨勢來看,Shimano營收明顯高於疫前水平,不過公司營業利益及歸屬母公司股東淨利均大幅減少。Shimano是首家公開年度財報的企業,不過數據表現能夠如此穩定的企業並不多。

Shimano於該份年度財報中指出,市場庫存調整持續對影響市場狀況。其財報顯示,各個市場的數據差異顯著。2025財年,Shimano自行車零件淨銷售額增加至3,549.72億日圓(約新台幣714.6億元),年增2.7%,營業利益則降至428.41億日圓(約新台幣86.28億元),年減20.9%。

歐洲市場銷售受到良好天氣所推動,北美市場則受經濟變數影響,需求相對疲弱,不過市場庫存仍維持在適當水平。從半年財報便可看出各個市場表現上的落差,全年財報中,歐洲市場銷售額從2024年1,479.36億日圓(約新台幣297.9億元)增至去年1,922.14億日圓(約新台幣387.12億元),年增29.9%。對比之下,中國市場銷售下滑逾三分之一,從前年1,009.75億日圓(約新台幣203.36億元)降至去年626.79億日圓(約新台幣126.23億元)。美國市場2025年銷售額達201.57億日圓(約新台幣40.6億元),小幅年增3.2%。儘管Shimano形容美國市場需求疲弱,但該市場在15%川普關稅政策之下,整體營收仍為成長。

庫存水平

Shimano在歐洲市場的整車庫存水平仍相對偏高,不過該公司未提及零部件庫存水平,零部件及整車在過去數年皆對市場造成壓力。亞洲及南美市場的庫存均保持在適當水平,但消費量仍低。Shimano表示,中國公路車熱潮已逐漸降溫,但市場仍對自行車運動保有高度興趣,不過這並無法阻止零售下滑,因此零售庫存偏高。

全球經濟穩定成長

Shimano預期,物價穩定及個人消費回升,有助歐洲市場經濟溫和復甦。至於中國,Shimano認為該國經濟仍將疲軟,房地產景氣持續衰退,失業率居高不下。

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