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Consumer Non-Durables

Pou Chen Corp.

Company Background

Pou Chen is a holding company that controls a massive contract shoemaking empire, servicing international brands including Nike, Adidas and Puma. It operates factories in China, Vietnam and Indonesia. The company also distributes major international casualwear brands in Taiwan and China.

The company was founded in 1969 by C.J. Tsai in the central Taiwanese farming county of Changhua. It started out making rubber shoes for export, and first became a contract manufacturer in 1979 when it made shoes for Adidas.

In recent years, Pou Chen has transformed itself into a holding company by transferring shoe production to the Hong Kong-listed subsidiary Yue Yuen Industrial (Holdings) in 2002 and the distribution business to its subsidiary Pou Sheng International Holdings in 2008.

Chief Executive Patty Tsai is the daughter of C.J. She obtained a bachelor's degree in economics with a concentration in finance from the Wharton School of the University of Pennsylvania in 2002, and joined the family business in the same year. She was appointed CEO in 2012.

Business Summary

Pou Chen Corp. engages in the manufacture and sale of athletic and casual footwear. It focuses on footwear, sports apparel, and sports accessories such as sports bag, backpacks, luggage, and travel accessories. Its products include sports shoes, leather shoes, plastic shoes, rubber shoes, cloth shoes, and plastic foam boards. It also engaged in manufacture and sale of cotton. rayon. rayon. synthetic fiber, and blended knit. The company was founded on September 4, 1969 and is headquartered in Taichung, Taiwan.

Financial Highlights

Dec 2022 TWDUSD
Gross Profit55,391.17M1,857.95M
Operating income10,603.78M355.67M
Income before tax13,890.80M465.93M
Net income12,644.85M424.13M
Diluted EPS4.270.14
Dividends Per Share1.300.04
Total Assets324,529.40M10,558.78M
Total liabilities142,401.92M4,633.14M
Total equity107,012.02M3,481.70M
Operating cash flow27,132.13M910.07M
Currency in TWDCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 293,316.08M 313,156.58M 249,954.31M 239,884.40M 267,496.80M
Gross Profit 70,826.70M 70,265.54M 44,540.21M 47,839.01M 55,391.17M
Operating income 13,823.68M 13,972.51M -2,089.74M 2,495.21M 10,603.78M
Income before tax 14,500.34M 14,107.45M -1,936.36M 6,179.44M 13,890.80M
Net income 10,708.64M 11,828.60M 4,840.18M 14,439.30M 12,644.85M
EBITDA 24,223.83M 29,675.08M 14,494.56M 19,246.66M 25,719.60M
Diluted EPS 3.62 4.00 1.63 4.88 4.27
Dividends Per Share 1.50 1.25 0.50 1.50 1.30
Total Assets 304,262.41M 363,056.33M 368,914.55M 366,890.82M 324,529.40M
Total liabilities 152,064.70M 173,187.30M 167,671.35M 159,394.07M 142,401.92M
Total equity 77,863.39M 117,408.93M 134,109.45M 139,432.95M 107,012.02M
Operating cash flow 12,541.31M 27,168.07M 26,109.45M 14,552.87M 27,132.13M
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 9,727.12M 10,130.35M 8,488.99M 8,588.19M 8,972.49M
Gross Profit 2,348.79M 2,273.03M 1,512.68M 1,712.70M 1,857.95M
Operating income 458.42M 451.99M -70.97M 89.33M 355.67M
Income before tax 480.86M 456.36M -65.76M 221.23M 465.93M
Net income 355.12M 382.64M 164.38M 516.94M 424.13M
EBITDA 803.32M 959.96M 492.26M 689.05M 862.69M
Diluted EPS 0.12 0.12 0.05 0.17 0.14
Dividends Per Share 0.04 0.04 0.01 0.05 0.04
Total Assets 9,898.89M 12,111.16M 13,129.56M 13,260.95M 10,558.78M
Total liabilities 4,947.28M 5,777.33M 5,967.37M 5,761.16M 4,633.14M
Total equity 2,533.21M 3,916.63M 4,772.91M 5,039.68M 3,481.70M
Operating cash flow 415.90M 878.86M 886.73M 521.01M 910.07M

Valuation Measures

Dec 2022
Operating margin3.96%
Profit margin4.72%

Key executives

  • Chairman & General Manager-Administration: Lu Min Chan
  • General Manager & Director: Chin Chu Lu
  • Operations Director: Yuang Whang Liao
  • Head-Finance & Assistant Deputy GM: Ya Fen Chang
  • Vice President: Nai Yung Tsai


  • TSAI CHI JUI (8.2%)
  • Chuan Mou Investments Co. Ltd. (5.5%)
  • The Vanguard Group, Inc. (2.8%)
  • BlackRock Fund Advisors (2.0%)
  • Norges Bank Investment Management (1.4%)
  • Shun Tai Investment Co. Ltd. /TW/ (0.8%)
  • Dimensional Fund Advisors LP (0.7%)
  • SHIH CHING I (0.7%)
  • Charles Schwab Investment Management, Inc. (0.5%)
  • BlackRock Advisors (UK) Ltd. (0.5%)

Contact Details

  • Website:
  • Address: No. 600 Taiwan Boulevard Section 4, Xitun District, Taichung, 407 64, Taiwan
  • Phone: +886.4.2461.5678

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Last Updated on 2 Jun, 2023

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