{
  "schema_version": "1.0",
  "type": "article",
  "title": "禾榮科 15 億買地，BNCT 勝負在硼藥",
  "url": "https://drugnews.com.tw/articles/2026-10-19-heron-neutron-bnct-miaoli-land-boron-drug.html",
  "markdown_url": "https://drugnews.com.tw/articles/2026-10-19-heron-neutron-bnct-miaoli-land-boron-drug.md",
  "lang": "zh-Hant",
  "date": "2026-10-19",
  "publish_at": "2026-10-19T08:00:00+08:00",
  "updated_at": "2026-10-19",
  "category": "商業分析系列",
  "topic": "公司研究",
  "tags": [
    "禾榮科",
    "BNCT",
    "硼中子捕獲治療",
    "住友重機",
    "頭頸癌"
  ],
  "summary": "2017 年，剛把漢微科賣給 ASML 的黃民奇拿 8 億元押中子殺癌。10 月 15 日，禾榮科再砸 15.55 億元買地，隔天又牽上 GE Healthcare。機器人人在做，真正決定勝負的是年底那瓶硼藥。",
  "key_points": [
    "禾榮科的護城河在硼藥 BPA 而不在加速器：2026 年 10 月 15 日以新台幣 15.55 億元取得苗栗高鐵特定區約 2.19 公頃土地，同時放加速器產線與藥物研發，BPA 目標 2026 年第四季取得台灣藥證。",
    "日本住友重機的加速器 BNCT 系統 2020 年 3 月獲核准、6 月起納入日本健保；上市後監測中頭頸部鱗狀細胞癌整體反應率 72.3%、完全緩解 46.0%。",
    "禾榮科 2026 年 10 月 16 日與 GE Healthcare 簽署合作，以 GE 智能放射治療軟體開發 BNCT 治療軟體與 AI 影像輔助；台北榮總治療中心合約 12 億元預計 2027 年入帳，公司估一個年治療 500 人的中心每年硼藥營收約 2 億元。"
  ],
  "facts": [
    {
      "claim": "禾榮科取得苗栗高鐵特定區產業專用區土地金額",
      "value": 15.55,
      "unit": "億元",
      "as_of": "2026-10-15",
      "source": "https://www.ctee.com.tw/news/20261015701882-430201"
    },
    {
      "claim": "禾榮科取得苗栗土地面積",
      "value": 2.19,
      "unit": "公頃",
      "as_of": "2026-10-15",
      "source": "https://www.ctee.com.tw/news/20261015701882-430201"
    },
    {
      "claim": "禾榮科 2026 年 8 月自結合併虧損",
      "value": 3900,
      "unit": "萬元",
      "as_of": "2026-09-18",
      "source": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=f6034e1b-a837-4d6b-a129-288afee9c375"
    },
    {
      "claim": "禾榮科 2025 年前七個月營收",
      "value": "300 多萬",
      "unit": "元",
      "as_of": "2025-08-25",
      "source": "https://finance.technews.tw/2025/08/25/heron-neutron/"
    },
    {
      "claim": "黃民奇出資成立禾榮科金額（2017 年）",
      "value": 8,
      "unit": "億元",
      "as_of": "2025-08-25",
      "source": "https://finance.technews.tw/2025/08/25/heron-neutron/"
    },
    {
      "claim": "漢微科出售給 ASML 金額（2016 年）",
      "value": 30,
      "unit": "億美元",
      "as_of": "2025-08-25",
      "source": "https://finance.technews.tw/2025/08/25/heron-neutron/"
    },
    {
      "claim": "禾榮科累計 BNCT 治療病例（截至 2026-03 法說會）",
      "value": 188,
      "unit": "例",
      "as_of": "2026-03-03",
      "source": "https://blog.fugle.tw/post/earnings-call-7799-2026-03-03"
    },
    {
      "claim": "禾榮科上市承銷價（2025-09-15 掛牌）",
      "value": 600,
      "unit": "元",
      "as_of": "2025-09-15",
      "source": "https://www.cna.com.tw/business/chinese/412347"
    },
    {
      "claim": "禾榮科上市前現金增資募資金額",
      "value": 108.54,
      "unit": "億元",
      "as_of": "2025-09-09",
      "source": "https://www.genetinfo.com/investment/featured/item/89507.html"
    },
    {
      "claim": "台北榮總 AB-BNCT 治療中心合約金額",
      "value": 12,
      "unit": "億元",
      "as_of": "2025-09-15",
      "source": "https://www.cna.com.tw/business/chinese/412347"
    },
    {
      "claim": "南京明基醫院合約金額",
      "value": 16.8,
      "unit": "億元",
      "as_of": "2026-03-03",
      "source": "https://blog.fugle.tw/post/earnings-call-7799-2026-03-03"
    },
    {
      "claim": "BPA 每次治療價格（公司說法）",
      "value": 40,
      "unit": "萬元",
      "as_of": "2026-03-03",
      "source": "https://blog.fugle.tw/post/earnings-call-7799-2026-03-03"
    },
    {
      "claim": "每年維修費占設備合約價",
      "value": "5–9",
      "unit": "%",
      "as_of": "2026-03-03",
      "source": "https://blog.fugle.tw/post/earnings-call-7799-2026-03-03"
    },
    {
      "claim": "每年治療 500 人中心的硼藥營收（公司說法）",
      "value": 2,
      "unit": "億元",
      "as_of": "2026-03-03",
      "source": "https://blog.fugle.tw/post/earnings-call-7799-2026-03-03"
    },
    {
      "claim": "禾榮科 BPA 台灣藥證目標",
      "value": "2026 Q4",
      "unit": "季度",
      "as_of": "2026-09-12",
      "source": "https://news.cnyes.com/news/id/6604630"
    },
    {
      "claim": "住友重機 NeuCure 獲日本厚勞省核准",
      "value": "2020-03-11",
      "unit": "日期",
      "as_of": "2020-06-18",
      "source": "https://www.shi.co.jp/english/info/2020/6kgpsq0000002p30.html"
    },
    {
      "claim": "日本 BNCT 頭頸癌納入健保",
      "value": "2020-06-01",
      "unit": "日期",
      "as_of": "2020-06-18",
      "source": "https://www.shi.co.jp/english/info/2020/6kgpsq0000002p30.html"
    },
    {
      "claim": "日本上市後監測頭頸部鱗狀細胞癌整體反應率（162 名病人）",
      "value": 72.3,
      "unit": "%",
      "as_of": "2024-02-21",
      "source": "https://www.mdpi.com/2072-6694/16/5/869"
    },
    {
      "claim": "日本上市後監測頭頸部鱗狀細胞癌完全緩解率",
      "value": 46,
      "unit": "%",
      "as_of": "2024-02-21",
      "source": "https://www.mdpi.com/2072-6694/16/5/869"
    },
    {
      "claim": "日本上市後監測頭頸部鱗狀細胞癌一年存活率",
      "value": 78.8,
      "unit": "%",
      "as_of": "2024-02-21",
      "source": "https://www.mdpi.com/2072-6694/16/5/869"
    },
    {
      "claim": "硼中子捕獲反應粒子射程",
      "value": "5–9",
      "unit": "微米",
      "as_of": "2026-10-17",
      "source": "https://en.wikipedia.org/wiki/Neutron_capture_therapy_of_cancer"
    },
    {
      "claim": "中硼 NeuPex 進入中國 NMPA 創新醫療器材特別審查",
      "value": "2023-08-15",
      "unit": "日期",
      "as_of": "2023-08-15",
      "source": "https://en.neuboron.com/news/300.html"
    },
    {
      "claim": "TAE 與威斯康辛大學麥迪遜分校簽 BNCT 中心備忘錄",
      "value": "2025-10-10",
      "unit": "日期",
      "as_of": "2025-10-10",
      "source": "https://www.med.wisc.edu/news/cancer-particle-therapy-agreement/"
    },
    {
      "claim": "禾榮科上市首日股價高點",
      "value": 776,
      "unit": "元",
      "as_of": "2025-09-15",
      "source": "https://tw.stock.yahoo.com/news/%E7%94%9F%E6%8A%80%E8%82%A1%E7%8E%8B%E6%8F%9B%E4%BA%BA%E7%95%B6%EF%BC%81%E7%A6%BE%E6%A6%AE%E7%A7%91%E4%B8%8A%E5%B8%82%E9%A6%96%E6%97%A5%E5%A4%A7%E6%BC%B2%E8%87%B3776%E5%85%83-%E4%B8%AD%E7%B1%A4%E7%8F%BE%E8%B3%BA176%E8%90%AC%E5%85%83-013426305.html"
    },
    {
      "claim": "禾榮科 2026-09-11 收盤價",
      "value": 414.5,
      "unit": "元",
      "as_of": "2026-09-11",
      "source": "https://news.cnyes.com/news/id/6604630"
    }
  ],
  "sections": [
    "01｜賣掉漢微科的人，把 8 億押在一台還沒造出來的機器",
    "02｜一顆會自爆的糖衣",
    "03｜全世界都在做機器，只有日本拿齊藥和健保",
    "04｜台北榮總那台 12 億，只是第一筆錢",
    "05｜九年後，只差一瓶藥",
    "參考資料"
  ],
  "references": [
    {
      "title": "《生醫股》禾榮科砸15億插旗苗栗高鐵特區 瞄準全球BNCT剛需",
      "source": "工商時報",
      "date": "2026-10-15",
      "url": "https://www.ctee.com.tw/news/20261015701882-430201"
    },
    {
      "title": "生技股王換人當！禾榮科上市首日大漲至776元",
      "source": "Yahoo 股市",
      "date": "2025-09-15",
      "url": "https://tw.stock.yahoo.com/news/%E7%94%9F%E6%8A%80%E8%82%A1%E7%8E%8B%E6%8F%9B%E4%BA%BA%E7%95%B6%EF%BC%81%E7%A6%BE%E6%A6%AE%E7%A7%91%E4%B8%8A%E5%B8%82%E9%A6%96%E6%97%A5%E5%A4%A7%E6%BC%B2%E8%87%B3776%E5%85%83-%E4%B8%AD%E7%B1%A4%E7%8F%BE%E8%B3%BA176%E8%90%AC%E5%85%83-013426305.html"
    },
    {
      "title": "禾榮科（BNCT 與黃民奇出資經過",
      "source": "TechNews 科技新報",
      "date": "2025-08-25",
      "url": "https://finance.technews.tw/2025/08/25/heron-neutron/"
    },
    {
      "title": "【禾榮科法說會重點內容備忘錄】未來展望趨勢 20260303",
      "source": "富果直送",
      "date": "2026-03-03",
      "url": "https://blog.fugle.tw/post/earnings-call-7799-2026-03-03"
    },
    {
      "title": "〈熱門股〉禾榮科BNCT設備、硼藥雙引擎齊發 周漲逾1成",
      "source": "鉅亨網",
      "date": "2026-09-12",
      "url": "https://news.cnyes.com/news/id/6604630"
    },
    {
      "title": "富邦證券輔導禾榮科 今日掛牌上市",
      "source": "中央社",
      "date": "2025-09-15",
      "url": "https://www.cna.com.tw/business/chinese/412347"
    },
    {
      "title": "《Genet法說筆記》市值千億元禾榮科(7799)：現增募得108.54億元 9/15日掛牌上市",
      "source": "Genet",
      "date": "2025-09-09",
      "url": "https://www.genetinfo.com/investment/featured/item/89507.html"
    },
    {
      "title": "禾榮科自結8月合併虧損3900萬元，每股稅後-0.25元",
      "source": "MoneyDJ 理財網",
      "date": "2026-09-18",
      "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=f6034e1b-a837-4d6b-a129-288afee9c375"
    },
    {
      "title": "Japanese BNCT facilities have started clinical treatments under the national health insurance system with NeuCure",
      "source": "Sumitomo Heavy Industries",
      "date": "2020-06-18",
      "url": "https://www.shi.co.jp/english/info/2020/6kgpsq0000002p30.html"
    },
    {
      "title": "Sumitomo Heavy Industries × Advanced Medicine",
      "source": "Sumitomo Group",
      "date": "2026-10-17",
      "url": "https://www.sumitomo.gr.jp/english/act/social-issue/shi/"
    },
    {
      "title": "Safety of BNCT with Borofalan(10B) and Its Efficacy on Recurrent Head and Neck Cancer: Real-World Outcomes from Nationwide Post-Marketing Surveillance",
      "source": "Cancers",
      "date": "2024-02-21",
      "url": "https://www.mdpi.com/2072-6694/16/5/869"
    },
    {
      "title": "Neuboron's NeuPex AB-BNCT System Approved for the \"Green Channel\" Special Review Process by the NMPA",
      "source": "Neuboron",
      "date": "2023-08-15",
      "url": "https://en.neuboron.com/news/300.html"
    },
    {
      "title": "UW–Madison to lead nation in boron neutron capture therapy for cancer",
      "source": "UW School of Medicine and Public Health",
      "date": "2025-10-10",
      "url": "https://www.med.wisc.edu/news/cancer-particle-therapy-agreement/"
    },
    {
      "title": "Neutron capture therapy of cancer",
      "source": "Wikipedia",
      "date": "2026-10-17",
      "url": "https://en.wikipedia.org/wiki/Neutron_capture_therapy_of_cancer"
    },
    {
      "title": "禾榮科重大訊息：本公司與GE Precision Healthcare LLC簽署合作協議",
      "source": "公開資訊觀測站（Drugnews 事實帳本收錄",
      "date": "2026-10-17",
      "url": "https://drugnews.com.tw/filings/7799.html#tw-7799-2026-10-17-1230-vlnnnb"
    }
  ],
  "images": [
    {
      "alt": "圖1｜硼藥埋火藥，中子點引信",
      "url": "https://drugnews.com.tw/assets/articles/heron-neutron-bnct-miaoli-land-boron-drug/figure-01.png"
    },
    {
      "alt": "圖2｜禾榮科的時間線",
      "url": "https://drugnews.com.tw/assets/articles/heron-neutron-bnct-miaoli-land-boron-drug/figure-02.png"
    },
    {
      "alt": "圖3｜一個 BNCT 中心的三筆錢",
      "url": "https://drugnews.com.tw/assets/articles/heron-neutron-bnct-miaoli-land-boron-drug/figure-03.png"
    }
  ],
  "cover_image": "https://drugnews.com.tw/assets/articles/heron-neutron-bnct-miaoli-land-boron-drug/cover.png",
  "publisher": {
    "name": "Drugnews｜藥時事",
    "url": "https://drugnews.com.tw/",
    "profile": "https://drugnews.com.tw/brand-profile.json"
  },
  "citation": "Drugnews｜藥時事（2026-10-19）。禾榮科 15 億買地，BNCT 勝負在硼藥。https://drugnews.com.tw/articles/2026-10-19-heron-neutron-bnct-miaoli-land-boron-drug.html",
  "disclaimer": "本文僅供產業研究與知識分享，不構成投資、醫療、募資或個股建議。",
  "translations": {}
}