DailySpaceVsolar Group Berhad
0066 · ACE Market创业板（ACE Market） · annual reports 2023 to 2025, 963 entries read2023 至 2025 年报，共读出 963 条
The company这家公司
Vsolar Group Berhad provides engineering solutions in connection with renewable energy and other related engineering works, supplies solar energy, and trades computer hardware. All of the group's revenue is earned in Malaysia.Vsolar Group Berhad 提供与可再生能源相关的工程解决方案及其他相关工程业务，供应太阳能，并从事电脑硬件等贸易。集团的所有营业额均来自马来西亚。
Source: annual report 2025, pages 20, 123.出处：2025 年年报第 20、123 页。
In 2023, trading of railway spare parts contributed 76.7% of revenue (RM6,860,564), while solar energy contributed RM2,085,759. Trading revenue was nil in 2024; the report says the group chose to concentrate on renewable energy. Group revenue was RM11,447,674 in 2024 and RM18,754,445 in 2025. In 2025, Customer B contributed RM10,679,205 and Customer A RM5,406,000 of solar energy revenue.2023 年，铁路零配件贸易占营业额的 76.7%（RM6,860,564），太阳能贡献 RM2,085,759。2024 年贸易营业额为零；年报说集团决定集中发展再生能源。集团营业额在 2024 年为 RM11,447,674，2025 年为 RM18,754,445。2025 年，客户 B 贡献 RM10,679,205、客户 A 贡献 RM5,406,000 的太阳能营业额。
Source: annual report 2023, pages 14, 116; annual report 2024, pages 15, 121; annual report 2025, pages 123, 135.出处：2023 年年报第 14、116 页；2024 年年报第 15、121 页；2025 年年报第 123、135 页。
In 2023, AE Multi Industries Sdn. Bhd. was the largest shareholder with 29,203,720 shares (18.12%). In 2024 and 2025 the largest was Fast Assets Sdn. Bhd., with 140,000,000 shares (28.15%). In 2025, a Kenanga Nominees (Tempatan) Sdn. Bhd. pledged securities account for Koo Kien Yoon held 75,016,666 shares (15.09%). None of the directors has a family relationship with any director or major shareholder.2023 年，AE Multi Industries Sdn. Bhd. 为最大股东，持有 29,203,720 股（18.12%）。2024 与 2025 年的最大股东为 Fast Assets Sdn. Bhd.，持有 140,000,000 股（28.15%）。2025 年，Kenanga Nominees (Tempatan) Sdn. Bhd. 为 Koo Kien Yoon 开立的抵押证券账户持有 75,016,666 股（15.09%）。董事之间及与主要股东之间均无亲属关系。
Source: annual report 2023, page 138; annual report 2024, pages 18, 145; annual report 2025, pages 11, 145.出处：2023 年年报第 138 页；2024 年年报第 18、145 页；2025 年年报第 11、145 页。
Abdul Menon bin Arsad @ Abdul Manan bin Arshad resigned on 28 April 2023, and Datuk Salmah Hayati binti Ghazali was appointed on 2 May 2023. Ng Chee Kin resigned on 25 September 2024, and Tan Aik Heang was appointed on 1 October 2024. For 2025, Messrs. SBY Partners PLT was appointed as auditors, replacing Messrs. CAS Malaysia PLT.Abdul Menon bin Arsad @ Abdul Manan bin Arshad 于 2023 年 4 月 28 日辞任，Datuk Salmah Hayati binti Ghazali 于 2023 年 5 月 2 日获委任。Ng Chee Kin 于 2024 年 9 月 25 日辞任，Tan Aik Heang 于 2024 年 10 月 1 日获委任。2025 年，Messrs. SBY Partners PLT 获委任为审计师，接替 Messrs. CAS Malaysia PLT。
Source: annual report 2023, page 38; annual report 2024, pages 41, 44, 68; annual report 2025, page 4.出处：2023 年年报第 38 页；2024 年年报第 41、44、68 页；2025 年年报第 4 页。
Revenue by product line, 20232023 年各业务线营业额
Source: annual report 2023, page 116.出处：2023 年年报第 116 页。
Major events大事记
Source: annual report 2023, pages 13, 111.出处：2023 年年报第 13、111 页。
Source: annual report 2023, pages 16, 134.出处：2023 年年报第 16、134 页。
Source: annual report 2024, pages 18, 51.出处：2024 年年报第 18、51 页。
Source: annual report 2025, pages 13, 20, 82.出处：2025 年年报第 13、20、82 页。
Revenue and loss after taxation营业额与税后亏损
Assets, liabilities and equity资产、负债与权益
20232023 年
Net cash generated from operating activities was RM5.81 million. Purchase of property, plant and equipment took RM2,048,445, including RM1,799,985 for additions to solar plant. Repayment of lease liabilities was RM336,348. Other investments recorded a fair value loss of RM9,240,309, and an impairment loss of RM2,198,740 was recognised on solar plant. Cash and bank balances rose by RM3.42 million to RM30,143,754. No dividend was proposed or paid.营运活动所得现金净额为 RM5.81 million。购置物业、厂房及设备支出 RM2,048,445，其中添置太阳能电厂 RM1,799,985。偿还租赁负债 RM336,348。其他投资录得公允价值亏损 RM9,240,309，太阳能电厂计提减值亏损 RM2,198,740。现金与现金等价物增加 RM3.42 million 至 RM30,143,754。未建议亦未派发股息。
Source: annual report 2023, pages 15, 48, 67, 68, 95.出处：2023 年年报第 15、48、67、68、95 页。
20242024 年
Net cash used in operating activities was RM4,131,442. A rights issue with warrants completed on 5 April 2024 raised gross proceeds of RM33,609,301 less share issuance expenses of RM1,000,000. Net cash used in investing activities was RM9.4 million, including RM8,687,099 for the acquisition of other investments, placement of fixed deposits of RM1,007,198, and purchase of property, plant and equipment of RM43,341, while disposal of other investments brought proceeds of RM218,707. Repayment of lease liabilities was RM390,683. No dividend was proposed or paid.营运活动所用现金净额为 RM4,131,442。2024 年 4 月 5 日完成的附加股附送凭单筹集毛收益 RM33,609,301，扣除股份发行费用 RM1,000,000。投资活动所用现金净额为 RM9.4 million，包括收购其他投资 RM8,687,099、存放定期存款 RM1,007,198 及购置物业、厂房及设备 RM43,341，而脱售其他投资所得收益为 RM218,707。偿还租赁负债 RM390,683。未建议亦未派发股息。
Source: annual report 2024, pages 17, 18, 55, 73, 76, 77.出处：2024 年年报第 17、18、55、73、76、77 页。
20252025 年
For the 15 months to 30 September 2025, net cash used in operating activities was RM8,179,426. Net cash generated from investing activities was RM6.2 million, with proceeds on disposal of other investments of RM21,755,382, while spending included RM8,284,498 for acquisition of other investments, RM6,244,611 for purchase of property, plant and equipment, RM1,500,000 for acquisition of investment property, and RM737,090 for purchase of right-of-use assets. Repayment of lease liabilities was RM574,479, and a capital reduction of RM100,000,000 took effect on 8 April 2025. No dividend was proposed or paid.在截至 2025 年 9 月 30 日止的 15 个月内，营运活动所用现金净额为 RM8,179,426。投资活动所得现金净额为 RM6.2 million，脱售其他投资所得款项为 RM21,755,382，支出包括收购其他投资 RM8,284,498、购置物业、厂房及设备 RM6,244,611、收购投资产业 RM1,500,000 以及购买使用权资产 RM737,090。偿还租赁负债 RM574,479，削减股本 RM100,000,000 于 2025 年 4 月 8 日生效。未建议亦未派发股息。
Source: annual report 2025, pages 13, 19, 20, 66, 82, 85.出处：2025 年年报第 13、19、20、66、82、85 页。
Across the three years三年合看
The group reported pre-tax losses in every year: RM14,681,831 in 2023, RM3,174,260 in 2024, and RM23,308,905 in 2025. Fair value losses on other investments were RM9,240,309 in 2023, RM1,295,129 in 2024, and RM15,698,873 in 2025, with an unrealised foreign exchange loss of RM2,620,403 in 2025. Cash and bank balances were RM30,143,754 at 30 June 2023, RM18,686,609 at 30 June 2024, and RM8,427,796 at 30 September 2025. No dividends were paid in any of the three reports.集团每年均录得税前亏损：2023 年 RM14,681,831、2024 年 RM3,174,260 及 2025 年 RM23,308,905。其他投资公允价值亏损在 2023 年为 RM9,240,309、2024 年为 RM1,295,129 及 2025 年为 RM15,698,873，2025 年另有未变现外汇亏损 RM2,620,403。现金与银行结余在 2023 年 6 月 30 日为 RM30,143,754，在 2024 年 6 月 30 日为 RM18,686,609，在 2025 年 9 月 30 日为 RM8,427,796。三份年报中均未派发股息。
Source: annual report 2023, pages 19, 67; annual report 2024, pages 21, 112; annual report 2025, pages 17, 23, 84, 126.出处：2023 年年报第 19、67 页；2024 年年报第 21、112 页；2025 年年报第 17、23、84、126 页。
Still to be spent尚未支出的承诺
The group had no contracted capital commitments as of 30 September 2025. From the July 2020 rights issue, RM28.8 million of proceeds remained unutilised at 30 September 2025, including RM25.5 million for biomass or biogas plants and RM1.2 million for a large-scale solar facility. From the June 2021 private placement, RM7.1 million for solar PV projects remained unutilised. From the April 2024 rights issue, RM24.3 million for solar PV leasing projects remained unutilised.截至 2025 年 9 月 30 日，集团没有已签约的资本承诺。源自 2020 年 7 月附加股的款项中，截至 2025 年 9 月 30 日尚有 RM28.8 million 未动用，包括用于生物质或沼气电厂的 RM25.5 million 及大型太阳能设施的 RM1.2 million。源自 2021 年 6 月私下配售的款项中，尚有用于太阳能光伏项目的 RM7.1 million 未动用。源自 2024 年 4 月附加股的款项中，尚有用于太阳能光伏租赁项目的 RM24.3 million 未动用。
Source: annual report 2025, pages 19, 61, 62.出处：2025 年年报第 19、61、62 页。
Four years of figures四年数字
Group figures, in RM, as printed in the statements.集团数字，单位令吉，照财务报表所印。
| Group集团 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| RM令吉 | RM令吉 | RM令吉 | RM令吉 | |
| Revenue营业额 | 10,279,333 | 8,946,323 | 11,447,674 | 18,754,445 |
| Loss before taxation税前亏损 | (26,275,041) | (14,681,831) | (3,174,260) | (23,308,905) |
| Loss after taxation税后亏损 | (26,347,682) | (14,874,165) | (3,175,987) | (23,315,893) |
| Net cash from / (used in) operating activities营运活动所得/（所用）现金净额 | – | 5,872,618 | (4,131,442) | (8,179,426) |
| Purchase of property, plant and equipment购置物业、厂房及设备 | (500,015) | (2,048,445) | (43,341) | (6,244,611) |
| Other investments其他投资 | 53,651,425 | 46,113,029 | 54,077,272 | 22,014,365 |
| Total assets总资产 | 111,167,048 | 100,547,966 | 123,547,887 | 102,897,785 |
| Total liabilities总负债 | 4,833,477 | 9,088,559 | 2,655,139 | 4,737,930 |
| Total borrowings总借款 | 9,962 | 12,797 | 15,941 | 817,958 |
| Cash and bank balances现金与银行结余 | 26,716,738 | 30,143,754 | 18,686,609 | 8,427,796 |
| Total equity总权益 | 106,333,571 | 91,459,407 | 120,892,748 | 98,159,855 |
On a computer, hover over a figure for the report and page it is printed on.在电脑上把鼠标移到数字上，可看到它印在哪份年报的哪一页。
Said and done说过的与做到的
| What the reports said年报说要做的 | What later reports show之后年报显示的 | Status状态 |
|---|---|---|
| Meru solar PV rooftop project expected to complete within 18 months from December 2022Meru 太阳能光伏屋顶项目预计自 2022 年 12 月起 18 个月内完工 | Neither the 2024 nor the 2025 report mentions the Meru project again.2024 与 2025 年年报均未再提及 Meru 项目。 Source: annual report 2023, page 26; annual report 2024, page 13; annual report 2025, page 13.出处：2023 年年报第 26 页；2024 年年报第 13 页；2025 年年报第 13 页。 | Not mentioned again未再提及 |
| Minimum gross proceeds of RM7.50 million to be raised from rights issue with warrants for solar PV leasing projects计划通过附加股附送凭单筹集至少 RM7.50 million 毛收益用于太阳能光伏租赁项目 | The rights issue with warrants was completed on 5 April 2024, raising gross proceeds of RM33,609,301.70.附加股附送凭单于 2024 年 4 月 5 日完成，筹集毛收益 RM33,609,301.70。 Source: annual report 2023, page 16; annual report 2024, pages 18, 51.出处：2023 年年报第 16 页；2024 年年报第 18、51 页。 | Completed已完成 |
| RM34.1 million of proceeds to be utilised for biomass or biogas plants within 48 months from 20202020 年起的 48 个月内将 RM34.1 million 收益动用于生物质或沼气电厂 | In 2024 the timeframe was extended to 60 months, and in 2025 RM25.5 million remained unutilised with the timeframe extended to 12 July 2026.2024 年期限延长至 60 个月，2025 年尚有 RM25.5 million 未动用且期限延长至 2026 年 7 月 12 日。 Source: annual report 2023, page 43; annual report 2024, page 50; annual report 2025, page 61.出处：2023 年年报第 43 页；2024 年年报第 50 页；2025 年年报第 61 页。 | Timeframe extended期限延长 |
| A 100 MWac large-scale solar PV plant in Marang, Terengganu estimated to be completed by November 2024登嘉楼马江 100 MWac 大型太阳能光伏电厂预计于 2024 年 11 月前完工 | The 2025 report states that the 100 MWac plant in Marang was completed and is operational.2025 年年报说明马江 100 MWac 电厂已完工并投入营运。 Source: annual report 2024, page 13; annual report 2025, page 13.出处：2024 年年报第 13 页；2025 年年报第 13 页。 | Completed已完成 |
| A 50 MWac solar floating facility in Marang, Terengganu estimated to be completed by November 2024登嘉楼马江 50 MWac 浮顶太阳能设施预计于 2024 年 11 月前完工 | The 2025 report makes no mention of the 50 MWac floating facility.2025 年年报未提及该 50 MWac 浮顶设施。 Source: annual report 2024, page 13; annual report 2025, page 13.出处：2024 年年报第 13 页；2025 年年报第 13 页。 | Not mentioned again未再提及 |
What the reports leave open年报留下待看的事
- From past fundraisings, unutilised proceeds as of 30 September 2025 stand at RM28.8 million from the 2020 rights issue, RM7.1 million from the 2021 private placement, and RM24.3 million from the 2024 rights issue.截至 2025 年 9 月 30 日，过往筹资未动用款项包括 2020 年附加股的 RM28.8 million、2021 年私下配售的 RM7.1 million，以及 2024 年附加股的 RM24.3 million。
Source: annual report 2025, pages 61, 62.出处：2025 年年报第 61、62 页。
- Two solar energy customers accounted for RM10,679,205 and RM5,406,000 of the group's total revenue of RM18,754,445 in the 2025 financial period.在 2025 财政期间，两家太阳能客户分别占集团总营业额 RM18,754,445 中的 RM10,679,205 与 RM5,406,000。
Source: annual report 2025, pages 123, 135.出处：2025 年年报第 123、135 页。
- Other investments stood at RM22,014,365 as of 30 September 2025, representing approximately 21.4% of total assets, after a fair value loss of RM15,698,873 and an unrealised foreign exchange loss of RM2,620,403.截至 2025 年 9 月 30 日，其他投资为 RM22,014,365，约占总资产的 21.4%；2025 年录得公允价值亏损 RM15,698,873 及未变现外汇亏损 RM2,620,403。
Source: annual report 2025, pages 74, 84, 126.出处：2025 年年报第 74、84、126 页。
- Progress and revenue contributions from solar agreements signed in 2025 for sites in Kuang (1.3 MWp), Cheras (424.8 kWp), Kuala Lumpur (344.3 kWp), and Pulau Pinang (425 kWp).2025 年就 Kuang（1.3 MWp）、Cheras（424.8 kWp）、吉隆坡（344.3 kWp）及槟城（425 kWp）签订的太阳能协议之进展及营业额贡献。
Source: annual report 2025, pages 13, 14, 15.出处：2025 年年报第 13、14、15 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-10-28.内容为公司年报所印的事实，并注明页码；不评级，不构成投资建议。生成日期 2026-10-28。