DailySpaceMAG Holdings Berhad
0095 · ACE Market创业板（ACE Market） · annual reports 2023 to 2025, 1395 entries read2023 至 2025 年报，共读出 1395 条
The company这家公司
MAG Holdings Berhad (the acronym for “Malaysian Aquaculture Group”) is principally involved in prawn aquaculture, trading and food processing.MAG Holdings Berhad（代表“Malaysian Aquaculture Group”）主要从事对虾水产养殖、贸易及食品加工。
Source: annual report 2023, page 14; annual report 2024, page 15; annual report 2025, page 96.出处：2023 年年报第 14 页；2024 年年报第 15 页；2025 年年报第 96 页。
The group cultivates White Shrimp (Litopenaeus vannamei) and Black Tiger Shrimp (Penaeus monodon) across farms in Tawau, Sabah, including Umas, Wakuba, Wakuba II and Apas Parit.集团在沙巴斗湖的养殖场（包括 Umas、Wakuba、Wakuba II 和 Apas Parit）养殖南美白对虾（Litopenaeus vannamei）和斑节对虾（Penaeus monodon）。
Source: annual report 2024, page 22; annual report 2025, pages 128, 145, 181.出处：2024 年年报第 22 页；2025 年年报第 128、145、181 页。
In 2023, trading of prawns generated RM164.8 million and sales of farming prawns RM36.9 million. For the 18-month financial period ended 31 December 2025, revenue was RM519.4 million, with the domestic market accounting for RM493.2 million, South Korea RM24.2 million, and Taiwan RM2.1 million. Two major customers contributed RM443,650,890, representing more than 25% each of total revenue.2023 年，对虾贸易带来 RM164.8 million，养殖虾销售带来 RM36.9 million。截至 2025 年 12 月 31 日止的 18 个月财政期间，营业额为 RM519.4 million，其中本地市场占 RM493.2 million，韩国占 RM24.2 million，台湾占 RM2.1 million。两家主要客户贡献了 RM443,650,890，各自占总营业额的 25% 以上。
Source: annual report 2023, page 89; annual report 2025, pages 96, 129.出处：2023 年年报第 89 页；2025 年年报第 96、129 页。
Executive Chairman Ng Min Lin held 426,220,097 shares (26.65%) in the 2023 report, 465,817,797 shares (27.51%) in the 2024 report, and 513,816,584 shares (27.01%) in the 2025 report. In the 2025 report, accounts for Ng Min Lin included Affin Hwang Nominees (Tempatan) Sdn. Bhd. for 124,726,600 shares (6.56%), MBSB Investment Nominees (Tempatan) Sdn. Bhd. for 100,690,700 shares (5.29%), RHB Nominees (Tempatan) Sdn. Bhd. for 75,230,000 shares (3.95%), Alliancegroup Nominees (Tempatan) Sdn. Bhd. for 71,284,148 shares (3.75%), Mercsec Nominees (Tempatan) Sdn. Bhd. for 56,257,500 shares (2.96%), and AMSEC Nominees (Tempatan) Sdn. Bhd. for 47,600,000 shares (2.50%).执行主席 Ng Min Lin 在 2023 年年报中持有 426,220,097 股（26.65%），在 2024 年年报中持有 465,817,797 股（27.51%），在 2025 年年报中持有 513,816,584 股（27.01%）。在 2025 年年报中，属于 Ng Min Lin 的账户包括 Affin Hwang Nominees (Tempatan) Sdn. Bhd. 持有的 124,726,600 股（6.56%）、MBSB Investment Nominees (Tempatan) Sdn. Bhd. 持有的 100,690,700 股（5.29%）、RHB Nominees (Tempatan) Sdn. Bhd. 持有的 75,230,000 股（3.95%）、Alliancegroup Nominees (Tempatan) Sdn. Bhd. 持有的 71,284,148 股（3.75%）、Mercsec Nominees (Tempatan) Sdn. Bhd. 持有的 56,257,500 股（2.96%）以及 AMSEC Nominees (Tempatan) Sdn. Bhd. 持有的 47,600,000 股（2.50%）。
Source: annual report 2023, page 146; annual report 2024, page 125; annual report 2025, pages 182, 183.出处：2023 年年报第 146 页；2024 年年报第 125 页；2025 年年报第 182、183 页。
Ng Min Lin is the spouse of Non-Independent Non-Executive Director Wong Jo Ann. Melvin Lim Chun Woei is the son of Lim Ah Cham, the Aquaculture Farming Advisor. Datuk Lim Si Cheng retired as Independent Non-Executive Director on 26 November 2024, while Melvin Lim Chun Woei indicated his intention of not seeking re-election at the 20th AGM. The Managing Director and CEO position remained vacant throughout the three reports.Ng Min Lin 是非独立非执行董事 Wong Jo Ann 的配偶。Melvin Lim Chun Woei 是水产养殖顾问 Lim Ah Cham 的儿子。独立非执行董事 Datuk Lim Si Cheng 于 2024 年 11 月 26 日退休，Melvin Lim Chun Woei 则表明在第 20 届股东周年大会上不寻求连任。董事总经理兼首席执行员一职在三份年报期间均维持空缺。
Source: annual report 2023, pages 5, 8, 23; annual report 2025, pages 6, 115, 119, 160, 172, 185.出处：2023 年年报第 5、8、23 页；2025 年年报第 6、115、119、160、172、185 页。
Revenue by destination, 20252025 年按目的地划分营业额
Source: annual report 2025, page 96.出处：2025 年年报第 96 页。
Major events大事记
Source: annual report 2023, page 14.出处：2023 年年报第 14 页。
Source: annual report 2023, page 142.出处：2023 年年报第 142 页。
Source: annual report 2023, pages 14, 143.出处：2023 年年报第 14、143 页。
Source: annual report 2023, page 43; annual report 2024, page 52.出处：2023 年年报第 43 页；2024 年年报第 52 页。
Source: annual report 2024, page 121.出处：2024 年年报第 121 页。
Source: annual report 2024, page 16.出处：2024 年年报第 16 页。
Source: annual report 2024, page 121.出处：2024 年年报第 121 页。
Source: annual report 2025, pages 5, 176.出处：2025 年年报第 5、176 页。
Source: annual report 2025, page 4.出处：2025 年年报第 4 页。
Source: annual report 2025, pages 33, 88.出处：2025 年年报第 33、88 页。
Revenue and profit after taxation营业额与税后盈利
Total assets, liabilities and equity总资产、总负债与总权益
20232023 年
Purchase of property, plant and equipment was RM36.2 million. Financing activities generated RM25.8 million from issuing ordinary shares, including RM25.2 million from a private placement and RM0.6 million from conversion of Warrants C. Repayment of borrowings net was RM3.6 million and interest paid was RM9.0 million. Cash and cash equivalents stood at RM163.7 million at year end.购置物业、厂房与设备支出为 RM36.2 million。融资活动通过发行普通股筹集 RM25.8 million，包括私人配售的 RM25.2 million 及凭单 C 转换的 RM0.6 million。偿还借款净额为 RM3.6 million，已付利息为 RM9.0 million。期末现金与现金等价物为 RM163.7 million。
Source: annual report 2023, pages 16, 63, 64.出处：2023 年年报第 16、63、64 页。
20242024 年
Operating activities generated net cash of RM90.5 million, while purchase of property, plant and equipment took RM86.2 million. In financing activities, exercise of Warrants C brought RM12.3 million, while net repayments of bank borrowings took RM5.4 million, interest paid RM8.0 million, and dividend paid RM1.6 million. At year end, borrowings were RM108.8 million and redeemable preference shares stood at RM73.6 million.营运活动产生现金净额 RM90.5 million，购置物业、厂房与设备支出 RM86.2 million。融资活动中，行使凭单 C 带来 RM12.3 million，而净偿还银行借款支出 RM5.4 million，已付利息 RM8.0 million，已付股息 RM1.6 million。年末计息借款为 RM108.8 million，可赎回优先股为 RM73.6 million。
Source: annual report 2024, pages 20, 73, 74.出处：2024 年年报第 20、73、74 页。
20252025 年
For the 18-month financial period ended 31 December 2025, a loss after taxation of RM198.1 million was recorded, mainly due to a one-off provision of RM248.9 million on a loan to former subsidiary Henan Xinghe Oil & Fat Company Limited (HXOF). Operating cash flows turned to a net outflow of RM121.2 million. Purchase of property, plant and equipment took RM181.6 million, including assets work-in-progress of RM66,968,860 (RMB116,084,000) for a new food processing facility in the People's Republic of China, and advance payments were RM85.6 million. Financing activities drew net bank borrowings of RM213.9 million, while RM80.0 million was used to redeem 400,000,000 RPS, interest paid was RM19.0 million, dividend paid was RM1,873,131, and exercise of Warrants C raised RM32.8 million. Cash and bank balances placed with financial institutions in the People's Republic of China fell to RM16,023 (from RM167,889,328 in 2024).截至 2025 年 12 月 31 日止的 18 个月财政期间，录得税后亏损 RM198.1 million，主要由于对原子公司 Henan Xinghe Oil & Fat Company Limited（HXOF）的贷款计提了一次性拨备 RM248.9 million。营运现金流转为净流出 RM121.2 million。购置物业、厂房与设备支出 RM181.6 million，其中包括位于中国的新食品加工设施在建资产 RM66,968,860（RMB116,084,000），预付款项为 RM85.6 million。融资活动净提取银行借款 RM213.9 million，同时支付 RM80.0 million 赎回 400,000,000 股 RPS，已付利息 RM19.0 million，已付股息 RM1,873,131，行使凭单 C 筹集 RM32.8 million。存放在中国金融机构的现金与银行结余由 2024 年的 RM167,889,328 降至 RM16,023。
Source: annual report 2025, pages 4, 5, 18, 32, 33, 64, 72, 88, 129, 271.出处：2025 年年报第 4、5、18、32、33、64、72、88、129、271 页。
Across the three reports三份年报合看
Across the three reports, bank borrowings moved from RM110.9 million in 2023 to RM108.8 million in 2024 and RM324.4 million in 2025. The 400,000,000 redeemable preference shares issued for the North Cube acquisition were fully redeemed for RM80.0 million in 2025. Dividends paid to shareholders were RM1,599,695 for FY2023 and RM1,873,131 for FY2024, while no dividend was recommended for the period ended 31 December 2025.三份年报合看，银行借款从 2023 年的 RM110.9 million 变动至 2024 年的 RM108.8 million 及 2025 年的 RM324.4 million。收购 North Cube 时发行的 400,000,000 股可赎回优先股于 2025 年以 RM80.0 million 全额赎回。支付给股东的股息在 2023 财年为 RM1,599,695，2024 财年为 RM1,873,131，截至 2025 年 12 月 31 日止期间未建议派发股息。
Source: annual report 2023, pages 124, 135; annual report 2024, pages 16, 20; annual report 2025, pages 4, 33, 85, 88.出处：2023 年年报第 124、135 页；2024 年年报第 16、20 页；2025 年年报第 4、33、85、88 页。
Still to be spent尚未支出的承诺
Approved and contracted capital commitments for ponds and farm improvements were RM127.3 million in 2023 and RM35.0 million in 2024. At 31 December 2025, contracted capital commitments were RM32.2 million, consisting of RM4.4 million for property, plant and equipment, RM3.8 million for ponds and farm improvements, and RM24.0 million for inventories. In addition, advance payments included RMB36,399,600 (approximately RM20,998,000) for machineries and equipment and RMB108,353,900 (approximately RM62,509,365) for raw materials.已批准并签约的池塘及农场改良资本承诺在 2023 年为 RM127.3 million，2024 年为 RM35.0 million。截至 2025 年 12 月 31 日，已签约资本承诺为 RM32.2 million，包括物业、厂房与设备的 RM4.4 million，池塘及农场改良的 RM3.8 million，以及存货的 RM24.0 million。此外，预付款项包括用于机械设备的 RMB36,399,600（约 RM20,998,000）和用于原材料的 RMB108,353,900（约 RM62,509,365）。
Source: annual report 2023, page 142; annual report 2024, page 110; annual report 2025, pages 76, 109.出处：2023 年年报第 142 页；2024 年年报第 110 页；2025 年年报第 76、109 页。
Four years of figures四年数字
Group figures, in RM thousand (×1,000), as printed in the statements.集团数字，单位千令吉（×1,000），照财务报表所印。
| Group集团 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| RM'000千令吉 | RM'000千令吉 | RM'000千令吉 | RM'000千令吉 | |
| Revenue营业额 | 137,105 | 201,637 | 305,074 | 519,440 |
| Profit before taxation税前盈利 | 25,299 | 45,344 | 44,028 | – |
| Profit/(Loss) after taxation税后盈利/（亏损） | 17,720 | 34,151 | 32,696 | (198,122) |
| Total assets总资产 | 1,004,293 | 1,076,183 | 1,214,557 | 1,097,963 |
| Total liabilities总负债 | 296,556 | 307,001 | – | 485,972 |
| Total equity总权益 | 707,737 | 769,182 | 816,102 | 611,337 |
| Borrowings (interest-bearing)计息借款 | 114,460 | 110,870 | 108,760 | – |
| Cash and bank balances现金与银行结余 | – | – | 171,751 | 9,405 |
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 |
|---|---|---|
| Board proposed a single tier final dividend of 0.1 sen per ordinary share for the financial year ended 30 June 2023董事会建议就截至 2023 年 6 月 30 日止财政年度派发每股 0.1 仙的单层终期股息 | The group paid a final single-tier dividend of 0.1 sen per ordinary share amounting to RM1,599,695 on 24 January 2024集团于 2024 年 1 月 24 日派发了每股 0.1 仙、总额 RM1,599,695 的终期单层股息 Source: annual report 2023, page 19; annual report 2024, page 16.出处：2023 年年报第 19 页；2024 年年报第 16 页。 | Carried out已执行 |
| Directors proposed a final single tier dividend of 0.10 sen per ordinary share for the financial year ended 30 June 2024董事建议就截至 2024 年 6 月 30 日止财政年度派发每股 0.10 仙的终期单层股息 | The company paid the final single tier dividend of 0.1 sen per ordinary share amounting to RM1,873,131 on 23 January 2025公司于 2025 年 1 月 23 日派发了每股 0.1 仙、总额 RM1,873,131 的终期单层股息 Source: annual report 2024, page 51; annual report 2025, page 4.出处：2024 年年报第 51 页；2025 年年报第 4 页。 | Carried out已执行 |
| Entered into a term sheet to acquire 50% in Lim Shrimp Aquapolis Pte. Ltd and form a joint venture in Indonesia, paying RM1.05 million in deposits (2023)签署条款清单以收购 Lim Shrimp Aquapolis Pte. Ltd 50% 股权并在印尼成立合资企业，支付定金 RM1.05 million（2023） | The proposed investment was terminated on 16 November 2023 and a refund of the deposits was in process. RM330,000 was recovered in the 2025 period, leaving RM891,105 at 31 December 2025.该项拟议投资已于 2023 年 11 月 16 日终止，订金退款仍在处理中。2025 财政期内收回 RM330,000，至 2025 年 12 月 31 日尚余 RM891,105。 Source: annual report 2023, pages 14, 114; annual report 2024, page 101; annual report 2025, page 75.出处：2023 年年报第 14、114 页；2024 年年报第 101 页；2025 年年报第 75 页。 | Terminated; refund pending已终止；退款未完成 |
| Expansion of fourth farm in Tawau to boost capacity to 384 ponds and increase breeding output to 5,500 tonnes annually (2024)扩建斗湖第四个养殖场，将养殖塘增至 384 口，年繁育产量提高至 5,500 tonnes（2024） | The 2025 report shows Wakuba II, a farm with 99 shrimp ponds, under the group's operational control from June 2025. It does not give total pond numbers or annual output.2025 年报显示，拥有 99 个虾池的 Wakuba II 自 2025 年 6 月起由集团营运管理。年报没有列出虾池总数或年产量。 Source: annual report 2024, page 17; annual report 2025, pages 145, 181.出处：2024 年年报第 17 页；2025 年年报第 145、181 页。 | Fourth farm operating; output not reported第四个养殖场已营运；产量未报告 |
| Loan to former subsidiary HXOF extended to 30 September 2029, with major shareholder indicating intention to acquire 19.86% equity interest for RM51 million (2024)向原子公司 HXOF 提供的贷款延期至 2029 年 9 月 30 日，其大股东表示有意以 RM51 million 收购 19.86% 股权（2024） | In 2025, HXOF defaulted on interest payments; a tripartite settlement was entered where the equity was reclassified as held for sale at RM51,360,000 and a provision of RM248.9 million was recognized on the loan2025 年，HXOF 发生利息违约；各方达成三方和解，该股权以 RM51,360,000 重分类为持有待售，贷款计提拨备 RM248.9 million Source: annual report 2024, pages 97, 121; annual report 2025, pages 17, 77, 129, 264.出处：2024 年年报第 97、121 页；2025 年年报第 17、77、129、264 页。 | In default and settlement违约并达成和解 |
| Searching for a suitable MD/CEO to fill the vacancy (2023)寻找合适的人选填补董事总经理/行政总裁空缺（2023） | The MD/CEO position remained vacant in the 2025 report, while Mr. Tan was promoted to Deputy Chief Executive Officer2025 年年报中董事总经理/行政总裁职位依然空缺，Mr. Tan 于 2025 年晋升为副首席执行员 Source: annual report 2023, page 23; annual report 2025, pages 121, 160.出处：2023 年年报第 23 页；2025 年年报第 121、160 页。 | Position still vacant职位依然空缺 |
What the reports leave open年报留下待看的事
- Recovery of deferred consideration from the tripartite settlement arrangement with HXOF and its major shareholder, payable by 31 December 2026.向 HXOF 及其大股东达成的三方和解协议中递延对价的收回情况，该笔款项应于 2026 年 12 月 31 日前支付。
Source: annual report 2025, pages 52, 101.出处：2025 年年报第 52、101 页。
- Completion and commissioning of the food processing facility in the People's Republic of China, which held RM66,968,860 of assets work-in-progress and advance payments of RMB36,399,600 and RMB108,353,900 to suppliers.位于中国的食品加工设施的完工投产进展，该项目包含 RM66,968,860 的在建资产以及向供应商支付的 RMB36,399,600 和 RMB108,353,900 预付款项。
Source: annual report 2025, pages 18, 64, 76.出处：2025 年年报第 18、64、76 页。
- Management of bank borrowings, which increased to RM324.4 million at 31 December 2025, raising the group debt-to-equity ratio to 0.53.银行借款的管理情况，借款于 2025 年 12 月 31 日增至 RM324.4 million，使集团负债权益比升至 0.53。
Source: annual report 2025, pages 85, 109.出处：2025 年年报第 85、109 页。
- Customer concentration, with two major customers contributing RM443,650,890 of revenue and representing 98% of trade receivables.客户集中度风险，两大客户贡献了 RM443,650,890 的营业额并占应收账款的 98%。
Source: annual report 2025, pages 96, 100.出处：2025 年年报第 96、100 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。