DailySpaceN2N Connect Berhad
0108 · ACE Market创业板（ACE Market） · annual reports 2023 to 2025, 1151 entries read2023 至 2025 年报，共读出 1151 条
The company这家公司
N2N Connect Berhad provides capital market solutions and network and infrastructure services, operating across the Asia-Pacific region including Malaysia, Hong Kong SAR, China, the Philippines, Singapore, and Vietnam.N2N Connect Berhad 提供资本市场解决方案以及网络与基础设施服务，业务遍及亚太地区，包括马来西亚、中国香港特别行政区、菲律宾、新加坡及越南。
Source: annual report 2025, page 14.出处：2025 年年报第 14 页。
In 2025, Capital Market Solutions accounted for 67% of revenue and Network & Infrastructure accounted for 33%. By geographic market, Malaysia contributed 53% and the regional market contributed 47%. Revenue from one major customer in Malaysia was RM10,659,109 in 2025, RM12,628,249 in 2024, and RM11,037,157 in 2023.2025 年，资本市场解决方案占营业额的 67%，网络与基础设施占 33%。按地区市场划分，马来西亚贡献了 53%，区域市场贡献了 47%。来自马来西亚单一主要客户的营业额在 2025 年为 RM10,659,109，2024 年为 RM12,628,249，2023 年为 RM11,037,157。
Source: annual report 2023, page 159; annual report 2024, page 161; annual report 2025, pages 14, 168.出处：2023 年年报第 159 页；2024 年年报第 161 页；2025 年年报第 14、168 页。
At 31 December 2025, Hundsun Holdings Limited held 132,055,852 shares (23.66%) through a pledged securities account with Amsec Nominees (Asing) Sdn Bhd, with parent Hundsun Technologies Inc deemed interested. N2N Connect Holdings Sdn Bhd held 99,622,095 shares (17.85%), and Quah Choon Wah held 51,651,990 shares (9.25%) through a pledged securities account with TA Nominees (Tempatan) Sdn Bhd. Tiang Boon Hwa held 38,421,033 shares (6.88%).截至 2025 年 12 月 31 日，Hundsun Holdings Limited 通过 Amsec Nominees (Asing) Sdn Bhd 的抵押证券账户持有 132,055,852 股（23.66%），其母公司 Hundsun Technologies Inc 被视为拥有权益。N2N Connect Holdings Sdn Bhd 持有 99,622,095 股（17.85%），Quah Choon Wah 通过 TA Nominees (Tempatan) Sdn Bhd 的抵押证券账户持有 51,651,990 股（9.25%）。Tiang Boon Hwa 持有 38,421,033 股（6.88%）。
Source: annual report 2025, pages 56, 189, 191.出处：2025 年年报第 56、189、191 页。
Tiang Boon Hwa is the spouse of Lai Su Ping. On 23 November 2023, Jiang, Jianfeng resigned from the board and Lin, Lin was appointed. On 29 May 2025, Elaine Foong Sooi Jade was redesignated as a Non-Independent Non-Executive Director after retention as an independent director was not approved by shareholders.Tiang Boon Hwa 是 Lai Su Ping 的配偶。2023 年 11 月 23 日，Jiang, Jianfeng 辞去董事职务，Lin, Lin 获委任进董事会。2025 年 5 月 29 日，在股东未批准其留任独立董事后，Elaine Foong Sooi Jade 被调任为非独立非执行董事。
Source: annual report 2023, page 49; annual report 2025, pages 53, 54, 198.出处：2023 年年报第 49 页；2025 年年报第 53、54、198 页。
Revenue by segment, 20252025 年各部门营业额占比
Source: annual report 2025, page 14.出处：2025 年年报第 14 页。
Revenue by geography, 20252025 年按地区营业额占比
Source: annual report 2025, page 14.出处：2025 年年报第 14 页。
Major events大事记
Source: annual report 2023, page 133.出处：2023 年年报第 133 页。
Source: annual report 2023, pages 49, 72.出处：2023 年年报第 49、72 页。
Source: annual report 2023, page 71; annual report 2024, page 73.出处：2023 年年报第 71 页；2024 年年报第 73 页。
Source: annual report 2023, page 26; annual report 2024, page 135.出处：2023 年年报第 26 页；2024 年年报第 135 页。
Source: annual report 2025, page 181.出处：2025 年年报第 181 页。
Source: annual report 2025, page 180.出处：2025 年年报第 180 页。
Revenue, profit and operating cash营业额、盈利与营运现金
Cash and equity现金与权益
20232023 年
In 2023, net cash from operating activities was RM22,367,577. The group spent RM2,078,518 on purchases of property, plant and equipment and RM6,463,095 on computer software development. The group acquired a 60% equity interest in IronHorse Asia Sdn Bhd for RM900,000, with a net cash outflow of RM8,745. Financing cash outflows included RM11,164,084 in dividends paid and RM1,435,962 in lease liability repayments. Cash and bank balances ended the year at RM93,389,353.2023 年，营运活动所得现金净额为 RM22,367,577。集团在购买物业、厂房及设备上支出 RM2,078,518，在电脑软件开发上支出 RM6,463,095。集团以 RM900,000 收购了 IronHorse Asia Sdn Bhd 的 60% 股权，现金净流出为 RM8,745。融资活动现金流出包括已付股息 RM11,164,084 及偿还租赁负债 RM1,435,962。期末现金与银行结余为 RM93,389,353。
Source: annual report 2023, pages 94, 133.出处：2023 年年报第 94、133 页。
20242024 年
In 2024, net cash generated from operating activities was RM27,559,396. The group spent RM8,356,840 on purchases of property, plant and equipment and RM8,431,528 on computer software development. Net cash used in investing activities was RM29,208,804, which included RM12,420,436 of net changes in marketable securities. The group recognised an impairment loss on goodwill of RM27,000,000 and wrote off RM4,436,904 of software costs. Financing cash outflows included RM11,164,084 in dividends paid and RM1,522,710 in lease liability repayments.2024 年，营运活动所得现金净额为 RM27,559,396。集团在购买物业、厂房及设备上支出 RM8,356,840，在电脑软件开发上支出 RM8,431,528。投资活动所用现金净额为 RM29,208,804，其中包括有价证券净变动的 RM12,420,436。集团确认商誉减值亏损 RM27,000,000，并注销了 RM4,436,904 的软件成本。融资活动现金流出包括已付股息 RM11,164,084 及偿还租赁负债 RM1,522,710。
Source: annual report 2024, pages 96, 139.出处：2024 年年报第 96、139 页。
20252025 年
In 2025, net cash flows from operating activities were RM22,233,945. Purchases of property, plant and equipment were RM1,982,276, and computer software development costs were RM9,533,884. Net proceeds from other investments were RM9,902,531, and net cash used in investing activities was RM1,603,629. Financing cash outflows were RM12,575,271, including RM11,164,084 in dividends paid and RM1,411,187 in lease liability repayments. Cash and bank balances ended at RM77,860,448.2025 年，营运活动所得现金净额为 RM22,233,945。购买物业、厂房及设备为 RM1,982,276，电脑软件开发成本为 RM9,533,884。其他投资所得净款项为 RM9,902,531，投资活动所用现金净额为 RM1,603,629。融资活动现金流出为 RM12,575,271，包括已付股息 RM11,164,084 及偿还租赁负债 RM1,411,187。现金与银行结余期末为 RM77,860,448。
Source: annual report 2025, page 108.出处：2025 年年报第 108 页。
Across the three years三年合看
Across the three years, operating activities generated cash in every year, while computer software development costs increased from RM6,463,095 in 2023 to RM8,431,528 in 2024 and RM9,533,884 in 2025. Dividends paid were RM11,164,084 in each of the three years. Cash and bank balances remained above RM75 million across the period, and total equity closed 2025 at RM245,740,395.三年合看，营运活动每年均产生现金，而电脑软件开发成本由 2023 年的 RM6,463,095 增至 2024 年的 RM8,431,528 和 2025 年的 RM9,533,884。三年中每年的已付股息均为 RM11,164,084。期内现金与银行结余始终保持在 RM75 million 以上，2025 年末总权益为 RM245,740,395。
Source: annual report 2023, page 94; annual report 2024, page 96; annual report 2025, page 108.出处：2023 年年报第 94 页；2024 年年报第 96 页；2025 年年报第 108 页。
Still to be spent尚未支出的承诺
At 31 December 2025, capital commitments in relation to the acquisition of an investment in an associate were RM1,000,000, under an agreement dated 30 October 2025 to acquire a 33% equity interest in Asia Travel Soft Sdn. Bhd. In addition, prepayments included RM230,064 paid to a supplier for the purchase of computer equipment expected to complete in the next financial year.截至 2025 年 12 月 31 日，根据 2025 年 10 月 30 日签署的收购 Asia Travel Soft Sdn. Bhd. 33% 股权协议，有关收购联营公司投资的资本承诺为 RM1,000,000。此外，预付款项中包括向供应商预付的 RM230,064 电脑设备采购款，预计在下一财政年度完成。
Source: annual report 2025, pages 150, 180.出处：2025 年年报第 150、180 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 | 103,009,818 | 105,240,708 | 107,729,202 | 93,932,263 |
| Profit/(Loss) before taxation税前盈利／（亏损） | 21,665,951 | 19,326,273 | (25,737,696) | 15,566,835 |
| Profit/(Loss) for the financial year本年度盈利／（亏损） | 18,732,325 | 13,732,254 | (26,511,000) | 13,031,378 |
| Net cash from operating activities营运活动所得现金净额 | 36,562,894 | 22,367,577 | 27,559,396 | 22,233,945 |
| Purchase of property, plant and equipment购买物业、厂房及设备 | (3,421,669) | (2,078,518) | (8,356,840) | (1,982,276) |
| Computer software development cost电脑软件开发成本 | (5,557,475) | (6,463,095) | (8,431,528) | (9,533,884) |
| Dividends paid已付股息 | (5,582,042) | (11,164,084) | (11,164,084) | (11,164,084) |
| Cash and bank balances现金与银行结余 | 90,247,798 | 93,389,353 | 75,934,486 | 77,860,448 |
| Total equity总权益 | 283,692,963 | 292,731,640 | 250,886,988 | 245,740,395 |
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 |
|---|---|---|
| Development of a new algorithmic trading system and mobile and desktop platform set to debut in the upcoming year (2024)开发新的算法交易系统以及移动与桌面平台，预定在来年（2024 年）推出 | In the 2024 report, the next-generation trading platform was poised to launch in 2025, and the 2025 report stated the rollout would move into 2026.2024 年报表示下一代交易平台预定在 2025 年推出，2025 年报则表示将推迟至 2026 年展开。 Source: annual report 2023, page 25; annual report 2024, page 13; annual report 2025, page 13.出处：2023 年年报第 25 页；2024 年年报第 13 页；2025 年年报第 13 页。 | Rescheduled to 2026延期至 2026 年 |
| Transforming network and infrastructure to offer cloud computing as the foundation for the upcoming Asia Trading Hub, expected to reach full operational capacity in 2025转型网络与基础设施以提供云计算，作为未来亚洲交易枢纽的基础，预计 2025 年达到全面营运 | A pilot was launched in the fourth quarter of 2024, and the group onboarded its first client on the Asia Trading Hub in 2025.2024 年第四季度推出试行，集团于 2025 年在亚洲交易枢纽引入了首位客户。 Source: annual report 2023, page 11; annual report 2024, pages 14, 26; annual report 2025, page 12.出处：2023 年年报第 11 页；2024 年年报第 14、26 页；2025 年年报第 12 页。 | First client onboarded已引入首位客户 |
| Prepayments of RM3,438,532 paid to a supplier for computer equipment expected to complete in the next financial year已向供应商预付 RM3,438,532 购买电脑设备，预计在下一财政年度完成 | Prepayments for computer equipment reduced to RM1,368,770 at end 2024 and RM230,064 at end 2025.电脑设备预付款在 2024 年底降至 RM1,368,770，在 2025 年底降至 RM230,064。 Source: annual report 2023, page 140; annual report 2024, page 142; annual report 2025, page 150.出处：2023 年年报第 140 页；2024 年年报第 142 页；2025 年年报第 150 页。 | Balance reduced each year余额逐年减少 |
| Payment of a second interim single-tier dividend of 1 sen per share amounting to RM5,582,042 to be made on 29 March 2024每股 1 仙、总额 RM5,582,042 的 2023 年第二期单层中期股息定于 2024 年 3 月 29 日派发 | Paid on 29 March 2024 as stated in the 2024 report.按 2024 年报所述已于 2024 年 3 月 29 日派发。 Source: annual report 2023, page 70; annual report 2024, page 72.出处：2023 年年报第 70 页；2024 年年报第 72 页。 | Paid已派发 |
| Trial of the main civil suit against former personnel and others fixed for 18 August to 29 August 2025针对前员工等人的民事诉讼正案审讯定于 2025 年 8 月 18 日至 8 月 29 日进行 | Trial commenced from 25 to 29 August 2025 and continued in October 2025 and March 2026, with further dates fixed into May 2026.审讯已于 2025 年 8 月 25 日至 29 日开始，并在 2025 年 10 月和 2026 年 3 月继续进行，后续审讯日期排至 2026 年 5 月。 Source: annual report 2023, page 175; annual report 2024, page 177; annual report 2025, page 181.出处：2023 年年报第 175 页；2024 年年报第 177 页；2025 年年报第 181 页。 | Trial commenced; hearing continued已开审；继续审理 |
What the reports leave open年报留下待看的事
- The outcome of the main civil suit, which continued trial hearings into May 2026, with legal fees payable recorded at RM1,694,390 at end 2025.民事诉讼正案的结果，审讯延续至 2026 年 5 月，2025 年底应付律师费为 RM1,694,390。
Source: annual report 2025, pages 153, 181.出处：2025 年年报第 153、181 页。
- Growth in the non-broker segment, which the group aims to bring to the same level of contribution as its Application Solutions, with emphasis on government-linked companies and oil, gas and energy customers.非经纪商业务的增长：集团目标是让这部分的贡献达到与 Application Solutions 相同的水平，重点是官联公司及油气与能源客户。
Source: annual report 2025, pages 14, 20.出处：2025 年年报第 14、20 页。
- Completion of newly acquired software development expected at the end of the next financial year, which will then become subject to amortisation.预计在下一财政年度末完成的新购软件开发，完工后将开始计提摊销。
Source: annual report 2025, page 149.出处：2025 年年报第 149 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。