DailySpaceBioalpha Holdings Berhad
0179 · ACE Market创业板（ACE Market） · annual reports 2023 to 2025, 491 entries read2023 至 2025 年报，共读出 491 条
The company这家公司
Bioalpha Holdings Berhad is an investment holding company whose subsidiaries are involved in the manufacturing and sale of health supplement products, with all health supplement products Halal-certified. It operates herbal parks in Pasir Raja, Terengganu and Desaru, Johor, and manufacturing facilities in Bangi and Semenyih, Selangor.Bioalpha Holdings Berhad 是一家投资控股公司，其子公司主要从事保健补充品的制造与销售，所有保健补充品均获得清真认证。集团在登嘉楼 Pasir Raja 和柔佛 Desaru 经营草药园，并在雪兰莪 Bangi 和 Semenyih 设有生产设施。
Source: annual report 2023, page 3; annual report 2024, pages 3, 14; annual report 2025, page 12.出处：2023 年年报第 3 页；2024 年年报第 3、14 页；2025 年年报第 12 页。
In 2024, trading accounted for 61.8% of revenue, retail pharmacy 22.9%, manufacturing 14.6% and others 0.7%. The group exited the retail pharmacy business with the disposal completed in January 2025, and supply of health food products to China ceased following contract expiry in late 2024. For 2025, manufacturing was the sole operating segment, bringing RM11.5 million in revenue, with 95.6% derived locally and the balance from China and other countries. In 2025, 3 major customers contributed RM9,096,140 or more of group revenue.2024 年，贸易占营业额的 61.8%，零售药剂占 22.9%，制造占 14.6%，其他占 0.7%。集团退出了零售药剂业务，该脱售于 2025 年 1 月完成；向中国供应保健食品的业务也在 2024 年底合约到期后终止。2025 年，制造成为唯一的营运部门，贡献 RM11.5 million 营业额，其中 95.6% 来自本地，其余来自中国和其他国家。2025 年，3 名主要客户贡献了集团 RM9,096,140 或以上的营业额。
Source: annual report 2024, page 15; annual report 2025, pages 12, 14, 141.出处：2024 年年报第 15 页；2025 年年报第 12、14、141 页。
As of the 2025 report, shareholders with 5% and above were JOE Holding (M) Investment Limited with 150,000,000 shares (10.6648%), Perbadanan Nasional Berhad with 120,855,104 shares (8.5926%), and Malaysian Technology Development Corporation Sdn Bhd with 114,350,818 shares (8.1302%). Pledged accounts included 34,000,000 shares (2.4174%) in TA Nominees (Tempatan) Sdn Bhd and 12,000,000 shares (0.8532%) in Kenanga Nominees (Tempatan) Sdn Bhd pledged for Hon Tian Kok @ William, and a pledged securities account for Ooi Keng Thye held 70,317,311 shares (4.9995%).根据 2025 年报，持股 5% 及以上的主要股东为 JOE Holding (M) Investment Limited（持有 150,000,000 股，占 10.6648%）、Perbadanan Nasional Berhad（持有 120,855,104 股，占 8.5926%）以及 Malaysian Technology Development Corporation Sdn Bhd（持有 114,350,818 股，占 8.1302%）。质押账户包括 TA Nominees (Tempatan) Sdn Bhd 质押予 Hon Tian Kok @ William 的 34,000,000 股（2.4174%）、Kenanga Nominees (Tempatan) Sdn Bhd 质押予 Hon Tian Kok @ William 的 12,000,000 股（0.8532%），以及 Ooi Keng Thye 的质押证券账户持有的 70,317,311 股（4.9995%）。
Source: annual report 2025, pages 155, 156.出处：2025 年年报第 155、156 页。
Datuk Dr. Hon Tian Kok @ William served as Managing Director/Chief Executive Officer until 26 August 2025, became Executive Director on 27 August 2025, and resigned on 26 November 2025, after which the position of Managing Director/Chief Executive Officer was removed. Mr. Koo Kien Yoon was appointed Executive Director on 4 April 2025, Dr. Tan Keng How on 19 June 2025, and Ms. Ang Wan Joo on 2 September 2025. Datuk Chong Loong Men resigned on 10 May 2024, Goh Siow Cheng on 31 July 2024, and Ho Tze Hiung on 2 September 2025.Datuk Dr. Hon Tian Kok @ William 担任董事总经理兼首席执行员直至 2025 年 8 月 26 日，于 2025 年 8 月 27 日转任执行董事，并于 2025 年 11 月 26 日辞职，此后公司不再设立董事总经理兼首席执行员职位。Mr. Koo Kien Yoon 于 2025 年 4 月 4 日获任执行董事，Dr. Tan Keng How 于 2025 年 6 月 19 日获任，Ms. Ang Wan Joo 于 2025 年 9 月 2 日获任。Datuk Chong Loong Men 于 2024 年 5 月 10 日辞职，Goh Siow Cheng 于 2024 年 7 月 31 日辞职，Ho Tze Hiung 于 2025 年 9 月 2 日辞职。
Source: annual report 2024, page 47; annual report 2025, pages 7, 8, 18, 25.出处：2024 年年报第 47 页；2025 年年报第 7、8、18、25 页。
Revenue by segment, 20242024 年各部门营业额占比
Source: annual report 2024, page 15.出处：2024 年年报第 15 页。
Major events大事记
Source: annual report 2023, page 32.出处：2023 年年报第 32 页。
Source: annual report 2023, pages 20, 27.出处：2023 年年报第 20、27 页。
Source: annual report 2023, page 55; annual report 2024, page 43.出处：2023 年年报第 55 页；2024 年年报第 43 页。
Source: annual report 2023, page 157; annual report 2024, page 155.出处：2023 年年报第 157 页；2024 年年报第 155 页。
Source: annual report 2024, page 15; annual report 2025, pages 12, 117.出处：2024 年年报第 15 页；2025 年年报第 12、117 页。
Source: annual report 2025, page 13.出处：2025 年年报第 13 页。
Source: annual report 2025, page 18.出处：2025 年年报第 18 页。
Source: annual report 2025, pages 28, 38.出处：2025 年年报第 28、38 页。
Revenue and loss after taxation营业额与税后亏损
Total assets, equity and borrowings总资产、总权益与借款
20232023 年
In 2023, net loss was RM42.0 million, in part affected by impairment of financial assets of RM6.3 million; fair value loss on quoted shares investments was RM13,553,153. Investing cash outflows included RM41,927,987 for acquisition of other investments, RM3,300,000 for addition investment in associated companies, and RM2,966,939 for purchase of property, plant and equipment, while short-term placements decreased by RM16,485,950. Borrowings were reduced to RM6.1 million; term loan repayments were RM2,041,491 and lease liability repayments RM1,727,707.2023 年，净亏损为 RM42.0 million，部分受金融资产减值 RM6.3 million 影响；上市股票投资公允价值亏损为 RM13,553,153。投资活动现金流出包括购买其他投资 RM41,927,987、增加联营公司投资 RM3,300,000 以及购买物业、厂房及设备 RM2,966,939，而短期配售减少了 RM16,485,950。借款减至 RM6.1 million；偿还定期贷款 RM2,041,491，偿还租赁负债 RM1,727,707。
Source: annual report 2023, pages 21, 76, 77, 138.出处：2023 年年报第 21、76、77、138 页。
20242024 年
In 2024, Bioalpha raised gross proceeds of RM18,413,494 through a rights issue of 526,099,537 warrants. Asset impairments totaled RM40.1 million, including RM10,644,879 on property, plant and equipment, RM8,145,767 on intangible assets, RM4,449,356 on goodwill, and RM3,237,353 on investment in associates, beside a fair value loss of RM8,338,653 on quoted shares investments. Short-term placements increased by RM12,828,018, while proceeds from disposal of property, plant and equipment brought RM6,083,600. Total borrowings fell to RM1.0 million after term loans repayment of RM2,985,181 and lease liabilities repayment of RM1,220,101; no dividend was proposed.2024 年，Bioalpha 通过发行 526,099,537 张权证的附加股筹集了 RM18,413,494 总收益。资产减值总额达 RM40.1 million，包括物业、厂房及设备 RM10,644,879、无形资产 RM8,145,767、商誉 RM4,449,356 以及联营公司投资 RM3,237,353，此外还有上市股票投资公允价值亏损 RM8,338,653。短期配售增加了 RM12,828,018，而出售物业、厂房及设备所得款项为 RM6,083,600。偿还定期贷款 RM2,985,181 和租赁负债 RM1,220,101 后，总借款降至 RM1.0 million；董事会未建议派发股息。
Source: annual report 2024, pages 16, 17, 43, 53, 64, 65, 109, 111, 112, 132.出处：2024 年年报第 16、17、43、53、64、65、109、111、112、132 页。
20252025 年
In 2025, net cash used in operating activities was RM5.8 million. The company completed a share capital reduction in July 2025 cancelling RM110.0 million of share capital, reducing issued share capital from RM186.2 million to RM76.2 million. Impairments of RM3,557,862 on property, plant and equipment and RM7,506,424 on intangible assets were recognised, alongside a fair value loss of RM12,237,664 on quoted shares investments. Total borrowings stood at approximately RM0.8 million, and no dividend was distributed.2025 年，营运活动所用现金净额为 RM5.8 million。公司于 2025 年 7 月完成股本削减，注销 RM110.0 million 股本，将已发行股本从 RM186.2 million 降至 RM76.2 million。确认了物业、厂房及设备减值 RM3,557,862 以及无形资产减值 RM7,506,424，另外上市股票投资公允价值亏损 RM12,237,664。总借款约为 RM0.8 million，未派发股息。
Source: annual report 2025, pages 13, 14, 15, 49, 50, 129.出处：2025 年年报第 13、14、15、49、50、129 页。
Across the three years三年合看
Across the three reports, the group recorded net losses of RM43,653,769 in 2023, RM50,494,337 in 2024 and RM29,951,065 in 2025. Loan and borrowings were reduced from RM6,098,477 in 2023 to RM982,675 in 2024 and RM798,396 in 2025. No dividend was proposed for 2024 or 2025.在三份年报中，集团分别于 2023 年录得净亏损 RM43,653,769、2024 年 RM50,494,337 以及 2025 年 RM29,951,065。贷款与借款从 2023 年的 RM6,098,477 削减至 2024 年的 RM982,675 和 2025 年的 RM798,396。2024 年及 2025 年均未建议派发股息。
Source: annual report 2023, page 21; annual report 2024, pages 16, 17; annual report 2025, pages 14, 15.出处：2023 年年报第 21 页；2024 年年报第 16、17 页；2025 年年报第 14、15 页。
Still to be spent尚未支出的承诺
From the RM18,413,494 raised via warrants, RM2.08 million allocated for launching new products remained unspent at end 2024.在通过权证筹集的 RM18,413,494 中，分配用于推出新产品的 RM2.08 million 截至 2024 年底尚未动用。
Source: annual report 2024, page 43.出处：2024 年年报第 43 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 | 35,796,829 | 46,086,810 | 81,237,569 | 11,482,926 |
| Loss before taxation税前亏损 | (48,829,663) | (45,278,759) | (52,016,401) | (34,003,501) |
| Loss after taxation税后亏损 | (48,793,678) | (43,653,769) | (50,494,337) | (29,951,065) |
| Net cash from/(used in) operating activities营运活动所得/（所用）现金净额 | – | 1,220,078 | 92,344 | (5,837,420) |
| Purchase of property, plant and equipment购买物业、厂房及设备 | (3,128,431) | (2,966,939) | (1,229,197) | (432,564) |
| Total assets总资产 | 200,649,604 | 163,225,573 | 118,990,888 | 79,146,679 |
| Total equity总权益 | 167,987,077 | 129,632,093 | 97,715,586 | 68,391,469 |
| Loan and borrowings贷款与借款 | 6,951,968 | 6,098,477 | 982,675 | 798,396 |
| Cash and cash equivalents现金与现金等价物 | 16,972,445 | 10,423,573 | 7,159,572 | 3,554,022 |
| Other investments其他投资 | 9,026,826 | 21,477,010 | 25,966,375 | 13,729,162 |
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 |
|---|---|---|
| To develop, manage and operate an 8-acre agro park in Langkawi under a 30-year agreement with LADA, with anticipated opening in three years and revenue contribution from 2026根据与 LADA 签署的 30 年协议，在兰卡威开发、管理及营运占地 8 英亩的农业园，预计 3 年内开园并从 2026 年起贡献营业额 | In 2024 progress was delayed pending regulatory approvals; in 2025 LADA allocated a new location and the board is deliberating on the matter.2024 年因等待监管批准导致进度延误；2025 年 LADA 分配了新地点，董事会正在研议。 Source: annual report 2023, pages 20, 27; annual report 2024, page 15; annual report 2025, page 13.出处：2023 年年报第 20、27 页；2024 年年报第 15 页；2025 年年报第 13 页。 | Delayed and location changed延误且更换地点 |
| To continue expanding Constant Pharmacy's physical footprint across Malaysia继续在马来西亚扩大康宁药剂（Constant Pharmacy）的实体门市网络 | Divested the retail pharmacy business under Constant in 2024, completing the disposal in January 2025 with no revenue contribution in 2025.2024 年决定脱售 Constant 旗下的零售药剂业务，并于 2025 年 1 月完成脱售，2025 年不再贡献营业额。 Source: annual report 2023, page 23; annual report 2024, page 15; annual report 2025, page 12.出处：2023 年年报第 23 页；2024 年年报第 15 页；2025 年年报第 12 页。 | Exited business已退出该业务 |
| Anticipated gradual growth for the health food supply venture in China in 2024预计 2024 年中国保健食品供应业务将稳步成长 | Trading revenue reached RM50.2 million in 2024, but the contract expired in late 2024 and ceased, recording no revenue in 2025.2024 年贸易业务营业额达 RM50.2 million，但该合约于 2024 年底到期并终止，2025 年没有录得任何营业额。 Source: annual report 2023, page 23; annual report 2024, page 15; annual report 2025, pages 12, 13.出处：2023 年年报第 23 页；2024 年年报第 15 页；2025 年年报第 12、13 页。 | Ceased after contract expiry合约到期后终止 |
| RM6.0 million of warrant proceeds allocated for repayment of bank borrowings within 12 months权证所筹资金中的 RM6.0 million 分配用于在 12 个月内偿还银行借款 | The 2024 report shows all RM6.0 million was fully utilised for repayment of bank borrowing.2024 年报显示 RM6.0 million 全部用于偿还银行借款。 Source: annual report 2023, page 55; annual report 2024, page 43.出处：2023 年年报第 55 页；2024 年年报第 43 页。 | Carried out已执行 |
| Anticipated FY2024 to be a year of recovery barring unforeseen circumstances在没有不可预见情况下，预计 2024 财政年将是复苏之年 | Net loss expanded to RM50,494,337 in FY2024, alongside asset impairments of RM40.1 million.2024 财政年净亏损扩大至 RM50,494,337，并计提了 RM40.1 million 的资产减值。 Source: annual report 2023, page 21; annual report 2024, page 16.出处：2023 年年报第 21 页；2024 年年报第 16 页。 | Net loss widened净亏损扩大 |
What the reports leave open年报留下待看的事
- Bioalpha is focusing on manufacturing as its sole operating segment after exiting retail pharmacy and China health food supply, working to expand domestic ODM customers and improve gross margins.在退出零售药剂及中国保健食品供应后，Bioalpha 将制造列为唯一营运部门，正努力拓展本地 ODM 客户并改善毛利率。
Source: annual report 2025, pages 12, 16.出处：2025 年年报第 12、16 页。
- The board is deliberating on a new location allocated by LADA for the 8-acre Langkawi Agro Park development.董事会正在研议由 LADA 为占地 8 英亩的兰卡威农业园项目分配的新地点。
Source: annual report 2025, page 13.出处：2025 年年报第 13 页。
- Lease registration documents in relation to the Desaru Land remain in process with the land office across all three annual reports.三份年报均显示，有关迪沙鲁土地（Desaru Land）的租赁登记文件仍在土地局处理中。
Source: annual report 2023, page 159; annual report 2024, page 157; annual report 2025, page 154.出处：2023 年年报第 159 页；2024 年年报第 157 页；2025 年年报第 154 页。
- Net cash used in operating activities was RM5.8 million in 2025 compared to an inflow of RM92,344 in 2024.2025 年营运活动所用现金净额为 RM5.8 million，而 2024 年为现金流入 RM92,344。
Source: annual report 2025, page 14.出处：2025 年年报第 14 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-10-24.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 2026-10-24。