DailySpaceAemulus Holdings Berhad
0181 · ACE Market创业板（ACE Market） · annual reports 2023 to 2025, 522 entries read2023 至 2025 年报，共读出 522 条
The company这家公司
The group markets and sells automated test equipment and test and measurement instruments. Aemulus Base, in the Free Trade Zone at Bayan Lepas, Penang, is the only operating site that directly represents the group's operating revenue.集团营销及销售自动化测试设备及测试与测量仪器。位于槟城峇六拜（Bayan Lepas）自由贸易区的 Aemulus Base，是唯一直接代表集团营运收入的营运地点。
Source: annual report 2023, page 132; annual report 2024, page 38.出处：2023 年年报第 132 页；2024 年年报第 38 页。
Outright sales brought RM77,493,610 and rendering of services brought RM5,584,963 in 2025. By destination, China was RM36,582,785, Malaysia RM24,125,688, Vietnam RM8,192,635, Singapore RM5,625,380, Korea RM4,185,151, and the United States of America RM3,115,097.2025 年，直接销售贡献营业额 RM77,493,610，提供服务贡献 RM5,584,963。按目的地划分，中国占 RM36,582,785，马来西亚占 RM24,125,688，越南占 RM8,192,635，新加坡占 RM5,625,380，韩国占 RM4,185,151，美国占 RM3,115,097。
Source: annual report 2025, pages 150, 157.出处：2025 年年报第 150、157 页。
By market segment in 2025, mobile and tablets achieved RM28.1 million, CMOS image sensors (CIS) contributed RM24.2 million (29.2% of revenue), automotive and industrial reached RM16.2 million, data centre and AI contributed RM7.2 million, and medical electronics contributed RM7 million. The top 3 customers contributed 51% of total revenue in 2025, with Customer C contributing RM20,463,442.按细分市场划分，2025 年手机与平板电脑业务达到 RM28.1 million，CMOS 图像传感器（CIS）贡献 RM24.2 million（占营业额 29.2%），汽车与工业达到 RM16.2 million，数据中心与人工智能贡献 RM7.2 million，医疗电子贡献 RM7 million。前三大客户贡献了 2025 年总营业额的 51%，其中 Customer C 贡献了 RM20,463,442。
Source: annual report 2025, pages 26, 27, 28, 158.出处：2025 年年报第 26、27、28、158 页。
Aemulus was co-founded in 2004 by Ng Sang Beng and Yeoh Chee Keong. At 30 September 2025, Ng Sang Beng held 19,949,599 shares directly (2.966%) and deemed interest of 109,294,874 shares (16.250%) through Aemulus Venture Sdn Bhd, Crystal Clear (L) Foundation and his spouse. Yeoh Chee Keong held 54,808,275 shares directly (8.149%) and 575,000 shares (0.086%) through his spouse. Crystal Clear (L) Foundation held 67,450,000 shares (10.028%), of which 60,000,000 shares (8.920%) stood in an account under HBAP for Crystal Clear (L) Foundation (PB-SGDIV). Aemulus Venture Sdn Bhd held 36,952,749 shares (5.494%).Aemulus 于 2004 年由 Ng Sang Beng 与 Yeoh Chee Keong 共同创立。截至 2025 年 9 月 30 日，Ng Sang Beng 直接持有 19,949,599 股（2.966%），并通过 Aemulus Venture Sdn Bhd、Crystal Clear (L) Foundation 及配偶视同持有 109,294,874 股（16.250%）。Yeoh Chee Keong 直接持有 54,808,275 股（8.149%），并通过配偶持有 575,000 股（0.086%）。Crystal Clear (L) Foundation 持有 67,450,000 股（10.028%），其中 60,000,000 股（8.920%）存放于 HBAP for Crystal Clear (L) Foundation (PB-SGDIV) 账户。Aemulus Venture Sdn Bhd 持有 36,952,749 股（5.494%）。
Source: annual report 2025, pages 17, 175, 176.出处：2025 年年报第 17、175、176 页。
RHB Nominees (Tempatan) Sdn Bhd pledged securities account for Ng Sang Beng held 17,593,200 shares (2.615%) in 2025, after holding 17,593,200 shares (2.618%) in 2024 and 9,000,000 shares (1.343%) in 2023. Mr. Ong Chong Chee and Mr. Friiscor Ho Chii Ssu retired from the board in 2023 without seeking re-election, while Ju Siew Lee was appointed to the board on 20 February 2024.RHB Nominees (Tempatan) Sdn Bhd 为 Ng Sang Beng 开设的抵押证券账户在 2025 年持有 17,593,200 股（2.615%），此前在 2024 年持有 17,593,200 股（2.618%），2023 年持有 9,000,000 股（1.343%）。董事 Mr. Ong Chong Chee 与 Mr. Friiscor Ho Chii Ssu 于 2023 年退任并不寻求连任，Ju Siew Lee 于 2024 年 2 月 20 日获委任加入董事会。
Source: annual report 2023, pages 163, 164; annual report 2024, pages 26, 156; annual report 2025, page 176.出处：2023 年年报第 163、164 页；2024 年年报第 26、156 页；2025 年年报第 176 页。
Revenue by destination, 20252025 年按目的地划分之营业额
Source: annual report 2025, page 157.出处：2025 年年报第 157 页。
Major events大事记
Source: annual report 2023, page 72.出处：2023 年年报第 72 页。
Source: annual report 2023, page 73; annual report 2025, page 86.出处：2023 年年报第 73 页；2025 年年报第 86 页。
Source: annual report 2023, page 132.出处：2023 年年报第 132 页。
Source: annual report 2024, page 118.出处：2024 年年报第 118 页。
Source: annual report 2024, page 153; annual report 2025, page 138.出处：2024 年年报第 153 页；2025 年年报第 138 页。
Source: annual report 2025, page 139.出处：2025 年年报第 139 页。
Source: annual report 2025, page 173.出处：2025 年年报第 173 页。
Revenue, profit and operating cash营业额、盈利与营运现金
Assets, borrowings and equity资产、借款与权益
20232023 年
Revenue fell to RM25,098,185 and the group recorded a loss for the financial year of RM54,655,934, including a goodwill impairment loss of RM13.7 million, provision of expected credit losses of RM11.9 million, and amortisation of RM4.3 million. The group drew RM20,655,022 from withdrawals of fixed deposits, while spending RM3,940,250 on development costs and RM244,365 on property, plant and equipment. Net drawings of revolving credit were RM7,017,028, bankers' acceptance repayments were RM6,910,758, and term loan repayments were RM1,573,574. The group did not comply with a loan covenant to maintain a debt service coverage ratio above 2.5 times; the hire purchase borrowings affected, RM950,509, were reclassified from non-current to current liabilities. No dividend was recommended.营业额降至 RM25,098,185，集团录得年度亏损 RM54,655,934，包括商誉减值损失 RM13.7 million、预期信用损失拨备 RM11.9 million 及摊销 RM4.3 million。集团提取定期存款获得 RM20,655,022，同时在开发成本上支出 RM3,940,250，在物业、厂房及设备上支出 RM244,365。循环信贷净提取 RM7,017,028，银行承兑汇票净偿还 RM6,910,758，定期贷款偿还 RM1,573,574。集团未遵守维持 2.5 倍以上偿债备付率的贷款契约；受影响的租购借款 RM950,509 由非流动负债重分类至流动负债。本年未建议派息。
Source: annual report 2023, pages 36, 37, 87, 103, 139.出处：2023 年年报第 36、37、87、103、139 页。
20242024 年
Revenue rose to RM40,903,660 while the group recorded a loss for the financial year of RM21,809,366. Operating activities used net cash of RM11,335,003. Capital outlays included RM6,000,428 for development costs, RM1,488,432 for property, plant and equipment, RM878,667 to subscribe for 1,333,700 additional shares in associate TMSS, and RM896,410 in other investments. Financing cash inflows included net revolving credit drawings of RM2,678,220 and bankers' acceptance drawings of RM1,319,264, against term loan repayments of RM1,493,521 and finance lease repayments of RM503,440, while bank overdrafts stood at RM7,961,171. A subsidiary breached a bank loan covenant on the debt service coverage ratio, for which the bank granted an indulgence after year end. No dividend was paid.营业额增至 RM40,903,660，集团录得年度亏损 RM21,809,366。营运活动使用现金净额 RM11,335,003。资本支出包括开发成本 RM6,000,428、物业、厂房及设备 RM1,488,432、以 RM878,667 认购联营公司 TMSS 的 1,333,700 股增发股份，以及其他投资 RM896,410。融资现金流入包括循环信贷净提取 RM2,678,220 及银行承兑汇票提取 RM1,319,264，偿还定期贷款 RM1,493,521 及融资租赁 RM503,440，银行透支达 RM7,961,171。一家子公司违背偿债备付率贷款契约，银行在期后同意予以宽免。本年未派息。
Source: annual report 2024, pages 85, 106, 118, 127.出处：2024 年年报第 85、106、118、127 页。
20252025 年
Revenue grew to RM83,078,573 and the group returned to a profit for the financial year of RM4,036,283, while operating activities used net cash of RM20,640,865. The group completed the acquisition of the remaining 60% of TMSS for RMB25,000,000 (approximately RM15,330,822). Net cash outflow on acquisition of a subsidiary was RM8,267,976. ACSB subscribed further TMSS shares for RMB23,000,000 (approximately RM13,583,300). An impairment loss on goodwill of RM6,650,000 was recognised on TMSS. For the Revotronix CIS business acquisition of RMB32,460,000 (approximately RM19,092,900), an advance payment of RM11,087,400 was made. The group also spent RM6,707,938 on development costs and RM1,378,816 on property, plant and equipment. Net drawings were RM36,617,484 of revolving credit and RM3,373,593 of bankers' acceptances, and RM10,000,000 of term loans were drawn down. Total borrowings reached RM92,412,358. A bank loan debt service coverage ratio covenant was again breached and granted an indulgence after year end. No dividend was recommended.营业额增至 RM83,078,573，集团恢复年度盈利 RM4,036,283，而营运活动使用现金净额 RM20,640,865。集团以 RMB25,000,000（约 RM15,330,822）完成收购 TMSS 余下 60% 股权。收购子公司的净现金流出为 RM8,267,976。ACSB 后续再以 RMB23,000,000（约 RM13,583,300）认购 TMSS 增发股份。TMSS 确认商誉减值损失 RM6,650,000。针对 RMB32,460,000（约 RM19,092,900）的 Revotronix CIS 业务收购，集团已预付 RM11,087,400。集团还在开发成本上支出 RM6,707,938，在物业、厂房及设备上支出 RM1,378,816。循环信贷净提取 RM36,617,484，银行承兑汇票净提取 RM3,373,593，另提取定期贷款 RM10,000,000。总借款达 RM92,412,358。银行贷款的偿债备付率契约再次违背并在期后获银行宽免。本年未建议派息。
Source: annual report 2025, pages 104, 122, 123, 136, 138, 139, 147, 173.出处：2025 年年报第 104、122、123、136、138、139、147、173 页。
Across the three years三年合看
Across the three years, operating cash flows remained negative each year, using RM11,335,003 in 2024 and RM20,640,865 in 2025. Development costs were capitalised in every year, amounting to RM3,940,250 in 2023, RM6,000,428 in 2024, and RM6,707,938 in 2025, taking capitalised development costs to RM18.9 million by 30 September 2025. Total borrowings expanded from RM36,682,858 in 2023 to RM44,040,053 in 2024 and RM92,412,358 in 2025, with the gearing ratio rising from 0.19 in 2024 to 0.51 in 2025. In each of the three years, the group or a subsidiary did not meet a bank loan debt service coverage ratio covenant. The group did not recommend or pay any dividend during the three years.三年合看，营运现金流每年均为负数，2024 年使用 RM11,335,003，2025 年使用 RM20,640,865。每年均有开发成本资本化支出，2023 年为 RM3,940,250，2024 年为 RM6,000,428，2025 年为 RM6,707,938，截至 2025 年 9 月 30 日累计资本化开发成本达到 RM18.9 million。总借款从 2023 年的 RM36,682,858 增加到 2024 年的 RM44,040,053 和 2025 年的 RM92,412,358，负债比率从 2024 年的 0.19 升至 2025 年的 0.51。在全部三年中，集团或子公司均未达到银行贷款的偿债备付率契约。三年内集团均未建议或派发任何股息。
Source: annual report 2023, pages 41, 87, 103, 139; annual report 2024, pages 37, 85, 106, 127; annual report 2025, pages 35, 104, 111, 122, 147, 173.出处：2023 年年报第 41、87、103、139 页；2024 年年报第 37、85、106、127 页；2025 年年报第 35、104、111、122、147、173 页。
Still to be spent尚未支出的承诺
From the private placement completed on 13 December 2021 which raised RM63,711,900, RM8.8 million allocated for capacity expansion remained unutilised at 30 September 2025, with its utilisation timeframe extended to within 60 months. Capital commitments contracted but not provided for included RM8,005,500 for plant and equipment, intangible assets and inventories.在 2021 年 12 月 13 日完成并筹资 RM63,711,900 的私下配售中，截至 2025 年 9 月 30 日仍有 RM8.8 million 分配用于产能扩张的资金尚未动用，其动用期限已延长至 60 个月内。已签约但未拨备的资本承诺包括厂房与设备、无形资产及存货共 RM8,005,500。
Source: annual report 2025, pages 86, 87, 160.出处：2025 年年报第 86、87、160 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 | 73,035,084 | 25,098,185 | 40,903,660 | 83,078,573 |
| (Loss)/Profit before tax税前（亏损）/盈利 | 12,463,152 | (54,373,993) | (22,319,452) | 3,950,132 |
| (Loss)/Profit for the financial year年度（亏损）/盈利 | 12,516,243 | (54,655,934) | (21,809,366) | 4,036,283 |
| Net cash used in operating activities营运活动所用现金净额 | – | (15,777,443) | (11,335,003) | (20,640,865) |
| Purchase of property, plant and equipment购买物业、厂房及设备 | (2,876,454) | (244,365) | (1,488,432) | (1,378,816) |
| Additions of development costs资本化开发成本支出 | (6,905,724) | (3,940,250) | (6,000,428) | (6,707,938) |
| Total assets总资产 | 243,136,119 | 180,813,498 | 167,259,192 | 224,860,699 |
| Total liabilities总负债 | 54,130,481 | 45,524,056 | 54,091,431 | 111,461,222 |
| Total borrowings总借款 | 40,639,352 | 36,682,858 | 44,040,053 | 92,412,358 |
| Cash and bank balances现金与银行结余 | 3,641,022 | 5,591,807 | 22,893,563 | 34,043,750 |
| Total equity总权益 | 189,005,638 | 135,289,442 | 113,167,761 | 113,399,477 |
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 |
|---|---|---|
| Use RM9.0 million of private placement proceeds for capacity expansion within 60 months, with the Aemulus Base building extension at tender stage (2023)在 60 个月内将私下配售所得款项中的 RM9.0 million 用于产能扩张，Aemulus Base 大楼扩建工程处于招标阶段（2023） | RM0.167 million was used; the timeframe was extended to 13 December 2026, and RM8.833 million remained unutilised in the 2025 report.已动用 RM0.167 million；期限延长至 2026 年 12 月 13 日，2025 年报中仍有 RM8.833 million 未动用。 Source: annual report 2023, pages 23, 73; annual report 2024, page 71; annual report 2025, page 86.出处：2023 年年报第 23、73 页；2024 年年报第 71 页；2025 年年报第 86 页。 | Timeframe extended; spending not drawn期限延长；资金未动用 |
| Solar panels to be installed in the building expansion to enhance renewable energy usage at Aemulus Base (2023)在大楼扩建中安装太阳能电池板以增加 Aemulus Base 的可再生能源使用（2023） | In 2025 the group stated plans to install solar panels within premises, targeting installation in 2026 via leasing or zero-capex options.2025 年集团表示计划在厂区内安装太阳能电池板，目标在 2026 年通过租赁或零资本支出方案实施。 Source: annual report 2023, page 53; annual report 2025, pages 41, 53.出处：2023 年年报第 53 页；2025 年年报第 41、53 页。 | Still planned, now for 2026仍在计划中，目标 2026 年 |
| ECL provision of RM11.9 million would be reversed in the subsequent financial year upon collection received (2023)RM11.9 million 的预期信用损失拨备将在下一财政年度收到款项后予以转回（2023） | In 2024 a reversal of allowance for expected credit losses on amount due from an associate was RM1,351,521, followed by RM7,148,479 in 2025.2024 年转回应收联营公司款项的预期信用损失拨备 RM1,351,521，2025 年再转回 RM7,148,479。 Source: annual report 2023, page 36; annual report 2024, page 100; annual report 2025, page 116.出处：2023 年年报第 36 页；2024 年年报第 100 页；2025 年年报第 116 页。 | Partially reversed部分转回 |
| Utilise RM7.0 million of private placement proceeds for future viable investments within 48 months (2023)在 48 个月内将私下配售所得款项中的 RM7.0 million 用于未来可行投资（2023） | The entire RM7.0 million was transferred to working capital, per the announcement of 26 August 2024.根据 2024 年 8 月 26 日的公告，全部 RM7.0 million 转入营运资金。 Source: annual report 2023, page 72; annual report 2024, page 70.出处：2023 年年报第 72 页；2024 年年报第 70 页。 | Reallocated to working capital重新分配至营运资金 |
| Acquire the remaining 60% equity interest in TMSS for RMB25,000,000 (2024)以 RMB25,000,000 收购 TMSS 余下 60% 股权（2024） | Completed on 20 December 2024 for cash consideration of RMB25,000,000 (approximately RM15,330,822), making TMSS a wholly-owned subsidiary.于 2024 年 12 月 20 日以现金代价 RMB25,000,000（约 RM15,330,822）完成，TMSS 成为全资子公司。 Source: annual report 2024, pages 21, 153; annual report 2025, page 138.出处：2024 年年报第 21、153 页；2025 年年报第 138 页。 | Carried out已执行 |
What the reports leave open年报留下待看的事
- TMSS and ACSB entered into an agreement on 14 August 2025 to acquire the Revotronix CIS business for RMB32,460,000 (approximately RM19,092,900), of which an advance payment of RM11,087,400 had been made.TMSS 与 ACSB 于 2025 年 8 月 14 日签署协议以 RMB32,460,000（约 RM19,092,900）收购 Revotronix 的 CIS 业务，其中已预付 RM11,087,400。
Source: annual report 2025, page 173.出处：2025 年年报第 173 页。
- Total borrowings reached RM92,412,358 and the gearing ratio rose to 0.51 in 2025, while a subsidiary again breached its debt service coverage ratio covenant, obtaining a post-year-end bank indulgence.2025 年总借款达 RM92,412,358，负债比率升至 0.51，子公司再次违背偿债备付率契约，并于期后获得银行宽免。
Source: annual report 2025, pages 147, 173.出处：2025 年年报第 147、173 页。
- RM8.8 million allocated for capacity expansion remained unutilised under the extended 60-month timeframe, while the group planned to bring forward solar panel installation to 2026.在延长的 60 个月期限内，仍有 RM8.8 million 产能扩张资金尚未动用，同时集团计划将太阳能板安装提前至 2026 年。
Source: annual report 2025, pages 53, 86, 87.出处：2025 年年报第 53、86、87 页。
- The group held RM68,502,610 in inventories (with finished goods of RM47,190,279), and trade receivables past due but not impaired stood at RM20,421,666.集团持有存货 RM68,502,610（其中制成品为 RM47,190,279），已逾期但未减值的贸易应收款项为 RM20,421,666。
Source: annual report 2025, pages 142, 163.出处：2025 年年报第 142、163 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。