DailySpaceCabnet Holdings Berhad
0191 · ACE Market创业板（ACE Market） · annual reports 2024 to 2026, 600 entries read2024 至 2026 年报，共读出 600 条
The company这家公司
Cabnet provides Mechanical and Electrical (M&E) engineering services, Extra-Low Voltage (ELV) systems, and Information and Communication Technology (ICT) services, predominantly operating in Malaysia as a CIDB Grade G7 registered contractor.Cabnet 提供机电工程（M&E）服务、特低压（ELV）系统以及信息与通信技术（ICT）服务，作为马来西亚建筑工业发展局（CIDB）G7 级注册承包商，业务主要在马来西亚运营。
Source: annual report 2025, page 7; annual report 2026, pages 15, 139.出处：2025 年年报第 7 页；2026 年年报第 15、139 页。
Revenue is generated from construction contracts and sales of goods and services. In FYE 2024, one project contributed RM125.95 million or 63.39% of total revenue. In FYE 2026, construction contracts generated RM62,988,868, sales of goods RM14,971,742, and rendering of services RM9,155,404. In 2026, two customers accounted for 29% of gross trade receivables.营业额来自建筑合约以及商品和服务销售。在 2024 财政年度，单一项目贡献了 RM125.95 million，占总营业额的 63.39%。在 2026 财政年度，建筑合约产生 RM62,988,868，商品销售产生 RM14,971,742，提供服务产生 RM9,155,404。2026 年，两家客户占应收账款总额的 29%。
Source: annual report 2024, page 16; annual report 2026, pages 131, 142.出处：2024 年年报第 16 页；2026 年年报第 131、142 页。
Kuopacific Strategic Sdn Bhd is the largest shareholder with 55,412,500 shares (31.00%), followed by Dragonbay Global Pte Ltd with 35,750,000 shares (20.00%) held through Maybank Securities Nominees (Asing) Sdn Bhd. Tay Hong Sing held 17,433,850 shares (9.75%), including 13,000,000 shares (7.27%) in a pledged securities account, while Tan Boon Siang held 17,281,600 shares (9.67%).Kuopacific Strategic Sdn Bhd 为最大股东，持有 55,412,500 股（31.00%）；其次是 Dragonbay Global Pte Ltd，通过 Maybank Securities Nominees (Asing) Sdn Bhd 持有 35,750,000 股（20.00%）。Tay Hong Sing 持有 17,433,850 股（9.75%），其中 13,000,000 股（7.27%）存放于抵押证券账户；Tan Boon Siang 则持有 17,281,600 股（9.67%）。
Source: annual report 2026, pages 158, 159.出处：2026 年年报第 158、159 页。
On 28 April 2025, Independent Non-Executive Chairman Datuk Tan Kok Hong @ Tan Yi and director Tay Hong Sing resigned. Chief Executive Officer Dato' Jeffrey Lai Jiun Jye was appointed interim Chairman while remaining Chief Executive Officer, and Koh Thain Lin was appointed Executive Director. Yong Thiam Yuen stepped down as Deputy Chief Executive Officer and remained an Executive Director.2025 年 4 月 28 日，独立非执行主席 Datuk Tan Kok Hong @ Tan Yi 及董事 Tay Hong Sing 辞职。行政总裁 Dato' Jeffrey Lai Jiun Jye 获委任为临时主席并继续兼任行政总裁，Koh Thain Lin 获委任为执行董事。Yong Thiam Yuen 卸任副行政总裁并留任执行董事。
Source: annual report 2025, pages 7, 8, 9, 23, 58.出处：2025 年年报第 7、8、9、23、58 页。
Revenue by activity, FYE 20262026 财政年度各项业务营业额
Source: annual report 2026, page 131.出处：2026 年年报第 131 页。
Major events大事记
Source: annual report 2024, page 26.出处：2024 年年报第 26 页。
Source: annual report 2024, page 116.出处：2024 年年报第 116 页。
Source: annual report 2025, page 106; annual report 2026, page 126.出处：2025 年年报第 106 页；2026 年年报第 126 页。
Source: annual report 2025, pages 7, 23, 58.出处：2025 年年报第 7、23、58 页。
Source: annual report 2026, page 126.出处：2026 年年报第 126 页。
Source: annual report 2026, pages 15, 115.出处：2026 年年报第 15、115 页。
Revenue, profit and operating cash营业额、盈利与营运现金
Assets, equity and liabilities资产、权益与负债
20242024 年
Operating cash flow generated RM7,708,435. The group paid RM3,168,042 as the final deferred consideration for acquiring CME, and spent RM868,484 on property, plant and equipment, while receiving RM1,542,330 from property, plant and equipment disposals. Bank borrowings saw drawdowns of short-term borrowings of RM61,491,275 and repayments of RM61,522,802, while net advances from shareholders and director were RM800,000. No dividend was recommended or paid.营运现金流产生 RM7,708,435。集团支付了收购 CME 的最后一笔递延代价 RM3,168,042，在物业、厂房及设备上支出 RM868,484，同时从处置物业、厂房及设备中收回 RM1,542,330。银行借款方面，提取短期借款 RM61,491,275，偿还 RM61,522,802，来自股东和董事的预付款净额为 RM800,000。未建议或派发任何股息。
Source: annual report 2024, pages 16, 48, 65.出处：2024 年年报第 16、48、65 页。
20252025 年
Operating cash flow was negative RM1,419,574. Investment properties of RM11,221,960 were added, acquired through settlement agreements under which receivables were settled by the transfer of properties; the group spent RM204,951 on property, plant and equipment, while receiving RM2,700,247 from property, plant and equipment disposals. Net advances from shareholder and director were RM8,000,000, drawdowns of term loans were RM3,800,000, and short-term borrowing drawdowns were RM54,364,752 against repayments of RM55,314,323, with term loan repayments of RM1,503,464. No dividend was recommended.营运现金流为负 RM1,419,574。集团新增投资产业 RM11,221,960，是通过以产业转让抵偿应收款项的结算协议取得；集团在物业、厂房及设备上支出 RM204,951，同时从处置物业、厂房及设备中获得 RM2,700,247。来自股东和董事的预付款净额为 RM8,000,000，提取定期贷款 RM3,800,000，短期借款提取 RM54,364,752，偿还 RM55,314,323，偿还定期贷款 RM1,503,464。未建议派发股息。
Source: annual report 2025, pages 16, 18, 74, 95.出处：2025 年年报第 16、18、74、95 页。
20262026 年
Operating cash flow generated RM10,206,518 following settlement of a terminated project in the Northern region. Gross profit fell from RM14.00 million to RM3.61 million, and impairment losses of RM7.74 million were recognised on financial instruments and contract assets alongside RM0.98 million on investment properties. Earmarked bank balances increased by RM5,610,220, while RM1,350,000 was received from disposing of an asset held for sale. Term loan repayments were RM511,386 and lease repayments were RM666,885. No dividend was paid.在北部地区终止项目达成结算后，营运现金流产生 RM10,206,518。毛利由 RM14.00 million 降至 RM3.61 million，金融工具及合约资产确认减值亏损 RM7.74 million，投资产业确认减值 RM0.98 million。专项银行结余增加 RM5,610,220，同时处置持有待售资产收到 RM1,350,000。偿还定期贷款 RM511,386，偿还租赁负债 RM666,885。未派发股息。
Source: annual report 2026, pages 16, 17, 20, 70, 87.出处：2026 年年报第 16、17、20、70、87 页。
Across the three years三年合看
The group paid no dividends across the three reports. Total debts stood at RM17,073,951 in 2025 and RM15,793,509 in 2026. Advances from a shareholder and director were RM10,350,000 in 2024, rising to RM13,350,000 current and RM4,301,019 non-current in 2025, and RM14,437,500 current and RM4,637,359 non-current in 2026. An impairment charge of RM975,000 was recognised on investment properties in 2026.在三份年报涵盖期间，集团均未派发股息。总债务在 2025 年为 RM17,073,951，2026 年为 RM15,793,509。来自股东和董事的预付款在 2024 年为 RM10,350,000，2025 年升至流动部分 RM13,350,000 及非流动部分 RM4,301,019，2026 年为流动部分 RM14,437,500 及非流动部分 RM4,637,359。2026 年对投资产业确认了 RM975,000 的减值准备。
Source: annual report 2024, pages 48, 101; annual report 2025, pages 57, 109; annual report 2026, pages 70, 86, 112, 127, 148.出处：2024 年年报第 48、101 页；2025 年年报第 57、109 页；2026 年年报第 70、86、112、127、148 页。
Still to be spent尚未支出的承诺
Capital commitments for investment properties stood at RM4,687,672 in 2024, and RM2,626,054 in 2025 and 2026. No proceeds were raised from corporate proposals during FYE 2024, FYE 2025, or FYE 2026.投资产业资本承诺在 2024 年为 RM4,687,672，在 2025 年和 2026 年均为 RM2,626,054。在 2024、2025 及 2026 财政年度均未通过企业提案筹集资金。
Source: annual report 2024, pages 26, 113; annual report 2025, pages 29, 120; annual report 2026, pages 32, 148.出处：2024 年年报第 26、113 页；2025 年年报第 29、120 页；2026 年年报第 32、148 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 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| RM令吉 | RM令吉 | RM令吉 | RM令吉 | |
| Revenue营业额 | 96,654,732 | 198,671,188 | 131,721,558 | 87,116,014 |
| Profit/(Loss) before tax税前盈利／（亏损） | 607,324 | 5,734,305 | 3,372,680 | (15,283,533) |
| Profit/(Loss) for the financial year财政年度盈利／（亏损） | 179,967 | 3,574,126 | 2,307,533 | (16,840,448) |
| Net cash from/(used in) operating activities营运活动所得／（所用）现金净额 | 3,735,844 | 7,708,435 | (1,419,574) | 10,206,518 |
| Net cash used in investing activities投资活动所用现金净额 | (8,546,134) | (5,408,062) | (8,361,475) | (3,832,021) |
| Net cash (used in)/from financing activities融资活动（所用）／所得现金净额 | 7,375,317 | (1,555,843) | 7,733,336 | (629,389) |
| Total assets总资产 | 98,937,687 | 133,630,473 | 125,137,489 | 109,343,843 |
| Total equity总权益 | 44,847,723 | 48,421,275 | 50,728,885 | 33,890,721 |
| Total liabilities总负债 | 54,089,964 | 85,209,198 | 74,408,604 | 75,453,122 |
| Cash and bank balances现金与银行结余 | 14,176,701 | 18,633,914 | 16,567,060 | 19,429,194 |
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 |
|---|---|---|
| Acquisition of land with a 3.5-storey semi-detached factory for RM8,300,000 under a sale and purchase agreement dated 30 May 2024根据 2024 年 5 月 30 日的买卖协议，以 RM8,300,000 收购附有 3.5 层半独立式厂房的土地 | The 2025 report lists the property as held by Cabnet Systems (M) Sdn Bhd and leased out, at a carrying amount of RM8,610,019 (RM8,000,453 in the 2026 report).2025 年报列明该产业由 Cabnet Systems (M) Sdn Bhd 持有并已出租，账面值为 RM8,610,019（2026 年报为 RM8,000,453）。 Source: annual report 2024, page 116; annual report 2025, page 125; annual report 2026, page 156.出处：2024 年年报第 116 页；2025 年年报第 125 页；2026 年年报第 156 页。 | Completed已完成 |
| Committed to perform a formal material sustainability assessment by stages and report the outcome in near future (2024)承诺分阶段进行正式的可持续发展实质性评估并在近期报告成果（2024） | The group completed its first formal materiality assessment following the establishment of the sustainability committee in April 2025.随着 2025 年 4 月成立可持续发展委员会后，集团完成了首次正式实质性评估。 Source: annual report 2024, page 42; annual report 2026, page 53.出处：2024 年年报第 42 页；2026 年年报第 53 页。 | Carried out已执行 |
| Disposal of a three-storey shop unit for RM1,350,000 under an agreement of 27 May 2024 (2025)根据 2024 年 5 月 27 日的协议，以 RM1,350,000 出售一间三层店屋（2025） | The disposal completed on 11 April 2025, with cash proceeds of RM1,350,000 received in FYE 2026.该出售于 2025 年 4 月 11 日完成，2026 财政年度收到现金款项 RM1,350,000。 Source: annual report 2025, page 106; annual report 2026, pages 87, 126.出处：2025 年年报第 106 页；2026 年年报第 87、126 页。 | Completed已完成 |
| Acquisition of three properties valued at approximately RM2.63 million under SPAs expected to complete in FYE 2026根据买卖协议收购总值约 RM2.63 million 的三项产业，预计于 2026 财政年度完成 | Capital commitments for investment properties of RM2,626,054 were still shown at end FYE 2026; the group says the transfers under its property contra-settlement programme have taken longer than initially expected.2026 财政年度末仍列有投资产业资本承诺 RM2,626,054；集团表示其产业抵账结算计划下的过户程序耗时超出原先预期。 Source: annual report 2025, page 18; annual report 2026, pages 19, 148.出处：2025 年年报第 18 页；2026 年年报第 19、148 页。 | Not completed by FYE 20262026 财政年度末仍未完成 |
| Appointment of CEO as Chairman was an interim measure, with a new Chairman to be appointed once identified (2025)行政总裁兼任主席为过渡举措，待物色合适人选后将委任新主席（2025） | The positions of Chairman and CEO remained combined in the 2026 report.在 2026 年年报中，主席与行政总裁职务仍由同一人兼任。 Source: annual report 2025, page 23; annual report 2026, page 23.出处：2025 年年报第 23 页；2026 年年报第 23 页。 | Unchanged未变动 |
| Dividend policy to recommend and distribute a dividend of at least 30% of annual profit after tax (2024)建议并派发至少 30% 年度税后盈利的股息政策（2024） | No dividend was recommended in 2024, 2025, or 2026; the policy was amended in 2025 to up to 30%.2024、2025 与 2026 年均未建议派息；该政策于 2025 年修改为最高 30%。 Source: annual report 2024, page 16; annual report 2025, page 18; annual report 2026, page 20.出处：2024 年年报第 16 页；2025 年年报第 18 页；2026 年年报第 20 页。 | No dividend paid未派发股息 |
What the reports leave open年报留下待看的事
- During FYE 2026, a subsidiary breached two banking covenants: advances to the holding company exceeded the threshold of RM1,566,000, and less than 60% of customer sales proceeds were credited into the designated bank account. The bank granted an indulgence letter for the sales proceeds covenant on 10 April 2026, but no indulgence letter was obtained for the holding company advances covenant.在 2026 财政年度，一家子公司违反了两项银行契约：向控股公司的预付款超过了 RM1,566,000 的契约门槛，且存入指定银行账户的客户销售款项少于 60%。银行于 2026 年 4 月 10 日就销售款项契约发出了宽免函，但截至年报日期尚未取得控股公司预付款契约的宽免函。
Source: annual report 2026, page 130.出处：2026 年年报第 130 页。
- Administrative and legal transfer processes for property contra-settlements have taken longer than expected, with RM1.62 million impaired during FYE 2026 while management formulates a strategy to monetise non-core property holdings.产业抵账结算的行政及法定过户程序耗时超出预期，2026 财政年度内减值了 RM1.62 million，同时管理层正在制定非核心产业资产的变现策略。
Source: annual report 2026, pages 19, 44.出处：2026 年年报第 19、44 页。
- Dato' Jeffrey Lai Jiun Jye continues to hold both Chairman and Chief Executive Officer positions as an interim measure, while independent directors do not constitute at least half of the board.作为过渡安排，Dato' Jeffrey Lai Jiun Jye 继续同时兼任主席与行政总裁职务，且独立董事未占董事会成员至少半数。
Source: annual report 2026, pages 23, 27.出处：2026 年年报第 23、27 页。
- The total outstanding unbilled order book stood at RM132.00 million as of 28 February 2026, comprising construction contract backlogs of approximately RM117.00 million and sales of goods and services orders of approximately RM15.00 million, after scope variations and a contract termination reduced the order book by an estimated RM12.91 million.截至 2026 年 2 月 28 日，未开单订单总额为 RM132.00 million，包括约 RM117.00 million 的建筑合约未完成订单及约 RM15.00 million 的商品与服务在手订单；此前范围变更及一项合约终止使订单估计减少 RM12.91 million。
Source: annual report 2026, pages 16, 18.出处：2026 年年报第 16、18 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。