DailySpaceMestron Berhad
0207 · Main Market主板（Main Market） · annual reports 2023 to 2025, 393 entries read2023 至 2025 年报，共读出 393 条
The company这家公司
Mestron manufactures steel poles including standard street light poles, decorative poles, specialty poles and telecommunication monopoles, and trades in lighting products and solar products such as solar panels and inverters. Its subsidiaries Mestron Energy Sdn Bhd and Liziz Biogas Sdn Bhd have been involved in renewable energy projects for solar and biogas since 2022.Mestron 制造钢杆，包括标准路灯杆、装饰杆、特种杆及电信单管杆，并从事照明产品及太阳能产品（如太阳能电池板和逆变器）的贸易。其子公司 Mestron Energy Sdn Bhd 与 Liziz Biogas Sdn Bhd 自 2022 年起参与太阳能及沼气可再生能源项目。
Source: annual report 2023, pages 19, 22, 115; annual report 2024, page 19; annual report 2025, page 18.出处：2023 年年报第 19、22、115 页；2024 年年报第 19 页；2025 年年报第 18 页。
In 2025, the trading segment contributed RM76,780,330 to external revenue, manufacturing contributed RM58,996,671, and renewable energy contributed RM4,896,001. By product, solar contributed RM45,858,695, accessories RM40,598,430, standard poles RM19,169,867, specialty poles RM16,422,602, and decorative poles RM10,587,109. By destination, Malaysia accounted for RM132,170,497 of revenue, Singapore RM5,596,024, Australia RM2,862,413, and Sri Lanka RM44,068. No single customer accounted for 10% or more of group revenue in 2024 or 2025.2025 年，贸易分部向外部客户贡献营业额 RM76,780,330，制造分部贡献 RM58,996,671，可再生能源分部贡献 RM4,896,001。按产品划分，太阳能产品贡献 RM45,858,695，配件 RM40,598,430，标准杆 RM19,169,867，特种杆 RM16,422,602，装饰杆 RM10,587,109。按地区划分，马来西亚占 RM132,170,497，新加坡 RM5,596,024，澳大利亚 RM2,862,413，斯里兰卡 RM44,068。2024 年与 2025 年均无单一客户占集团营业额 10% 或以上。
Source: annual report 2025, pages 124, 133, 136.出处：2025 年年报第 124、133、136 页。
In the 2025 report, Loon Chin Seng held 177,753,200 shares (17.885%), Por Teong Eng held 114,434,600 shares directly (11.514%) and 34,000,000 shares (3.421%) through his spouse, and Dato' Teo Chee Hong held 62,450,000 shares (6.284%). Shares held in pledged securities accounts included 43,556,600 shares (4.383%) for Por Teong Eng under Kenanga Nominees, 43,290,000 shares (4.356%) for Teo Chee Hong under Affin Hwang Nominees, and 30,500,000 shares (3.069%) for Por Teong Eng under Public Nominees.在 2025 年报中，Loon Chin Seng 持有 177,753,200 股（17.885%），Por Teong Eng 直接持有 114,434,600 股（11.514%）并通过配偶间接持有 34,000,000 股（3.421%），Dato' Teo Chee Hong 持有 62,450,000 股（6.284%）。抵押证券账户中的股份包括 Kenanga Nominees 名下代表 Por Teong Eng 的 43,556,600 股（4.383%）、Affin Hwang Nominees 名下代表 Teo Chee Hong 的 43,290,000 股（4.356%）以及 Public Nominees 名下代表 Por Teong Eng 的 30,500,000 股（3.069%）。
Source: annual report 2025, pages 150, 151.出处：2025 年年报第 150、151 页。
Mestron transferred to the Main Market of Bursa Malaysia Securities Berhad on 13 December 2023. Dato’ Faiza Binti Zulkifli was appointed Independent Non-Executive Chairperson on 16 June 2023, while Tajul Arifin Bin Mohd Tahir resigned on the same date. Datuk Ir. Mohd Dom Bin Ahmad resigned on 2 May 2024, and Leong Peng Phooi, who resigned on 16 June 2023, was appointed to the Board again on 4 October 2024.Mestron 于 2023 年 12 月 13 日转入马来西亚证券交易所主板。Dato’ Faiza Binti Zulkifli 于 2023 年 6 月 16 日获委任为独立非执行主席，Tajul Arifin Bin Mohd Tahir 于同日辞职。Datuk Ir. Mohd Dom Bin Ahmad 于 2024 年 5 月 2 日辞任，Leong Peng Phooi 曾于 2023 年 6 月 16 日辞职，于 2024 年 10 月 4 日再度获委任为董事。
Source: annual report 2023, pages 3, 19, 46; annual report 2024, pages 11, 52.出处：2023 年年报第 3、19、46 页；2024 年年报第 11、52 页。
Revenue by destination, 20252025 年按地区划分营业额
Source: annual report 2025, page 124.出处：2025 年年报第 124 页。
Major events大事记
Source: annual report 2023, pages 18, 19.出处：2023 年年报第 18、19 页。
Source: annual report 2023, pages 18, 33.出处：2023 年年报第 18、33 页。
Source: annual report 2023, page 19.出处：2023 年年报第 19 页。
Source: annual report 2023, pages 100, 104.出处：2023 年年报第 100、104 页。
Source: annual report 2023, page 100; annual report 2024, pages 103, 107.出处：2023 年年报第 100 页；2024 年年报第 103、107 页。
Source: annual report 2024, page 103.出处：2024 年年报第 103 页。
Source: annual report 2025, page 112.出处：2025 年年报第 112 页。
Source: annual report 2025, page 82.出处：2025 年年报第 82 页。
Revenue, profit and operating cash营业额、利润与营运现金
Assets, borrowings and equity资产、借款与权益
20232023 年
Net cash used in operating activities was RM38,007,135, which the group attributed mainly to repayment to suppliers and an increase in trade receivables. Investing cash outflows included RM8,198,666 for purchase of property, plant and equipment and RM6,122,167 for purchase of right-of-use assets. Financing cash flows generated RM37,098,610, with RM32,950,294 drawn down in borrowings and RM18,256,359 raised from share issues via warrant conversion, while RM8,908,992 of borrowings and RM1,870,291 of lease liabilities were repaid, and RM1,471,201 was paid in dividends. Total borrowings reached RM40,373,256.营运活动所用现金净额为 RM38,007,135，集团说明主要由于向供应商还款以及贸易应收款增加。投资活动现金流出包括购买物业、厂房及设备 RM8,198,666 以及购买使用权资产 RM6,122,167。融资活动产生现金净额 RM37,098,610，其中提取借款 RM32,950,294，通过凭单行使发行股份筹得 RM18,256,359，偿还借款 RM8,908,992 及租赁负债 RM1,870,291，并支付股息 RM1,471,201。借款总额达到 RM40,373,256。
Source: annual report 2023, pages 21, 72, 87, 88, 110.出处：2023 年年报第 21、72、87、88、110 页。
20242024 年
Net cash used in operating activities was RM1,285,867. Net cash from investing activities was RM683,526, where RM14,444,605 was used for purchase of property, plant and equipment, while RM10,899,538 was received from disposal of assets held for sale, RM3,292,257 from disposal of a subsidiary, and RM11,034,859 from disposal of other investments alongside RM11,587,077 paid for other investments. Financing activities generated RM459,639, with borrowing drawdowns of RM65,410,413 and repayments of RM61,497,655, lease repayments of RM2,305,708, and RM971,138 from warrant conversions. Total borrowings stood at RM44,286,014. No dividend was proposed or paid.营运活动所用现金净额为 RM1,285,867。投资活动所得现金净额为 RM683,526，其中购买物业、厂房及设备支出 RM14,444,605，脱售持有待售资产收回 RM10,899,538，脱售子公司收回 RM3,292,257，脱售其他投资收回 RM11,034,859，同时支付 RM11,587,077 收购其他投资。融资活动产生 RM459,639，其中提取借款 RM65,410,413，偿还借款 RM61,497,655，偿还租赁负债 RM2,305,708，凭单转换筹得 RM971,138。借款总额为 RM44,286,014。未建议或派发股息。
Source: annual report 2024, pages 72, 89, 90, 115.出处：2024 年年报第 72、89、90、115 页。
20252025 年
Net cash from operating activities was RM31,188,757. Investing activities used RM20,903,688, including RM20,772,181 for purchase of property, plant and equipment and RM200,000 for acquisition of an associate. Financing cash outflows were RM14,190,570. Borrowings of RM65,165,582 were repaid and RM56,408,634 drawn down. Lease repayments took RM2,587,990, and RM773,809 was used to repurchase shares. Total borrowings were RM35,529,066.营运活动所得现金净额为 RM31,188,757。投资活动使用现金 RM20,903,688，包括购买物业、厂房及设备支出 RM20,772,181 以及收购联营公司支出 RM200,000。融资活动现金流出 RM14,190,570。偿还借款 RM65,165,582，提取借款 RM56,408,634。偿还租赁负债 RM2,587,990，并使用 RM773,809 回购股份。借款总额为 RM35,529,066。
Source: annual report 2025, pages 96, 97.出处：2025 年年报第 96、97 页。
Across the three years三年合看
Over the three years, operating cash flow moved from net outflows of RM38,007,135 in 2023 and RM1,285,867 in 2024 to an inflow of RM31,188,757 in 2025. Purchase of property, plant and equipment was RM8,198,666 in 2023, RM14,444,605 in 2024, and RM20,772,181 in 2025. The 2024 report said its increase in property, plant and equipment was mainly from solar assets and the factory upgrade. The 2025 report says capital work-in-progress consists of buildings and plant and machinery under construction or installation for production facilities. Total borrowings moved from RM40,373,256 in 2023 to RM44,286,014 in 2024 and RM35,529,066 in 2025. Dividends of RM1,471,201 were paid in 2023, with no dividend proposed or paid in 2024 and 2025.三年间，营运现金流由 2023 年净流出 RM38,007,135 与 2024 年净流出 RM1,285,867 转为 2025 年净流入 RM31,188,757。购买物业、厂房及设备在 2023 年为 RM8,198,666，2024 年为 RM14,444,605，2025 年为 RM20,772,181。2024 年年报说物业、厂房及设备的增加主要来自太阳能资产及厂房升级。2025 年年报说在建工程包括正在建造或安装、拟作生产设施的建筑物及厂房机械。借款总额由 2023 年的 RM40,373,256 升至 2024 年的 RM44,286,014，再降至 2025 年的 RM35,529,066。2023 年派付股息 RM1,471,201，2024 年与 2025 年未建议或派发股息。
Source: annual report 2023, pages 87, 88, 110; annual report 2024, pages 21, 72, 89, 115; annual report 2025, pages 79, 96, 106.出处：2023 年年报第 87、88、110 页；2024 年年报第 21、72、89、115 页；2025 年年报第 79、96、106 页。
Still to be spent尚未支出的承诺
There were no capital commitments not provided for in the audited statements as at 31 December 2023, 2024, or 2025. Gross proceeds of RM25.28 million from the public issue and private placement proceeds were reported as fully utilised in the first quarter of 2023.截至 2023 年、2024 年或 2025 年 12 月 31 日，审计报表中均无未作拨备的资本承诺。首次公开募股筹集的 RM25.28 million 毛收益及私募配售收益已于 2023 年第一季度悉数使用。
Source: annual report 2023, pages 21, 66; annual report 2024, page 21; annual report 2025, page 20.出处：2023 年年报第 21、66 页；2024 年年报第 21 页；2025 年年报第 20 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 | 112,160,690 | 148,798,655 | 155,279,306 | 140,673,002 |
| Profit before tax税前利润 | 11,988,216 | 15,754,670 | 9,977,828 | 3,381,333 |
| Profit for the financial year年度利润 | 9,395,523 | 10,897,323 | 6,685,598 | 1,118,052 |
| Net cash (used in)/from operating activities营运活动（所用）/所得现金净额 | 7,285,452 | (38,007,135) | (1,285,867) | 31,188,757 |
| Purchase of property, plant and equipment购买物业、厂房及设备 | (14,437,733) | (8,198,666) | (14,444,605) | (20,772,181) |
| Total assets总资产 | 180,643,844 | 200,484,815 | 216,751,193 | 205,972,231 |
| Total liabilities总负债 | 74,088,984 | 66,391,740 | 75,844,265 | 64,721,060 |
| Total borrowings借款总额 | 16,331,954 | 40,373,256 | 44,286,014 | 35,529,066 |
| Cash and bank balances现金及银行结余 | 33,143,105 | 16,619,101 | 16,476,399 | 12,570,898 |
| Total equity权益总额 | 106,554,860 | 134,093,075 | 140,906,928 | 141,251,171 |
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 |
|---|---|---|
| Biogas plant targeted to achieve 12k tonnes of avoided CO2 emissions under full capacity by 2024 (2023)沼气厂目标于 2024 年满负荷运行下实现 1.2 万吨二氧化碳减排（2023） | The 2024 and 2025 reports shifted the target to 12,000 tonnes or 12k tonnes under full capacity by 2025.2024 与 2025 年报将该目标推迟至 2025 年实现满负荷 12,000 吨或 1.2 万吨减排。 Source: annual report 2023, page 33; annual report 2024, page 33; annual report 2025, page 32.出处：2023 年年报第 33 页；2024 年年报第 33 页；2025 年年报第 32 页。 | Target deferred to 2025目标延至 2025 年 |
| Disposal of land held for property development by Premier Radiant Builders Sdn Bhd for RM4,100,000 expected to be completed by April 2024Premier Radiant Builders Sdn Bhd 以 RM4,100,000 脱售用于房产开发的土地，预计于 2024 年 4 月完成 | The 2024 report confirmed the disposal of the assets was completed by April 2024.2024 年报确认该资产脱售已于 2024 年 4 月完成。 Source: annual report 2023, page 108; annual report 2024, page 111.出处：2023 年年报第 108 页；2024 年年报第 111 页。 | Completed已完成 |
| Anticipated average annual revenue growth of approximately 8.6% per annum for the energy segment (2023)能源部门预计年均营业额增长率约为 8.6%（2023） | The 2024 impairment test used a projection of about 14% a year; the 2025 test used about 4% a year.2024 年减值测试采用约每年 14% 的预测；2025 年测试采用约每年 4%。 Source: annual report 2023, page 105; annual report 2024, page 109; annual report 2025, page 113.出处：2023 年年报第 105 页；2024 年年报第 109 页；2025 年年报第 113 页。 | Later projections 14%, then 4%其后预测为 14%，再为 4% |
| Capitalise on 5G infrastructure rollout to expand sales of specialty and telecommunication poles (2023)借助 5G 基础设施推进，扩大特种杆与电信杆销售（2023） | Telecommunication pole revenue was RM9,356,250 in 2023, RM1,411,200 in 2024 and RM1,588,400 in 2025.电信杆营业额在 2023 年为 RM9,356,250，2024 年为 RM1,411,200，2025 年为 RM1,588,400。 Source: annual report 2023, pages 19, 115; annual report 2024, page 120; annual report 2025, page 124.出处：2023 年年报第 19、115 页；2024 年年报第 120 页；2025 年年报第 124 页。 | Sales lower than in 2023销售额低于 2023 年 |
What the reports leave open年报留下待看的事
- Warrants 2021/2026: 383,134,100 warrants remain unexercised at an exercise price of RM0.285 before expiring on 17 August 2026.2021/2026 年凭单：383,134,100 份凭单尚未行使，行使价为 RM0.285，将于 2026 年 8 月 17 日到期。
Source: annual report 2025, pages 81, 82.出处：2025 年年报第 81、82 页。
- Revenue after the end of the Sunview project: the Sunview Large-Scale Solar Project accounted for about RM60 million in previous years and ended during 2025.Sunview 项目结束后的营业额：Sunview 大型太阳能项目在过往年度占约 RM60 million，并在 2025 年期间结束。
Source: annual report 2025, pages 16, 19.出处：2025 年年报第 16、19 页。
- Inventories and overdue receivables: inventories were RM36,390,028, with finished goods at RM21,152,568 against RM11,563,038 a year earlier, and past due trade receivables not impaired were RM15,580,615.存货与逾期应收款：存货为 RM36,390,028，其中制成品为 RM21,152,568，上一年为 RM11,563,038；未减值的逾期贸易应收款为 RM15,580,615。
Source: annual report 2025, pages 87, 114.出处：2025 年年报第 87、114 页。
- Capital work-in-progress: additions were RM15,832,873 in 2025, for buildings and plant and machinery under construction or installation for production facilities. The list of properties includes industrial land with a multi storey hostel and factory construction in progress.在建工程：2025 年新增 RM15,832,873，为正在建造或安装、拟作生产设施的建筑物及厂房机械。物业清单包括一块工业地，其上多层宿舍及厂房正在建造中。
Source: annual report 2025, pages 105, 106, 149.出处：2025 年年报第 105、106、149 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。