DailySpaceKim Hin Joo (Malaysia) Berhad
0210 · ACE Market创业板（ACE Market） · annual reports 2023 to 2025, 350 entries read2023 至 2025 年报，共读出 350 条
The company这家公司
Kim Hin Joo (Malaysia) Berhad retails and distributes maternity, baby, toys and children's wear and related products through retail outlets, online platforms, wholesale networks and other channels, operating primarily in Malaysia.Kim Hin Joo (Malaysia) Berhad 通过零售店、线上平台、批发网络等渠道零售及分销孕妇、婴儿、玩具与童装及相关产品，主要在马来西亚运营。
Source: annual report 2025, pages 80, 134.出处：2025 年年报第 80、134 页。
Products are primarily sourced from Mothercare UK, ELC UK and The Entertainer UK under formal development and operational agreements.产品主要根据与英国各品牌商签订的正式开发与运营协议，自 Mothercare UK、ELC UK 以及 The Entertainer UK 采购。
Source: annual report 2025, page 33.出处：2025 年年报第 33 页。
In 2025 the retail segment contributed RM67.60 million (87.65% of revenue) and the distribution segment contributed RM9.53 million (12.35%). The retail network had 21 Mothercare outlets in 2023, 19 in 2024, and 14 in 2025, alongside a planned full exit from ELC SIS and The Entertainer outlets by 2026.2025 年，零售业务贡献 RM67.60 million（占营业额 87.65%），分销业务贡献 RM9.53 million（占 12.35%）。零售网络在 2023 年拥有 21 家 Mothercare 门店，2024 年为 19 家，2025 年降至 14 家，并计划在 2026 年前完全退出 ELC 店中店与 The Entertainer 概念店。
Source: annual report 2023, page 28; annual report 2024, page 6; annual report 2025, pages 6, 33, 34.出处：2023 年年报第 28 页；2024 年年报第 6 页；2025 年年报第 6、33、34 页。
In 2025 the group transferred all assets and liabilities of subsidiaries Queemay Toys (Malaysia) Sdn Bhd and Global Product Solutions Sdn Bhd to the company, leaving all subsidiaries dormant. On 10 October 2025, the company entered into a scheme arrangement with Arvex Berhad for a share exchange of 380,000,000 ordinary shares to assume the listing status of KHJ.2025 年，集团将子公司 Queemay Toys (Malaysia) Sdn Bhd 和 Global Product Solutions Sdn Bhd 的所有资产与负债转让给母公司，此后所有子公司均处于休眠状态。2025 年 10 月 10 日，公司与 Arvex Berhad 签订协议安排，拟以 380,000,000 股普通股换股并由后者承接 KHJ 的上市地位。
Source: annual report 2025, pages 17, 116, 137.出处：2025 年年报第 17、116、137 页。
Kim Hin International Pte Ltd holds 235,600,000 shares (62.00%) as the holding company, while Pang Kim Hin holds 11,280,700 shares (2.97%) directly and 235,600,000 shares (62.00%) indirectly. Pang Shu Ming holds 1,000,000 shares (0.26%), and Chew Soo Lin holds 800,000 shares in a pledged securities account.母公司 Kim Hin International Pte Ltd 持有 235,600,000 股（62.00%），Pang Kim Hin 直接持有 11,280,700 股（2.97%）并间接持有 235,600,000 股（62.00%）。Pang Shu Ming 持有 1,000,000 股（0.26%），Chew Soo Lin 在质押证券账户中持有 800,000 股。
Source: annual report 2025, pages 82, 84, 141, 142.出处：2025 年年报第 82、84、141、142 页。
Pang Kim Hin is the father of Managing Director Pang Fu Wei and of Pang Shu Ming, to whom he relinquished his executive roles in KHJ in 2015. Yen Se-Hua Stewart resigned as a director on 1 July 2024, while Christina Kang joined as Head of Distribution in January 2024 and Aaron Ang joined as Chief of Staff in May 2025.Pang Kim Hin 是董事总经理 Pang Fu Wei 以及 Pang Shu Ming 的父亲，并于 2015 年将 KHJ 的执行职务移交予 Pang Shu Ming。Yen Se-Hua Stewart 于 2024 年 7 月 1 日辞任董事；Christina Kang 于 2024 年 1 月加入担任分销主管，Aaron Ang 于 2025 年 5 月加入担任幕僚长。
Source: annual report 2024, pages 21, 28, 55; annual report 2025, pages 21, 27.出处：2024 年年报第 21、28、55 页；2025 年年报第 21、27 页。
Revenue by segment, 20252025 年各分部营业额占比
Source: annual report 2025, page 33.出处：2025 年年报第 33 页。
Major events大事记
Source: annual report 2023, page 64.出处：2023 年年报第 64 页。
Source: annual report 2023, page 99.出处：2023 年年报第 99 页。
Source: annual report 2024, pages 28, 55.出处：2024 年年报第 28、55 页。
Source: annual report 2025, pages 80, 116.出处：2025 年年报第 80、116 页。
Source: annual report 2025, page 27.出处：2025 年年报第 27 页。
Source: annual report 2025, page 137.出处：2025 年年报第 137 页。
Revenue and operating cash flow营业额与营运现金流
Assets, equity and liabilities资产、权益与负债
20232023 年
Capital expenditure on plant and equipment took RM850,421, while lease liabilities repayments used RM7,398,841 and interest paid was RM755,197. Dividends paid amounted to RM2,280,000. Year-end inventories stood at RM52,355,344, with RM377,209 recognised in write-downs and RM732,797 written off.购置厂房与设备支出 RM850,421，偿还租赁负债用去 RM7,398,841，已付利息为 RM755,197。已付股息达 RM2,280,000。期末存货结余为 RM52,355,344，其中确认存货跌价 RM377,209，报废 RM732,797。
Source: annual report 2023, pages 64, 69, 78, 92.出处：2023 年年报第 64、69、78、92 页。
20242024 年
Stock holdings were reduced from RM52.4 million to RM33.1 million, ending with an inventories balance of RM33,134,036. Capital expenditure on plant and equipment was RM1,381,122, repayment of lease liabilities used RM6,670,507, and dividends paid took RM380,000. Cash and bank balances, including fixed deposits, reached RM33.9 million with zero borrowings, while fixed deposits pledged increased by RM1,159,099.存货结余由 RM52.4 million 降至 RM33.1 million，期末存货结余为 RM33,134,036。购置厂房与设备支出为 RM1,381,122，偿还租赁负债用去 RM6,670,507，已付股息为 RM380,000。包括定期存款在内的现金与银行结余达 RM33.9 million，且无任何借款，抵押定期存款增加了 RM1,159,099。
Source: annual report 2024, pages 31, 40, 77, 82, 91.出处：2024 年年报第 31、40、77、82、91 页。
20252025 年
The group spent RM2,222,468 on acquisition of plant and equipment, placed RM6,000,000 into short-term investments, and paid RM4,724,876 for lease liabilities principal along with RM516,727 in interest. Dividends paid took RM380,000. Inventories finished at RM23,702,951, while cash and bank balances including fixed deposits reached RM36,100,251.集团购置厂房与设备支出 RM2,222,468，投入短期投资 RM6,000,000，偿还租赁负债本金 RM4,724,876 及利息 RM516,727。已付股息用去 RM380,000。期末存货为 RM23,702,951，包括定期存款在内的现金与银行结余达 RM36,100,251。
Source: annual report 2025, pages 80, 85, 94, 122.出处：2025 年年报第 80、85、94、122 页。
Across the three years三年合看
Repayment of lease liabilities took RM7,398,841 in 2023, RM6,670,507 in 2024, and RM4,724,876 in 2025. Dividends of 0.1 sen per share were proposed in 2023, 2024, and 2025, and dividends paid totalled RM2,280,000 in 2023, RM380,000 in 2024, and RM380,000 in 2025. Inventories were reduced from RM52,355,344 at end 2023 to RM33,134,036 at end 2024 and RM23,702,951 at end 2025.偿还租赁负债在 2023 年用去 RM7,398,841，2024 年用去 RM6,670,507，2025 年用去 RM4,724,876。2023、2024 及 2025 年均建议派发每股 0.1 仙股息，已付股息总额在 2023 年为 RM2,280,000，2024 年为 RM380,000，2025 年为 RM380,000。期末存货从 2023 年底的 RM52,355,344 缩减至 2024 年底的 RM33,134,036 以及 2025 年底的 RM23,702,951。
Source: annual report 2023, pages 27, 64, 69, 78; annual report 2024, pages 33, 77, 82, 91; annual report 2025, pages 32, 80, 85, 94.出处：2023 年年报第 27、64、69、78 页；2024 年年报第 33、77、82、91 页；2025 年年报第 32、80、85、94 页。
Still to be spent尚未支出的承诺
Capital commitments contracted but not provided for stood at RM130,678 at end 2024 and RM48,750 at end 2025.在 2024 年底，已签约但未拨备的资本承诺为 RM130,678，2025 年底为 RM48,750。
Source: annual report 2024, page 130; annual report 2025, page 134.出处：2024 年年报第 130 页；2025 年年报第 134 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 | 104,635,464 | 95,795,164 | 92,583,994 | 77,129,394 |
| (Loss)/Profit before tax税前（亏损）/盈利 | 6,800,508 | (730,098) | (2,695,579) | (3,718,238) |
| (Loss)/Profit for the year年度（亏损）/净利 | 4,837,497 | (786,214) | (3,050,913) | (4,438,805) |
| Net cash from operating activities营运活动所得现金净额 | 10,813,134 | 11,272,712 | 20,690,033 | 14,932,499 |
| Acquisition of plant and equipment购置厂房与设备 | (5,482,421) | (850,421) | (1,381,122) | (2,222,468) |
| Dividend paid已付股息 | (3,800,000) | (2,280,000) | (380,000) | (380,000) |
| Total assets总资产 | 119,660,521 | 103,818,474 | 87,976,125 | 91,673,605 |
| Total liabilities总负债 | 40,321,304 | 27,545,471 | 15,134,035 | 23,650,320 |
| Fixed deposits with licensed banks持牌银行定期存款 | 7,410,693 | 6,097,099 | 16,204,176 | 27,704,443 |
| Cash and bank balances现金与银行结余 | 11,666,054 | 13,410,463 | 17,749,974 | 8,395,808 |
| Total equity总权益 | 79,339,217 | 76,273,003 | 72,842,090 | 68,023,285 |
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 |
|---|---|---|
| Re-evaluate retail store portfolio and streamline retail footprint (2023)重新评估现有门店组合并精简零售网络（2023） | Closed non-profitable outlets, reducing Mothercare stores from 21 in 2023 to 19 in 2024 and 14 in 2025.关闭了未盈利门店，Mothercare 门店从 2023 年的 21 家减至 2024 年的 19 家及 2025 年的 14 家。 Source: annual report 2023, pages 27, 28, 29; annual report 2024, pages 6, 32, 36; annual report 2025, page 6.出处：2023 年年报第 27、28、29 页；2024 年年报第 6、32、36 页；2025 年年报第 6 页。 | Carried out已执行 |
| Consolidate subsidiaries GPSSB and QTSB into a single operating entity effective 1 January 2025 and 1 April 2025 (2024)于 2025 年 1 月 1 日及 4 月 1 日起将子公司 GPSSB 和 QTSB 整合为单一营运实体（2024） | Transferred all assets and liabilities of both subsidiaries to the company, leaving the subsidiaries dormant.将两家子公司的所有资产与负债转至母公司，各子公司转为休眠状态。 Source: annual report 2024, pages 37, 114; annual report 2025, pages 17, 31, 116.出处：2024 年年报第 37、114 页；2025 年年报第 17、31、116 页。 | Completed已完成 |
| Expand distribution portfolio by securing new brands (2023)通过获取新品牌拓展分销业务组合（2023） | In 2025, secured rights to brands including Jamie Kay, Snuggle Bunnies, Noodoll and Mini Monkey.2025 年获得了包括 Jamie Kay、Snuggle Bunnies、Noodoll 及 Mini Monkey 在内的品牌经销权。 Source: annual report 2023, page 29; annual report 2024, page 36; annual report 2025, page 34.出处：2023 年年报第 29 页；2024 年年报第 36 页；2025 年年报第 34 页。 | Carried out已执行 |
| First and final dividend of 0.1 sen per share proposed for FYE2023, amounting to approximately RM380,000 (2023)建议就 2023 财政年度派发每股 0.1 仙的首期兼终期股息，总额约 RM380,000（2023） | Approved at the AGM on 30 May 2024 and paid on 19 August 2024, with RM380,000 paid.于 2024 年 5 月 30 日股东大会获批，并于 2024 年 8 月 19 日派发，已付 RM380,000。 Source: annual report 2023, pages 27, 64; annual report 2024, pages 77, 91.出处：2023 年年报第 27、64 页；2024 年年报第 77、91 页。 | Paid已派发 |
| Refurbish high-potential stores to revitalise retail experience (2024)翻新具潜力的门店以重振零售体验（2024） | In 2025, capital expenditure of RM2.22 million went primarily to store refurbishments and infrastructure improvements.2025 年资本支出 RM2.22 million，主要用于门店翻新与基础设施改善。 Source: annual report 2024, page 39; annual report 2025, page 37.出处：2024 年年报第 39 页；2025 年年报第 37 页。 | Carried out已执行 |
What the reports leave open年报留下待看的事
- Completion of the proposed internal reorganisation with Arvex Berhad, which was pending conditions precedent as at 15 April 2026 to exchange 380,000,000 shares.与 Arvex Berhad 拟议内部重组的完成情况，截至 2026 年 4 月 15 日尚待满足先决条件，涉及换股 380,000,000 股。
Source: annual report 2025, page 137.出处：2025 年年报第 137 页。
- The planned complete exit from ELC SIS and The Entertainer retail concepts by 2026.计划于 2026 年前彻底退出 ELC 店中店及 The Entertainer 零售概念店。
Source: annual report 2025, pages 34, 35.出处：2025 年年报第 34、35 页。
- Commencement of the winding-up process for the dormant subsidiary companies in the financial year ending 31 December 2026.拟于截至 2026 年 12 月 31 日止财政年度启动休眠子公司的清盘程序。
Source: annual report 2025, page 117.出处：2025 年年报第 117 页。
- Unabsorbed tax losses of RM3,807,215 (2024: RM2,063,664) for which no deferred tax assets were recognised at 31 December 2025.截至 2025 年 12 月 31 日未确认递延税项资产的未吸收税务亏损 RM3,807,215（2024 年：RM2,063,664）。
Source: annual report 2025, pages 106, 119.出处：2025 年年报第 106、119 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。