DailySpaceSouthern Cable Group Berhad
0225 · Main Market主板（Main Market） · annual reports 2023 to 2025, 394 entries read2023 至 2025 年报，共读出 394 条
The company这家公司
Southern Cable manufactures cables and wires, as well as plastic compounds, with its main manufacturing facility in Kuala Ketil, Kedah. It is a registered supplier with Tenaga Nasional Berhad, Sabah Electricity, Sarawak Energy, and PETRONAS, and holds category G7 registration with the Construction Industry Development Board of Malaysia.Southern Cable 制造电缆与电线以及塑料混配料，主要制造基地设于吉打州瓜拉吉底。公司是国家能源、沙巴电力、砂拉越能源及国家石油的注册供应商，并持有马来西亚建筑工业发展局（CIDB）的 G7 级别注册。
Source: annual report 2023, pages 5, 9; annual report 2024, page 11; annual report 2025, page 11.出处：2023 年年报第 5、9 页；2024 年年报第 11 页；2025 年年报第 11 页。
Power cables and wires are the largest revenue contributor, generating RM910.7 million in 2023, RM1.22 billion in 2024, and RM1.62 billion in 2025. In 2025, control and instrumentation cables and wires contributed RM43.2 million, other related products and services RM94.1 million, and communication cables and wires RM2.5 million.电力电缆与电线是最大的营业额来源，2023 年贡献 RM910.7 million，2024 年为 RM1.22 billion，2025 年为 RM1.62 billion。2025 年，控制与仪表电缆电线贡献 RM43.2 million，其他相关产品与服务贡献 RM94.1 million，通讯电缆与电线贡献 RM2.5 million。
Source: annual report 2023, page 126; annual report 2024, page 147; annual report 2025, page 153.出处：2023 年年报第 126 页；2024 年年报第 147 页；2025 年年报第 153 页。
Domestic sales made up RM1.02 billion in 2023, RM1.28 billion in 2024, and RM1.53 billion in 2025. Overseas revenue rose from RM31.7 million in 2023 and RM65.9 million in 2024 to RM233.8 million in 2025, including over RM160 million in sales to a US customer. In 2025, two customers accounted for approximately RM563.5 million of total group revenue, compared to one customer accounting for RM313.3 million in 2024 and RM202.7 million in 2023.国内销售额在 2023 年为 RM1.02 billion，2024 年为 RM1.28 billion，2025 年为 RM1.53 billion。海外营业额由 2023 年的 RM31.7 million 和 2024 年的 RM65.9 million 增至 2025 年的 RM233.8 million，包括对一名美国客户超过 RM160 million 的销售。2025 年，两名客户占集团总营业额约 RM563.5 million，而 2024 年一名客户占 RM313.3 million，2023 年一名客户占 RM202.7 million。
Source: annual report 2023, page 128; annual report 2024, page 149; annual report 2025, pages 13, 155.出处：2023 年年报第 128 页；2024 年年报第 149 页；2025 年年报第 13、155 页。
Sino Shield Sdn. Bhd. is the largest shareholder with 314,524,412 shares (27.82%), followed by the Employees Provident Fund Board with 106,701,300 shares (9.44%). Mdm. Ooi Gaik Bee is deemed interested in 316,624,412 shares (28.00%) via Sino Shield Sdn. Bhd. and the direct shareholdings of her spouse Mr. Tung Eng Hai. Mr. Tung Eng Hai is the brother-in-law of Director Mr. Wong Meng Kee.Sino Shield Sdn. Bhd. 是最大股东，持有 314,524,412 股（27.82%），其次是雇员公积金局，持有 106,701,300 股（9.44%）。Mdm. Ooi Gaik Bee 通过 Sino Shield Sdn. Bhd. 及其配偶 Tung Eng Hai 的直接持股被视为拥有 316,624,412 股（28.00%）权益。Tung Eng Hai 是董事 Wong Meng Kee 的姻亲兄弟。
Source: annual report 2025, pages 70, 163.出处：2025 年年报第 70、163 页。
Semangat Handal Sdn. Bhd. held 128,028,400 shares (15.99%) in 2023 and 72,028,400 shares (7.80%) in 2024. In 2023 the list of top holders included a pledged securities account for Chin Chin Seong with 30,175,300 shares (3.77%). In February 2026, Ms. Fawiza Binti Faiz and Mr. Wong Kar Wai concluded their tenures as Non-Independent Non-Executive Directors.Semangat Handal Sdn. Bhd. 在 2023 年持有 128,028,400 股（15.99%），2024 年持有 72,028,400 股（7.80%）。2023 年的前列股东名单中有 Chin Chin Seong 的质押证券账户，持有 30,175,300 股（3.77%）。2026 年 2 月，Fawiza Binti Faiz 与 Wong Kar Wai 结束了非独立非执行董事的任期。
Source: annual report 2023, pages 134, 135; annual report 2024, page 155; annual report 2025, page 10.出处：2023 年年报第 134、135 页；2024 年年报第 155 页；2025 年年报第 10 页。
Revenue by product segment, 20252025 年各产品部门营业额
Source: annual report 2025, page 153.出处：2025 年年报第 153 页。
Major events大事记
Source: annual report 2023, page 75.出处：2023 年年报第 75 页。
Source: annual report 2023, page 12.出处：2023 年年报第 12 页。
Source: annual report 2023, page 71; annual report 2024, page 95.出处：2023 年年报第 71 页；2024 年年报第 95 页。
Source: annual report 2024, page 9.出处：2024 年年报第 9 页。
Source: annual report 2024, page 13.出处：2024 年年报第 13 页。
Source: annual report 2025, pages 9, 96.出处：2025 年年报第 9、96 页。
Source: annual report 2025, page 9.出处：2025 年年报第 9 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
In 2023, net cash from operating activities was RM123.0 million. Cash used in investing activities included purchase of property, plant and equipment of RM7.8 million. Financing cash outflows included bankers' acceptance net repayment of RM26.8 million (drawdown of RM709.2 million against repayment of RM736.0 million), interest paid of RM9.0 million, and dividends paid of RM2.2 million. Total loans and borrowings stood at RM195.7 million, including bankers' acceptance of RM181.8 million.2023 年，营运活动所得现金净额为 RM123.0 million。投资活动所用现金包括购买物业、厂房及设备 RM7.8 million。融资现金流出包括银行承兑汇票净偿还 RM26.8 million（提取 RM709.2 million，偿还 RM736.0 million）、已付利息 RM9.0 million 及已付股息 RM2.2 million。贷款与借款总额为 RM195.7 million，其中银行承兑汇票为 RM181.8 million。
Source: annual report 2023, pages 85, 86, 103.出处：2023 年年报第 85、86、103 页。
20242024 年
In 2024, net cash from operating activities was RM11.1 million. Net cash used in investing activities rose to RM49.1 million, including purchase of property, plant and equipment of RM48.1 million. In May 2024 the group bought a 7.9-acre industrial land with a building for RM14.0 million. Financing cash inflows were RM24.7 million net: drawdown of bankers' acceptance of RM762.5 million against repayments of RM738.3 million and proceeds from warrants exercised of RM27.5 million, while dividends paid were RM13.1 million and interest paid was RM9.0 million. Loans and borrowings rose to RM215.7 million.2024 年，营运活动所得现金净额为 RM11.1 million。投资活动所用现金净额增至 RM49.1 million，其中包括购买物业、厂房及设备 RM48.1 million。2024 年 5 月，集团以 RM14.0 million 购入一块连同建筑物的 7.9 英亩工业用地。融资现金净流入为 RM24.7 million：提取银行承兑汇票 RM762.5 million，偿还 RM738.3 million，行使凭单所得 RM27.5 million，而已付股息为 RM13.1 million，已付利息为 RM9.0 million。贷款与借款增至 RM215.7 million。
Source: annual report 2024, pages 9, 107, 124.出处：2024 年年报第 9、107、124 页。
20252025 年
In 2025, net cash from operating activities was RM10.1 million. Trade and other receivables increased by RM188.3 million. Cash used in investing activities reached RM192.3 million, including RM61.8 million for purchase of property, plant and equipment and RM130.0 million invested in short-term funds. Financing cash inflows totalled RM224.6 million, including RM203.7 million from a private placement of shares, RM34.5 million from warrants exercised, and drawdown of term loans of RM14.6 million, while dividends paid were RM20.4 million and interest paid was RM11.2 million.2025 年，营运活动所得现金净额为 RM10.1 million。应收账款及其他应收款项增加 RM188.3 million。投资活动所用现金达 RM192.3 million，包括购买物业、厂房及设备 RM61.8 million 以及投资于短期基金 RM130.0 million。融资现金流入合计 RM224.6 million，包括私下配售股份所得 RM203.7 million、行使凭单所得 RM34.5 million 和提取定期贷款 RM14.6 million，而已付股息为 RM20.4 million，已付利息为 RM11.2 million。
Source: annual report 2025, pages 108, 109.出处：2025 年年报第 108、109 页。
Across the three years三年合看
Revenue grew from RM875.9 million in 2022 to RM1.05 billion in 2023, RM1.35 billion in 2024, and RM1.76 billion in 2025, while profit for the financial year grew from RM14.5 million to RM29.4 million, RM72.3 million, and RM131.4 million. Annual production capacity for cables and wires expanded from 33,780 km to 40,780 km in 2023, 46,980 km in 2024, and 54,980 km in 2025. Dividends declared surpassed the company policy of distributing at least 15% of annual net profit attributable to shareholders in all three years.营业额从 2022 年的 RM875.9 million 增长至 2023 年的 RM1.05 billion、2024 年的 RM1.35 billion 以及 2025 年的 RM1.76 billion，财政年度盈利从 RM14.5 million 增至 RM29.4 million、RM72.3 million 和 RM131.4 million。电缆与电线年产能从 33,780 km 扩大至 2023 年的 40,780 km、2024 年的 46,980 km 和 2025 年的 54,980 km。三份年报中宣布的股息均超过了向股东派发至少 15% 年度净利润的公司政策。
Source: annual report 2023, page 9; annual report 2024, pages 9, 10; annual report 2025, pages 10, 13.出处：2023 年年报第 9 页；2024 年年报第 9、10 页；2025 年年报第 10、13 页。
Still to be spent尚未支出的承诺
Capital commitments contracted for stood at RM13.6 million in 2023, RM28.6 million in 2024, and RM57.6 million in 2025. Of the RM203.7 million raised by private placement in 2025, RM132.7 million was unused at the end of 2025, including RM115.8 million of the RM129.0 million set for capital expenditure and RM16.6 million set for repayment of bank borrowings. A separate RM5.1 million settled the balance for an industrial land acquired in July 2025. At the end of 2024, RM0.6 million of the listing proceeds was unused, with the time to use it extended to 15 October 2025.已签约的资本承诺在 2023 年为 RM13.6 million，2024 年为 RM28.6 million，2025 年为 RM57.6 million。2025 年私下配售筹得的 RM203.7 million 中，截至 2025 年底仍有 RM132.7 million 未动用，包括拨作资本支出的 RM129.0 million 中的 RM115.8 million，以及拨作偿还银行借款的 RM16.6 million。另有 RM5.1 million 用于付清 2025 年 7 月所购工业用地的余款。截至 2024 年底，上市所得款项仍有 RM0.6 million 未动用，动用期限已延至 2025 年 10 月 15 日。
Source: annual report 2023, page 123; annual report 2024, pages 95, 143; annual report 2025, pages 9, 13, 96, 149.出处：2023 年年报第 123 页；2024 年年报第 95、143 页；2025 年年报第 9、13、96、149 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 | 875,879,440 | 1,053,081,100 | 1,347,015,851 | 1,759,654,517 |
| Profit before tax税前盈利 | 19,858,682 | 39,048,996 | 92,296,021 | 177,207,171 |
| Profit for the financial year财政年度盈利 | 14,544,378 | 29,436,713 | 72,317,138 | 131,419,177 |
| Net cash from operating activities营运活动所得现金净额 | (41,305,109) | 122,986,097 | 11,126,211 | 10,077,746 |
| Purchase of property, plant and equipment购买物业、厂房及设备 | (12,412,925) | (7,808,334) | (48,063,183) | (61,833,352) |
| Dividends paid已付股息 | (1,680,000) | (2,240,000) | (13,080,719) | (20,436,931) |
| Total assets总资产 | 570,531,992 | 605,582,529 | 721,205,593 | 1,152,784,563 |
| Loans and borrowings贷款与借款 | 217,738,416 | 195,732,840 | 215,707,431 | 235,657,006 |
| Cash and cash equivalents现金及现金等价物 | 21,839,943 | 95,975,877 | 82,671,013 | 123,715,075 |
| Total equity总权益 | 287,831,228 | 315,041,691 | 401,772,857 | 751,024,441 |
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 |
|---|---|---|
| The group expected total annual cable and wire capacity to increase by 15% to 46,980 km by 2025 from 40,780 km, with Lot 38 progressing to machinery installation in the first half of 2024.集团预期到 2025 年电缆与电线总年产能将从 40,780 km 增加 15% 至 46,980 km，Lot 38 厂房在 2024 年上半年进入机械安装阶段。 | In 2024, operations commenced at the facility on Lot 38, increasing cable and wire annual capacity to 46,980 km.2024 年，Lot 38 厂房投入运作，将电缆与电线年产能提高至 46,980 km。 Source: annual report 2023, page 14; annual report 2024, page 9.出处：2023 年年报第 14 页；2024 年年报第 9 页。 | Carried out in 2024, before the 2025 date said于 2024 年完成，早于所说的 2025 年 |
| A new plastic compounding factory on PT 4845 was targeted to be completed in the second half of 2024, increasing capacity by 54% to 12,000 MT from 7,800 MT.位于 PT 4845 的新塑料混配厂房目标在 2024 年下半年竣工，将年产能从 7,800 MT 提高 54% 至 12,000 MT。 | The 2024 report says construction was completed, with machinery installation in the first half of 2025 and production in the second half of 2025. The 2025 report says the facility was on track for commissioning in the second quarter of 2026, and that it commenced operations in that quarter.2024 年报称厂房建设已完工，机械安装定于 2025 年上半年，生产定于 2025 年下半年。2025 年报称该设施有望于 2026 年第二季度投产，并称已于该季度开始运作。 Source: annual report 2023, page 14; annual report 2024, page 15; annual report 2025, pages 9, 16.出处：2023 年年报第 14 页；2024 年年报第 15 页；2025 年年报第 9、16 页。 | Building completed in 2024; operations later than said, in the second quarter of 2026厂房于 2024 年完工；运作晚于所说，在 2026 年第二季度 |
| The group planned to partially commence operations on the 7.9-acre land in 2025 to increase annual capacity by 5,000 km, bringing total capacity to 51,980 km by the second half of 2025.集团计划在 2025 年让 7.9 英亩用地部分投入运作，增加年产能 5,000 km，使 2025 年下半年总年产能达到 51,980 km。 | The 2025 report says RM36.0 million of capital expenditure to upgrade low-voltage and medium-voltage production lines raised capacity by 17% to 54,980 km. It does not say whether operations began on the 7.9-acre land.2025 年报称，用于提升低压和中压生产线的 RM36.0 million 资本支出使产能增加 17% 至 54,980 km。年报未说明 7.9 英亩用地是否已开始运作。 Source: annual report 2024, page 15; annual report 2025, page 13.出处：2024 年年报第 15 页；2025 年年报第 13 页。 | Capacity above the figure said; the land not reported on产能高于所说数字；该用地情况未有报告 |
| After securing UL Standard certification for USE-2 aluminium building wire in December 2024, the group aimed to begin shipments to the US in the first half of 2025.在 2024 年 12 月获得 USE-2 铝制建筑电线的 UL 标准认证后，集团目标在 2025 年上半年开始向美国发货。 | The 2025 report says the USE-2 wire was commercialised in the second half of 2025. Sales to a US customer were over RM160 million, up from RM40 million the year before.2025 年报称 USE-2 电线于 2025 年下半年实现商业化。对一名美国客户的销售额超过 RM160 million，上一年为 RM40 million。 Source: annual report 2024, page 13; annual report 2025, page 13.出处：2024 年年报第 13 页；2025 年年报第 13 页。 | Later than said: second half of 2025晚于所说：2025 年下半年 |
| The group planned to invest more than RM30 million on a 5.4-acre land to construct two new production facilities, with construction scheduled to begin in 2025 and completion targeted for 2026.集团计划在 5.4 英亩土地上投资超过 RM30 million 建设两座新生产厂房，建设定于 2025 年开工，目标于 2026 年完工。 | The 2025 report says construction of a new facility for low-voltage cables and wires is targeted for completion in the second half of 2026, with operations expected in the first half of 2027.2025 年报称，用于低压电缆和电线的新厂房目标于 2026 年下半年完工，预计 2027 年上半年投入运作。 Source: annual report 2024, page 15; annual report 2025, page 16.出处：2024 年年报第 15 页；2025 年年报第 16 页。 | Still in progress仍在进行中 |
What the reports leave open年报留下待看的事
- Orders in hand stood at RM765.6 million as at 31 December 2025, and a TNB contract was expanded by a RM121.1 million variation order in February 2026, raising the total TNB contract value to RM524.6 million.截至 2025 年 12 月 31 日手头订单为 RM765.6 million，2026 年 2 月国家能源合同通过 RM121.1 million 的变更指令扩大，将国家能源总合同额提高至 RM524.6 million。
Source: annual report 2025, page 13.出处：2025 年年报第 13 页。
- Trade receivables rose to RM456.4 million at end 2025 (RM301.2 million in 2024), with RM71.3 million more than 120 days past due (RM21.7 million in 2024) and RM82.1 million past due 91 to 120 days. Five customers accounted for 33% of receivables.2025 年底应收账款升至 RM456.4 million（2024 年为 RM301.2 million），其中逾期超过 120 天为 RM71.3 million（2024 年为 RM21.7 million），逾期 91 至 120 天为 RM82.1 million。5 名客户占应收账款的 33%。
Source: annual report 2025, pages 123, 140, 141.出处：2025 年年报第 123、140、141 页。
- Of the RM203.7 million raised by private placement, RM132.7 million was still unused at the end of 2025, including RM115.8 million set for capital expenditure.私下配售筹得的 RM203.7 million 中，截至 2025 年底仍有 RM132.7 million 未动用，其中 RM115.8 million 拨作资本支出。
Source: annual report 2025, pages 9, 96.出处：2025 年年报第 9、96 页。
- The group targets annual cable and wire capacity of 65,000 km by the end of 2027, up from 54,980 km at end-2025, alongside an increase in aluminium rod capacity from 20,000 MT to over 60,000 MT.集团目标到 2027 年底电缆与电线年产能达到 65,000 km（2025 年底为 54,980 km），同时铝杆年产能从 20,000 MT 增至超过 60,000 MT。
Source: annual report 2025, page 16.出处：2025 年年报第 16 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。