Sunview Group Berhad

Revenue, profit or loss and operating cash; 2025 covers 18 months营业额、盈利或亏损与营运现金；2025 年涵盖 18 个月

Assets, borrowings and equity资产、借款与权益

20232023 年

Operations generated RM2.0 million in cash. Cash purchases of property, plant and equipment were RM4.2 million, and RM30.0 million went into short-term investments. Share issues brought in RM32.6 million in cash. Trade facilities increased by RM49.4 million; term-loan drawings were RM5.3 million and repayments were RM15.9 million. A further RM10.4 million was placed in pledged deposits. No dividend was paid or declared.营运产生 RM2.0 million 现金。购买产业、厂房与设备的现金支出为 RM4.2 million，另有 RM30.0 million 投入短期投资。发行股份带来 RM32.6 million 现金。贸易融资增加 RM49.4 million；提取定期贷款 RM5.3 million，偿还 RM15.9 million。另有 RM10.4 million 存入抵押存款。公司没有支付或宣布股息。

Source: annual report 2023, pages 61, 72.出处：2023 年年报第 61、72 页。

20242024 年

Operations used RM79.5 million in cash. The group spent RM5.2 million in cash on property, plant and equipment and RM13.0 million on associates, and withdrew RM30.0 million from short-term investments. Share issues brought in RM27.2 million in cash. Trade facilities increased by RM28.6 million; term-loan drawings were RM9.8 million and repayments were RM3.7 million. Pledged deposits increased by RM5.4 million. No dividend was paid or declared.营运使用 RM79.5 million 现金。集团以现金购买产业、厂房与设备 RM5.2 million，投资联营公司 RM13.0 million，并从短期投资提取 RM30.0 million。发行股份带来 RM27.2 million 现金。贸易融资增加 RM28.6 million；提取定期贷款 RM9.8 million，偿还 RM3.7 million。抵押存款增加 RM5.4 million。公司没有支付或宣布股息。

Source: annual report 2024, pages 80, 98.出处：2024 年年报第 80、98 页。

2025: 18 months2025 年：18 个月

Operations used RM41.4 million in cash. Cash spending included RM2.9 million on property, plant and equipment and RM8.0 million on intangible assets. Share issues brought in RM28.5 million; trade facilities increased by RM39.1 million and net term-loan drawings were RM1.6 million. Interest paid was RM12.7 million. The group recorded a net loss of RM70.3 million. For the solar plant project involving PKNP Reneuco Suria Sdn Bhd, it recorded RM57.9 million of loss allowances on contract assets and RM17.4 million on trade receivables, deposits and prepayments. No dividend was paid or declared.营运使用 RM41.4 million 现金。现金支出包括购买产业、厂房与设备 RM2.9 million，以及无形资产 RM8.0 million。发行股份带来 RM28.5 million；贸易融资增加 RM39.1 million，定期贷款净提取额为 RM1.6 million。已付利息为 RM12.7 million。集团录得 RM70.3 million 净亏损。涉及 PKNP Reneuco Suria Sdn Bhd 的太阳能电站项目，分别确认合约资产损失拨备 RM57.9 million，以及贸易应收款、押金与预付款损失拨备 RM17.4 million。公司没有支付或宣布股息。

Source: annual report 2025, pages 79, 97, 182.出处：2025 年年报第 79、97、182 页。

Across the years跨年合看

Borrowings rose from RM90.1 million in 2023 to RM133.9 million in 2024 and RM179.3 million in 2025. Cash and bank balances were RM31.4 million, RM16.1 million and RM17.4 million respectively. Financing activities provided net cash in each reporting period. At September 2025, RM37.7 million of bank deposits was pledged for financing facilities. The group also exchanged its Winstar Aluminium interest for shares in Winstar Capital Berhad; the reported interest after listing was 24.15%.借款由 2023 年的 RM90.1 million 增至 2024 年的 RM133.9 million，再增至 2025 年的 RM179.3 million。现金与银行结余分别为 RM31.4 million、RM16.1 million 和 RM17.4 million。各报告期的融资活动都带来现金净流入。截至 2025 年 9 月，RM37.7 million 银行存款已抵押予融资机构。集团也把 Winstar Aluminium 的权益换成 Winstar Capital Berhad 股份；年报列出的上市后持股比例为 24.15%。

Source: annual report 2025, pages 8, 25, 140.出处：2025 年年报第 8、25、140 页。

Still to be spent尚待投入的资金

The IPO and private placement utilisation tables showed no remaining proceeds by 22 July 2024. After the 2025 period end, Fabulous Sunview submitted an RM70.0 million tender for the PKNP Reneuco Suria solar plant assets, and the tender was accepted. SAM 2 signed a conditional purchase agreement on 29 December 2025. The report describes the plant as 70% complete and says the remaining works are intended to proceed subject to the conditions being fulfilled. The purchase price and further completion costs are to form part of the asset cost.截至 2024 年 7 月 22 日，首次公开售股与私下配售的资金用途表均列明没有剩余款项。2025 年报告期结束后，Fabulous Sunview 以 RM70.0 million 投标购买 PKNP Reneuco Suria 的太阳能电站资产，并获接纳。SAM 2 于 2025 年 12 月 29 日签署附带条件的购买协议。年报说明电站已完成 70%，并表示拟在条件满足后推进剩余工程。购买价和后续完工支出将计入资产成本。

Source: annual report 2024, page 77; annual report 2025, pages 21, 182.出处：2024 年年报第 77 页；2025 年年报第 21、182 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。

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 leave open年报留下待看的事

• The solar plant purchase remains subject to the conditional agreement. The report says the group intends to finish the remaining works and retain the plant; electricity offtake arrangements, including a possible agreement with TNB for up to 21 years, are described as intentions.太阳能电站购买仍受附带条件的协议约束。年报表示，集团拟完成剩余工程并持有电站；售电安排，包括可能与 TNB 签订最长 21 年的协议，仍属意向。

  Source: annual report 2025, pages 21, 182, 183.出处：2025 年年报第 21、182、183 页。

• The proposed purchase of shares in JAKS Nibong Tebal was covered by a conditional agreement dated 9 January 2026. Completion remains open in the report.拟收购 JAKS Nibong Tebal 股份的交易，于 2026 年 1 月 9 日签署附带条件的协议。年报尚未确认交易完成。

  Source: annual report 2025, page 183.出处：2025 年年报第 183 页。

• The group plans to increase owned capacity to 200 MWac. It is exploring financing through the debt capital market, including a SUKUK issue; the report does not present this as completed funding.集团计划把自有容量增至 200 MWac，并正在探索债务资本市场融资，包括发行伊斯兰债券；年报未把这项融资列为已完成。

  Source: annual report 2025, pages 26, 27.出处：2025 年年报第 26、27 页。

• Collection of project balances remains open after the solar plant loss allowances. At the reporting date, two major trade receivables represented approximately 30% of total trade receivables. The report also disclosed RM93.2 million of maximum exposure if bank guarantees were called.太阳能电站项目计提损失拨备后，项目款项的收回仍待落实。截至报告日，两项主要贸易应收款约占贸易应收款总额的 30%。年报也披露，若银行担保被要求履行，最高风险金额为 RM93.2 million。

  Source: annual report 2025, pages 160, 164, 182.出处：2025 年年报第 160、164、182 页。