DailySpaceDS Sigma Holdings Berhad
0269 · Main Market主板（Main Market） · annual reports 2023 to 2025, 810 entries read2023 至 2025 年报，共读出 810 条
The company这家公司
DS Sigma manufactures corrugated paper packaging products and supplies protective packaging products. It also supplies and trades in packaging materials and paper products. The reports describe one reportable segment, with the business operated entirely within Malaysia.DS Sigma 制造瓦楞纸包装产品，并供应防护包装产品，也供应及买卖包装材料和纸制品。年报将业务列为一个报告分部，业务全部在马来西亚经营。
Source: annual report 2023, page 120; annual report 2024, page 103; annual report 2025, page 83.出处：2023 年年报第 120 页；2024 年年报第 103 页；2025 年年报第 83 页。
Protective packaging supplied 20.52% of revenue in 2025, or RM18.34 million. Customer A contributed RM17.1 million and Customer B RM18.0 million; together they accounted for 39% of revenue. The report describes business in solar, battery, automotive and furniture packaging alongside electrical and electronics packaging.2025 年，防护包装供应占营业额 20.52%，即 RM18.34 百万。Customer A 贡献 RM17.1 百万，Customer B 贡献 RM18.0 百万；两者合占营业额 39%。年报描述的业务包括太阳能、电池、汽车及家具包装，以及电气与电子包装。
Source: annual report 2025, pages 15, 18, 108.出处：2025 年年报第 15、18、108 页。
The 2024 shareholding analysis listed DS Kaizen Sdn. Bhd. with 292,800,000 shares, or 61.00%. The 2025 analysis lists ONI (L) Foundation with 158,112,000 shares, or 32.94%. The largest-holder list also has two rows under Lucille Teoh Soo Lien: 134,688,000 shares, or 28.06%, and 24,860,000 shares, or 5.18%. Executive Directors Beh Seng Lee and Beh Le Hao are father and son.2024 年股权分析列出 DS Kaizen Sdn. Bhd. 持有 292,800,000 股，占 61.00%。2025 年股权分析列出 ONI (L) Foundation 持有 158,112,000 股，占 32.94%。大股东名单也在 Lucille Teoh Soo Lien 名下列出两行：134,688,000 股，占 28.06%；以及 24,860,000 股，占 5.18%。执行董事 Beh Seng Lee 与 Beh Le Hao 是父子。
Source: annual report 2024, pages 17, 115; annual report 2025, pages 12, 120, 121.出处：2024 年年报第 17、115 页；2025 年年报第 12、120、121 页。
The 2025 list includes pledged securities accounts under CGS International Nominees Malaysia (Tempatan) Sdn. Bhd. for Lucille Teoh Soo Lien, 3,500,000 shares (0.73%); Lindy Loh Swee Lee, 1,262,500 (0.26%); Chin Peng Kong, 5,993,000 (1.25%); and Loi Guak Lian, 7,085,600 (1.48%). AllianceGroup Nominees (Tempatan) Sdn. Bhd. has a pledged securities account for Beh Seng Lee with 4,000,000 shares (0.83%).2025 年名单列出 CGS International Nominees Malaysia (Tempatan) Sdn. Bhd. 名下的抵押证券账户：Lucille Teoh Soo Lien，3,500,000 股（0.73%）；Lindy Loh Swee Lee，1,262,500 股（0.26%）；Chin Peng Kong，5,993,000 股（1.25%）；以及 Loi Guak Lian，7,085,600 股（1.48%）。AllianceGroup Nominees (Tempatan) Sdn. Bhd. 名下为 Beh Seng Lee 开设的抵押证券账户持有 4,000,000 股（0.83%）。
Source: annual report 2025, page 121.出处：2025 年年报第 121 页。
Other pledged securities accounts in the 2025 list are under Public Nominees (Tempatan) Sdn. Bhd. for Wong Chong Wui, 2,500,000 shares (0.52%); Wong Sheng Yip, 2,151,200 (0.45%); and Yap Booi Lek, 3,400,000 (0.71%). Maybank Nominees (Tempatan) Sdn. Bhd. holds 1,000,000 shares (0.21%) in a pledged securities account for Beh Le-Hao; RHB Nominees (Tempatan) Sdn. Bhd. holds 2,807,900 (0.58%) for Liew Sen Hoi; and HLB Nominees (Tempatan) Sdn. Bhd. holds 2,000,000 (0.42%) for Koon Poh Tat.2025 年名单中的其他抵押证券账户包括 Public Nominees (Tempatan) Sdn. Bhd. 名下为 Wong Chong Wui 开设的账户，持有 2,500,000 股（0.52%）；为 Wong Sheng Yip 开设的账户，持有 2,151,200 股（0.45%）；以及为 Yap Booi Lek 开设的账户，持有 3,400,000 股（0.71%）。Maybank Nominees (Tempatan) Sdn. Bhd. 名下为 Beh Le-Hao 开设的抵押证券账户持有 1,000,000 股（0.21%）；RHB Nominees (Tempatan) Sdn. Bhd. 名下为 Liew Sen Hoi 开设的账户持有 2,807,900 股（0.58%）；HLB Nominees (Tempatan) Sdn. Bhd. 名下为 Koon Poh Tat 开设的账户持有 2,000,000 股（0.42%）。
Source: annual report 2025, page 121.出处：2025 年年报第 121 页。
Hanani Hayati Binti Mohd Adhan joined the Board as an Independent Non-Executive Director on 1 March 2024. Goh Hooi Chin replaced Lai Jian Hong as Chief Financial Officer on 18 March 2024. Loo Hee Guan resigned on 4 February 2025. Grant Thornton Malaysia PLT is not seeking reappointment as auditor; the Board nominated TGS TW PLT as its replacement.Hanani Hayati Binti Mohd Adhan 于 2024 年 3 月 1 日加入董事会，出任独立非执行董事。Goh Hooi Chin 于 2024 年 3 月 18 日接替 Lai Jian Hong 出任首席财务官。Loo Hee Guan 于 2025 年 2 月 4 日辞任。Grant Thornton Malaysia PLT 不寻求续任审计师；董事会提名 TGS TW PLT 接任。
Source: annual report 2024, pages 46, 47; annual report 2025, pages 3, 126.出处：2024 年年报第 46、47 页；2025 年年报第 3、126 页。
Major events大事记
Source: annual report 2023, page 111.出处：2023 年年报第 111 页。
Source: annual report 2023, page 129.出处：2023 年年报第 129 页。
Source: annual report 2023, page 77.出处：2023 年年报第 77 页。
Source: annual report 2024, page 114.出处：2024 年年报第 114 页。
Source: annual report 2024, pages 46, 47.出处：2024 年年报第 46、47 页。
Source: annual report 2024, page 111.出处：2024 年年报第 111 页。
Source: annual report 2025, page 3.出处：2025 年年报第 3 页。
Source: annual report 2025, page 15.出处：2025 年年报第 15 页。
Source: annual report 2025, page 118.出处：2025 年年报第 118 页。
Source: annual report 2025, page 78.出处：2025 年年报第 78 页。
Revenue, profit and operating cash营业额、盈利与营运现金
Cash, deposits and short term investments现金、定期存款与短期投资
Borrowings and lease liabilities借款与租赁负债
20232023 年
Operations brought in RM12.5 million. The IPO raised RM50.1 million through new shares, and share issuance expenses were RM1.8 million. Cash purchases of property, plant and equipment were RM6.1 million. The group repaid RM4.0 million of borrowings and RM1.4 million of lease liabilities. Cash and bank balances ended the year at RM66.3 million.营运带来 RM12.5 百万。首次公开募股通过发行新股筹得 RM50.1 百万，股份发行费用为 RM1.8 百万。以现金购置产业、厂房与设备的支出为 RM6.1 百万。集团偿还借款 RM4.0 百万及租赁负债 RM1.4 百万。年末现金与银行结余为 RM66.3 百万。
Source: annual report 2023, pages 85, 90, 91.出处：2023 年年报第 85、90、91 页。
20242024 年
Operations brought in RM12.0 million. Cash purchases of property, plant and equipment were RM9.0 million. The group repaid RM3.1 million of borrowings and RM1.1 million of lease liabilities, and paid RM3.6 million in dividends. No new shares or debentures were issued during the year. Cash and bank balances ended the year at RM56.2 million.营运带来 RM12.0 百万。以现金购置产业、厂房与设备的支出为 RM9.0 百万。集团偿还借款 RM3.1 百万及租赁负债 RM1.1 百万，并支付股息 RM3.6 百万。年内没有发行新股或债券。年末现金与银行结余为 RM56.2 百万。
Source: annual report 2024, pages 71, 83, 84.出处：2024 年年报第 71、83、84 页。
20252025 年
Operations brought in RM14.4 million. Cash purchases of property, plant and equipment were RM9.7 million, and RM25.1 million was placed in fixed deposits. The group received RM341,000 from disposals of property, plant and equipment. It repaid RM1.7 million of borrowings and RM1.2 million of lease liabilities, and paid RM4.8 million in dividends. No new shares or debentures were issued during the year.营运带来 RM14.4 百万。以现金购置产业、厂房与设备的支出为 RM9.7 百万，另有 RM25.1 百万存入定期存款。集团出售产业、厂房与设备收到 RM341,000。集团偿还借款 RM1.7 百万及租赁负债 RM1.2 百万，并支付股息 RM4.8 百万。年内没有发行新股或债券。
Source: annual report 2025, pages 78, 89, 90.出处：2025 年年报第 78、89、90 页。
Across the years历年合看
Borrowings fell from RM8.9 million in 2022 to RM4.8 million in 2023, RM1.7 million in 2024 and nil in 2025. Lease liabilities fell to RM888,786 in 2025. Cash and bank balances fell from RM66.3 million in 2023 to RM17.4 million in 2025. Over the same period, fixed deposits rose from RM5.0 million to RM30.1 million and short term investments rose from RM9.1 million to RM25.6 million.借款由 2022 年的 RM8.9 百万降至 2023 年的 RM4.8 百万、2024 年的 RM1.7 百万，并于 2025 年降至零。2025 年仍有租赁负债 RM888,786。现金与银行结余由 2023 年的 RM66.3 百万降至 2025 年的 RM17.4 百万。同期，定期存款由 RM5.0 百万增至 RM30.1 百万，短期投资由 RM9.1 百万增至 RM25.6 百万。
Source: annual report 2023, pages 85, 92, 114; annual report 2024, page 97; annual report 2025, pages 101, 109.出处：2023 年年报第 85、92、114 页；2024 年年报第 97 页；2025 年年报第 101、109 页。
Still to be spent尚待支出
The 2025 proceeds table leaves RM19.2 million unused: RM12.0 million for machinery and equipment, RM1.2 million for operational facilities and RM6.0 million for construction of the Serendah Factory. The revised timeframes are within 54 months for machinery and operational facilities, and within 60 months for the factory. Separately, authorised and contracted capital commitments for property, plant and equipment were nil, compared with RM9.1 million in 2024.2025 年募资用途表列出尚未使用的款项 RM19.2 百万：机械与设备 RM12.0 百万、营运设施 RM1.2 百万，以及 Serendah Factory 建设 RM6.0 百万。修订后的使用期限为机械与营运设施 54 个月内，厂房 60 个月内。另外，已批准并签约的产业、厂房与设备资本承诺为零，2024 年为 RM9.1 百万。
Source: annual report 2025, pages 106, 118.出处：2025 年年报第 106、118 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 | 121,218,073 | 82,342,307 | 88,829,170 | 89,405,428 |
| Profit before tax税前盈利 | 28,847,220 | 11,665,060 | 13,858,525 | 14,288,977 |
| Net cash from operating activities营运活动所得现金净额 | 27,141,223 | 12,496,523 | 12,043,810 | 14,358,791 |
| Purchase of property, plant and equipment购置产业、厂房与设备 | (1,996,333) | (6,098,040) | (9,042,085) | (9,701,048) |
| Dividend paid已付股息 | – | 0 | (3,600,000) | (4,800,000) |
| Total assets总资产 | 79,493,957 | 124,757,981 | 131,079,697 | 133,046,759 |
| Borrowings借款 | 8,856,593 | 4,817,686 | 1,748,683 | 0 |
| Lease liabilities租赁负债 | 4,531,833 | 3,588,423 | 2,485,882 | 888,786 |
| Cash and bank balances现金与银行结余 | 19,020,947 | 66,325,894 | 56,213,136 | 17,363,566 |
| Fixed deposits定期存款 | 12,000,000 | 5,000,000 | 5,000,000 | 30,096,085 |
| Short term investments短期投资 | 0 | 9,122,479 | 14,549,701 | 25,636,823 |
| Total equity总权益 | 50,289,730 | 106,842,334 | 114,251,530 | 120,262,537 |
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 |
|---|---|---|
| In 2023, planned to lease warehouse space in Penang to serve customers there.2023 年计划在 Penang 租用仓库，为当地客户服务。 | The 2024 report still describes a new Penang warehouse as planned. It reports serving the northern region through existing production capacity and local partners.2024 年报仍将 Penang 新仓库列为计划，并表示通过现有产能及当地合作伙伴服务北部地区。 Source: annual report 2023, page 23; annual report 2024, page 22.出处：2023 年年报第 23 页；2024 年年报第 22 页。 | Still planned in 20242024 年仍属计划 |
| The 2023 proceeds plan allocated RM16.0 million to new machinery and equipment, to be used within 24 months.2023 年募资用途计划拨出 RM16.0 百万购买新机械与设备，拟于 24 个月内使用。 | The 2024 and 2025 tables both show RM4.0 million used and RM12.0 million unused. The timeframe moved to within 30 months in 2024 and within 54 months in 2025.2024 与 2025 年的用途表均显示已使用 RM4.0 百万，尚未使用 RM12.0 百万。期限在 2024 年改为 30 个月内，在 2025 年改为 54 个月内。 Source: annual report 2023, page 129; annual report 2024, page 113; annual report 2025, page 118.出处：2023 年年报第 129 页；2024 年年报第 113 页；2025 年年报第 118 页。 | Spending incomplete; timeframe extended支出尚未完成；期限延长 |
| In 2024, planned a new factory at Serendah and allocated RM6.0 million of IPO proceeds to construction within 48 months.2024 年计划在 Serendah 兴建新厂，并拨出首次公开募股所得款项 RM6.0 百万，拟于 48 个月内用于建设。 | The site was acquired on 25 March 2025. The 2025 proceeds table still shows the RM6.0 million construction allocation unused, with the timeframe extended to within 60 months.地块于 2025 年 3 月 25 日购入。2025 年募资用途表仍列出 RM6.0 百万建设款项尚未使用，期限延长至 60 个月内。 Source: annual report 2024, pages 21, 113; annual report 2025, pages 15, 118.出处：2024 年年报第 21、113 页；2025 年年报第 15、118 页。 | Construction funds unspent; timeframe extended建设款项尚未使用；期限延长 |
| The 2024 report identified a transfer from the ACE Market to the Main Market as an objective for the coming financial year.2024 年报将从创业板转至主板列为下一财政年度的目标。 | The 2025 report states that listing and quotation on the Main Market took effect and the transfer was completed.2025 年报表示，主板上市与报价已生效，转板已完成。 Source: annual report 2024, page 18; annual report 2025, page 14.出处：2024 年年报第 18 页；2025 年年报第 14 页。 | Completed已完成 |
| The 2023 report said the dividend of 0.75 sen per share, totalling RM3.6 million, would be paid on 30 October 2023.2023 年报表示，每股 0.75 仙、合计 RM3.6 百万的股息将于 2023 年 10 月 30 日支付。 | The 2024 report records payment of RM3.6 million on 30 October 2023.2024 年报记录于 2023 年 10 月 30 日支付 RM3.6 百万。 Source: annual report 2023, page 77; annual report 2024, page 71.出处：2023 年年报第 77 页；2024 年年报第 71 页。 | Paid on the stated date按所述日期支付 |
| In 2024, planned to replace more diesel forklifts with electric forklifts by 30 June 2025 and gradually phase out all diesel models.2024 年计划在 2025 年 6 月 30 日前，将更多柴油叉车换成电动叉车，并逐步淘汰所有柴油型号。 | The 2025 sustainability section reports that 86% of the reach-truck and forklift fleet had been converted from diesel to electric vehicles.2025 年可持续发展章节报告，前移式叉车及叉车车队已有 86% 从柴油车辆转为电动车辆。 Source: annual report 2024, page 37; annual report 2025, page 31.出处：2024 年年报第 37 页；2025 年年报第 31 页。 | Conversion not complete转换尚未完成 |
What the reports leave open年报留下待看的事
- The Serendah Factory construction allocation remains unused. The latest proceeds table gives a timeframe of within 60 months; machinery and operational facilities have timeframes of within 54 months.Serendah Factory 的建设款项仍未使用。最新募资用途表列出的期限为 60 个月内；机械及营运设施的期限为 54 个月内。
Source: annual report 2025, page 118.出处：2025 年年报第 118 页。
- Three customers accounted for 36% of trade receivables in 2025, compared with two customers accounting for 29% in 2024. The group recognised an impairment loss on a financial asset of RM517,742 in 2025.2025 年，三名客户占贸易应收款的 36%；2024 年则是两名客户占 29%。集团于 2025 年确认金融资产减值损失 RM517,742。
Source: annual report 2025, pages 87, 111.出处：2025 年年报第 87、111 页。
- ISO 45001 occupational health and safety certification was still being pursued in the latest report.最新年报表示，集团仍在申请 ISO 45001 职业健康与安全认证。
Source: annual report 2025, page 38.出处：2025 年年报第 38 页。
- The latest sustainability targets include completing solar-panel installations at the Nilai and Puchong operation sites.最新可持续发展目标包括完成 Nilai 与 Puchong 营运地点的太阳能板安装。
Source: annual report 2025, page 41.出处：2025 年年报第 41 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-10-28.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 2026-10-28。