DailySpaceMinox International Group Berhad
0288 · ACE Market创业板（ACE Market） · annual reports 2023 to 2025, 1123 entries read2023 至 2025 年报，共读出 1123 条
The company这家公司
Minox International Group Berhad is a distributor of stainless steel hygienic valves, tubes and fittings, installation components and equipment, and rubber hoses under its house brand 'MINOX®'. Sales under the 'MINOX®' brand contribute over 90% of group revenue. The group also distributes third-party brands including Rubber Fab, TEMPRESS, GECITech, KingLai, and Duoning, and in August 2025 was appointed sole distributor for KingLai ASME BPE products in Southeast Asia.Minox International Group Berhad 是一家分销商，以自有品牌“MINOX®”分销不锈钢卫生级阀门、管道与配件、安装组件与设备以及橡胶软管。“MINOX®”品牌销售额占集团营业额 90% 以上。集团亦分销第三方品牌，包括 Rubber Fab、TEMPRESS、GECITech、KingLai 与 Duoning，并于 2025 年 8 月获委任为 KingLai ASME BPE 产品在东南亚的独家分销商。
Source: annual report 2023, page 23; annual report 2024, page 23; annual report 2025, pages 6, 22, 23.出处：2023 年年报第 23 页；2024 年年报第 23 页；2025 年年报第 6、22、23 页。
The food and beverage industry is the main customer segment, accounting for 92.5% of revenue in 2023, 85.7% (RM41.0 million) in 2024, and 89.0% (RM39.8 million) in 2025. The pharmaceutical industry contributed 4.6% in 2023, 6.3% (RM3.0 million) in 2024, and 5.8% (RM2.6 million) in 2025. The semiconductor industry contributed 2.9% in 2023, 8.0% (RM3.8 million) in 2024, and 5.2% (RM2.3 million) in 2025. No single customer contributed 10% or more of group revenue in any of the three years.食品与饮料行业是主要客户群体，在 2023 年占营业额的 92.5%，2024 年占 85.7%（RM41.0 million），2025 年占 89.0%（RM39.8 million）。制药行业在 2023 年贡献 4.6%，2024 年贡献 6.3%（RM3.0 million），2025 年贡献 5.8%（RM2.6 million）。半导体行业在 2023 年贡献 2.9%，2024 年贡献 8.0%（RM3.8 million），2025 年贡献 5.2%（RM2.3 million）。三年中均无单一客户贡献集团营业额的 10% 或以上。
Source: annual report 2023, pages 26, 117; annual report 2024, pages 27, 125; annual report 2025, pages 26, 138.出处：2023 年年报第 26、117 页；2024 年年报第 27、125 页；2025 年年报第 26、138 页。
Overseas markets contributed 71.4% (RM35.1 million) of revenue in 2023, 64.9% (RM31.1 million) in 2024, and 67.2% in 2025.海外市场在 2023 年贡献营业额的 71.4%（RM35.1 million），2024 年占 64.9%（RM31.1 million），2025 年占 67.2%。
Source: annual report 2023, page 26; annual report 2024, page 27; annual report 2025, pages 22, 138.出处：2023 年年报第 26 页；2024 年年报第 27 页；2025 年年报第 22、138 页。
In the 2025 report, Cheong Chee Son holds 160,094,500 shares (44.4707%). Maybank Nominees (Tempatan) Sdn Bhd holds 15,000,000 shares (4.1667%) in a pledged securities account for Cheong Chee Son. Looi Poo Poo holds 34,083,500 shares (9.4676%). The reports state that directors and key senior management have no family relationship with any director or major shareholder of the company.在 2025 年报中，Cheong Chee Son 持有 160,094,500 股（44.4707%）。Maybank Nominees (Tempatan) Sdn Bhd 在为 Cheong Chee Son 开立的质押证券账户中持有 15,000,000 股（4.1667%）。Looi Poo Poo 持有 34,083,500 股（9.4676%）。年报说明董事及主要高管与公司任何董事或主要股东均无亲属关系。
Source: annual report 2024, page 18; annual report 2025, pages 18, 146.出处：2024 年年报第 18 页；2025 年年报第 18、146 页。
Alwizah Al-Yafii Binti Ahmad Kamal was appointed Independent Non-Executive Chairperson on 1 November 2022. Cheong Chee Son was appointed Managing Director on 18 July 2022, and Looi Poo Poo was appointed Executive Director on 1 November 2022.Alwizah Al-Yafii Binti Ahmad Kamal 于 2022 年 11 月 1 日获委任为独立非执行主席。Cheong Chee Son 于 2022 年 7 月 18 日获委任为董事经理，Looi Poo Poo 于 2022 年 11 月 1 日获委任为执行董事。
Source: annual report 2023, pages 10, 11, 12.出处：2023 年年报第 10、11、12 页。
Revenue by customer industry, 20252025 年各行业客户营业额占比
Source: annual report 2025, page 26.出处：2025 年年报第 26 页。
Major events大事记
Source: annual report 2023, pages 65, 121.出处：2023 年年报第 65、121 页。
Source: annual report 2024, pages 2, 26.出处：2024 年年报第 2、26 页。
Source: annual report 2024, page 26.出处：2024 年年报第 26 页。
Source: annual report 2025, page 84.出处：2025 年年报第 84 页。
Source: annual report 2025, pages 6, 22, 25.出处：2025 年年报第 6、22、25 页。
Source: annual report 2025, pages 22, 25.出处：2025 年年报第 22、25 页。
Revenue, profit and cash营业额、盈利与现金
Assets, equity and borrowings资产、权益与借款
20232023 年
The company was listed on the ACE Market on 17 October 2023, issuing 90,000,000 new shares at RM0.25 each and raising gross proceeds of RM22.5 million. By 31 December 2023, RM4.0 million of the proceeds had been utilised, including RM3.4 million for listing expenses. Purchase of property, plant and equipment was RM12,507,761, financed in part by RM8,500,000 of term loans and RM1,162,485 of lease liabilities. Borrowings stood at RM29,261,628 at year end, and no dividend was declared or paid by the company.公司于 2023 年 10 月 17 日在创业板上市，以每股 RM0.25 发行 90,000,000 股新股，筹集总额 RM22.5 million。截至 2023 年 12 月 31 日，已动用募集资金中的 RM4.0 million，包括 RM3.4 million 的上市费用。购置物业、厂房与设备支出为 RM12,507,761，部分通过 RM8,500,000 的定期贷款及 RM1,162,485 的租赁负债进行融资。年末借款为 RM29,261,628，公司未建议、宣派或支付股息。
Source: annual report 2023, pages 26, 64, 65, 81, 100, 121.出处：2023 年年报第 26、64、65、81、100、121 页。
20242024 年
A first interim dividend of 0.5 sen per share, amounting to RM1,800,000 for financial year 2023, was paid on 3 July 2024. Cumulative utilisation of IPO proceeds reached RM13.1 million, including RM4.5 million for bank borrowings repayment and RM1.6 million for working capital. Repayments included RM6,282,425 of term loans and RM1,540,062 of lease liabilities, while borrowings decreased to RM20,304,104. The company subscribed for shares in subsidiary MST SG for RM6,099,288.2023 财政年度的每股 0.5 仙首次中期股息（总计 RM1,800,000）于 2024 年 7 月 3 日派付。IPO 募集资金累计动用达 RM13.1 million，包括用于偿还银行借款的 RM4.5 million 及营运资金 RM1.6 million。偿还款项包括 RM6,282,425 的定期贷款和 RM1,540,062 的租赁负债，借款降至 RM20,304,104。公司以 RM6,099,288 认购了子公司 MST SG 的股份。
Source: annual report 2024, pages 30, 32, 69, 86, 99, 116.出处：2024 年年报第 30、32、69、86、99、116 页。
20252025 年
An interim dividend of 0.25 sen per share, amounting to RM900,000 for financial year 2024, was paid on 8 April 2025. IPO proceeds utilisation reached RM16.6 million, with product development fully utilised at RM4.0 million. Repayments included RM1,884,082 of term loans and RM1,725,599 of lease liabilities, alongside a revolving credit drawdown of RM4,000,000 and repayment of RM3,650,000. Borrowings closed at RM18,609,951 and lease liabilities at RM2,320,110.2024 财政年度的每股 0.25 仙中期股息（总计 RM900,000）于 2025 年 4 月 8 日派付。IPO 募集资金动用达 RM16.6 million，其中产品研发与部署的 RM4.0 million 已全数动用。偿还款项包括 RM1,884,082 的定期贷款和 RM1,725,599 的租赁负债，同时提取了 RM4,000,000 循环信贷并偿还了 RM3,650,000。年末借款为 RM18,609,951，租赁负债为 RM2,320,110。
Source: annual report 2025, pages 29, 82, 99, 130, 133.出处：2025 年年报第 29、82、99、130、133 页。
Across the three years三年合看
Net cash from operations remained positive in each year, recorded at RM5.2 million in 2023, RM3.3 million in 2024, and RM8.8 million in 2025. Cash and bank balances were RM13,969,006 in 2023, RM8,133,376 in 2024, and RM10,605,383 in 2025, while total borrowings were reduced from RM29,261,628 to RM18,609,951. Dividends paid to owners of the company totalled RM1,800,000 in 2024 and RM900,000 in 2025.每年营运现金净额保持为正，2023 年记录为 RM5.2 million，2024 年为 RM3.3 million，2025 年为 RM8.8 million。现金与银行结余在 2023 年为 RM13,969,006，2024 年为 RM8,133,376，2025 年为 RM10,605,383，而总借款从 RM29,261,628 降至 RM18,609,951。向公司所有者支付的股息在 2024 年为 RM1,800,000，2025 年为 RM900,000。
Source: annual report 2023, pages 29, 100; annual report 2024, pages 29, 86; annual report 2025, pages 28, 99, 130.出处：2023 年年报第 29、100 页；2024 年年报第 29、86 页；2025 年年报第 28、99、130 页。
Still to be spent尚未支出的承诺
In the 2025 report, unutilised IPO proceeds stood at RM5.9 million, comprising RM3.6 million for the construction of Warehouse 4 and RM2.3 million for setting up the warehouse in Singapore. The board extended the timeframe for utilising proceeds for Warehouse 4 from 24 months to 36 months in August 2025.2025 年年报显示，未动用的 IPO 募集资金为 RM5.9 million，包括用于兴建 4 号仓库的 RM3.6 million 及设立新加坡仓库的 RM2.3 million。董事会于 2025 年 8 月将 4 号仓库资金的使用期限从 24 个月延长至 36 个月。
Source: annual report 2025, pages 29, 129.出处：2025 年年报第 29、129 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 | 45,019,715 | 49,216,218 | 47,883,037 | 44,655,988 |
| Profit before tax税前盈利 | 13,493,085 | 7,616,375 | 7,361,989 | 6,456,085 |
| Profit after tax税后盈利 | 10,549,253 | 4,338,520 | 5,073,552 | 5,218,118 |
| Total assets总资产 | 79,740,868 | 113,443,844 | 108,283,760 | 104,768,625 |
| Total equity总权益 | 49,426,910 | 76,938,978 | 77,844,185 | 79,174,444 |
| Total liabilities总负债 | 30,313,958 | 36,504,866 | 30,439,575 | 25,594,181 |
| Borrowings借款 | 22,184,221 | 29,261,628 | 20,304,104 | 18,609,951 |
| Cash and bank balances现金与银行结余 | 12,540,665 | 13,969,006 | 8,133,376 | 10,605,383 |
| Other investments其他投资 | 958,300 | 1,200,701 | 1,177,483 | 1,111,355 |
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 |
|---|---|---|
| Construct Warehouse 4 in Puchong with storage area of approximately 18,690 sqft, allocating RM4.0 million from IPO proceeds to be utilised within 24 months在蒲种兴建建筑面积约 18,690 平方英尺的 4 号仓库，自 IPO 募集资金中拨出 RM4.0 million，并在 24 个月内使用 | The timeframe was extended to 36 months in August 2025; construction of a facility of approximately 20,100 sq ft commenced in November 2025, with RM0.4 million utilised in the 2025 report.2025 年 8 月将期限延长至 36 个月；约 20,100 平方英尺设施的施工于 2025 年 11 月动工，2025 年年报显示已使用 RM0.4 million。 Source: annual report 2023, pages 25, 26; annual report 2025, pages 25, 29.出处：2023 年年报第 25、26 页；2025 年年报第 25、29 页。 | In progress, extended进行中，期限延长 |
| Set up a new warehouse in Singapore with about 7,500 sqft of storage space, allocating RM5.0 million from IPO proceeds within 36 months在新加坡设立约 7,500 平方英尺的新仓库，自 IPO 募集资金中拨出 RM5.0 million，并在 36 个月内使用 | In 2024, the group set up an 8,500 sq ft facility in Singapore, bringing total storage space to about 10,300 sq ft; RM2.7 million had been utilised in the 2025 report.2024 年集团在新加坡设立约 8,500 平方英尺的设施，使总仓储面积达约 10,300 平方英尺；2025 年年报显示已使用 RM2.7 million。 Source: annual report 2023, pages 25, 26; annual report 2024, page 26; annual report 2025, page 29.出处：2023 年年报第 25、26 页；2024 年年报第 26 页；2025 年年报第 29 页。 | Carried out已执行 |
| Allocate RM4.0 million of IPO proceeds for product development and deployment within 24 months拨出 RM4.0 million IPO 募集资金用于产品研发与部署，并在 24 个月内使用 | Utilisation reached RM1.9 million in the 2024 report and was fully utilised at RM4.0 million in the 2025 report.2024 年年报显示已使用 RM1.9 million，2025 年年报显示 RM4.0 million 全部使用完毕。 Source: annual report 2023, pages 25, 26; annual report 2024, page 32; annual report 2025, page 29.出处：2023 年年报第 25、26 页；2024 年年报第 32 页；2025 年年报第 29 页。 | Completed已完成 |
| Pursue ISO9001:2015 Quality Management Systems certification, targeting completion by middle of 2024争取获得 ISO9001:2015 质量管理体系认证，目标于 2024 年中完成 | Subsidiary MST Stainless Steel Sdn Bhd achieved ISO 9001:2015 certification in 2024.子公司 MST Stainless Steel Sdn Bhd 于 2024 年获得 ISO 9001:2015 认证。 Source: annual report 2023, page 36; annual report 2024, pages 2, 26.出处：2023 年年报第 36 页；2024 年年报第 2、26 页。 | Completed已完成 |
| Allocate RM4.5 million of IPO proceeds to repayment of bank borrowings within 6 months拨出 RM4.5 million IPO 募集资金用于偿还银行借款，并在 6 个月内使用 | The RM4.5 million allocation was fully utilised for repayment of bank borrowings.全部 RM4.5 million 拨款已用于偿还银行借款。 Source: annual report 2023, pages 25, 26; annual report 2024, page 32.出处：2023 年年报第 25、26 页；2024 年年报第 32 页。 | Completed已完成 |
What the reports leave open年报留下待看的事
- Construction of Warehouse 4 in Puchong, which commenced in November 2025 with remaining unutilised IPO proceeds of RM3.6 million.蒲种 4 号仓库的建设，该项目于 2025 年 11 月动工，剩余未动用 IPO 资金为 RM3.6 million。
Source: annual report 2025, pages 25, 29, 129.出处：2025 年年报第 25、29、129 页。
- Exercise of 179,999,991 outstanding warrants expiring on 6 February 2030 at an exercise price of RM0.28, of which none had been exercised by 31 December 2025.179,999,991 份于 2030 年 2 月 6 日到期且行权价为 RM0.28 的未行使凭单的行权情况，截至 2025 年 12 月 31 日尚无任何凭单被行使。
Source: annual report 2025, pages 84, 120, 147.出处：2025 年年报第 84、120、147 页。
- Sales contributions from the sole distributorship agreement for KingLai ASME BPE products in Southeast Asia entered into in August 2025.2025 年 8 月签署的东南亚 KingLai ASME BPE 产品独家分销协议所带来的销售贡献。
Source: annual report 2025, pages 6, 22, 25.出处：2025 年年报第 6、22、25 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-10-30.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 2026-10-30。