DailySpaceHE Group Berhad
0296 · Main Market主板（Main Market） · annual reports 2024 to 2025, 580 entries read2024 至 2025 年报，共读出 580 条
The company这家公司
HE Group Berhad provides electrical engineering services in Malaysia, focusing on power distribution systems, other building systems and works, electrical equipment hook-up and retrofitting, and trading of electrical products. It has been certified as a Class A electrical contractor with the Energy Commission since 2007 and a Grade 7 Mechanical and Electrical contractor with the Construction Industry Development Board since 2008. The company was listed on the ACE Market on 30 January 2024 and completed its transfer listing to the Main Market of Bursa Malaysia in 2025.HE Group Berhad 在马来西亚提供电气工程服务，专注于配电系统、其他建筑系统与工程、电气设备接驳与改装，以及电气产品贸易。公司自 2007 年起获能源委员会认证为 Class A 电气承包商，自 2008 年起获建筑工业发展局注册为 Grade 7 机电承包商。公司于 2024 年 1 月 30 日在创业板上市，并于 2025 年完成转至马来西亚股票交易所主板上市。
Source: annual report 2024, pages 8, 110, 116; annual report 2025, pages 8, 9.出处：2024 年年报第 8、110、116 页；2025 年年报第 8、9 页。
In 2025, the power distribution system segment contributed RM65.4 million (53.0% of total revenue), other building systems and works RM30.9 million (25.1%), electrical equipment hook-up and retrofitting RM26.6 million (21.6%), and trading of electrical products RM0.4 million (0.3%). In 2024, power distribution systems brought RM114.8 million (55.5%), hook-up and retrofitting RM53.5 million (25.9%), and other building systems and works RM37.5 million (18.1%). Expansion into data centres contributed over 10.0% of group revenue in 2025.2025 年，配电系统部门贡献 RM65.4 million（占总营业额 53.0%），其他建筑系统与工程 RM30.9 million（25.1%），电气设备接驳与改装 RM26.6 million（21.6%），电气产品贸易 RM0.4 million（0.3%）。2024 年，配电系统贡献 RM114.8 million（55.5%），接驳与改装 RM53.5 million（25.9%），其他建筑系统与工程 RM37.5 million（18.1%）。2025 年拓展至数据中心领域，贡献集团营业额超过 10.0%。
Source: annual report 2024, page 12; annual report 2025, pages 12, 14.出处：2024 年年报第 12 页；2025 年年报第 12、14 页。
At end 2024, two customers owed more than 10% each and represented approximately 81% of outstanding receivables, decreasing to approximately 52% at end 2025.2024 年底，两家各欠款超过 10% 的客户合共占应收账款总额约 81%，2025 年底降至约 52%。
Source: annual report 2024, pages 116, 117; annual report 2025, pages 147, 148.出处：2024 年年报第 116、117 页；2025 年年报第 147、148 页。
Haw Chee Seng held 90,856,311 shares (20.649%) in 2024 and 94,956,611 shares (21.581%) in 2025. Eng Choon Leong held 66,895,260 shares (15.203%) in 2024 and 68,895,260 shares (15.658%) in 2025. Hexatech Energy Consolidated Sdn. Bhd. held 53,340,220 shares (12.122%) in 2024, while its pledged account RHB Nominees (Tempatan) Sdn. Bhd. held 24,240,000 shares (5.509%) in 2024 and 17,458,400 shares (3.967%) in 2025. None of the directors or key senior management personnel have family relationships with any directors or major shareholders.Haw Chee Seng 于 2024 年持有 90,856,311 股（20.649%），2025 年持有 94,956,611 股（21.581%）。Eng Choon Leong 于 2024 年持有 66,895,260 股（15.203%），2025 年持有 68,895,260 股（15.658%）。Hexatech Energy Consolidated Sdn. Bhd. 于 2024 年持有 53,340,220 股（12.122%），其质押账户 RHB Nominees (Tempatan) Sdn. Bhd. 于 2024 年持有 24,240,000 股（5.509%），2025 年持有 17,458,400 股（3.967%）。董事与主要高管均未与任何董事或主要股东存在亲属关系。
Source: annual report 2024, pages 24, 26, 125, 126; annual report 2025, pages 24, 25, 156, 157.出处：2024 年年报第 24、26、125、126 页；2025 年年报第 24、25、156、157 页。
Tang Kok Wai was appointed to the board as Executive Director on 2 September 2024, overseeing engineering and technical aspects of group projects. On 26 March 2026, Hexatech Engineering incorporated Digitalflux Technologies Sdn. Bhd. as a wholly-owned subsidiary with RM1,000 cash consideration to provide information technology infrastructure and engineering services.Tang Kok Wai 于 2024 年 9 月 2 日获委任为执行董事加入董事会，负责统筹集团项目的工程与技术事务。2026 年 3 月 26 日，Hexatech Engineering 以 RM1,000 现金代价设立全资子公司 Digitalflux Technologies Sdn. Bhd.，提供信息技术基础设施和工程服务。
Source: annual report 2024, pages 17, 21, 60; annual report 2025, pages 6, 154.出处：2024 年年报第 17、21、60 页；2025 年年报第 6、154 页。
Revenue by segment, 20252025 年各业务部门营业额占比
Source: annual report 2025, page 12.出处：2025 年年报第 12 页。
Major events大事记
Source: annual report 2024, pages 8, 75, 77, 123.出处：2024 年年报第 8、75、77、123 页。
Source: annual report 2024, page 14.出处：2024 年年报第 14 页。
Source: annual report 2024, pages 17, 21, 60.出处：2024 年年报第 17、21、60 页。
Source: annual report 2024, page 14.出处：2024 年年报第 14 页。
Source: annual report 2025, page 8.出处：2025 年年报第 8 页。
Source: annual report 2025, page 15.出处：2025 年年报第 15 页。
Source: annual report 2025, page 15.出处：2025 年年报第 15 页。
Source: annual report 2025, page 15.出处：2025 年年报第 15 页。
Source: annual report 2025, pages 6, 154.出处：2025 年年报第 6、154 页。
Revenue, profit before tax and operating cash营业额、税前盈利与营运现金
Assets, equity and cash资产、权益与现金
20242024 年
Net cash from operating activities was RM13,821,788. The initial public offering raised RM24,329,116 from the issuance of 86,889,700 new ordinary shares at RM0.28 per share, while RM1,221,623 was paid for share issuance expenses. Net cash from investing activities was RM1,546,950, which included RM1,412,667 of interest received, while purchases of property, plant and equipment took RM371,625 in cash out of total additions of RM1,410,187. Financing cash outflows included RM567,993 for lease liabilities, RM342,078 for term loans, RM602,552 of interest paid, and RM1,760,000 in dividends paid.营运活动所得现金净额为 RM13,821,788。首次公开募股以每股 RM0.28 发行 86,889,700 股新普通股，募集资金 RM24,329,116，同时支付股份发行费用 RM1,221,623。投资活动所得现金净额为 RM1,546,950，其中包括收到的利息 RM1,412,667，而购置物业、厂房及设备在 RM1,410,187 的总添置中支付现金 RM371,625。融资现金流出包括偿还租赁负债 RM567,993、偿还定期贷款 RM342,078、支付利息 RM602,552 以及支付股息 RM1,760,000。
Source: annual report 2024, pages 75, 77, 90, 91, 92.出处：2024 年年报第 75、77、90、91、92 页。
20252025 年
Net cash from operating activities dropped to RM6,551,366. Investing activities used net cash of RM983,121, including placement of pledged fixed deposits of RM2,659,767 and purchases of property, plant and equipment of RM304,396, alongside RM1,891,060 of interest received. Financing activities used net cash of RM3,789,049, including dividends paid of RM1,980,000, interest paid of RM858,807, repayment of hire purchase and lease liabilities of RM590,712, and repayment of term loans of RM359,530. Total borrowings stood at RM997,457, consisting of term loans of RM817,837 and a bank overdraft of RM179,620.营运活动所得现金净额降至 RM6,551,366。投资活动使用现金净额 RM983,121，包括存放质押定期存款 RM2,659,767、购置物业、厂房及设备 RM304,396，以及收到的利息 RM1,891,060。融资活动使用现金净额 RM3,789,049，包括支付股息 RM1,980,000、支付利息 RM858,807、偿还租购与租赁负债 RM590,712 以及偿还定期贷款 RM359,530。借款总额为 RM997,457，由定期贷款 RM817,837 与银行透支 RM179,620 组成。
Source: annual report 2025, pages 119, 120, 147, 151.出处：2025 年年报第 119、120、147、151 页。
Across the two years两年合看
Cash and cash equivalents grew from RM22.9 million at end 2023 to RM57.7 million at end 2024 and RM62.3 million at end 2025, while total borrowings stood at RM1.2 million and RM1.0 million. Total equity increased from RM26.8 million to RM61.9 million in 2024 and RM70.9 million in 2025. Dividends paid rose from RM1,760,000 in 2024 to RM1,980,000 in 2025, and an interim dividend of 1.0 sen per share (RM4,400,000) was declared for 2025. Subcontracted works typically represent more than 20.0% of cost of sales. Performance guarantees extended to third parties in respect of subcontractors' performance increased from RM26,528,795 in 2024 to RM32,395,874 in 2025.现金与现金等价物由 2023 年底的 RM22.9 million 增至 2024 年底的 RM57.7 million 及 2025 年底的 RM62.3 million，而总借款分别处于 RM1.2 million 和 RM1.0 million。总权益由 2023 年的 RM26.8 million 增至 2024 年的 RM61.9 million 及 2025 年的 RM70.9 million。已付股息由 2024 年的 RM1,760,000 增至 2025 年的 RM1,980,000，2025 年并宣布派发每股 1.0 仙（RM4,400,000）的中期股息。分包工程支出通常占销售成本的 20.0% 以上。为分包商履约向第三方提供的履约担保从 2024 年的 RM26,528,795 增至 2025 年的 RM32,395,874。
Source: annual report 2024, pages 13, 15, 77, 115; annual report 2025, pages 13, 16, 17, 105, 146.出处：2024 年年报第 13、15、77、115 页；2025 年年报第 13、16、17、105、146 页。
Still to be spent尚未支出的承诺
Of the RM24,329,116 raised from the initial public offering, RM12,118,000 remained unspent in the 2024 report and RM4,681,000 in the 2025 report. The unutilised balance in the 2025 report comprised RM2,201,000 for working capital (utilisable within 36 months), RM1,339,000 for business expansion (within 30 months), and RM1,141,000 for capital expenditure (within 24 months).首次公开募股筹集的 RM24,329,116 中，2024 年年报显示尚有 RM12,118,000 未动用，2025 年年报显示尚有 RM4,681,000 未动用。2025 年年报中的未动用结余包括营运资金 RM2,201,000（36 个月内动用）、业务扩张 RM1,339,000（30 个月内动用）以及资本开销 RM1,141,000（24 个月内动用）。
Source: annual report 2024, pages 75, 77; annual report 2025, page 101.出处：2024 年年报第 75、77 页；2025 年年报第 101 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| RM令吉 | RM令吉 | RM令吉 | |
| Revenue营业额 | 204,198,814 | 206,909,946 | 123,280,684 |
| Profit before tax税前盈利 | 14,821,408 | 18,968,858 | 14,881,516 |
| Profit for the financial year年度盈利 | – | 13,681,868 | 11,034,852 |
| Net cash from operating activities营运活动所得现金净额 | 14,056,826 | 13,821,788 | 6,551,366 |
| Net cash from investing activities投资活动所得现金净额 | 3,308,546 | 1,546,950 | (983,121) |
| Total assets总资产 | 93,132,292 | 111,187,348 | 114,135,619 |
| Total liabilities总负债 | 66,282,537 | 49,308,232 | 43,201,651 |
| Total equity总权益 | 26,849,755 | 61,879,116 | 70,933,968 |
| Loans and borrowings贷款与借款 | 1,519,445 | 1,177,367 | 997,457 |
| Cash and cash equivalents现金与现金等价物 | 22,918,213 | 57,737,509 | 62,289,089 |
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 |
|---|---|---|
| To utilise remaining IPO proceeds of RM1,607,000 for capital expenditure within 24 months, RM2,773,000 for business expansion within 30 months, and RM7,738,000 for working capital within 36 months在 24 个月内将首次公开募股剩余的 RM1,607,000 用于资本开销、30 个月内将 RM2,773,000 用于业务扩张，并在 36 个月内将 RM7,738,000 用于营运资金 | In the 2025 report, unspent proceeds were RM1,141,000 for capital expenditure, RM1,339,000 for business expansion, and RM2,201,000 for working capital.2025 年年报显示，未动用资金为资本开销 RM1,141,000、业务扩张 RM1,339,000 以及营运资金 RM2,201,000。 Source: annual report 2024, page 75; annual report 2025, page 101.出处：2024 年年报第 75 页；2025 年年报第 101 页。 | Still in progress仍在进行中 |
| Recommended a single-tier dividend of 0.45 sen per share for FYE2024建议派发 2024 财年每股 0.45 仙的单轨股息 | Declared on 17 June 2025 and paid on 22 July 2025 at RM0.0045 per ordinary share, totalling RM1,980,000.于 2025 年 6 月 17 日宣布并于 2025 年 7 月 22 日以每股 RM0.0045 派发，总计 RM1,980,000。 Source: annual report 2024, pages 16, 77; annual report 2025, pages 105, 144.出处：2024 年年报第 16、77 页；2025 年年报第 105、144 页。 | Paid已派发 |
| Aimed to gradually reduce reliance on subcontractors by expanding in-house capabilities旨在通过扩大内部能力逐步减少对分包商的依赖 | Continued evaluating opportunities to strengthen in-house capabilities, while subcontracted works still typically accounted for more than 20.0% of cost of sales.继续评估增强内部能力的机会，而分包工程支出仍通常占销售成本的 20.0% 以上。 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 |
| Create a baseline for GHG emissions and reduce them by 0.5% annually建立温室气体排放基准并每年减少 0.5% | Established FYE 2025 baseline for Scope 1 (1,254.60 tCO2e) and Scope 2 (110.43 tCO2e), targeting reductions of 0.5% and 1.0% respectively by FYE 2028.建立了 2025 财年范围一（1,254.60 tCO2e）和范围二（110.43 tCO2e）的基准，目标到 2028 财年分别减少 0.5% 和 1.0%。 Source: annual report 2024, page 34; annual report 2025, page 40.出处：2024 年年报第 34 页；2025 年年报第 40 页。 | Baseline established基准已建立 |
| Aimed to double project capacity, cover Malaysia, and become a major player in utilities and a leading turnkey contractor in South East Asia by 2030目标将项目产能翻倍、覆盖全马来西亚，并在 2030 年前成为公用事业市场的重要参与者及东南亚领先的总承包商 | The target to double project capacity, cover Malaysia, and become a major turnkey contractor by 2030 was repeated in the 2025 report.2025 年报重申了将项目产能翻倍、覆盖马来西亚并在 2030 年前成为主要总承包商的目标。 Source: annual report 2024, page 4; annual report 2025, page 4.出处：2024 年年报第 4 页；2025 年年报第 4 页。 | Target restated重申目标 |
What the reports leave open年报留下待看的事
- Delivery of newly secured contracts, including the RM56.6 million Tier-5 data centre subcontract in Cyberjaya scheduled for completion by April 2026, and the RM13.4 million turnkey solar contracts in Johor.新获合约的交付进展，包括预计于 2026 年 4 月前完工的 Cyberjaya 价值 RM56.6 million 的 Tier-5 数据中心分包合约，以及柔佛价值 RM13.4 million 的太阳能总承包合约。
Source: annual report 2025, page 15.出处：2025 年年报第 15 页。
- Utilisation of the remaining RM4,681,000 in unspent IPO proceeds across working capital (RM2,201,000), business expansion (RM1,339,000), and capital expenditure (RM1,141,000).首次公开募股剩余 RM4,681,000 未动用资金的使用情况，包括营运资金（RM2,201,000）、业务扩张（RM1,339,000）和资本开销（RM1,141,000）。
Source: annual report 2025, page 101.出处：2025 年年报第 101 页。
- Secured performance guarantees extended to third parties in respect of subcontractors' performance, which grew from RM26,528,795 in 2024 to RM32,395,874 in 2025.为分包商履约向第三方提供的担保履约保函，由 2024 年的 RM26,528,795 增至 2025 年的 RM32,395,874。
Source: annual report 2024, page 115; annual report 2025, page 146.出处：2024 年年报第 115 页；2025 年年报第 146 页。
- Implementation of sustainability initiatives, including mandatory anti-bribery training for 100% of employees and Board members and reaching 5% employee participation in volunteer programmes, both of which had plans under development at year end.可持续发展举措的落实情况，包括面向全体员工和董事会成员 100% 的强制反贿赂培训，以及达到员工参与志愿服务项目 5% 的目标，这两项在年底均处于规划阶段。
Source: annual report 2025, pages 40, 60, 63, 74.出处：2025 年年报第 40、60、63、74 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。