DailySpaceTSA Group Berhad
0297 · ACE Market创业板（ACE Market） · annual reports 2024 to 2025, 843 entries read2024 至 2025 年报，共读出 843 条
The company这家公司
TSA Group Berhad was incorporated in Malaysia on 18 March 2022. It completed the acquisition of TSA Industries Sdn Bhd on 31 October 2023 and was listed on the ACE Market of Bursa Malaysia Securities Berhad on 2 February 2024. The core business is trading stainless steel and other metal products, and manufacturing stainless steel pipes; trading is the group's largest revenue contributor. On 1 August 2025, subsidiary TSA Quarry Sdn Bhd executed a joint operation and sole distribution agreement with Asas Bumi Rezeki Sdn Bhd to venture into granite quarrying.TSA Group Berhad 于 2022 年 3 月 18 日在马来西亚注册成立。公司于 2023 年 10 月 31 日完成对 TSA Industries Sdn Bhd 的收购，并于 2024 年 2 月 2 日在马来西亚证券交易所创业板上市。核心业务为不锈钢及其他金属产品的贸易，以及不锈钢管的制造；贸易是集团最大的营业额来源。2025 年 8 月 1 日，子公司 TSA Quarry Sdn Bhd 与 Asas Bumi Rezeki Sdn Bhd 签署联合营运与独家分销协议，进军花岗岩采石业务。
Source: annual report 2024, pages 6, 55; annual report 2025, pages 8, 9, 10.出处：2024 年年报第 6、55 页；2025 年年报第 8、9、10 页。
No single customer contributed 10% or more to the group's revenue in either year, while one customer represented approximately 13% of trade receivables at end 2024 and 10% of trade receivables and contract assets at end 2025.在这两个年度中，没有任何单一客户贡献集团 10% 或以上的营业额；不过在 2024 年底，单一客户占应收贸易账款约 13%，在 2025 年底占应收贸易账款及合约资产约 10%。
Source: annual report 2024, pages 108, 109, 114; annual report 2025, pages 130, 131, 135.出处：2024 年年报第 108、109、114 页；2025 年年报第 130、131、135 页。
KVC Properties Sdn Bhd is the largest shareholder with 116,218,974 shares (37.60%), of which 92,790,000 shares (30.00%) are held through a pledged securities account with Al Rajhi Banking & Investment Corporation (Malaysia) Bhd. Chew Kuan Fah holds 57,994,490 shares (18.75%), Chew Yik Wai holds 18,557,920 shares (6.00%), and Ng Kim Liang holds 11,598,700 shares (3.70%). Maybank Nominees (Tempatan) Sdn Bhd holds 15,410,400 shares (4.98%) in a pledged securities account for Chin Lee Heong.KVC Properties Sdn Bhd 为最大股东，持有 116,218,974 股（37.60%），其中 92,790,000 股（30.00%）通过 Al Rajhi Banking & Investment Corporation (Malaysia) Bhd 的抵押证券账户持有。Chew Kuan Fah 持有 57,994,490 股（18.75%），Chew Yik Wai 持有 18,557,920 股（6.00%），Ng Kim Liang 持有 11,598,700 股（3.70%）。Maybank Nominees (Tempatan) Sdn Bhd 在抵押证券账户中为 Chin Lee Heong 持有 15,410,400 股（4.98%）。
Source: annual report 2024, page 132; annual report 2025, page 154.出处：2024 年年报第 132 页；2025 年年报第 154 页。
Loh Pei Ling was appointed as Executive Director on 1 September 2025, increasing female representation on the Board to three of eight directors (37.5%) and achieving compliance with the 30% women directors recommendation. On 8 May 2025, the Board approved separating the Audit and Risk Management Committee into an Audit Committee and a Risk Management Committee.Loh Pei Ling 于 2025 年 9 月 1 日获委任为执行董事，使董事会女性代表增至八名董事中的三名（37.5%），达到女性董事至少占 30% 的建议标准。2025 年 5 月 8 日，董事会批准将审计与风险管理委员会分拆为审计委员会与风险管理委员会。
Source: annual report 2025, pages 22, 51, 60.出处：2025 年年报第 22、51、60 页。
Revenue by destination, 20252025 年按出口地区划分的营业额
Source: annual report 2025, page 130.出处：2025 年年报第 130 页。
Major events大事记
Source: annual report 2024, page 109.出处：2024 年年报第 109 页。
Source: annual report 2024, page 6.出处：2024 年年报第 6 页。
Source: annual report 2024, page 130.出处：2024 年年报第 130 页。
Source: annual report 2024, page 109.出处：2024 年年报第 109 页。
Source: annual report 2024, pages 6, 86.出处：2024 年年报第 6、86 页。
Source: annual report 2024, page 55.出处：2024 年年报第 55 页。
Source: annual report 2024, page 8; annual report 2025, page 8.出处：2024 年年报第 8 页；2025 年年报第 8 页。
Source: annual report 2025, page 22.出处：2025 年年报第 22 页。
Source: annual report 2025, page 150.出处：2025 年年报第 150 页。
Source: annual report 2025, pages 10, 12.出处：2025 年年报第 10、12 页。
Revenue and profit营业额与盈利
Assets, borrowings and equity资产、借款与权益
20242024 年
The company was listed on 2 February 2024, raising gross proceeds of RM42.53 million by issuing 77,325,000 new shares at RM0.55 each, while incurring share issuance expenses of RM1,796,747. From the IPO proceeds, RM20.0 million was used to repay bank borrowings and RM5.1 million for listing expenses by 31 March 2025. Profit before tax of RM24.2 million included RM3.3 million recovered from a legal case, with RM3,264,427.93 recovered under a court order. Total borrowings rose by 18.7% to RM71.6 million. Dividends declared totalled 6 sen per share (an interim dividend of 5 sen amounting to RM15.5 million and a final dividend of 1 sen amounting to RM3.1 million).公司于 2024 年 2 月 2 日上市，以每股 RM0.55 发行 77,325,000 股新股，募集 RM42.53 million 首发股资金，同时产生 RM1,796,747 的股票发行费用。截至 2025 年 3 月 31 日，首发股资金中有 RM20.0 million 用于偿还银行借款，RM5.1 million 用于上市费用。税前盈利 RM24.2 million 中包括因诉讼案收回的 RM3.3 million，依法院命令收回的总额为 RM3,264,427.93。总借款增加 18.7% 至 RM71.6 million。全年宣布股息共计每股 6 仙（中期股息 5 仙计 RM15.5 million，终期股息 1 仙计 RM3.1 million）。
Source: annual report 2024, pages 11, 12, 55, 96, 105, 128.出处：2024 年年报第 11、12、55、96、105、128 页。
20252025 年
Borrowings fell by 38.3% from RM71.6 million to RM44.2 million, driven by lower inventory purchases and utilisation of IPO proceeds for working capital. The remaining IPO proceeds of RM5.1 million for Semenyih manufacturing premises capex and RM12.3 million for working capital were fully utilised. Purchase of property, plant and equipment took RM12.6 million. Other payables included RM3,612,660 of deferred financing liability for the exclusive rights to operate and distribute from a quarry site. Four interim dividends of 1 cent per ordinary share (each RM3.1 million) were declared in respect of FYE 2025.由于存货采购减少及动用首发股资金作为营运资金，借款由 RM71.6 million 减少 38.3% 至 RM44.2 million。剩余的首发股资金中，用于士毛月制造厂房资本支出的 RM5.1 million 及用于营运资金的 RM12.3 million 已全数动用。购置物业、厂房及设备支出 RM12.6 million。其他应付款项包括 RM3,612,660 递延融资负债，涉及采石场独家联合营运与独家分销权。2025 财年共宣布四次各为每股 1 仙（每次 RM3.1 million）的中期股息。
Source: annual report 2025, pages 12, 15, 70, 96, 106, 110, 117.出处：2025 年年报第 12、15、70、96、106、110、117 页。
Across the two years两年合看
Net debt of RM44.4 million at end 2023 and RM3.5 million at end 2024 shifted to net cash of RM7.3 million at end 2025. Total cash and cash equivalents stood at RM70.6 million in 2024 and RM53.6 million in 2025. The debt-to-equity ratio decreased from 43.2% in 2023 to 39.4% in 2024 and 23.9% in 2025. Total assets were RM223.0 million in 2023, RM277.2 million in 2024, and RM260.1 million in 2025.净借款从 2023 年底的 RM44.4 million 与 2024 年底的 RM3.5 million 转为 2025 年底的净现金 RM7.3 million。现金及现金等价物总额在 2024 年为 RM70.6 million，2025 年为 RM53.6 million。负债权益比率由 2023 年的 43.2% 降至 2024 年的 39.4%，再降至 2025 年的 23.9%。总资产在 2023 年为 RM223.0 million，2024 年为 RM277.2 million，2025 年为 RM260.1 million。
Source: annual report 2024, pages 11, 123; annual report 2025, pages 11, 12, 144.出处：2024 年年报第 11、123 页；2025 年年报第 11、12、144 页。
Still to be spent尚未支出的承诺
TSA Industries entered into machinery purchase contracts in December 2021 for USD5,291,000 (RM22,067,000) and in January 2023 for USD2,025,000 (RM8,918,000). Total estimated cost for establishing the cold rolling line and Semenyih premises is approximately RM120 million.TSA Industries 于 2021 年 12 月签署 USD5,291,000（RM22,067,000）及 2023 年 1 月签署 USD2,025,000（RM8,918,000）的机械采购合同。建立冷轧生产线及士毛月厂房的总预估成本约为 RM120 million。
Source: annual report 2024, page 109; annual report 2025, pages 12, 131.出处：2024 年年报第 109 页；2025 年年报第 12、131 页。
Four years of figures四年数字
Group figures, in RM thousand (×1,000), as printed in the statements.集团数字，单位千令吉（×1,000），照财务报表所印。
| Group集团 | 2023 | 2024 | 2025 |
|---|---|---|---|
| RM'000千令吉 | RM'000千令吉 | RM'000千令吉 | |
| Revenue营业额 | 332,646 | 290,691 | 262,076 |
| Profit before taxation税前盈利 | 24,150 | 24,181 | 23,547 |
| Profit after taxation税后盈利 | 17,107 | 17,660 | 16,148 |
| Purchase of property, plant and equipment购置物业、厂房及设备 | (7,575) | (1,213) | (12,566) |
| Dividends paid已付股息 | (25,000) | (15,745) | (12,569) |
| Total assets总资产 | 223,011 | 277,241 | 260,053 |
| Total borrowings总借款 | 60,291 | 71,595 | 44,169 |
| Cash and bank balances现金与银行结余 | 18,753 | 50,482 | 23,648 |
| Short-term investments短期投资 | 0 | 20,072 | 29,921 |
| Total equity总权益 | 142,929 | 184,542 | 187,671 |
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 produce cold-rolled stainless steel coils by installing a cold rolling line at a new manufacturing facility in Semenyih, where earthworks commenced in the first quarter of 2025.计划在士毛月的新制造厂房安装冷轧生产线，以生产不锈钢冷轧卷板，厂房土木工程已于 2025 年首季动工。 | Earthworks for the Semenyih manufacturing facility were completed and main building construction commenced in March 2026.士毛月制造厂房的土木工程已竣工，主体建筑工程于 2026 年 3 月动工。 Source: annual report 2024, pages 9, 11; annual report 2025, pages 10, 12.出处：2024 年年报第 9、11 页；2025 年年报第 10、12 页。 | Still in progress仍进行中 |
| The Board committed to achieving a minimum of 30% female directors, extending the target completion timeline to February 2026.董事会承诺实现女性董事至少占 30% 的目标，并将达标期限延至 2026 年 2 月。 | Loh Pei Ling was appointed on 1 September 2025, bringing female representation to three of eight directors (37.5%).Loh Pei Ling 于 2025 年 9 月 1 日获委任为董事，使女性董事增至八名中的三名（37.5%）。 Source: annual report 2024, page 38; annual report 2025, pages 22, 51.出处：2024 年年报第 38 页；2025 年年报第 22、51 页。 | Completed已完成 |
| To utilise unspent IPO proceeds of RM5.1 million for capital expenditure on Semenyih manufacturing premises within 24 months and RM12.3 million for working capital within 36 months.计划在 24 个月内将尚未动用的 RM5.1 million 首发股资金用于士毛月制造厂房的资本支出，并在 36 个月内将 RM12.3 million 用于营运资金。 | Both the RM5.1 million capital expenditure for Semenyih premises and RM12.3 million working capital were fully utilised in the 2025 report.2025 年年报显示，士毛月厂房的 RM5.1 million 资本支出与 RM12.3 million 营运资金均已全数动用。 Source: annual report 2024, page 55; annual report 2025, page 70.出处：2024 年年报第 55 页；2025 年年报第 70 页。 | Carried out已执行 |
| Plans in the pipeline to broaden the product range to serve customer needs and capture market opportunities.正在筹划扩大产品种类，以满足客户需求并把握市场机遇。 | The 2025 report reiterates that various plans remain in the pipeline to broaden the product range.2025 年年报重申扩大产品种类的多项计划仍在筹备中。 Source: annual report 2024, page 13; annual report 2025, page 16.出处：2024 年年报第 13 页；2025 年年报第 16 页。 | Still in progress仍进行中 |
What the reports leave open年报留下待看的事
- How the group finances the Semenyih cold rolling line and premises, with an estimated total cost of approximately RM120 million.集团将如何为士毛月冷轧生产线与厂房提供资金，该项目总预估成本约为 RM120 million。
Source: annual report 2025, pages 12, 131.出处：2025 年年报第 12、131 页。
- Whether the newly commenced granite quarry business produces revenue and profits under the joint operation and sole distribution agreement after contributing nil revenue in FYE 2025.在 2025 财年录得零营业额后，新开展的花岗岩采石业务能否在联合营运与独家分销协议下带来营业额与盈利。
Source: annual report 2025, pages 8, 10, 29.出处：2025 年年报第 8、10、29 页。
- The outcome of the appeal in TSA Industries' claim against the Vessel, with case management fixed for 13 May 2026.TSA Industries 对该船只索赔案上诉的结果，该案案件管理定于 2026 年 5 月 13 日进行。
Source: annual report 2025, pages 150, 151.出处：2025 年年报第 150、151 页。
- Whether any part of the RM10.368 million advance payment for steam coal, which has a full impairment allowance of RM10.368 million, can be recovered.预付给动力煤供应商的 RM10.368 million 款项（已全额计提 RM10.368 million 减值拨备）能否收回任何部分。
Source: annual report 2025, pages 112, 139.出处：2025 年年报第 112、139 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。