DailySpaceAgricore CS Holdings Berhad
0309 · ACE Market创业板（ACE Market） · annual reports 2024 to 2025, 872 entries read2024 至 2025 年报，共读出 872 条
The company这家公司
Agricore sources and distributes plant-based agricultural food ingredients, including starch products, beans, pulses and grains. Its subsidiary Bapas Food Products Sdn. Bhd. produces and sells food additives and fried shallots. Its house brands include ‘POKOK AGRICORE’, ‘SunRise’, ‘CAP POKOK’, ‘POKOK-POKOK’ and ‘BAPAS’.Agricore 采购和分销植物性农业食品原料，包括淀粉产品、豆类和谷物。旗下 Bapas Food Products Sdn. Bhd. 生产和销售食品添加剂与炸葱。自有品牌包括 ‘POKOK AGRICORE’、‘SunRise’、‘CAP POKOK’、‘POKOK-POKOK’ 和 ‘BAPAS’。
Source: annual report 2024, pages 11, 93; annual report 2025, page 10.出处：2024 年年报第 11、93 页；2025 年年报第 10 页。
In 2025, sourcing and distribution contributed 87.20% of revenue, while food additives and fried shallots contributed 12.80%. Malaysia accounted for 99.03% of revenue. The customer base reached 1,426, and Brunei became a new export market. No customer contributed 10% or more of group revenue.2025 年，采购和分销占营业额 87.20%，食品添加剂与炸葱占 12.80%。马来西亚占营业额 99.03%。客户数达到 1,426，Brunei 成为新的出口市场。没有客户贡献集团营业额的 10% 或以上。
Source: annual report 2025, pages 10, 12, 126.出处：2025 年年报第 10、12、126 页。
The 2025 largest-holder list shows Frazel Group Sdn. Bhd. with 40,560,000 shares, or 20.00%, and Oon Boon Khong with 20,348,400 shares, or 10.03%. It also lists Amsec Nominees (Tempatan) Sdn Bhd's pledged securities account for Frazel Group Sdn Bhd with 6,156,100 shares, or 3.04%. These are the balances in the named accounts.2025 年最大股东名单列出 Frazel Group Sdn. Bhd. 持有 40,560,000 股，占 20.00%，Oon Boon Khong 持有 20,348,400 股，占 10.03%。名单也列出 Amsec Nominees (Tempatan) Sdn Bhd 为 Frazel Group Sdn Bhd 开设的质押证券账户，持有 6,156,100 股，占 3.04%。这些数字是各列名账户的持股结余。
Source: annual report 2025, page 146.出处：2025 年年报第 146 页。
Pledged securities accounts for Oon Boon Khong are also listed: RHB Nominees (Tempatan) Sdn Bhd, 15,000,000 shares (7.40%); CGS International Nominees Malaysia (Tempatan) Sdn. Bhd., 6,000,000 (2.96%); TA Nominees (Tempatan) Sdn Bhd, 5,000,000 (2.46%); Alliancegroup Nominees (Tempatan) Sdn Bhd, 4,500,000 (2.22%); Affin Hwang Nominees (Tempatan) Sdn. Bhd., 4,500,000 (2.22%); Amsec Nominees (Tempatan) Sdn Bhd, 4,500,000 (2.22%); and Maybank Nominees (Tempatan) Sdn Bhd, 4,000,000 (1.97%). A Maybank Nominees (Tempatan) Sdn Bhd pledged securities account for Ng Pei Jin holds 2,000,000 shares (0.99%).名单也列出为 Oon Boon Khong 开设的质押证券账户：RHB Nominees (Tempatan) Sdn Bhd，15,000,000 股（7.40%）；CGS International Nominees Malaysia (Tempatan) Sdn. Bhd.，6,000,000 股（2.96%）；TA Nominees (Tempatan) Sdn Bhd，5,000,000 股（2.46%）；Alliancegroup Nominees (Tempatan) Sdn Bhd，4,500,000 股（2.22%）；Affin Hwang Nominees (Tempatan) Sdn. Bhd.，4,500,000 股（2.22%）；Amsec Nominees (Tempatan) Sdn Bhd，4,500,000 股（2.22%）；以及 Maybank Nominees (Tempatan) Sdn Bhd，4,000,000 股（1.97%）。Maybank Nominees (Tempatan) Sdn Bhd 为 Ng Pei Jin 开设的质押证券账户持有 2,000,000 股（0.99%）。
Source: annual report 2025, page 146.出处：2025 年年报第 146 页。
Datuk Keh Chuan Seng resigned as Non-Independent Non-Executive Deputy Chairman on 22 March 2025. Fu Yew Sun resigned as Independent Non-Executive Chairman on 31 August 2025. Wong Pak Yii became Independent Non-Executive Chairman and Ng Pei Jin became Executive Director and CAO on 2 September 2025. Ng Pei Jin is the spouse of Oon Boon Khong.Datuk Keh Chuan Seng 于 2025 年 3 月 22 日辞任非独立非执行副主席。Fu Yew Sun 于 2025 年 8 月 31 日辞任独立非执行主席。Wong Pak Yii 于 2025 年 9 月 2 日获任独立非执行主席，Ng Pei Jin 同日获任执行董事兼 CAO。Ng Pei Jin 是 Oon Boon Khong 的配偶。
Source: annual report 2025, pages 6, 51.出处：2025 年年报第 6、51 页。
The number of developed food additive formulations rose from 62 in 2024 to 79 in 2025. Commercialised formulations under ‘BAPAS’ rose from 49 to 69. A seventh mixing machine was added in 2025. The group also acquired a property for production and/or storage facilities.已开发的食品添加剂配方由 2024 年的 62 种增至 2025 年的 79 种。以 ‘BAPAS’ 品牌商业化的配方由 49 种增至 69 种。2025 年增添了第七台混合机。集团也购入一项产业，供生产及／或仓储设施使用。
Source: annual report 2024, page 14; annual report 2025, pages 10, 11.出处：2024 年年报第 14 页；2025 年年报第 10、11 页。
Revenue by product activity, 20252025 年各产品业务营业额占比
Source: annual report 2025, page 12.出处：2025 年年报第 12 页。
Major events大事记
Source: annual report 2025, page 11.出处：2025 年年报第 11 页。
Source: annual report 2025, page 4.出处：2025 年年报第 4 页。
Source: annual report 2025, page 10.出处：2025 年年报第 10 页。
Source: annual report 2024, page 13.出处：2024 年年报第 13 页。
Source: annual report 2024, page 19.出处：2024 年年报第 19 页。
Source: annual report 2025, pages 10, 11.出处：2025 年年报第 10、11 页。
Source: annual report 2025, page 51.出处：2025 年年报第 51 页。
Source: annual report 2025, page 124.出处：2025 年年报第 124 页。
Source: annual report 2025, page 142.出处：2025 年年报第 142 页。
Revenue, profit and operating cash营业额、盈利与营运现金
Assets, borrowings and equity资产、借款与权益
20242024 年
Operations used RM3.3 million of cash. The public share issue brought in RM25.9 million, with share issuance expenses of RM824,751. Cash spent on property, plant and equipment was RM1.5 million. Short-term borrowings fell through net repayments of RM7.8 million; term loan repayments were RM830,247 and lease liability payments were RM506,666. No dividends were paid during the year. The report included RM3.1 million of listing expenses in profit before and after tax.营运使用现金 RM3.3 million。公开发行股票带来 RM25.9 million，股份发行费用为 RM824,751。购置产业、厂房与设备的现金支出为 RM1.5 million。短期借款净偿还 RM7.8 million；定期贷款偿还额为 RM830,247，租赁负债付款为 RM506,666。年内没有支付股息。年报的税前与税后业绩包含 RM3.1 million 的上市费用。
Source: annual report 2024, pages 18, 78.出处：2024 年年报第 18、78 页。
20252025 年
Operations generated RM4.8 million of cash. Property, plant and equipment additions cost RM6.2 million: RM1.4 million was paid in cash, RM4.5 million used loan financing and RM262,500 was recorded in other payables. Other investments used RM2.5 million of cash. The group repaid RM1.4 million of bankers' acceptances, RM855,751 of term loans and RM964,466 of lease liabilities. Dividends paid were RM2.0 million. No shares or debentures were issued during the year.营运产生现金 RM4.8 million。新增产业、厂房与设备的成本为 RM6.2 million：现金支付 RM1.4 million，贷款融资 RM4.5 million，另有 RM262,500 记入其他应付款。其他投资使用现金 RM2.5 million。集团偿还银行承兑汇票 RM1.4 million、定期贷款 RM855,751，以及租赁负债 RM964,466。已付股息为 RM2.0 million。年内没有发行股票或债券。
Source: annual report 2025, pages 69, 91, 92, 102.出处：2025 年年报第 69、91、92、102 页。
Across the years跨年合看
Revenue rose from RM135.0 million in 2023 to RM144.0 million in 2024, then fell to RM136.1 million in 2025. Profit for the year moved from RM6.8 million to a loss of RM719,259, then a profit of RM3.6 million. Loans and borrowings moved from RM25.9 million to RM17.3 million and then RM19.5 million. Cash and bank balances rose from RM7.1 million to RM9.1 million and RM10.6 million.营业额由 2023 年的 RM135.0 million 升至 2024 年的 RM144.0 million，再降至 2025 年的 RM136.1 million。年度业绩由盈利 RM6.8 million 转为亏损 RM719,259，再转为盈利 RM3.6 million。贷款与借款由 RM25.9 million 降至 RM17.3 million，再升至 RM19.5 million。现金与银行结余由 RM7.1 million 升至 RM9.1 million，再升至 RM10.6 million。
Source: annual report 2024, page 107; annual report 2025, page 142.出处：2024 年年报第 107 页；2025 年年报第 142 页。
Still to be spent尚待支出
The 2025 report shows all RM25.9 million of IPO proceeds used, with no unused balance. On 6 March 2026, the group signed an agreement to buy another freehold semi-detached light industrial factory for RM6.1 million. The report expected the CCC for both properties in the second quarter of 2026.2025 年报显示，RM25.9 million 的 IPO 募资已全部使用，没有未用余额。集团于 2026 年 3 月 6 日签署协议，以 RM6.1 million 购买另一座永久地契半独立轻工业厂房。年报预计两项产业的 CCC 将于 2026 年第二季度取得。
Source: annual report 2025, pages 15, 66, 124, 142.出处：2025 年年报第 15、66、124、142 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 | 134,992,166 | 143,962,115 | 136,074,548 |
| Profit before tax税前盈利 | 9,053,377 | 101,060 | 4,690,344 |
| Profit/(Loss) for the financial year年度盈利／亏损 | 6,781,659 | (719,259) | 3,610,079 |
| Net cash from/(used in) operating activities营运活动所得／所用现金净额 | 2,403,303 | (3,287,249) | 4,770,148 |
| Acquisition of property, plant and equipment购置产业、厂房与设备的现金支出 | (1,661,708) | (1,502,088) | (1,442,018) |
| Dividends paid已付股息 | (1,423,000) | 0 | (2,028,000) |
| Total assets总资产 | – | 86,310,667 | 88,079,291 |
| Loans and borrowings贷款与借款 | 25,924,474 | 17,288,227 | 19,502,976 |
| Cash and bank balances现金与银行结余 | 7,061,666 | 9,093,380 | 10,593,502 |
| Total equity总权益 | 30,134,590 | 54,447,580 | 56,537,059 |
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 |
|---|---|---|
| The 2024 report allocated RM18.9 million of IPO proceeds to inventory purchases, to be used within 12 months.2024 年报将 IPO 募资中的 RM18.9 million 分配给库存采购，计划在 12 个月内使用。 | The 2025 utilisation table shows the full RM18.9 million used, with no balance remaining. It does not give the date of full use.2025 年资金使用表显示，RM18.9 million 已全部使用，没有余额。表内没有列出全部用完的日期。 Source: annual report 2024, page 66; annual report 2025, page 66.出处：2024 年年报第 66 页；2025 年年报第 66 页。 | Fully used; completion date not given已全部使用；未列完成日期 |
| The 2024 report allocated RM2.7 million of IPO proceeds to setting up a regional storage facility, to be used within 12 months.2024 年报将 IPO 募资中的 RM2.7 million 分配给设立区域仓储设施，计划在 12 个月内使用。 | The 2025 utilisation table shows the allocation fully used. The report confirms that the Klang facility began operations in September 2024.2025 年资金使用表显示，该项拨款已全部使用。年报确认 Klang 设施于 2024 年 9 月投入营运。 Source: annual report 2024, page 66; annual report 2025, pages 13, 66.出处：2024 年年报第 66 页；2025 年年报第 13、66 页。 | Facility operating; allocation fully used设施已营运；拨款已全部使用 |
| The 2024 report said the group planned to recruit additional employees at Bukit Minyak. Its workforce then stood at 110.2024 年报表示，集团计划为 Bukit Minyak 增聘员工。当时员工总数为 110 人。 | The group reported 119 employees at the end of 2025. The IPO allocation of RM578,000 for staff recruitment was fully used.集团报告 2025 年底共有 119 名员工。用于招聘员工的 IPO 拨款 RM578,000 已全部使用。 Source: annual report 2024, pages 19, 66; annual report 2025, pages 13, 66.出处：2024 年年报第 19、66 页；2025 年年报第 13、66 页。 | Workforce increased; recruitment allocation used员工人数增加；招聘拨款已使用 |
| The 2024 report said the group sought to expand its reach by exploring new geographic markets.2024 年报表示，集团寻求通过探索新的地区市场扩大业务覆盖范围。 | The 2025 report records entry into Brunei in 2025, following expansion into Vietnam in 2024.2025 年报记载，集团继 2024 年拓展至 Vietnam 后，于 2025 年进入 Brunei。 Source: annual report 2024, page 33; annual report 2025, page 25.出处：2024 年年报第 33 页；2025 年年报第 25 页。 | New market entered已进入新市场 |
| The 2024 report said the Board was working towards 30% female representation by appointing qualified candidates over time.2024 年报表示，董事会正通过逐步委任合资格人选，争取达到 30% 的女性董事比例。 | The 2025 report states that women represented 50% of the Board.2025 年报表示，女性占董事会的 50%。 Source: annual report 2024, page 40; annual report 2025, page 24.出处：2024 年年报第 40 页；2025 年年报第 24 页。 | Target reached已达到目标 |
What the reports leave open年报留下待看的事
- The report expected the CCC for both properties in the second quarter of 2026. Their use for production and storage remained a future step.年报预计两项产业的 CCC 将于 2026 年第二季度取得。将这些产业用于生产和仓储仍是后续步骤。
Source: annual report 2025, page 15.出处：2025 年年报第 15 页。
- The group was investing in automation for its existing production line. The report expected higher capacity once the system was implemented, without giving a capacity figure or completion date.集团正为现有生产线投资自动化。年报预计系统实施后产能将增加，但没有列出产能数字或完成日期。
Source: annual report 2025, page 15.出处：2025 年年报第 15 页。
- The group remained exposed to exchange-rate movements. The report says the stronger RM reduced imported purchase costs in 2025. It also says no derivative instruments had been entered into for hedging or trading.集团仍面对汇率变动。年报表示，2025 年 RM 升值降低了进口采购成本。年报也表示，集团没有订立用于对冲或交易的衍生工具。
Source: annual report 2025, pages 14, 136.出处：2025 年年报第 14、136 页。
- Future dividends remained at the Board's discretion, with no formal dividend policy. The report says the holding company's dividend payments rely on dividends from subsidiaries, which may require financiers' consent. No final dividend was recommended for 2025.未来股息仍由董事会酌情决定，公司没有正式股息政策。年报表示，控股公司的股息支付依赖子公司的股息，而子公司派息可能需要融资机构同意。董事会没有建议派发 2025 年终期股息。
Source: annual report 2025, pages 15, 124.出处：2025 年年报第 15、124 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。