DailySpaceSteel Hawk Berhad
0320 · ACE Market创业板（ACE Market） · annual reports 2024 to 2025, 1050 entries read2024 至 2025 年报，共读出 1050 条
The company这家公司
Steel Hawk provides engineering, procurement, construction and commissioning (EPCC) services and facilities improvement and maintenance. It also installs, maintains and supplies oilfield equipment. Its customers are predominantly in Malaysia.Steel Hawk 提供工程、采购、施工与调试（EPCC）服务，以及设施改善与维护服务。它也安装、维护和供应油田设备。客户主要位于马来西亚。
Source: annual report 2025, pages 167, 175.出处：2025 年年报第 167、175 页。
In 2025, EPCC and facilities improvement and maintenance brought RM113.2 million of revenue, installation and maintenance of oilfield equipment RM7.0 million, and supply of oilfield equipment RM2.0 million. Shareholders approved an expanded EPCC business on 5 November 2025. The report describes underground power cable work through a collaboration with Ibrahim & Sons Engineering Sdn Bhd.2025 年，EPCC 及设施改善与维护带来 RM113.2 million 营业额，油田设备安装与维护带来 RM7.0 million，油田设备供应带来 RM2.0 million。股东于 2025 年 11 月 5 日批准扩大 EPCC 业务。年报提到通过与 Ibrahim & Sons Engineering Sdn Bhd 合作开展地下电缆工程。
Source: annual report 2025, pages 40, 167.出处：2025 年年报第 40、167 页。
The latest report says a significant portion of revenue comes from PETRONAS and its group of companies. Many appointments are call-out or umbrella contracts: they provide work during the contract period but do not carry a fixed order book value when awarded.最新年报表示，营业额有相当部分来自 PETRONAS 及其集团公司。许多委任属于按需或框架合约：这些合约在期限内提供工作，但获授时并没有固定的订单金额。
Source: annual report 2025, pages 32, 46.出处：2025 年年报第 32、46 页。
The latest largest-shareholders list names Radiant Capital Sdn Bhd with 171,500,000 shares, or 34.960%. Sharman Kristy A/L Michael and Annie A/P V Sinniah each have an account holding 32,634,000 shares, or 6.652%. The report identifies Dato’ Sharman, Deputy Chairman / Executive Director, and Datin Annie A/P V Sinniah, Human Resource and Administration Director, as married to each other.最新大股东名单列出 Radiant Capital Sdn Bhd 持有 171,500,000 股，占 34.960%。Sharman Kristy A/L Michael 与 Annie A/P V Sinniah 各有一个持有 32,634,000 股的账户，各占 6.652%。年报说明，副主席兼执行董事 Dato’ Sharman 与人力资源及行政董事 Datin Annie A/P V Sinniah 为夫妻。
Source: annual report 2025, pages 25, 191.出处：2025 年年报第 25、191 页。
The list also names Prisma Armada Sdn Bhd - Pledged Securities Account for Radiant Capital Sdn Bhd with 6,849,000 shares, or 1.396%; Prisma Armada Sdn Bhd - Pledged Securities Account for Sharman Kristy A/L Michael with 16,317,000 shares, or 3.326%; and Prisma Armada Sdn Bhd - Pledged Securities Account for Annie A/P V Sinniah with 16,317,000 shares, or 3.326%.名单也列出 Prisma Armada Sdn Bhd - Pledged Securities Account for Radiant Capital Sdn Bhd 持有 6,849,000 股，占 1.396%；Prisma Armada Sdn Bhd - Pledged Securities Account for Sharman Kristy A/L Michael 持有 16,317,000 股，占 3.326%；Prisma Armada Sdn Bhd - Pledged Securities Account for Annie A/P V Sinniah 持有 16,317,000 股，占 3.326%。
Source: annual report 2025, page 191.出处：2025 年年报第 191 页。
Afizul Bin Md Yusoff became Group Chief Executive Officer on 24 February 2025. Haffiz Bin Hussin succeeded him on 2 December 2025. Murugappan A/L Vairavan became Chief Financial Officer on 1 October 2025. After the financial year, Tan Sri Dato’ Seri Mohd Annuar Bin Zaini replaced Tan Sri Acryl Sani Bin Hj. Abdullah Sani as Independent Non-Executive Chairman on 1 April 2026.Afizul Bin Md Yusoff 于 2025 年 2 月 24 日出任集团首席执行员。Haffiz Bin Hussin 于 2025 年 12 月 2 日接任。Murugappan A/L Vairavan 于 2025 年 10 月 1 日出任首席财务员。财政年度结束后，Tan Sri Dato’ Seri Mohd Annuar Bin Zaini 于 2026 年 4 月 1 日接替 Tan Sri Acryl Sani Bin Hj. Abdullah Sani，出任独立非执行主席。
Source: annual report 2024, page 23; annual report 2025, pages 29, 105.出处：2024 年年报第 23 页；2025 年年报第 29、105 页。
Revenue by segment, 20252025 年各业务营业额
Source: annual report 2025, page 174.出处：2025 年年报第 174 页。
Major events大事记
Source: annual report 2025, page 3.出处：2025 年年报第 3 页。
Source: annual report 2024, page 127.出处：2024 年年报第 127 页。
Source: annual report 2024, pages 32, 127.出处：2024 年年报第 32、127 页。
Source: annual report 2024, pages 38, 39.出处：2024 年年报第 38、39 页。
Source: annual report 2025, pages 40, 120.出处：2025 年年报第 40、120 页。
Source: annual report 2025, page 128.出处：2025 年年报第 128 页。
Source: annual report 2025, page 185.出处：2025 年年报第 185 页。
Source: annual report 2025, page 105.出处：2025 年年报第 105 页。
Revenue, profit and operating cash营业额、盈利与营运现金
Assets, current borrowings and equity资产、流动借款与权益
20242024 年
Operations used RM15.5 million of cash. Cash payments for property, plant and equipment were RM6.4 million. The public issue brought in RM13.5 million, and net trade financing drawdowns were RM7.1 million. Net repayments of term loans were RM2.0 million. Listing expenses paid were RM3.2 million and interest paid was RM2.1 million. The cash-flow statement records no dividend paid.营运使用 RM15.5 million 现金。购置物业、厂房与设备的现金付款为 RM6.4 million。公开发行股份带来 RM13.5 million，贸易融资净提取额为 RM7.1 million。定期贷款净偿还额为 RM2.0 million。支付上市费用 RM3.2 million，支付利息 RM2.1 million。现金流量表列示没有支付股息。
Source: annual report 2024, pages 139, 140.出处：2024 年年报第 139、140 页。
20252025 年
Operations used RM23.7 million of cash. Cash payments for property, plant and equipment were RM0.4 million, and RM4.1 million was placed in pledged fixed deposits. Net drawdowns were RM20.6 million from trade financing, RM5.5 million from short-term loans and RM0.8 million from term loans. Interest paid was RM4.2 million. The company issued shares for RM189,720 and reported no dividend proposed, declared or paid.营运使用 RM23.7 million 现金。购置物业、厂房与设备的现金付款为 RM0.4 million，另有 RM4.1 million 存入已抵押定期存款。贸易融资净提取额为 RM20.6 million，短期贷款为 RM5.5 million，定期贷款为 RM0.8 million。支付利息 RM4.2 million。公司发行股份取得 RM189,720，并表示没有建议、宣布或支付股息。
Source: annual report 2025, pages 128, 149, 178.出处：2025 年年报第 128、149、178 页。
Across the years历年合看
Profit for the year rose from RM7.2 million in 2023 to RM13.1 million in 2025. Operations generated RM1.1 million of cash in 2023, then used cash in both following years. Trade receivables rose from RM3.5 million to RM97.6 million over the same period. At the end of 2025, cash and bank balances were RM7.6 million. Fixed deposits of RM9.2 million were pledged, and bank overdrafts were RM17.0 million. Cash and cash equivalents after these adjustments were negative RM9.4 million.年度盈利从 2023 年的 RM7.2 million 升至 2025 年的 RM13.1 million。2023 年营运产生 RM1.1 million 现金，随后两年均使用现金。同期贸易应收款从 RM3.5 million 升至 RM97.6 million。2025 年底，现金与银行结余为 RM7.6 million。RM9.2 million 定期存款已抵押，银行透支为 RM17.0 million。作出这些调整后，现金与现金等价物为负 RM9.4 million。
Source: annual report 2024, page 139; annual report 2025, pages 143, 149, 150, 163.出处：2024 年年报第 139 页；2025 年年报第 143、149、150、163 页。
Still to be spent尚未支出的资金与承诺
The latest proceeds table shows RM7.0 million remaining from the IPO. On 5 November 2025, shareholders approved moving RM7.0 million originally allocated to Teluk Kalung Facility 2 into working capital. The report still describes the facility as under development. Capital commitments authorised and contracted for include RM0.3 million for acquisition of a motor vehicle through hire purchase.最新募集资金表列示，首次公开募股资金尚余 RM7.0 million。2025 年 11 月 5 日，股东批准把原分配给 Teluk Kalung Facility 2 的 RM7.0 million 改作营运资金。年报仍将该设施描述为开发中。已批准并签约的资本承诺包括通过租购方式购置汽车的 RM0.3 million。
Source: annual report 2025, pages 33, 120, 173.出处：2025 年年报第 33、120、173 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 | 72,537 | 78,424 | 122,259 |
| Profit before tax税前盈利 | 10,344 | 18,041 | 18,146 |
| Profit for the year年度盈利 | 7,220 | 12,652 | 13,085 |
| Net cash from operating activities营运活动所得现金净额 | 1,144 | (15,525) | (23,718) |
| Acquisition of property, plant and equipment购置物业、厂房与设备 | (3,000) | (6,353) | (355) |
| Total assets总资产 | 51,687 | 83,588 | 146,890 |
| Current loans and borrowings流动贷款与借款 | 13,632 | 22,578 | 56,355 |
| Non-current loans and borrowings非流动贷款与借款 | 4,089 | 2,499 | 3,321 |
| Cash and bank balances现金与银行结余 | 10,537 | 4,704 | 7,607 |
| Total equity总权益 | 21,283 | 46,376 | 59,651 |
| Trade receivables贸易应收款 | 3,488 | 16,546 | 97,579 |
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 RM7.0 million of IPO proceeds to Teluk Kalung Facility 2, with utilisation within 24 months. The facility was intended to raise fabrication capacity from 13 MT to approximately 65 MT per month.2024 年报把 RM7.0 million 首次公开募股资金分配给 Teluk Kalung Facility 2，计划在 24 个月内使用。该设施原定把每月制造产能从 13 MT 提高至约 65 MT。 | The 2025 report still describes the facility as under development. Shareholders approved reallocating its RM7.0 million of IPO proceeds to working capital on 5 November 2025.2025 年报仍将该设施描述为开发中。股东于 2025 年 11 月 5 日批准把原供该设施使用的 RM7.0 million 首次公开募股资金改作营运资金。 Source: annual report 2024, pages 43, 117; annual report 2025, pages 33, 120.出处：2024 年年报第 43、117 页；2025 年年报第 33、120 页。 | Still in progress; proceeds reallocated仍在进行；资金已改作其他用途 |
| The 2024 report said five regional offices were being established in Sungai Udang, Pengerang, Bintulu, Labuan and Kota Kinabalu.2024 年报表示，正在 Sungai Udang、Pengerang、Bintulu、Labuan 和 Kota Kinabalu 设立五个区域办事处。 | The 2025 report again says the five offices in these locations are in the process of being established.2025 年报再次表示，这些地点的五个办事处仍在设立过程中。 Source: annual report 2024, page 33; annual report 2025, page 35.出处：2024 年年报第 33 页；2025 年年报第 35 页。 | Still being established仍在设立 |
| The 2024 report set a target to maintain a local procurement rate of 90%.2024 年报设定维持 90% 本地采购率的目标。 | The 2025 report says 99% of the procurement budget was spent on local suppliers and subcontractors.2025 年报表示，99% 采购预算用于本地供应商与分包商。 Source: annual report 2024, page 57; annual report 2025, page 53.出处：2024 年年报第 57 页；2025 年年报第 53 页。 | Stated rate exceeded高于所定比率 |
| The 2024 report set a target to maintain zero fatalities throughout the reporting period.2024 年报设定在报告期间维持零死亡事故的目标。 | The 2025 report records zero work-related fatalities.2025 年报记录零宗工作相关死亡事故。 Source: annual report 2024, page 57; annual report 2025, page 95.出处：2024 年年报第 57 页；2025 年年报第 95 页。 | Zero fatalities reported报告零死亡事故 |
What the reports leave open年报留下待看的事
- Collection of trade receivables and contract assets remains open. At the end of 2025, these stood at RM97.6 million and RM16.4 million respectively. Two major customers accounted for approximately 92% of outstanding trade receivables. The report gives general customer credit terms of 30 to 270 days.贸易应收款与合约资产的收款情况仍待后续披露。2025 年底，两者分别为 RM97.6 million 和 RM16.4 million。两名主要客户占未收贸易应收款约 92%。年报列出的客户一般信贷期为 30 至 270 天。
Source: annual report 2025, pages 162, 177.出处：2025 年年报第 162、177 页。
- The latest report records RM23.7 million of operating cash outflow and RM5.5 million of short-term loans. The short-term loans are repayable within 1 to 6 months, with stated interest rates ranging from 3% per week to 18% per annum.最新年报记录营运现金流出 RM23.7 million，以及 RM5.5 million 短期贷款。短期贷款须在 1 至 6 个月内偿还，所列利率介于每周 3% 至每年 18%。
Source: annual report 2025, pages 164, 165, 178.出处：2025 年年报第 164、165、178 页。
- Teluk Kalung Facility 2 remains under development, while the RM7.0 million originally assigned to it has been reallocated to working capital. The latest report does not show the facility operating at the intended capacity.Teluk Kalung Facility 2 仍在开发中，原分配给它的 RM7.0 million 已改作营运资金。最新年报未显示该设施已按原定产能运作。
Source: annual report 2024, page 43; annual report 2025, pages 33, 120.出处：2024 年年报第 43 页；2025 年年报第 33、120 页。
- The latest report lists the data centre power connection contract through July 2026, SEGA Elektrik distribution network work through October 2026, and IBSE cable contracts through September or October 2026.最新年报列出，数据中心供电连接合约期限至 2026 年 7 月，SEGA Elektrik 配电网络工程至 2026 年 10 月，IBSE 电缆合约至 2026 年 9 月或 10 月。
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。