DailySpaceVanzo Holdings Berhad
0333 · ACE Market创业板（ACE Market） · annual reports 2025 to 2025, 187 entries read2025 至 2025 年报，共读出 187 条
The company这家公司
Vanzo Holdings Berhad designs, markets, and sells air fragrance and fragrance-related products through its wholly-owned subsidiary Vanzo Asia Sdn. Bhd., predominantly in Malaysia. It mainly co-formulates and outsources manufacturing to Foshan Ikeda Air Freshener Co. Ltd. under an OEM production agreement entered into in 2021, and expanded its portfolio to 17 car and indoor fragrance series and 4 personal and household care products offering 33 unique scents.Vanzo Holdings Berhad 通过全资子公司 Vanzo Asia Sdn. Bhd. 设计、营销并销售空气香氛及香氛相关产品，主要在马来西亚经营。公司主要联合调配并根据 2021 年订立的 OEM 生产协议向 Foshan Ikeda Air Freshener Co. Ltd. 外包生产，产品系列拓展至 17 个汽车及室内香氛系列以及 4 个个人及家居护理产品，提供 33 种独特香味。
Sources (5)出处（5）
Vanzo Asia Sdn. Bhd. Malaysia 100% Nil Design, marketing and sale of air fragrance and fragrance-related products
No segmental information is provided as the Group is primarily involved in the air fragrance industry and the Group’s activities are predominantly in Malaysia.
In this regard, we mainly co-formulate and outsource the manufacturing of our air fragrance and fragrance-related products to Foshan Ikeda Air Freshener Co. Ltd. (“Foshan Ikeda”).
Furthermore, we had entered into a Right of Use of Formula and Original Equipment Manufacturer (“OEM”) Production Agreement with Foshan Ikeda in 2021, allowing us to have the liberty to monitor and inspect the manufacturing process of our products.
Over the years, we have expanded our product portfolio to include 17 car and indoor fragrance series and 4 personal and household care products, offering a total of 33 unique scents, of which we own the formulation for 13.
The group's revenue is primarily derived from sales of goods in Malaysia. One customer, Customer A, accounted for RM20,059,450 of revenue in 2025, compared with RM13,536,373 in 2024. Three customers constituted 54% of trade receivables at year end (2024: one customer constituted 32%). Beyond Malaysia, products have reached Singapore, Brunei, Australia and Taiwan.集团营业额主要来自马来西亚的商品销售。客户 Customer A 在 2025 年贡献了 RM20,059,450 营业额，2024 年为 RM13,536,373。三名客户占年末贸易应收款项的 54%（2024 年：一名客户占 32%）。除马来西亚外，产品亦已拓展至新加坡、文莱、澳大利亚和台湾。
Sources (5)出处（5）
The Group’s and the Company’s revenue is primarily derived from Malaysia, as follows:
Sales of goods 60,516,795 49,949,191 - -
Customer A 20,059,450 13,536,373
The Group’s major concentration of credit risk relates to the amount owing by 3 customers (2024: 1 customer) which constituted 54% (2024: 32%) of its trade receivables as at the end of each reporting period.
Beyond Malaysia, we have also expanded our geographical footprint to Singapore, Brunei, Australia and Taiwan.
Fragrance Century Sdn. Bhd holds 216,103,850 shares (46.300%), in which Wong Liang Tzer has an indirect interest. Lim Chee Lip holds 62,180,000 shares (13.322%) directly, and Ng Yee Heng holds 48,470,350 shares (10.385%) directly. Choe Sook Ling holds 300,000 shares (0.064%) and is the spouse of Lim Chee Lip, while Michelle Tan Yee Feung, a deemed substantial shareholder, is the spouse of Ng Yee Heng.Fragrance Century Sdn. Bhd 持有 216,103,850 股（46.300%），Wong Liang Tzer 对其拥有间接权益。Lim Chee Lip 直接持有 62,180,000 股（13.322%），Ng Yee Heng 直接持有 48,470,350 股（10.385%）。Choe Sook Ling 持有 300,000 股（0.064%），是 Lim Chee Lip 的配偶；视同主要股东 Michelle Tan Yee Feung 则是 Ng Yee Heng 的配偶。
Sources (7)出处（7）
Fragrance Century Sdn. Bhd 216,103,850 46.300 - -
Wong Liang Tzer - - 216,103,850(3) 46.300
Lim Chee Lip 62,180,000 13.322 300,000 (1) 0.064
Ng Yee Heng 48,470,350 10.385 - -
Choe Sook Ling 300,000 0.064 62,180,000(2) 13.322
She is the spouse of Mr. Lim Chee Lip, the major shareholder of the Company.
Miss Michelle Tan Yee Feung (deemed substantial shareholder) is spouse to Mr. Ng Yee Heng, Eddie.
Substantial portions of shareholdings are held in pledged securities accounts. Accounts pledged for Lim Chee Lip hold 45,180,000 shares (9.680%) at Affin Hwang Nominees and 17,000,000 shares (3.642%) at Alliancegroup Nominees. Accounts pledged for Ng Yee Heng hold 19,156,600 shares (4.104%) at Alliancegroup Nominees, 13,462,000 shares (2.884%) at TA Nominees, 12,800,000 shares (2.742%) at Maybank Nominees, and 3,049,550 shares (0.653%) at RHB Nominees. Accounts pledged for Fragrance Century Sdn Bhd hold 14,500,000 shares (3.107%) at TA Nominees and 5,834,300 shares (1.250%) at Maybank Nominees.大额股份通过抵押证券账户持有。为 Lim Chee Lip 抵押的账户在 Affin Hwang Nominees 持有 45,180,000 股（9.680%），在 Alliancegroup Nominees 持有 17,000,000 股（3.642%）。为 Ng Yee Heng 抵押的账户在 Alliancegroup Nominees 持有 19,156,600 股（4.104%），在 TA Nominees 持有 13,462,000 股（2.884%），在 Maybank Nominees 持有 12,800,000 股（2.742%），在 RHB Nominees 持有 3,049,550 股（0.653%）。为 Fragrance Century Sdn Bhd 抵押的账户在 TA Nominees 持有 14,500,000 股（3.107%），在 Maybank Nominees 持有 5,834,300 股（1.250%）。
Sources (8)出处（8）
2. AFFIN HWANG NOMINEES (TEMPATAN) SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR LIM CHEE LIP 45,180,000 9.680
4. ALLIANCEGROUP NOMINEES (TEMPATAN) SDN BHD PLEDGED SECURITIES ACCOUNT FOR LIM CHEE LIP (7016623) 17,000,000 3.642
3. ALLIANCEGROUP NOMINEES (TEMPATAN) SDN BHD PLEDGED SECURITIES ACCOUNT FOR NG YEE HENG (7016499) 19,156,600 4.104
6. TA NOMINEES (TEMPATAN) SDN BHD PLEDGED SECURITIES ACCOUNT FOR NG YEE HENG 13,462,000 2.884
8. MAYBANK NOMINEES (TEMPATAN) SDN BHD PLEDGED SECURITIES ACCOUNT FOR NG YEE HENG 12,800,000 2.742
18. RHB NOMINEES (TEMPATAN) SDN BHD PLEDGED SECURITIES ACCOUNT FOR NG YEE HENG 3,049,550 0.653
5. TA NOMINEES (TEMPATAN) SDN BHD PLEDGED SECURITIES ACCOUNT FOR FRAGRANCE CENTURY SDN BHD 14,500,000 3.107
13. MAYBANK NOMINEES (TEMPATAN) SDN BHD PLEDGED SECURITIES ACCOUNT FOR FRAGRANCE CENTURY SDN BHD 5,834,300 1.250
Ng Yee Heng was appointed to the board on 1 January 2026. Lim Yue Chuan joined the group in December 2025 and was appointed Chief Financial Officer, replacing Poo Shea Choon, who resigned with effect from 2 January 2026.Ng Yee Heng 于 2026 年 1 月 1 日获委任加入董事会。Lim Yue Chuan 于 2025 年 12 月加入集团并获委任为首席财务官，接替自 2026 年 1 月 2 日起辞任的 Poo Shea Choon。
Sources (2)出处（2）
Mr. Ng Yee Heng, Eddie was appointed to our Board on 1 January 2026.
Mr. Lim Yue Chuan (“Mr. Kent Lim”) joined our Group in December 2025 and was appointed as Chief Financial Officer (“CFO”) of the Company, replacing Mr. Poo Shea Choon, who resigned as CFO of the Company with effect from 2 January 2026.
Major events大事记
Sources (1)出处（1）
Furthermore, we had entered into a Right of Use of Formula and Original Equipment Manufacturer (“OEM”) Production Agreement with Foshan Ikeda in 2021, allowing us to have the liberty to monitor and inspect the manufacturing process of our products.
Sources (1)出处（1）
In January 2024, as part of our business expansion strategies, we relocated our operations to a new headquarters cum warehouse located in Bukit Jelutong, Shah Alam, Selangor with a built-up area of 40,878 sq. ft.
Sources (3)出处（3）
The total purchase consideration was satisfied with the issuance of 373,400,000 new ordinary shares in the Company to the parties nominated by the shareholders of Vanzo Asia at an issue price of RM0.0245 each.
The acquisition was completed on 4 October 2024 subsequent to the fulfilment of conditions precedent pursuant to the share sale agreement.
(i) 373,400,000 new ordinary shares at an issue price of RM0.0245 per ordinary share for a total consideration of RM9,148,300 for the acquisition of a subsidiary company; and
Sources (2)出处（2）
In conjunction with the listing of our Company on 17 December 2024, the issued share capital of the Company increased to RM23,150,960 (prior to deduction of listing expenses) comprising 466,751,100 ordinary shares.
the Company undertook a public issue of 93,351,000 new ordinary shares in the Company at an issue price of RM0.15 per share, raising proceeds of RM14.0 million (“IPO Proceeds”).
Sources (1)出处（1）
Since September 2025, our products have been made available across 500 Watsons outlets nationwide, marking a significant advancement in the Group’s international expansion strategy.
Sources (2)出处（2）
Mr. Ng Yee Heng, Eddie was appointed to our Board on 1 January 2026.
Mr. Lim Yue Chuan (“Mr. Kent Lim”) joined our Group in December 2025 and was appointed as Chief Financial Officer (“CFO”) of the Company, replacing Mr. Poo Shea Choon, who resigned as CFO of the Company with effect from 2 January 2026.
IPO proceeds proposed utilisation (RM'000)首次公开募股募集资金计划用途（千令吉）
Sources (4)出处（4）
Business expansion and marketing activities 6,600 6,600 - Within 24 months
Repayment of bank borrowings 3,000 3,000 - Within 6 months
Working capital 703 703 - Within 12 months
Estimated listing expenses 3,700 3,700 - Within 3 months
Revenue and profit营业额与盈利
Assets, equity and borrowings资产、权益与借款
20252025 年
In December 2024, the company listed on the ACE Market, issuing 93,351,000 new ordinary shares at RM0.15 per share to raise proceeds of RM14.0 million, bringing net proceeds from issuance of shares of RM13,209,437. The report attributes lower profit mainly to RM2.9 million of one-off IPO related expenses and higher advertising and promotion spending; inventories increased by RM2,996,523. Cash used in financing activities included repayment of bank borrowings of RM5,667,100, repayment of lease liabilities of RM1,863,115, and dividends paid of RM973,502, including a single-tier interim dividend of RM0.002 per ordinary share totalling RM0.93 million. Purchase of property, plant and equipment took RM945,796 in cash.2024 年 12 月，公司在创业板上市，以每股 RM0.15 发行 93,351,000 股新普通股，募集资金 RM14.0 million，取得股份发行所得款项净额 RM13,209,437。年报将盈利下降主要归因于一次性 IPO 相关费用 RM2.9 million 以及广告与促销开支增加；存货增加 RM2,996,523。融资活动所用现金包括偿还银行借款 RM5,667,100、偿还租赁负债 RM1,863,115 以及支付股息 RM973,502（含每股 RM0.002、共计 RM0.93 million 的单层中期股息）。购置物业、厂房及设备使用了 RM945,796 现金。
Sources (9)出处（9）
the Company undertook a public issue of 93,351,000 new ordinary shares in the Company at an issue price of RM0.15 per share, raising proceeds of RM14.0 million (“IPO Proceeds”).
Net proceeds from issuance of shares 13,209,437 - 13,209,437 10
This was mainly attributable to one-off IPO related expenses of RM2.9 million and increase in spending on advertising, promotion and intensify brand awareness activities to promote the Group’s new and existing products which incurred during the year.
Increase in inventories (2,996,523) (284,145) - -
Repayment of bank borrowings (b) (5,667,100) (2,310,464) - -
Repayment of lease liabilities (b) (1,863,115) (1,337,468) - -
Dividends paid (973,502) (860,000) (933,502) -
During the FYE 2025, we declared and paid a single-tier interim dividends of RM0.002 per ordinary share, totalling to RM0.93 million payouts.
Purchase of property, plant and equipment (a) (945,796) (2,422,596) - -
At year end年终结余
At 30 September 2025, total borrowings stood at RM319,993, with RM160,000 due within one year and RM159,993 due between one and two years; RM3.00 million of IPO proceeds were utilised to repay bank overdrafts and bankers' acceptances. Lease liabilities were RM3,233,567, of which RM1,889,622 is due not later than one year. Cash at bank was RM4,529,088 and fixed deposits with licensed banks were RM1,230,000. Trade receivables were RM6,551,802, representing 20% of total assets, with accumulated impairment losses of RM836,864. The group does not own any properties.截至 2025 年 9 月 30 日，总借款为 RM319,993，其中一年内到期 RM160,000，一至两年内到期 RM159,993；年内动用了 RM3.00 million 的 IPO 募集资金偿还银行透支和银行承兑汇票。租赁负债为 RM3,233,567，其中一年内到期 RM1,889,622。银行结存现金为 RM4,529,088，持牌银行定期存款为 RM1,230,000。贸易应收款项为 RM6,551,802，占总资产的 20%，累计减值亏损为 RM836,864。集团未拥有任何物业产业。
Sources (11)出处（11）
Total borrowings 319,993 6,660,722
Within 1 year 160,000 5,505,643
More than 1 year and less than 2 years 159,993 456,401
On the other hand, RM3.00 million or 21.4% of our IPO proceeds were utilised to repay our bank overdrafts and bankers’ acceptances facilities which were mainly drawn down to finance our general working capital requirements.
At 30 September 3,233,567 3,570,127
- Not later than one year 1,889,622 1,581,403
Cash at bank 4,529,088 1,611,362 725,960 -
Fixed deposits with licensed banks 1,230,000 314,886 1,230,000 -
The Group recorded trade receivables of RM6,551,802, which represents 20% of the Group’s total assets as of 30 September 2025.
Less: Accumulated impairment losses (836,864) (242,109)
The Group does not own any properties for the FYE 2025 and as at the date of this Annual Report.
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 | 2024 | 2025 |
|---|---|---|
| RM令吉 | RM令吉 | |
| Revenue营业额 | 49,949,191 | 60,516,795 |
| Profit before tax税前盈利 | 6,874,881 | 2,930,430 |
| Profit for the financial year attributable to owners of the Company归属于母公司拥有人的本年度盈利 | 4,908,025 | 1,193,891 |
| Net cash used in investing activities投资活动所用现金净额 | (2,424,626) | (787,796) |
| Purchase of property, plant and equipment购置物业、厂房及设备 | 3,014,696 | 2,472,351 |
| Dividends paid已付股息 | (860,000) | (973,502) |
| Total assets总资产 | 26,991,733 | 33,185,832 |
| Total borrowings总借款 | 6,660,722 | 319,993 |
| Cash and bank balances现金与银行结余 | 1,625,518 | 4,544,864 |
| Fixed deposits with licensed banks持牌银行定期存款 | 314,886 | 1,230,000 |
| Total equity总权益 | 13,156,337 | 26,626,163 |
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
Only one annual report has been read so far, so there is no later report to check its plans against.目前只读了一份年报，还没有之后的年报可以对照它的计划。
What the reports leave open年报留下待看的事
- Majority of purchases are sourced overseas and denominated in Renminbi, with no formal hedging contracts currently in place.大部分采购来自海外并以人民币计价，目前尚未订立任何正式套期保值合约。
Sources (2)出处（2）
Our Group is exposed to foreign exchange risk as majority of our purchases are sourced from overseas and denominated in Renminbi.
Presently, we do not have any formal hedging contracts to manage our foreign exchange risk.
- Key products were supplied by five suppliers, and air fragrance manufacturing is outsourced to Foshan Ikeda under an OEM agreement.主要产品由五家供应商提供，空气香氛制造根据 OEM 协议外包予 Foshan Ikeda。
Sources (3)出处（3）
In FY2025, our key products were supplied by five (5) suppliers and one (1) of them is local business.
In this regard, we mainly co-formulate and outsource the manufacturing of our air fragrance and fragrance-related products to Foshan Ikeda Air Freshener Co. Ltd. (“Foshan Ikeda”).
Furthermore, we had entered into a Right of Use of Formula and Original Equipment Manufacturer (“OEM”) Production Agreement with Foshan Ikeda in 2021, allowing us to have the liberty to monitor and inspect the manufacturing process of our products.
- Customer A accounted for RM20,059,450 of revenue, three customers accounted for 54% of trade receivables, and trade receivables of RM1,831,449 were past due but not impaired.客户 Customer A 占营业额 RM20,059,450，三名客户占贸易应收款项的 54%，且有 RM1,831,449 的贸易应收款项已逾期但未减值。
Sources (3)出处（3）
Customer A 20,059,450 13,536,373
The Group’s major concentration of credit risk relates to the amount owing by 3 customers (2024: 1 customer) which constituted 54% (2024: 32%) of its trade receivables as at the end of each reporting period.
As at the end of reporting period, trade receivables of the Group of RM1,831,449 (2024: RM1,413,545) was past due but not impaired.
- Plans to implement anti-corruption audits next year for business partners including suppliers, vendors, and agents.计划明年对包括供应商、供货商及代理商在内的业务合作伙伴实施反腐败审计。
Sources (1)出处（1）
While we do not currently audit our business partners—such as suppliers, vendors, and agents—regarding their adherence to anti-corruption practices, we are planning to implement such audits next year as part of our ongoing commitment to strengthening our anti-corruption framework.
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-10-17.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 2026-10-17。