DailySpaceWinstar Capital Berhad
0336 · ACE Market创业板（ACE Market） · annual reports 2024 to 2025, 856 entries read2024 至 2025 年报，共读出 856 条
The company这家公司
Winstar manufactures extruded aluminium products, trades and distributes building materials, and installs solar PV systems. Its products include aluminium ladders under the Asteri brand and aluminium solar PV mounting structures. It expanded into renewable energy solutions in 2023.Winstar 制造铝挤压产品、贸易与分销建筑材料，并安装太阳能光伏系统。产品包括 Asteri 品牌铝梯和铝制太阳能光伏支架。集团于 2023 年拓展至可再生能源方案业务。
Source: annual report 2025, pages 4, 8, 133.出处：2025 年年报第 4、8、133 页。
In 2025, aluminium extrusion contributed RM126.8 million, or 53.9% of revenue. Building materials trading and distribution contributed RM104.3 million, or 44.3%, and solar PV installation services RM4.3 million, or 1.8%. Customers and assets were within Malaysia, and the report says revenue was spread across many customers without significant concentration in a major customer.2025 年，铝挤压业务贡献营业额 RM126.8 million，占 53.9%。建筑材料贸易与分销贡献 RM104.3 million，占 44.3%；太阳能光伏安装服务贡献 RM4.3 million，占 1.8%。客户和资产均位于马来西亚；年报表示，营业额来自众多客户，没有显著集中于某个大客户。
Source: annual report 2025, pages 26, 140, 141.出处：2025 年年报第 26、140、141 页。
The 2025 shareholding list records 70,034,999 shares (22.437%) in AMSEC Nominees (Tempatan) Sdn Bhd's pledged securities account for Vafe System Sdn Bhd. Chua Nyok Chong's named account holds 48,966,571 shares (15.688%). Pledged accounts for him hold another 14,002,324 shares (4.486%) under RHB Nominees (Tempatan) Sdn Bhd, 11,000,000 shares (3.524%) under AMSEC Nominees (Tempatan) Sdn Bhd, and 1,500,000 shares (0.481%) under RHB Nominees (Tempatan) Sdn Bhd.2025 年股东名单列明，AMSEC Nominees (Tempatan) Sdn Bhd 为 Vafe System Sdn Bhd 持有的抵押证券账户有 70,034,999 股（22.437%）。Chua Nyok Chong 的具名账户持有 48,966,571 股（15.688%）。为他持有的抵押账户另有 RHB Nominees (Tempatan) Sdn Bhd 名下的 14,002,324 股（4.486%）、AMSEC Nominees (Tempatan) Sdn Bhd 名下的 11,000,000 股（3.524%），以及 RHB Nominees (Tempatan) Sdn Bhd 名下的 1,500,000 股（0.481%）。
Source: annual report 2025, pages 151, 152.出处：2025 年年报第 151、152 页。
Lee Yong Zhi's named account holds 17,442,643 shares (5.588%), and Khoo Nee Cheng's holds 15,736,072 shares (5.041%). RHB Nominees (Tempatan) Sdn Bhd's pledged accounts for Lee Yong Zhi hold 5,108,737 shares (1.637%) and 2,000,000 shares (0.641%); its pledged account for Khoo Nee Cheng holds 5,227,510 shares (1.675%). TA Nominees (Tempatan) Sdn Bhd's pledged account for Chua Boon Hong holds 10,116,858 shares (3.241%).Lee Yong Zhi 的具名账户持有 17,442,643 股（5.588%），Khoo Nee Cheng 的具名账户持有 15,736,072 股（5.041%）。RHB Nominees (Tempatan) Sdn Bhd 为 Lee Yong Zhi 持有的抵押账户分别有 5,108,737 股（1.637%）和 2,000,000 股（0.641%）；为 Khoo Nee Cheng 持有的抵押账户有 5,227,510 股（1.675%）。TA Nominees (Tempatan) Sdn Bhd 为 Chua Boon Hong 持有的抵押账户有 10,116,858 股（3.241%）。
Source: annual report 2025, page 151.出处：2025 年年报第 151 页。
Chua Nyok Chong is the Non-Independent Executive Vice Chairman and the father of Chua Boon Hong, the Non-Independent Executive Director and CEO. The 2025 report says there were no new director or senior management appointments during the year.Chua Nyok Chong 是非独立执行副主席，也是非独立执行董事兼首席执行员 Chua Boon Hong 的父亲。2025 年报表示，该年没有新董事或高级管理人员获委任。
Source: annual report 2025, pages 12, 13, 59.出处：2025 年年报第 12、13、59 页。
In 2025, Winstar entered into a strategic partnership with SolaX Power Network Technology Co Ltd. The report says the partnership expanded its products to include hybrid inverters, on-grid inverters and solar batteries.2025 年，Winstar 与 SolaX Power Network Technology Co Ltd 建立战略合作关系。年报表示，该合作把产品范围扩展至混合逆变器、并网逆变器和太阳能电池。
Source: annual report 2025, pages 31, 38.出处：2025 年年报第 31、38 页。
Revenue by segment, 20252025 年各部门营业额
Source: annual report 2025, page 133.出处：2025 年年报第 133 页。
Major events大事记
Source: annual report 2025, page 8.出处：2025 年年报第 8 页。
Source: annual report 2024, page 42.出处：2024 年年报第 42 页。
Source: annual report 2025, pages 4, 13.出处：2025 年年报第 4、13 页。
Source: annual report 2024, page 74.出处：2024 年年报第 74 页。
Source: annual report 2024, page 38.出处：2024 年年报第 38 页。
Source: annual report 2024, pages 91, 114, 120.出处：2024 年年报第 91、114、120 页。
Source: annual report 2024, page 74.出处：2024 年年报第 74 页。
Source: annual report 2025, page 38.出处：2025 年年报第 38 页。
Source: annual report 2025, page 31.出处：2025 年年报第 31 页。
Source: annual report 2025, page 126.出处：2025 年年报第 126 页。
Source: annual report 2025, page 138.出处：2025 年年报第 138 页。
Revenue, profit and operating cash营业额、盈利与营运现金
Assets, bank borrowings and equity资产、银行借款与权益
20242024 年
Operations used RM46.2 million, and purchases of property, plant and equipment used RM4.3 million. Financing brought in a net RM52.8 million. Share issuance brought in RM18.5 million, and bankers' acceptances increased by a net RM43.1 million. Net term loan repayments were RM3.1 million, lease repayments RM1.2 million and repayments to directors RM1.5 million. A further RM3.1 million was placed in pledged fixed deposits. No dividend was declared or paid.营运使用现金 RM46.2 million，购买产业、厂房与设备使用 RM4.3 million。融资带来净现金 RM52.8 million。发行股份带来 RM18.5 million，银行承兑汇票净增加 RM43.1 million。定期贷款净偿还额为 RM3.1 million，租赁偿还额为 RM1.2 million，偿还董事款项为 RM1.5 million。另外 RM3.1 million 存入已抵押定期存款。该年没有宣派或支付股息。
Source: annual report 2024, pages 29, 32, 89.出处：2024 年年报第 29、32、89 页。
20252025 年
Operations used RM23.9 million. Purchases of property, plant and equipment used RM14.3 million, including construction costs for Lot 903 and additions of moulds, plant and machinery; investment properties took RM450,000. Financing brought in a net RM36.1 million. Share issuance brought in RM11.1 million, bankers' acceptances increased by a net RM14.2 million and term loans by a net RM8.6 million. Lease repayments were RM1.4 million, and pledged fixed deposits decreased by RM3.7 million. No dividend was declared or paid.营运使用现金 RM23.9 million。购买产业、厂房与设备使用 RM14.3 million，包括 Lot 903 建筑成本及新增模具、厂房与机器；投资产业现金流出 RM450,000。融资带来净现金 RM36.1 million。发行股份带来 RM11.1 million，银行承兑汇票净增加 RM14.2 million，定期贷款净增加 RM8.6 million。租赁偿还额为 RM1.4 million，已抵押定期存款减少 RM3.7 million。该年没有宣派或支付股息。
Source: annual report 2025, pages 28, 31, 96.出处：2025 年年报第 28、31、96 页。
Across the years多年合看
Revenue rose from RM153.7 million in 2023 to RM203.4 million in 2024 and RM235.4 million in 2025. Profit for those years was RM8.0 million, RM7.4 million and RM10.3 million. Operating cash was positive in 2023 and negative in both later years. Bank borrowings rose from RM54.8 million to RM101.5 million and then RM128.5 million. The reports use merger accounting for the acquisition of Winstar Aluminium Manufacturing Sdn. Bhd., which was under common control.营业额由 2023 年的 RM153.7 million 升至 2024 年的 RM203.4 million，再升至 2025 年的 RM235.4 million。这三年的年度盈利分别为 RM8.0 million、RM7.4 million 和 RM10.3 million。营运现金在 2023 年为正，其后两年均为负。银行借款由 RM54.8 million 升至 RM101.5 million，再升至 RM128.5 million。年报对同一控制下收购 Winstar Aluminium Manufacturing Sdn. Bhd. 采用合并会计法。
Source: annual report 2024, page 96; annual report 2025, page 147.出处：2024 年年报第 96 页；2025 年年报第 147 页。
Still to be spent尚待支出
At the end of 2025, approved and contracted spending for Lot 903 construction was RM2.0 million. Another RM9.6 million for new aluminium press machines and equipment was approved but not contracted. The IPO proceeds table shows RM7.0 million still unused for extrusion press machines and equipment, with utilisation stated as within 24 months of listing.2025 年底，Lot 903 建筑工程已批准并签约的待支出金额为 RM2.0 million。另有 RM9.6 million 的新铝挤压机器与设备支出已批准但未签约。首次公开招股资金用途表显示，铝挤压机器与设备尚有 RM7.0 million 未使用，所列使用期限为上市后 24 个月内。
Source: annual report 2025, pages 29, 76, 146.出处：2025 年年报第 29、76、146 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 | 153,684,717 | 203,394,414 | 235,352,110 |
| Profit before taxation税前盈利 | 11,715,497 | 9,632,345 | 14,154,210 |
| Profit for the financial year年度盈利 | 8,017,419 | 7,405,374 | 10,329,981 |
| Net cash from operating activities营运活动现金净额 | 2,102,169 | (46,178,832) | (23,853,896) |
| Purchase of property, plant and equipment购买产业、厂房与设备 | (8,619,312) | (4,259,948) | (14,284,235) |
| Net cash from financing activities融资活动所得现金净额 | 11,470,788 | 52,759,576 | 36,123,919 |
| Total assets总资产 | 183,516,977 | 259,123,571 | 305,553,166 |
| Bank borrowings银行借款 | 54,761,159 | 101,450,535 | 128,500,599 |
| Cash and bank balances现金与银行结余 | 5,379,578 | 7,354,127 | 9,249,500 |
| Fixed deposits with licensed banks持牌银行定期存款 | 3,524,828 | 13,671,850 | 9,963,756 |
| Total equity总权益 | 72,633,341 | 98,569,263 | 119,953,577 |
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 expected Lot 903 construction to finish by the second quarter of 2025 and operations to begin in the third quarter of 2025.2024 年报预计 Lot 903 于 2025 年第二季度完成建筑工程，并于第三季度开始营运。 | The 2025 report records construction completion during the year. At 31 December 2025, the facility was still obtaining its Certificate of Completion and Compliance and fire safety certification; the report does not confirm that operations began in the third quarter.2025 年报记载建筑工程于该年完成。截至 2025 年 12 月 31 日，设施仍在办理完工与合规证书及消防安全认证；年报没有确认已于第三季度开始营运。 Source: annual report 2024, page 38; annual report 2025, page 38.出处：2024 年年报第 38 页；2025 年年报第 38 页。 | Construction completed; certification pending at year end建筑工程已完成；年底仍待认证 |
| The 2024 report planned two additional extrusion lines in the third quarter of 2025, with the remaining two scheduled for 2026.2024 年报计划于 2025 年第三季度安装两条新增挤压生产线，其余两条安排在 2026 年安装。 | The 2025 report instead plans two new lines for the first half of 2026, subject to the necessary approvals. Phased installation and commissioning are still expected to bring capacity to 15,285 tonnes per annum.2025 年报改为计划在取得必要批准后，于 2026 年上半年安装两条新生产线。分阶段安装与调试仍预计把年产能提高至 15,285 吨。 Source: annual report 2024, pages 31, 38; annual report 2025, pages 31, 38.出处：2024 年年报第 31、38 页；2025 年年报第 31、38 页。 | First two lines deferred to 2026首两条生产线延至 2026 年 |
| The 2024 report targeted dividends of 30.00% of audited consolidated profit after tax for each financial year.2024 年报以每年派发经审计综合税后盈利的 30.00% 作为股息目标。 | No dividend was declared or paid in 2025. The report says the group was prioritising business expansion and operations, and repeats a 30.0% target subject to financial performance, capital expenditure and financial condition.2025 年没有宣派或支付股息。年报表示集团优先考虑业务扩展与营运，并重申 30.0% 的目标，须考虑财务表现、资本支出与财务状况。 Source: annual report 2024, page 32; annual report 2025, page 31.出处：2024 年年报第 32 页；2025 年年报第 31 页。 | No dividend paid; target retained未派股息；保留目标 |
| The 2024 report said Eco Asia had scheduled three internal audit review cycles for 2025.2024 年报表示，Eco Asia 已为 2025 年安排三轮内部审计检查。 | The 2025 report records three internal audit cycles under the approved review plan. Eco Asia remained the outsourced internal auditor.2025 年报记载，已按获批检查计划完成三轮内部审计。Eco Asia 继续担任外包内部审计机构。 Source: annual report 2024, page 71; annual report 2025, pages 66, 70.出处：2024 年年报第 71 页；2025 年年报第 66、70 页。 | Carried out已执行 |
What the reports leave open年报留下待看的事
- Lot 903 still required completion and compliance certification and fire safety certification at year end. The first two new extrusion lines were planned for the first half of 2026, subject to approvals; the report still describes the higher production capacity as expected.Lot 903 在年底仍待完工与合规认证及消防安全认证。首两条新增挤压生产线计划在取得批准后，于 2026 年上半年安装；年报仍把提高产能描述为预期结果。
Source: annual report 2025, pages 31, 38.出处：2025 年年报第 31、38 页。
- Trade receivables were RM97.9 million at the end of 2025, compared with RM78.6 million a year earlier. RM35.8 million was past due but not impaired. Collection of these balances remains relevant to operating cash.2025 年底贸易应收款为 RM97.9 million，上年底为 RM78.6 million。其中 RM35.8 million 已逾期但未减值。这些款项的收回情况仍关系到营运现金。
Source: annual report 2025, pages 86, 124.出处：2025 年年报第 86、124 页。
- RM101.9 million of bank borrowings was due within one year. Facilities covering RM24.6 million of outstanding borrowings carried financial covenants, including a gearing requirement.RM101.9 million 银行借款须在一年内偿还。涉及 RM24.6 million 未偿借款的融资设有财务契约，包括负债比率要求。
Source: annual report 2025, page 129.出处：2025 年年报第 129 页。
- The group relied on a single major supplier for aluminium billets. It had identified alternative local and overseas suppliers as part of its contingency planning.集团的铝坯依赖一家主要供应商。集团已物色本地与海外替代供应商，作为应变计划的一部分。
Source: annual report 2025, page 30.出处：2025 年年报第 30 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。