DailySpaceNorthern Solar Holdings Berhad
0340 · ACE Market创业板（ACE Market） · annual reports 2025 to 2026, 890 entries read2025 至 2026 年报，共读出 890 条
The company这家公司
Northern Solar Holdings Berhad is an investment holding company. Its subsidiaries provide engineering, procurement, construction and commissioning (EPCC) of solar photovoltaic systems and plants, generate electricity, and provide operations and maintenance services. In 2026, a subsidiary began selling renewable energy certificates as a new principal activity.Northern Solar Holdings Berhad 是一家投资控股公司。子公司提供太阳能光伏系统与电站的工程、采购、建设及调试（EPCC）服务，也从事发电及营运维护服务。2026 年，一家子公司开始把销售可再生能源证书列为新的主要业务。
Source: annual report 2025, pages 82, 86; annual report 2026, page 89.出处：2025 年年报第 82、86 页；2026 年年报第 89 页。
The 2026 substantial shareholders list records Lew Shoong Kai and Chew Win Hoe with 117,745,900 shares, or 29.764%, each. The 2025 report recorded Lagenda Properties Berhad with 49,252,200 shares, or 12.450%.2026 年的大股东名单列明，Lew Shoong Kai 与 Chew Win Hoe 各持有 117,745,900 股，即各占 29.764%。2025 年报列明，Lagenda Properties Berhad 持有 49,252,200 股，占 12.450%。
Source: annual report 2025, page 143; annual report 2026, page 151.出处：2025 年年报第 143 页；2026 年年报第 151 页。
The 2026 largest holders list includes Alliancegroup Nominees (Tempatan) Sdn. Bhd., Pledged Securities Account for Lew Shoong Kai (3036842), with 7,900,000 shares (1.996%), and Affin Hwang Nominees (Tempatan) Sdn. Bhd., Pledged Securities Account for Chew Win Hoe (M10), with 4,000,000 shares (1.011%). The 2025 list also included CGS International Nominees Malaysia (Tempatan) Sdn. Bhd., pledged securities account for Tan Yat Kiang (MY1469), with 1,889,100 shares (0.477%); Public Nominees (Tempatan) Sdn Bhd, pledged securities account for Tan Yat Teng (E-SJA), with 1,175,000 shares (0.297%); and HLB Nominees (Tempatan) Sdn Bhd, pledged securities account for Wong Siu Chung, with 742,000 shares (0.187%).2026 年的最大股东名单包括 Alliancegroup Nominees (Tempatan) Sdn. Bhd. 名下的 Lew Shoong Kai（3036842）抵押证券账户，持有 7,900,000 股（1.996%）；以及 Affin Hwang Nominees (Tempatan) Sdn. Bhd. 名下的 Chew Win Hoe（M10）抵押证券账户，持有 4,000,000 股（1.011%）。2025 年的名单也包括 CGS International Nominees Malaysia (Tempatan) Sdn. Bhd. 名下的 Tan Yat Kiang（MY1469）抵押证券账户，持有 1,889,100 股（0.477%）；Public Nominees (Tempatan) Sdn Bhd 名下的 Tan Yat Teng（E-SJA）抵押证券账户，持有 1,175,000 股（0.297%）；以及 HLB Nominees (Tempatan) Sdn Bhd 名下的 Wong Siu Chung 抵押证券账户，持有 742,000 股（0.187%）。
Source: annual report 2025, pages 144, 145; annual report 2026, page 152.出处：2025 年年报第 144、145 页；2026 年年报第 152 页。
Chief Financial Officer Lew Fui Shi is the sister of Managing Director Lew Shoong Kai. She was promoted to CFO in 2024. The 2026 report states that none of the directors has a family relationship with another director or major shareholder.首席财务官 Lew Fui Shi 是董事总经理 Lew Shoong Kai 的姐妹。她于 2024 年升任首席财务官。2026 年报说明，董事之间，以及董事与大股东之间，均无亲属关系。
Source: annual report 2026, pages 22, 23.出处：2026 年年报第 22、23 页。
Roselinda Binti Mohammad Hashim resigned as an Independent Non-Executive Director on 17 March 2026. Goay Ngee Chiew joined as an Independent Non-Executive Director on 18 March 2026.Roselinda Binti Mohammad Hashim 于 2026 年 3 月 17 日辞任独立非执行董事。Goay Ngee Chiew 于 2026 年 3 月 18 日出任独立非执行董事。
Source: annual report 2026, pages 24, 90.出处：2026 年年报第 24、90 页。
Revenue by activity, 2026 (RM)2026 年各业务营业额（RM）
Source: annual report 2026, page 134.出处：2026 年年报第 134 页。
Major events大事记
Source: annual report 2026, page 4.出处：2026 年年报第 4 页。
Source: annual report 2025, page 85.出处：2025 年年报第 85 页。
Source: annual report 2025, pages 82, 86.出处：2025 年年报第 82、86 页。
Source: annual report 2026, page 92.出处：2026 年年报第 92 页。
Source: annual report 2026, page 92.出处：2026 年年报第 92 页。
Source: annual report 2026, page 90.出处：2026 年年报第 90 页。
Source: annual report 2026, page 92.出处：2026 年年报第 92 页。
Revenue, profit and operating cash营业额、盈利与营运现金
Assets, equity and cash资产、权益与现金
20252025 年
Operations brought in RM8.4 million. The public issue of 67,252,000 shares at RM0.63 each raised RM42.4 million. Borrowings drawn were RM17.1 million and repayments were RM9.5 million. Cash spending on plant and equipment was RM3.2 million, and lease repayments were RM4.5 million. The acquisition of 51% of Norwatt Power Sdn. Bhd. cost RM510,000. Net cash inflow on acquisition of a subsidiary was RM20,008. Northern Solar Sdn. Bhd. paid a RM5.0 million dividend before the holding company acquired it.营运活动带来 RM8.4 million。公司以每股 RM0.63 公开发行 67,252,000 股，筹得 RM42.4 million。新提取借款为 RM17.1 million，偿还借款为 RM9.5 million。购买厂房与设备的现金支出为 RM3.2 million，偿还租赁负债为 RM4.5 million。收购 Norwatt Power Sdn. Bhd. 的 51% 股权花费 RM510,000。收购一家子公司的现金净流入为 RM20,008。Northern Solar Sdn. Bhd. 在被控股公司收购前支付了 RM5.0 million 股息。
Source: annual report 2025, pages 82, 85, 101, 119.出处：2025 年年报第 82、85、101、119 页。
20262026 年
Operations brought in RM2.4 million. Cash spending on plant and equipment was RM10.0 million. Borrowings drawn were RM2.9 million and repayments were RM2.9 million; lease repayments were RM458,414. Interest received was RM1.1 million and interest paid was RM465,163. The company issued no new shares during the year, and no dividend was paid. Cash and bank balances ended the year at RM45.3 million.营运活动带来 RM2.4 million。购买厂房与设备的现金支出为 RM10.0 million。新提取借款为 RM2.9 million，偿还借款为 RM2.9 million；偿还租赁负债为 RM458,414。收到利息 RM1.1 million，支付利息 RM465,163。公司年内没有发行新股，也没有支付股息。年末现金与银行结余为 RM45.3 million。
Source: annual report 2026, pages 89, 108.出处：2026 年年报第 89、108 页。
Across the years历年合看
Revenue rose from RM78.0 million in 2024 to RM113.0 million in 2026, and annual profit rose from RM10.1 million to RM15.3 million. Operating cash was RM7.6 million, RM8.4 million and RM2.4 million across the three years. Trade receivables stood at RM19.1 million in 2025 and RM31.3 million in 2026.营业额由 2024 年的 RM78.0 million 升至 2026 年的 RM113.0 million，年度盈利由 RM10.1 million 升至 RM15.3 million。三年的营运现金分别为 RM7.6 million、RM8.4 million 和 RM2.4 million。贸易应收账款在 2025 年为 RM19.1 million，2026 年为 RM31.3 million。
Source: annual report 2025, page 89; annual report 2026, page 96.出处：2025 年年报第 89 页；2026 年年报第 96 页。
Still to be spent尚待支出
The 2025 report said the RM29.2 million IPO allocation for working capital remained unused; its stated utilisation period was within 24 months. The 2026 report shows RM1.5 million approved but not contracted, and no contracted commitments not provided for.2025 年报表示，首次公开募股所得款项中，拨作营运资金的 RM29.2 million 尚未使用；所列使用期限为 24 个月内。2026 年报列有 RM1.5 million 已批准但未签约的支出，已签约但未入账的承诺为零。
Source: annual report 2025, pages 32, 74, 140; annual report 2026, page 149.出处：2025 年年报第 32、74、140 页；2026 年年报第 149 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 | 2024 | 2025 | 2026 |
|---|---|---|---|
| RM令吉 | RM令吉 | RM令吉 | |
| Revenue营业额 | 77,974,073 | 84,865,204 | 112,995,987 |
| Profit before tax税前盈利 | 12,714,405 | 17,068,022 | 21,828,584 |
| Profit for the financial year本财政年度盈利 | 10,088,506 | 11,409,186 | 15,276,418 |
| Net cash from operating activities营运活动所得现金净额 | 7,637,571 | 8,381,121 | 2,416,030 |
| Purchase of plant and equipment购买厂房与设备 | (6,999,924) | (3,161,728) | (10,010,086) |
| Dividend paid已付股息 | 0 | (5,000,000) | 0 |
| Total assets总资产 | 38,113,885 | 97,061,850 | 124,020,801 |
| Borrowings借款 | 2,659,539 | 10,305,322 | 10,317,633 |
| Cash and bank balances现金与银行结余 | 9,003,447 | 52,216,704 | 45,300,321 |
| Total equity总权益 | 20,653,973 | 68,096,740 | 83,373,158 |
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 2025 report said expansion into Penang and Johor Bahru branches was expected to conclude within the next 12 months.2025 年报表示，增设 Penang 与 Johor Bahru 分行的扩展计划预计在接下来 12 个月内完成。 | The 2026 report records the establishment of branch offices in Penang, Johor and Sabah, without giving their opening dates.2026 年报记载已在 Penang、Johor 与 Sabah 设立分行，但没有列明开设日期。 Source: annual report 2025, page 10; annual report 2026, page 7.出处：2025 年年报第 10 页；2026 年年报第 7 页。 | Branches established; timing not confirmed分行已设立；时间未获确认 |
| The 2025 report discussed pursuing consortium bids for Large Scale Solar projects and collaborating with third parties for bigger projects.2025 年报提出以财团方式竞标大型太阳能项目，并与第三方合作参与较大的项目。 | The 2026 report records two EPCC projects under the Large-Scale Solar programme worth RM119.39 million.2026 年报记载取得两项大型太阳能计划下的 EPCC 项目，总值 RM119.39 million。 Source: annual report 2025, page 31; annual report 2026, page 7.出处：2025 年年报第 31 页；2026 年年报第 7 页。 | LSS contracts secured已取得大型太阳能合约 |
| The 2025 report identified integrating Battery Energy Storage Systems into solar PV systems as an opportunity and said the group was keen to explore solar-related technologies.2025 年报把电池储能系统与太阳能光伏系统结合列为一项机会，并表示集团有意探索太阳能相关技术。 | The 2026 report says the group delivered a ground-mounted self-consumption solar project integrated with BESS.2026 年报表示，集团已交付一项结合电池储能系统的地面自用太阳能项目。 Source: annual report 2025, page 35; annual report 2026, page 11.出处：2025 年年报第 35 页；2026 年年报第 11 页。 | Project delivered项目已交付 |
| The 2025 report said the group was evaluating a dedicated ESG Committee. Interim oversight was expected to continue until the committee was constituted for the upcoming reporting period.2025 年报表示，集团正在评估成立专责 ESG 委员会。临时监督安排预计会持续至委员会在下一个报告期正式成立。 | The 2026 report describes clearer ESG governance and expanded sustainability disclosures, but does not confirm that the committee was formed.2026 年报提到更清晰的 ESG 管治及扩大的可持续发展披露，但没有确认该委员会已经成立。 Source: annual report 2025, page 40; annual report 2026, page 40.出处：2025 年年报第 40 页；2026 年年报第 40 页。 | Formation not confirmed未确认已成立 |
What the reports leave open年报留下待看的事
- Collection of trade receivables: the 2026 balance was RM31.3 million, and approximately 65% was due from five major customers.贸易应收账款的收回情况：2026 年结余为 RM31.3 million，约 65% 来自五名主要客户。
Source: annual report 2026, pages 96, 124, 143.出处：2026 年年报第 96、124、143 页。
- The proposed Main Market transfer remained an application in the 2026 report. The company announced the proposal on 25 March 2026 and applied on 30 March 2026.2026 年报中的主板转板计划仍处于申请阶段。公司于 2026 年 3 月 25 日宣布建议，并于 2026 年 3 月 30 日提出申请。
Source: annual report 2026, page 92.出处：2026 年年报第 92 页。
- The group stated an aspiration to build and manage renewable-energy assets worth up to RM1 billion by FYE2030. It made this subject to project availability, financing capacity, regulatory approvals and market conditions.集团提出在 FYE2030 前建立及管理总值最高达 RM1 billion 的可再生能源资产组合。这项目标取决于项目供应、融资能力、监管批准及市场情况。
Source: annual report 2026, page 27.出处：2026 年年报第 27 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。