DailySpaceWest River Berhad
0353 · ACE Market创业板（ACE Market） · annual reports 2025 to 2025, 411 entries read2025 至 2025 年报，共读出 411 条
The company这家公司
West River provides mechanical and electrical engineering services in Malaysia and trades M&E products. Its subsidiary Neutron Letrik is registered with Suruhanjaya Tenaga as a switchboard manufacturer. West River was listed on the ACE Market on 5 May 2025.West River 在马来西亚提供机电工程服务，并买卖机电产品。子公司 Neutron Letrik 已向 Suruhanjaya Tenaga 注册为配电盘制造商。West River 于 2025 年 5 月 5 日在创业板上市。
Source: annual report 2025, pages 7, 8, 72, 147.出处：2025 年年报第 7、8、72、147 页。
A table lists M&E work and trading of M&E products at RM111.2 million for 2025, with RM105.0 million over time and RM6.2 million at a point in time. The customer table lists Customer B at RM15.9 million, Customer C RM15.9 million and Customer D RM11.1 million.一份表格列出 2025 年机电工程与机电产品买卖为 RM111.2 million，其中随时间 RM105.0 million，某一时点 RM6.2 million。客户表列出 Customer B 为 RM15.9 million，Customer C 为 RM15.9 million，Customer D 为 RM11.1 million。
Source: annual report 2025, pages 147, 155.出处：2025 年年报第 147、155 页。
The directors regard Neutron Capital Sdn. Bhd. as the holding company. Its account in the largest-shareholders list holds 153,684,464 shares, or 42.964%. The substantial-shareholder table records Lim Yong Lai with 75,105,536 direct shares, or 20.997%, and 153,684,464 indirect shares, or 42.965%. A footnote attributes a deemed interest to the interest of Neutron Capital Sdn Bhd.董事将 Neutron Capital Sdn. Bhd. 视为控股公司。最大股东名单中，该公司账户持有 153,684,464 股，占 42.964%。大股东表列明 Lim Yong Lai 直接持有 75,105,536 股，占 20.997%，间接持有 153,684,464 股，占 42.965%。一则脚注将一项视同权益归于 Neutron Capital Sdn Bhd 的权益。
Source: annual report 2025, pages 73, 74, 92.出处：2025 年年报第 73、74、92 页。
Pledged holdings include CGS INTERNATIONAL NOMINEES MALAYSIA (TEMPATAN) SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR YIP LAY HUAT (MF00774), with 13,074,000 shares or 3.655%; CGS INTERNATIONAL NOMINEES MALAYSIA (TEMPATAN) SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR CHEONG WEE KIM (MF00784), with 9,800,000 shares or 2.739%; and ALLIANCEGROUP NOMINEES (TEMPATAN) SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR LIM YONG LAI (7017597), with 7,154,000 shares or 2.000%.质押持股包括 CGS INTERNATIONAL NOMINEES MALAYSIA (TEMPATAN) SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR YIP LAY HUAT (MF00774)，持有 13,074,000 股，占 3.655%；CGS INTERNATIONAL NOMINEES MALAYSIA (TEMPATAN) SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR CHEONG WEE KIM (MF00784)，持有 9,800,000 股，占 2.739%；以及 ALLIANCEGROUP NOMINEES (TEMPATAN) SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR LIM YONG LAI (7017597)，持有 7,154,000 股，占 2.000%。
Source: annual report 2025, page 74.出处：2025 年年报第 74 页。
Other pledged accounts are PUBLIC NOMINEES (TEMPATAN) SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR HONG CHOW YEM (E-SGM), with 705,000 shares or 0.197%; M & A NOMINEE (TEMPATAN) SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR CHOW DAI YING (M&A), with 850,000 shares or 0.237%; MOOMOO NOMINEES (TEMPATAN) SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR LEE KIAN CHONG, with 1,000,000 shares or 0.279%; MOOMOO NOMINEES (TEMPATAN) SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR LEE CHOOI SIAN, with 800,000 shares or 0.223%; and MOOMOO NOMINEES (TEMPATAN) SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR LEE KAO CHOON, with 600,000 shares or 0.167%.其他质押账户包括 PUBLIC NOMINEES (TEMPATAN) SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR HONG CHOW YEM (E-SGM)，持有 705,000 股，占 0.197%；M & A NOMINEE (TEMPATAN) SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR CHOW DAI YING (M&A)，持有 850,000 股，占 0.237%；MOOMOO NOMINEES (TEMPATAN) SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR LEE KIAN CHONG，持有 1,000,000 股，占 0.279%；MOOMOO NOMINEES (TEMPATAN) SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR LEE CHOOI SIAN，持有 800,000 股，占 0.223%；以及 MOOMOO NOMINEES (TEMPATAN) SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR LEE KAO CHOON，持有 600,000 股，占 0.167%。
Source: annual report 2025, page 75.出处：2025 年年报第 75 页。
Independent Non-Executive Directors Kho Zhen Qi and Wong Kian Leon have stated that they will not seek re-election at the forthcoming third AGM. The report says no individual is seeking election as a director at that AGM.独立非执行董事 Kho Zhen Qi 和 Wong Kian Leon 已表示，不会在即将举行的第三届股东周年大会上寻求连任。年报表示，没有人士在该次大会上寻求当选董事。
Source: annual report 2025, pages 83, 85.出处：2025 年年报第 83、85 页。
Revenue by recognition timing, 20252025 年营业额的确认时间分布
Source: annual report 2025, page 147.出处：2025 年年报第 147 页。
Major events大事记
Source: annual report 2025, page 141.出处：2025 年年报第 141 页。
Source: annual report 2025, page 141.出处：2025 年年报第 141 页。
Source: annual report 2025, page 72.出处：2025 年年报第 72 页。
Source: annual report 2025, page 167.出处：2025 年年报第 167 页。
Source: annual report 2025, page 168.出处：2025 年年报第 168 页。
Source: annual report 2025, page 167.出处：2025 年年报第 167 页。
Source: annual report 2025, page 167.出处：2025 年年报第 167 页。
Source: annual report 2025, page 28.出处：2025 年年报第 28 页。
Revenue and profit营业额与盈利
Assets, equity and bank borrowings资产、权益与银行借款
20252025 年
The public issue raised RM27.9 million at RM0.39 per share; net share proceeds were RM26.8 million. Cash spending included RM22.0 million on other investments and RM5.2 million on property, plant and equipment. Net bank repayments were RM5.4 million, hire purchase repayments RM92,225, lease liability repayments RM63,343 and finance costs paid RM230,372. The group paid no dividends during the year, compared with RM4.0 million in 2024. The directors did not recommend a dividend for the current year.公开发行以每股 RM0.39 筹得 RM27.9 million，发行股份所得净额为 RM26.8 million。现金支出包括其他投资 RM22.0 million，以及物业、厂房与设备 RM5.2 million。银行借款偿还净额为 RM5.4 million，租购款偿还额为 RM92,225，租赁负债偿还额为 RM63,343，已付融资成本为 RM230,372。集团年内没有派息，2024 年则支付 RM4.0 million。董事不建议就本年度派息。
Source: annual report 2025, pages 88, 104, 141.出处：2025 年年报第 88、104、141 页。
At year end年末
Total assets were RM102.1 million and equity RM64.7 million. Bank borrowings were RM5.1 million, with hire purchase payables of RM296,831 and lease liabilities of RM103,817. Other investments stood at RM22.3 million and fixed deposits with a financial institution at RM451,000. Net contract assets were RM17.5 million.总资产为 RM102.1 million，总权益为 RM64.7 million。银行借款为 RM5.1 million，另有租购应付款 RM296,831 和租赁负债 RM103,817。其他投资为 RM22.3 million，金融机构定期存款为 RM451,000。合约资产净额为 RM17.5 million。
Source: annual report 2025, pages 98, 134, 137, 156.出处：2025 年年报第 98、134、137、156 页。
Still to be spent尚待支出
The IPO proceeds table records RM27.9 million in total, RM16.8 million used and RM11.1 million unused. The stated uses include land and construction of a new manufacturing factory cum warehouse, repayment of bank borrowings, working capital and listing expenses. Plans for the new manufacturing facility were progressing. Deposits of RM430,000 had been paid for proposed share acquisitions that were not completed at year end.首次公开募股资金用途表列出总额 RM27.9 million，已使用 RM16.8 million，尚未使用 RM11.1 million。所列用途包括购地及兴建新制造厂兼仓库、偿还银行借款、营运资金和上市费用。新制造设施的计划正在推进。拟议股份收购已支付 RM430,000 订金，相关收购在年末尚未完成。
Source: annual report 2025, pages 28, 72, 137.出处：2025 年年报第 28、72、137 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 |
|---|---|---|
| RM令吉 | RM令吉 | |
| Revenue营业额 | 122,741,881 | 111,150,100 |
| Profit before tax税前盈利 | 14,362,176 | 8,773,080 |
| Profit for the financial year本财政年度盈利 | – | 6,069,900 |
| Cash acquisition of property, plant and equipment购置物业、厂房与设备的现金支出 | (95,788) | (5,183,716) |
| Dividends paid已付股息 | (4,000,000) | 0 |
| Total assets总资产 | 78,047,910 | 102,134,635 |
| Bank borrowings银行借款 | 10,564,633 | 5,144,276 |
| Fixed deposits with financial institution金融机构定期存款 | 3,551,000 | 451,000 |
| Other investments其他投资 | 0 | 22,329,749 |
| Total equity总权益 | 31,901,735 | 64,744,201 |
| Trade receivables, net应收贸易账款净额 | 44,785,049 | 40,560,661 |
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
- The hydropower acquisitions remain described as proposed transactions. Upon completion, Excel Hydropower would become an indirect 70%-owned subsidiary and Ace Hydropower an indirect 95%-owned subsidiary.水电收购仍被描述为拟议交易。完成后，Excel Hydropower 将成为间接持有 70% 股权的子公司，Ace Hydropower 将成为间接持有 95% 股权的子公司。
Source: annual report 2025, page 167.出处：2025 年年报第 167 页。
- Trade receivables of RM20.2 million were past due but not impaired. Net trade receivables and contract assets together were RM58.0 million, or 57% of total assets.已逾期但未减值的应收贸易账款为 RM20.2 million。应收贸易账款与合约资产净额合计 RM58.0 million，占总资产的 57%。
Source: annual report 2025, pages 136, 172.出处：2025 年年报第 136、172 页。
- Internal audit identified a medium-risk observation concerning the lack of formal documentation for feasibility assessments. Management committed to a formal process with documentation and approval requirements commencing in FY2026.内部审计就可行性评估缺乏正式文件记录提出一项中等风险观察事项。管理层承诺从 2026 财政年度开始实施包含文件记录和审批要求的正式流程。
Source: annual report 2025, page 70.出处：2025 年年报第 70 页。
- The group plans to establish a Scope 1 and Scope 2 emissions baseline, implement a waste tracking system and introduce supplier ESG screening in FY2026. It also targets assurance of its Sustainability Statement from the financial year ending 31 December 2026.集团计划在 2026 财政年度建立范围一和范围二排放基准、实施废弃物追踪系统，并引入供应商 ESG 筛查。集团也计划从截至 2026 年 12 月 31 日的财政年度起，对可持续发展声明开展鉴证。
Source: annual report 2025, pages 31, 41, 46.出处：2025 年年报第 31、41、46 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。