DailySpacePan Merchant Berhad
0361 · ACE Market创业板（ACE Market） · annual reports 2025 to 2025, 522 entries read2025 至 2025 年报，共读出 522 条
The company这家公司
Pan Merchant Berhad provides filtration equipment, steelworks fabrication and technical support services. The group's journey began in 1987 as an appointed agent selling industrial filter presses. Its head office is in Selangor, and its manufacturing facilities are in Jelapang and Lahat, Perak. It also operates subsidiaries in the Netherlands and the United States to serve customers in Europe and America.Pan Merchant Berhad 提供过滤设备、钢构工程制造及技术支援服务。该集团的发展始于 1987 年，当时作为指定代理销售工业压滤机。其总部位于雪兰莪，制造业务设于霹雳州的 Jelapang 与 Lahat。集团在荷兰和美国亦设有子公司，分别支援欧洲和美洲的客户。
Source: annual report 2025, pages 28, 30, 106.出处：2025 年年报第 28、30、106 页。
In FY 2025, Filtration Solutions generated RM83.6 million or 66.3% of group revenue, Technical Support Services generated RM28.6 million or 22.7%, and Steel Works generated RM13.9 million or 11.0%. A regions table lists Asia at RM71.6 million, Europe RM27.3 million, America RM23.7 million, Australia RM2.7 million and Africa RM0.8 million for FY 2025.在 2025 财政年度，过滤解决方案业务带来 RM83.6 million，占集团营业额的 66.3%；技术支援服务带来 RM28.6 million，占 22.7%；钢构工程带来 RM13.9 million，占 11.0%。一份地区表列出 2025 财政年度亚洲 RM71.6 million、欧洲 RM27.3 million、美洲 RM23.7 million、澳洲 RM2.7 million、非洲 RM0.8 million。
Source: annual report 2025, pages 34, 164.出处：2025 年年报第 34、164 页。
The customer table lists Customer 1 at RM26.1 million for 2025 (FY 2024: RM45.1 million) and Customer 3 at RM24.5 million. At the end of the reporting period, amounts owing by 4 customers constituted approximately 71% of the group's trade receivables and contract assets, net of loss allowance.客户表列出 Customer 1 在 2025 年为 RM26.1 million（2024 财年：RM45.1 million），Customer 3 为 RM24.5 million。在报告期末，扣除减值准备后，4 位主要客户欠款占集团应收账款和合约资产约 71%。
Source: annual report 2025, pages 164, 171.出处：2025 年年报第 164、171 页。
Budhi Sentoso Rachmat holds 118,762,420 shares (12.97%). Wong Voon Ten holds 81,762,420 shares (8.93%), and ABB Nominee (Tempatan) Sdn Bhd Pledged Securities Account for Wong Voon Ten holds 55,000,000 shares (6.00%). Wong Voon Yoong holds 81,762,420 shares (8.93%), and ABB Nominee (Tempatan) Sdn Bhd Pledged Securities Account for Wong Voon Yoong holds 55,000,000 shares (6.00%). Lee Cheng Ngee holds 81,762,420 shares (8.93%), and ABB Nominee (Tempatan) Sdn Bhd Pledged Securities Account for Lee Cheng Ngee holds 55,000,000 shares (6.00%). Wong Voon Shek holds 50,476,512 shares (5.51%), and ABB Nominee (Tempatan) Sdn Bhd Pledged Securities Account for Wong Voon Shek holds 35,000,000 shares (3.82%). ABB Nominee (Tempatan) Sdn Bhd Pledged Securities Account for Wong Nyeon Thiat holds 35,000,000 shares (3.82%).Budhi Sentoso Rachmat 持有 118,762,420 股（12.97%）。Wong Voon Ten 持有 81,762,420 股（8.93%），ABB Nominee (Tempatan) Sdn Bhd Pledged Securities Account for Wong Voon Ten 持有 55,000,000 股（6.00%）。Wong Voon Yoong 持有 81,762,420 股（8.93%），ABB Nominee (Tempatan) Sdn Bhd Pledged Securities Account for Wong Voon Yoong 持有 55,000,000 股（6.00%）。Lee Cheng Ngee 持有 81,762,420 股（8.93%），ABB Nominee (Tempatan) Sdn Bhd Pledged Securities Account for Lee Cheng Ngee 持有 55,000,000 股（6.00%）。Wong Voon Shek 持有 50,476,512 股（5.51%），ABB Nominee (Tempatan) Sdn Bhd Pledged Securities Account for Wong Voon Shek 持有 35,000,000 股（3.82%）。ABB Nominee (Tempatan) Sdn Bhd Pledged Securities Account for Wong Nyeon Thiat 持有 35,000,000 股（3.82%）。
Source: annual report 2025, page 190.出处：2025 年年报第 190 页。
The Chief Financial Officer joined the group in January 2024.首席财务官于 2024 年 1 月加入集团。
Source: annual report 2025, pages 11, 12, 20, 22, 23.出处：2025 年年报第 11、12、20、22、23 页。
Revenue by region, 20252025 年按地区划分的营业额
Source: annual report 2025, page 34.出处：2025 年年报第 34 页。
Major events大事记
Source: annual report 2025, page 28.出处：2025 年年报第 28 页。
Source: annual report 2025, page 106.出处：2025 年年报第 106 页。
Source: annual report 2025, page 106.出处：2025 年年报第 106 页。
Source: annual report 2025, page 101.出处：2025 年年报第 101 页。
Revenue, profit and operating cash营业额、盈利与营运现金
Total assets, equity and borrowings总资产、总权益与借款
20252025 年
On 26 June 2025, the company was listed on the ACE Market with the public issue of 232,188,000 new ordinary shares at RM0.27 each, raising RM62.7 million. On 2 May 2025, the company completed the acquisition of PMI-Technology Sdn. Bhd. for RM68,381,000 through the issue of 683,812,000 new ordinary shares. Net cash from operating activities was RM9.1 million. Net cash used in investing activities was RM30.5 million, with cash placed into short-term investments of RM20.4 million and fixed deposits of RM10.0 million. Net cash from financing activities was RM39.2 million, which included net repayments of bankers' acceptances of RM19.3 million and hire purchase repayments of RM1.5 million. Cash and cash equivalents increased by RM17.9 million to RM34.1 million.2025 年 6 月 26 日，公司在创业板上市，公开发行 232,188,000 股新普通股，发行价为每股 RM0.27，筹得 RM62.7 million。2025 年 5 月 2 日，公司完成收购 PMI-Technology Sdn. Bhd.，通过发行 683,812,000 股新普通股支付 RM68,381,000 的收购代价。营运活动所得现金净额为 RM9.1 million。投资活动所用现金净额为 RM30.5 million，其中投入短期投资 RM20.4 million，存入定期存款 RM10.0 million。融资活动所得现金净额为 RM39.2 million，其中包括净偿还银行承兑汇票 RM19.3 million 以及偿还租购应付款项 RM1.5 million。现金及现金等价物增加 RM17.9 million，至 RM34.1 million。
Source: annual report 2025, pages 32, 33, 106, 123.出处：2025 年年报第 32、33、106、123 页。
At year end年终状况
At 31 December 2025, borrowings stood at RM15.6 million (FY 2024: RM34.3 million), including bankers' acceptances of RM10.5 million, hire purchase payables of RM3.0 million and invoice financing of RM1.2 million. Fixed deposits pledged to licensed banks amounted to RM9,557,000. Total equity was RM137.8 million, and total assets were RM179.8 million. Cash and bank balances were RM23.8 million, and short-term investments were RM20.4 million. On 25 March 2026, the company declared an interim dividend of 0.20 sen per ordinary share amounting to RM1,832,000.截至 2025 年 12 月 31 日，借款总额为 RM15.6 million（2024 财年：RM34.3 million），其中包括银行承兑汇票 RM10.5 million、租购应付款项 RM3.0 million 以及发票融资 RM1.2 million。抵押给持牌银行的定期存款为 RM9,557,000。总权益为 RM137.8 million，总资产为 RM179.8 million。现金与银行结余为 RM23.8 million，短期投资为 RM20.4 million。2026 年 3 月 25 日，公司宣布派发每股 0.20 仙的中期股息，总额为 RM1,832,000。
Source: annual report 2025, pages 32, 101, 146, 166, 177, 181.出处：2025 年年报第 32、101、146、166、177、181 页。
Still to be spent尚未支出的款项
From the IPO proceeds of RM62.7 million, RM12.1 million was utilised and RM50.6 million remained unutilised. Unutilised balances included RM19.8 million for machinery, equipment and tools, RM8.0 million for plant renovation, RM8.7 million for working capital, RM7.0 million for product development, and RM5.8 million for business expansion. The actual amount utilised for listing expenses was lower than estimated, and the excess will be used for working capital.在 RM62.7 million 的首次公开募股所得款项中，已动用 RM12.1 million，尚未动用 RM50.6 million。未动用结余包括购置机械、设备与工具的 RM19.8 million、厂房翻新的 RM8.0 million、营运资金的 RM8.7 million、产品开发的 RM7.0 million 以及业务拓展的 RM5.8 million。上市费用的实际动用金额低于预计金额，多出部分将用于营运资金。
Source: annual report 2025, pages 98, 165.出处：2025 年年报第 98、165 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 | 2024 | 2025 |
|---|---|---|
| RM'000千令吉 | RM'000千令吉 | |
| Revenue营业额 | 141,541 | 126,037 |
| Profit before taxation税前盈利 | 11,609 | 6,969 |
| Profit after taxation税后盈利 | 8,003 | 5,252 |
| Net cash from operating activities营运活动所得现金净额 | 11,704 | 9,146 |
| Net cash for investing activities投资活动所用现金净额 | (2,740) | (30,471) |
| Net cash from/(for) financing activities融资活动所得／（所用）现金净额 | (2,081) | 39,190 |
| Purchase of property, plant and equipment购置物业、厂房与设备 | (2,188) | (1,057) |
| Total assets总资产 | 143,392 | 179,757 |
| Borrowings借款 | 34,292 | 15,597 |
| Cash and bank balances现金与银行结余 | 13,777 | 23,812 |
| Total equity总权益 | 72,076 | 137,753 |
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
- Whether the RM50.6 million in unutilised IPO proceeds is deployed for machinery, tools, plant renovation and product development.未动用的 RM50.6 million 首次公开募股所得款项是否按计划投入机械、工具、厂房翻新及产品开发。
Source: annual report 2025, page 98.出处：2025 年年报第 98 页。
- Customer concentration, with 4 customers accounting for approximately 71% of trade receivables and contract assets at year end.客户集中风险，年终时 4 位客户占应收账款与合约资产的约 71%。
Source: annual report 2025, page 171.出处：2025 年年报第 171 页。
- The target to achieve ISO 14001 and ISO 45001 certifications by the fourth quarter of 2026.在 2026 年第四季度前获得 ISO 14001 与 ISO 45001 认证的目标。
Source: annual report 2025, page 75.出处：2025 年年报第 75 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。