DailySpaceCarlsberg Brewery Malaysia Berhad
2836 · Main Market主板（Main Market） · annual reports 2023 to 2025, 464 entries read2023 至 2025 年报，共读出 464 条
The company这家公司
Carlsberg Brewery Malaysia Berhad is a brewer operating in Malaysia and Singapore, with a 25% stake in associate Lion Brewery (Ceylon) PLC in Sri Lanka. It also maintains regional exports to markets including Hong Kong, Cambodia and Laos.Carlsberg Brewery Malaysia Berhad 是一家啤酒酿造商，在马来西亚与新加坡开展业务，并持有斯里兰卡联营公司 Lion Brewery (Ceylon) PLC 25% 股权。集团亦向包括香港、柬埔寨与老挝在内的地区市场进行出口。
Source: annual report 2023, page 12; annual report 2024, page 12; annual report 2025, page 6.出处：2023 年年报第 12 页；2024 年年报第 12 页；2025 年年报第 6 页。
In 2025, Malaysian operations reported revenue of RM1.7 billion (2024: RM1.8 billion) and segment profit of RM379.9 million, while Singapore operations reported revenue of RM560.4 million and segment profit of RM69.6 million. Transactions with a single external customer that amounted to 10% or more of group revenue totaled RM547,950,000 in 2025, compared to RM549,953,000 in 2024 and RM429,864,000 in 2023. At the end of 2025, 2 main customers represented approximately 33% of trade receivables.2025 年，马来西亚业务报告营业额 RM1.7 billion（2024 年：RM1.8 billion）与分部盈利 RM379.9 million，新加坡业务报告营业额 RM560.4 million 与分部盈利 RM69.6 million。2025 年占集团营业额 10% 或以上的单一大客户交易额为 RM547,950,000，2024 年为 RM549,953,000，2023 年为 RM429,864,000。2025 年底，2 大主要客户占应收账款约 33%。
Source: annual report 2023, page 197; annual report 2024, pages 37, 227; annual report 2025, pages 23, 197, 199, 202.出处：2023 年年报第 197 页；2024 年年报第 37、227 页；2025 年年报第 23、197、199、202 页。
The group concluded its decade-long partnership with Asahi on 31 December 2023 and secured a licence agreement on 5 December 2023 to brew and manufacture Sapporo Premium Beer in Malaysia for 5 years with an automatic renewal of 3 years unless either party gives written notice of non-renewal. In Sri Lanka, associate Lion Brewery (Ceylon) PLC contributed RM36.2 million to group net profit in 2025.集团于 2023 年 12 月 31 日结束与 Asahi 长达十年的合作，并于 2023 年 12 月 5 日取得许可协议，在马来西亚酿造与生产 Sapporo Premium Beer，合约期为 5 年除非任何一方书面通知不续约，否则自动续约 3 年。在斯里兰卡，联营公司 Lion Brewery (Ceylon) PLC 于 2025 年为集团净利润贡献 RM36.2 million。
Source: annual report 2023, pages 31, 210; annual report 2024, page 37; annual report 2025, page 23.出处：2023 年年报第 31、210 页；2024 年年报第 37 页；2025 年年报第 23 页。
Carlsberg Breweries A/S holds 155,932,500 shares or 51.000% of the company through DB (Malaysia) Nominee (Asing) Sdn Bhd, unchanged across all three reports. Its ultimate holding company is Carlsberg A/S, in which the Carlsberg Foundation holds 30.0% of shares and 77.5% of voting power, excluding treasury shares, as of 31 December 2025.Carlsberg Breweries A/S 通过 DB (Malaysia) Nominee (Asing) Sdn Bhd 持有 155,932,500 股或 51.000% 股份，三份年报均保持不变。最终控股公司为 Carlsberg A/S；截至 2025 年 12 月 31 日，Carlsberg Foundation 扣除库存股后持有 Carlsberg A/S 30.0% 股份与 77.5% 表决权。
Source: annual report 2023, page 220; annual report 2024, pages 170, 249, 250; annual report 2025, pages 148, 238.出处：2023 年年报第 220 页；2024 年年报第 170、249、250 页；2025 年年报第 148、238 页。
At the end of 2023, none of the directors held any shares in the company, and none had family relationships with other directors or major shareholders. Non-independent directors are nominated by Carlsberg Breweries A/S. On 3 June 2025, Alan Choi was appointed as Non-Independent Non-Executive Director succeeding Gavin Stuart Brockett. Anthony Yong joined the group as Chief Financial Officer.2023 年底无任何董事持有本公司股份，亦无任何董事与其他董事或主要股东存在亲属关系。非独立董事均由 Carlsberg Breweries A/S 提名。2025 年 6 月 3 日，Alan Choi 接替 Gavin Stuart Brockett 出任非独立非执行董事。Anthony Yong 加入集团担任首席财务官。
Source: annual report 2023, page 139; annual report 2024, pages 148, 149; annual report 2025, pages 27, 127.出处：2023 年年报第 139 页；2024 年年报第 148、149 页；2025 年年报第 27、127 页。
Revenue by country, 20252025 年按国家划分的营业额占比
Source: annual report 2025, page 199.出处：2025 年年报第 199 页。
Major events大事记
Source: annual report 2023, page 31; annual report 2024, pages 33, 105.出处：2023 年年报第 31 页；2024 年年报第 33、105 页。
Source: annual report 2023, pages 31, 210.出处：2023 年年报第 31、210 页。
Source: annual report 2024, pages 33, 37, 78, 105.出处：2024 年年报第 33、37、78、105 页。
Source: annual report 2025, pages 25, 54.出处：2025 年年报第 25、54 页。
Source: annual report 2025, page 63.出处：2025 年年报第 63 页。
Source: annual report 2024, page 241; annual report 2025, pages 179, 216.出处：2024 年年报第 241 页；2025 年年报第 179、216 页。
Revenue, profit and operating cash营业额、盈利与营运现金
Assets, borrowings and equity资产、借款与权益
20232023 年
Net cash generated from operating activities was RM325.9 million. Capital expenditure used RM54.4 million for property, plant and equipment, while dividends received from the foreign quoted associate were RM15.2 million. Financing activities paid RM266.0 million in dividends to owners of the company and RM8.6 million to non-controlling interests, with borrowings repayments of RM258.9 million and drawdowns of RM256.2 million. The 2023 review reports that the group delivered a higher net profit, whereas profit before taxation fell 6.2% from RM444.4m to RM417.1m and net profit rose only because tax fell RM37.3m, with the effective tax rate moving from 26.9% to 19.7%.营运活动所得现金净额为 RM325.9 million。资本开支用于添置物业、厂房及设备 RM54.4 million，而从境外上市联营公司收取股息 RM15.2 million。融资活动向本公司股东派发股息 RM266.0 million，向非控股权益派发 RM8.6 million，偿还借款 RM258.9 million 及提取借款 RM256.2 million。2023 年管理层报告称集团取得更高净利润，然而税前盈利由 RM444.4m 下跌 6.2% 至 RM417.1m，净利润上升仅因税额减少 RM37.3m，实际税率由 26.9% 降至 19.7%。
Source: annual report 2023, pages 30, 148, 170.出处：2023 年年报第 30、148、170 页。
20242024 年
Net cash generated from operating activities was RM363.0 million. Investing activities used RM101.5 million for property, plant and equipment and RM3.6 million for intangible assets, while RM7.8 million in dividends was received from the associate and RM3.3 million was received from disposal of property, plant and equipment. Financing activities used RM279.7 million, including RM223.2 million in dividends paid to owners and RM5.2 million to non-controlling interests, alongside loan repayments of RM338.9 million and drawdowns of RM297.1 million. The group invested RM200 million in its brewery transformation project from 2022 to 2024, and says it internally funded major investments without increasing its external financing.营运活动所得现金净额为 RM363.0 million。投资活动用于添置物业、厂房及设备 RM101.5 million 及无形资产 RM3.6 million，从联营公司收取股息 RM7.8 million，出售物业、厂房及设备所得 RM3.3 million。融资活动动用现金 RM279.7 million，包括向股东派付股息 RM223.2 million 及向非控股权益派付 RM5.2 million，偿还借款 RM338.9 million 及提取借款 RM297.1 million。集团于 2022 至 2024 年间为酒厂改造项目投资 RM200 million，并称其以内部资金支付主要投资，未增加外部融资。
Source: annual report 2024, pages 33, 39, 78, 178.出处：2024 年年报第 33、39、78、178 页。
20252025 年
Net cash generated from operating activities was RM370.4 million. Investing activities used RM51.1 million for property, plant and equipment and RM17.2 million for intangible assets, while dividends received from the associate were RM11.0 million. Financing activities used RM373.5 million, with RM308.8 million in dividends paid to owners, RM2.0 million paid to non-controlling interests, borrowings repayments of RM251.8 million and drawdowns of RM200.0 million. Cash and cash equivalents declined to RM24.9 million at year end. The 2025 review reports RM94.9 million paid in corporate taxes, up 5.7% from 2024, comprising RM81.0 million for Malaysia and RM13.9 million for Singapore, whereas the cash flow statement shows tax paid of RM89.2m, down 11.8% from RM101.2m in 2024.营运活动所得现金净额为 RM370.4 million。投资活动用于添置物业、厂房及设备 RM51.1 million 及无形资产 RM17.2 million，自联营公司收取股息 RM11.0 million。融资活动动用 RM373.5 million，向股东派发股息 RM308.8 million，向非控股权益派发 RM2.0 million，偿还借款 RM251.8 million 及提取借款 RM200.0 million。现金与现金等价物于期末降至 RM24.9 million。2025 年管理层报告称已缴企业所得税 RM94.9 million，比 2024 年增加 5.7%，其中马来西亚占 RM81.0 million，新加坡占 RM13.9 million；而现金流量表显示已缴税额为 RM89.2m，较 2024 年的 RM101.2m 下降 11.8%。
Source: annual report 2025, pages 70, 155, 156.出处：2025 年年报第 70、155、156 页。
Across the three years三年合看
Dividends declared represented 87% of net profit (93 sen per share) in 2023, 91% (100 sen per share) in 2024, and 90% (111 sen per share) in 2025. Total loans and borrowings declined from RM119.4 million in 2023 to RM77.3 million in 2024 and RM25.3 million in 2025. The gearing ratio fell from 36% in 2023 to 25% in 2024 and 11% in 2025.宣布派发的股息占净利润比率在 2023 年为 87%（每股 93 仙），2024 年为 91%（每股 100 仙），2025 年为 90%（每股 111 仙）。贷款与借款总额由 2023 年的 RM119.4 million 降至 2024 年的 RM77.3 million 及 2025 年的 RM25.3 million。资本负债率由 2023 年的 36% 降至 2024 年的 25% 及 2025 年的 11%。
Source: annual report 2023, pages 7, 34; annual report 2024, pages 7, 238; annual report 2025, pages 8, 213.出处：2023 年年报第 7、34 页；2024 年年报第 7、238 页；2025 年年报第 8、213 页。
Still to be spent尚未支出的承诺
The group planned an investment of RM77 million to update its Smart Core Microsoft Dynamics 365 system over two years. Undrawn banking facilities were RM263.0 million at year end.集团计划在两年内投资 RM77 million 升级 Smart Core Microsoft Dynamics 365 系统。年终未提取银行授信额度为 RM263.0 million。
Source: annual report 2025, pages 25, 194, 213.出处：2025 年年报第 25、194、213 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| RM'000千令吉 | RM'000千令吉 | RM'000千令吉 | RM'000千令吉 | |
| Revenue营业额 | 2,412,465 | 2,260,899 | 2,376,412 | 2,259,954 |
| Profit before taxation税前盈利 | 444,405 | 417,053 | 448,342 | 483,444 |
| Profit for the financial year本年度盈利 | 324,861 | 334,858 | 340,744 | 377,258 |
| Net cash generated from operating activities营运活动所得现金净额 | 414,506 | 325,864 | 362,960 | 370,449 |
| Net cash used in investing activities投资活动所用现金净额 | (138,400) | (39,043) | (93,138) | (55,653) |
| Dividends paid to owners of the Company已付本公司股东股息 | (333,265) | (266,001) | (223,196) | (308,805) |
| Net cash used in financing activities融资活动所用现金净额 | (262,003) | (287,058) | (279,733) | (373,480) |
| Total assets总资产 | 1,058,190 | 1,017,311 | 1,133,386 | 1,050,253 |
| Loans and borrowings贷款与借款 | 120,978 | 119,401 | 77,261 | 25,314 |
| Cash and cash equivalents现金与现金等价物 | 91,251 | 95,036 | 84,528 | 24,864 |
| Total equity总权益 | 154,117 | 234,597 | 283,244 | 326,126 |
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 |
|---|---|---|
| Install a new canning line and upgrade filtration capabilities in the second half of 2024计划于 2024 年下半年安装新易拉罐装线并升级过滤能力 | The canning line and high-precision filtration systems were commissioned in 2024, fully realising the brewery upgrade in September 2024.易拉罐装线与高精度过滤系统于 2024 年投产，酒厂升级于 2024 年 9 月全面落实。 Source: annual report 2023, pages 31, 168; annual report 2024, pages 33, 37.出处：2023 年年报第 31、168 页；2024 年年报第 33、37 页。 | Carried out已执行 |
| Commence local manufacturing of Sapporo quart and pint bottles by the second half of 2024计划于 2024 年下半年在本地生产 Sapporo 大夸脱及品脱装瓶装啤酒 | Sapporo launched in January 2024 in Malaysia and Singapore, and entered its second year with distribution across 6,035 outlets and a 500 ml can launched in March 2025.Sapporo 于 2024 年 1 月在马来西亚与新加坡推出，并进入第二年，分销网覆盖 6,035 个销售点，且于 2025 年 3 月推出 500 毫升罐装。 Source: annual report 2023, page 39; annual report 2024, page 25; annual report 2025, page 14.出处：2023 年年报第 39 页；2024 年年报第 25 页；2025 年年报第 14 页。 | Unclear不明确 |
| Launch new variants of the 1664 brand in the first half of 2024计划于 2024 年上半年推出 1664 品牌的新产品 | The 2024 report states Malaysia is the first country in South East Asia to launch 1664 Brut.2024 年年报称马来西亚是东南亚首个推出 1664 Brut 的国家。 Source: annual report 2023, page 51; annual report 2024, page 20.出处：2023 年年报第 51 页；2024 年年报第 20 页。 | Carried out已执行 |
| Expected Singapore's Beverage Container Return Scheme to commence in 2025预期新加坡饮料容器回收计划于 2025 年启动 | The 2024 and 2025 reports state the scheme will be implemented from 1 April 2026, with preparations underway.2024 与 2025 年年报说明该计划将延至 2026 年 4 月 1 日起实施，相关准备工作仍在进行。 Source: annual report 2023, page 80; annual report 2024, page 69; annual report 2025, page 62.出处：2023 年年报第 80 页；2024 年年报第 69 页；2025 年年报第 62 页。 | Moved to 2026推迟至 2026 年 |
| Target water consumption of 2.6 hl per hl of beer produced for 2025设定 2025 年用水量目标为每百升啤酒 2.6 百升 | In 2025, water consumption was recorded at 2.8 hl/hl, which was above the target of 2.6 hl/hl.2025 年实际耗水量为每百升啤酒 2.8 百升，高于 2.6 百升的目标。 Source: annual report 2024, page 111; annual report 2025, page 102.出处：2024 年年报第 111 页；2025 年年报第 102 页。 | Target missed未达目标 |
| Plan to convert the natural gas boiler to a renewable energy boiler within two years from 2024计划自 2024 年起两年内将天然气锅炉转换为可再生能源锅炉 | The biomass project was initiated under the EaAS model, with the alternative renewable energy boiler expected to start in 2027.集团在 EaAS 模式下启动了生物质项目，替代可再生能源锅炉预计延至 2027 年启动。 Source: annual report 2024, page 103; annual report 2025, pages 87, 88.出处：2024 年年报第 103 页；2025 年年报第 87、88 页。 | Still in progress进行中 |
What the reports leave open年报留下待看的事
- Implementation of the RM77 million Smart Core Microsoft Dynamics 365 ERP system upgrade, targeted for completion by end 2026.耗资 RM77 million 的 Smart Core Microsoft Dynamics 365 企业资源规划系统升级的实施进展，目标于 2026 年底前完成。
Source: annual report 2025, pages 25, 54.出处：2025 年年报第 25、54 页。
- The next phase of upgrades in the ammonia plant, and the centralised refrigeration project planned for 2026.下一阶段的氨系统升级，以及计划于 2026 年进行的集中制冷系统项目。
Source: annual report 2024, pages 80, 196; annual report 2025, pages 103, 138.出处：2024 年年报第 80、196 页；2025 年年报第 103、138 页。
- Impact of the 10% increase in Malaysian alcohol excise duty that took effect on 1 November 2025, raising the rate to RM1.93 per degree of alcohol.自 2025 年 11 月 1 日起生效的马来西亚酒类消费税调高 10%（升至每度酒精 RM1.93）的影响。
Source: annual report 2025, page 63.出处：2025 年年报第 63 页。
- Preparation for Singapore's Beverage Container Return Scheme scheduled to commence island-wide from April 2026.针对计划于 2026 年 4 月起在全岛实施的新加坡饮料容器回收计划的筹备进展。
Source: annual report 2025, pages 62, 104.出处：2025 年年报第 62、104 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-11-11.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 2026-11-11。