DailySpaceDutch Lady Milk Industries Berhad
3026 · Main Market主板（Main Market） · annual reports 2023 to 2025, 2082 entries read2023 至 2025 年报，共读出 2082 条
The company这家公司
Dutch Lady Milk Industries Berhad manufactures and distributes dairy products in Malaysia. In May 2024, it inaugurated a RM540 million manufacturing facility at Bandar Enstek (DLMI@Enstek), which is integrated with Industry 4.0 technology, and completed its transition from the Petaling Jaya facility (DLMI@PJ), which was decommissioned after operating since 1966.Dutch Lady Milk Industries Berhad 在马来西亚从事乳制品的制造与分销。2024 年 5 月，公司启用了位于 Bandar Enstek 的 RM540 million 生产设施（DLMI@Enstek），该工厂融合了工业 4.0 技术，并完成了从自 1966 年起运营的八打灵再也旧厂（DLMI@PJ）的全面迁址与停用。
Source: annual report 2023, page 192; annual report 2024, pages 5, 34, 45.出处：2023 年年报第 192 页；2024 年年报第 5、34、45 页。
The company offers infant and toddler nutrition and other dairy products under brands including Dutch Lady, Friso Gold, and Debic. In the second half of 2024, it discontinued its sterilised milk and yogurt lines. Revenue concentration from major customers accounted for approximately 42% in 2023 (three customers bringing RM606.1 million), 41% in 2024 (three customers bringing RM593.0 million), and 33% in 2025 (two customers bringing RM491.2 million).公司提供婴幼儿营养品及其他乳制品，旗下品牌包括 Dutch Lady、Friso Gold 与 Debic。在 2024 年下半年，公司停产了灭菌奶与酸奶系列。主要客户的营业额集中度在 2023 年约为 42%（三大客户带来 RM606.1 million），2024 年为 41%（三大客户带来 RM593.0 million），2025 年为 33%（两大客户带来 RM491.2 million）。
Source: annual report 2023, pages 57, 192; annual report 2024, pages 58, 59, 60, 202; annual report 2025, page 229.出处：2023 年年报第 57、192 页；2024 年年报第 58、59、60、202 页；2025 年年报第 229 页。
The immediate holding company is FrieslandCampina DLMI Malaysia Holding B.V., holding 32,614,800 shares (50.96%), and the ultimate holding company is Koninklijke FrieslandCampina NV, both incorporated in the Netherlands. Amanahraya Trustees Berhad for Amanah Saham Bumiputera held 4,666,600 shares (7.29%) in 2023, and 4,400,000 shares (6.88%) in 2024 and 2025. Pledged accounts in the thirty largest shareholders included Public Nominees (Tempatan) Sdn Bhd for Aun Huat & Brothers Sdn Bhd with 763,400 shares (1.19%) across all three reports, and HLB Nominees (Tempatan) Sdn Bhd for Siva Kumar A/L M Jeyapalan with 104,000 shares (0.16%) in 2023, 500,000 shares (0.78%) in 2024, and 368,800 shares (0.58%) in 2025.直接控股公司为 FrieslandCampina DLMI Malaysia Holding B.V.，持有 32,614,800 股（50.96%），最终控股公司为 Koninklijke FrieslandCampina NV，两家公司均在荷兰注册。Amanahraya Trustees Berhad（Amanah Saham Bumiputera）在 2023 年持有 4,666,600 股（7.29%），在 2024 和 2025 年持有 4,400,000 股（6.88%）。前三十大股东中的抵押账户包括：Public Nominees (Tempatan) Sdn Bhd 押记 Aun Huat & Brothers Sdn Bhd 账户，在三份年报中均持有 763,400 股（1.19%）；HLB Nominees (Tempatan) Sdn Bhd 押记 Siva Kumar A/L M Jeyapalan 账户，在 2023 年持有 104,000 股（0.16%），2024 年持有 500,000 股（0.78%），2025 年持有 368,800 股（0.58%）。
Source: annual report 2023, pages 209, 210; annual report 2024, pages 219, 220; annual report 2025, pages 195, 248, 249.出处：2023 年年报第 209、210 页；2024 年年报第 219、220 页；2025 年年报第 195、248、249 页。
Recurrent transactions with fellow subsidiaries include purchases of dairy products and raw materials from FrieslandCampina Nederland B.V. (RM224.8 million in 2025) and P.T. Frisian Flag Indonesia (RM261.1 million in 2025), as well as know-how, trademark license and management support fees of RM42.3 million in 2025.与同集团子公司的经常性交易包括从 FrieslandCampina Nederland B.V. 采购乳制品及原材料（2025 年为 RM224.8 million），从 P.T. Frisian Flag Indonesia 采购（2025 年为 RM261.1 million），以及 2025 年的专门知识、商标许可与管理支持费用 RM42.3 million。
Source: annual report 2025, pages 225, 230.出处：2025 年年报第 225、230 页。
Directors and the Company Secretary have no family relationships with any Director or major shareholder, other than nominee directors of Royal FrieslandCampina N.V. In executive leadership, Ramjeet Kaur Virik resigned as Managing Director and Executive Director with effect from 15 April 2025, and Veronika Winanti Wahyu Utami was appointed to replace her on the same date.除 Royal FrieslandCampina N.V. 的提名董事外，董事及公司秘书与任何董事或主要股东均无亲属关系。在管理层变动方面，Ramjeet Kaur Virik 自 2025 年 4 月 15 日起辞去董事经理及执行董事职务，Veronika Winanti Wahyu Utami 于同日获委任接任。
Source: annual report 2023, page 122; annual report 2024, pages 126, 143; annual report 2025, pages 31, 134, 144, 154.出处：2023 年年报第 122 页；2024 年年报第 126、143 页；2025 年年报第 31、134、144、154 页。
Shareholding distribution, 20242024 年股权分布
Source: annual report 2024, page 23.出处：2024 年年报第 23 页。
Major events大事记
Source: annual report 2023, page 7.出处：2023 年年报第 7 页。
Source: annual report 2023, page 39.出处：2023 年年报第 39 页。
Source: annual report 2024, pages 4, 5, 45.出处：2024 年年报第 4、5、45 页。
Source: annual report 2024, pages 45, 58.出处：2024 年年报第 45、58 页。
Source: annual report 2025, pages 28, 33, 154.出处：2025 年年报第 28、33、154 页。
Source: annual report 2025, page 236.出处：2025 年年报第 236 页。
Revenue, profit before tax and operating cash营业额、税前盈利与营运现金
Assets, liabilities and equity资产、负债与权益
20232023 年
In 2023, net cash generated from operating activities was RM206.6 million. The company paid RM189.3 million for purchase of property, plant and equipment, primarily for the new manufacturing facility at Bandar Enstek, and RM13.0 million for purchase of intangible assets; net cash used in investing activities was RM200.8 million. Financing activities used RM44.6 million, including RM32.0 million paid in dividends and RM8.6 million in lease liability payments. No long-term debt was employed, and capital spending was funded from internal funds; cash and bank balances stood at RM66.2 million at year end.2023 年，营运活动所得现金净额为 RM206.6 million。公司支付了 RM189.3 million 用于购买物业、厂房及设备（主要投入 Bandar Enstek 的新生产设施），并支付 RM13.0 million 购买无形资产；投资活动所用现金净额为 RM200.8 million。融资活动使用了 RM44.6 million，包括派发股息 RM32.0 million 和偿付租赁负债 RM8.6 million。公司未采用长期债务，资本开支全由内部资金解决；年末现金及银行结余为 RM66.2 million。
Source: annual report 2023, pages 39, 45, 46, 171.出处：2023 年年报第 39、45、46、171 页。
20242024 年
In 2024, net cash generated from operating activities was RM84.8 million. Capital spending continued with RM128.1 million paid for property, plant and equipment and RM4.3 million for intangible assets; net cash used in investing activities was RM132.0 million. Financing activities generated net cash of RM28.9 million, with RM73.5 million drawn down on an intercompany revolving credit facility, while paying RM32.0 million in dividends, RM7.2 million for lease liabilities, and RM1.1 million in finance costs. Cash and cash equivalents declined to RM47.8 million at year end.2024 年，营运活动所得现金净额为 RM84.8 million。资本支出持续进行，购买物业、厂房及设备支付 RM128.1 million，购买无形资产支付 RM4.3 million；投资活动所用现金净额为 RM132.0 million。融资活动产生现金净额 RM28.9 million，公司提取了 RM73.5 million 的集团内部循环信贷，同时支付了 RM32.0 million 股息、RM7.2 million 租赁负债以及 RM1.1 million 融资成本。年末现金及现金等价物降至 RM47.8 million。
Source: annual report 2024, pages 45, 46, 179.出处：2024 年年报第 45、46、179 页。
20252025 年
In 2025, net cash generated from operating activities was RM159.95 million. Paid capital spending included RM97.6 million for property, plant and equipment and RM3.7 million for intangible assets; net cash used in investing activities was RM101.0 million. Net cash used in financing activities was RM14.1 million, with dividend payments of RM32.0 million, lease repayments of RM2.7 million, interest payments of RM4.7 million for borrowings and RM3.7 million to financial institutions, alongside a revolving credit drawdown of RM28.9 million. Total borrowings stood at RM90.6 million, and cash and bank balances rose to RM92.6 million at year end.2025 年，营运活动所得现金净额为 RM159.95 million。已付资本支出包括购买物业、厂房及设备 RM97.6 million 和购买无形资产 RM3.7 million；投资活动所用现金净额为 RM101.0 million。融资活动所用现金净额为 RM14.1 million，包括派发股息 RM32.0 million、偿付租赁负债 RM2.7 million、支付借款利息 RM4.7 million 及金融机构利息 RM3.7 million，此外提取了循环信贷 RM28.9 million。年末总借款为 RM90.6 million，现金及银行结余增至 RM92.6 million。
Source: annual report 2025, pages 39, 40, 200, 224.出处：2025 年年报第 39、40、200、224 页。
Across the three years三年合看
Over the three years, DLMI directed capital spending toward completing its RM540 million manufacturing plant at Bandar Enstek (DLMI@Enstek) and the adjacent Distribution Centre, replacing its older facility in Petaling Jaya. The company funded early construction from internal cash, but in 2024 secured an intercompany credit facility of USD35 million, drawing down RM73.5 million in 2024 and RM28.9 million in 2025. Dividends of RM32.0 million were paid each year, representing two interim payments of 25.00 sen per share annually, with no final dividend recommended.三年合看，DLMI 将资本支出用于建设其投资 RM540 million 的 Bandar Enstek 制造厂（DLMI@Enstek）及毗邻的配送中心，以取代位于八打灵再也的旧厂。公司早期建设均由内部资金支付，但于 2024 年获得了 USD35 million 的集团内部信贷额度，并在 2024 年提取 RM73.5 million、2025 年提取 RM28.9 million。每年均派发 RM32.0 million 股息，分为每年两次各 25.00 仙的中期股息，未建议派发终期股息。
Source: annual report 2023, pages 34, 40, 45, 165; annual report 2024, pages 5, 32, 45, 173, 179; annual report 2025, pages 28, 41, 194, 200, 224.出处：2023 年年报第 34、40、45、165 页；2024 年年报第 5、32、45、173、179 页；2025 年年报第 28、41、194、200、224 页。
Still to be spent尚未支出的承诺
Contractual commitments for property, plant and equipment not yet recognised in the statements decreased from RM98.5 million in 2023 to RM62.5 million in 2024 and RM4.4 million in 2025. In January 2026, the company repaid RM30 million of its revolving credit facility, and the ultimate holding company agreed to renew the facility at a reduced committed amount of USD15 million (approximately RM60.9 million) upon its March 2026 expiry.尚未在财务报表中确认的购买物业、厂房及设备合同承诺从 2023 年的 RM98.5 million 降至 2024 年的 RM62.5 million 和 2025 年的 RM4.4 million。2026 年 1 月，公司偿还了 RM30 million 循环信贷，最终控股公司同意在 2026 年 3 月到期时续签该项信贷，承诺额度缩减至 USD15 million（约 RM60.9 million）。
Source: annual report 2023, page 181; annual report 2024, page 191; annual report 2025, pages 214, 236.出处：2023 年年报第 181 页；2024 年年报第 191 页；2025 年年报第 214、236 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 | 1,339,410 | 1,442,823 | 1,445,071 | 1,500,357 |
| Profit before tax税前盈利 | 54,559 | 96,493 | 125,045 | 146,667 |
| Net cash from operating activities营运活动所得现金净额 | 153,581 | 206,607 | 84,840 | 159,948 |
| Purchase of property, plant and equipment购买物业、厂房及设备 | (119,531) | (189,308) | (128,089) | (97,649) |
| Net cash used in investing activities投资活动所用现金净额 | (122,757) | (200,766) | (132,048) | (101,034) |
| Dividends paid已付股息 | (32,000) | (32,000) | (32,000) | (32,000) |
| Net cash generated from/(used in) financing activities融资活动所得／（所用）现金净额 | (44,183) | (44,630) | 28,852 | (14,144) |
| Total assets总资产 | 844,174 | 946,876 | 1,073,732 | 1,086,243 |
| Total liabilities总负债 | 447,323 | 509,631 | 571,840 | 513,068 |
| Total equity总权益 | 396,851 | 437,245 | 501,892 | 573,175 |
| Cash and bank balances现金与银行结余 | 104,941 | 66,152 | 47,796 | 92,566 |
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 new manufacturing facility at Bandar Enstek to be fully operational within 2024 and ready for commercial production in 2024.Bandar Enstek 的新生产设施将在 2024 年内全面投入营运，并在 2024 年准备好进行商业化生产。 | The facility was inaugurated in May 2024 and the full transition from Petaling Jaya was completed in 2024.该设施于 2024 年 5 月正式开幕，并于 2024 年完成从八打灵再也的全面迁址。 Source: annual report 2023, pages 35, 46; annual report 2024, pages 4, 5, 45.出处：2023 年年报第 35、46 页；2024 年年报第 4、5、45 页。 | Completed已完成 |
| Board approval secured for Sustainability Policy and Guidelines for roll-out in early 2024.可持续发展政策与指南获得董事会批准，计划于 2024 年初推出。 | The Sustainability Policy was developed, launched, and refreshed in 2024.该可持续发展政策于 2024 年制定、推出并更新。 Source: annual report 2023, page 34; annual report 2024, pages 27, 65, 109.出处：2023 年年报第 34 页；2024 年年报第 27、65、109 页。 | Carried out已执行 |
| New Distribution Centre adjacent to DLMI@Enstek expected to be completed by the first half of 2025.毗邻 DLMI@Enstek 的新配送中心预计将于 2025 年上半年完工。 | The Distribution Centre at DLMI@Enstek was completed and commissioned in 2025.DLMI@Enstek 配送中心已于 2025 年完工并投入使用。 Source: annual report 2024, pages 45, 47; annual report 2025, pages 28, 33, 36.出处：2024 年年报第 45、47 页；2025 年年报第 28、33、36 页。 | Completed已完成 |
| To refresh the materiality assessment in 2025 and conduct a full-fledged assessment aligned with AA1000 principles.计划于 2025 年更新重大性评估，并根据 AA1000 原则进行全面评估。 | Completed a full-fledged Stakeholder Engagement and Materiality Assessment in keeping with AA1000 principles in 2025.已于 2025 年根据 AA1000 原则完成全面的利益相关者参与和重大性评估。 Source: annual report 2024, pages 11, 81; annual report 2025, page 11.出处：2024 年年报第 11、81 页；2025 年年报第 11 页。 | Completed已完成 |
| Adoption of on-site solar energy generation at DLMI@Enstek, with commissioning expected in late 2026.在 DLMI@Enstek 采用现场太阳能发电，预计于 2026 年底投入运作。 | Assessing suitable commercial and delivery models including a Power Purchase Agreement, with commissioning expected in late 2026.正在评估包括购电协议在内的合适商业与交付模式，预计于 2026 年底投入运作。 Source: annual report 2024, page 55; annual report 2025, pages 30, 107, 109.出处：2024 年年报第 55 页；2025 年年报第 30、107、109 页。 | Still in progress仍进行中 |
What the reports leave open年报留下待看的事
- A substantial shareholder has nominated Ernst & Young PLT to replace the retiring PricewaterhouseCoopers PLT as auditors at the 63rd Annual General Meeting on 20 May 2026.主要股东已提名安永（Ernst & Young PLT）在 2026 年 5 月 20 日举行的第 63 届股东周年大会上接替退任的罗兵咸永道（PricewaterhouseCoopers PLT）出任审计师。
Source: annual report 2025, pages 6, 252, 256.出处：2025 年年报第 6、252、256 页。
- The USD35 million revolving credit facility from the ultimate holding company is set to expire on 31 March 2026; following repayment of RM30 million in January 2026, the facility is assured to be renewed at a reduced committed amount of USD15 million (approximately RM60.9 million).来自最终控股公司的 USD35 million 循环信贷将于 2026 年 3 月 31 日到期；在 2026 年 1 月偿还 RM30 million 后，该信贷已获承诺按缩减后的 USD15 million（约 RM60.9 million）额度续签。
Source: annual report 2025, page 236.出处：2025 年年报第 236 页。
- Assessment of commercial and delivery models, including a Power Purchase Agreement, for on-site solar generation at DLMI@Enstek, with commissioning expected in late 2026 and emissions reductions anticipated in 2027.评估 DLMI@Enstek 现场太阳能发电的商业与交付模式（包括购电协议），预计将于 2026 年底投入运作并在 2027 年实现减排。
Source: annual report 2025, pages 30, 107, 109.出处：2025 年年报第 30、107、109 页。
- Input costs of dairy raw materials increased sharply in 2025, with an overall weighted average price increase of 11% in key materials.2025 年乳制品原材料输入成本大幅上涨，关键原料的整体加权平均价格上涨了 11%。
Source: annual report 2025, pages 36, 47, 240.出处：2025 年年报第 36、47、240 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。