DailySpaceYNH Property Bhd
3158 · Main Market主板（Main Market） · annual reports 2023 to 2025, 1900 entries read2023 至 2025 年报，共读出 1900 条
The company这家公司
YNH Property Bhd is a property developer and contractor based in Malaysia. Its operations include property development, construction contracts, and hotel and hospitality services.YNH Property Bhd 是一家位于马来西亚的房地产开发商与承包商。其业务包括房地产开发、建筑合约以及酒店与款待服务。
Source: annual report 2024, page 11; annual report 2025, pages 82, 116.出处：2024 年年报第 11 页；2025 年年报第 82、116 页。
In the 2024 report, revenue from property development was RM126,861,578, representing 87% of group revenue. In the 2025 report, revenue from property development and construction contracts was RM35,898,633, representing 9% of group revenue, while total revenue from property development activities was RM371,739,965 and hotel services brought RM5,501,245.在 2024 年年报中，房地产开发营业额为 RM126,861,578，占集团营业额的 87%。在 2025 年年报中，房地产开发与建筑合约营业额为 RM35,898,633，占集团营业额的 9%，而来自房地产开发活动的总营业额为 RM371,739,965，酒店服务带来 RM5,501,245。
Source: annual report 2024, page 70; annual report 2025, pages 82, 116.出处：2024 年年报第 70 页；2025 年年报第 82、116 页。
The group's development projects include Solasta Dutamas in Dutamas, Kuala Lumpur, consisting of 1,159 serviced apartment units with an estimated gross development value of approximately RM720 million. The group has about 700 acres of undeveloped land bank remaining in Seri Manjung. Other planned developments include Menara YNH on Jalan Sultan Ismail in Kuala Lumpur, with an internal targeted gross development value of RM4 billion, and 95 acres of land in Genting Highlands acquired in 2008 for RM16.05 million.集团的开发项目包括位于吉隆坡 Dutamas 的 Solasta Dutamas，由 1,159 间服务式公寓组成，预计总开发价值约为 RM720 million。集团在 Seri Manjung 尚余约 700 英亩未开发土地储备。其他规划中的开发项目包括位于吉隆坡苏丹依斯迈路（Jalan Sultan Ismail）的 Menara YNH，内部目标总开发价值为 RM4 billion，以及 2008 年以 RM16.05 million 收购的云顶高原 95 英亩土地。
Source: annual report 2023, page 135; annual report 2024, page 11; annual report 2025, pages 13, 14.出处：2023 年年报第 135 页；2024 年年报第 11 页；2025 年年报第 13、14 页。
Dato' Dr. Yu Kuan Chon and Dato' Yu Kuan Huat are brothers and major shareholders of the company. In the 2025 analysis of shareholdings, Citigroup Nominees (Tempatan) Sdn Bhd held 45,440,784 shares (8.5983%) for Kenanga Investors Bhd. Pledged securities accounts for Dato' Dr. Yu Kuan Chon included 13,078,000 shares (2.4746%) under Malaysia Nominees (Tempatan) Sendirian Berhad, while accounts for Dato' Yu Kuan Huat included 5,312,939 shares (1.0053%) under Maybank Nominees (Tempatan) Sdn Bhd and 3,600,000 shares (0.6812%) under UOBM Nominees (Tempatan) Sdn Bhd.Dato' Dr. Yu Kuan Chon 与 Dato' Yu Kuan Huat 为兄弟，同为公司主要股东。在 2025 年股权分布简表中，Citigroup Nominees (Tempatan) Sdn Bhd 为 Kenanga Investors Bhd 持有 45,440,784 股（8.5983%）。Dato' Dr. Yu Kuan Chon 的质押证券账户包括在 Malaysia Nominees (Tempatan) Sendirian Berhad 名下的 13,078,000 股（2.4746%），而 Dato' Yu Kuan Huat 的账户包括在 Maybank Nominees (Tempatan) Sdn Bhd 名下的 5,312,939 股（1.0053%）以及在 UOBM Nominees (Tempatan) Sdn Bhd 名下的 3,600,000 股（0.6812%）。
Source: annual report 2024, page 5; annual report 2025, pages 67, 68.出处：2024 年年报第 5 页；2025 年年报第 67、68 页。
In December 2024, the board expanded to nine members. On 18 December 2024, one director was redesignated as Executive Chairman and another as Executive Director. Yu Kai Leun, son of Dato' Yu Kuan Huat, was appointed Executive Director on 9 December 2024, and Yu Jian Loong, son of Dato' Dr. Yu Kuan Chon, was appointed Executive Director on 19 December 2024. Loh Sah Hooi, Lee Zhi Yan, and Koh Liong Boon were also appointed to the board on 19 December 2024.2024 年 12 月，董事会扩大至九名成员。2024 年 12 月 18 日，一名董事调任执行主席，另一名调任执行董事。Dato' Yu Kuan Huat 之子 Yu Kai Leun 于 2024 年 12 月 9 日获委任为执行董事，Dato' Dr. Yu Kuan Chon 之子 Yu Jian Loong 于 2024 年 12 月 19 日获委任为执行董事。Loh Sah Hooi、Lee Zhi Yan 及 Koh Liong Boon 亦于 2024 年 12 月 19 日获委任加入董事会。
Source: annual report 2025, pages 5, 6, 8, 9, 12.出处：2025 年年报第 5、6、8、9、12 页。
The 2023 and 2024 reports carry audit qualifications regarding consideration paid in prior years for joint venture and turnkey construction agreements. In 2023, a subsidiary's auditor qualified inventories of RM1,100,210,470 amid regulatory queries. In 2024, Morison LC PLT qualified inventories of RM1,033,327,470. A special independent review conducted by UHY Advisory (KL) Sdn Bhd was completed on 10 April 2025, identifying internal control weaknesses in contracting and payment processes, shared secretarial and business addresses, and overlapping directorships.2023 与 2024 年报均因往年就合资与交钥匙工程协议支付的对价而附有审计保留意见。2023 年，一家子公司的审计师在监管机构问讯下对 RM1,100,210,470 的存货出具保留意见。2024 年，Morison LC PLT 对 RM1,033,327,470 的存货出具保留意见。由 UHY Advisory (KL) Sdn Bhd 进行的特别独立审查于 2025 年 4 月 10 日完成，指出签约与付款流程存在内部控制缺陷、共用秘书与营业地址以及董事重叠等问题。
Source: annual report 2023, pages 66, 116; annual report 2024, pages 67, 75; annual report 2025, pages 53, 189.出处：2023 年年报第 66、116 页；2024 年年报第 67、75 页；2025 年年报第 53、189 页。
Major events大事记
Source: annual report 2023, pages 5, 80.出处：2023 年年报第 5、80 页。
Source: annual report 2023, pages 8, 136.出处：2023 年年报第 8、136 页。
Source: annual report 2023, pages 8, 113.出处：2023 年年报第 8、113 页。
Source: annual report 2024, page 179.出处：2024 年年报第 179 页。
Source: annual report 2024, page 179.出处：2024 年年报第 179 页。
Source: annual report 2025, page 158.出处：2025 年年报第 158 页。
Source: annual report 2025, page 189.出处：2025 年年报第 189 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
The company changed its financial year end from 31 December to 30 June. Financial statements for the period ended 30 June 2023 cover 18 months. Operating cash flow used was RM4,532,620, while interest paid was RM51,990,866. The company issued Sukuk Wakalah in an aggregate of RM323 million with tenures of 3 years and 5 years, paying RM3,938,278 in debt issuance costs. Proceeds from disposal of property, plant and equipment brought RM34,570,532 at a gain of RM23,352,136. Additions in properties held for development took RM97,500,000 and purchase of property, plant and equipment took RM3,827,967. Term loan repayments were RM79,034,453 against drawdowns of RM58,000,000, while revolving credits saw a net reduction of RM188,054,915. A distribution of RM35,962,309 was paid to holders of perpetual securities, and no ordinary dividend was paid.公司将财政年度结账日由 12 月 31 日更改为 6 月 30 日。截至 2023 年 6 月 30 日止期间的财务报表涵盖 18 个月。营运活动使用现金 RM4,532,620，已付利息为 RM51,990,866。公司发行了总额 RM323 million、期限为 3 年及 5 年的伊斯兰债券（Sukuk Wakalah），并支付了 RM3,938,278 的发债费用。脱售物业、厂房及设备获得款项 RM34,570,532，收益为 RM23,352,136。持作开发物业增加支出 RM97,500,000，添置物业、厂房及设备支出 RM3,827,967。定期贷款偿还 RM79,034,453，提取 RM58,000,000，循环信贷净减少 RM188,054,915。向永久证券持有者派发收益分配 RM35,962,309，未派发普通股股息。
Source: annual report 2023, pages 3, 5, 18, 19, 20, 21, 113.出处：2023 年年报第 3、5、18、19、20、21、113 页。
20242024 年
In FY2024, operating cash flow generated was RM91,660,919, while finance costs were RM55,394,894. Investing cash inflow was RM11,384,753, with proceeds from disposal of assets held for sales bringing RM12,447,362 and property, plant and equipment bringing RM2,592,000, while additions to property, plant and equipment were RM3,601,824. Financing cash outflow was RM96,801,849, including term loan repayments of RM73,431,670, lease liability payments of RM3,758,983, and distribution to perpetual securities holders of RM23,975,020. Revolving credit was reduced by RM27,785,958, while advances from directors provided RM4,363,824. The rating for the Sukuk Wakalah was downgraded from A+ to BB by MARC Ratings, and no ordinary dividend was paid.2024 财年，营运活动产生现金 RM91,660,919，财务费用为 RM55,394,894。投资活动现金流入 RM11,384,753，其中脱售持有待售资产获得 RM12,447,362，脱售物业、厂房及设备获得 RM2,592,000，添置物业、厂房及设备支出 RM3,601,824。融资活动现金流出 RM96,801,849，包括偿还定期贷款 RM73,431,670、支付租赁负债 RM3,758,983 以及向永久证券持有者派发收益分配 RM23,975,020。循环信贷减少 RM27,785,958，董事预付款提供 RM4,363,824。MARC Ratings 将伊斯兰债券评级由 A+ 下调至 BB，未派发普通股股息。
Source: annual report 2024, pages 57, 86, 87, 88, 148, 154.出处：2024 年年报第 57、86、87、88、148、154 页。
20252025 年
In FY2025, operating cash flow generated rose to RM259,460,518, while interest paid was RM50,858,859. Investing activities generated RM59,464,839. Proceeds from disposal of assets held for sales were RM45,500,000, investment property disposals brought RM10,658,960, and right-of-use asset disposals brought RM2,874,960. Financing cash outflow was RM304,129,144, with net repayment of loans and borrowings of RM270,802,984, including the redemption of the first Sukuk Wakalah tranche of RM153,000,000 nominal value on 28 February 2025. Revolving credit was reduced by RM112,327,819. Distribution paid to holders of perpetual securities was RM26,708,647, and no ordinary dividend was recommended or paid.2025 财年，营运活动产生现金升至 RM259,460,518，已付利息为 RM50,858,859。投资活动产生现金 RM59,464,839。脱售持有待售资产款项为 RM45,500,000，脱售投资产业带来 RM10,658,960，脱售使用权资产带来 RM2,874,960。融资活动现金流出 RM304,129,144，净偿还贷款与借款 RM270,802,984，其中包括在 2025 年 2 月 28 日赎回首期名义价值 RM153,000,000 的伊斯兰债券。循环信贷减少 RM112,327,819。向永久证券持有者派发收益分配 RM26,708,647，未建议或派发普通股股息。
Source: annual report 2025, pages 70, 97, 98, 99, 158, 163.出处：2025 年年报第 70、97、98、99、158、163 页。
Across the three years三年合看
Across the reports, total loans and borrowings decreased from RM909,126,463 in 2023 to RM835,377,701 in 2024 and RM534,125,706 in 2025, alongside asset disposals including 163 Retail Park. Perpetual securities of RM345,915,827 remained on the balance sheet across all three years. Cash distributions paid to perpetual securities holders totalled RM35,962,309 in 2023, RM23,975,020 in 2024, and RM26,708,647 in 2025. No ordinary share dividend was paid in any of the three reports.在各份年报中，随着包括 163 Retail Park 在内的资产脱售，贷款与借款总额由 2023 年的 RM909,126,463 降至 2024 年的 RM835,377,701 和 2025 年的 RM534,125,706。三年间资产负债表上始终保留 RM345,915,827 的永久证券。向永久证券持有者支付的现金分配在 2023 年为 RM35,962,309，2024 年为 RM23,975,020，2025 年为 RM26,708,647。三份年报中均未派发普通股股息。
Source: annual report 2023, pages 3, 21, 108; annual report 2024, pages 57, 79, 88, 142; annual report 2025, pages 12, 70, 91, 99, 151, 190.出处：2023 年年报第 3、21、108 页；2024 年年报第 57、79、88、142 页；2025 年年报第 12、70、91、99、151、190 页。
Still to be spent尚未支出的承诺
At 30 June 2025, contractual payment obligations due within one year stood at RM614,503,420, including RM268,343,924 of short-term loans and borrowings (including lease liabilities). A second tranche of Sukuk Wakalah with a nominal value of RM170,000,000 is due on 26 February 2027. Following non-redemption on 7 August 2025, the coupon rate on the RM345,915,827 perpetual securities stepped up to 9.85% per annum. In addition, other payables included RM41,500,000 due to a third party following revocation of land sales in previous financial years.截至 2025 年 6 月 30 日，一年内到期的合约付款义务为 RM614,503,420，其中包括 RM268,343,924 的短期贷款与借款（含租赁负债）。名义价值为 RM170,000,000 的第二期伊斯兰债券将于 2027 年 2 月 26 日到期。由于在 2025 年 8 月 7 日未予赎回，RM345,915,827 永久证券的票面利率升至每年 9.85%。此外，其他应付款项中包括往年撤销土地买卖后应付第三方的 RM41,500,000。
Source: annual report 2023, page 5; annual report 2025, pages 84, 91, 150, 157, 162.出处：2023 年年报第 5 页；2025 年年报第 84、91、150、157、162 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| RM令吉 | RM令吉 | RM令吉 | RM令吉 | |
| Revenue营业额 | 231,277,909 | 307,516,997 | 148,437,809 | 391,578,030 |
| Profit/(Loss) before tax税前盈利 /（亏损） | 34,662,631 | 20,416,799 | (49,675,864) | (103,887,648) |
| Profit/(Loss) for the financial year/period年度 / 期间盈利 /（亏损） | 21,251,147 | 3,682,219 | (41,454,071) | (81,394,963) |
| Net cash from/(used in) operating activities营运活动所得 /（所用）现金净额 | 27,543,599 | (4,532,620) | 91,660,919 | 259,460,518 |
| Additions of property, plant and equipment添置物业、厂房及设备 | (999,537) | (3,827,967) | (3,601,824) | (224,381) |
| Distribution paid to holders of perpetual securities已付永久证券持有者收益分配 | (24,073,715) | (35,962,309) | (23,975,020) | (26,708,647) |
| Total assets总资产 | 2,466,686,057 | 2,481,962,392 | 2,445,780,926 | 2,087,981,747 |
| Total liabilities总负债 | 1,236,625,440 | 1,288,773,320 | 1,318,026,384 | 1,068,283,707 |
| Loans and borrowings贷款与借款 | 807,051,297 | 909,126,463 | 835,377,701 | 534,125,706 |
| Cash and bank balances现金与银行结余 | 33,608,164 | 35,735,717 | 42,054,711 | 26,056,603 |
| Total equity总权益 | 1,230,060,617 | 1,193,189,072 | 1,127,754,542 | 1,019,698,040 |
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 |
|---|---|---|
| Disposal of 163 Retail Park shopping centre to raise cash and reduce borrowings (announced in 2022 and approved by shareholders on 1 March 2023)脱售 163 Retail Park 购物中心以筹集现金并减少借款（于 2022 年宣布，并于 2023 年 3 月 1 日获股东批准） | A new sale and purchase agreement for RM215,000,000 was executed on 29 January 2024, and the disposal was completed in the financial year ended 30 June 2025.2024 年 1 月 29 日订立了 RM215,000,000 的新买卖协议，该项脱售已于截至 2025 年 6 月 30 日的财政年度内完成。 Source: annual report 2023, pages 8, 136; annual report 2024, page 179; annual report 2025, page 190.出处：2023 年年报第 8、136 页；2024 年年报第 179 页；2025 年年报第 190 页。 | Completed已完成 |
| Sukuk Wakalah of RM323 million issued in 2022, with the first tranche due on 28 February 2025, and management noted confidence in meeting the scheduled repayment of RM153.6 million2022 年发行的 RM323 million 伊斯兰债券中首期将于 2025 年 2 月 28 日到期，管理层表示有信心如期偿还 RM153.6 million | The company redeemed its first Sukuk Wakalah with nominal value of RM153,000,000 on 28 February 2025.公司于 2025 年 2 月 28 日赎回了名义价值为 RM153,000,000 的首期伊斯兰债券。 Source: annual report 2023, page 5; annual report 2024, page 148; annual report 2025, page 158.出处：2023 年年报第 5 页；2024 年年报第 148 页；2025 年年报第 158 页。 | Redeemed on due date到期赎回 |
| Conducting a special review of joint venture and turnkey contracts following regulatory queries (2023)在监管机构问讯后对合资与交钥匙工程合约展开特别审查（2023） | The review remained incomplete at 2024 year end, and the special independent review was completed on 10 April 2025.该审查在 2024 年底仍未完成，特别独立审查于 2025 年 4 月 10 日完成。 Source: annual report 2023, page 116; annual report 2024, page 67; annual report 2025, page 189.出处：2023 年年报第 116 页；2024 年年报第 67 页；2025 年年报第 189 页。 | Completed later than scheduled晚于预期完成 |
| Targeting to launch Phase 1 of the Genting Highlands development consisting of 908 units with estimated gross development value of about RM700 million by end 2024, subject to market conditions and approvals (2023)目标是在 2024 年底推出由 908 间单位组成、预计总开发价值约 RM700 million 的云顶高原开发项目第一期（2023） | The 2025 report stated a key priority is to pursue strategic partnerships for Genting Highlands given substantial capital requirements.2025 年年报指出鉴于庞大资本需求，关键优先事项是为云顶高原寻求战略合作。 Source: annual report 2023, page 135; annual report 2024, page 9; annual report 2025, page 14.出处：2023 年年报第 135 页；2024 年年报第 9 页；2025 年年报第 14 页。 | Seeking partners正在寻求合作伙伴 |
| Venturing into Negeri Sembilan for a 2,200 units mixed development township with estimated gross development value of RM600 million after obtaining a development order (2023)在取得开发准令后进军森美兰州，建设由 2,200 间单位组成、预计总开发价值 RM600 million 的综合开发城镇（2023） | On 12 March 2024, KSB entered into a deed of mutual release to terminate the turnkey construction agreement for the Kuala Pilah lands, with security deposit of RM42,500,000 to be refunded.2024 年 3 月 12 日，KSB 订立相互解除契约以终止瓜拉庇劳土地的交钥匙工程协议，应退还抵押金 RM42,500,000。 Source: annual report 2023, page 136; annual report 2025, page 186.出处：2023 年年报第 136 页；2025 年年报第 186 页。 | Agreement terminated协议已终止 |
| Planning the Menara YNH mixed development comprising hotel, serviced apartments and shopping mall with an internal targeted gross development value of approximately RM4 billion (2023)规划包含酒店、服务式公寓和商场的 Menara YNH 综合开发项目，内部目标总开发价值约为 RM4 billion（2023） | In 2025 the group announced exploration of monetisation and joint-venture opportunities for the site.集团于 2025 年宣布探索该地块的资产变现及合资机会。 Source: annual report 2023, page 138; annual report 2025, pages 12, 14.出处：2023 年年报第 138 页；2025 年年报第 12、14 页。 | Exploring monetisation正在探索变现 |
What the reports leave open年报留下待看的事
- Recovery of refundable security deposits from terminated turnkey contracts, including RM27,500,000 for the Pusing Land agreement and RM37,383,000 for Lot 2355 where land title ownership is in legal dispute.已终止交钥匙工程合约的应退抵押金收回情况，包括布先土地协议的 RM27,500,000，以及地契所有权存在法律争议的 Lot 2355 的 RM37,383,000。
Source: annual report 2025, pages 142, 143, 186, 187, 188.出处：2025 年年报第 142、143、186、187、188 页。
- The coupon rate on RM345,915,827 perpetual securities stepped up to 9.85% per annum following non-redemption on 7 August 2025.由于在 2025 年 8 月 7 日未予赎回，RM345,915,827 永久证券的票面利率已升至每年 9.85%。
Source: annual report 2025, pages 91, 150.出处：2025 年年报第 91、150 页。
- The remaining Sukuk Wakalah of RM170,000,000 nominal value due for repayment on 26 February 2027.名义价值为 RM170,000,000 的剩余伊斯兰债券将于 2027 年 2 月 26 日到期偿还。
Source: annual report 2023, page 5; annual report 2025, page 157.出处：2023 年年报第 5 页；2025 年年报第 157 页。
- Deliberation and implementation by the board of internal control recommendations regarding limits of authority and contracting policies following the special independent review report.特别独立审查报告出炉后，董事会就权限限制及签约政策等内部控制建议的审议与执行情况。
Source: annual report 2025, pages 189, 190.出处：2025 年年报第 189、190 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。