DailySpaceLien Hoe Corporation Berhad
3573 · Main Market主板（Main Market） · annual reports 2023 to 2025, 1178 entries read2023 至 2025 年报，共读出 1178 条
The company这家公司
Lien Hoe Corporation Berhad owns and operates the 4-star Hotel Armada along the Federal Highway in Petaling Jaya, Selangor, and leases commercial space and car-parking facilities at Plaza Armada within the hotel podium. The group also holds several parcels of land in Johor Bahru in various stages of development planning, and all of its present operations are located within Malaysia.Lien Hoe Corporation Berhad 拥有并经营位于雪兰莪八打灵再也联邦公路旁的四星级 Hotel Armada，并在酒店裙楼内的 Plaza Armada 出租商业空间和提供停车场设施。集团还在柔佛新山拥有数幅处于不同开发规划阶段的地块，其目前的所有业务均位于马来西亚境内。
Source: annual report 2023, page 14; annual report 2024, page 13; annual report 2025, page 15.出处：2023 年年报第 14 页；2024 年年报第 13 页；2025 年年报第 15 页。
Plaza Armada offers 95,916 square feet of net lettable space, of which 83,593 square feet was leased at an occupancy rate of 87%.Plaza Armada 提供 95,916 平方英尺的可出租净面积，其中 83,593 平方英尺已出租，出租率为 87%。
Source: annual report 2024, pages 12, 14; annual report 2025, pages 15, 17.出处：2024 年年报第 12、14 页；2025 年年报第 15、17 页。
For Hotel Armada, online travel agents formed the largest booking channel, accounting for 36% of guest reservations in 2023, 34% of room reservations in 2024, and more than 40% of room nights in 2025, followed by corporate clients. Demographically, local travellers remained the largest customer base in 2023 and 2025, alongside foreign visitors from China and Singapore.对 Hotel Armada 而言，在线旅行社是最大的预订渠道，在 2023 年占住客预订的 36%，2024 年占客房预订的 34%，2025 年占客房总间夜数的 40% 以上，其次是企业客户。从客源分布来看，本地旅客在 2023 年与 2025 年都是最大的客户群体，其次是来自中国和新加坡的外国访客。
Source: annual report 2023, page 18; annual report 2024, page 17; annual report 2025, page 20.出处：2023 年年报第 18 页；2024 年年报第 17 页；2025 年年报第 20 页。
Christine Holding Sdn Bhd is the largest shareholder, holding 196,920,197 shares (59.24% of adjusted total issued shares in 2023, and 59.238% in 2025) in a pledged securities account under Kenanga Nominees (Tempatan) Sdn Bhd. Grace Vun Siaw Nei holds 21,716,100 shares (6.53% in 2023, and 6.532% in 2024 and 2025).Christine Holding Sdn Bhd 为最大股东，通过 Kenanga Nominees (Tempatan) Sdn Bhd 抵押证券账户持有 196,920,197 股（2023 年占调整后已发行股份总数 59.24%，2025 年占 59.238%）。Grace Vun Siaw Nei 持有 21,716,100 股（2023 年占 6.53%，2024 与 2025 年占 6.532%）。
Source: annual report 2023, pages 125, 126; annual report 2024, page 127; annual report 2025, pages 137, 138.出处：2023 年年报第 125、126 页；2024 年年报第 127 页；2025 年年报第 137、138 页。
Datin Lin Shou Jen was appointed Chairperson and Non-Independent Non-Executive Director on 1 March 2026. She is the mother of Executive Director and Chief Executive Officer Ms. Yap Tse Yeeng, Christine, and spouse of the late Dato’ Yap Sing Hock, the former Managing Director. Former Chairman Mr. Yeoh Chong Keat retired on 19 June 2023, and the position had remained vacant prior to Datin Lin's appointment.Datin Lin Shou Jen 于 2026 年 3 月 1 日获委任为主席兼非独立非执行董事。她是执行董事兼首席执行员 Ms. Yap Tse Yeeng, Christine 的母亲，也是前董事经理已故 Dato’ Yap Sing Hock 的配偶。前主席 Mr. Yeoh Chong Keat 于 2023 年 6 月 19 日退休，在此职位由 Datin Lin 接任前一直空缺。
Source: annual report 2023, pages 21, 31; annual report 2024, page 19; annual report 2025, pages 9, 24.出处：2023 年年报第 21、31 页；2024 年年报第 19 页；2025 年年报第 9、24 页。
Revenue by segment, 20252025 年各部门营业额占比
Source: annual report 2025, page 17.出处：2025 年年报第 17 页。
Major events大事记
Source: annual report 2023, pages 10, 11, 31.出处：2023 年年报第 10、11、31 页。
Source: annual report 2023, pages 19, 97.出处：2023 年年报第 19、97 页。
Source: annual report 2024, page 98.出处：2024 年年报第 98 页。
Source: annual report 2025, pages 105, 106.出处：2025 年年报第 105、106 页。
Source: annual report 2025, page 135.出处：2025 年年报第 135 页。
Source: annual report 2025, pages 9, 24.出处：2025 年年报第 9、24 页。
Revenue, hotel revenue and operating cash flow营业额、酒店营业额与营运现金流
Assets, liabilities and equity资产、负债与权益
20232023 年
Net cash generated from operating activities was RM1.46 million in 2023. Deposits, bank and cash balances decreased by RM4.46 million to RM6.54 million. Scheduled repayments pared outstanding bank borrowings down to RM33.64 million from RM36.27 million one year earlier. The group sustained a net loss of RM15.17 million. No dividend was proposed or paid.2023 年，营运活动所得现金净额为 RM1.46 million。存款、银行与现金结余减少 RM4.46 million 至 RM6.54 million。按期还款使尚未偿还的银行借款由一年前的 RM36.27 million 降至 RM33.64 million。集团录得净亏损 RM15.17 million。没有建议或派发任何股息。
Source: annual report 2023, pages 16, 17, 56.出处：2023 年年报第 16、17、56 页。
20242024 年
In 2024, net cash generated from operating activities was RM2.44 million, up from RM1.46 million in the previous year. Scheduled repayments further reduced outstanding bank borrowings to RM29.40 million from RM33.64 million. The group recorded a net loss of RM8.56 million. Cash and bank balances decreased by RM4.94 million. Current liabilities exceeded current assets by RM5,736,000, leading auditors to draw attention to material uncertainty that may cast significant doubt on the group's ability to continue as a going concern. No dividend was proposed or paid.2024 年，营运活动所得现金净额为 RM2.44 million，高于上年的 RM1.46 million。按期还款使尚未偿还的银行借款由 RM33.64 million 进一步减至 RM29.40 million。集团录得净亏损 RM8.56 million。现金与银行结余减少 RM4.94 million。流动负债超过流动资产 RM5,736,000，导致审计师提请注意可能对集团持续经营能力产生重大疑虑的重大不确定性。没有建议或派发任何股息。
Source: annual report 2024, pages 15, 62, 68, 80.出处：2024 年年报第 15、62、68、80 页。
20252025 年
In 2025, net cash generated from operating activities rose to RM5.51 million from RM2.44 million in the previous year. Scheduled repayment of RM4.13 million during the year reduced outstanding bank borrowings to RM25.27 million from RM29.40 million. The group incurred a net loss of RM9.61 million, which included a non-recurring income tax expense of RM1.40 million pertaining to prior years of assessment. Expense items included finance costs of RM2.23 million. Auditors drew attention to a note stating that current liabilities exceeded current assets by RM19,672,000. No dividend was proposed or paid.2025 年，营运活动所得现金净额由上年的 RM2.44 million 升至 RM5.51 million。年内按期偿还 RM4.13 million，使尚未偿还的银行借款由 RM29.40 million 降至 RM25.27 million。集团录得净亏损 RM9.61 million，其中包括属于过往课税年度的非经常性所得税费用 RM1.40 million。支出项目包括财务成本 RM2.23 million。审计师提请注意一项附注，其指出流动负债超过流动资产 RM19,672,000。没有建议或派发任何股息。
Source: annual report 2025, pages 18, 19, 70, 76.出处：2025 年年报第 18、19、70、76 页。
Across the three years三年合看
Across the three years, operating cash flow improved from RM1.46 million in 2023 to RM2.44 million in 2024 and RM5.51 million in 2025. Over the same period, bank borrowings were reduced each year through scheduled repayments, falling from RM36.27 million at the end of 2022 to RM33.64 million in 2023, RM29.40 million in 2024, and RM25.27 million in 2025. Total equity decreased from RM248.90 million in 2023 to RM240.34 million in 2024 and RM230.73 million in 2025 due to continuing annual net losses. Long leasehold land and buildings carried at RM142,007,000 (2024: RM147,317,000) and fixed deposits of RM828,000 (2024: RM808,000) were pledged to licensed banks for banking facilities. No dividend was proposed or paid in any year.三年合看，营运现金流由 2023 年的 RM1.46 million 提升至 2024 年的 RM2.44 million 与 2025 年的 RM5.51 million。同期，银行借款通过按期还款逐年下降，由 2022 年底的 RM36.27 million 降至 2023 年的 RM33.64 million、2024 年的 RM29.40 million 及 2025 年的 RM25.27 million。由于持续录得年度净亏损，总权益由 2023 年的 RM248.90 million 降至 2024 年的 RM240.34 million 与 2025 年的 RM230.73 million。账面值 RM142,007,000 的长期租赁土地与建筑物（2024 年：RM147,317,000）及 RM828,000 的定期存款（2024 年：RM808,000）已抵押给持牌银行以获取银行信贷便利。各年均未建议或派发任何股息。
Source: annual report 2023, pages 17, 56; annual report 2024, pages 15, 62; annual report 2025, pages 18, 19, 70, 103, 111.出处：2023 年年报第 17、56 页；2024 年年报第 15、62 页；2025 年年报第 18、19、70、103、111 页。
Still to be spent尚未支出的承诺
No unutilised proceeds remained to be deployed, as no fund-raising exercises were undertaken by the company during 2023, 2024, or 2025.由于公司在 2023 年、2024 年与 2025 年均未开展任何筹资活动，亦无尚未动用的募集资金。
Source: annual report 2023, page 54; annual report 2024, page 60; annual report 2025, page 67.出处：2023 年年报第 54 页；2024 年年报第 60 页；2025 年年报第 67 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 | 20,627 | 26,343 | 28,928 | 26,487 |
| Revenue from hotel酒店业务营业额 | 17,187 | 22,731 | 24,712 | 22,273 |
| Loss before tax税前亏损 | (35,184) | (15,488) | (8,877) | (7,419) |
| Net cash from/(used in) operating activities营运活动所得现金净额 | 1,073 | 1,457 | 2,437 | 5,514 |
| Net cash used in financing activities融资活动所用现金净额 | (6,209) | (2,094) | (4,672) | (5,820) |
| Total assets总资产 | 357,789 | 342,830 | 329,572 | 322,252 |
| Total liabilities总负债 | 93,711 | 93,926 | 89,232 | 91,526 |
| Total equity总权益 | 264,078 | 248,904 | 240,340 | 230,726 |
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 |
|---|---|---|
| Plaza Armada lease contribution from new corporate tenant taking over 38,940 square feet to kick in from January 2024新企业租户承租 Plaza Armada 逾 38,940 平方英尺的租金贡献自 2024 年 1 月起生效 | Property investment segment rental income increased to RM3.40 million in 2024, compared to RM2.87 million in 2023, primarily due to the commencement of tenancy by the new anchor tenant.主要受惠于新主要租户在年初起租，产业投资部门租金收入在 2024 年增至 RM3.40 million（2023 年为 RM2.87 million）。 Source: annual report 2023, page 19; annual report 2024, page 17.出处：2023 年年报第 19 页；2024 年年报第 17 页。 | Carried out已执行 |
| Identify a suitable candidate to fill the vacant Chairman position following the retirement of former Chairman Yeoh Chong Keat in June 2023在前主席 Yeoh Chong Keat 于 2023 年 6 月退休后物色合适人选填补主席空缺 | The 2024 report stated the company would still identify a suitable candidate, and Datin Lin Shou Jen was appointed Chairperson on 1 March 2026.2024 年报仍表示公司将物色合适人选；随后 Datin Lin Shou Jen 于 2026 年 3 月 1 日获委任为主席。 Source: annual report 2023, page 21; annual report 2024, page 19; annual report 2025, pages 9, 24.出处：2023 年年报第 21 页；2024 年年报第 19 页；2025 年年报第 9、24 页。 | Completed in March 2026于 2026 年 3 月完成 |
| Plan to implement a structured sustainability governance framework in the coming financial year计划在下一财政年度推行结构化的可持续发展治理架构 | The 2025 report established an internal energy saving committee at Hotel Armada meeting monthly, while stating that formal emissions reduction targets have not yet been established.2025 年报显示 Hotel Armada 成立了每月开会的内部节能委员会，但同时说明正式的减排目标尚未制定。 Source: annual report 2024, page 48; annual report 2025, page 46.出处：2024 年年报第 48 页；2025 年年报第 46 页。 | Measures introduced without formal framework已推行部分措施但未见正式架构 |
What the reports leave open年报留下待看的事
- The legal claim served on 13 October 2025 by former advisor Chan Wah Long for ex-gratia payment of RM1,400,000, with an order of discovery hearing scheduled before the High Court on 25 May 2026, against which no provision has been made.前顾问 Chan Wah Long 于 2025 年 10 月 13 日送达的索偿诉讼，要求支付特惠金 RM1,400,000，文件披露申请听审定于 2026 年 5 月 25 日在高等法院进行，对此公司未计提任何拨备。
Source: annual report 2025, page 135.出处：2025 年年报第 135 页。
- The external auditors drew attention to group current liabilities exceeding current assets by RM19,672,000 at end 2025 and a net loss of RM9,614,000.外聘审计师提请注意：截至 2025 年底集团流动负债超过流动资产 RM19,672,000，全年净亏损为 RM9,614,000。
Source: annual report 2025, page 76.出处：2025 年年报第 76 页。
- Plans to monetize specific land assets, whether through outright sales or joint venture developments.变现特定土地资产的计划，拟通过直接脱售或合资开发进行。
Source: annual report 2025, pages 16, 23, 89.出处：2025 年年报第 16、23、89 页。
- Hotel room occupancy contraction to 61.6% in 2025 from 67.1% in 2024, alongside reduced corporate and government event bookings ahead of the Visit Malaysia 2026 campaign.酒店客房入住率从 2024 年的 67.1% 下降至 2025 年的 61.6%，在 2026 马来西亚旅游年到来前，企业与政府活动预订有所减少。
Source: annual report 2025, pages 19, 20, 22.出处：2025 年年报第 19、20、22 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-11-02.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 2026-11-02。