DailySpaceBritish American Tobacco (Malaysia) Berhad
4162 · Main Market主板（Main Market） · annual reports 2023 to 2025, 1921 entries read2023 至 2025 年报，共读出 1921 条
The company这家公司
British American Tobacco (Malaysia) Berhad provides management and administrative services to its subsidiaries, which sell, market, and import cigarettes, pipe tobaccos, cigars, devices, and other tobacco and nicotine products. Combustible brands include Dunhill in the premium segment and Rothmans in the value-for-money segment.British American Tobacco (Malaysia) Berhad 向其附属公司提供管理与行政服务，各附属公司主要从事卷烟、烟斗烟草、雪茄、电子烟具以及其他烟草和尼古丁产品的销售、营销及进口。可燃烟草品牌包括高档细分市场的 Dunhill 以及超值细分市场的 Rothmans。
Source: annual report 2023, pages 40, 154; annual report 2025, pages 34, 35, 171.出处：2023 年年报第 40、154 页；2025 年年报第 34、35、171 页。
The group entered the vapour market in 2023 with the launch of Vuse, but transitioned out its range of Vuse products in the third quarter of 2025 to comply with Act 852.该集团于 2023 年推出 Vuse 进入电子烟市场，但在 2025 年第三季度退出了 Vuse 系列产品，以遵守第 852 号法令。
Source: annual report 2023, pages 17, 42; annual report 2025, pages 29, 36, 63.出处：2023 年年报第 17、42 页；2025 年年报第 29、36、63 页。
In 2024, two key customers accounted for approximately 94 percent of trade receivables. The tobacco black market accounted for 55.6% of the combustible market in 2023, 55.0% in 2024, and 54.40% in 2025.2024 年，两家主要客户占应收账款的约 94 percent。烟草黑市在 2023 年占可燃烟草市场的 55.6%，2024 年占 55.0%，2025 年占 54.40%。
Source: annual report 2023, page 30; annual report 2024, pages 45, 208; annual report 2025, pages 29, 38.出处：2023 年年报第 30 页；2024 年年报第 45、208 页；2025 年年报第 29、38 页。
British American Tobacco Holdings (Malaysia) B.V. is the immediate holding company, holding 142,765,100 shares or 50.00% of the issued shares, and British American Tobacco p.l.c. is the ultimate holding company.British American Tobacco Holdings (Malaysia) B.V. 为直接控股公司，持有 142,765,100 股，占已发行股份的 50.00%；British American Tobacco p.l.c. 为最终控股公司。
Source: annual report 2023, pages 154, 226; annual report 2025, pages 175, 264.出处：2023 年年报第 154、226 页；2025 年年报第 175、264 页。
Tan Sri Dato' Seri Dr. Aseh bin Haji Che Mat retired as Chairman on 31 December 2025 after a nine-year tenure, and Dato' Sri Dr. Mohd Nizom bin Sairi was redesignated as Chairman effective 1 January 2026. None of the Leadership Team members have family relationships with any directors or major shareholders.Tan Sri Dato' Seri Dr. Aseh bin Haji Che Mat 在任职九年后于 2025 年 12 月 31 日卸任主席，Dato' Sri Dr. Mohd Nizom bin Sairi 自 2026 年 1 月 1 日起调任为主席。领导团队成员均与任何董事或主要股东无亲属关系。
Source: annual report 2023, page 105; annual report 2024, page 113; annual report 2025, pages 15, 29, 146, 172.出处：2023 年年报第 105 页；2024 年年报第 113 页；2025 年年报第 15、29、146、172 页。
Major events大事记
Source: annual report 2023, pages 17, 53.出处：2023 年年报第 17、53 页。
Source: annual report 2023, page 57.出处：2023 年年报第 57 页。
Source: annual report 2023, page 174.出处：2023 年年报第 174 页。
Source: annual report 2024, pages 17, 34.出处：2024 年年报第 17、34 页。
Source: annual report 2024, page 53.出处：2024 年年报第 53 页。
Source: annual report 2025, pages 36, 63.出处：2025 年年报第 36、63 页。
Source: annual report 2025, pages 29, 36, 47, 65.出处：2025 年年报第 29、36、47、65 页。
Revenue, profit and operating cash营业额、盈利与营运现金
Borrowings and equity借款与权益
Total assets and liabilities总资产与总负债
20232023 年
In 2023, net cash flow from operating activities was RM396.5 million. The group paid dividends of RM197.0 million to shareholders. Net repayment of borrowings took RM152.0 million, leaving RM543 million of revolving credit and short-term loans at year end. Cash outflows for leases were RM16,338,000, and property, plant and equipment additions were RM1,210,000.2023 年，营运活动所得现金净额为 RM396.5 million。集团向股东支付了 RM197.0 million 股息。偿还借款净额用去 RM152.0 million，年末循环信贷及短期贷款结余为 RM543 million。租赁现金流出为 RM16,338,000，物业、厂房及设备添置用去 RM1,210,000。
Source: annual report 2023, pages 47, 152, 153.出处：2023 年年报第 47、152、153 页。
20242024 年
In 2024, net cash flow from operating activities was RM205.0 million. Dividends paid to shareholders were RM168.5 million. The group drew a net RM15.0 million of borrowings, bringing revolving credit and short-term loans to RM558 million. Cash outflows for leases were RM16,066,000, property, plant and equipment additions were RM1,624,000, and additions of computer software were RM1,796,000.2024 年，营运活动所得现金净额为 RM205.0 million。向股东支付的股息为 RM168.5 million。集团净提取借款 RM15.0 million，使循环信贷及短期贷款达到 RM558 million。租赁现金流出为 RM16,066,000，物业、厂房及设备添置为 RM1,624,000，电脑软件添置为 RM1,796,000。
Source: annual report 2024, pages 43, 162, 163.出处：2024 年年报第 43、162、163 页。
20252025 年
In 2025, net cash flow from operating activities was RM142.9 million. Dividends paid to shareholders were RM112.8 million. The group drew a net RM11.7 million of borrowings, bringing borrowings to RM569.7 million. Payments on lease liabilities were RM13,326,000, property, plant and equipment additions were RM2,056,000, and additions of computer software were RM750,000.2025 年，营运活动所得现金净额为 RM142.9 million。向股东支付的股息为 RM112.8 million。集团净提取借款 RM11.7 million，使借款达到 RM569.7 million。租赁负债偿还额为 RM13,326,000，物业、厂房及设备添置为 RM2,056,000，电脑软件添置为 RM750,000。
Source: annual report 2025, page 184.出处：2025 年年报第 184 页。
Across the three years三年合看
Operating cash flow decreased each year from RM396.5 million in 2023 to RM205.0 million in 2024 and RM142.9 million in 2025. Dividend payout ratios were 92% in 2023, 92% in 2024, and 90% in 2025. Year-end borrowings were between RM543 million and RM569.7 million in the three years.营运活动现金流逐年减少，从 2023 年的 RM396.5 million 降至 2024 年的 RM205.0 million 及 2025 年的 RM142.9 million。股息派发率在 2023 年为 92%，2024 年为 92%，2025 年为 90%。三年的年末借款介于 RM543 million 至 RM569.7 million 之间。
Source: annual report 2023, pages 17, 47; annual report 2024, page 17; annual report 2025, pages 29, 43.出处：2023 年年报第 17、47 页；2024 年年报第 17 页；2025 年年报第 29、43 页。
Still to be spent尚未支出的承诺
The group had no capital commitments as at 31 December 2023. Capital commitments approved but not contracted for property, plant and equipment and intangible assets were RM200,000 at end 2024 and RM506,000 at end 2025. No proceeds were raised from corporate proposals during any of the three years.截至 2023 年 12 月 31 日，集团无资本承诺。2024 年底已批准但未签约的物业、厂房及设备与无形资产资本承诺为 RM200,000，2025 年底为 RM506,000。三年来均未通过任何企业提案募集资金。
Source: annual report 2023, pages 135, 208; annual report 2024, pages 145, 219; annual report 2025, pages 167, 244.出处：2023 年年报第 135、208 页；2024 年年报第 145、219 页；2025 年年报第 167、244 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 | 2,596,574 | 2,310,999 | 2,315,404 | 2,183,898 |
| Profit before tax税前盈利 | 385,412 | 256,339 | 251,616 | 274,404 |
| Profit for the year年度盈利 | 262,519 | 194,748 | 183,142 | 202,446 |
| Net cash flow from operating activities营运活动所得现金净额 | 374,001 | 396,545 | 204,978 | 142,881 |
| Dividends paid to shareholders已付股东股息 | (268,399) | (197,016) | (168,464) | (112,786) |
| Borrowings借款 | 695,000 | 543,000 | 558,000 | 569,700 |
| Cash and bank balances现金与银行结余 | 16,636 | 27,849 | 35,385 | 32,932 |
| Total assets总资产 | 1,359,221 | 1,178,818 | 1,196,316 | 1,262,389 |
| Total liabilities总负债 | 982,085 | 801,259 | 808,379 | 787,280 |
| Total equity总权益 | 377,136 | 377,559 | 387,937 | 475,109 |
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 |
|---|---|---|
| Aiming to support 100K beneficiaries through Beyond Benih in 2024 and 250,000 by 2026计划在 2024 年通过 Beyond Benih 支持 100K 名受益人，并在 2026 年前达到 250,000 名 | The 2024 report recorded an estimated 88,966 beneficiaries supported from 2022 to 31 December 2024, and the 2025 report recorded approximately 154,000 beneficiaries supported.2024 年报记录自 2022 年至 2024 年 12 月 31 日累计支持约 88,966 名受益人，2025 年报记录支持约 154,000 名受益人。 Source: annual report 2023, pages 23, 85; annual report 2024, page 83; annual report 2025, page 57.出处：2023 年年报第 23、85 页；2024 年年报第 83 页；2025 年年报第 57 页。 | In progress推进中 |
| Replace inner foil wrapper of the Benson and Hedges package with recyclable paper将 Benson and Hedges 包装的铝箔内衬替换为可回收纸张 | The 2025 report states that selected packaging formats under the Benson & Hedges brand transitioned from laminated foil components to recyclable paper materials from July 2023 onwards.2025 年报说明 Benson & Hedges 品牌旗下的选定包装规格自 2023 年 7 月起由复合铝箔材质转换为可回收纸张。 Source: annual report 2023, page 22; annual report 2025, page 74.出处：2023 年年报第 22 页；2025 年年报第 74 页。 | Carried out已执行 |
| Solar power system at the new warehouse in Pulau Indah expected to be fully operational in the second half of 2024Pulau Indah 新仓库的太阳能发电系统预计于 2024 年下半年全面投入运作 | Completed installation of rooftop solar panels with a combined capacity of 458kWp on warehouse rooftops in 2024.2024 年在仓库屋顶完成安装总容量为 458kWp 的太阳能电池板。 Source: annual report 2023, page 57; annual report 2024, page 53.出处：2023 年年报第 57 页；2024 年年报第 53 页。 | Installation completed已完成安装 |
| Grow the market share of Vuse in 2024 to offer reduced-risk alternatives在 2024 年扩大 Vuse 的市场份额以提供降低风险的替代产品 | Vuse reached a 40% value share within measurable retail disposables in 2024, but the group transitioned out all Vuse products in the third quarter of 2025 to comply with Act 852.Vuse 于 2024 年在可衡量零售的一次性电子烟中达到 40% 的价值份额，但集团在 2025 年第三季度退出了所有 Vuse 产品以遵守第 852 号法令。 Source: annual report 2023, page 48; annual report 2024, page 34; annual report 2025, pages 29, 63.出处：2023 年年报第 48 页；2024 年年报第 34 页；2025 年年报第 29、63 页。 | Exited category in 2025于 2025 年退出该品类 |
| Commenced search for candidates to fill vacant Board seats as several Independent Non-Executive Directors were expected to retire in 2025 upon completing their nine-year tenure由于数名独立非执行董事预计将于 2025 年届满九年任期退休，开始物色候选人填补董事会空缺 | Low Chooi Hoon was appointed on 1 May 2025, and Tan Sri Dato' Seri Dr. Aseh bin Haji Che Mat and Dato' Chan Choon Ngai concluded their nine-year tenures.Low Chooi Hoon 于 2025 年 5 月 1 日获委任，Tan Sri Dato' Seri Dr. Aseh bin Haji Che Mat 与 Dato' Chan Choon Ngai 届满九年任期卸任。 Source: annual report 2024, page 124; annual report 2025, pages 15, 16, 29, 146.出处：2024 年年报第 124 页；2025 年年报第 15、16、29、146 页。 | Carried out已执行 |
What the reports leave open年报留下待看的事
- Full retailer compliance with the Retail Display Ban and new Pictorial Health Warning under Act 852 took effect on 1 October 2025, followed by the tobacco excise duty increase in November 2025.第 852 号法令下的零售展示禁令及新图片健康警示于 2025 年 10 月 1 日对零售商全面生效，随后烟草消费税于 2025 年 11 月上调。
Source: annual report 2025, pages 29, 36, 44.出处：2025 年年报第 29、36、44 页。
- BAT Malaysia will undertake commercial assessments of reduced-risk products under the new regulations before making decisions on future product launches.BAT Malaysia 将在新法规下对降低风险产品进行商业评估，然后再决定未来的产品推出计划。
Source: annual report 2025, page 63.出处：2025 年年报第 63 页。
- The tobacco black market stood at 54.40% in 2025, representing more than 8 billion illicit sticks and an estimated annual tax leakage of about RM5 billion.2025 年烟草黑市占 54.40%，相当于超过 80 亿支非法卷烟，估计每年造成约 RM5 billion 的税收流失。
Source: annual report 2025, pages 29, 37.出处：2025 年年报第 29、37 页。
- Initial work on a new five-acre pilot Mega Garden concept began in 2025, with implementation continuing into 2026 towards the target of supporting an estimated 250,000 beneficiaries by the end of 2026.占地五英亩的试点‘超级花园’新概念的初步工作已于 2025 年展开，实施将持续到 2026 年，以朝向 2026 年底前支持约 250,000 名受益人的目标推进。
Source: annual report 2025, page 94.出处：2025 年年报第 94 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。