DailySpaceSin Heng Chan (Malaya) Berhad
4316 · Main Market主板 · annual reports 2023 to 2025, 1289 entries read2023 至 2025 年报，共读出 1289 条
The company这家公司
Sin Heng Chan (Malaya) Berhad operates in oil palm plantations and energy and facilities management, and in 2024 added wholesale and distribution of construction materials. The Group operates only within Malaysia.Sin Heng Chan (Malaya) Berhad 经营油棕种植以及能源与设施管理业务，并于 2024 年新增建筑材料的批发与分销业务。集团仅在马来西亚境内运营。
Source: annual report 2024, page 12; annual report 2025, page 119.出处：2024 年年报第 12 页；2025 年年报第 119 页。
In 2025, Plantations contributed RM33,026,653 (64% of total revenue), Energy and Facilities Management contributed RM14,809,724 (29%), and Wholesale and Distribution contributed RM3,395,100 (7%).2025 年，种植业务贡献 RM33,026,653（占总营业额 64%），能源与设施管理业务贡献 RM14,809,724（占 29%），批发与分销业务贡献 RM3,395,100（占 7%）。
Source: annual report 2025, pages 11, 12, 119.出处：2025 年年报第 11、12、119 页。
The plantation landbank covers 10,870.5 ha in Sarawak, with 6,306 ha planted at end-2025. The cooling energy business supplies chilled water to Pagoh Education Hub and Dataran Pahlawan Melaka Megamall. Five major customers accounted for approximately 100% of the Group's trade receivables at end-2024.种植地库在砂拉越拥有 10,870.5 ha，截至 2025 年底已种植 6,306 ha。供冷业务向 Pagoh Education Hub 以及 Dataran Pahlawan Melaka Megamall 供应冷冻水。截至 2024 年底，5 家主要客户占集团应收贸易账款的约 100%。
Source: annual report 2024, page 142; annual report 2025, pages 11, 18.出处：2024 年年报第 142 页；2025 年年报第 11、18 页。
Tunas Selatan Sdn. Bhd. held 119,000,000 shares (28.46%) in the 2025 report, pledged under Maybank Securities Nominees (Tempatan) Sdn. Bhd. Dato' Choo Keng Weng held 23,264,293 shares directly in the 2024 report and Seng Hoe & Choong Corporation Sdn. Bhd. held 34,000,000 shares (8.13% in 2025).2025 年报中，Tunas Selatan Sdn. Bhd. 通过 Maybank Securities Nominees (Tempatan) Sdn. Bhd. 抵押持有 119,000,000 股（28.46%）。Dato’ Choo Keng Weng 在 2024 年报中直接持有 23,264,293 股，Seng Hoe & Choong Corporation Sdn. Bhd. 持有 34,000,000 股（2025 年占 8.13%）。
Source: annual report 2024, page 72; annual report 2025, page 156.出处：2024 年年报第 72 页；2025 年年报第 156 页。
Director Choo Kin Choong is the son of Managing Director and major shareholder Dato' Choo Keng Weng; he was appointed to the Board on 3 July 2023. Jeffrey Chong assumed the role of Financial Controller on 2 February 2024.董事 Choo Kin Choong 是董事经理兼大股东 Dato’ Choo Keng Weng 的儿子；他于 2023 年 7 月 3 日获委任入局。Jeffrey Chong 于 2024 年 2 月 2 日出任集团财务总监。
Source: annual report 2023, page 6; annual report 2024, page 9.出处：2023 年年报第 6 页；2024 年年报第 9 页。
Revenue by segment, 20252025 年各部门营业额
Source: annual report 2025, page 119.出处：2025 年年报第 119 页。
Planted oil palm area by age profile, 20252025 年油棕种植面积树龄结构
Source: annual report 2025, page 18.出处：2025 年年报第 18 页。
Major events大事记
Source: annual report 2023, page 31.出处：2023 年年报第 31 页。
Source: annual report 2023, pages 6, 7.出处：2023 年年报第 6、7 页。
Source: annual report 2023, page 25.出处：2023 年年报第 25 页。
Source: annual report 2024, page 9.出处：2024 年年报第 9 页。
Source: annual report 2024, page 131.出处：2024 年年报第 131 页。
Source: annual report 2025, page 153.出处：2025 年年报第 153 页。
Source: annual report 2025, pages 79, 139.出处：2025 年年报第 79、139 页。
Source: annual report 2025, page 162.出处：2025 年年报第 162 页。
Revenue, profit before tax and operating cash营业额、税前盈利与营运现金
Assets, liabilities and borrowings总资产、总负债与借款
20232023 年
Operating activities generated net cash of RM5,692,225. Capital spending on purchase of property, plant and equipment was RM17,370,950. Borrowings drew RM7,027,185, while loan repayments took RM8,350,678 and interest paid took RM9,893,862. Total borrowings rose to RM166,406,658, including bank overdraft of RM16,363,874. Dividends received from the associate were RM5,368,000, and no dividend was paid to shareholders.2023 年，营运活动产生现金净额 RM5,692,225。购置物业、厂房与设备的资本支出为 RM17,370,950。借款新提取 RM7,027,185，偿还借款支出 RM8,350,678，已付利息支出 RM9,893,862。借款总额增至 RM166,406,658，其中包括银行透支 RM16,363,874。从联营公司获得股息 RM5,368,000，未向股东派发股息。
Source: annual report 2023, pages 15, 70, 84, 126.出处：2023 年年报第 15、70、84、126 页。
20242024 年
Operating activities generated net cash of RM11,253,525. Capital spending on property, plant and equipment was RM25,285,419. Borrowings drew RM12,732,060, while loan repayments took RM12,353,666 and interest paid took RM9,189,197; lease liability repayments were RM1,986,111. Total borrowings stood at RM174,214,668, with bank overdraft expanding to RM22,946,310. Dividends received from the associate were RM10,560,000. 5,000,000 ICPS were converted into ordinary shares, and no dividend was paid to shareholders.2024 年，营运活动产生现金净额 RM11,253,525。购置物业、厂房与设备的资本支出为 RM25,285,419。借款新提取 RM12,732,060，偿还借款支出 RM12,353,666，已付利息支出 RM9,189,197；偿还租赁负债 RM1,986,111。借款总额达 RM174,214,668，银行透支增至 RM22,946,310。从联营公司收到的股息为 RM10,560,000。5,000,000 股不可赎回可转换优先股转换为普通股，未向股东派发股息。
Source: annual report 2024, pages 75, 88, 89, 131.出处：2024 年年报第 75、88、89、131 页。
20252025 年
Operating cash generation was RM15,688,562. Capital expenditure on property, plant and equipment was RM29,319,887. The Group disposed of unit trusts and quoted shares under other investments for proceeds of RM13,625,142 primarily to fund plantation capital expenditure and working capital. Borrowing drawdowns were RM7,465,755, while loan repayments took RM10,375,530, interest paid was RM8,619,285, and bank overdraft reached RM24,685,289. Total borrowings stood at RM173,817,399. Dividends received from the associate were RM10,120,000. 95,000,000 ICPS were converted into ordinary shares, and no dividend was paid to shareholders.2025 年，营运现金产生额为 RM15,688,562。购置物业、厂房与设备的资本支出为 RM29,319,887。集团出售其他投资项下的单位信托与上市股票，收回款项 RM13,625,142，主要用于资助种植园资本支出及营运资金。新提取借款 RM7,465,755，偿还借款支出 RM10,375,530，已付利息 RM8,619,285，银行透支达 RM24,685,289。借款总额为 RM173,817,399。从联营公司收到股息 RM10,120,000。95,000,000 股不可赎回可转换优先股转换为普通股，未向股东派发股息。
Source: annual report 2025, pages 17, 79, 82, 95, 96, 147.出处：2025 年年报第 17、79、82、95、96、147 页。
Across the three years三年合看
Operating cash flows were supplemented by dividends from the associate of RM5,368,000 in 2023, RM10,560,000 in 2024, and RM10,120,000 in 2025, alongside RM13,625,142 from selling other investments in 2025. Funds went into capital spending, with property, plant and equipment additions of RM17,370,950 in 2023, RM27,366,299 in 2024, and RM29,866,887 in 2025. Total borrowings stood at RM166.4 million in 2023 and RM173.8 million in 2025, while bank overdraft increased from RM16,363,874 to RM24,685,289. No dividends were paid to shareholders across the three years.营运现金流得到联营公司股息的补充，2023 年为 RM5,368,000，2024 年为 RM10,560,000，2025 年为 RM10,120,000，并在 2025 年通过出售其他投资收回 RM13,625,142。资金主要用于资本支出，物业、厂房与设备添置额在 2023 年为 RM17,370,950，2024 年为 RM27,366,299，2025 年为 RM29,866,887。借款总额在 2023 年为 RM166.4 million，2025 年为 RM173.8 million，而银行透支由 RM16,363,874 增至 RM24,685,289。三年内均未向股东派发股息。
Source: annual report 2023, pages 70, 84; annual report 2024, pages 75, 88, 89; annual report 2025, pages 82, 95, 96.出处：2023 年年报第 70、84 页；2024 年年报第 75、88、89 页；2025 年年报第 82、95、96 页。
Still to be spent尚未支出的款项
From the private placement listed on 26 March 2026 raising total proceeds of RM5,313,000, 57.91% of the proceeds remained unutilised, including RM2.2 million allocated for replanting works in the plantations segment with an expected timeframe of 24 months.2026 年 3 月 26 日上市的私下配售共筹得 RM5,313,000，其中 57.91% 的资金尚未动用，包括分配用于种植部门再植工程的 RM2.2 million，预计动用期限为 24 个月。
Source: annual report 2025, pages 78, 162.出处：2025 年年报第 78、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 | 54,383,940 | 43,413,528 | 52,863,833 | 51,231,477 |
| Profit before tax税前盈利 | 15,583,574 | 7,592,518 | 9,742,464 | 8,867,800 |
| Net cash generated from operating activities营运活动产生现金净额 | 14,729,844 | 5,692,225 | 11,253,525 | 15,688,562 |
| Net cash used in investing activities投资活动所用现金净额 | (5,038,134) | (12,147,830) | (16,252,250) | (4,955,070) |
| Net cash used in financing activities融资活动所用现金净额 | (14,990,340) | (11,042,100) | (10,796,914) | (13,443,548) |
| Total assets总资产 | 437,318,159 | 456,488,354 | 476,134,197 | 488,842,488 |
| Total liabilities总负债 | 175,974,910 | 188,021,725 | 198,933,411 | 203,222,274 |
| Borrowings借款 | 155,178,281 | 166,406,658 | 174,214,668 | 173,817,399 |
| Fixed deposits, cash and bank balances定期存款、现金与银行结余 | 32,182,417 | 27,236,582 | 20,980,235 | 20,637,660 |
| Other investments其他投资 | 13,957,530 | 15,891,557 | 16,828,969 | 3,278,488 |
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 Group said it brings palms into maturity at 30 months, and that planted area expansion will contribute in the coming years.集团表示能使油棕在 30 个月达到成熟期，扩大的种植面积将在未来几年作出贡献。 | Total planted area expanded from 4,712 ha in 2023 to 5,735 ha in 2024 and 6,306 ha in 2025; FFB production rose to 41,737 mt in 2024 before falling to 37,776 mt in 2025.总种植面积由 2023 年的 4,712 ha 扩大至 2024 年的 5,735 ha 及 2025 年的 6,306 ha；鲜果串产量在 2024 年升至 41,737 mt，随后在 2025 年降至 37,776 mt。 Source: annual report 2023, pages 17, 18; annual report 2024, page 17; annual report 2025, pages 15, 19.出处：2023 年年报第 17、18 页；2024 年年报第 17 页；2025 年年报第 15、19 页。 | Planted area expanded; output fell in 2025种植面积扩大，2025 年产量下滑 |
| Construction of new staff quarters and upgrading of labour quarters planned to house more staff on-site (2023).计划兴建新员工宿舍并升级劳工宿舍，以供更多员工驻场（2023 年）。 | Three concrete worker housing accommodations were completed in 2024, and accommodation upgrading continued in 2025.2024 年建成三座混凝土劳工宿舍，2025 年继续升级住宿设施。 Source: annual report 2023, page 17; annual report 2024, page 18; annual report 2025, page 20.出处：2023 年年报第 17 页；2024 年年报第 18 页；2025 年年报第 20 页。 | Carried out已执行 |
| Mechanisation of infield collection planned where possible, with estate infrastructure updating prioritised (2023).在可行情况下计划推行内场收集机械化，并优先推进庄园基础设施升级（2023 年）。 | Roads were upgraded and culverts installed in 2024; further road upgrading, culvert installations, and new tractor deployments took place in 2025.2024 年升级道路并安装涵洞；2025 年进一步升级道路、安装涵洞并投入新拖拉机。 Source: annual report 2023, pages 16, 17; annual report 2024, page 18; annual report 2025, page 20.出处：2023 年年报第 16、17 页；2024 年年报第 18 页；2025 年年报第 20 页。 | Infrastructure upgraded; infield mechanisation not reported基础设施已升级，未报告内场收集机械化 |
| Proposed establishment of an LTIP of up to 15% of issued shares, approved by shareholders on 10 January 2024.建议设立占已发行股份最多 15% 的长期激励计划，并于 2024 年 1 月 10 日获股东批准。 | The effective date was fixed on 15 May 2024, but no ESOS options or SGP awards were granted or issued through 2024 and 2025.生效日期定于 2024 年 5 月 15 日，但截至 2024 年和 2025 年均未授予或发行任何 ESOS 期权或 SGP 奖励。 Source: annual report 2023, pages 67, 141; annual report 2024, page 73; annual report 2025, page 80.出处：2023 年年报第 67、141 页；2024 年年报第 73 页；2025 年年报第 80 页。 | Established but none issued已设立但尚未授予 |
| Board recommended retaining Mak Hon Weng as an Independent Non-Executive Director subject to two-tier voting (2023 and 2024).董事会建议通过两阶段投票保留 Mak Hon Weng 为独立非执行董事（2023 年及 2024 年）。 | After 12 years of service, he was recommended to be re-designated as Non-Independent Non-Executive Director after the 64th AGM.任职 12 年后，他被建议在第 64 届股东周年大会后改调为非独立非执行董事。 Source: annual report 2023, page 24; annual report 2024, page 26; annual report 2025, pages 28, 161.出处：2023 年年报第 24 页；2024 年年报第 26 页；2025 年年报第 28、161 页。 | Re-designation recommended, subject to vote建议改调，须经投票通过 |
What the reports leave open年报留下待看的事
- The claim for Native Customary Rights Land against subsidiary Urun Plantations Sdn. Bhd. under a Writ of Summons dated 12 June 2025, with a court hearing fixed for 6 May 2026.子公司 Urun Plantations Sdn. Bhd. 面临日期为 2025 年 6 月 12 日的原诉传票下的土著习俗地索赔，法院聆讯定于 2026 年 5 月 6 日。
Source: annual report 2025, page 153.出处：2025 年年报第 153 页。
- Utilisation of the remaining 57.91% of proceeds from the RM5,313,000 private placement, including RM2.2 million allocated for plantation replanting works.来自 RM5,313,000 私下配售中剩余 57.91% 资金的动用进展，包括分配给种植园再植工程的 RM2.2 million。
Source: annual report 2025, pages 78, 162.出处：2025 年年报第 78、162 页。
- Immature palms (0-3 years) covered 2,933 ha, or 47% of the total planted area of 6,306 ha at end-2025, and have yet to contribute meaningfully to FFB production.截至 2025 年底，未成熟油棕（0 至 3 年）占地 2,933 ha，即总种植面积 6,306 ha 的 47%，尚未对鲜果串产量形成实质贡献。
Source: annual report 2025, pages 18, 19.出处：2025 年年报第 18、19 页。
- Trade receivables past due but not impaired rose to RM5,180,883 at end-2025 from RM3,363,787 at end-2024, with RM2,235,787 past due by more than 150 days.逾期但未减值的应收贸易账款由 2024 年底的 RM3,363,787 升至 2025 年底的 RM5,180,883，其中逾期超过 150 天的达 RM2,235,787。
Source: annual report 2025, page 149.出处：2025 年年报第 149 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。