DailySpaceHengyuan Refining Company Berhad
4324 · Main Market主板 · annual reports 2023 to 2025, 1779 entries read2023 至 2025 年报，共读出 1779 条
The company这家公司
Hengyuan Refining Company Berhad operates in the downstream segment of the oil and gas industry, refining crude oil with a licensed capacity of up to 156,000 barrels per day. The business is operated as a single segment in Malaysia.Hengyuan Refining Company Berhad 在石油与天然气产业链的下游领域运营，炼制原油，核准产能为每天最高 156,000 桶。该业务在马来西亚作为单一业务部门运营。
Source: annual report 2023, page 26; annual report 2024, page 16; annual report 2025, pages 20, 128.出处：2023 年年报第 26 页；2024 年年报第 16 页；2025 年年报第 20、128 页。
More than 80% of refined products are sold in Malaysia, including gasoil, mogas, jet fuel, and LPG, and the rest exported across Southeast Asia. In 2025, gasoil accounted for 40.0% of product yield, Mogas (U95/U97) 38.5%, Jet A1 8.6%, LPG 6.9%, propylene 2.9%, fuel oil components 2.1%, and light naphtha 0.9%.超过 80% 的精炼产品在马来西亚销售，包括柴油、汽油、航空燃油和液化石油气，其余出口至东南亚各地。2025 年，柴油占产品产量的 40.0%，汽油（Mogas U95/U97）占 38.5%，Jet A1 航空燃油占 8.6%，LPG 占 6.9%，丙烯占 2.9%，燃料油成分占 2.1%，轻石脑油占 0.9%。
Source: annual report 2024, page 16; annual report 2025, page 21.出处：2024 年年报第 16 页；2025 年年报第 21 页。
One customer contributed revenue of RM10,371,940,000 in 2023, RM14,668,045,000 in 2024, and RM11,780,514,000 in 2025, which was exceeding 67% of revenue in 2023, approximately 85% in 2024, and approximately 89% in 2025. Two major customers accounted for 80% of total receivables at end 2025, 78% in 2024, and 62% in 2023.一名客户在 2023 年贡献营业额 RM10,371,940,000，2024 年为 RM14,668,045,000，2025 年为 RM11,780,514,000，在 2023 年占营业额超过 67%，2024 年约占 85%，2025 年约占 89%。两家主要客户在 2025 年底占应收账款总额的 80%，2024 年占 78%，2023 年占 62%。
Source: annual report 2023, pages 124, 147; annual report 2024, pages 126, 129; annual report 2025, pages 20, 128, 131.出处：2023 年年报第 124、147 页；2024 年年报第 126、129 页；2025 年年报第 20、128、131 页。
The immediate holding company is Malaysia Hengyuan International Limited, which held 153,069,002 shares (51.023%) in 2023 and 2024, and 334,023,837 shares (55.666%) in 2025. The ultimate holding company was Shandong Linyi County Petrochemical Factory in China, and changed in January 2025 to Shandong Hengyuan Petrochemical Group Company Limited. Pledged securities accounts among the thirty largest holders in 2025 include Tian Wee Kong with 2,163,600 shares (0.361%), Chia Tuan Sia with 936,900 shares (0.156%), Yeong Sin Khong with 768,300 shares (0.128%), and Tee Sheng Kuang with 700,000 shares (0.117%).直接控股公司为 Malaysia Hengyuan International Limited，在 2023 与 2024 年持有 153,069,002 股（51.023%），2025 年持有 334,023,837 股（55.666%）。最终控股公司原为中国的山东临邑县石油化工厂，并于 2025 年 1 月变更为山东恒源石化集团有限公司。2025 年前三十大股东中的抵押证券账户包括 Tian Wee Kong 持有 2,163,600 股（0.361%）、Chia Tuan Sia 持有 936,900 股（0.156%）、Yeong Sin Khong 持有 768,300 股（0.128%）以及 Tee Sheng Kuang 持有 700,000 股（0.117%）。
Source: annual report 2023, pages 88, 154; annual report 2024, pages 93, 152; annual report 2025, pages 156, 157.出处：2023 年年报第 88、154 页；2024 年年报第 93、152 页；2025 年年报第 156、157 页。
Directors hold no shares in the company and have no family relationships with any other director or major shareholder. Fauziah Hisham resigned as a Director on 8 December 2023, and Li, XiaoXia was appointed on 8 December 2023. Wang, ZongQuan retired on 28 November 2024, Alan Hamzah Sendut retired on 31 December 2024, and Peter Ho Kok Wai was appointed on 3 March 2025.董事均未持有公司股份，且与其他董事或主要股东之间不存在任何亲属关系。Fauziah Hisham 于 2023 年 12 月 8 日辞任董事，Li, XiaoXia 于 2023 年 12 月 8 日获委任。Wang, ZongQuan 于 2024 年 11 月 28 日退任，Alan Hamzah Sendut 于 2024 年 12 月 31 日退任，Peter Ho Kok Wai 于 2025 年 3 月 3 日获委任。
Source: annual report 2023, pages 7, 9, 55; annual report 2024, pages 14, 65; annual report 2025, page 65.出处：2023 年年报第 7、9、55 页；2024 年年报第 14、65 页；2025 年年报第 65 页。
Product yield by volume, 20252025 年各产品产量占比
Source: annual report 2025, page 21.出处：2025 年年报第 21 页。
Major events大事记
Source: annual report 2023, pages 4, 6, 37.出处：2023 年年报第 4、6、37 页。
Source: annual report 2023, pages 7, 9.出处：2023 年年报第 7、9 页。
Source: annual report 2024, page 21.出处：2024 年年报第 21 页。
Source: annual report 2024, page 14.出处：2024 年年报第 14 页。
Source: annual report 2024, page 14; annual report 2025, page 16.出处：2024 年年报第 14 页；2025 年年报第 16 页。
Source: annual report 2025, page 98.出处：2025 年年报第 98 页。
Revenue, loss and operating cash营业额、亏损与营运现金
Assets, borrowings and equity总资产、总借款与总权益
20232023 年
In 2023, loss for the financial year was RM488,570,000. Net cash used in operating activities was RM25,112,000. Cash payments for acquisitions of property, plant and equipment were RM244,612,000, out of total additions of RM276,525,000. Proceeds from borrowings were RM1,562,225,000, while repayments of borrowings were RM1,494,133,000 and interest paid was RM109,328,000. An inventories write down of RM105,226,000 was recognized. At year end, the net current liabilities position was RM435,770,000. No dividend was recommended or declared.2023 年，财政年度亏损为 RM488,570,000。营运活动所用现金净额为 RM25,112,000。购置物业、厂房及设备的总增加额为 RM276,525,000，其中现金支付款项为 RM244,612,000。借款所得款项为 RM1,562,225,000，偿还借款为 RM1,494,133,000，支付利息为 RM109,328,000。计提存货减记 RM105,226,000。年末净流动负债为 RM435,770,000。未建议或宣派股息。
Source: annual report 2023, pages 46, 86, 100, 101, 121, 125.出处：2023 年年报第 46、86、100、101、121、125 页。
20242024 年
In 2024, loss for the year was RM357,561,000. Net cash from operating activities was RM134,102,000. Cash payments for acquisition of property, plant and equipment were RM98,305,000, including unpaid balances from prior years, while aggregate additions were RM48,523,000. Borrowings repayments were RM1,379,300,000, proceeds from borrowings were RM1,099,276,000, and interest paid was RM141,929,000. Net current liabilities were RM691,653,000. Cash and cash equivalents in the statement of cash flows stood at RM670,268,000. Prior year inventories written down were reversed by RM65,786,000. No dividend was recommended or paid.2024 年，年度亏损为 RM357,561,000。营运活动所得现金净额为 RM134,102,000。购置物业、厂房及设备的增加总额为 RM48,523,000；现金支付款项为 RM98,305,000，包括支付以往年度的未付余额。偿还借款为 RM1,379,300,000，借款所得款项为 RM1,099,276,000，支付利息为 RM141,929,000。净流动负债为 RM691,653,000。现金流量表中的现金与现金等价物为 RM670,268,000。前期存货减记转回 RM65,786,000。未建议或派发股息。
Source: annual report 2024, pages 93, 99, 100, 116, 118, 131.出处：2024 年年报第 93、99、100、116、118、131 页。
20252025 年
In 2025, loss for the year was RM260,247,000. Net cash from operating activities was RM342,668,000. A rights issue of 300,000,000 new ordinary shares at RM0.78 per share raised gross proceeds of RM234 million and net proceeds of RM232,450,000. Cash payments for acquisition of property, plant and equipment were RM44,918,000, with aggregate additions of RM50,466,000. Borrowings repayments were RM467,588,000, proceeds from borrowings were RM331,588,000, and interest paid was RM154,438,000. Cash and cash equivalents in the statement of cash flows reached RM897,498,000. Net current liabilities stood at RM666,883,000. No dividend was recommended.2025 年，年度亏损为 RM260,247,000。营运活动所得现金净额为 RM342,668,000。按每股 RM0.78 配售 300,000,000 股新普通股的附加股发行筹集了 RM234 million 总款项及 RM232,450,000 净款项。购置物业、厂房及设备的增加总额为 RM50,466,000，其中现金支付款项为 RM44,918,000。偿还借款为 RM467,588,000，借款所得款项为 RM331,588,000，支付利息为 RM154,438,000。现金流量表中的现金与现金等价物达 RM897,498,000。净流动负债为 RM666,883,000。未建议派发股息。
Source: annual report 2025, pages 42, 96, 98, 103, 104, 107, 133.出处：2025 年年报第 42、96、98、103、104、107、133 页。
Across the three years三年合看
Across the three years, the company incurred losses in each year, reported as RM488.60 million in 2023, RM357.6 million in 2024, and RM260.2 million in 2025. Total borrowings declined from RM1,720,881,000 at end 2023 to RM1,433,741,000 in 2024 and RM1,260,669,000 in 2025. The gearing ratio was 55% in 2023, and the debt-to-equity ratio was 66% in 2024 and 31% in 2025. Borrowings are secured over property, plant and equipment and land lease right-of-use assets. No dividends were declared or paid in any of the three years.三年合看，公司每年均录得亏损，2023 年报为 RM488.60 million，2024 年为 RM357.6 million，2025 年为 RM260.2 million。总借款从 2023 年底的 RM1,720,881,000 降至 2024 年的 RM1,433,741,000 及 2025 年的 RM1,260,669,000。负债比率在 2023 年为 55%，债务对权益比率在 2024 年为 66%，2025 年为 31%。借款以物业、厂房及设备以及土地租赁使用权资产作为抵押担保。三年内均未宣派或支付股息。
Source: annual report 2023, pages 45, 86, 125, 127, 143; annual report 2024, pages 32, 93, 119, 139; annual report 2025, pages 29, 96, 123, 141.出处：2023 年年报第 45、86、125、127、143 页；2024 年年报第 32、93、119、139 页；2025 年年报第 29、96、123、141 页。
Still to be spent尚未支出的承诺
Approved and contracted capital commitments for property, plant and equipment were RM52,842,000 at end 2023, RM27,523,000 at end 2024, and RM23,998,000 at end 2025. Approved but not contracted commitments were RM4,192,000 in 2023. Gross proceeds of RM234.0 million from the rights issue were fully utilised by 31 December 2025, with RM232,450,000 used for working capital and RM1,550,000 for direct expenses.已批准且已签约的物业、厂房及设备资本承诺在 2023 年底为 RM52,842,000，2024 年底为 RM27,523,000，2025 年底为 RM23,998,000。已批准但未签约的承诺在 2023 年为 RM4,192,000。附加股发行的 RM234.0 million 总款项在 2025 年 12 月 31 日前已全部使用完毕，其中 RM232,450,000 用于营运资金，RM1,550,000 用于直接费用。
Source: annual report 2023, page 147; annual report 2024, page 140; annual report 2025, pages 142, 164.出处：2023 年年报第 147 页；2024 年年报第 140 页；2025 年年报第 142、164 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 | 21,142,293 | 15,399,240 | 17,211,700 | 13,165,369 |
| Loss before tax税前亏损 | (394,382) | (499,960) | (357,561) | (173,710) |
| Loss for the year年度亏损 | (157,640) | (488,570) | (357,561) | (260,247) |
| Net cash from / (used in) operating activities营运活动所得／（所用）现金净额 | 16,562 | (25,112) | 134,102 | 342,668 |
| Acquisition of property, plant and equipment购置物业、厂房及设备 | (150,113) | (244,612) | (98,305) | (44,918) |
| Net cash used in investing activities投资活动所用现金净额 | (150,403) | (244,612) | (98,512) | (44,918) |
| Total assets总资产 | 6,622,024 | 5,637,858 | 3,775,711 | 4,303,268 |
| Total borrowings总借款 | 1,608,947 | 1,720,881 | 1,433,741 | 1,260,669 |
| Cash and cash equivalents at end of year年末现金与现金等价物 | 1,233,608 | 1,019,788 | 670,268 | 897,498 |
| Total equity总权益 | 1,373,797 | 1,402,566 | 1,150,177 | 1,146,651 |
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 2023 report stated that eight BIP tactics implemented in 2023 would result in about USD6.8 million savings in FY2024 depending on utilisation, with nine more tactics targeted for execution in 2024 to encash margins of USD5.2 million in 2025.2023 年报表示，2023 年实施的八项业务改进计划（BIP）策略将视使用情况在 2024 财政年度带来约 USD6.8 million 节省，且 2024 年目标再执行九项策略以在 2025 年兑现 USD5.2 million 利润。 | The 2024 report noted 13 BIP tactics were expected to contribute an estimated USD7 million annually from 2025, and the 2025 report recorded that BIP initiatives delivered cost savings of approximately USD3.5 million in annual margin improvements on top of USD7.0 million achieved in FY2024.2024 年报指出 13 项 BIP 策略预计从 2025 年起每年贡献约 USD7 million，2025 年报记录 BIP 举措在 2024 财政年度实现的 USD7.0 million 基础上，又带来约 USD3.5 million 的年度利润改善成本节省。 Source: annual report 2023, pages 7, 38; annual report 2024, page 19; annual report 2025, page 25.出处：2023 年年报第 7、38 页；2024 年年报第 19 页；2025 年年报第 25 页。 | Implemented with revised savings已执行并调整节省估额 |
| The 2023 report stated that preparation and planning for Euro 5M product specifications was scheduled for compliance by 2025 to 2027, and the 2024 report stated compliance criteria were expected to come into effect in September 2025.2023 年报表示，Euro 5M 产品规格的筹备与规划预定在 2025 至 2027 年间达标合规，2024 年报表示合规标准预计于 2025 年 9 月生效。 | The 2025 report stated that HRC achieved 100% readiness by end 2025, while the government deadline for market distribution of Euro 5M products was moved to September 2026.2025 年报表示，HRC 在 2025 年底达到 100% 就绪，而政府规定的 Euro 5M 产品上市期限推迟至 2026 年 9 月。 Source: annual report 2023, page 49; annual report 2024, page 22; annual report 2025, pages 33, 53.出处：2023 年年报第 49 页；2024 年年报第 22 页；2025 年年报第 33、53 页。 | Readiness reached; official deadline set to September 2026已达到就绪状态；官方期限改至 2026 年 9 月 |
| The 2023 report stated the company decided to proceed with the Flare Gas Recovery Unit (FGRU) project to recover flare gas and reduce carbon emissions, working on implementation in 2024.2023 年报表示公司已决定推进火炬气回收装置（FGRU）项目，以回收火炬气并减少碳排放，并在 2024 年着手实施。 | The 2024 report listed the FGRU project among major projects in the pipeline for the next 1-2 years, while the 2025 report does not report its completion.2024 年报将 FGRU 项目列为未来 1 至 2 年筹备中的重大项目，而 2025 年报未汇报其完工。 Source: annual report 2023, pages 7, 49; annual report 2024, pages 22, 27.出处：2023 年年报第 7、49 页；2024 年年报第 22、27 页。 | In pipeline; not reported completed仍在筹划中；未见完工汇报 |
| The 2024 report stated that HRC was replacing the legacy IntelaTrac Management System with the new Intelligent Patrol Management System (IPMS) equipped with RFID technology.2024 年报表示，HRC 正以配备 RFID 技术的全新智能巡检管理系统（IPMS）替换旧有的 IntelaTrac 管理系统。 | The 2025 report stated that 2025 saw the implementation of the IPMS with RFID technology for round-the-clock on-ground monitoring.2025 年报表示，2025 年推行了配备 RFID 技术的 IPMS 系统，用于全天候地面监测。 Source: annual report 2024, page 22; annual report 2025, page 43.出处：2024 年年报第 22 页；2025 年年报第 43 页。 | Carried out已执行 |
| The 2024 report stated that the Air Separation Unit (ASU) had commenced and completion was expected in 2026.2024 年报表示空分装置（ASU）已动工，预计于 2026 年完工。 | The 2025 report stated that the ASU project remained earmarked for implementation in 2026 and beyond.2025 年报表示 ASU 项目仍列为 2026 年及以后实施的重点项目。 Source: annual report 2024, page 22; annual report 2025, pages 47, 52.出处：2024 年年报第 22 页；2025 年年报第 47、52 页。 | Still in progress仍在进行中 |
What the reports leave open年报留下待看的事
- Net current liabilities stood at RM666,883,000 (RM666.9 million) at 31 December 2025, with going concern dependent on credit facilities and continuous support from lenders.截至 2025 年 12 月 31 日，净流动负债为 RM666,883,000（RM666.9 million），持续经营取决于信贷额度以及贷款方的持续支持。
Source: annual report 2025, pages 107, 133, 148.出处：2025 年年报第 107、133、148 页。
- Escalating geopolitical tensions in the Middle East since end of February 2026 caused crude oil supply disruptions from that region.自 2026 年 2 月底以来中东地区地缘政治局势升级导致该区域原油供应中断。
Source: annual report 2025, pages 21, 99.出处：2025 年年报第 21、99 页。
- Revenue concentration on one customer was approximately 89% in 2025 (RM11,780,514,000), compared to approximately 85% in 2024 and exceeding 67% in 2023, while new customer agreements had a combined value of approximately RM150 million.2025 年对单一客户的营业额集中度约为 89%（RM11,780,514,000），2024 年约为 85%，2023 年超过 67%，而新客户协议的总价值约为 RM150 million。
Source: annual report 2023, page 147; annual report 2024, page 126; annual report 2025, pages 20, 38, 128.出处：2023 年年报第 147 页；2024 年年报第 126 页；2025 年年报第 20、38、128 页。
- Following the October 2025 rights issue, 149,954,984 warrants remained unexercised with an exercise price of RM1.00 expiring on 27 October 2030.2025 年 10 月附加股发行后，尚有 149,954,984 份认股权证未行使，行使价为 RM1.00，将于 2030 年 10 月 27 日到期。
Source: annual report 2025, page 159.出处：2025 年年报第 159 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。