DailySpaceOrnapaper Berhad
5065 · Main Market主板 · annual reports 2023 to 2025, 1730 entries read2023 至 2025 年报，共读出 1730 条
The company这家公司
Ornapaper Berhad was listed on the Main Market of Bursa Malaysia Securities Berhad in 2002. The group manufactures corrugated boards and carton boxes for paper packaging, produces paper-based stationery products, and provides logistics services. In the fourth quarter of 2025, it commenced a flexible packaging material segment through a newly established subsidiary, Ornapack Sdn. Bhd.Ornapaper Berhad 于 2002 年在马来西亚证券交易所主板上市。该集团制造用于纸包装的瓦楞纸板和纸箱，生产纸质文具产品，并提供物流服务。2025 年第四季度，该集团通过新设立的子公司 Ornapack Sdn. Bhd. 开展了软包装材料业务。
Source: annual report 2024, page 10; annual report 2025, pages 10, 11, 21.出处：2024 年年报第 10 页；2025 年年报第 10、11、21 页。
In 2025, corrugated packaging contributed approximately 94.7% of total revenue, paper-based stationery contributed approximately 4.6%, and logistics contributed approximately 0.6%. The group serves key industries including food and beverage, furniture, rubber and plastics, and electrical and electronics, as well as independent corrugated converters. No single customer contributed 10% or more to the group's revenue in 2023, 2024, or 2025.2025 年，瓦楞包装占总营业额约 94.7%，纸质文具占约 4.6%，物流占约 0.6%。集团服务的主要行业包括食品与饮料、家具、橡胶与塑料、电气与电子，以及独立的瓦楞加工商。在 2023 年、2024 年和 2025 年，没有任何单一客户为集团贡献 10% 或以上的营业额。
Source: annual report 2023, page 165; annual report 2024, page 173; annual report 2025, pages 10, 16, 179.出处：2023 年年报第 165 页；2024 年年报第 173 页；2025 年年报第 10、16、179 页。
Most of the group's sales are domestic. In 2025, Malaysia accounted for RM291.444 million of revenue, Asia accounted for RM5.195 million, and the United States of America accounted for RM2.442 million, out of total revenue of RM299.081 million.集团的大部分销售来自国内。2025 年，在 RM299.081 million 的总营业额中，马来西亚占 RM291.444 million，亚洲占 RM5.195 million，美国占 RM2.442 million。
Source: annual report 2025, page 179.出处：2025 年年报第 179 页。
Intisari Delima Sdn. Bhd. held 37,885,219 shares, representing 51.09% of the issued shares, through a pledged securities account under Maybank Nominees (Tempatan) Sdn. Bhd. Sai Chin Hock and Sai Ah Sai are brothers. Sai Han Siong is the son of Sai Ah Sai and nephew of Sai Chin Hock. Sai Swee Seong is the son of Sai Ah Sai and brother of Sai Han Siong.Intisari Delima Sdn. Bhd. 通过 Maybank Nominees (Tempatan) Sdn. Bhd. 的抵押证券账户持有 37,885,219 股股份，占已发行股份的 51.09%。Sai Chin Hock 与 Sai Ah Sai 为兄弟。Sai Han Siong 是 Sai Ah Sai 之子、Sai Chin Hock 之侄。Sai Swee Seong 是 Sai Ah Sai 之子、Sai Han Siong 之兄。
Source: annual report 2024, page 192; annual report 2025, pages 4, 6, 49, 198.出处：2024 年年报第 192 页；2025 年年报第 4、6、49、198 页。
Ang Kwee Teng was re-designated from Non-Independent Non-Executive Director to Executive Chairman on 18 August 2023. Independent directors Siow Kee Yen and Datuk Adillah binti Ahmad Nordin ceased to hold office or resigned on 31 May 2023, and two new independent directors were appointed on 1 June 2023. On 21 January 2026, independent director Tan Chin Hwee resigned after reaching the 12-year tenure limit, Eric Chan See Quan was appointed as an independent director on 1 February 2026, and Sean Ne Teo was re-designated to Chairperson on 1 February 2026.Ang Kwee Teng 于 2023 年 8 月 18 日由非独立非执行董事调任为执行主席。独立董事 Siow Kee Yen 与 Datuk Adillah binti Ahmad Nordin 于 2023 年 5 月 31 日卸任或辞任，两名新独立董事于 2023 年 6 月 1 日获委任。2026 年 1 月 21 日，独立董事 Tan Chin Hwee 在届满 12 年任期上限后辞职，Eric Chan See Quan 于 2026 年 2 月 1 日获委任为独立董事，Sean Ne Teo 于 2026 年 2 月 1 日调任为主席。
Source: annual report 2023, pages 33, 36; annual report 2025, pages 3, 34.出处：2023 年年报第 33、36 页；2025 年年报第 3、34 页。
Revenue by destination, 20252025 年按客户地区划分的营业额
Source: annual report 2025, page 179.出处：2025 年年报第 179 页。
Major events大事记
Source: annual report 2023, pages 36, 114.出处：2023 年年报第 36、114 页。
Source: annual report 2023, page 118.出处：2023 年年报第 118 页。
Source: annual report 2023, pages 33, 38.出处：2023 年年报第 33、38 页。
Source: annual report 2023, page 118; annual report 2024, pages 20, 136, 191.出处：2023 年年报第 118 页；2024 年年报第 20、136、191 页。
Source: annual report 2025, pages 11, 21, 69, 164.出处：2025 年年报第 11、21、69、164 页。
Source: annual report 2025, pages 3, 34.出处：2025 年年报第 3、34 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
In 2023, net cash from operating activities was RM43.769 million. Cash disbursed for purchase of property, plant and equipment was RM12.634 million, and cash disbursed for addition of right-of-use assets was RM741,000. Financing outflows included net repayment of bankers' acceptances of RM12.034 million, repayment of hire purchase payables of RM1.452 million, repayment of lease liabilities of RM994,000, and interest paid of RM2.575 million, while term loans had a drawdown of RM1.105 million against repayments of RM1.153 million. Total loans and borrowings decreased from RM76.785 million to RM64.578 million. Dividends paid were RM742,000, and cash and bank balances ended at RM60.751 million. On 20 July 2023, subsidiary Ornapaper Industry (M) Sdn. Bhd. entered into agreements to acquire two pieces of leasehold vacant land in Mukim Krubong for RM18,516,967 and RM12,233,133, which were completed on 2 February 2024.2023 年，营运活动所得现金净额为 RM43.769 million。购买物业、厂房及设备支付现金 RM12.634 million，添置使用权资产支付现金 RM741,000。融资现金流出包括净偿还银行承兑汇票 RM12.034 million、偿还租购应付款项 RM1.452 million、偿还租赁负债 RM994,000 以及支付利息 RM2.575 million；定期贷款提取 RM1.105 million，偿还 RM1.153 million。贷款与借款总额由 RM76.785 million 降至 RM64.578 million。已付股息为 RM742,000，期末现金与银行结余为 RM60.751 million。2023 年 7 月 20 日，子公司 Ornapaper Industry (M) Sdn. Bhd. 签署协议以 RM18,516,967 与 RM12,233,133 收购位于 Mukim Krubong 的两幅租赁空置土地，收购于 2024 年 2 月 2 日完成。
Source: annual report 2023, pages 18, 118, 126, 131, 156, 159.出处：2023 年年报第 18、118、126、131、156、159 页。
20242024 年
In 2024, net cash from operating activities was RM11.278 million. The group completed the acquisition of two parcels of industrial leasehold land, recording property development costs of RM33.023 million, with property development costs paid of RM16.713 million. Cash disbursed for purchase of property, plant and equipment was RM22.296 million, while proceeds from disposal of property, plant and equipment were RM1.065 million. Net cash from financing activities was RM27.711 million, with drawdown of new term loans of RM30.502 million mainly utilised to finance the acquisition of two parcels of industrial leasehold lands, and net drawdown of approximately RM7.128 million under bankers' acceptances. Outflows included term loans repayments of RM1.555 million, hire purchase repayments of RM1.984 million, lease liabilities repayments of RM1.147 million, interest paid of RM3.593 million, and dividends paid of RM1.483 million. Total loans and borrowings rose to RM98.620 million, and cash and bank balances ended at RM62.722 million.2024 年，营运活动所得现金净额为 RM11.278 million。集团完成了两幅工业租赁土地的收购，录得物业开发成本 RM33.023 million，已付物业开发成本为 RM16.713 million。购买物业、厂房及设备支付现金 RM22.296 million，脱售物业、厂房及设备所得款项为 RM1.065 million。融资活动所得现金净额为 RM27.711 million，提取新定期贷款 RM30.502 million 主要用于土地收购，银行承兑汇票净提取约 RM7.128 million。流出款项包括偿还定期贷款 RM1.555 million、偿还租购应付款项 RM1.984 million、偿还租赁负债 RM1.147 million、支付利息 RM3.593 million 以及派发股息 RM1.483 million。贷款与借款总额增至 RM98.620 million，期末现金与银行结余为 RM62.722 million。
Source: annual report 2024, pages 17, 20, 21, 136, 164, 168; annual report 2025, pages 19, 20, 140.出处：2024 年年报第 17、20、21、136、164、168 页；2025 年年报第 19、20、140 页。
20252025 年
In 2025, net cash from operating activities rose to RM29.513 million. Cash disbursed for purchase of property, plant and equipment was RM19.535 million, property development costs paid were RM91,000, and proceeds from disposal of property, plant and equipment were RM255,000. Net cash used in financing activities was RM6.051 million, with no new term loan drawdowns during the year. The group repaid RM1.870 million of term loans, RM1.148 million of hire purchase payables, and RM1.057 million of lease liabilities, while interest paid was RM3.182 million and net proceeds from bankers' acceptances were RM2.469 million. Dividends paid were RM1.483 million. Total loans and borrowings stood at RM98.233 million, and cash and bank balances ended at RM67.464 million.2025 年，营运活动所得现金净额升至 RM29.513 million。购买物业、厂房及设备支付现金 RM19.535 million，已付物业开发成本为 RM91,000，脱售物业、厂房及设备所得款项为 RM255,000。融资活动所用现金净额为 RM6.051 million，年内无新提取定期贷款。集团偿还定期贷款 RM1.870 million、租购应付款项 RM1.148 million 以及租赁负债 RM1.057 million，支付利息 RM3.182 million，银行承兑汇票净所得款项为 RM2.469 million。已付股息为 RM1.483 million。贷款与借款总额为 RM98.233 million，期末现金与银行结余为 RM67.464 million。
Source: annual report 2025, pages 19, 20, 21, 28, 128, 140, 145, 170, 173.出处：2025 年年报第 19、20、21、28、128、140、145、170、173 页。
Across the three years三年合看
Across the three years, operating cash flow generated was RM43.769 million in 2023, RM11.278 million in 2024, and RM29.513 million in 2025. Capital expenditure on property, plant and equipment took RM12.634 million in 2023, RM22.296 million in 2024, and RM19.535 million in 2025. In 2024, the group acquired two parcels of industrial land. Property development costs stood at RM33.023 million at end 2024 and RM33.938 million at end 2025. Loans and borrowings were RM64.578 million at end 2023, RM98.620 million at end 2024, and RM98.233 million at end 2025. Dividends paid were RM742,000 in 2023, RM1.483 million in 2024, and RM1.483 million in 2025, and a dividend of 1.5 sen per share was declared for 2025.三年合看，营运现金流在 2023 年为 RM43.769 million，2024 年为 RM11.278 million，2025 年为 RM29.513 million。购买物业、厂房及设备资本支出在 2023 年为 RM12.634 million，2024 年为 RM22.296 million，2025 年为 RM19.535 million。2024 年集团收购了两幅工业土地。物业开发成本在 2024 年底为 RM33.023 million，2025 年底为 RM33.938 million。贷款与借款总额在 2023 年底为 RM64.578 million，2024 年底为 RM98.620 million，2025 年底为 RM98.233 million。已付股息在 2023 年为 RM742,000，2024 年为 RM1.483 million，2025 年为 RM1.483 million，2025 年宣布派发每股 1.5 仙的股息。
Source: annual report 2023, pages 18, 27, 159; annual report 2024, pages 17, 29, 164, 167, 168; annual report 2025, pages 12, 17, 19, 20, 28, 170, 173.出处：2023 年年报第 18、27、159 页；2024 年年报第 17、29、164、167、168 页；2025 年年报第 12、17、19、20、28、170、173 页。
Still to be spent尚未支出的承诺
The company did not carry out any fund-raising exercises during 2024, and the general mandates to issue shares granted at the annual general meetings in 2023, 2024, and 2025 were not utilised, with no proceeds raised. The company held 1,098,445 treasury shares at a carrying amount of RM540,700 at the end of each of the three years.公司在 2024 年未进行任何筹资活动，且 2023、2024 和 2025 年股东周年大会上授予的发行股份一般授权均未动用，未从中筹集任何资金。三个年度结束时，公司均持有 1,098,445 股库存股，账面值为 RM540,700。
Source: annual report 2023, pages 116, 194; annual report 2024, pages 49, 121, 201; annual report 2025, pages 131, 207.出处：2023 年年报第 116、194 页；2024 年年报第 49、121、201 页；2025 年年报第 131、207 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 | 328,925 | 278,422 | 297,036 | 299,081 |
| Profit before taxation税前盈利 | 4,255 | 7,578 | 7,779 | 3,567 |
| Profit after taxation税后盈利 | 2,607 | 6,517 | 5,711 | 3,094 |
| Net cash from operating activities营运活动所得现金净额 | 23,530 | 43,769 | 11,278 | 29,513 |
| Purchase of property, plant and equipment购买物业、厂房及设备 | (27,707) | (12,634) | (22,296) | (19,535) |
| Dividends paid已付股息 | (1,483) | (742) | (1,483) | (1,483) |
| Total assets总资产 | 311,753 | 307,797 | 348,420 | 353,405 |
| Total loans and borrowings贷款与借款总额 | 76,785 | 64,578 | 98,620 | 98,233 |
| Cash and bank balances现金与银行结余 | 46,896 | 60,751 | 62,722 | 67,464 |
| Total equity总权益 | 192,964 | 198,672 | 202,900 | 204,743 |
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 |
|---|---|---|
| A final single-tier dividend of 2 sen per ordinary share declared for the year ended 31 December 2023, to be paid on 20 May 2024 (amounting to approximately RM1.483 million)截至 2023 年 12 月 31 日止年度宣布派发每股 2 仙的终期单层股息，定于 2024 年 5 月 20 日派发（金额约 RM1.483 million） | The dividend was distributed on 20 May 2024, amounting to approximately RM1.483 million.该股息已于 2024 年 5 月 20 日派发，金额约 RM1.483 million。 Source: annual report 2023, page 27; annual report 2024, pages 29, 118.出处：2023 年年报第 27 页；2024 年年报第 29、118 页。 | Paid已派发 |
| A final single-tier dividend of 2 sen per ordinary share declared for the year ended 31 December 2024, to be paid on 20 May 2025 (amounting to approximately RM1.483 million)截至 2024 年 12 月 31 日止年度宣布派发每股 2 仙的终期单层股息，定于 2025 年 5 月 20 日派发（金额约 RM1.483 million） | The dividend was distributed on 20 May 2025, amounting to approximately RM1.483 million.该股息已于 2025 年 5 月 20 日派发，金额约 RM1.483 million。 Source: annual report 2024, page 29; annual report 2025, pages 28, 128.出处：2024 年年报第 29 页；2025 年年报第 28、128 页。 | Paid已派发 |
| Board target to achieve 30% women representation on the Board in the medium to longer term董事会设在中长期的目标，使女性在董事会的比例达到 30% | The Board had only one woman director in 2024 and 2025, departing from the 30% recommendation.董事会在 2024 年和 2025 年只有一名女性董事，未达到 30% 的建议比例。 Source: annual report 2023, page 46; annual report 2024, page 36; annual report 2025, page 35.出处：2023 年年报第 46 页；2024 年年报第 36 页；2025 年年报第 35 页。 | Below target未达目标 |
| Board focus to seek new independent directors so that at least half of the Board is made up of independent non-executive directors董事会物色新独立董事以使独立非执行董事至少占董事会半数的目标 | The Board composition remained a departure from this practice in 2024, and independent directors constituted 37.5% of the Board in 2025.2024 年董事会构成仍未符合该做法，2025 年独立董事占董事会的 37.5%。 Source: annual report 2023, pages 34, 46; annual report 2024, page 35; annual report 2025, page 35.出处：2023 年年报第 34、46 页；2024 年年报第 35 页；2025 年年报第 35 页。 | Below target未达目标 |
| Target for more than 90% of employees to receive training on anti-bribery and corruption超过 90% 的员工接受反贿赂与反腐败培训的目标 | Anti-corruption training reached 100% of staff in 2024 and 100% in 2025.反腐败培训在 2024 年覆盖了 100% 的员工，2025 年达到 100%。 Source: annual report 2023, page 109; annual report 2024, page 98; annual report 2025, pages 100, 101.出处：2023 年年报第 109 页；2024 年年报第 98 页；2025 年年报第 100、101 页。 | Target exceeded超越目标 |
| Short-term focus of the Board to update the Board Charter to include a 12-year tenure limit on independent non-executive directors during 2024董事会设在 2024 年更新董事会章程以加入独立非执行董事 12 年任期上限的短期重点 | The Board Charter was updated on 15 November 2024, and an independent director whose tenure reached 12 years resigned on 21 January 2026.董事会章程于 2024 年 11 月 15 日更新，一名任期届满 12 年的独立董事于 2026 年 1 月 21 日辞职。 Source: annual report 2023, page 46; annual report 2024, page 33; annual report 2025, page 34.出处：2023 年年报第 46 页；2024 年年报第 33 页；2025 年年报第 34 页。 | Charter updated; limit not shown章程已更新，未见是否加入任期上限 |
What the reports leave open年报留下待看的事
- The newly commenced flexible packaging material segment under Ornapack Sdn. Bhd., which began production and sales in the fourth quarter of 2025 and has yet to make a significant financial contribution.Ornapack Sdn. Bhd. 旗下的新开展软包装材料分部于 2025 年第四季度开始生产和销售，尚未作出显著的财务贡献。
Source: annual report 2025, pages 11, 21, 69.出处：2025 年年报第 11、21、69 页。
- Performance of the paper-based stationery segment, which recorded a loss before taxation of RM2.226 million and a gross loss of approximately RM0.759 million in 2025, while being repositioned toward higher value-added packaging solutions.纸质文具分部的表现，该分部在 2025 年录得税前亏损 RM2.226 million 及毛亏损约 RM0.759 million，同时正向更高附加值的包装方案转型。
Source: annual report 2025, pages 24, 27.出处：2025 年年报第 24、27 页。
- Property development costs of RM33.938 million (including non-current land of RM20.651 million and current properties under development of RM13.287 million) pledged to licensed banks, with RM762,000 of borrowing interest capitalised in 2025.已抵押给持牌银行的物业开发成本 RM33.938 million（包括非流动土地 RM20.651 million 与流动开发中物业 RM13.287 million），2025 年资本化借款利息为 RM762,000。
Source: annual report 2025, pages 17, 166.出处：2025 年年报第 17、166 页。
- Progress on corporate governance targets, with independent directors comprising 37.5% of the Board (against the target of at least half) and female representation comprising only one woman director (against the 30% target).公司治理目标的进展，独立董事占董事会的 37.5%（目标为至少半数），且女性代表只有一名女性董事（目标为 30%）。
Source: annual report 2025, pages 35, 47.出处：2025 年年报第 35、47 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-11-06.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 2026-11-06。