DailySpacePantech Global Berhad
5331 · Main Market主板（Main Market） · annual reports 2025 to 2026, 255 entries read2025 至 2026 年报，共读出 255 条
The company这家公司
Pantech Global Berhad listed on the Main Market on 3 March 2025, having formally established the group on 10 January 2025 through the acquisitions of Pantech Stainless & Alloy Industries Sdn. Bhd. and Pantech Steel Industries Sdn. Bhd. from Pantech Group Holdings Berhad. The purchase considerations were RM180,081,850 and RM113,804,100. It holds a manufacturing license from the Ministry of Investment, Trade and Industry and Licensed Manufacturing Warehouse status under Section 65A of the Customs Act 1967.Pantech Global Berhad 于 2025 年 3 月 3 日在主板上市。该集团于 2025 年 1 月 10 日通过向 Pantech Group Holdings Berhad 收购 Pantech Stainless & Alloy Industries Sdn. Bhd. 及 Pantech Steel Industries Sdn. Bhd. 正式成立，收购代价分别为 RM180,081,850 及 RM113,804,100。公司持有投资、贸易及工业部的制造许可证以及《1967年海关法令》第 65A 条下的特许制造仓库资格。
Source: annual report 2025, pages 3, 8, 12, 103; annual report 2026, page 7.出处：2025 年年报第 3、8、12、103 页；2026 年年报第 7 页。
Business operations are based on purchase orders rather than long-term contracts. The group's operating units have been acknowledged as a genuine manufacturer by the US Department of Commerce and the European Commission, and manufacturing capacity was 52,448 MT.业务运作基于采购订单而非长期合约。集团的营运单位已被美国商务部和欧盟委员会认可为真正制造商，制造产能为 52,448 MT。
Source: annual report 2025, pages 12, 14; annual report 2026, page 14.出处：2025 年年报第 12、14 页；2026 年年报第 14 页。
In the financial year ended 28 February 2026, revenue was RM516,289,670 (compared with RM82,580,322 for two months of operations in 2025). The United States accounted for RM148,262,804, Taiwan RM77,754,228, Malaysia RM91,175,866, and other countries RM199,096,772. The three largest customers contributed RM196,539,823 of revenue, comprising Customer B (RM77,754,228), Customer C (RM65,712,421), and Customer D (RM53,073,174).在截至 2026 年 2 月 28 日的财政年度，营业额为 RM516,289,670（2025 年两个月营运为 RM82,580,322）。美国占 RM148,262,804，台湾占 RM77,754,228，马来西亚占 RM91,175,866，其他国家占 RM199,096,772。三大客户贡献了 RM196,539,823 营业额，包括客户 B（RM77,754,228）、客户 C（RM65,712,421）和客户 D（RM53,073,174）。
Source: annual report 2025, page 8; annual report 2026, pages 144, 151.出处：2025 年年报第 8 页；2026 年年报第 144、151 页。
Pantech Group Holdings Berhad is the immediate and ultimate holding company, holding 597,636,800 shares or 70.310% of total issued shares in both 2025 and 2026.Pantech Group Holdings Berhad 为直接及最终控股公司，在 2025 年和 2026 年均持有 597,636,800 股，占已发行股份总数的 70.310%。
Source: annual report 2025, page 135; annual report 2026, pages 103, 175.出处：2025 年年报第 135 页；2026 年年报第 103、175 页。
Dato' Chew Ting Leng and Chief Financial Officer Chew Zhiyin are father and daughter. Group Executive Director Jairus Tan Vern Hsien was appointed on 1 August 2025. Pledged holdings include a pledged securities account for CTL Capital Holding Sdn Bhd and a pledged securities account for Tan Ang Ang.Dato' Chew Ting Leng 与首席财务官 Chew Zhiyin 为父女关系。集团执行董事 Jairus Tan Vern Hsien 于 2025 年 8 月 1 日获委任。质押账户包括 CTL Capital Holding Sdn Bhd 的质押证券账户以及 Tan Ang Ang 的质押证券账户。
Source: annual report 2025, pages 59, 60, 136; annual report 2026, pages 74, 77, 103, 176, 177.出处：2025 年年报第 59、60、136 页；2026 年年报第 74、77、103、176、177 页。
Revenue by destination, 20262026 年按地区营业额占比
Source: annual report 2026, pages 144, 151.出处：2026 年年报第 144、151 页。
Major events大事记
Source: annual report 2025, pages 126, 127.出处：2025 年年报第 126、127 页。
Source: annual report 2025, page 15.出处：2025 年年报第 15 页。
Source: annual report 2025, pages 8, 103.出处：2025 年年报第 8、103 页。
Source: annual report 2025, pages 3, 73.出处：2025 年年报第 3、73 页。
Source: annual report 2026, pages 74, 103.出处：2026 年年报第 74、103 页。
Source: annual report 2026, page 102.出处：2026 年年报第 102 页。
Revenue, profit and cash flows营业额、利润与现金流
Assets, equity and borrowings资产、权益与借款
20252025 年
The group was formed on 10 January 2025, acquiring subsidiaries for RM293,885,950 satisfied by issuing 587,771,900 shares at RM0.50 per share, with net cash acquired of RM117,829,946. Operating cash flows brought RM12,379,540, and financing cash outflows were RM24,999,558, including RM17,176,401 in repayments of short-term borrowings. The review states that revenue included a one-off RM52.34 million gain on bargain purchase of PSI and PSA from holding company Pantech Group, which holds a 69.15% interest; the statements show revenue of RM82,580,322 and other income of RM52,509,065.集团于 2025 年 1 月 10 日成立，以每股 RM0.50 发行 587,771,900 股、总额 RM293,885,950 收购子公司，所收购现金净额为 RM117,829,946。营运现金流带来 RM12,379,540，融资现金流出 RM24,999,558，包括偿还短期借款 RM17,176,401。管理层讨论与分析称营业额包含向持股 69.15% 的控股公司 Pantech Group 议价收购 PSI 与 PSA 产生的一次性 RM52.34 million 收益；报表则显示营业额为 RM82,580,322，其他收入另计 RM52,509,065。
Source: annual report 2025, pages 8, 14, 80, 89, 91.出处：2025 年年报第 8、14、80、89、91 页。
20262026 年
Gross proceeds from the public issue received during the year were RM178,315,040. Investing activities used RM120,611,449, including RM110,600,408 for purchase of property, plant and equipment and RM14,830,859 in capital work-in-progress. Dividends paid were RM42,500,000, while short-term borrowings had drawdowns of RM298,423,517 and repayments of RM302,765,074 alongside term loan repayments of RM20,694,012. The review states that the group maintained a focus on operational efficiency and working capital optimisation; the statements print an inventory cash outflow of (38,501,382) as inventory rose RM38.5 million from RM214.3 million to RM252.9 million (+18%), operating cash flow was RM19.0 million or 41% of profit after tax of RM46.0 million, and the review calls the buffer stock deliberate.年内收到的公开发行总收益为 RM178,315,040。投资活动支出 RM120,611,449，包括购买物业、厂房及设备 RM110,600,408 以及在建资本工程支出 RM14,830,859。已付股息为 RM42,500,000；短期借款提取 RM298,423,517，偿还 RM302,765,074，另偿还定期贷款 RM20,694,012。管理层讨论与分析称集团持续注重营运效率与营运资金优化；报表则列出存货现金流出 (38,501,382)，存货从 RM214.3 million 增加 RM38.5 million 至 RM252.9 million（+18%），营运现金流 RM19.0 million 为税后利润 RM46.0 million 的 41%，且讨论称维持缓冲库存为刻意做法。
Source: annual report 2026, pages 8, 18, 118, 119.出处：2026 年年报第 8、18、118、119 页。
Across the two years两年合看
The group completed the acquisition of PSI and PSA in January 2025 and listed on Bursa Malaysia in March 2025. Cash and bank balances were RM105,346,618 at end 2025 and RM105,312,312 at end 2026. Total borrowings decreased from RM159,385,865 to RM129,214,561, and the debt-to-equity ratio fell from 0.31 to 0.26. Dividends totalling 3.0 sen per share for 2025 (a 2.0 sen interim dividend of RM17,000,000 and a 1.0 sen special dividend of RM8,500,000) were paid on 13 June 2025, and interim dividends totalling 4.0 sen per share (RM34.00 million) were declared for 2026.集团于 2025 年 1 月完成收购 PSI 和 PSA，并于 2025 年 3 月在大马交易所上市。现金及银行结余在 2025 年底为 RM105,346,618，2026 年底为 RM105,312,312。总借款从 RM159,385,865 降至 RM129,214,561，负债权益比从 0.31 降至 0.26。2025 年总计每股 3.0 仙的股息（2.0 仙中期股息 RM17,000,000 及 1.0 仙特别股息 RM8,500,000）于 2025 年 6 月 13 日派发；2026 年宣布的中期股息总计为每股 4.0 仙（RM34.00 million）。
Source: annual report 2025, pages 8, 10, 76, 109; annual report 2026, pages 3, 10, 102, 142, 165.出处：2025 年年报第 8、10、76、109 页；2026 年年报第 3、10、102、142、165 页。
Still to be spent尚未支出的承诺
Of the RM178.32 million gross IPO proceeds, RM39.8 million remained unutilised in the 2026 report, comprising RM33.9 million for business expansion and RM5.9 million for capital expenditure, both within a 36-month timeframe.在 RM178.32 million 的 IPO 募集资金总额中，2026 年报显示仍有 RM39.8 million 尚未动用，包括业务扩张的 RM33.9 million 和资本开支的 RM5.9 million，均在 36 个月期限内。
Source: annual report 2025, pages 8, 117; annual report 2026, pages 98, 150.出处：2025 年年报第 8、117 页；2026 年年报第 98、150 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 | 2024 | 2025 | 2026 |
|---|---|---|---|
| RM令吉 | RM令吉 | RM令吉 | |
| Revenue营业额 | – | 82,580,322 | 516,289,670 |
| Profit before tax税前利润 | – | 62,590,196 | 59,723,491 |
| Profit for the financial period/year期/年内利润 | – | 58,960,133 | 45,986,919 |
| Net cash flows from operating activities营运活动现金流净额 | – | 12,379,540 | 19,043,902 |
| Purchase of property, plant and equipment购置物业、厂房及设备 | – | (28,707) | (110,600,408) |
| Total assets总资产 | – | 738,928,839 | 721,108,335 |
| Total equity总权益 | – | 526,097,277 | 529,584,196 |
| Total liabilities总负债 | – | 212,831,562 | 191,524,139 |
| Borrowings借款 | – | 159,385,865 | 129,214,561 |
| Cash and bank balances现金及银行结余 | – | 105,346,618 | 105,312,312 |
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 |
|---|---|---|
| Approved investment of RM25.00 million for an automatic pickling system, taking a phased approach starting with a 6-metre system批准投资 RM25.00 million 建设自动酸洗系统，采取分阶段投资方式，首先建设 6 米系统 | Identified an automated solution and stated the system was to be fully implemented and operational in the coming financial year确定了一项自动化方案，并表示该系统将在下一财政年度全面落实并投入运作 Source: annual report 2025, pages 8, 15; annual report 2026, pages 8, 16.出处：2025 年年报第 8、15 页；2026 年年报第 8、16 页。 | Still in progress进行中 |
| To invest RM147.00 million of IPO proceeds over 36 months to fuel business expansion and support capital expenditure计划在 36 个月内投资 RM147.00 million 的 IPO 募集资金，以推动业务扩张和支持资本开支 | In the 2026 report, RM33.4 million of RM67.3 million for expansion and RM58.8 million of RM64.7 million for capital expenditure had been utilised2026 年报显示，用于扩张的 RM67.3 million 中已动用 RM33.4 million，用于资本开支的 RM64.7 million 中已动用 RM58.8 million Source: annual report 2025, page 8; annual report 2026, page 98.出处：2025 年年报第 8 页；2026 年年报第 98 页。 | Still in progress进行中 |
| Placed orders for 4 units of machinery and planned to upgrade 3 fitting forming machines by replacing induction components已订购 4 台设备，并计划通过更换感应部件来升级 3 台管件成型机 | Commissioned 17 new machineries, deployed automatic cutting machinery funded via the IPO allocation and internally generated funds of RM4.13 million, and commissioned new induction machines启用了 17 台新机械，投入了以 IPO 拨款及 RM4.13 million 内部资金资助的自动切割机械，并启用了新的感应设备 Source: annual report 2025, page 14; annual report 2026, page 16.出处：2025 年年报第 14 页；2026 年年报第 16 页。 | Unclear不明确 |
| Focus on making inroads into North Africa, particularly Egypt, and Türkiye, after beginning stainless steel pipe exports to Brazil and Mexico在开始向巴西和墨西哥出口不锈钢管后，重点进军北非（特别是埃及）和土耳其 | Export demand expanded in Mexico and Brazil墨西哥和巴西的出口需求扩大 Source: annual report 2025, page 15; annual report 2026, pages 15, 72.出处：2025 年年报第 15 页；2026 年年报第 15、72 页。 | Unclear不明确 |
| Target an LTIR threshold of less than 1 for FY2026, following 9 incidents and 1,944 man-hours lost in 2025在 2025 年发生 9 起事故、损失 1,944 个工时后，设定 2026 财年 LTIR 低于 1 的目标 | Recorded 8 incidents in FY2026, down from 9 in the previous year2026 财年记录了 8 起事故，少于上一年的 9 起 Source: annual report 2025, page 27; annual report 2026, page 35.出处：2025 年年报第 27 页；2026 年年报第 35 页。 | Incidents reduced事故减少 |
What the reports leave open年报留下待看的事
- Re-deployment of manufacturing capacity from the local market to export markets such as Europe.将制造产能从本地市场重新调配至欧洲等出口市场。
Source: annual report 2026, pages 8, 18.出处：2026 年年报第 8、18 页。
- Utilisation of the remaining RM39.8 million of IPO proceeds within the 36-month timeframe.在 36 个月期限内动用剩余的 RM39.8 million IPO 募集资金。
Source: annual report 2026, page 98.出处：2026 年年报第 98 页。
- Implementation and operation of the automated pickling facility at the Johor plant.柔佛厂区自动酸洗设施的落实与投产。
Source: annual report 2026, pages 8, 16.出处：2026 年年报第 8、16 页。
- Management of inventories carried at RM252,855,894, which the report says are subject to the risk of becoming slow moving or obsolete.对账面值 RM252,855,894 存货的管理，年报指出其面临滞销或过时风险。
Source: annual report 2026, pages 111, 136.出处：2026 年年报第 111、136 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。