DailySpacePharmaniaga Berhad
7081 · Main Market主板 · annual reports 2023 to 2025, 685 entries read2023 至 2025 年报，共读出 685 条
The company这家公司
Pharmaniaga Berhad is a pharmaceutical group whose core businesses are logistics and manufacturing. In February 2023, the group fell under Practice Note 17 (PN17) classification after a RM552.3 million provision for slow-moving inventories of COVID-19 vaccines in FY2022. On 16 March 2026, Bursa Malaysia approved the upliftment of the company from PN17 status.Pharmaniaga Berhad 是一家制药集团，核心业务为物流与制造。2023 年 2 月，因 2022 财年对 COVID-19 疫苗滞销存货计提 RM552.3 million 拨备，集团被列入第 17 项公告（PN17）分类。2026 年 3 月 16 日，马来西亚股票交易所批准解除该公司的 PN17 状态。
Source: annual report 2023, page 17; annual report 2025, pages 9, 74.出处：2023 年年报第 17 页；2025 年年报第 9、74 页。
The group holds a concession agreement with the Ministry of Health (MOH), signed on 3 January 2024, running retrospectively from 1 July 2023 to 30 June 2030. Revenue from government-related entities was RM2,201.6 million in 2023, RM2,332.2 million in 2024 and RM2,689.0 million in 2025. In 2025, external sales were RM2,811.6 million from Logistics and Distribution, RM1,115.4 million from Indonesia and RM0.8 million from Manufacturing.集团与卫生部签有特许经营协议，于 2024 年 1 月 3 日签署，有效期追溯自 2023 年 7 月 1 日起至 2030 年 6 月 30 日止。来自政府相关实体的营业额在 2023 年为 RM2,201.6 million，2024 年为 RM2,332.2 million，2025 年为 RM2,689.0 million。2025 年，对外销售中物流与分销部门为 RM2,811.6 million，印度尼西亚部门为 RM1,115.4 million，制造部门为 RM0.8 million。
Source: annual report 2023, pages 18, 289; annual report 2024, page 306; annual report 2025, pages 12, 123, 125, 126.出处：2023 年年报第 18、289 页；2024 年年报第 306 页；2025 年年报第 12、123、125、126 页。
Pristine Pharma Sdn. Bhd., Paradigm Industry Sdn. Bhd., Bio-Collagen Technologies Sdn. Bhd. and Pharmaniaga Biomedical Sdn. Bhd. ceased operations or became dormant.Pristine Pharma Sdn. Bhd.、Paradigm Industry Sdn. Bhd.、Bio-Collagen Technologies Sdn. Bhd. 和 Pharmaniaga Biomedical Sdn. Bhd. 已停止营业或处于休眠状态。
Source: annual report 2023, page 242; annual report 2024, pages 266, 267; annual report 2025, pages 99, 109.出处：2023 年年报第 242 页；2024 年年报第 266、267 页；2025 年年报第 99、109 页。
Lembaga Tabung Angkatan Tentera (LTAT) is the ultimate holding corporation and Boustead Holdings Berhad is the immediate holding company. In the 2025 report's shareholder list, Boustead Holdings Berhad held 2,309,117,055 shares (35.216%), ABB Nominee (Tempatan) Sdn Bhd Pledged Securities Account for Jakel Medical Sdn Bhd held 937,145,000 shares (14.292%), and LTAT held 700,661,809 shares (10.686%). In 2024, Boustead held 47.123% and LTAT held 7.835%.Lembaga Tabung Angkatan Tentera（LTAT）是最终控股机构，Boustead Holdings Berhad 为直接控股公司。在 2025 年年报的股东名单中，Boustead Holdings Berhad 持有 2,309,117,055 股（35.216%），ABB Nominee (Tempatan) Sdn Bhd Pledged Securities Account for Jakel Medical Sdn Bhd 持有 937,145,000 股（14.292%），LTAT 持有 700,661,809 股（10.686%）。在 2024 年，Boustead 持有 47.123%，LTAT 持有 7.835%。
Source: annual report 2023, page 184; annual report 2024, page 320; annual report 2025, pages 83, 133.出处：2023 年年报第 184 页；2024 年年报第 320 页；2025 年年报第 83、133 页。
Former CEO Datuk Zulkarnain Md Eusope resigned in March 2023, and operational functions were handled by an Executive Committee until 1 March 2024, when Zulkifli Jafar took over executive functions and was later redesignated as Managing Director. In the 2023 report, the Audit Committee stated that no material misstatements, losses, contingencies or uncertainties had arisen, while Note 2 and the auditors reported material uncertainties casting significant doubt over the ability of the group to continue as a going concern.前首席执行官 Datuk Zulkarnain Md Eusope 于 2023 年 3 月辞职，运营职能由执行委员会负责，直至 2024 年 3 月 1 日由 Zulkifli Jafar 接管执行职责并随后改任董事经理。在 2023 年年报中，审计委员会表示没有出现重大错报、损失、或有事项或不确定性，而附注 2 及审计师则报告存在可能对集团持续经营能力产生重大疑问的重大不确定性。
Source: annual report 2023, pages 20, 151, 153, 171, 187, 203; annual report 2024, pages 19, 151.出处：2023 年年报第 20、151、153、171、187、203 页；2024 年年报第 19、151 页。
External revenue by segment, 20252025 年按业务部门划分的对外营业额
Source: annual report 2025, page 123.出处：2025 年年报第 123 页。
Major events大事记
Source: annual report 2023, pages 17, 203.出处：2023 年年报第 17、203 页。
Source: annual report 2023, page 12.出处：2023 年年报第 12 页。
Source: annual report 2023, pages 27, 178.出处：2023 年年报第 27、178 页。
Source: annual report 2023, page 18; annual report 2024, page 68.出处：2023 年年报第 18 页；2024 年年报第 68 页。
Source: annual report 2024, pages 12, 24.出处：2024 年年报第 12、24 页。
Source: annual report 2024, pages 17, 319.出处：2024 年年报第 17、319 页。
Source: annual report 2025, pages 74, 119.出处：2025 年年报第 74、119 页。
Source: annual report 2025, page 74.出处：2025 年年报第 74 页。
Revenue, profit and cash flows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
At 31 December 2023, current liabilities exceeded current assets by RM895.0 million, capital deficiency stood at RM274.1 million, and borrowings of RM346.3 million did not meet financial covenants. Certain banks froze some banking facilities. The company completed a private placement raising RM45.9 million, secured cash advances of RM50 million from the immediate holding company, and obtained a bridging loan of RM75 million. Purchase of property, plant and equipment took RM50.7 million. The report stated that all divisions reported profitability and that Manufacturing returned to profitability, but Note 34 shows a loss before tax of RM57.8 million for Logistics and Distribution and RM19.2 million for Manufacturing, with Indonesia reporting profit before tax of RM7.3 million. The report also stated that cost cuts contributed to Logistics and Distribution continuing profitability, but the division recorded an LBITDA of RM22.3 million and a net loss of RM48.8 million. It stated a provision of RM49.7 million for inventory obsolescence, but Note 16 and Note 34 recorded RM76.9 million.截至 2023 年 12 月 31 日，流动负债超过流动资产 RM895.0 million，资本亏空为 RM274.1 million，RM346.3 million 的借款未达到财务契约要求。部分银行冻结了部分银行授信。公司完成了筹集 RM45.9 million 的私下配售，从直接控股公司获得 RM50 million 的现金垫款，并取得 RM75 million 的过渡贷款。购置物业、厂房与设备支出 RM50.7 million。年报陈述所有部门均实现盈利且制造部门恢复盈利，但附注 34 显示物流与分销部门税前亏损 RM57.8 million，制造部门税前亏损 RM19.2 million，印度尼西亚部门税前盈利 RM7.3 million。年报还陈述削减成本有助于物流与分销部门持续盈利，但该部门录得 LBITDA 为 RM22.3 million 且净亏损 RM48.8 million。年报陈述存货陈旧拨备为 RM49.7 million，但附注 16 与附注 34 记录为 RM76.9 million。
Source: annual report 2023, pages 15, 22, 23, 27, 61, 168, 187, 200, 201, 203, 255, 282, 283.出处：2023 年年报第 15、22、23、27、61、168、187、200、201、203、255、282、283 页。
20242024 年
Profit before taxation was RM194.2 million and profit after taxation was RM133.8 million. The report attributed the turnaround in profitability to management transformation and strategic initiatives, but on 30 September 2024 the Ministry of Health waived penalties claimed amounting to RM124.9 million (net of tax RM94.9 million), which accounted for 64% of profit before taxation and 71% of profit after taxation. Purchase of property, plant and equipment used RM31.2 million, and government grants of RM11.7 million were received. Borrowings of RM175.2 million did not meet financial covenants at year end, and current liabilities exceeded current assets by RM748.8 million with a capital deficiency of RM145.9 million.税前盈利为 RM194.2 million，税后盈利为 RM133.8 million。年报将盈利扭亏归功于管理层转型和战略举措，但在 2024 年 9 月 30 日，卫生部免除了总计 RM124.9 million（扣除税项后为 RM94.9 million）的索赔罚款，占税前盈利的 64% 以及税后盈利的 71%。购置物业、厂房与设备使用 RM31.2 million，并收到政府补助 RM11.7 million。年末有 RM175.2 million 的借款未符合财务契约，流动负债超过流动资产 RM748.8 million，资本亏空为 RM145.9 million。
Source: annual report 2024, pages 17, 24, 26, 27, 211, 214, 226, 227, 229, 319.出处：2024 年年报第 17、24、26、27、211、214、226、227、229、319 页。
20252025 年
Under the Regularisation Plan, the company raised RM569.6 million from a rights issue and private placement, carried out a RM520.0 million capital reduction, and repaid RM250.0 million of borrowings along with RM50.0 million of advances to the immediate holding company. Total borrowings fell to RM816.0 million and the group complied with all financial covenants. The report stated that cost optimisation measures boosted operating margins, but gross profit fell from RM540.5 million to RM409.2 million and gross margin fell from 14.4% to 10.4%. The report described operational improvements contributing to stronger performance, but audited net profit fell by 62% from RM133.8 million to RM50.7 million. The report cited improved cash flows, but operating cash flow used RM17.7 million compared to RM42.7 million generated in 2024. The report also stated that the acquisition of four new distribution centres was completed.在正规化计划下，公司通过配股和私下配售筹集 RM569.6 million，实施了 RM520.0 million 的股本削减，并偿还了 RM250.0 million 的借款以及归还直接控股公司 RM50.0 million 垫款。总借款降至 RM816.0 million，集团遵守了所有财务契约。年报陈述成本优化举措提升了营业利润率，但毛利从 RM540.5 million 降至 RM409.2 million，毛利率从 14.4% 降至 10.4%。年报称运营改善有助于更强劲的表现，但审计后净利润从 RM133.8 million 下降 62% 至 RM50.7 million。年报提到现金流改善，但营运现金流实际流出 RM17.7 million，而 2024 年则录得流入 RM42.7 million。年报还陈述完成了四个新分销中心的收购。
Source: annual report 2024, page 29; annual report 2025, pages 8, 11, 12, 14, 74, 87, 90, 91, 103, 119, 125, 130.出处：2024 年年报第 29 页；2025 年年报第 8、11、12、14、74、87、90、91、103、119、125、130 页。
Across the three years三年合看
Revenue rose from RM3,404.5 million in 2023 to RM3,759.5 million in 2024 and RM3,927.8 million in 2025. Total borrowings stood at RM1,187.1 million in 2023 and RM1,185.1 million in 2024 before dropping to RM816.0 million in 2025. Total equity attributable to equity holders changed from a deficiency of RM299.1 million in 2023 and RM171.3 million in 2024 to positive equity of RM434.5 million in 2025. The directors did not recommend any dividend for 2023, 2024 or 2025.营业额从 2023 年的 RM3,404.5 million 上升至 2024 年的 RM3,759.5 million 及 2025 年的 RM3,927.8 million。总借款在 2023 年为 RM1,187.1 million，2024 年为 RM1,185.1 million，随后在 2025 年降至 RM816.0 million。股东应占权益总额从 2023 年的亏空 RM299.1 million 和 2024 年的亏空 RM171.3 million 转为 2025 年的正权益 RM434.5 million。董事会未就 2023 年、2024 年或 2025 年建议派发任何股息。
Source: annual report 2023, page 178; annual report 2024, page 205; annual report 2025, page 80.出处：2023 年年报第 178 页；2024 年年报第 205 页；2025 年年报第 80 页。
Planned use of proceeds募集资金的计划用途
Under the proceeds raised from the Regularisation Plan, RM222.0 million was allocated for business expansion, including building or acquiring new warehouses and product development.在正规化计划所筹资金中，RM222.0 million 被分配用于业务扩张，包括建造或收购新仓库以及产品开发。
Source: annual report 2025, pages 14, 125.出处：2025 年年报第 14、125 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 | 3,480,935 | 3,404,481 | 3,759,479 | 3,927,753 |
| Profit/(loss) before taxation税前盈利/（亏损） | (610,797) | (78,163) | 194,180 | 73,737 |
| Net cash generated from/(used in) operating activities营运活动所得/（所用）现金净额 | (142,336) | 46,951 | 42,668 | (17,690) |
| Purchase of property, plant and equipment购置物业、厂房与设备 | (59,261) | (50,672) | (31,160) | (29,782) |
| Net cash used in investing activities投资活动所用现金净额 | (72,335) | (67,934) | (45,618) | (180,238) |
| Net cash generated from financing activities融资活动所得现金净额 | 220,794 | 95,268 | 22,103 | 164,621 |
| Cash and cash equivalents at end of financial year财政年末现金与现金等价物 | 52,849 | 127,441 | 146,078 | 110,593 |
| Total assets总资产 | 1,847,291 | 1,914,854 | 1,992,306 | 2,246,827 |
| Total liabilities总负债 | 2,195,599 | 2,188,944 | 2,138,250 | 1,787,672 |
| Total borrowings总借款 | 1,158,899 | 1,187,099 | 1,185,122 | 815,954 |
| Total equity attributable to equity holders of the Company本公司股东应占权益总额 | (369,694) | (299,066) | (171,275) | 434,466 |
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 |
|---|---|---|
| Expected to exit PN17 classification by third quarter of 2025 under the Regularisation Plan在正规化计划下预计将于 2025 年第三季度脱离 PN17 分类 | Target was revised in 2024 to first quarter of 2026; Bursa Malaysia approved the upliftment from PN17 on 16 March 2026.该目标在 2024 年修正为 2026 年第一季度；马来西亚股票交易所于 2026 年 3 月 16 日批准脱离 PN17。 Source: annual report 2023, page 18; annual report 2024, pages 17, 29; annual report 2025, page 74.出处：2023 年年报第 18 页；2024 年年报第 17、29 页；2025 年年报第 74 页。 | Completed later than said完成时间迟于预期 |
| Solar project for two logistics and four manufacturing sites targeted for completion in 2024两处物流与四处制造站点的太阳能项目目标于 2024 年完工 | The solar project was launched in November 2024, and the 2025 report lists solar expansion and installation at the six sites without saying whether it was completed.太阳能项目于 2024 年 11 月启动，2025 年年报列出六处站点的太阳能扩建与安装，但未说明是否已完成。 Source: annual report 2023, pages 18, 70; annual report 2024, page 77; annual report 2025, pages 18, 19.出处：2023 年年报第 18、70 页；2024 年年报第 77 页；2025 年年报第 18、19 页。 | Launched; completion not stated已启动；未说明是否完成 |
| Constructing or acquiring four new warehouses across Malaysia in the next 24 months to support the concession business在接下来的 24 个月内在马来西亚各地建造或收购四个新仓库以支持特许经营业务 | The 2025 report says the Sale and Purchase Agreements and the acquisition of four new distribution centres were completed, one SPA being signed on 12 September 2025, and also that the expansion of factory and office building assets is targeted for completion by end 2026.2025 年年报称四个新分销中心的买卖协议及收购均已完成（其中一份买卖协议于 2025 年 9 月 12 日签署），同时称厂房与办公楼资产的扩充目标于 2026 年底完成。 Source: annual report 2023, page 19; annual report 2025, pages 8, 12, 31, 37, 125, 132.出处：2023 年年报第 19 页；2025 年年报第 8、12、31、37、125、132 页。 | Acquisition reported completed; expansion due end 2026收购据报已完成；扩充目标 2026 年底 |
| Commercialisation planned in 2025 for vaccines and 2026 for insulin计划于 2025 年实现疫苗商业化，2026 年实现胰岛素商业化 | Commercialisation of the SKYCellflu vaccine took place in June 2025, trading of human insulin began in Q1 2025, and local human insulin commercialisation was scheduled for Q3 2026.SKYCellflu 疫苗于 2025 年 6 月实现商业化，人类胰岛素贸易于 2025 年第一季度启动，本土人类胰岛素商业化计划于 2026 年第三季度进行。 Source: annual report 2023, page 19; annual report 2025, pages 10, 11.出处：2023 年年报第 19 页；2025 年年报第 10、11 页。 | Vaccine commercialised in 2025; local insulin due Q3 2026疫苗已于 2025 年商业化；本土胰岛素定于 2026 年第三季度 |
| PT Errita Pharma projected to achieve profitability in 2025PT Errita Pharma 预计将于 2025 年实现盈利 | In 2025, Errita expanded sales through the BPJS e-Catalogue programme, but the 2025 report does not say whether Errita became profitable.2025 年，Errita 通过 BPJS 电子目录项目扩大了销售，但 2025 年年报未说明 Errita 是否实现了盈利。 Source: annual report 2024, pages 25, 73; annual report 2025, pages 13, 39.出处：2024 年年报第 25、73 页；2025 年年报第 13、39 页。 | Not stated in later report后续年报未说明 |
What the reports leave open年报留下待看的事
- Whether the expansion of logistics and distribution capacity through factory and office building assets, in line with the MOH concession agreement, completes by the target of end 2026.通过厂房与办公楼资产扩充物流与分销产能（符合卫生部特许经营协议的义务）能否在 2026 年底的目标前完成。
Source: annual report 2025, pages 12, 37, 125.出处：2025 年年报第 12、37、125 页。
- Commercialisation of in-house human insulin targeted for the third quarter of 2026 and process validation batches for PCV13 and analogue insulin.自主研发人类胰岛素定于 2026 年第三季度的商业化进程，以及 PCV13 与类似物胰岛素的工艺验证批次进展。
Source: annual report 2025, pages 11, 35.出处：2025 年年报第 11、35 页。
- Repayment of the RM816.0 million in borrowings and progress towards the target gearing ratio of 0.8 times by 2030 compared to 1.9 times in 2025.RM816.0 million 借款的偿还情况，以及从 2025 年的 1.9 倍迈向 2030 年 0.8 倍目标负债比率的进展。
Source: annual report 2025, pages 15, 115, 130.出处：2025 年年报第 15、115、130 页。
- Concession penalty exposure, with penalty claims recognised at RM37.5 million at end 2025 compared to RM23.6 million in 2024.特许经营索赔罚款风险，2025 年末确认的索赔罚款为 RM37.5 million，而 2024 年为 RM23.6 million。
Source: annual report 2025, page 114.出处：2025 年年报第 114 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-11-11.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 2026-11-11。