DailySpaceTop Glove Corporation Bhd.
7113 · Main Market主板（Main Market） · annual reports 2023 to 2025, 516 entries read2023 至 2025 年报，共读出 516 条
The company这家公司
Top Glove is a glove manufacturer. In 2025, it operated 51 factories with manufacturing capabilities of 95 billion pieces of gloves per annum, serving over 2,000 customers worldwide across more than 195 countries.Top Glove 是一家手套制造商。2025 年，公司拥有 51 家工厂，手套年产能达 950 亿只，面向全球超过 195 个国家的逾 2,000 家客户提供服务。
Source: annual report 2025, pages 256, 271.出处：2025 年年报第 256、271 页。
In 2025, revenue by country was RM3,017.4 million from Malaysia, RM291.3 million from Thailand, RM180.2 million from other countries, and RM4.5 million from The People's Republic of China.2025 年按国家划分的营业额中，马来西亚占 RM3,017.4 million，泰国占 RM291.3 million，其他国家占 RM180.2 million，中国占 RM4.5 million。
Source: annual report 2023, page 252; annual report 2024, page 251; annual report 2025, pages 76, 259.出处：2023 年年报第 252 页；2024 年年报第 251 页；2025 年年报第 76、259 页。
In the 2025 report, Tan Sri Dr Lim Wee Chai held 2,280,302,456 shares (28.44%) directly and was deemed interested in 707,108,248 shares (8.82%). Puan Sri Tong Siew Bee held 17,562,876 shares (0.22%) directly and was deemed interested in 2,969,847,828 shares (37.04%). Firstway United Corp held 554,966,328 shares (6.92%), and Kumpulan Wang Persaraan (Diperbadankan) held 442,703,250 shares (5.52%) directly and 85,729,500 shares (1.07%) indirectly. Accounts holding pledged securities for Tan Sri Dr Lim Wee Chai include HSBC Nominees (Tempatan) Sdn. Bhd. with 114,000,000 shares (1.42%), CIMB Group Nominees (Tempatan) Sdn. Bhd. with 99,000,000 shares (1.23%), and HLB Nominees (Tempatan) Sdn. Bhd. with 72,600,000 shares (0.91%).在 2025 年年报中，Tan Sri Dr Lim Wee Chai 直接持有 2,280,302,456 股（28.44%）并被视作持有 707,108,248 股（8.82%）。Puan Sri Tong Siew Bee 直接持有 17,562,876 股（0.22%）并被视作持有 2,969,847,828 股（37.04%）。Firstway United Corp 持有 554,966,328 股（6.92%），Kumpulan Wang Persaraan (Diperbadankan) 直接持有 442,703,250 股（5.52%）及间接持有 85,729,500 股（1.07%）。为 Tan Sri Dr Lim Wee Chai 持有抵押证券的账户包括汇丰提名人（本地）有限公司持 114,000,000 股（1.42%）、联昌集团提名人（本地）有限公司持 99,000,000 股（1.23%）以及丰隆银行提名人（本地）有限公司持 72,600,000 股（0.91%）。
Source: annual report 2025, pages 370, 371.出处：2025 年年报第 370、371 页。
Tan Sri Dr Lim Wee Chai is the spouse of Puan Sri Tong Siew Bee, brother of Mr Lim Hooi Sin, and father of Mr Lim Jin Feng. Mr Lim Hooi Sin is a Director of the Company and brother-in-law of Puan Sri Tong Siew Bee. Board changes in 2024 included the resignation of Dr Chong Su-Lin on 26 February 2024, and the departures of Puan Rowina Ghazali Seth and Dato' Lee Kim Meow on 8 March 2024.Tan Sri Dr Lim Wee Chai 是 Puan Sri Tong Siew Bee 的配偶、Mr Lim Hooi Sin 的胞兄，以及 Mr Lim Jin Feng 的父亲。Mr Lim Hooi Sin 是公司董事，也是 Puan Sri Tong Siew Bee 的姻亲兄弟。2024 年董事会变动包括 Dr Chong Su-Lin 于 2024 年 2 月 26 日辞职，以及 Puan Rowina Ghazali Seth 与 Dato' Lee Kim Meow 于 2024 年 3 月 8 日离任。
Source: annual report 2024, page 187; annual report 2025, page 281.出处：2024 年年报第 187 页；2025 年年报第 281 页。
Revenue by geographical location, 2025 (RM'000)2025 年按地区划分的营业额（千令吉）
Source: annual report 2025, page 76.出处：2025 年年报第 76 页。
Major events大事记
Source: annual report 2023, page 103.出处：2023 年年报第 103 页。
Source: annual report 2023, page 103.出处：2023 年年报第 103 页。
Source: annual report 2023, page 117.出处：2023 年年报第 117 页。
Source: annual report 2024, page 187.出处：2024 年年报第 187 页。
Source: annual report 2024, page 155.出处：2024 年年报第 155 页。
Source: annual report 2025, page 121.出处：2025 年年报第 121 页。
Source: annual report 2025, pages 27, 131.出处：2025 年年报第 27、131 页。
Source: annual report 2025, page 140.出处：2025 年年报第 140 页。
Revenue, profit before tax and operating cash营业额、税前盈利与营运现金
Total assets, borrowings and equity总资产、借款与权益
20232023 年
In 2023, net cash flows generated from operating activities were RM121,043,000. Purchase of property, plant and equipment took RM364,154,000, while proceeds from disposal of property, plant and equipment brought RM120,907,000. The group drew RM270,531,000 of loans and borrowings and repaid RM130,520,000, and distributions paid to holders of Perpetual Sukuk were RM46,610,000. The directors did not recommend any dividend for the financial year ended 31 August 2023. The management discussion and analysis reports net cash of RM361 million, adding cash of RM285.4 million and money market funds of RM630.2 million and deducting borrowings of RM554.5 million. In Note 45 to the financial statements, net debt is printed as RM642,746,000, with gearing rising from 10.34% to 12.03%; the note excludes the money market funds and includes payables and contract liabilities.2023 年，营运活动所得现金净额为 RM121,043,000。购买物业、厂房及设备支出 RM364,154,000，处置物业、厂房及设备带来 RM120,907,000。集团提取贷款与借款 RM270,531,000 并偿还 RM130,520,000，向永续伊斯兰债券持有人支付收益分配 RM46,610,000。董事不建议派发截至 2023 年 8 月 31 日止财政年度的任何股息。管理层讨论与分析报告净现金为 RM361 million，即现金 RM285.4 million 加上货币市场基金 RM630.2 million 并扣除借款 RM554.5 million。财务报表附注 45 印出净负债为 RM642,746,000，负债比率从 10.34% 上升至 12.03%；该附注未计入货币市场基金，并计入了应付款项和合同负债。
Source: annual report 2023, pages 4, 32, 33, 150, 259.出处：2023 年年报第 4、32、33、150、259 页。
20242024 年
In 2024, net cash flows generated from operating activities were RM20,702,000. Purchase of property, plant and equipment took RM142,511,000. Proceeds from disposals included RM95,989,000 from property, plant and equipment, RM29,615,000 from right-of-use assets, and RM216,874,000 from assets held for sale. The group drew RM228,040,000 of loans and borrowings and repaid RM361,689,000, and distributions paid to holders of Perpetual Sukuk were RM46,610,000. The directors did not recommend any dividend for the financial year ended 31 August 2024. In the financial highlights, net cash is printed as RM571,374,000, which includes money market funds and excludes payables, contract liabilities and lease liabilities. In Note 45 to the statements, net debt is printed as RM613,651,000, with a gearing ratio of 11.74%.2024 年，营运活动所得现金净额为 RM20,702,000。购买物业、厂房及设备支出 RM142,511,000。处置所得款项包括物业、厂房及设备 RM95,989,000，使用权资产 RM29,615,000，以及持作待售资产 RM216,874,000。集团提取贷款与借款 RM228,040,000 并偿还 RM361,689,000，向永续伊斯兰债券持有人支付收益分配 RM46,610,000。董事不建议派发截至 2024 年 8 月 31 日止财政年度的任何股息。财务概要中净现金印为 RM571,374,000，计入了货币市场基金并剔除了应付款项、合同负债和租赁负债。财务报表附注 45 中净负债印为 RM613,651,000，负债比率为 11.74%。
Source: annual report 2024, pages 4, 32, 33, 151, 246.出处：2024 年年报第 4、32、33、151、246 页。
20252025 年
In 2025, net cash flows generated from operating activities were RM300,743,000. Purchase of property, plant and equipment took RM138,516,000. Proceeds from disposals were RM151,778,000 from property, plant and equipment, RM15,925,000 from investment property, and RM15,263,000 from assets held for sale. On 20 February 2025, TG Treasury Berhad completed the first issuance of Senior Sukuk with a nominal value of RM800 million. Drawdown of loans and borrowings totaled RM1,192,549,000 and repayments were RM796,857,000. On 26 February 2025, the Company fully redeemed the Perpetual Sukuk for RM1,179,970,000. A final dividend of 0.48 sen per share amounting to RM38,486,000 was declared on 9 October 2025. The corporate governance overview statement states that there were no funds raised by the Company through any corporate proposal during FY2025, while Note 30 shows the group issued RM800 million of Senior Sukuk through TG Treasury Berhad, guaranteed by the Company. The management discussion and analysis states that net gearing fell to 0.06 times, netting money market funds and omitting payables. In Note 45 to the statements, the gearing ratio rose from 11.74% to 18.09%, with net debt of RM1,047,587,000.2025 年，营运活动所得现金净额为 RM300,743,000。购买物业、厂房及设备支出 RM138,516,000。处置所得款项包括物业、厂房及设备 RM151,778,000，投资物业 RM15,925,000，以及持作待售资产 RM15,263,000。2025 年 2 月 20 日，TG Treasury Berhad 完成了名义价值 RM800 million 的首期高级伊斯兰债券发行。提取贷款与借款总额为 RM1,192,549,000，偿还 RM796,857,000。2025 年 2 月 26 日，公司以 RM1,179,970,000 赎回了永续伊斯兰债券。2025 年 10 月 9 日宣派了每股 0.48 仙、总额 RM38,486,000 的终期股息。企业管治概览声明称公司在 2025 财政年度未通过任何企业提案筹集资金，而附注 30 显示集团通过由公司担保的 TG Treasury Berhad 发行了 RM800 million 高级伊斯兰债券。管理层讨论与分析称净负债比率降至 0.06 倍，因其扣除货币市场基金并省略了应付款项。报表附注 45 中负债比率从 11.74% 升至 18.09%，净负债为 RM1,047,587,000。
Source: annual report 2025, pages 4, 27, 32, 33, 121, 131, 155, 259, 299.出处：2025 年年报第 4、27、32、33、121、131、155、259、299 页。
Across the three years三年合看
Across the three reports, revenue rose from RM2,257,221,000 in 2023 to RM2,514,408,000 in 2024 and RM3,493,355,000 in 2025, while results before tax shifted from a loss of RM900,415,000 in 2023 to a loss of RM31,341,000 in 2024 and a profit of RM148,199,000 in 2025. Capital expenditure on property, plant and equipment was RM364 million in 2023, RM142,511,000 in 2024, and RM141 million in 2025. In 2025, financing shifted with the issuance of RM800 million Senior Sukuk and the full redemption of the RM1,179,970,000 Perpetual Sukuk, which had incurred distributions of RM46,610,000 in 2023 and 2024.在三份年报中，营业额从 2023 年的 RM2,257,221,000 上升至 2024 年的 RM2,514,408,000 及 2025 年的 RM3,493,355,000，税前业绩从 2023 年亏损 RM900,415,000 变为 2024 年亏损 RM31,341,000 及 2025 年盈利 RM148,199,000。物业、厂房及设备资本支出在 2023 年为 RM364 million，2024 年为 RM142,511,000，2025 年为 RM141 million。2025 年融资格局转变，发行了 RM800 million 高级伊斯兰债券并赎回了 RM1,179,970,000 永续伊斯兰债券，后者在 2023 和 2024 年每年产生收益分配 RM46,610,000。
Source: annual report 2023, pages 33, 259; annual report 2024, pages 32, 33; annual report 2025, pages 27, 121, 271.出处：2023 年年报第 33、259 页；2024 年年报第 32、33 页；2025 年年报第 27、121、271 页。
Still to be spent尚未支出的承诺
At 31 August 2025, capital commitments approved and contracted for were RM144,555,000, compared with RM278,954,000 in 2023 and RM225,615,000 in 2024. Commitments approved but not contracted for were RM148,951,000, compared with RM207,518,000 in 2023 and RM235,538,000 in 2024. Total capital commitments were RM293,506,000.截至 2025 年 8 月 31 日，已批准并签约的资本承诺为 RM144,555,000，2023 年为 RM278,954,000，2024 年为 RM225,615,000。已批准但未签约的承诺为 RM148,951,000，2023 年为 RM207,518,000，2024 年为 RM235,538,000。资本承诺合计为 RM293,506,000。
Source: annual report 2023, page 135; annual report 2024, page 135; annual report 2025, pages 139, 156.出处：2023 年年报第 135 页；2024 年年报第 135 页；2025 年年报第 139、156 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 | 5,572,349 | 2,257,221 | 2,514,408 | 3,493,355 |
| (Loss)/profit before tax税前（亏损）/盈利 | 358,424 | (900,415) | (31,341) | 148,199 |
| Net cash flows generated from operating activities营运活动所得现金净额 | 175,206 | 121,043 | 20,702 | 300,743 |
| Purchase of property, plant and equipment购买物业、厂房及设备 | (949,384) | (364,154) | (142,511) | (138,516) |
| Net cash flows (used in)/generated from investing activities投资活动（所用）/所得现金净额 | 136,024 | (383,258) | 247,456 | 453,691 |
| Net cash flows generated from/ (used in) financing activities融资活动所得/（所用）现金净额 | (740,345) | 94,753 | (181,659) | (802,155) |
| Cash and bank balances现金与银行结余 | 437,597 | 285,416 | 351,187 | 298,394 |
| Loans and borrowings贷款与借款 | 399,086 | 554,505 | 397,986 | 827,754 |
| Total assets总资产 | 8,116,710 | 7,061,570 | 6,958,093 | 6,277,336 |
| Total liabilities总负债 | 1,323,475 | 1,135,455 | 1,122,597 | 1,499,801 |
| Total equity总权益 | 6,793,235 | 5,926,115 | 5,835,496 | 4,777,535 |
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 |
|---|---|---|
| Completion of the sales of several freehold lands and associated assets was expected to be carried out within a year (2023 report).2023 年年报预计多项永久地契土地及相关资产的出售将在一年内完成。 | The 2024 report's note on assets held for sale records sales completed during the year.2024 年年报的待售资产附注记录了年内已完成的出售。 Source: annual report 2023, page 117; annual report 2024, pages 117, 118.出处：2023 年年报第 117 页；2024 年年报第 117、118 页。 | Carried out已执行 |
| The group targeted an uptrend in positive cash flow from operations and to achieve profitability thereafter (2023 report).2023 年年报设定目标实现营运正现金流持续上升，并在此后实现盈利。 | Operating cash flow fell from RM121,043,000 in 2023 to RM20,702,000 in 2024, then rose to RM300,743,000 in 2025; results before tax turned from a loss of RM31,341,000 in 2024 to a profit of RM148,199,000 in 2025.营运现金流由 2023 年的 RM121,043,000 降至 2024 年的 RM20,702,000，2025 年再升至 RM300,743,000；税前业绩由 2024 年亏损 RM31,341,000 转为 2025 年盈利 RM148,199,000。 Source: annual report 2023, page 251; annual report 2024, page 248; annual report 2025, page 156.出处：2023 年年报第 251 页；2024 年年报第 248 页；2025 年年报第 156 页。 | Profitability achieved in 20252025年扭亏为盈 |
| Proposed a bonus issue of up to 405,846,911 warrants on the basis of 1 warrant for every 20 existing shares (2024 report).2024 年年报建议按每持有 20 股现有股份获配 1 份凭单的基准，红利发行最多 405,846,911 份凭单。 | The company completed the bonus issue of 400,883,626 warrants on the Main Market of Bursa Securities.公司在大马交易所主板完成了 400,883,626 份凭单的红利发行。 Source: annual report 2024, page 251; annual report 2025, page 10.出处：2024 年年报第 251 页；2025 年年报第 10 页。 | Completed已完成 |
| Installation of advanced production lines at newer factories was set to resume to meet rising glove demand (2024 report).2024 年年报表示将在较新工厂恢复安装先进生产线以迎合不断增长的手套需求。 | Running capacity utilisation reached approximately 75% in August 2025, and the 2025 report says the reopening of another factory adds annual capacity of 2 billion pieces.2025 年 8 月运行产能利用率达到约 75%，2025 年年报称重开另一家工厂带来 20 亿只年产能。 Source: annual report 2024, pages 248, 254; annual report 2025, pages 259, 262.出处：2024 年年报第 248、254 页；2025 年年报第 259、262 页。 | Unclear不明 |
| A legal claim from a Thai supplier seeking damages of RM9.4 million was scheduled for a witness presentation hearing in March 2025 (2024 report).2024 年年报显示泰国供应商索偿 RM9.4 million 的法律诉讼排定于 2025 年 3 月进行证人出庭聆讯。 | On 19 March 2025, a subsidiary entered into a settlement agreement in relation to a legal dispute, agreeing to a total payment of RM2.5 million.2025 年 3 月 19 日，一家子公司签署和解协议，就一宗法律纠纷同意支付总额 RM2.5 million 以达成和解。 Source: annual report 2024, page 136; annual report 2025, page 140.出处：2024 年年报第 136 页；2025 年年报第 140 页。 | Unclear不明 |
What the reports leave open年报留下待看的事
- Goodwill of RM796 million from the acquisition of Aspion represents 13% of group assets; a 0.54% increase in the discount rate would reduce its recoverable amount to its carrying amount.收购 Aspion 所产生的 RM796 million 商誉占集团资产的 13%；折现率上升 0.54% 将使其可收回金额降至等于账面值。
Source: annual report 2025, pages 15, 111, 112.出处：2025 年年报第 15、111、112 页。
- Trade receivables past due but not impaired rose to RM99,453,000 at 31 August 2025 from RM53,477,000 in 2024, with RM38,202,000 past due by more than 121 days.逾期但未减值的贸易应收账款由 2024 年的 RM53,477,000 升至 2025 年 8 月 31 日的 RM99,453,000，其中逾期超过 121 天的占 RM38,202,000。
Source: annual report 2024, page 113; annual report 2025, page 115.出处：2024 年年报第 113 页；2025 年年报第 115 页。
- A subsidiary is negotiating with a Malaysian supplier to obtain a waiver of RM22.9 million (compared with RM16.1 million in 2024) for supply agreement commitments.一家子公司正在与一家马来西亚供应商协商，以就供应协议约定的采购争取豁免 RM22.9 million（2024 年为 RM16.1 million）。
Source: annual report 2024, page 136; annual report 2025, page 140.出处：2024 年年报第 136 页；2025 年年报第 140 页。
- The 2025 report lists 400,749,682 outstanding warrants, exercisable at RM1.27 per share.2025 年年报列出 400,749,682 份未行使凭单，行权价为每股 RM1.27。
Source: annual report 2025, pages 10, 371.出处：2025 年年报第 10、371 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。