DailySpaceNiche Capital Emas Holdings Berhad
7139 · Main Market主板（Main Market） · annual reports 2023 to 2025, 1206 entries read2023 至 2025 年报，共读出 1206 条
The company这家公司
Niche Capital Emas Holdings Berhad operates in mineral exploration and mining, trading, and construction and services. The group entered mineral exploration and gold mining in 2021 through joint ventures with Spate Precious Metals Sdn Bhd, starting with 50 hectares and later enlarging to the entire 547.4 hectares of the Sokor North Area.Niche Capital Emas Holdings Berhad 经营矿产勘探与采矿、贸易以及建筑与服务业务。集团于 2021 年通过与 Spate Precious Metals Sdn Bhd 合资进入矿产勘探与金矿开采领域，起初为 50 公顷，随后扩大至面积 547.4 公顷的整个 Sokor North 区域。
Source: annual report 2023, pages 15, 16.出处：2023 年年报第 15、16 页。
In 2023, the Construction and Services segment contributed 89% of revenue, while Trading contributed 8% and Mining 3%. In 2024, Construction and Services contributed 65.4% (RM14.48 million) and Trading 34.6% (RM7.65 million). In 2025, Trading contributed 65.00% (RM5.07 million) and Mining 35.00% (RM2.73 million), with nil revenue from Construction and Services.2023 年，建筑与服务部门占营业额的 89%，而贸易部门占 8%，采矿部门占 3%。2024 年，建筑与服务部门占 65.4%（RM14.48 million），贸易部门占 34.6%（RM7.65 million）。2025 年，贸易部门占 65.00%（RM5.07 million），采矿部门占 35.00%（RM2.73 million），建筑与服务部门未录得营业额。
Source: annual report 2023, page 15; annual report 2024, page 16; annual report 2025, page 17.出处：2023 年年报第 15 页；2024 年年报第 16 页；2025 年年报第 17 页。
All group revenue was generated in Malaysia in each year. Major customers accounted for RM26,149,834 from two customers in 2023, RM17,997,292 from three customers in 2024, and RM7,800,264 from two customers in 2025.集团各年度的营业额均在马来西亚产生。主要客户在 2023 年来自两家客户，合计 RM26,149,834；2024 年来自三家客户，合计 RM17,997,292；2025 年来自两家客户，合计 RM7,800,264。
Source: annual report 2023, page 130; annual report 2024, page 125; annual report 2025, page 118.出处：2023 年年报第 130 页；2024 年年报第 125 页；2025 年年报第 118 页。
As at 26 September 2025, Pang Ling held 208,600,000 shares (14.058%) directly and 45,000,000 shares (3.033%) indirectly, while Julian Foo Kuan Lin held 184,530,000 shares (12.436%). In the analysis of shareholdings, Kenanga Nominees (Tempatan) Sdn. Bhd. pledged securities account for Pang Ling held 208,600,000 shares (14.06%), and MBSB Investment Nominees (Tempatan) Sdn. Bhd. pledged securities account for Julian Foo Kuan Lin held 138,530,000 shares (9.34%).截至 2025 年 9 月 26 日，Pang Ling 直接持有 208,600,000 股（14.058%），间接持有 45,000,000 股（3.033%）；Julian Foo Kuan Lin 持有 184,530,000 股（12.436%）。在股权分布分析中，Kenanga Nominees (Tempatan) Sdn. Bhd. 抵押证券账户（Pang Ling）持有 208,600,000 股（14.06%），MBSB Investment Nominees (Tempatan) Sdn. Bhd. 抵押证券账户（Julian Foo Kuan Lin）持有 138,530,000 股（9.34%）。
Source: annual report 2025, pages 133, 134.出处：2025 年年报第 133、134 页。
None of the directors has any family relationship with any director or major shareholder. Ts. Dr. Amanda Lee Sean Peik was appointed to the Board, ARMC and NRC on 22 November 2022, and Pang Ling was appointed to the Board on 28 November 2024. Former Executive Director Yeong Chee Jong Nicky resigned on 28 November 2024 and passed away in May 2025.董事之间以及董事与主要股东之间均无任何亲属关系。Ts. Dr. Amanda Lee Sean Peik 于 2022 年 11 月 22 日获委任加入董事会、审计与风险管理委员会及提名与薪酬委员会，Pang Ling 于 2024 年 11 月 28 日获委任加入董事会。前执行董事 Yeong Chee Jong Nicky 于 2024 年 11 月 28 日辞职，并于 2025 年 5 月逝世。
Source: annual report 2023, pages 9, 35; annual report 2025, pages 9, 14, 45, 75.出处：2023 年年报第 9、35 页；2025 年年报第 9、14、45、75 页。
Revenue by segment, 20232023 年各分部营业额占比
Source: annual report 2023, page 15.出处：2023 年年报第 15 页。
Revenue by segment, 20252025 年各分部营业额占比
Source: annual report 2025, page 17.出处：2025 年年报第 17 页。
Major events大事记
Source: annual report 2023, pages 11, 35.出处：2023 年年报第 11、35 页。
Source: annual report 2023, pages 11, 59, 62.出处：2023 年年报第 11、59、62 页。
Source: annual report 2024, pages 17, 18.出处：2024 年年报第 17、18 页。
Source: annual report 2025, pages 11, 127.出处：2025 年年报第 11、127 页。
Revenue, loss and operating cash营业额、亏损与营运现金
Total assets, liabilities and equity总资产、总负债与总权益
20232023 年
In 2023, the company raised RM33,143,725 from issuing 265,149,800 ordinary shares through private placements, while 6,318,800 warrants were exercised for RM379,128, and share issue expenses were RM1,128,175. Operating activities used RM4,480,509, and acquisition of property, plant and equipment took RM8,471,590. Payment of lease liabilities was RM618,356. No dividend was proposed or paid.2023 年，公司通过私人配售发行 265,149,800 股普通股筹集 RM33,143,725，行使 6,318,800 份凭单筹集 RM379,128，股份发行费用为 RM1,128,175。营运活动使用现金 RM4,480,509，购置物业、厂房及设备支出 RM8,471,590。偿还租赁负债支付 RM618,356。未建议或派发股息。
Source: annual report 2023, pages 62, 75, 78, 120.出处：2023 年年报第 62、75、78、120 页。
20242024 年
In 2024, the company raised RM12,505,542 from the exercise of 208,425,700 warrants and RM4,445,406 from issuing 35,281,000 shares under a private placement, with share issue expenses of RM211,436. Operating activities used RM5,580,363. Cash spending included RM16,309,760 for acquisition of property, plant and equipment and RM13,092,300 for acquisition of intangible assets. Payment of lease liabilities took RM719,771, while disposal of right-of-use assets brought RM269,668. No dividend was proposed or paid.2024 年，公司通过行使 208,425,700 份凭单筹集 RM12,505,542，通过私人配售发行 35,281,000 股筹集 RM4,445,406，股份发行费用为 RM211,436。营运活动使用现金 RM5,580,363。现金支出包括购置物业、厂房及设备 RM16,309,760 以及购置无形资产 RM13,092,300。偿还租赁负债支付 RM719,771，处置使用权资产收回 RM269,668。未建议或派发股息。
Source: annual report 2024, pages 17, 67, 80, 83.出处：2024 年年报第 17、67、80、83 页。
20252025 年
In 2025, the company raised RM12,509,594 from private placements through the issuance of 91,200,000 ordinary shares, and received advances from directors of RM452,303, while share issue expenses were RM137,274. Operating activities used RM1,066,245, and acquisition of property, plant and equipment took RM13,934,992. Payment of lease liabilities was RM622,892. No dividend was declared or paid.2025 年，公司通过私人配售发行 91,200,000 股普通股筹集 RM12,509,594，并获得董事垫款 RM452,303，股份发行费用为 RM137,274。营运活动使用现金 RM1,066,245，购置物业、厂房及设备支出 RM13,934,992。偿还租赁负债支付 RM622,892。未宣布或派发股息。
Source: annual report 2025, pages 13, 73, 81, 83, 84.出处：2025 年年报第 13、73、81、83、84 页。
Across the three years三年合看
Group borrowings, mainly lease liabilities, stood at RM1.74 million in 2023, RM1.05 million in 2024, and RM1.86 million in 2025. Acquisition of property, plant and equipment took RM8,471,590 in 2023, RM16,309,760 in 2024, and RM13,934,992 in 2025, alongside RM13,092,300 for intangible assets in 2024. No dividend was paid in any of the three years.集团借贷（主要为租赁负债）在 2023 年为 RM1.74 million，2024 年为 RM1.05 million，2025 年为 RM1.86 million。购置物业、厂房及设备支出在 2023 年为 RM8,471,590，2024 年为 RM16,309,760，2025 年为 RM13,934,992，并在 2024 年购置了 RM13,092,300 的无形资产。三年均未派发股息。
Source: annual report 2023, pages 62, 78; annual report 2024, pages 17, 67, 83; annual report 2025, pages 18, 73, 83.出处：2023 年年报第 62、78 页；2024 年年报第 17、67、83 页；2025 年年报第 18、73、83 页。
Still to be spent尚未支出的承诺
On 19 September 2025, shareholders approved corporate proposals including a reduction of the issued share capital of RM70,000,000 and a private placement of up to 296,777,800 new shares, with proceeds earmarked primarily to support mining operations and growth initiatives.2025 年 9 月 19 日，股东批准了多项公司提案，包括削减已发行股本 RM70,000,000 以及配售最多 296,777,800 股新股的私人配售，所得款项主要用于支持采矿业务和增长计划。
Source: annual report 2025, pages 13, 127.出处：2025 年年报第 13、127 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| RM令吉 | RM令吉 | RM令吉 | RM令吉 | |
| Revenue营业额 | 17,216,209 | 29,400,318 | 22,126,592 | 7,800,264 |
| Loss before tax税前亏损 | (9,575,394) | (6,528,578) | (12,266,541) | (11,700,687) |
| Loss for the financial year本财政年度亏损 | (9,034,122) | (6,588,809) | (12,396,931) | (11,735,653) |
| Net cash used in operating activities营运活动所用现金净额 | (7,216,626) | (4,480,509) | (5,580,363) | (1,066,245) |
| Net cash used in investing activities投资活动所用现金净额 | (9,974,611) | (8,621,158) | (28,999,621) | (13,895,992) |
| Net cash from financing activities融资活动所得现金净额 | 16,004,817 | 31,776,322 | 16,019,741 | 12,201,731 |
| Cash and bank balances现金与银行结余 | 164,537 | 7,839,285 | 4,283,401 | 1,564,383 |
| Total assets总资产 | 53,465,951 | 92,348,565 | 90,047,246 | 88,457,522 |
| Total liabilities总负债 | 5,143,672 | 18,227,431 | 11,688,630 | 9,420,751 |
| Total equity总权益 | 48,322,279 | 74,121,134 | 78,358,616 | 79,036,771 |
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 |
|---|---|---|
| In the 2023 report, the group expected to obtain Environmental Impact Assessment approval for rock mining with heap leaching and carbon-in-leach facilities by the first quarter of calendar year 2024.在 2023 年报中，集团预期在 2024 年第一季度前获得堆浸与炭浸设施硬岩开采的环境影响评估批准。 | The 2025 report states that the Environment Impact Assessment was approved in March 2024 and the Environmental Management Plan was approved in April 2024 by the Department of Environment.2025 年报显示，环境影响评估于 2024 年 3 月获批，环境管理计划于 2024 年 4 月获环境局批准。 Source: annual report 2023, page 12; annual report 2025, page 18.出处：2023 年年报第 12 页；2025 年年报第 18 页。 | Carried out已执行 |
| In the 2024 report, the group projected to commission its first heap leaching plant in October 2024.在 2024 年报中，集团预计于 2024 年 10 月投产第一座堆浸厂。 | The 2025 report states that the processing plant commenced operation in October 2024 and gold production commenced in November 2024.2025 年报显示，处理厂于 2024 年 10 月开始运营，黄金生产于 2024 年 11 月开始。 Source: annual report 2024, page 20; annual report 2025, pages 11, 36.出处：2024 年年报第 20 页；2025 年年报第 11、36 页。 | Carried out已执行 |
| In the 2024 report, management stated it would continue to sell the remaining precious stones, jadeite and jewellery held in inventory.在 2024 年报中，管理层表示将继续出售库存中剩余的宝石、翡翠和珠宝。 | In 2025, the trading segment generated RM5.1 million in revenue from the sale of jadeite stones and jewellery from inventory.2025 年，贸易部门通过出售库存中的翡翠和珠宝获得 RM5.1 million 的营业额。 Source: annual report 2024, page 19; annual report 2025, page 12.出处：2024 年年报第 19 页；2025 年年报第 12 页。 | Carried out已执行 |
| In the 2024 report, the group stated that wholly-owned subsidiary Niche Capital (HK) Limited was in the process of voluntary deregistration with the Companies Registry of Hong Kong.在 2024 年报中，集团表示全资子公司 Niche Capital (HK) Limited 正向香港公司注册处申请自愿撤销注册。 | The 2025 report confirms that Niche Capital (HK) Limited was voluntarily deregistered on 8 November 2024.2025 年报确认，Niche Capital (HK) Limited 已于 2024 年 11 月 8 日完成自愿撤销注册。 Source: annual report 2024, page 12; annual report 2025, pages 4, 13.出处：2024 年年报第 12 页；2025 年年报第 4、13 页。 | Completed已完成 |
| In the 2023 report, the group expected the mineral exploration and mining segment to be the main income driver from 2024 onwards.在 2023 年报中，集团预期矿产勘探与采矿部门自 2024 年起成为主要收入来源。 | In 2024, the Construction and Services segment generated 65.4% of revenue and Trading 34.6%, while in 2025 Trading generated 65.00% and Mining 35.00%.2024 年，建筑与服务部门占营业额 65.4%，贸易部门占 34.6%；2025 年，贸易部门占 65.00%，采矿部门占 35.00%。 Source: annual report 2023, page 18; annual report 2024, page 16; annual report 2025, page 17.出处：2023 年年报第 18 页；2024 年年报第 16 页；2025 年年报第 17 页。 | Not achieved未达成 |
What the reports leave open年报留下待看的事
- During commissioning, percolation issues caused by fine ores reduced leaching efficiency. An agitation line to process fine particles was constructed and completed by June 2025.在试运阶段，细矿石引起的渗透问题降低了浸出效率。处理细颗粒的搅拌生产线于 2025 年 6 月建成。
Source: annual report 2025, page 19.出处：2025 年年报第 19 页。
- Execution of the corporate proposals approved on 19 September 2025, which include a share capital reduction of RM70.0 million and a private placement of up to 296,777,800 new shares.2025 年 9 月 19 日获批的公司提案的执行情况，包括削减股本 RM70.0 million 以及配售最多 296,777,800 股新股的私人配售。
Source: annual report 2025, pages 13, 127.出处：2025 年年报第 13、127 页。
- Exploration and development at the 97.12 hectares KK Hill site with an estimated 169,300 troy ounces of gold in situ, alongside exploration rights over 3,157.9 hectares under the Sejana Project.占地 97.12 公顷、估计拥有 169,300 金衡盎司黄金储量的 KK Hill 地段的勘探与开发，以及 Sejana 项目下 3,157.9 公顷的勘探权进展。
Source: annual report 2025, pages 12, 20.出处：2025 年年报第 12、20 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。