DailySpaceSWS Capital Berhad
7186 · Main Market主板（Main Market） · annual reports 2023 to 2025, 1340 entries read2023 至 2025 年报，共读出 1340 条
The company这家公司
SWS Capital Berhad commenced operations on 1 December 2003 as an investment holding company and was listed on Bursa Securities on 15 March 2004. The company operated through two primary business divisions, plastic wares and furniture. In 2017, the company diversified into manufacturing and trading of plastic wares. On 22 August 2025, the board announced that the furniture division would cease operations as part of rationalisation and right-sizing efforts.SWS Capital Berhad 于 2003 年 12 月 1 日作为投资控股公司开始运作，并于 2004 年 3 月 15 日在大马交易所上市。公司通过两大主要业务部门营运，即塑料制品和家具。2017 年，公司将业务多元化至塑料制品的制造与贸易。2025 年 8 月 22 日，董事会宣布作为业务合理化和精简规模举措的一部分，家具部门停止运作。
Source: annual report 2023, page 16; annual report 2025, pages 3, 15.出处：2023 年年报第 16 页；2025 年年报第 3、15 页。
The plastic wares division offers a catalogue of over 1,300 products, including household plastic wares, sharp bins for medical waste disposal, and industrial pails for the paint and lubricant industries. The furniture division, situated in Muar, Johor, specialised in wood-based dining sets and bedroom sets, furniture plywood, paper and veneer laminations, and trading of construction materials.塑料制品部门提供超过 1,300 种产品目录，包括家庭塑料用品、医疗废物锐器盒以及用于油漆和润滑油工业的工业塑料桶。位于柔佛麻坡的家具部门专门生产木制餐具套件和卧室套件、家具胶合板、纸张与单板层压板，并从事建筑材料贸易。
Source: annual report 2023, pages 16, 17; annual report 2025, page 15.出处：2023 年年报第 16、17 页；2025 年年报第 15 页。
In 2023, the plastic wares division accounted for 64% of total revenue and the furniture division contributed 36%. In 2024, plastic wares accounted for 60% and furniture contributed 40%. Export sales accounted for approximately 10% of plastic wares revenue in 2023 and 2024, and approximately 6.5% in 2025. Across all three reports, no customer represented 10% or more of group revenue.2023 年，塑料制品部门占总营业额的 64%，家具部门占 36%。2024 年，塑料制品占 60%，家具占 40%。出口销售额在 2023 年和 2024 年约占塑料制品部门营业额的 10%，2025 年约为 6.5%。在三份年报中，均没有客户占集团营业额的 10% 或以上。
Source: annual report 2023, pages 16, 17, 160; annual report 2024, pages 15, 16, 24, 141; annual report 2025, pages 25, 157.出处：2023 年年报第 16、17、160 页；2024 年年报第 15、16、24、141 页；2025 年年报第 25、157 页。
Muar Ban Lee Group Berhad was the largest shareholder, holding 82,940,000 shares (27.438%) in the 2023 report, and 95,695,100 shares (31.658%) in the 2024 and 2025 reports. Dato' Chua Heok Wee, the Group Managing Director, and Chua Kang Sing, an Executive Director, are cousins. In the 2024 report, pledged securities accounts for Tan Sri Dato' Seri Dr. Tan King Tai @ Tan Khoon Hai held 11,523,350 shares (3.812%) at Affin Hwang Nominees (Tempatan) Sdn. Bhd. and 6,823,750 shares (2.257%) at Alliancegroup Nominees (Tempatan) Sdn. Bhd.Muar Ban Lee Group Berhad 是最大股东，在 2023 年年报中持有 82,940,000 股（27.438%），在 2024 年和 2025 年年报中持有 95,695,100 股（31.658%）。集团董事经理 Dato' Chua Heok Wee 与执行董事 Chua Kang Sing 是堂表亲兄弟。在 2024 年年报中，Tan Sri Dato' Seri Dr. Tan King Tai @ Tan Khoon Hai 的质押证券账户分别在 Affin Hwang Nominees (Tempatan) Sdn. Bhd. 持有 11,523,350 股（3.812%），以及在 Alliancegroup Nominees (Tempatan) Sdn. Bhd. 持有 6,823,750 股（2.257%）。
Source: annual report 2023, pages 29, 177, 178; annual report 2024, pages 201, 202; annual report 2025, pages 221, 222.出处：2023 年年报第 29、177、178 页；2024 年年报第 201、202 页；2025 年年报第 221、222 页。
Between August and September 2023, outgoing directors resigned from the board, including Teh Li King, Sharon Ng Saw Ean, Chen Thien Yin, and Khor Hun Nee, and new directors were appointed, including Dato' Chua Heok Wee, Chua Kang Sing, Dato Simon Toh Boon Wan, Koay Hooi Lynn, Liu Tian Khiew, and Ong Peng Teng. Dr Loh Yee Feei resigned as Executive Director and Chief Operating Officer with effect from 19 February 2024. Dato' Teoh Han Chuan resigned as Deputy Executive Chairman with effect from 20 January 2025.在 2023 年 8 月至 9 月期间，原董事辞去董事会职务，包括 Teh Li King、Sharon Ng Saw Ean、Chen Thien Yin 和 Khor Hun Nee，新董事获得委任，包括 Dato' Chua Heok Wee、Chua Kang Sing、Dato Simon Toh Boon Wan、Koay Hooi Lynn、Liu Tian Khiew 和 Ong Peng Teng。Dr Loh Yee Feei 自 2024 年 2 月 19 日起辞去执行董事兼首席营运官职务。Dato' Teoh Han Chuan 自 2025 年 1 月 20 日起辞去执行副主席职务。
Source: annual report 2023, pages 6, 15, 41; annual report 2024, pages 4, 100; annual report 2025, page 4.出处：2023 年年报第 6、15、41 页；2024 年年报第 4、100 页；2025 年年报第 4 页。
Revenue by division, 20242024 年各部门营业额占比
Source: annual report 2024, pages 15, 16.出处：2024 年年报第 15、16 页。
Major events大事记
Source: annual report 2023, page 96.出处：2023 年年报第 96 页。
Source: annual report 2023, pages 6, 15, 41.出处：2023 年年报第 6、15、41 页。
Source: annual report 2023, page 133.出处：2023 年年报第 133 页。
Source: annual report 2023, pages 22, 91.出处：2023 年年报第 22、91 页。
Source: annual report 2024, page 4.出处：2024 年年报第 4 页。
Source: annual report 2024, page 21.出处：2024 年年报第 21 页。
Source: annual report 2024, page 5.出处：2024 年年报第 5 页。
Source: annual report 2025, page 4.出处：2025 年年报第 4 页。
Source: annual report 2025, page 23.出处：2025 年年报第 23 页。
Source: annual report 2025, page 15.出处：2025 年年报第 15 页。
Source: annual report 2025, page 192.出处：2025 年年报第 192 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, revenue fell 22.0% from RM158.4 million to RM123.6 million, and the group reported a net loss of RM6.4 million. Net cash generated from operating activities was RM11.4 million. Net cash used in investing activities was RM12.7 million, including RM7.7 million spent on right-of-use assets, RM2.3 million on property, plant and equipment, and RM2.0 million on other investments. Financing activities provided net cash of RM0.8 million, with RM7.2 million raised from a private placement of 27,200,000 shares at RM0.265 per share. Cash outflows included repayment of bankers' acceptance of RM5,340,000, term loans of RM2,253,186, and lease liabilities of RM1,980,698, while term loan proceeds were RM5,456,617. The board decided not to recommend any dividend.2023 年，营业额从 RM158.4 million 下降 22.0% 至 RM123.6 million，集团录得净亏损 RM6.4 million。营运活动所得现金净额为 RM11.4 million。投资活动所用现金净额为 RM12.7 million，其中包括用于使用权资产的 RM7.7 million、物业、厂房及设备的 RM2.3 million 以及其他投资的 RM2.0 million。融资活动提供现金净额 RM0.8 million，通过以每股 RM0.265 私人配售 27,200,000 股募集了 RM7.2 million。现金流出包括偿还银行承兑汇票 RM5,340,000、定期贷款 RM2,253,186 以及租赁负债 RM1,980,698，而提取定期贷款所得款项为 RM5,456,617。董事会决定不建议派发任何股息。
Source: annual report 2023, pages 14, 15, 18, 21, 22, 91, 95, 113.出处：2023 年年报第 14、15、18、21、22、91、95、113 页。
20242024 年
In 2024, revenue contracted 1.9% from RM123.6 million to RM121.2 million, and net loss was RM3.5 million. Operating activities generated net cash of RM6.8 million. Reduced inventory provided a cash inflow of RM8.7 million. Investing activities recorded a net cash inflow of RM1.4 million, with RM3.1 million in proceeds from the disposal of property, plant, and equipment offset by RM2.1 million in capital investments and right of use assets. Financing activities had a net cash outflow of RM9.9 million, including net repayment of loans and borrowings of RM5.2 million, lease liability payments of RM2.6 million, and interest payments of RM2.1 million. The board decided not to recommend a dividend payment.2024 年，营业额从 RM123.6 million 收缩 1.9% 至 RM121.2 million，净亏损为 RM3.5 million。营运活动产生现金净额 RM6.8 million。存货减少提供了 RM8.7 million 现金流入。投资活动录得现金净流入 RM1.4 million，其中脱售物业、厂房及设备所得款项 RM3.1 million 被资本投资和使用权资产支出的 RM2.1 million 所抵销。融资活动录得现金净流出 RM9.9 million，包括净偿还贷款与借款 RM5.2 million、支付租赁负债 RM2.6 million 以及利息支出 RM2.1 million。董事会决定不建议派发股息。
Source: annual report 2024, pages 13, 14, 19, 20.出处：2024 年年报第 13、14、19、20 页。
20252025 年
In 2025, revenue decreased 36.7% from RM121.2 million to RM76.7 million. Loss before tax was RM12.1 million, including an RM11.8 million loss before tax from discontinued operations. Net cash generated from operating activities was RM17.8 million. Reductions in inventories provided a cash inflow of RM13.3 million, and lower trade and other receivables provided RM10.2 million. Investing activities generated a net cash inflow of RM8.4 million, with RM10.0 million in proceeds from the disposal of PPE, partially offset by RM1.3 million in capital expenditure, RM0.4 million paid for real property gain tax, and RM0.2 million in fixed deposit placement. Financing activities had a net cash outflow of RM11.1 million, including net repayment of loans and borrowings of RM6.2 million, lease liability repayments of RM3.4 million, and interest payments of RM1.6 million. The board decided not to recommend a dividend payment.2025 年，营业额从 RM121.2 million 下降 36.7% 至 RM76.7 million。税前亏损为 RM12.1 million，其中包括已终止业务的税前亏损 RM11.8 million。营运活动所得现金净额为 RM17.8 million。存货减少提供了 RM13.3 million 现金流入，较低的贸易和其他应收款项提供了 RM10.2 million。投资活动产生现金净流入 RM8.4 million，其中脱售物业、厂房及设备所得款项为 RM10.0 million，部分被资本开支 RM1.3 million、支付产业盈利税 RM0.4 million 以及定期存款质押 RM0.2 million 所抵销。融资活动录得现金净流出 RM11.1 million，包括净偿还贷款与借款 RM6.2 million、支付租赁负债 RM3.4 million 以及利息支出 RM1.6 million。董事会决定不建议派发股息。
Source: annual report 2025, pages 13, 14, 22.出处：2025 年年报第 13、14、22 页。
Across the three years三年合看
Across the three financial years, the group recorded net losses in each year, with loss for the financial year widening from RM6.4 million in 2023 and RM3.5 million in 2024 to RM13.3 million in 2025. No dividends were declared or paid in any of the three years. During 2025 the group ceased the furniture division's operations as part of business rationalisation and right-sizing, announced on 22 August 2025. Loans and borrowings declined from RM36.3 million at end 2023 to RM30.6 million at end 2024 and RM21.8 million at end 2025. Cash and bank balances were RM18.5 million at end 2023, RM16.4 million at end 2024, and RM25.5 million at end 2025.在三个财政年度中，集团每年都录得净亏损，财政年度亏损从 2023 年的 RM6.4 million 和 2024 年的 RM3.5 million 扩大至 2025 年的 RM13.3 million。三年内均未宣布或派发任何股息。2025 年集团作为业务合理化与精简规模的一部分，停止了家具部门的运作，并于 2025 年 8 月 22 日宣布。贷款与借款从 2023 年底的 RM36.3 million 降至 2024 年底的 RM30.6 million 及 2025 年底的 RM21.8 million。现金与银行结余从 2023 年底的 RM18.5 million 和 2024 年底的 RM16.4 million 增至 2025 年底的 RM25.5 million。
Source: annual report 2023, page 95; annual report 2024, page 97; annual report 2025, pages 3, 15, 112.出处：2023 年年报第 95 页；2024 年年报第 97 页；2025 年年报第 3、15、112 页。
Still to be spent尚未支出的承诺
Capital commitments contracted for the construction of factory and office building were RM289,816 at end 2023. The group did not enter into any capital commitments during 2024 or 2025. RM7.2 million was raised by private placement in 2023, and no proceeds were raised from any proposal during 2024 and 2025.截至 2023 年底，已签约的厂房和办公楼建设资本承诺为 RM289,816。集团在 2024 年或 2025 年均未订立任何资本承诺。2023 年通过私人配售募集 RM7.2 million，而在 2024 年和 2025 年未通过任何提案募集资金。
Source: annual report 2023, pages 22, 171; annual report 2024, pages 21, 95; annual report 2025, pages 22, 109.出处：2023 年年报第 22、171 页；2024 年年报第 21、95 页；2025 年年报第 22、109 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 | 158,403 | 123,581 | 121,199 | 76,740 |
| (Loss)/Profit before tax税前（亏损）/ 盈利 | 4,574 | (3,731) | (2,517) | (12,109) |
| (Loss)/Profit for the financial year财政年度（亏损）/ 盈利 | 2,908 | (6,367) | (3,500) | (13,305) |
| Net cash from operating activities营运活动所得现金净额 | – | 11,435 | 6,785 | 17,836 |
| Net cash from/(used in) investing activities投资活动所得 /（所用）现金净额 | – | (12,744) | 1,371 | 8,374 |
| Net cash (used in)/from financing activities融资活动（所用）/ 所得现金净额 | – | 830 | (9,887) | (11,050) |
| Total assets总资产 | – | 211,323 | 204,958 | 184,890 |
| Total equity总权益 | – | 146,903 | 150,624 | 144,553 |
| Loans and borrowings贷款与借款 | – | 36,252 | 30,615 | 21,756 |
| Cash and bank balances现金与银行结余 | – | 18,528 | 16,374 | 25,522 |
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 |
|---|---|---|
| Reassessing dividend policy regularly and aiming to reinstate dividend payments once conditions allow (2023)定期重新评估股息政策，并打算在条件允许时恢复派息（2023） | The board decided not to recommend any dividend payment for 2023, 2024 or 2025.董事会决定 2023、2024 及 2025 年均不建议派发任何股息。 Source: annual report 2023, page 15; annual report 2024, page 14; annual report 2025, page 14.出处：2023 年年报第 15 页；2024 年年报第 14 页；2025 年年报第 14 页。 | Dividends withheld暂不派发 |
| Aiming to reach a 100% completion rate for annual anti-corruption training among non-executive and technical staff in coming years (2023)目标是在未来几年内使非执行和技术人员的年度反贪培训完成率达到 100%（2023） | A 100% completion rate was achieved across Management, Executive and Non-executive/technical staff levels in both 2024 and 2025.在 2024 和 2025 年，管理层、执行层以及非执行/技术人员层级均实现了 100% 的完成率。 Source: annual report 2023, page 73; annual report 2024, page 69; annual report 2025, page 78.出处：2023 年年报第 73 页；2024 年年报第 69 页；2025 年年报第 78 页。 | Achieved已达成 |
| Subjecting all sustainability indicators to independent assurance in the next five years (2023)打算在未来五年内对所有可持续发展指标进行独立鉴证（2023） | The 2024 and 2025 reports repeated the intention to subject indicators to independent assurance progressively in the next five years.2024 和 2025 年年报重申了在未来五年内逐步对指标进行独立鉴证的意向。 Source: annual report 2023, page 59; annual report 2024, page 57; annual report 2025, page 62.出处：2023 年年报第 59 页；2024 年年报第 57 页；2025 年年报第 62 页。 | Still in progress仍在推进 |
| Conducting a more comprehensive materiality assessment engaging with key stakeholders and publishing results in the next report (2023)打算进行更全面的重大议题评估，与主要利益相关者接洽，并在下份报告中公布结果（2023） | The group conducted internal materiality reviews in 2024 and 2025 instead of stakeholder engagements.集团在 2024 和 2025 年进行了内部重大议题审查，而非开展利益相关者接洽。 Source: annual report 2023, page 64; annual report 2024, page 62; annual report 2025, page 71.出处：2023 年年报第 64 页；2024 年年报第 62 页；2025 年年报第 71 页。 | Internal review conducted instead改为开展内部审查 |
| Sale of factory assets to Ecomate Sdn. Bhd. for RM7,000,000 pending settlement of the remaining balance (2024)向 Ecomate Sdn. Bhd. 脱售价值 RM7,000,000 的厂房资产，待结清余款（2024） | Disposal was completed on 31 August 2025 upon fulfillment of conditions precedent, with a gain of RM1,410,000 recognised.先决条件达成后，脱售于 2025 年 8 月 31 日完成，确认收益 RM1,410,000。 Source: annual report 2024, page 172; annual report 2025, page 192.出处：2024 年年报第 172 页；2025 年年报第 192 页。 | Completed已完成 |
What the reports leave open年报留下待看的事
- The disposal of remaining operating assets from the ceased furniture division, including completion of the sale of Lot 8792 in Muar.已停业家具部门剩余营运资产的处置情况，包括麻坡 Lot 8792 厂房的脱售完成进展。
Source: annual report 2025, pages 15, 23, 192.出处：2025 年年报第 15、23、192 页。
- Revenue and profitability of the remaining plastic wares division, which recorded a revenue decrease of RM10.3 million to RM62.7 million and an LBT of RM0.1 million in 2025.剩余塑料制品部门的营业额与盈利表现，该部门在 2025 年营业额减少 RM10.3 million 至 RM62.7 million，且录得税前亏损 RM0.1 million。
Source: annual report 2025, pages 18, 19.出处：2025 年年报第 18、19 页。
- Trade receivables of RM11,114,000 that were past due but not impaired as of 31 December 2025, alongside individually impaired receivables of RM1,890,000.截至 2025 年 12 月 31 日逾期但未减值的 RM11,114,000 贸易应收款项，以及个别减值的 RM1,890,000 应收款项。
Source: annual report 2025, pages 188, 189.出处：2025 年年报第 188、189 页。
- The unutilised tax losses carried forward that are subject to a maximum offset limit of 10 consecutive years of assessment.结转的未动用税务亏损，其最长可抵扣期限为连续 10 个课税年度。
Source: annual report 2025, page 166.出处：2025 年年报第 166 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。