DailySpaceLotus Circular Berhad
7234 · Main Market主板 · annual reports 2023 to 2025, 1467 entries read2023 至 2025 年报，共读出 1467 条
The company这家公司
Lotus Circular Berhad (formerly known as MESB Berhad) operates in waste recycling and retail. The waste recycling business covers waste collection, sorting, recycling, and the sale of processed materials including wastepaper, plastics, and metals. In retail, it sells apparel, leather products, and accessories through consignment counters and five concept boutiques under the Whatsbag and Ducati brands.Lotus Circular Berhad（前称 MESB Berhad）经营废品回收与零售业务。废品回收业务涵盖废料收集、分拣、回收以及加工材料（包括废纸、塑料和金属）的销售。零售业务则通过专柜以及 Whatsbag 和 Ducati 品牌的五家概念专卖店，销售服装、皮革制品及配件。
Source: annual report 2025, pages 4, 6, 15.出处：2025 年年报第 4、6、15 页。
In 2025, total revenue was RM207.87 million, with waste recycling contributing RM72.68 million and retail contributing RM135.19 million. The group has no transactions or balances in foreign currencies, and no single customer contributed 10% or more to revenue. At 30 June 2025, three customers accounted for approximately 67% of trade receivables net of loss allowance.2025 年，总营业额为 RM207.87 million，其中废品回收贡献 RM72.68 million，零售贡献 RM135.19 million。集团没有以外币计价的交易或结余，也没有任何单一客户贡献 10% 或以上的营业额。截至 2025 年 6 月 30 日，扣除减值准备后，三名客户占贸易应收账款的约 67%。
Source: annual report 2025, pages 8, 140, 141, 145.出处：2025 年年报第 8、140、141、145 页。
Datuk Wong Sak Kuan is shown with 38,407,898 shares (26.62%) in the register of substantial shareholders. In the list of thirty largest shareholders, Wong Sak Kuan is listed with 19,507,898 shares (13.52%), RHB Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Wong Sak Kuan with 10,000,000 shares (6.93%), and Alliancegroup Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Wong Sak Kuan (7000571) with 6,000,000 shares (4.16%). CIMSEC Nominees (Tempatan) Sdn Bhd CIMB for Yau Ming Teck (PB) holds 11,324,206 shares (7.85%).Datuk Wong Sak Kuan 在主要股东名册中列有 38,407,898 股（26.62%）。在三十大股东名册中，Wong Sak Kuan 名下持有 19,507,898 股（13.52%），RHB Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Wong Sak Kuan 持有 10,000,000 股（6.93%），Alliancegroup Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Wong Sak Kuan (7000571) 持有 6,000,000 股（4.16%）。CIMSEC Nominees (Tempatan) Sdn Bhd CIMB for Yau Ming Teck (PB) 持有 11,324,206 股（7.85%）。
Source: annual report 2025, pages 159, 160.出处：2025 年年报第 159、160 页。
Datuk Wong Sak Kuan is the father of Non-Independent Non-Executive Director Wong Yu Perng.Datuk Wong Sak Kuan 是非独立非执行董事 Wong Yu Perng 的父亲。
Source: annual report 2025, pages 45, 46.出处：2025 年年报第 45、46 页。
On 12 December 2024, the company changed its name from MESB Berhad to Lotus Circular Berhad. Tan Yew Kim retired from the Board on 6 December 2022. Wong Yu Perng and Chen, JianHua joined the Board on 30 September 2022, Low Koon Min was appointed on 20 February 2023, and Dr. Norhanim Binti Mat Sari was appointed on 1 March 2024.2024 年 12 月 12 日，公司名称由 MESB Berhad 变更为 Lotus Circular Berhad。Tan Yew Kim 于 2022 年 12 月 6 日从董事会退休。Wong Yu Perng 与 Chen, JianHua 于 2022 年 9 月 30 日加入董事会，Low Koon Min 于 2023 年 2 月 20 日获委任，Dr. Norhanim Binti Mat Sari 于 2024 年 3 月 1 日获委任。
Source: annual report 2023, pages 4, 34, 36; annual report 2024, page 49; annual report 2025, page 81.出处：2023 年年报第 4、34、36 页；2024 年年报第 49 页；2025 年年报第 81 页。
Revenue by segment, 20252025 年各部门营业额
Source: annual report 2025, page 135.出处：2025 年年报第 135 页。
Major events大事记
Source: annual report 2023, page 6.出处：2023 年年报第 6 页。
Source: annual report 2023, pages 4, 47.出处：2023 年年报第 4、47 页。
Source: annual report 2023, pages 34, 47.出处：2023 年年报第 34、47 页。
Source: annual report 2023, pages 6, 63.出处：2023 年年报第 6、63 页。
Source: annual report 2024, pages 49, 66.出处：2024 年年报第 49、66 页。
Source: annual report 2024, pages 6, 79, 160.出处：2024 年年报第 6、79、160 页。
Source: annual report 2025, page 81.出处：2025 年年报第 81 页。
Source: annual report 2025, pages 6, 77, 156.出处：2025 年年报第 6、77、156 页。
Source: annual report 2025, pages 77, 156.出处：2025 年年报第 77、156 页。
Revenue and profit after taxation营业额与税后盈利
Assets, equity and liabilities资产、权益与负债
20232023 年
The group completed the acquisition of three recycling companies, NURSB, Waier, and Formidex, for a total purchase consideration of RM51.0 million. Net cash outflow from the acquisition of subsidiaries was RM39.9 million. It completed the first tranche disposal of 80% of Active Fit, 100% of MCD, and 45% of Miroza for RM44.0 million. Net cash outflow from the disposal of subsidiaries was RM6.3 million. The group registered a net cash outflow of RM9.93 million from its operational activities. Proceeds from issuance of ordinary shares were RM9.5 million. Purchase of plant and equipment used RM1.8 million. Repayment of term loans was RM0.9 million and repayment of lease liabilities was RM0.3 million. Cash and cash equivalents, excluding pledged deposits, declined by RM11.92 million. No dividend was recommended.集团以 RM51.0 million 的总对价完成收购三家回收公司 NURSB、Waier 与 Formidex。收购子公司的现金净流出为 RM39.9 million。集团以 RM44.0 million 完成第一期脱售 Active Fit 80% 股权、MCD 100% 股权及 Miroza 45% 股权。脱售子公司的现金净流出为 RM6.3 million。集团营运活动的现金净流出为 RM9.93 million。发行普通股的所得款项为 RM9.5 million。购买厂房及设备支出 RM1.8 million。偿还定期贷款为 RM0.9 million，偿还租赁负债为 RM0.3 million。不含抵押存款的现金及现金等价物减少 RM11.92 million。董事会未建议派发股息。
Source: annual report 2023, pages 6, 9, 66, 78, 108, 119, 120, 121.出处：2023 年年报第 6、9、66、78、108、119、120、121 页。
20242024 年
Operating activities brought a net cash inflow of RM10.94 million. On 31 May 2024, the company completed the disposal of its remaining 20% interest in Active Fit for RM2.0 million. Purchase of plant and equipment used RM2.1 million. Repayments included RM3.7 million for bankers' acceptances, RM1.4 million for lease liabilities, RM0.6 million for term loans, and RM0.3 million for hire purchase payables. Drawdown of pledged fixed deposits provided RM4.6 million. Cash and cash equivalents, excluding pledged deposits, increased by RM9.59 million to RM47.42 million. No dividend was recommended.营运活动带来现金净流入 RM10.94 million。2024 年 5 月 31 日，公司以 RM2.0 million 完成脱售其所持 Active Fit 剩余 20% 股权。购买厂房及设备支出 RM2.1 million。偿还款项包括银行承兑汇票 RM3.7 million、租赁负债 RM1.4 million、定期贷款 RM0.6 million 以及租购应付款项 RM0.3 million。提取抵押定期存款提供 RM4.6 million。不含抵押存款的现金及现金等价物增加 RM9.59 million 至 RM47.42 million。董事会未建议派发股息。
Source: annual report 2024, pages 6, 9, 82, 94, 95, 117.出处：2024 年年报第 6、9、82、94、95、117 页。
20252025 年
The group generated positive net cash inflows from operating activities. Capital expenditure on plant and equipment took RM1.3 million. Financing cash outflows included repayment of lease liabilities of RM1.3 million and repayment of hire purchase payables of RM0.3 million, while net drawdown of bankers' acceptances provided RM0.3 million. Cash and cash equivalents, excluding pledged deposits, stood at RM50.73 million, reflecting a net increase of RM3.31 million. No dividend was recommended.集团营运活动产生现金净流入。厂房及设备资本支出为 RM1.3 million。融资现金流出包括偿还租赁负债 RM1.3 million 及偿还租购应付款项 RM0.3 million，而银行承兑汇票净提取提供 RM0.3 million。不含抵押存款的现金及现金等价物为 RM50.73 million，净增加 RM3.31 million。董事会未建议派发股息。
Source: annual report 2025, pages 8, 81, 99.出处：2025 年年报第 8、81、99 页。
Across the three years三年合看
The group shifted its core business from apparel retailing toward waste recycling, renaming itself Lotus Circular Berhad in December 2024. Goodwill of RM40.1 million recognised on the 2023 acquisitions is tested for impairment annually. Across all three financial years, the company recommended no dividends. Net assets rose from RM90.32 million reported at 30 June 2022 to RM144.97 million at 30 June 2023, and reached RM165.55 million at 30 June 2025; warrants were converted and profits were retained over the period.集团将核心业务从服装零售转向废品回收，并于 2024 年 12 月更名为 Lotus Circular Berhad。2023 年收购确认的 RM40.1 million 商誉每年进行减值测试。在全部三个财政年度中，公司均未建议派发股息。净资产从 2022 年 6 月 30 日报告的 RM90.32 million 增至 2023 年 6 月 30 日的 RM144.97 million，并在 2025 年 6 月 30 日达到 RM165.55 million；期间认股权证获得行使，并留存了盈利。
Source: annual report 2023, pages 9, 66; annual report 2024, pages 82, 163, 175; annual report 2025, pages 9, 81, 88.出处：2023 年年报第 9、66 页；2024 年年报第 82、163、175 页；2025 年年报第 9、81、88 页。
Still to be spent尚未支出的承诺
On 19 December 2024, the company signed conditional share purchase agreements to acquire Earthwise Resources Sdn. Bhd. and Expert Resource Management Sdn. Bhd. On 18 June 2025, the conditional period was extended to 18 December 2025, and the listing application had been submitted on 20 January 2025.2024 年 12 月 19 日，公司签署了收购 Earthwise Resources Sdn. Bhd. 及 Expert Resource Management Sdn. Bhd. 的附条件股份买卖协议。2025 年 6 月 18 日，先决条件达成期延长至 2025 年 12 月 18 日，上市申请已于 2025 年 1 月 20 日提交。
Source: annual report 2025, pages 6, 77, 156.出处：2025 年年报第 6、77、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 | 198,498 | 200,204 | 187,440 | 207,870 |
| Profit after taxation税后盈利 | 6,669 | 12,193 | 14,156 | 6,433 |
| Cash and cash equivalents现金与现金等价物 | 72,535 | 37,828 | 47,422 | 50,727 |
| Cash and bank balances现金与银行结余 | 24,311 | 14,324 | 19,119 | 21,249 |
| Fixed deposits with licensed banks持牌银行定期存款 | 47,896 | 41,824 | 42,136 | 43,639 |
| Total assets总资产 | 150,761 | 174,401 | 179,964 | 195,544 |
| Total liabilities总负债 | 60,441 | 29,436 | 20,843 | 29,990 |
| Total equity总权益 | 90,320 | 144,965 | 159,121 | 165,554 |
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 |
|---|---|---|
| The company is in the process of disposing of the remaining 20% equity interest in Active Fit for a total consideration of RM2.0 million (2023).公司正在进行脱售 Active Fit 剩余 20% 股权的程序，总对价为 RM2.0 million（2023 年）。 | On 31 May 2024, the company completed the disposal of the remaining 20% equity interest in Active Fit for RM2.0 million.2024 年 5 月 31 日，公司以 RM2.0 million 完成脱售 Active Fit 剩余 20% 股权。 Source: annual report 2023, page 108; annual report 2024, pages 6, 79, 160.出处：2023 年年报第 108 页；2024 年年报第 6、79、160 页。 | Carried out已执行 |
| The purchase price allocation for the acquired recycling subsidiaries was expected to be completed within 12 months from the acquisition date (June 2024).所收购回收子公司的收购对价分摊预计在收购日起 12 个月内完成（2024 年 6 月）。 | The group completed the purchase price allocation during the 2024 financial year, finalising goodwill at RM40.1 million.集团在 2024 财政年度内完成了收购对价分摊，最终确定商誉为 RM40.1 million。 Source: annual report 2023, page 119; annual report 2024, pages 131, 160, 163.出处：2023 年年报第 119 页；2024 年年报第 131、160、163 页。 | Completed已完成 |
| The retailing segment planned the imminent opening of three additional boutiques in the Klang Valley area in October 2023 under the standalone brand name Ducati.零售部门计划于 2023 年 10 月以独立品牌 Ducati 在巴生谷地区开设另外三家精品专卖店。 | By 2025, the group operated five boutiques under the Whatsbag and Ducati brands in key malls across the Klang Valley, up from four Whatsbag boutiques in 2023.到 2025 年，集团在巴生谷主要商场以 Whatsbag 和 Ducati 品牌运营五家精品店，高于 2023 年的四家 Whatsbag 精品店。 Source: annual report 2023, page 6; annual report 2025, page 6.出处：2023 年年报第 6 页；2025 年年报第 6 页。 | Fewer boutiques than planned开店少于计划 |
| The Board adopted a Gender Diversity Policy to improve gender diversity, acknowledging that it did not comprise at least 30% women directors (2024).董事会采纳了性别多元化政策以改善多元化，并承认女性董事比例未达至少 30%（2024 年）。 | The 2025 report noted the company had yet to meet the recommendation of at least 30% female Board representation.2025 年年报指出，公司董事会女性代表比例尚未达到至少 30% 的建议目标。 Source: annual report 2024, pages 37, 61, 62; annual report 2025, pages 37, 61.出处：2024 年年报第 37、61、62 页；2025 年年报第 37、61 页。 | Not yet achieved尚未达标 |
| The group targeted developing a Supplier Code of Conduct and Supplier Non-Compliance Protocol (2023).集团计划制定供应商行为准则和供应商违规处理协议（2023 年）。 | In the 2025 report, developing a Supplier Code of Conduct and Supplier Non-Compliance Protocol remained listed as an objective.在 2025 年年报中，制定供应商行为准则和供应商违规处理协议仍列为工作目标。 Source: annual report 2023, page 32; annual report 2024, page 19; annual report 2025, page 20.出处：2023 年年报第 32 页；2024 年年报第 19 页；2025 年年报第 20 页。 | Not yet done尚未完成 |
What the reports leave open年报留下待看的事
- Whether the proposed acquisitions of Earthwise Resources Sdn. Bhd. and Expert Resource Management Sdn. Bhd. obtain regulatory and shareholder approvals by the extended conditional date of 18 December 2025.对 Earthwise Resources Sdn. Bhd. 及 Expert Resource Management Sdn. Bhd. 的拟议收购能否在延长的 2025 年 12 月 18 日先决条件截止日前获得监管机构和股东的批准。
Source: annual report 2025, pages 6, 77, 156.出处：2025 年年报第 6、77、156 页。
- Trade receivables stood at RM33.47 million, of which RM11.45 million net of loss allowance was past due or exceeded credit terms, while three customers accounted for approximately 67% of trade receivables.贸易应收账款为 RM33.47 million，其中扣除减值准备后的 RM11.45 million 已逾期或超出信用期，同时三名客户占贸易应收账款的约 67%。
Source: annual report 2025, pages 88, 145.出处：2025 年年报第 88、145 页。
- In 2025, waste recycling revenue increased by 55.67% to RM72.68 million while segment profit fell 33.41% to RM5.58 million; the report notes that revenue growth was driven largely by lower-margin wholesaling activities.2025 年，废品回收部门营业额增长 55.67% 至 RM72.68 million，但分部盈利下降 33.41% 至 RM5.58 million；年报指出营业额增长主要由利润率较低的批发业务带动。
Source: annual report 2025, page 8.出处：2025 年年报第 8 页。
- Whether the company achieves its target of at least 30 percent female representation on its Board of Directors.公司能否实现董事会中女性代表达到至少 30% 的目标。
Source: annual report 2025, pages 37, 61.出处：2025 年年报第 37、61 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。