DailySpaceScanwolf Corporation Berhad
7239 · Main Market主板 · annual reports 2023 to 2025, 371 entries read2023 至 2025 年报，共读出 371 条
The company这家公司
Scanwolf Corporation Berhad manufactures luxury vinyl tiles (LVT) through its subsidiary SFI, which has an annual capacity of up to 1.6 million square meters, and expanded into stone plastic composite flooring. It also engaged in property development, focusing on completed units of its Kampar Putra project. In 2025, revenue from construction projects was RM55,198,633, while manufacturing of goods contributed RM33,266,342, trading RM1,727,964, and completed development units RM952,000.Scanwolf Corporation Berhad 通过子公司 SFI 生产豪华乙烯基方块地板（LVT），年产能达 1.6 million 平方米，并扩展至石塑复合地板。公司亦从事房地产开发，重点销售其 Kampar Putra 项目的竣工单位。2025 年，建筑工程项目营业额为 RM55,198,633，货品制造贡献 RM33,266,342，贸易贡献 RM1,727,964，竣工开发单位贡献 RM952,000。
Source: annual report 2023, page 19; annual report 2025, page 116.出处：2023 年年报第 19 页；2025 年年报第 116 页。
The 2023 management discussion stated that the group grew its business in building materials, while external manufacturing revenue fell 7.8% from RM35.03 million to RM32.28 million. Most revenue is domestic: Malaysia contributed RM29,382,180 (80%) in 2023 and RM27.3 million in 2024. In 2025, the review reported total export revenue of RM5.66 million, while Note 3 to the financial statements shows non-Malaysia revenue of RM5.156 million, comprising Rest of Asia RM4,160,000, Middle East RM620,000, and Oceania RM376,000. In 2023, 6 major customers accounted for approximately 38% of trade receivables (compared to 3 customers and 80% in 2022).2023 年管理层讨论称集团拓展了建材业务，而外部制造营业额从 RM35.03 million 下降 7.8% 至 RM32.28 million。大部分营业额来自国内：马来西亚在 2023 年贡献 RM29,382,180（80%），2024 年贡献 RM27.3 million。2025 年，回顾报告总出口营业额为 RM5.66 million，而财务报表附注 3 显示非马来西亚营业额为 RM5.156 million，包括亚洲其他地区 RM4,160,000、中东 RM620,000 以及大洋洲 RM376,000。2023 年，6 位主要客户占贸易应收账款的约 38%（2022 年为 3 位客户及 80%）。
Source: annual report 2023, pages 18, 19, 83, 113, 120; annual report 2024, page 23; annual report 2025, pages 23, 117.出处：2023 年年报第 18、19、83、113、120 页；2024 年年报第 23 页；2025 年年报第 23、117 页。
In 2023, Armani Synergy Sdn. Bhd. held 25,955,810 shares (13.06%) and PEG Capital Sdn. Bhd. held 16,000,000 shares (8.05%). By 2025, Mighty Alliance Sdn. Bhd. became the ultimate holding company, holding 124,380,920 shares (58.03%). A pledged securities account at Maybank Nominees (Tempatan) Sdn. Bhd. for Mighty Alliance Sdn. Bhd. held 124,260,920 shares (57.98%). Managing Director Dato' Seah Ley Hong held a direct interest of 0.72% and a deemed interest of 58.03% through his 50.00% interest in Mighty Alliance Sdn. Bhd. Pledged securities accounts also held 7,180,000 shares (3.35%) for Ng Chee Wai and 4,000,000 shares (1.87%) for Tan Sin Keat.2023 年，Armani Synergy Sdn. Bhd. 持有 25,955,810 股（13.06%），PEG Capital Sdn. Bhd. 持有 16,000,000 股（8.05%）。到 2025 年，Mighty Alliance Sdn. Bhd. 成为最终控股公司，持有 124,380,920 股（58.03%）。Maybank Nominees (Tempatan) Sdn. Bhd. 为 Mighty Alliance Sdn. Bhd. 设立的质押证券账户持有 124,260,920 股（57.98%）。董事总经理 Dato' Seah Ley Hong 直接持有 0.72%，并通过在 Mighty Alliance Sdn. Bhd. 的 50.00% 权益视同持有 58.03%。质押证券账户亦为 Ng Chee Wai 持有 7,180,000 股（3.35%），为 Tan Sin Keat 持有 4,000,000 股（1.87%）。
Source: annual report 2023, page 129; annual report 2025, pages 69, 73, 170, 171.出处：2023 年年报第 129 页；2025 年年报第 69、73、170、171 页。
Seah Yik Hong is the brother of Dato' Seah Ley Hong, and the 2023 report lists a deemed interest held through a son, Tan Yann Kang. Mr. Seah Ley Hong was appointed Managing Director on 16 April 2024, while Chairman Tan Sri Dato' Sri Haji Syed Zainal Abidin resigned on 31 December 2023. In October 2025, Mr. Cheong Chen Khan resigned as Executive Director, Dato' Dr. Chew Chen Yee resigned as Deputy Chairman, and Mr. Lim Kian Huat resigned as Independent Non-Executive Director. Dato' Ir Haji Cheremi Bin Haji Tarman and Mr. Fong Keng Mun were appointed as Independent Non-Executive Chairman and Independent Non-Executive Director on 16 October 2025.Seah Yik Hong 是 Dato' Seah Ley Hong 的兄弟，2023 年报列有一项通过其子 Tan Yann Kang 持有的视同权益。Mr. Seah Ley Hong 于 2024 年 4 月 16 日获委任为董事总经理，主席 Tan Sri Dato' Sri Haji Syed Zainal Abidin 于 2023 年 12 月 31 日辞职。2025 年 10 月，Mr. Cheong Chen Khan 辞任执行董事，Dato' Dr. Chew Chen Yee 辞任副主席，Mr. Lim Kian Huat 辞任独立非执行董事。Dato' Ir Haji Cheremi Bin Haji Tarman 与 Mr. Fong Keng Mun 于 2025 年 10 月 16 日分别获委任为独立非执行主席及独立非执行董事。
Source: annual report 2023, page 130; annual report 2024, pages 16, 27; annual report 2025, pages 32, 69.出处：2023 年年报第 130 页；2024 年年报第 16、27 页；2025 年年报第 32、69 页。
Revenue by activity, 20252025 年各项业务营业额
Source: annual report 2025, page 116.出处：2025 年年报第 116 页。
Major events大事记
Source: annual report 2023, page 103.出处：2023 年年报第 103 页。
Source: annual report 2024, page 27.出处：2024 年年报第 27 页。
Source: annual report 2024, page 44.出处：2024 年年报第 44 页。
Source: annual report 2024, pages 16, 20, 58.出处：2024 年年报第 16、20、58 页。
Source: annual report 2025, page 19.出处：2025 年年报第 19 页。
Source: annual report 2025, page 32.出处：2025 年年报第 32 页。
Revenue and loss before tax营业额与税前亏损
Total assets, borrowings and equity总资产、借款与权益
20232023 年
The 2023 review reported net assets per share of 29 cents (2022: 34 cents), while net cash after overdrafts fell to -RM5.03 million (from -RM1.30 million). The review also stated borrowings decreased from RM17.20 million to RM16.72 million due to repayments, while lease liabilities of RM5,419,987 (2022: RM2,058,169) were excluded, total debt rose from RM20.27 million to RM22.14 million, and overdrafts rose from RM1.51 million to RM5.23 million. The review reported that the group maintained its gearing ratio at 0.28 (2022: 0.23) times, while gearing rose from 0.23 times to 0.28 times. Additions to property, plant and equipment were RM8,787,360, of which RM4,326,317 was financed by hire purchase and term loan arrangements and RM4,461,043 was paid in cash. Bridging and term loans repaid were RM4,100,969, lease liabilities repaid were RM1,232,921, and share issuances raised RM893,946. No dividend was recommended.2023 年回顾报告每股净资产为 29 仙（2022 年：34 仙），但计入透支后的现金净额降至 -RM5.03 million（前期为 -RM1.30 million）。回顾亦称银行借款因还款由 RM17.20 million 降至 RM16.72 million，但未计入租赁负债 RM5,419,987（2022 年：RM2,058,169），总债务从 RM20.27 million 增至 RM22.14 million，透支从 RM1.51 million 增至 RM5.23 million。回顾称集团将负债比率维持在 0.28（2022 年：0.23）倍，而实际负债比率从 0.23 倍上升至 0.28 倍。物业、厂房及设备增加 RM8,787,360，其中 RM4,326,317 由租购和定期贷款安排融资，现金支付 RM4,461,043。偿还过桥及定期贷款 RM4,100,969，偿还租赁负债 RM1,232,921，发行股份筹得 RM893,946。董事会未建议派发股息。
Source: annual report 2023, pages 20, 61, 62, 63, 127.出处：2023 年年报第 20、61、62、63、127 页。
20242024 年
The 2024 review stated that operational execution led to better results, while a gain on termination of share options of RM7,612,543 was recorded, and one-offs of RM10.04 million exceeded the RM3.69 million loss reduction. The review reported net assets per share of 22 cents (2023: 29 cents), a fall of 24%, while auditors stated that events indicate a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern. The review stated the group maintained its gearing ratio at 0.34 (2023: 0.28) times, while gearing rose from 0.28 times to 0.34 times and excluded RM13,256,366 due to directors. Disposal of assets held for sale brought proceeds of RM7,700,000, with a gain of RM500,832. Cash spent on property, plant and equipment was RM5,490,508, and an impairment of RM6,250,994 was recognised on idle equipment. Financing cash used was RM1,027,843, while warrant exercises brought RM558,250. No dividend was recommended.2024 年回顾称营运执行带来了更好业绩，但期内录得终止认股权收益 RM7,612,543，一次性项目 RM10.04 million 超过了 RM3.69 million 的减亏幅度。回顾称每股净资产为 22 仙（2023 年：29 仙），下降 24%，而审计师指出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。回顾称集团将负债比率维持在 0.34（2023 年：0.28）倍，而实际负债比率从 0.28 倍升至 0.34 倍且未包含应付董事款项 RM13,256,366。脱售持作销售资产带来 RM7,700,000 款项，获得收益 RM500,832。物业、厂房及设备现金支出为 RM5,490,508，闲置设备确认减值 RM6,250,994。融资现金流出 RM1,027,843，行使认股权证筹得 RM558,250。董事会未建议派发股息。
Source: annual report 2024, pages 22, 24, 66, 76, 77, 78, 81, 108, 139, 162.出处：2024 年年报第 22、24、66、76、77、78、81、108、139、162 页。
20252025 年
The 2025 review reported a loss before tax of RM11.2 million, up 72%, while the statement of profit or loss shows a loss before tax of RM10,514,854 (compared to RM6,715,569, an increase of 56.6%), and RM11.2 million was the loss after tax (RM11,181,138). The review attributed the higher loss primarily to an impairment of RM4.9 million on property, plant and equipment, while the financial statement impairment of RM4,788,631 was lower than the RM6,250,994 recorded in 2024. The review stated the loss was partially mitigated by a profit contribution of RM5.9 million from the Construction Division, while its own table showed RM5.16 million and the segment note showed profit before tax of RM11,455,819. The review stated cost inflation remains critical to sustain profit growth, while group loss after tax widened from RM6,505,532 to RM11,181,138. The corporate governance overview stated that no major weaknesses or uncertainties were identified, while Note 2 disclosed a material uncertainty that may cast significant doubt on the group's ability to continue as a going concern. A statement in the report claimed no proceeds were raised from any corporate exercise, while the statement of cash flows showed RM3,258,051 from warrants exercised and RM625,140 from ICULS. The report stated share capital increased by 13,985,857 shares, while the share capital note shows an increase of 14,045,800 shares from 200,289,510 to 214,335,310 ordinary shares. Capital spending on property, plant and equipment was RM629,257, and net financing cash generation was RM17,794,061, mainly from banker's acceptances drawn of RM27,710,405. No dividend was recommended.2025 年回顾称税前亏损为 RM11.2 million，增加 72%，而损益表显示税前亏损为 RM10,514,854（前期为 RM6,715,569，增幅 56.6%），RM11.2 million 实为税后亏损（RM11,181,138）。回顾将亏损扩大主要归因于物业、厂房及设备的 RM4.9 million 减值，而财务报表减值 RM4,788,631 低于 2024 年的 RM6,250,994。回顾称建筑部门贡献的 RM5.9 million 利润部分缓解了亏损，但其自身表格列示为 RM5.16 million，分部附注显示的税前盈利为 RM11,455,819。回顾称成本通胀对维持利润增长至关重要，而集团税后亏损从 RM6,505,532 扩大至 RM11,181,138。公司治理概述称未发现重大缺陷或不确定性，而附注 2 披露了可能对持续经营能力产生重大疑问的重大不确定性。年报中的一项声明称未从任何企业活动中筹集资金，而现金流量表显示行使认股权证筹得 RM3,258,051，ICULS 筹得 RM625,140。年报称通过发行 13,985,857 股增加股本，而股本附注显示股份从 200,289,510 股增至 214,335,310 股普通股，增加了 14,045,800 股。物业、厂房及设备资本支出为 RM629,257，融资活动现金净流入 RM17,794,061，主要来自提取银行承兑汇票 RM27,710,405。董事会未建议派发股息。
Source: annual report 2025, pages 23, 24, 25, 61, 67, 72, 76, 82, 88, 89, 91, 143, 151.出处：2025 年年报第 23、24、25、61、67、72、76、82、88、89、91、143、151 页。
Across the three years三年合看
Revenue increased from RM36,549,956 in 2023 to RM91,144,939 in 2025. Total borrowings increased from RM16,721,285 in 2023 to RM18,402,147 in 2024 and RM30,302,008 in 2025. Bankers' acceptances rose from RM6,866,311 in 2023 to RM11,556,049 in 2024 and RM27,710,406 in 2025, while bank overdrafts fell from RM5,230,995 in 2023 to RM5,104,547 in 2024 and RM1,000,736 in 2025. No dividend was recommended in any of the three years.营业额从 2023 年的 RM36,549,956 增至 2025 年的 RM91,144,939。总借款从 2023 年的 RM16,721,285 增至 2024 年的 RM18,402,147 及 2025 年的 RM30,302,008。银行承兑汇票从 2023 年的 RM6,866,311 升至 2024 年的 RM11,556,049 及 2025 年的 RM27,710,406，而银行透支从 2023 年的 RM5,230,995 降至 2024 年的 RM5,104,547 及 2025 年的 RM1,000,736。三年间董事会均未建议派发股息。
Source: annual report 2023, pages 20, 108; annual report 2024, pages 24, 141; annual report 2025, pages 25, 147.出处：2023 年年报第 20、108 页；2024 年年报第 24、141 页；2025 年年报第 25、147 页。
Still to be spent尚未支出的承诺
In the 2025 report, the analysis of warrants states that the number of warrants exercised was Nil, while Note 21(d) records 10,920,100 warrants exercised during the year. The analysis of ICULS gives 56,470,800 unconverted ICULS, while Note 21(c) records 26,470,800 unconverted ICULS, a difference of 30 million units. The warrants have an exercise price of RM0.30 and expire on 5 August 2026. At the end of 2025, unabsorbed capital allowances were RM20,639,629 and unutilised tax losses were RM51,443,771.在 2025 年报中，认股权证分析称行使的认股权证数量为 Nil，而附注 21(d) 记录年内行使了 10,920,100 份认股权证。ICULS 分析显示有 56,470,800 份未转换 ICULS，而附注 21(c) 记录未转换 ICULS 为 26,470,800 份，相差 30 million 份。认股权证行使价为 RM0.30，将于 2026 年 8 月 5 日到期。截至 2025 年末，未吸纳资本折让为 RM20,639,629，未动用税务亏损为 RM51,443,771。
Source: annual report 2023, page 132; annual report 2024, page 167; annual report 2025, pages 123, 143, 144, 172, 174.出处：2023 年年报第 132 页；2024 年年报第 167 页；2025 年年报第 123、143、144、172、174 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 | 39,217,438 | 36,549,956 | 32,801,337 | 91,144,939 |
| Loss before tax税前亏损 | (17,100,468) | (10,407,282) | (6,715,569) | (10,514,854) |
| Total assets总资产 | 109,667,698 | 106,661,767 | 98,176,957 | 158,818,648 |
| Total equity总权益 | 67,316,069 | 57,396,045 | 43,734,721 | 41,845,566 |
| Total liabilities总负债 | 42,351,629 | 49,265,722 | 54,442,236 | 116,973,082 |
| Borrowings借款 | 17,198,913 | 16,721,285 | 18,402,147 | 30,302,008 |
| Non-current borrowings非流动借款 | 8,028,391 | 1,387,713 | 1,568,080 | 1,412,714 |
| Current borrowings流动借款 | 9,170,522 | 15,333,572 | 16,834,067 | 28,889,294 |
| Cash and bank balances现金与银行结余 | 212,289 | 200,004 | 481,282 | 8,240,076 |
| Cash and cash equivalents at 30 June6 月 30 日现金与现金等价物 | (1,295,578) | (5,030,991) | (4,623,265) | 7,239,340 |
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 |
|---|---|---|
| Property division focused on selling the stock of completed units of its Kampar Putra project (2023)房地产部门重点销售其 Kampar Putra 项目的竣工单位存货（2023 年） | The group sold completed units generating revenue of RM400,000 in 2024 and RM952,000 in 2025.集团售出竣工单位，在 2024 年产生 RM400,000 营业额，2025 年产生 RM952,000 营业额。 Source: annual report 2023, page 19; annual report 2024, page 107; annual report 2025, page 116.出处：2023 年年报第 19 页；2024 年年报第 107 页；2025 年年报第 116 页。 | Carried out已执行 |
| Group took precautionary steps to increase average selling prices amidst higher electricity costs (2023)集团在电费上涨的背景下采取提高平均售价的防范措施（2023 年） | In 2024, the group confirmed it took steps to increase average selling prices, and in 2025 installed solar panels at factories.2024 年集团确认采取了提高平均售价的措施，并在 2025 年于工厂安装了太阳能电池板。 Source: annual report 2023, page 20; annual report 2024, page 24; annual report 2025, page 49.出处：2023 年年报第 20 页；2024 年年报第 24 页；2025 年年报第 49 页。 | Carried out已执行 |
| Disposal of townhouse in Kampar pending state consent from the Inland Revenue Board of Malaysia as at 30 June 2023截至 2023 年 6 月 30 日，脱售金宝联排住宅尚待马来西亚内陆税收局的州同意书 | State consent was received on 3 July 2023; the 2024 cash flow shows RM7,700,000 from disposal of an asset held for sale, without naming it.2023 年 7 月 3 日收到州同意书；2024 年现金流量表列有脱售一项持作销售资产所得 RM7,700,000，但未说明是哪项资产。 Source: annual report 2023, page 103; annual report 2024, pages 77, 134.出处：2023 年年报第 103 页；2024 年年报第 77、134 页。 | State consent received已获州同意书 |
| Plans to manage energy by installing a solar photovoltaic system and using renewable energy (2024)计划通过安装太阳能光伏系统和使用可再生能源来进行能源管理（2024 年） | In 2025, the group reported that solar panels were installed at its factories to reduce dependence on purchased electricity.2025 年，集团报告已在工厂安装太阳能电池板，以减少对采购电力的依赖。 Source: annual report 2024, page 41; annual report 2025, page 49.出处：2024 年年报第 41 页；2025 年年报第 49 页。 | Carried out已执行 |
| Target to gain market acknowledgement of 70% and increase market presence by 5% (2024)目标获得 70% 的市场认可，并将市场份额提高 5%（2024 年） | The 2025 report does not mention market acknowledgement or the 5% market presence target, instead stating a customer satisfaction survey target.2025 年报未提及市场认可或 5% 的市场份额目标，而是提出了客户满意度调查目标。 Source: annual report 2024, page 41; annual report 2025, page 47.出处：2024 年年报第 41 页；2025 年年报第 47 页。 | Not mentioned again未再提及 |
What the reports leave open年报留下待看的事
- The 2024 report notes going concern risk at certain subsidiaries and a low group cash reserve, and the 2025 report records a material uncertainty over going concern; management counts on cash from construction projects expected to complete in financial year 2026.2024 年报指部分子公司存在持续经营风险且集团现金储备偏低，2025 年报则记载了持续经营的重大不确定性；管理层寄望于预期在 2026 财政年度完工的建筑项目所产生的现金。
Source: annual report 2024, page 81; annual report 2025, pages 76, 91.出处：2024 年年报第 81 页；2025 年年报第 76、91 页。
- Trade receivables overdue by more than 90 days rose from RM1,656,967 in 2024 to RM12,007,551 in 2025.逾期超过 90 天的贸易应收账款从 2024 年的 RM1,656,967 增至 2025 年的 RM12,007,551。
Source: annual report 2024, page 153; annual report 2025, page 159.出处：2024 年年报第 153 页；2025 年年报第 159 页。
- Amounts due from related parties stood at RM27,896,264 at end 2025 (compared to RMNIL in 2024), and amounts due to related parties were RM10,543,817.截至 2025 年末，应收关联方款项为 RM27,896,264（2024 年为 RMNIL），应付关联方款项为 RM10,543,817。
Source: annual report 2025, pages 140, 146.出处：2025 年年报第 140、146 页。
- Target to achieve 50% more cost saving through renewable energy and achieve 90% from the customer satisfaction survey.目标通过可再生能源实现节省 50% 更多成本，并在客户满意度调查中达到 90%。
Source: annual report 2025, page 47.出处：2025 年年报第 47 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。