DailySpaceG Capital Berhad
7676 · Main Market主板 · annual reports 2023 to 2025, 400 entries read2023 至 2025 年报，共读出 400 条
The company这家公司
G Capital Berhad operates in solarpower and energy efficiencies, water, small hydropower, and previously transportation. In 2025, solarpower and energy efficiencies generated RM16.3 million, representing 86.78% of group revenue, while the water segment contributed RM2.5 million. Transportation revenue was RM17.4 million in 2023 and RM4.5 million in 2024 before ending in 2024. Small hydropower plants are at the development and construction phase and have not generated revenue.G Capital Berhad 经营太阳能与能效、水务、小型水力发电以及先前的运输业务。2025 年，太阳能与能效部门带来 RM16.3 million 营业额，占集团总营业额的 86.78%，水务部门贡献 RM2.5 million。运输业务营业额在 2023 年为 RM17.4 million，2024 年为 RM4.5 million，随后于 2024 年终止。小型水力发电厂处于开发与建设阶段，尚未产生营业额。
Source: annual report 2023, page 17; annual report 2024, page 19; annual report 2025, pages 14, 15, 17.出处：2023 年年报第 17 页；2024 年年报第 19 页；2025 年年报第 14、15、17 页。
Under a Water Rights Agreement in Perak, subsidiary Perak Hydro Renewable Energy Corporation Sdn Bhd has rights to build, operate and own small hydropower plants at 31 pre-identified sites with an estimated capacity of 286.1 MW. In the 2024 report, the 2.0 MW Sg. Geruntum project is presented as in development with RM55.43 million revenue potential, but on 9 September 2024 the Ipoh High Court ruled in favour of the plaintiffs and ordered the defendants to compensate them. In 2025, the report highlights show 8 projects in progress in both years, but during 2025 the group handed over Feed-in Approval certificates for four sites to SEDA and wrote off the related capital work-in-progress. The 2025 management review states that three Feed-in Approval certificates were handed over to prepare for re-bidding, while the notes state that certificates for four sites were handed over after project milestone delays.根据霹雳州的一项水权协议，子公司 Perak Hydro Renewable Energy Corporation Sdn Bhd 拥有在 31 个预先确定的地点建造、营运及拥有小型水力发电厂的权利，估计总装机容量为 286.1 MW。在 2024 年报中，2.0 MW 的 Sg. Geruntum 项目被列为处于开发中，潜在营业额为 RM55.43 million，但怡保高等法院于 2024 年 9 月 9 日判决原告胜诉，并责令被告向原告作出赔偿。2025 年报的业务亮点显示两年均有 8 个项目在进行中，但集团在 2025 年向 SEDA 交回了四个地点的电力收购批准证书，并注销了相关的在建工程。2025 年管理层讨论称交回了三份电力收购批准证书以准备重新竞标，而财务报表附注说明是在项目里程碑延误后交回了四个地点的证书。
Source: annual report 2024, pages 15, 16, 124; annual report 2025, pages 9, 14, 122.出处：2024 年年报第 15、16、124 页；2025 年年报第 9、14、122 页。
At 31 December 2025, Percetakan Sanwa Industries Sdn Bhd holds 21,000,000 shares (6.40%) and Ban-Seng Packaging Sdn Bhd holds 20,965,400 shares (6.39%). Lee Poh Hin holds 6,500,000 shares (1.98%) and Lee Yee Leong holds 5,819,000 shares (1.77%); each is deemed interested in 41,965,400 shares (12.80%) held by Percetakan Sanwa Industries Sdn Bhd and Ban-Seng Packaging Sdn Bhd. Datuk Yap Yee Ping holds 12,151,600 shares (3.71%). Alliancegroup Nominess (Tempatan) Sdn Bhd Pledged Securities Account for Yap Yee Ping holds 9,861,200 shares (3.01%) and RHB Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Yap Yee Ping holds 2,180,400 shares (0.67%).截至 2025 年 12 月 31 日，Percetakan Sanwa Industries Sdn Bhd 持有 21,000,000 股（6.40%），Ban-Seng Packaging Sdn Bhd 持有 20,965,400 股（6.39%）。Lee Poh Hin 持有 6,500,000 股（1.98%），Lee Yee Leong 持有 5,819,000 股（1.77%）；两人均因 Percetakan Sanwa Industries Sdn Bhd 与 Ban-Seng Packaging Sdn Bhd 的持股而被视为拥有 41,965,400 股（12.80%）的权益。Datuk Yap Yee Ping 持有 12,151,600 股（3.71%）。Alliancegroup Nominess (Tempatan) Sdn Bhd Pledged Securities Account for Yap Yee Ping 持有 9,861,200 股（3.01%），RHB Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Yap Yee Ping 持有 2,180,400 股（0.67%）。
Source: annual report 2025, pages 174, 175.出处：2025 年年报第 174、175 页。
Datuk Wira Dr Lee Chong Wei resigned as a director on 5 January 2023. Independent non-executive director Dato' Rosli bin Sharif demised on 25 February 2025. Ooi Yu Way resigned on 8 July 2025, and Ong Kit Wee and Wong Foo Sim were appointed on 22 August 2025. Wen Li was appointed as Head of Finance in January 2026.Datuk Wira Dr Lee Chong Wei 于 2023 年 1 月 5 日辞去董事职务。独立非执行董事 Dato' Rosli bin Sharif 于 2025 年 2 月 25 日逝世。Ooi Yu Way 于 2025 年 7 月 8 日辞职，Ong Kit Wee 与 Wong Foo Sim 于 2025 年 8 月 22 日获委任。Wen Li 于 2026 年 1 月获委任为财务主管。
Source: annual report 2023, page 89; annual report 2024, page 5; annual report 2025, pages 56, 70.出处：2023 年年报第 89 页；2024 年年报第 5 页；2025 年年报第 56、70 页。
Revenue by segment, 20232023 年各分部营业额
Source: annual report 2023, page 17.出处：2023 年年报第 17 页。
Major events大事记
Source: annual report 2023, page 24.出处：2023 年年报第 24 页。
Source: annual report 2024, page 172.出处：2024 年年报第 172 页。
Source: annual report 2024, pages 98, 124.出处：2024 年年报第 98、124 页。
Source: annual report 2025, page 70.出处：2025 年年报第 70 页。
Source: annual report 2025, page 120.出处：2025 年年报第 120 页。
Source: annual report 2025, page 129.出处：2025 年年报第 129 页。
Revenue, loss and operating cash营业额、亏损与营运现金
Assets, equity and borrowings资产、权益与借款
20232023 年
Net cash used in operating activities was RM4,928,374, while net cash used in investing activities was RM13,796,657, including purchase of property, plant and equipment of RM9,169,910 and RM6,363,624 for short-term other investments. Net cash generated from financing activities was RM5,003,157, with proceeds from borrowings of RM3,802,063 and proceeds from issuance of shares of RM1,496,220. Cash and cash equivalents fell from RM15,955,002 to RM2,233,543. The review states that the group maintained liquidity levels to protect financial resilience, but the notes show RM28,049,156 of the term loans was reclassified as a current liability after a subsidiary breached a debt service coverage ratio covenant of not less than 1 to 1.3 times, causing current liabilities to exceed current assets by RM9,454,980. The highlights state a net debt-to-equity ratio of 17.44%, while note 33 gives a debt-to-equity ratio of 0.46, which does not net RM28.9 million of quoted shares against borrowings.营运活动所用现金净额为 RM4,928,374，投资活动所用现金净额为 RM13,796,657，包括购买物业、厂房及设备 RM9,169,910 以及短期其他投资支出 RM6,363,624。融资活动所得现金净额为 RM5,003,157，其中借款所得 RM3,802,063，发行股份所得 RM1,496,220。现金与现金等价物由 RM15,955,002 降至 RM2,233,543。管理层报告称集团保持流动性水平以维护财务韧性，但附注显示，因一家子公司未能达到不低于 1 至 1.3 倍的偿债备付率契约，RM28,049,156 的定期贷款被重新分类为流动负债，导致流动负债超出流动资产 RM9,454,980。财务亮点称净负债与权益比率为 17.44%，而附注 33 给出的负债与权益比率为 0.46，并未将 RM28.9 million 的上市公司股票从借款中扣除。
Source: annual report 2023, pages 7, 101, 108, 109, 111, 143, 144, 167.出处：2023 年年报第 7、101、108、109、111、143、144、167 页。
20242024 年
Net cash generated from operating activities was RM5,092,014. Net cash used in investing activities was RM840,483, including purchase of property, plant and equipment of RM1,129,499. Net cash used in financing activities was RM2,886,419, with repayments of borrowings of RM3,234,393, repayments to a corporate shareholder of RM2,269,668, and advances from directors of RM1,802,322. Cash and cash equivalents ended at RM3,599,098. The review states that liquidity was maintained and total liabilities were well managed at 47.34% of total assets, but a subsidiary breached its debt service coverage ratio covenant for a second year, causing scheduled repayments of RM25,825,273 taking place beyond one year to be reclassified as a current liability and current liabilities to exceed current assets by RM18,338,507. The highlights report a net debt-to-equity ratio of 29.00%, while the capital management note gives a debt-to-equity ratio of 0.49.营运活动所得现金净额为 RM5,092,014。投资活动所用现金净额为 RM840,483，包括购买物业、厂房及设备 RM1,129,499。融资活动所用现金净额为 RM2,886,419，其中偿还借款 RM3,234,393，偿还企业股东 RM2,269,668，董事垫款 RM1,802,322。现金与现金等价物期末为 RM3,599,098。管理层报告称保持了流动性，且总负债管理良好、占总资产的 47.34%，但一家子公司连续第二年违反偿债备付率契约，导致一年后到期的已排期还款 RM25,825,273 被重新分类为流动负债，流动负债超出流动资产 RM18,338,507。财务亮点报告净负债与权益比率为 29.00%，而资本管理附注显示的负债与权益比率为 0.49。
Source: annual report 2024, pages 7, 22, 113, 115, 147, 171.出处：2024 年年报第 7、22、113、115、147、171 页。
20252025 年
Net cash generated from operating activities was RM2,574,747. Net cash used in investing activities was RM250,804, including RM150,702 for property, plant and equipment. Net cash used in financing activities was RM3,928,293, including repayments of borrowings of RM3,894,740. Cash and cash equivalents ended at RM1,943,368. The review states that liquidity was maintained, and presents covenant breach as a risk, but the notes state that a subsidiary was unable to meet the debt service coverage ratio, reclassifying RM23,539,280 of term loans as a current liability and leaving current liabilities exceeding current assets by RM19,914,285. The highlights state a net debt-to-equity ratio of 38.82%, while the capital management note prints a debt-to-equity ratio of 0.59. The highlights report an adjusted EBITDA margin of 28.50% based on adjusted EBITDA of RM5,340,814 on revenue of RM18,739,930; this included RM5,008,705 from the transportation segment following a one-time recovery of trade receivables of RM4.89 million, without which adjusted EBITDA was about RM0.45 million or 2.4%. The directors' report states that results were not substantially affected by any item of a material and unusual nature, while the statement of profit or loss shows a reversal of impairment on receivables of RM4,881,777. The Shariah disclosure reports total assets of RM150,017,201, compared to RM135,138,040 in the audited statement of financial position.营运活动所得现金净额为 RM2,574,747。投资活动所用现金净额为 RM250,804，包括购买物业、厂房及设备 RM150,702。融资活动所用现金净额为 RM3,928,293，包括偿还借款 RM3,894,740。现金与现金等价物期末为 RM1,943,368。管理层报告称保持了流动性，并将债务契约违约表述为一项风险，但附注显示一家子公司未能达到偿债备付率，导致 RM23,539,280 的定期贷款被重新分类为流动负债，流动负债超出流动资产 RM19,914,285。财务亮点称净负债与权益比率为 38.82%，而资本管理附注显示的负债与权益比率为 0.59。亮点报告调整后 EBITDA 利润率为 28.50%，基于营业额 RM18,739,930 对应的调整后 EBITDA RM5,340,814；其中包括运输业务因一次性收回 RM4.89 million 贸易应收款项而计入的 RM5,008,705 调整后 EBITDA，若剔除该项，调整后 EBITDA 约为 RM0.45 million 或 2.4%。董事报告书称经营业绩未受到任何重大且非寻常性质事项的实质影响，而损益表列出应收款项减值拨回 RM4,881,777。符合伊斯兰教义披露显示总资产为 RM150,017,201，而经审计的财务状况表显示总资产为 RM135,138,040。
Source: annual report 2025, pages 7, 17, 24, 77, 91, 102, 104, 110, 142, 153, 159, 166.出处：2025 年年报第 7、17、24、77、91、102、104、110、142、153、159、166 页。
Across the three years三年合看
Borrowings stood at RM48,784,904 in 2023, RM45,550,511 in 2024 and RM41,655,771 in 2025. In each report, the board did not propose any dividend based on capital expenditure requirements. The company proposed a renounceable rights issue of up to RM112,883,159 nominal value of 8.0% redeemable convertible loan stocks in 2023, but resolved not to proceed with the rights issue in July 2024. In 2024, the company received advances from directors of RM1,800,000, which remained outstanding at RM1,800,000 at end 2025.借款在 2023 年为 RM48,784,904，2024 年为 RM45,550,511，2025 年为 RM41,655,771。鉴于资本支出需求，董事会在每份年报中均未建议派发任何股息。公司在 2023 年建议进行名义价值最高达 RM112,883,159 的 8.0% 可放弃可赎回可转换贷款票据附加股发行，但于 2024 年 7 月决定不再推进该附加股计划。2024 年，公司获得董事垫款 RM1,800,000，截至 2025 年底该垫款仍有 RM1,800,000 未偿还。
Source: annual report 2023, pages 28, 162, 168; annual report 2024, pages 30, 148, 166, 172; annual report 2025, pages 26, 143, 161.出处：2023 年年报第 28、162、168 页；2024 年年报第 30、148、166、172 页；2025 年年报第 26、143、161 页。
Still to be spent尚未支出的承诺
Capital commitments for small-hydropower projects were RM13,580,240 in 2023, 2024 and 2025 for the 2.00 MW Sg. Geruntum project. For solarpower projects, capital commitments were RM811,740 at end 2023. At end 2025, investments described in the notes were valued at RM13,456,538.2023、2024 及 2025 年小型水力发电项目的资本承诺均为 RM13,580,240，用于 2.00 MW 的 Sg. Geruntum 项目。截至 2023 年底，太阳能项目的资本承诺为 RM811,740。截至 2025 年底，附注所述的投资价值为 RM13,456,538。
Source: annual report 2023, pages 24, 168; annual report 2024, pages 26, 172; annual report 2025, pages 160, 167.出处：2023 年年报第 24、168 页；2024 年年报第 26、172 页；2025 年年报第 160、167 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 | 26,874,977 | 26,255,799 | 19,501,152 | 18,739,930 |
| Loss before tax税前亏损 | (20,793,072) | (13,230,656) | (16,269,796) | (3,203,173) |
| Loss for the financial year年度亏损 | (20,447,128) | (13,113,321) | (16,040,653) | (4,133,881) |
| Net cash (used in)/generated from operating activities营运活动（所用）/所得现金净额 | 8,688,484 | (4,928,374) | 5,092,014 | 2,574,747 |
| Net cash used in investing activities投资活动所用现金净额 | (23,160,031) | (13,796,657) | (840,483) | (250,804) |
| Net cash generated from/(used in) financing activities融资活动所得/（所用）现金净额 | 24,023,905 | 5,003,157 | (2,886,419) | (3,928,293) |
| Total assets总资产 | 180,613,665 | 176,564,937 | 164,014,624 | 135,138,040 |
| Total equity总权益 | 110,709,455 | 101,089,398 | 86,375,837 | 67,633,791 |
| Borrowings借款 | 44,982,841 | 48,784,904 | 45,550,511 | 41,655,771 |
| Cash and cash equivalents现金与现金等价物 | 15,955,002 | 2,233,543 | 3,599,098 | 1,943,368 |
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 |
|---|---|---|
| Proposed renounceable rights issue of up to RM112,883,159 nominal value of 8.0% redeemable convertible loan stocks to part finance small hydropower projects建议进行名义价值最高达 RM112,883,159 的 8.0% 可放弃可赎回可转换贷款票据附加股发行，以部分资助小型水力发电项目 | On 2 July 2024, after due consideration of downward market prices, the group resolved not to proceed with the rights issue.经考量市价下跌走势后，集团于 2024 年 7 月 2 日决定不再推进该附加股计划。 Source: annual report 2023, page 168; annual report 2024, page 172.出处：2023 年年报第 168 页；2024 年年报第 172 页。 | Not proceeded with未再推进 |
| Looking forward to commissioning the balance of 2.00MWdc of solar capacity over the coming months期望在接下来的数月内为余下的 2.00MWdc 太阳能装机容量进行调试 | Commissioned 2.00 MWp for Chin Herr Industries on 2 July 2024, with 25.01 MWp operating under PPA.于 2024 年 7 月 2 日为 Chin Herr Industries 调试了 2.00 MWp，在购电协议下营运的太阳能容量达 25.01 MWp。 Source: annual report 2023, page 25; annual report 2024, pages 18, 35.出处：2023 年年报第 25 页；2024 年年报第 18、35 页。 | Commissioned已调试 |
| Waiting for the result of the open tender for the transportation contract for the term 2024-2027等待 2024 至 2027 年期运输合约公开招标的结果 | The MINDEF transportation contract ended on 31 March 2024, and transportation revenue was nil in 2025.国防部运输合约于 2024 年 3 月 31 日到期，2025 年运输业务营业额为零。 Source: annual report 2023, page 25; annual report 2024, page 14; annual report 2025, pages 14, 17.出处：2023 年年报第 25 页；2024 年年报第 14 页；2025 年年报第 14、17 页。 | Ended without renewal到期未续约 |
| Pursuing legal recourse to recover RM4,979,003.10 from the Ministry of Defence通过法律途径向国防部追讨 RM4,979,003.10 | Recorded a one-time recovery of trade receivables of RM4.89 million in 2025.于 2025 年录得一笔 RM4.89 million 的一次性贸易应收款项收回。 Source: annual report 2023, page 21; annual report 2024, page 23; annual report 2025, page 17.出处：2023 年年报第 21 页；2024 年年报第 23 页；2025 年年报第 17 页。 | Mostly recovered大部分收回 |
| Increase participation of women in leadership roles at directorship and management level to 30% by 2025目标是在 2025 年前将女性在董事会和管理层领导层中的参与比例提高至 30% | In the 2025 report, the board states it is at its best endeavour to get at least 30% women directors within three years.2025 年报中，董事会表示正尽最大努力在三年内达到至少 30% 的女性董事比例。 Source: annual report 2023, page 33; annual report 2025, page 67.出处：2023 年年报第 33 页；2025 年年报第 67 页。 | Extended by three years延长三年 |
| Reduce energy consumption by 10% from the 2022 baseline by 2025目标是在 2025 年前将能源消耗较 2022 年基准减少 10% | The 2025 sustainability report repeats the target to reduce energy consumption by 10% from the 2022 baseline by 2025, recording 36881 kWh.2025 年可持续发展报告重申在 2025 年前将能源消耗较 2022 年基准减少 10% 的目标，记录耗电量为 36881 kWh。 Source: annual report 2023, page 33; annual report 2025, page 46.出处：2023 年年报第 33 页；2025 年年报第 46 页。 | Target repeated重申目标 |
What the reports leave open年报留下待看的事
- A subsidiary was unable to meet its debt service coverage ratio for a third consecutive year, causing scheduled repayments of RM23,539,280 taking place beyond one year to be reclassified as a current liability and current liabilities to exceed current assets by RM19,914,285; the group has applied for written indulgence after topping up RM100,000 to the DSRA.一家子公司连续第三年未能达到偿债备付率，导致一年后到期的已排期还款 RM23,539,280 被重新分类为流动负债，流动负债超出流动资产 RM19,914,285；集团在向 DSRA 补足 RM100,000 后已申请书面宽限。
Source: annual report 2025, pages 98, 142.出处：2025 年年报第 98、142 页。
- The Court of Appeal has scheduled the appeal hearing for the PHREC and Conso Hydro R E case for 30 November 2026, while the claim by York (Malaysia) Sales & Service against G Solar Energy has been fixed for trial in September 2026.上诉法院已将 PHREC 与 Conso Hydro R E 案件的上诉聆讯定于 2026 年 11 月 30 日，而 York (Malaysia) Sales & Service 对 G Solar Energy 的索赔案已定于 2026 年 9 月开庭审理。
Source: annual report 2025, pages 120, 121.出处：2025 年年报第 120、121 页。
- In March 2026, PETRA issued a tender notice for the pre-qualification of the National Non-Revenue Water Program Approach 1 Phase 2 (Reka & Bina) for various states in Malaysia.2026 年 3 月，PETRA 就马来西亚各州国家无收益水计划第 1 方案第 2 阶段（设计与建造）的资格预审发出了招标公告。
Source: annual report 2025, page 26.出处：2025 年年报第 26 页。
- With the transportation contract ended in 2024 and transportation revenue at nil in 2025, the group noted it will seek approval from Bursa Securities for a reclassification of its sector under Practice Note 7 if transportation ceases to be its core business.鉴于运输合约已于 2024 年到期且 2025 年运输营业额为零，集团表示若运输业务不再属于核心业务，将根据第 7 号实践准则向大马交易所申请行业板块重分类。
Source: annual report 2025, pages 14, 17.出处：2025 年年报第 14、17 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。