DailySpaceTimberwell Berhad
7854 · Main Market主板（Main Market） · annual reports 2023 to 2025, 398 entries read2023 至 2025 年报，共读出 398 条
The company这家公司
Timberwell Berhad is the licence holder of the Sustainable Forest Management Licence Agreement 06/97 (SFMLA) granted by the State Government of Sabah in the Lingkabau Forest Reserve, Forest District of Kota Marudu, Sabah. Under the agreement, the company has permission to plant, rehabilitate, and harvest timber over a 100-year period commencing 10 September 1997. Following supplemental agreements, the remaining licensed area stands at 45,638.42 hectares; the 2025 report also lists 30,123.55 hectares of Industrial Tree Plantation and 15,260.28 hectares of Natural Forest Management, which do not add up to that total.Timberwell Berhad 持有沙巴州政府就哥打马鲁都县（Kota Marudu）Lingkabau 森林保护区授予的 06/97 号可持续森林管理许可协议（SFMLA）。根据该协议，公司获准自 1997 年 9 月 10 日起开展为期 100 年的树木种植、恢复与采伐。在签订补充协议后，剩余许可面积为 45,638.42 公顷；2025 年报另列工业人工林 30,123.55 公顷及天然林管理 15,260.28 公顷，两者相加并不等于该总面积。
Source: annual report 2023, page 8; annual report 2025, pages 8, 18.出处：2023 年年报第 8 页；2025 年年报第 8、18 页。
The company trades timber logs to local millers and export markets including India, China, Korea, and the Philippines, and also sells rubber. In 2025, 19% of revenue came from export markets (2024: 39%), with timber sales overseas transacted primarily in USD while operational costs are in MYR. Rubber sales contributed RM0.3 million in 2025. Trade receivables show customer concentration: in 2023, 1 customer represented 94% of receivables; in 2024, 2 customers represented 82%; and in 2025, two customers represented 99%.公司向本地木材加工厂及印度、中国、韩国与菲律宾等出口市场销售原木，并销售橡胶。2025 年出口市场占营业额的 19%（2024 年：39%），海外原木销售主要以美元计价，而营运成本则以令吉计价。2025 年橡胶销售贡献了 RM0.3 million。贸易应收款项呈现客户集中度：2023 年 1 家客户占应收款项的 94%；2024 年 2 家客户占 82%；2025 年两家客户占 99%。
Source: annual report 2023, pages 44, 146; annual report 2024, pages 45, 157; annual report 2025, pages 21, 47, 157.出处：2023 年年报第 44、146 页；2024 年年报第 45、157 页；2025 年年报第 21、47、157 页。
Timberwell Plywood Sdn. Bhd. ceased plywood operations in 2010 and generates annual rental income of RM350,000 from leasing assets such as office premises, staff quarters, warehouses, and machinery. Timberwell Plantations Sdn. Bhd. was struck off the register on 8 November 2023, and Timberwell Properties Sdn. Bhd. was struck off on 28 January 2026.Timberwell Plywood Sdn. Bhd. 于 2010 年停止夹板业务，通过出租办公场所、员工宿舍、货仓及机械等资产每年产生 RM350,000 租金收入。Timberwell Plantations Sdn. Bhd. 于 2023 年 11 月 8 日从注册簿中除名，Timberwell Properties Sdn. Bhd. 于 2026 年 1 月 28 日除名。
Source: annual report 2023, page 12; annual report 2024, page 56; annual report 2025, pages 12, 62.出处：2023 年年报第 12 页；2024 年年报第 56 页；2025 年年报第 12、62 页。
At end 2023, Dato Sri Tiong King Sing held 21,210,322 shares (23.82%), Tan Toeng Swie @ Lam Toeng Sui held 12,135,479 shares (13.63%), Agnes Soei-Tin Lamey held 6,037,740 shares (6.78%), and Datuk Yap Pak Leong held 4,986,300 shares (5.60%). By 2025, Wong Wai Foo was the major shareholder, holding 36,020,259 shares (40.449%) and deemed interested in 27,470,251 shares (30.848%) through Quattrini Holdings Sdn. Bhd. Pledged accounts for Wong Wai Foo held 2,070,500 shares (2.33%) and 1,412,100 shares (1.59%), and RHB Nominees (Tempatan) Sdn. Bhd. held 32,000,000 shares (35.93%) and 27,470,251 shares (30.85%) in accounts the cited rows do not name.2023 年底，Dato Sri Tiong King Sing 持有 21,210,322 股（23.82%），Tan Toeng Swie @ Lam Toeng Sui 持有 12,135,479 股（13.63%），Agnes Soei-Tin Lamey 持有 6,037,740 股（6.78%），Datuk Yap Pak Leong 持有 4,986,300 股（5.60%）。到 2025 年，Wong Wai Foo 成为主要股东，持有 36,020,259 股（40.449%），并通过 Quattrini Holdings Sdn. Bhd. 视同持有 27,470,251 股（30.848%）。Wong Wai Foo 的质押证券账户持有 2,070,500 股（2.33%）和 1,412,100 股（1.59%）；RHB Nominees (Tempatan) Sdn. Bhd. 另持有 32,000,000 股（35.93%）及 27,470,251 股（30.85%），所引条目未列明账户持有人。
Source: annual report 2023, page 164; annual report 2025, pages 16, 177, 178.出处：2023 年年报第 164 页；2025 年年报第 16、177、178 页。
A director, Mr Wong, is the spouse of substantial shareholder Lee Ngee Moi and holds 50% shares in Harmony Chime Sdn. Bhd. Datuk Yap Pak Leong served on the board for 12 years and was redesignated on 24 May 2023; his daughter Yap Fook Fung was appointed Non-Independent Non-Executive Director following his resignation in May 2024. Wong Wai Foo was appointed Executive Director on 1 April 2026. Dato Sri Tiong King Sing resigned on 3 January 2023.一名董事 Mr Wong 是主要股东 Lee Ngee Moi 的配偶，并持有 Harmony Chime Sdn. Bhd. 50% 股份。Datuk Yap Pak Leong 在董事会任职 12 年，于 2023 年 5 月 24 日调任；其女儿 Yap Fook Fung 在他于 2024 年 5 月辞职后获委任为非独立非执行董事。Wong Wai Foo 于 2026 年 4 月 1 日获委任为执行董事。Dato Sri Tiong King Sing 于 2023 年 1 月 3 日辞职。
Source: annual report 2023, pages 13, 66, 97; annual report 2024, pages 13, 15, 16, 76; annual report 2025, pages 11, 111.出处：2023 年年报第 13、66、97 页；2024 年年报第 13、15、16、76 页；2025 年年报第 11、111 页。
The analysis of shareholdings in the 2023 report lists issued share capital of 89,050,677 ordinary shares, whereas Note 14 to the financial statements prints 89,050,667 ordinary shares at the beginning and end of the year, a difference of 10 shares with no shares issued in the year.2023 年报的股权结构分析列出已发行股本为 89,050,677 股普通股，而财务报表附注 14 所印期初与期末普通股均为 89,050,667 股，在年内未发行新股的情况下相差 10 股。
Source: annual report 2023, pages 132, 164.出处：2023 年年报第 132、164 页。
Workforce by nationality, 20242024 年按国籍划分的员工结构
Source: annual report 2024, page 46.出处：2024 年年报第 46 页。
Major events大事记
Source: annual report 2023, pages 13, 66, 97.出处：2023 年年报第 13、66、97 页。
Source: annual report 2023, pages 12, 127.出处：2023 年年报第 12、127 页。
Source: annual report 2024, page 22; annual report 2025, page 8.出处：2024 年年报第 22 页；2025 年年报第 8 页。
Source: annual report 2024, page 76.出处：2024 年年报第 76 页。
Source: annual report 2025, pages 12, 139.出处：2025 年年报第 12、139 页。
Source: annual report 2025, pages 11, 12.出处：2025 年年报第 11、12 页。
Assets, equity and liabilities资产、权益与负债
20232023 年
Net cash from operating activities was negative RM0.3 million compared to RM0.6 million in 2022. Additions to biological assets were RM1.3 million (2022: RM0.9 million) and purchase of property, plant and equipment was RM0.1 million (2022: RM0.3 million). No dividend was recommended for 2023, after RM1.8 million was paid in 2022. The MD&A states a loss after tax of RM2.4 million after taking into account a revaluation deficit from biological assets of RM2.4 million and a revaluation surplus from investment properties and property, plant and equipment; Note 22 shows a fair value loss on investment properties of RM0.3 million in profit or loss while the surplus on property, plant and equipment went to other comprehensive income. The MD&A also states that net assets per share will increase by 0.09 sen to 72.12 sen upon incorporating the revaluation surplus; 72.12 sen divides total equity of RM64.2 million including non-controlling interests of RM2.7 million, whereas owners' equity of RM61.5 million gives 69.09 sen.营运活动所得现金净额为负 RM0.3 million，而 2022 年为 RM0.6 million。生物资产增加 RM1.3 million（2022 年：RM0.9 million），购置物业、厂房及设备为 RM0.1 million（2022 年：RM0.3 million）。2022 年派付 RM1.8 million 后，2023 年未建议派发股息。管理层讨论与分析称税后亏损为 RM2.4 million，计入了生物资产重估亏损 RM2.4 million 以及投资产业与物业、厂房及设备的重估盈余；附注 22 显示计入损益的投资产业公允价值亏损为 RM0.3 million，而物业、厂房及设备盈余计入其他全面收益。管理层讨论与分析亦称计入重估盈余后每股净资产将增加 0.09 仙至 72.12 仙；72.12 仙是将包含非控股权益 RM2.7 million 的集团总权益 RM64.2 million 计算得出，而母公司股东权益 RM61.5 million 得出的是 69.09 仙。
Source: annual report 2023, pages 18, 20, 95, 102, 108, 124, 142.出处：2023 年年报第 18、20、95、102、108、124、142 页。
20242024 年
Net cash used in investing activities was RM0.7 million, including additions to biological assets of RM0.8 million. Net cash used in financing activities was RM0.2 million. No dividend was recommended for 2024. The MD&A states that net assets per share will increase by 0.14 sen to 71.71 sen upon incorporating the revaluation surplus; 71.71 sen divides total equity of RM63.9 million including non-controlling interests of RM2.7 million, whereas owners' equity of RM61.1 million gives 68.66 sen. The sustainability statement reports economic value generated of RM24,618,474.00; revenue of RM23.2 million and other income of RM1.3 million sum to RM24.4 million, and the reported economic value adds an impairment reversal of RM0.2 million.投资活动所用现金净额为 RM0.7 million，包括生物资产增加 RM0.8 million。融资活动所用现金净额为 RM0.2 million。2024 年未建议派发股息。管理层讨论与分析称计入重估盈余后每股净资产将增加 0.14 仙至 71.71 仙；71.71 仙是将包含非控股权益 RM2.7 million 的总权益 RM63.9 million 计算得出，而股东权益 RM61.1 million 得出的是 68.66 仙。可持续发展声明列出经济价值创造为 RM24,618,474.00；营业额 RM23.2 million 与营业外收入 RM1.3 million 合计为 RM24.4 million，所列经济价值加入了 RM0.2 million 的减值拨回。
Source: annual report 2024, pages 19, 45, 104, 111, 112, 117, 118.出处：2024 年年报第 19、45、104、111、112、117、118 页。
20252025 年
Net cash used in investing activities was RM1.1 million, including additions to biological assets of RM1.0 million. Net cash used in financing activities was RM2.6 million. No dividend was recommended for 2025. Page 12 states that the company acquired an 8.15% equity interest in Timberwell Plywood Sdn. Bhd. on 25 August 2025 to offset debts of RM2,445,000 owed by Victarget Sdn. Bhd., while Note 8(a) states the company subscribed for an additional 8% equity interest representing 2,455,000 ordinary shares at RM1 per share and the cash flow statement shows RM2.4 million paid. The MD&A reports a loss after tax of RM0.8 million, whereas the statements print a loss for the financial year of RM0.5 million. The report states net assets per share of 68.41 sen; 68.41 sen divides total equity of RM60.9 million including non-controlling interests of RM2.3 million, whereas owners' equity of RM58.6 million gives 65.81 sen. The directors' report states that there were no known bad debts; Note 26 shows that all RM6.6 million of trade receivables were past due, with RM2.2 million more than 121 days past due, with 0% allowance. The directors' report also states that results were not substantially affected by any item of a material and unusual nature; the notes show bad debt recovered of RM2.4 million, which cut pre-tax loss from RM3.2 million to RM0.8 million.投资活动所用现金净额为 RM1.1 million，包括生物资产增加 RM1.0 million。融资活动所用现金净额为 RM2.6 million。2025 年未建议派发股息。第 12 页称公司于 2025 年 8 月 25 日收购 Timberwell Plywood Sdn. Bhd. 8.15% 股权以抵销 Victarget Sdn. Bhd. 所欠 RM2,445,000 债务，而附注 8(a) 称公司以每股 RM1 认购代表 2,455,000 股普通股的额外 8% 股权，现金流量表显示支付 RM2.4 million。管理层讨论与分析称税后亏损为 RM0.8 million，而财务报表所印财政年度亏损为 RM0.5 million。年报列出每股净资产为 68.41 仙；68.41 仙是将包含非控股权益 RM2.3 million 的总权益 RM60.9 million 计算得出，而股东权益 RM58.6 million 得出的是 65.81 仙。董事报告称没有已知坏账；附注 26 显示全部 RM6.6 million 贸易应收款项均已逾期，其中逾期超过 121 天的达 RM2.2 million，拨备率为 0%。董事报告还称营运业绩未受到任何重大且非寻常项目实质影响；附注显示收回坏账 RM2.4 million，使税前亏损由 RM3.2 million 减少至 RM0.8 million。
Source: annual report 2025, pages 12, 18, 20, 108, 109, 110, 115, 116, 120, 139, 142, 149, 158.出处：2025 年年报第 12、18、20、108、109、110、115、116、120、139、142、149、158 页。
Across the three years三年合看
Biological assets recorded fair value deficits in profit or loss each year: RM2.4 million in 2023, RM2.5 million in 2024, and RM3.4 million in 2025. Intangible assets were valued for impairment testing at RM76.7 million in 2023, RM71.4 million in 2024, and RM66.3 million in 2025, and were not incorporated into financial results. Bank guarantees securing a performance bond in favour of the Forestry Department were RM5.0 million in each year. Group gearing ratio was 5% in 2023, 7% in 2024, and 4% in 2025.生物资产每年在损益中录得公允价值亏损：2023 年 RM2.4 million、2024 年 RM2.5 million 及 2025 年 RM3.4 million。无形资产为减值测试而进行估值，2023 年为 RM76.7 million、2024 年为 RM71.4 million、2025 年为 RM66.3 million，未计入财务业绩。为 Forestry Department 开具履约保证书的银行担保在各年度均为 RM5.0 million。集团资产负债比率在 2023 年为 5%、2024 年为 7%、2025 年为 4%。
Source: annual report 2023, pages 18, 19, 124, 125, 153, 154; annual report 2024, pages 18, 134, 165; annual report 2025, pages 18, 19, 116, 137, 164, 165.出处：2023 年年报第 18、19、124、125、153、154 页；2024 年年报第 18、134、165 页；2025 年年报第 18、19、116、137、164、165 页。
Still to be spent尚未支出的承诺
Capital commitments for the industrial tree-planting project were RM1.1 million at end 2023, RM1.1 million at end 2024, and RM0.9 million at end 2025. General mandates to issue shares were not utilised in 2023, 2024, or 2025, and no proceeds were raised.工业植树项目的资本承诺在 2023 年底为 RM1.1 million、2024 年底为 RM1.1 million，2025 年底为 RM0.9 million。一般发行股票授权在 2023、2024 及 2025 年均未动用，亦未募集任何款项。
Source: annual report 2023, pages 7, 153; annual report 2024, pages 7, 164; annual report 2025, pages 7, 164.出处：2023 年年报第 7、153 页；2024 年年报第 7、164 页；2025 年年报第 7、164 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 | 26,964 | 18,895 | 23,168 | 14,337 |
| Loss before tax税前亏损 | 11,224 | (2,912) | (404) | – |
| Loss for the financial year财政年度亏损 | – | (2,368) | (358) | (504) |
| Total assets总资产 | 81,160 | 76,730 | 76,462 | 70,334 |
| Total equity总权益 | 66,246 | 64,222 | 63,864 | 60,915 |
| Total liabilities总负债 | 14,914 | 12,508 | 12,598 | 9,419 |
| Addition of biological assets生物资产增加 | (870) | (1,267) | (810) | (973) |
| Purchase of property, plant and equipment购置物业、厂房及设备 | (313) | (77) | (11) | (84) |
| Net cash from/(used in) operating activities营运活动所得/（所用）现金净额 | 623 | (275) | – | – |
| Net cash from/(used in) financing activities融资活动所得/（所用）现金净额 | (1,965) | (207) | (164) | (2,603) |
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 |
|---|---|---|
| Signing of the Supplementary Agreement to the SFMLA was expected to be carried out in the first quarter of 2024.预计于 2024 年第一季度签署 SFMLA 补充协议。 | The second supplementary agreement was signed on 9 February 2024, excising about 21 hectares from the licence area.第二份补充协议于 2024 年 2 月 9 日签署，从许可区中剔除约 21 公顷土地。 Source: annual report 2023, page 21; annual report 2024, page 22; annual report 2025, page 8.出处：2023 年年报第 21 页；2024 年年报第 22 页；2025 年年报第 8 页。 | Carried out已执行 |
| Ensure the renewal of tenancy agreement and increase the rental fees by 5%-10%.确保重续租赁协议，并将租金提高 5%-10%。 | The target was repeated in the 2024 report, which also notes that the Kota Marudu Office tenancy was terminated on 31 December 2023.2024 年报重复了该目标，并另提及哥打马鲁都办事处租约已于 2023 年 12 月 31 日终止。 Source: annual report 2023, page 78; annual report 2024, pages 58, 87.出处：2023 年年报第 78 页；2024 年年报第 58、87 页。 | Target repeated重申目标 |
| Increase participation of women in leadership roles at the management level to 30% by 2027.到 2027 年将管理层领导岗位中的女性比例提高到 30%。 | The 2024 and 2025 reports deferred the target year to 2030.2024 与 2025 年报将目标年份推迟至 2030 年。 Source: annual report 2023, page 43; annual report 2024, page 44; annual report 2025, page 46.出处：2023 年年报第 43 页；2024 年年报第 44 页；2025 年年报第 46 页。 | Deferred to 2030推迟至 2030 年 |
| Reduce absolute GHG emissions for Scope 1 and 2 by 20% by 2030 from the 2023 baseline, with another section targeting 30%.以 2023 年为基准，到 2030 年将范围 1 和范围 2 的温室气体绝对排放量减少 20%，另一处则设定为 30%。 | In the 2025 report, the target was stated as a 30% reduction by 2030 from the 2023 baseline.在 2025 年报中，目标确定为以 2023 年为基准到 2030 年减少 30%。 Source: annual report 2024, pages 44, 55; annual report 2025, page 46.出处：2024 年年报第 44、55 页；2025 年年报第 46 页。 | Target revised to 30%目标调整为 30% |
| Carbon project proposals were put on hold pending Sabah carbon legislation, while seeking to participate in carbon credit markets.在沙巴出台碳法规之前，所有碳项目提案均暂缓推进，同时寻求参与碳信用市场。 | The pause remained in place in 2024 and 2025 pending comprehensive carbon regulations in Sabah, with preparations continuing.在沙巴建立全面的碳法规框架前，该暂停措施在 2024 与 2025 年依然生效，相关准备工作仍在继续。 Source: annual report 2023, pages 34, 44; annual report 2024, page 34; annual report 2025, pages 36, 47.出处：2023 年年报第 34、44 页；2024 年年报第 34 页；2025 年年报第 36、47 页。 | Still on hold依然暂缓 |
What the reports leave open年报留下待看的事
- Trade receivables stood at RM6.6 million at end 2025, with all balances past due and RM2.2 million past due by more than 121 days, owed by two customers representing 99% of total trade receivables.2025 年底贸易应收款项为 RM6.6 million，全部款项均已逾期，且逾期超过 121 天的达 RM2.2 million，由占贸易应收款项总额 99% 的两家客户所欠。
Source: annual report 2025, pages 142, 157, 158.出处：2025 年年报第 142、157、158 页。
- Carbon credit projects remain temporarily paused by the Sabah Forestry Department pending the establishment of a carbon regulatory framework in Sabah.在沙巴建立碳法规框架之前，沙巴林业局对碳信用项目保持暂时停顿。
Source: annual report 2025, pages 36, 47.出处：2025 年年报第 36、47 页。
- On 24 March 2026, the company subscribed for an additional 14,750,000 ordinary shares in Timberwell Plywood Sdn. Bhd. at RM1.00 per share, increasing its equity interest to 78.09%.2026 年 3 月 24 日，公司以每股 RM1.00 认购 Timberwell Plywood Sdn. Bhd. 额外的 14,750,000 股普通股，将其持股比例提高至 78.09%。
Source: annual report 2025, page 12.出处：2025 年年报第 12 页。
- Log production in 2025 was 29,717 m3 from 81% of the targeted harvesting area, entirely from Industrial Tree Plantation compartments, with management citing weather conditions, new harvesting areas, and selective felling.2025 年原木产量为 29,717 立方米，采伐面积占目标面积的 81%，全部来自工业人工林区，管理层指出原因为天气状况、转入新采伐区及择伐方式。
Source: annual report 2025, pages 22, 36.出处：2025 年年报第 22、36 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。