DailySpaceHo Wah Genting Berhad
9601 · Main Market主板（Main Market） · annual reports 2023 to 2025, 1723 entries read2023 至 2025 年报，共读出 1723 条
The company这家公司
Ho Wah Genting Berhad manufactures and trades wires and cables, moulded power supply cord sets and cable assemblies for electrical and electronic devices and equipment, through its manufacturing subsidiary PT Ho Wah Genting in Indonesia.Ho Wah Genting Berhad 通过其位于印度尼西亚的制造子公司 PT Ho Wah Genting，制造及贸易电线电缆、模制电源线组以及用于电气和电子设备与仪器的电缆组件。
Source: annual report 2024, page 23; annual report 2025, page 94.出处：2024 年年报第 23 页；2025 年年报第 94 页。
The moulded power supply cord sets division accounts for nearly all group revenue, contributing 99.93% in 2023, 99.98% in 2024 and 99.54% in 2025. By destination, North America and the United States formed the largest market, accounting for 89.04% of revenue in 2023, 90.28% in 2024 and 91.33% in 2025.模制电源线组分部几乎占集团全部营业额，在 2023 年占 99.93%，2024 年占 99.98%，2025 年占 99.54%。按目的地划分，北美与美国为最大市场，在 2023 年占营业额 89.04%，2024 年占 90.28%，2025 年占 91.33%。
Source: annual report 2023, page 23; annual report 2024, page 23; annual report 2025, page 20.出处：2023 年年报第 23 页；2024 年年报第 23 页；2025 年年报第 20 页。
In 2025, four major customers accounted for RM213.162 million of revenue: Customer A brought RM92.791 million, Customer C RM52.383 million, Customer B RM40.717 million, and Customer D RM27.271 million. The group discontinued its travel services division on 27 February 2023 and disposed of HWGB EV Sdn Bhd on 29 March 2023 for RM2.2025 年，四大主要客户占营业额 RM213.162 million：客户 A 带来 RM92.791 million，客户 C 带来 RM52.383 million，客户 B 带来 RM40.717 million，客户 D 带来 RM27.271 million。集团于 2023 年 2 月 27 日终止了旅游服务分部，并于 2023 年 3 月 29 日以 RM2 脱售了 HWGB EV Sdn Bhd。
Source: annual report 2023, pages 23, 27, 95; annual report 2025, page 114.出处：2023 年年报第 23、27、95 页；2025 年年报第 114 页。
Dato' Lim Hui Boon is the Group President and father to Dato' Aaron Lim Ooi Hong and Lim Wee Kiat. At the analysis of shareholdings for the 2025 report, Chien, Chao-Chuan held 25,503,850 shares (10.34%), Ho Wah Genting Holding Sdn Bhd held 21,942,766 shares (8.89%), and Liao, Chia-Hsin held 20,554,700 shares (8.33%). Lim Wee Kiat's row shows 250,000 shares (0.10%) and 21,942,766 shares (8.89%), the number Ho Wah Genting Holding Sdn Bhd holds. Pledged accounts in the thirty largest holders include 1,544,000 shares (0.63%) for Tee Tiam Hock under Kenanga Nominees, 1,300,000 shares (0.53%) for Tay Soon Hwa under Public Nominees, and 1,200,000 shares (0.49%) for See Bee Yoong under Public Nominees.Dato' Lim Hui Boon 担任集团总裁，是 Dato' Aaron Lim Ooi Hong 和 Lim Wee Kiat 的父亲。在 2025 年年报的股权分布统计中，Chien, Chao-Chuan 持有 25,503,850 股（10.34%），Ho Wah Genting Holding Sdn Bhd 持有 21,942,766 股（8.89%），Liao, Chia-Hsin 持有 20,554,700 股（8.33%）。Lim Wee Kiat 一行列出 250,000 股（0.10%）及 21,942,766 股（8.89%），后者与 Ho Wah Genting Holding Sdn Bhd 的持股数相同。前三十大股东中的质押账户包括 Kenanga Nominees 名下 Tee Tiam Hock 的 1,544,000 股（0.63%）、Public Nominees 名下 Tay Soon Hwa 的 1,300,000 股（0.53%），以及 Public Nominees 名下 See Bee Yoong 的 1,200,000 股（0.49%）。
Source: annual report 2025, pages 8, 9, 126, 127.出处：2025 年年报第 8、9、126、127 页。
In 2024, Elaine Tan Ai Lin resigned as director on 28 May 2024 and Lim Ean Chin was appointed on the same date. In 2025, Dato' Aaron Lim Ooi Hong resigned from the board on 18 July 2025, and Kenny Yeoh Khi Khen resigned on 29 July 2025. Khalid Bin Ahmad Husni was appointed Non-Executive Chairman, Lim Wee Kiat was appointed Chief Executive Officer on 7 July 2025, and Chien, Chao-Chuan and Leong Kah Mun were appointed directors on 29 July 2025, while Khoo Boon Han was appointed on 18 July 2025.2024 年，Elaine Tan Ai Lin 于 2024 年 5 月 28 日辞去董事职务，Lim Ean Chin 于同日获委任。2025 年，Dato' Aaron Lim Ooi Hong 于 2025 年 7 月 18 日辞去董事职务，Kenny Yeoh Khi Khen 于 2025 年 7 月 29 日辞任。Khalid Bin Ahmad Husni 获委任为非执行主席，Lim Wee Kiat 于 2025 年 7 月 7 日获委任为首席执行员，Chien, Chao-Chuan 与 Leong Kah Mun 于 2025 年 7 月 29 日获委任为董事，Khoo Boon Han 则于 2025 年 7 月 18 日获委任。
Source: annual report 2024, page 33; annual report 2025, pages 9, 30, 129.出处：2024 年年报第 33 页；2025 年年报第 9、30、129 页。
Revenue by segment, 20252025 年各分部营业额占比
Source: annual report 2025, page 20.出处：2025 年年报第 20 页。
Major events大事记
Source: annual report 2023, pages 27, 102.出处：2023 年年报第 27、102 页。
Source: annual report 2023, pages 28, 72.出处：2023 年年报第 28、72 页。
Source: annual report 2023, pages 26, 27, 28.出处：2023 年年报第 26、27、28 页。
Source: annual report 2023, page 29; annual report 2024, page 27; annual report 2025, page 23.出处：2023 年年报第 29 页；2024 年年报第 27 页；2025 年年报第 23 页。
Source: annual report 2025, pages 24, 27.出处：2025 年年报第 24、27 页。
Source: annual report 2025, pages 9, 30.出处：2025 年年报第 9、30 页。
Source: annual report 2025, pages 24, 25.出处：2025 年年报第 24、25 页。
Revenue, borrowings and operating cash营业额、借款与营运现金
Assets, liabilities and equity资产、负债与权益
20232023 年
In 2023, the company completed a share consolidation of four shares into one, and 165,644,500 consolidated shares were issued. The company raised RM9.93 million through a private placement of 39,902,500 shares. Proceeds from trade finance were RM108,097,000 while repayments of trade finance totaled RM119,645,000. Cash spending on plant and equipment and right of use assets was RM2.82 million, and term loans of RM0.73 million were repaid. Total borrowings fell from RM19,180,000 to RM9,206,000, and no dividend was recommended.2023 年，公司完成了四股合一股的股份整合，发行了 165,644,500 股整合股份。公司通过私下配售 39,902,500 股募集了 RM9.93 million。贸易融资所得为 RM108,097,000，而偿还贸易融资总计 RM119,645,000。购买厂房设备与使用权资产的现金支出为 RM2.82 million，并偿还了 RM0.73 million 定期贷款。总借款从 RM19,180,000 降至 RM9,206,000，未建议派发股息。
Source: annual report 2023, pages 18, 25, 26, 27, 28, 72, 87.出处：2023 年年报第 18、25、26、27、28、72、87 页。
20242024 年
In 2024, the group drew RM150,510,000 in trade finance and repaid RM143,621,000, and received RM4,584,000 from promissory notes. Repayments of term loans were RM1,173,000 and lease repayments were RM322,000, while cash paid for plant and equipment and right of use assets was RM2,435,000. An allowance for expected credit losses of RM2.64 million was recognized on a major US customer filing Chapter 11 bankruptcy. Total borrowings increased to RM19,803,000, and no dividend was paid or recommended.2024 年，集团提取了 RM150,510,000 贸易融资并偿还了 RM143,621,000，并从期票获得 RM4,584,000。定期贷款偿还额为 RM1,173,000，租赁偿还额为 RM322,000，而购买厂房设备与使用权资产支付的现金为 RM2,435,000。因一家美国主要客户申请第 11 章破产保护，确认了 RM2.64 million 的预期信用损失拨备。总借款升至 RM19,803,000，未派发亦未建议派发股息。
Source: annual report 2024, pages 18, 25, 68, 83.出处：2024 年年报第 18、25、68、83 页。
20252025 年
In 2025, operating cash flow turned positive to RM8,458,000. Financing flows included RM6,598,000 proceeds from bridging loans, RM4,230,000 net proceeds from term loans, full repayment of promissory notes of RM4,584,000, and trade finance repayments of RM144,557,000 against proceeds of RM139,633,000. Interest paid rose to RM3,048,000, cash spending on plant and equipment and right of use assets was RM2,970,000, and RM158,000 was placed into pledged fixed deposits. Total borrowings ended at RM19,021,000, and no dividend was recommended.2025 年，营运现金流转正至 RM8,458,000。融资活动现金流包括来自过桥贷款的 RM6,598,000、定期贷款净所得 RM4,230,000、全额偿还期票 RM4,584,000，以及偿还贸易融资 RM144,557,000（相比所得 RM139,633,000）。支付的利息增至 RM3,048,000，购买厂房设备与使用权资产的现金支出为 RM2,970,000，并将 RM158,000 存入质押定期存款。总借款期末为 RM19,021,000，未建议派发股息。
Source: annual report 2025, pages 22, 23, 66, 81.出处：2025 年年报第 22、23、66、81 页。
Across the three years三年合看
Across the three years, operating cash flow moved from negative RM4,003,000 in 2023 and negative RM3,900,000 in 2024 to positive RM8,458,000 in 2025. No dividend was declared or paid in any of the three years. Pledged property, plant and equipment securing banking facilities was RM22,648,000 at end 2023, RM21,297,000 at end 2024, and RM23,940,000 at end 2025. In 2025, revaluation of group buildings contributed a surplus of RM6.03 million to equity.三年合看，营运现金流从 2023 年的负 RM4,003,000 和 2024 年的负 RM3,900,000 转为 2025 年的正 RM8,458,000。三年均未宣布或派发股息。用于担保银行信贷额度的抵押厂房设备在 2023 年底为 RM22,648,000，2024 年底为 RM21,297,000，2025 年底为 RM23,940,000。2025 年，集团建筑物重估为权益贡献了 RM6.03 million 的盈余。
Source: annual report 2023, pages 18, 98; annual report 2024, pages 18, 94; annual report 2025, pages 22, 23, 66, 77, 91.出处：2023 年年报第 18、98 页；2024 年年报第 18、94 页；2025 年年报第 22、23、66、77、91 页。
Still to be spent尚未支出的承诺
Subsequent to 2025, the company raised RM2,427,000 on 3 March 2026 from a private placement to allocate RM2,207,000 to partial repayment of bridging loans and RM220,000 to expenses, and issued 20,554,700 settlement shares, listed on 27 February 2026, towards RM3,299,000 owed to Advance Opportunities Fund and Advance Opportunities Fund I; the balance owed was settled on 30 March 2026.2025 年之后，公司于 2026 年 3 月 3 日通过私下配售筹集 RM2,427,000，其中 RM2,207,000 用于部分偿还过桥贷款，RM220,000 用于支出，并发行 20,554,700 股结算股份（于 2026 年 2 月 27 日上市），用以偿付欠 Advance Opportunities Fund 及 Advance Opportunities Fund I 的 RM3,299,000；余下欠款于 2026 年 3 月 30 日结清。
Source: annual report 2023, page 50; annual report 2025, pages 24, 25, 44.出处：2023 年年报第 50 页；2025 年年报第 24、25、44 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 | – | 254,976 | 328,234 | 271,185 |
| Profit/(Loss) before taxation税前盈利／（亏损） | 1,941 | 3,923 | (287) | (1,817) |
| Net cash from/(used in) operating activities营运活动所得／（所用）现金净额 | – | (4,003) | (3,900) | 8,458 |
| Net cash used in investing activities投资活动所用现金净额 | – | (2,708) | (2,313) | (2,180) |
| Net cash from/(used in) financing activities融资活动所得／（所用）现金净额 | – | (4,085) | 8,556 | (2,814) |
| Cash and bank balances现金与银行结余 | 21,624 | 11,668 | 13,552 | 15,724 |
| Total assets总资产 | 131,564 | 131,557 | 140,429 | 125,935 |
| Total liabilities总负债 | 57,354 | 43,349 | 56,198 | 47,499 |
| Total borrowings总借款 | 19,180 | 9,206 | 19,803 | 19,021 |
| Total equity总权益 | 74,210 | 88,208 | 84,231 | 78,436 |
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 |
|---|---|---|
| To acquire a 55% stake in Advanced Apotheke Sdn Bhd under conditional share sale agreement signed on 6 March 2024根据 2024 年 3 月 6 日签署的有条件股份买卖协议收购 Advanced Apotheke Sdn Bhd 的 55% 股权 | Completed on 5 March 2025, but 275,000 shares were transferred back to the vendor on 30 June 2025 after shareholders rejected the notes issue at an EGM on 8 April 2025.于 2025 年 3 月 5 日完成，但在股东于 2025 年 4 月 8 日的特大否决票据发行提案后，275,000 股股份于 2025 年 6 月 30 日转回给卖方。 Source: annual report 2023, page 29; annual report 2024, page 100; annual report 2025, pages 24, 27.出处：2023 年年报第 29 页；2024 年年报第 100 页；2025 年年报第 24、27 页。 | Transferred back after rejection被否决后转回 |
| To seek shareholders' approval via two-tier voting process to retain Elaine Tan Ai Lin as independent director beyond nine years通过两级投票程序寻求股东批准，以留任任期超过九年的独立董事 Elaine Tan Ai Lin | Elaine Tan Ai Lin resigned as independent director on 28 May 2024, and Lim Ean Chin was appointed to replace her on the same date.Elaine Tan Ai Lin 于 2024 年 5 月 28 日辞去独立董事职务，Lim Ean Chin 于同日获委任接替。 Source: annual report 2023, page 136; annual report 2024, pages 33, 37.出处：2023 年年报第 136 页；2024 年年报第 33、37 页。 | Director resigned董事辞任 |
| The Board through NRC will consider increasing female participation in the Board董事会通过提名与薪酬委员会将考虑增加董事会的女性参与度 | The 2025 report states the company has only one woman director on board, representing 17%.2025 年年报显示公司董事会仅有一名女性董事，占 17%。 Source: annual report 2024, page 38; annual report 2025, page 35.出处：2024 年年报第 38 页；2025 年年报第 35 页。 | Unchanged at one female director女性董事维持一人 |
| Target to invest 1% of economic value retained in community initiatives with 1,000 beneficiaries目标将留存经济价值的 1% 投资于社区倡议，目标受惠人数为 1,000 人 | Each of the 2023, 2024 and 2025 reports shows zero community investment and zero beneficiaries in its table.2023、2024 及 2025 年年报的表格均显示社区投资为零、受惠人数为零。 Source: annual report 2023, page 61; annual report 2024, page 57; annual report 2025, page 55.出处：2023 年年报第 61 页；2024 年年报第 57 页；2025 年年报第 55 页。 | Zero community spending recorded记录到的社区支出为零 |
| Aiming for 100% training coverage on health and safety standards力争实现健康与安全标准培训覆盖率达 100% | In 2024, a total of 330 employees were trained on health and safety standards, representing 57% of total employees.2024 年共有 330 名员工接受了健康与安全标准培训，占全体员工总数的 57%。 Source: annual report 2023, pages 59, 62; annual report 2024, page 58.出处：2023 年年报第 59、62 页；2024 年年报第 58 页。 | 57% achieved against 100% target达成 57%，未达 100% 目标 |
What the reports leave open年报留下待看的事
- Customer concentration in the US, where the United States of America accounts for 91.33% of 2025 revenue and Customer A accounts for RM92.791 million, following the Chapter 11 bankruptcy of a major US customer in 2024.美国市场的客户集中度，其中美国占 2025 年营业额的 91.33%，客户 A 占 RM92.791 million，此前一家美国主要客户已于 2024 年申请第 11 章破产保护。
Source: annual report 2024, page 25; annual report 2025, pages 20, 114.出处：2024 年年报第 25 页；2025 年年报第 20、114 页。
- Repayment of bridging loans of RM6,314,000 carrying an effective interest rate of 34.49% per annum at end 2025, which are secured by 100% of the share capital of Ho Wah Genting Trading Sdn Bhd.偿还在 2025 年底有效年利率为 34.49% 的 RM6,314,000 过桥贷款，该贷款以 Ho Wah Genting Trading Sdn Bhd 的 100% 股本提供担保。
Source: annual report 2025, pages 93, 107.出处：2025 年年报第 93、107 页。
- The revival of seven inactive subsidiaries that had temporarily ceased operations as of the 2025 report, including Dviria Nano Tech, HWGB Duty Free, HWGB Lab, HWG Fintech Property, HWGB Biotech, Astramern, and Ho Wah Genting Trading.截至 2025 年年报暂时停止运营的七家非活跃子公司的业务恢复情况，包括 Dviria Nano Tech、HWGB Duty Free、HWGB Lab、HWG Fintech Property、HWGB Biotech、Astramern 以及 Ho Wah Genting Trading。
Source: annual report 2025, page 94.出处：2025 年年报第 94 页。
- Shareholder voting on director authority to allot shares under Sections 75 and 76 of the Act, which was rejected by shareholders at the AGM on 23 May 2025 and is proposed again at the AGM on 29 May 2026.股东对根据《法案》第 75 和 76 条赋予董事配发股份权力的投票表决，该议案在 2025 年 5 月 23 日的股东周年大会上遭股东否决，现于 2026 年 5 月 29 日的股东周年大会上再次提呈。
Source: annual report 2025, pages 128, 129.出处：2025 年年报第 128、129 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。