DailySpacePowerwell Holdings Berhad
0217 · ACE Market创业板（ACE Market） · annual reports 2024 to 2026, 475 entries read2024 至 2026 年报，共读出 475 条
The company这家公司
Powerwell produces and distributes low voltage switchboards and medium voltage switchgears, and provides installation services, acting as a licensee of technology partner Siemens AG.Powerwell 制造与分销低压配电盘及中压开关设备，并提供安装服务，担任技术合作伙伴 Siemens AG 的被许可方。
Source: annual report 2024, pages 20, 118.出处：2024 年年报第 20、118 页。
In April 2025, the company acquired 51% equity interests in Firerex Technology Sdn Bhd and Brandrich Fire Solutions Sdn Bhd, entering the firefighting and fire prevention equipment business.2025 年 4 月，公司收购 Firerex Technology Sdn Bhd 与 Brandrich Fire Solutions Sdn Bhd 各 51% 股权，进军消防与防火设备业务。
Source: annual report 2025, page 8; annual report 2026, pages 25, 142.出处：2025 年年报第 8 页；2026 年年报第 25、142 页。
In 2026, sales of electricity distribution products brought RM144,447,734 of revenue, sales of firefighting and fire prevention equipment brought RM12,432,895, and installation services brought RM2,212,640. By geography, Malaysia generated RM136,418,821, Indonesia RM19,325,382, and Bangladesh RM3,349,066.2026 年，配电产品销售带来 RM144,447,734 营业额，消防与防火设备销售带来 RM12,432,895，安装服务带来 RM2,212,640。按地区划分，马来西亚贡献 RM136,418,821，印度尼西亚贡献 RM19,325,382，孟加拉贡献 RM3,349,066。
Source: annual report 2026, pages 142, 152.出处：2026 年年报第 142、152 页。
In 2026, Customer B contributed RM26,055,875 and Customer A contributed RM6,496,654. Twelve major customers represented approximately 79.5% of total trade and other receivables at end 2026, compared to seven major customers representing approximately 85.2% in 2025 and 54.1% in 2024.2026 年，客户 B 贡献 RM26,055,875，客户 A 贡献 RM6,496,654。2026 年底 12 家主要客户占贸易及其他应收款项总额约 79.5%，而 2025 年为 7 家主要客户占约 85.2%，2024 年为 54.1%。
Source: annual report 2024, page 130; annual report 2025, page 147; annual report 2026, pages 152, 154.出处：2024 年年报第 130 页；2025 年年报第 147 页；2026 年年报第 152、154 页。
As of the 2026 report, United Fam Sdn Bhd held 140,777,000 shares (24.249%), and TLM Capital Sdn Bhd, Lao Wai Ieng and Datin Lim Swee Choo each had a deemed interest in the same shares through their interest in United Fam Sdn Bhd. In the 2025 report Tee Joe Ee also had a deemed interest in these 140,777,000 shares (24.249%). She is the daughter of Datin Lim Swee Choo and joined the Board as Non-Independent Non-Executive Director in December 2025.截至 2026 年报，United Fam Sdn Bhd 持有 140,777,000 股（24.249%），TLM Capital Sdn Bhd、Lao Wai Ieng 及 Datin Lim Swee Choo 通过其在 United Fam Sdn Bhd 的权益，对同一批股份拥有视同权益。在 2025 年报中，Tee Joe Ee 也对这 140,777,000 股（24.249%）拥有视同权益。她是 Datin Lim Swee Choo 之女，于 2025 年 12 月加入董事会，任非独立非执行董事。
Source: annual report 2025, page 157; annual report 2026, pages 18, 32, 164.出处：2025 年年报第 157 页；2026 年年报第 18、32、164 页。
Co-founder Tham Kien Wai retired as Managing Director in November 2024, and Wong Yoke Yen was appointed Managing Director. Director Hoh Moon Heng retired on 10 December 2025.联合创始人 Tham Kien Wai 于 2024 年 11 月卸任董事总经理，Wong Yoke Yen 接任董事总经理。董事 Hoh Moon Heng 于 2025 年 12 月 10 日退休。
Source: annual report 2025, pages 11, 30; annual report 2026, page 91.出处：2025 年年报第 11、30 页；2026 年年报第 91 页。
Revenue by product line, 20262026 年各业务类别营业额占比
Source: annual report 2026, page 142.出处：2026 年年报第 142 页。
Revenue by country, 20262026 年按国家划分之营业额
Source: annual report 2026, page 152.出处：2026 年年报第 152 页。
Major events大事记
Source: annual report 2024, pages 22, 27.出处：2024 年年报第 22、27 页。
Source: annual report 2024, page 9.出处：2024 年年报第 9 页。
Source: annual report 2024, page 102.出处：2024 年年报第 102 页。
Source: annual report 2025, pages 11, 30.出处：2025 年年报第 11、30 页。
Source: annual report 2025, page 8.出处：2025 年年报第 8 页。
Source: annual report 2025, page 91.出处：2025 年年报第 91 页。
Source: annual report 2026, page 85.出处：2026 年年报第 85 页。
Source: annual report 2026, page 95.出处：2026 年年报第 95 页。
Source: annual report 2026, pages 9, 30.出处：2026 年年报第 9、30 页。
Revenue, profit and operating cash flow营业额、盈利与营运现金流
Assets, liabilities and equity总资产、总负债与权益
20242024 年
Net cash from operating activities was RM55,246,192. Net repayments of borrowings took RM14,191,751. Total borrowings were RM13.4 million at year end, against RM27.7 million a year before. Dividends paid were RM3,483,312. Proceeds from the disposal of an investment property were RM2,000,000, and purchase of property, plant and equipment took RM790,738.营运活动所得现金净额为 RM55,246,192。借款净偿还支出 RM14,191,751。年底总借款为 RM13.4 million，一年前为 RM27.7 million。已付股息 RM3,483,312。脱售一项投资产业收回 RM2,000,000，购买物业、厂房及设备支出 RM790,738。
Source: annual report 2024, pages 24, 87.出处：2024 年年报第 24、87 页。
20252025 年
Net cash used in operating activities was RM8,948,438. Within it, the change in trade and other receivables used RM30,522,611. Dividends paid took RM13,933,248, while net borrowings drawn were RM3,392,590. Total borrowings including lease liabilities stood at RM17.2 million, compared to RM13.4 million in the previous year. Purchase of property, plant and equipment took RM1,107,770.营运活动所用现金净额为 RM8,948,438。其中，贸易及其他应收款项的变动占用 RM30,522,611。已付股息支出 RM13,933,248，借款净提取 RM3,392,590。包括租赁负债在内的总借款由上年的 RM13.4 million 升至 RM17.2 million。购买物业、厂房及设备支出 RM1,107,770。
Source: annual report 2025, pages 24, 104, 105.出处：2025 年年报第 24、104、105 页。
20262026 年
Net cash from operating activities was RM12,509,808. Within it, the change in inventories used RM17,149,173. The acquisition of subsidiaries took net cash of RM3,339,276. Capital spending was RM1,182,128 on property, plant and equipment and RM587,969 on intangible assets. Net repayments of borrowings were RM6,303,196 and dividends paid were RM8,708,268. Borrowings and lease liabilities decreased to RM11.5 million from RM17.2 million.营运活动所得现金净额为 RM12,509,808。其中，存货的变动占用 RM17,149,173。收购子公司支付净现金 RM3,339,276。资本开支包括物业、厂房及设备 RM1,182,128 以及无形资产 RM587,969。借款净偿还 RM6,303,196，已付股息 RM8,708,268。借款及租赁负债由 RM17.2 million 降至 RM11.5 million。
Source: annual report 2026, pages 28, 109, 110.出处：2026 年年报第 28、109、110 页。
Across the three years三年合看
Cash and bank balances were RM85,201,002 in 2024, RM65,992,786 in 2025, and RM54,307,165 in 2026. Fixed deposits pledged to a licensed bank rose from RM17,124,607 in 2024 to RM17,460,222 in 2025 and RM19,686,432 in 2026. Freehold land and certain buildings carrying RM7,176,054 in 2026 were also pledged to banks. Dividends declared were 3.0 sen per ordinary share for 2024, 1.0 sen per share for 2025, and 1.5 sen per share for 2026.现金与银行结余在 2024 年为 RM85,201,002，2025 年为 RM65,992,786，2026 年为 RM54,307,165。抵押给持牌银行的定期存款由 2024 年的 RM17,124,607 升至 2025 年的 RM17,460,222 及 2026 年的 RM19,686,432。2026 年账面值 RM7,176,054 的永久地契土地及部分建筑物亦抵押予银行。所宣布的股息在 2024 年为每股普通股 3.0 仙，2025 年为每股 1.0 仙，2026 年为每股 1.5 仙。
Source: annual report 2024, pages 27, 110; annual report 2025, pages 19, 127; annual report 2026, pages 22, 117, 133.出处：2024 年年报第 27、110 页；2025 年年报第 19、127 页；2026 年年报第 22、117、133 页。
Still to be spent尚未支出的承诺
Capital commitments approved and contracted for were RM118,628 at end 2024 and nil at end 2025. On 29 December 2025 the company agreed to acquire 49% of each of Tenaga Kenari Sdn. Bhd. and Tenaga Kenari Marketing Sdn. Bhd. for a total cash consideration of RM16,660,000. After the 2026 year end the balance of the consideration was fully paid and the acquisitions were completed on 1 April 2026.已批准并签约的资本承诺在 2024 年底为 RM118,628，2025 年底为零。2025 年 12 月 29 日，公司同意以总现金代价 RM16,660,000 收购 Tenaga Kenari Sdn. Bhd. 与 Tenaga Kenari Marketing Sdn. Bhd. 各 49% 股权。2026 财政年度结束后，余下代价已全数付清，收购于 2026 年 4 月 1 日完成。
Source: annual report 2024, page 127; annual report 2025, page 144; annual report 2026, page 95.出处：2024 年年报第 127 页；2025 年年报第 144 页；2026 年年报第 95 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 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| RM令吉 | RM令吉 | RM令吉 | RM令吉 | |
| Revenue营业额 | 159,085,368 | 154,764,881 | 137,513,843 | 159,093,269 |
| Profit before tax税前盈利 | 8,502,901 | 26,333,688 | 26,843,385 | 35,172,337 |
| Profit for the financial year本年度盈利 | 6,813,493 | 19,713,296 | 18,773,574 | 24,343,895 |
| Net cash from/(used in) operating activities营运活动所得/（所用）现金净额 | 9,820,601 | 55,246,192 | (8,948,438) | 12,509,808 |
| Net cash from/(used in) investing activities投资活动所得/（所用）现金净额 | (19,675,764) | 2,101,613 | 854,744 | (5,885,811) |
| Net cash (used in)/from financing activities融资活动（所用）/所得现金净额 | 4,841,509 | (19,188,764) | (11,865,288) | (16,482,924) |
| Dividends paid已付股息 | 0 | (3,483,312) | (13,933,248) | (8,708,268) |
| Cash and bank balances现金与银行结余 | 47,521,001 | 85,201,002 | 65,992,786 | 54,307,165 |
| Total assets总资产 | 154,460,019 | 165,370,068 | 182,245,128 | 196,670,779 |
| Total liabilities总负债 | 78,090,968 | 80,855,266 | 84,744,594 | 81,198,888 |
| Total equity总权益 | 76,369,051 | 84,514,802 | 97,500,534 | 115,471,891 |
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 expand assembly lines by optimising existing floor space at Kota Kemuning, expected to increase capacity by 20%, with completion anticipated in FY2026通过优化 Kota Kemuning 厂房现有空间扩充组装线，预计提升 20% 产能，预期于 2026 财年完成 | Completed 20% expansion of assembly lines at the Kota Kemuning plant through optimisation of existing floor space.通过优化现有车间空间，完成了 Kota Kemuning 厂房组装线 20% 的扩充。 Source: annual report 2025, page 28; annual report 2026, page 24.出处：2025 年年报第 28 页；2026 年年报第 24 页。 | Completed已完成 |
| Pursuing Seismic/ Earthquake Type Test IEC Standard certification from CESI-KEMA for switchboards为配电盘寻求 CESI-KEMA 的 IEC 标准抗震测试认证 | The 2025 report says the group attained the Seismic Test Verification and Design certification by the IEC and IEEE in February 2025; it does not name CESI-KEMA.2025 年报说，集团于 2025 年 2 月获得 IEC 与 IEEE 的抗震测试验证与设计认证；年报未提及 CESI-KEMA。 Source: annual report 2024, pages 21, 28; annual report 2025, page 8.出处：2024 年年报第 21、28 页；2025 年年报第 8 页。 | Certification attained; CESI-KEMA not named已获认证；未提及 CESI-KEMA |
| Contract of RM22.05 million to supply low voltage switchboards for the Sg Rasau Water Supply Scheme in Selangor, with delivery expected to be completed by end June 2025为雪兰莪 Sg Rasau 供水计划供应低压配电盘的 RM22.05 million 合约，交付预计于 2025 年 6 月底前完成 | The 2025 report lists the contract, secured in April 2024, at RM22.0 million. No later report says whether delivery was completed.2025 年报列出该合约，于 2024 年 4 月获得，金额 RM22.0 million。之后的年报没有说明交付是否完成。 Source: annual report 2024, page 27; annual report 2025, page 23.出处：2024 年年报第 27 页；2025 年年报第 23 页。 | Delivery not reported未报告交付情况 |
| Rapid Transit System Link projects totalling RM9.27 million, with final deliveries scheduled for the fourth quarter of 2024总额 RM9.27 million 的 RTS Link 项目，最终交付定于 2024 年第四季度 | The 2025 report lists an RTS Link contract of September 2024 for RM9.8 million. It does not say whether the final deliveries were made.2025 年报列出 2024 年 9 月一项 RM9.8 million 的 RTS Link 合约。年报没有说明最终交付是否完成。 Source: annual report 2024, page 27; annual report 2025, page 23.出处：2024 年年报第 27 页；2025 年年报第 23 页。 | Delivery not reported未报告交付情况 |
What the reports leave open年报留下待看的事
- Whether Tenaga Kenari reaches the cumulative profit after tax of RM12.0 million over three financial years guaranteed in the acquisition of 49% of each company for RM16,660,000, completed on 1 April 2026.Tenaga Kenari 能否达到收购协议所保证的三个财政年度累计税后盈利 RM12.0 million；该次以 RM16,660,000 收购两家公司各 49% 股权的交易于 2026 年 4 月 1 日完成。
Source: annual report 2026, pages 26, 95.出处：2026 年年报第 26、95 页。
- Progress of the new 13,000 sqft facility in Indonesia near the existing plant, with 10,000 sqft of manufacturing space; assembly line installation there is expected to be completed in the near term.印度尼西亚现有厂房附近新建 13,000 平方英尺设施的进展，其中制造空间为 10,000 平方英尺；该设施的组装线安装预计在短期内完成。
Source: annual report 2026, page 30.出处：2026 年年报第 30 页。
- Execution of data centre contracts secured, including RM68.5 million in January 2026 and RM158.8 million in June 2026, against an order book of RM150.8 million as at 31 March 2026.已获取数据中心合约的执行情况，包括 2026 年 1 月的 RM68.5 million 及 2026 年 6 月的 RM158.8 million，截至 2026 年 3 月 31 日手头订单为 RM150.8 million。
Source: annual report 2026, pages 25, 30.出处：2026 年年报第 25、30 页。
- Management of customer site delivery delays and potential exposure to liquidated ascertained damages.客户现场交付延迟的管理以及潜在的违约赔偿金风险。
Source: annual report 2026, pages 76, 98, 114.出处：2026 年年报第 76、98、114 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-10-24.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 2026-10-24。