DailySpaceSpring Art Holdings Berhad
0216 · ACE Market创业板（ACE Market） · annual reports 2023 to 2025, 413 entries read2023 至 2025 年报，共读出 413 条
The company这家公司
Spring Art has one business segment, covering the design, development, manufacturing, marketing and sales of furniture products. Its operating subsidiaries are Spring Art Industries Sdn. Bhd., which manufactures ready-to-assemble furniture, and Elisa Home Sdn. Bhd., which trades ready-to-assemble furniture. The company supplies products internationally and sells on international e-commerce platforms.Spring Art 仅有一个业务部门，涵盖家具产品的设计、开发、制造、营销与销售。其营运子公司为从事自装家具制造的 Spring Art Industries Sdn. Bhd.，以及从事自装家具贸易的 Elisa Home Sdn. Bhd.。公司向国际市场供应产品，并在国际电商平台上销售。
Source: annual report 2024, pages 4, 116; annual report 2025, page 4.出处：2024 年年报第 4、116 页；2025 年年报第 4 页。
In FYE 2025, bedroom furniture accounted for 82.4% of revenue, living room furniture 10.6%, office furniture 3.9% and other furniture 3.1%. Approximately 95.0% of revenues were denominated in USD for FYE 2025, with the remainder denominated in RM and SGD.2025 财年，卧室家具占营业额的 82.4%，客厅家具占 10.6%，办公家具占 3.9%，其他家具占 3.1%。2025 财年约 95.0% 的营业额以美元计价，其余以令吉和新币计价。
Source: annual report 2025, pages 20, 23.出处：2025 年年报第 20、23 页。
By geographic market in FYE 2025, the Middle East contributed 79.6% of revenue, Asia Pacific 6.8%, North America and Latin America 6.4%, Europe 5.9%, Africa 0.8% and Oceania 0.5%. Customer A accounted for RM31,112,675 of revenue in 2025 (2024: RM33,939,609), and 1 customer accounted for approximately 68% of trade receivables at the end of the reporting period.按地理市场划分，2025 财年中东占营业额的 79.6%，亚太占 6.8%，北美与拉丁美洲占 6.4%，欧洲占 5.9%，非洲占 0.8%，大洋洲占 0.5%。单一客户 Customer A 在 2025 年占营业额 RM31,112,675（2024 年：RM33,939,609），且报告期末有 1 名客户占应收贸易账款约 68%。
Source: annual report 2025, pages 23, 142, 149.出处：2025 年年报第 23、142、149 页。
Datuk Lim Kok Eng holds 238,425,540 direct shares (57.356%) and Datin Kwan Chian Poh holds 58,196,160 direct shares (14.000%), giving a combined direct holding of 296,621,700 shares (71.356%); each is deemed interested in the other's shares as spouses. Their son Lim Yong Hong was appointed Chief Business Development Officer on 1 August 2023. A Pledged Securities Account for Lim Ka Siong (CCTS) holds 1,789,200 shares (0.430%).Datuk Lim Kok Eng 直接持有 238,425,540 股（57.356%），Datin Kwan Chian Poh 直接持有 58,196,160 股（14.000%），合计直接持股 296,621,700 股（71.356%）；两人为夫妻，互相视作拥有对方股份的间接权益。其子 Lim Yong Hong 于 2023 年 8 月 1 日获委任为首席业务拓展总监。Pledged Securities Account for Lim Ka Siong (CCTS) 名下持有 1,789,200 股（0.430%）。
Source: annual report 2024, page 15; annual report 2025, pages 11, 163, 164.出处：2024 年年报第 15 页；2025 年年报第 11、163、164 页。
Revenue by product category, 20252025 年各产品类别营业额占比
Source: annual report 2025, page 23.出处：2025 年年报第 23 页。
Major events大事记
Source: annual report 2023, page 11.出处：2023 年年报第 11 页。
Source: annual report 2023, page 114.出处：2023 年年报第 114 页。
Source: annual report 2023, page 22; annual report 2024, page 15.出处：2023 年年报第 22 页；2024 年年报第 15 页。
Source: annual report 2024, pages 20, 24, 87.出处：2024 年年报第 20、24、87 页。
Source: annual report 2024, page 87; annual report 2025, page 97.出处：2024 年年报第 87 页；2025 年年报第 97 页。
Assets, equity and liabilities资产、权益与负债
Borrowings and cash借款与现金
20232023 年
Purchase of property, plant and equipment took RM4,251,915, while purchase of short-term investments took RM3,083,364 and RM1,510,000 was placed in fixed deposits with tenure over 3 months. Term loans of RM2,039,847 were drawn down and RM2,803,959 of term loans was repaid. A final dividend of 0.5 sen per ordinary share amounting to RM 2,078,447 was proposed for shareholders' approval.购买物业、厂房与设备支出 RM4,251,915，购买短期投资支出 RM3,083,364，存入期限超过 3 个月的定期存款 RM1,510,000。提取定期贷款 RM2,039,847，偿还定期贷款 RM2,803,959。建议提呈股东批准派发每股 0.5 仙、合计 RM 2,078,447 的终期股息。
Source: annual report 2023, pages 86, 101.出处：2023 年年报第 86、101 页。
20242024 年
Purchase of property, plant and equipment took RM1,789,171, while disposal of short-term investments brought proceeds of RM3,130,795 and purchases took RM3,054,922. The group acquired plant and machinery held under hire purchase with a carrying amount of RM 3,864,501, showing hire purchase payable of RM3,000,000. Term loan drawings were RM61,887 and repayments were RM1,306,875, while 2,000 warrants were exercised for proceeds of RM560. A final dividend of RM 2,078,457 was paid on 20 June 2024.购买物业、厂房与设备支出 RM1,789,171，脱售短期投资获得款项 RM3,130,795，购买短期投资支出 RM3,054,922。集团承担了 RM3,000,000 的应付租购款项以购置账面值 RM 3,864,501 的厂房与机械。提取定期贷款 RM61,887，偿还定期贷款 RM1,306,875；2,000 份凭单获行使筹得 RM560。于 2024 年 6 月 20 日派付终期股息 RM 2,078,457。
Source: annual report 2024, pages 87, 102, 113, 121.出处：2024 年年报第 87、102、113、121 页。
20252025 年
Purchase of property, plant and equipment took RM1,135,052, while disposal of short-term investments brought proceeds of RM14,207,137 and purchases took RM12,044,832. Term loans of RM3,000,000 were drawn down, while RM5,207,253 was repaid on term loans and RM524,459 on hire purchase payable. An interim dividend of 0.7 sen per share totalling RM2,909,839.80 was paid for FYE 2025, and no further dividend was recommended.购买物业、厂房与设备支出 RM1,135,052，脱售短期投资获得款项 RM14,207,137，购买短期投资支出 RM12,044,832。提取定期贷款 RM3,000,000，偿还定期贷款 RM5,207,253，偿还租购应付款项 RM524,459。派发每股 0.7 仙、合计 RM2,909,839.80 的 2025 财年中期股息，未建议派发进一步股息。
Source: annual report 2025, pages 24, 96, 112.出处：2025 年年报第 24、96、112 页。
Across the three years三年合看
Factory C obtained its Certificate of Practical Completion on 28 March 2023 and its Certificate of Completion on 4 September 2024, and began operating in the fourth quarter of 2024; the reports expected it to bring combined capacity to 674,000 units a year. The group installed 904 solar photovoltaic systems across its factories, of 488.16 kilowatt peak. Of the 166,274,800 warrants issued in 2021 at an exercise price of RM 0.28, 2,000 were exercised in 2024, and the warrants expired on 24 February 2025. Dividends of RM 2,078,457 and RM2,909,839.80 were paid in 2024 and 2025.C 厂于 2023 年 3 月 28 日获得实际竣工证书，2024 年 9 月 4 日获得竣工证书，并于 2024 年第四季度投入营运；年报预计它将使综合年产能达到 674,000 件。集团在各厂房安装了 904 套太阳能光伏系统，合计 488.16 千瓦峰值。2021 年发行的 166,274,800 份行权价 RM 0.28 的凭单中，2024 年有 2,000 份获行使，凭单已于 2025 年 2 月 24 日到期。集团于 2024 年与 2025 年分别派付股息 RM 2,078,457 与 RM2,909,839.80。
Source: annual report 2023, pages 22, 47, 114; annual report 2024, pages 20, 24, 87; annual report 2025, pages 24, 97.出处：2023 年年报第 22、47、114 页；2024 年年报第 20、24、87 页；2025 年年报第 24、97 页。
Still to be spent尚未支出的承诺
Capital commitments contracted for the purchase of property, plant and equipment stood at RM812,602 in 2023, RM256,012 in 2024 and RM9,777 in 2025. Deposits paid for future purchase of property, plant and equipment were RM 153,677 at end 2025. The IPO proceeds of RM24.42 million were fully utilised, and no fundraising exercises were undertaken in 2025.已签约用于购买物业、厂房与设备的资本承诺在 2023 年为 RM812,602，2024 年为 RM256,012，2025 年为 RM9,777。截至 2025 年底，预付未来购置物业、厂房与设备的定金为 RM 153,677。首次公开募股所得 RM24.42 million 已全数动用，2025 年内未进行任何筹资活动。
Source: annual report 2023, pages 83, 123; annual report 2024, page 129; annual report 2025, pages 91, 128, 143.出处：2023 年年报第 83、123 页；2024 年年报第 129 页；2025 年年报第 91、128、143 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 | 45,324,123 | 56,232,144 | 49,571,721 | 46,314,893 |
| Profit/(Loss) before tax税前盈利/（亏损） | 2,869,036 | 7,459,597 | 6,719,181 | (315,772) |
| Profit/(Loss) after tax attributable to owners of the Company归属于母公司业主的税后盈利/（亏损） | 2,169,930 | 5,488,320 | 9,240,299 | (789,480) |
| Purchase of property, plant and equipment购买物业、厂房与设备 | (34,645,117) | (4,251,915) | (1,789,171) | (1,135,052) |
| Total assets总资产 | 104,860,558 | 113,973,828 | 117,248,344 | 110,739,499 |
| Total liabilities总负债 | 24,700,582 | 27,369,866 | 23,481,980 | 20,672,455 |
| Total equity总权益 | 80,159,976 | 86,603,962 | 93,766,364 | 90,067,044 |
| Loans and borrowings贷款与借款 | 15,793,665 | 15,029,553 | 16,784,565 | 14,052,853 |
| Cash and bank balances现金与银行结余 | 6,558,954 | 7,458,793 | 11,798,044 | 12,218,471 |
| Fixed deposits with licensed banks持牌银行定期存款 | 6,876,224 | 6,690,648 | 7,186,987 | 3,001,000 |
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 |
|---|---|---|
| Completion of Factory C was postponed to Q2 2024 while waiting for the Certificate of Completion and Compliance因等待竣工与合规证书（CCC），C 厂完工推迟至 2024 年第二季度 | The Certificate of Completion was obtained on 4 September 2024, and the new facilities commenced operations in the fourth quarter of 2024.于 2024 年 9 月 4 日获得竣工证书，新设施于 2024 年第四季度投入营运。 Source: annual report 2023, page 22; annual report 2024, pages 20, 24.出处：2023 年年报第 22 页；2024 年年报第 20、24 页。 | Completed later than said比预期推迟完成 |
| Aim to achieve 73% spending on local suppliers in procurement purchases目标是在采购支出中达到 73% 用于本地供应商 | In FYE 2024, 63% of procurement spending was allocated to local suppliers.2024 财年，采购支出中有 63% 分配给本地供应商。 Source: annual report 2023, page 34; annual report 2024, page 34.出处：2023 年年报第 34 页；2024 年年报第 34 页。 | Short of target未达目标 |
| Subject all metrics to independent verification within the next five years计划在未来五年内对所有指标进行独立核查 | For FY2025, Spring Art engaged ASAP Advisory PLT to perform a limited assurance engagement on selected sustainability information.2025 财年，Spring Art 聘请 ASAP Advisory PLT 对选定的可持续发展信息执行了有限保证审计。 Source: annual report 2023, page 53; annual report 2025, page 64.出处：2023 年年报第 53 页；2025 年年报第 64 页。 | Selected information assured in 20252025 年部分信息已获鉴证 |
| A proposed final dividend of 0.5 sen per ordinary share amounting to RM 2,078,447 for FY2023 to be paid on 20 June 2024建议就 2023 财年派发每股 0.5 仙、合计 RM 2,078,447 的终期股息，将于 2024 年 6 月 20 日派付 | Approved by shareholders on 13 June 2024 and paid on 20 June 2024, amounting to RM 2,078,457.于 2024 年 6 月 13 日获股东批准，并于 2024 年 6 月 20 日派发，金额为 RM 2,078,457。 Source: annual report 2023, pages 86, 143; annual report 2024, page 87.出处：2023 年年报第 86、143 页；2024 年年报第 87 页。 | Paid已派发 |
| Aim to increase presence in North America and European markets to secure orders for increased production capacity from Factory C目标是进一步扩大在北美与欧洲市场的业务，为 C 厂新增的产能争取订单 | Sales in Europe grew by RM1.36 million (242.3%) in FYE 2024 and by RM0.84 million (43.7%) in FYE 2025, while North America and Latin America sales grew by RM0.42 million (12.1%) in FYE 2024.欧洲销售额在 2024 财年增长 RM1.36 million（242.3%），在 2025 财年增长 RM0.84 million（43.7%）；北美与拉丁美洲销售额在 2024 财年增长 RM0.42 million（12.1%）。 Source: annual report 2023, page 18; annual report 2024, page 20; annual report 2025, page 20.出处：2023 年年报第 18 页；2024 年年报第 20 页；2025 年年报第 20 页。 | Sales grew in Europe欧洲销售录得增长 |
What the reports leave open年报留下待看的事
- The group moved into a pre-tax loss of RM315,772 in 2025 from a profit of RM6,719,181 in 2024, with management noting lower revenue, higher labor costs under the RM1,700 minimum wage, and increased depreciation.集团 2025 年转为税前亏损 RM315,772，而 2024 年为盈利 RM6,719,181；管理层指出原因包括营业额下滑、RM1,700 最低工资导致人工成本上升以及折旧费用增加。
Source: annual report 2025, page 21.出处：2025 年年报第 21 页。
- Customer A accounted for RM31,112,675 of revenue in 2025, the Middle East contributed 79.6% of sales, and 1 customer accounted for approximately 68% of trade receivables at year end.2025 年 Customer A 占营业额 RM31,112,675，中东地区占销售额的 79.6%，且年底有 1 名客户占应收贸易账款约 68%。
Source: annual report 2025, pages 23, 142, 149.出处：2025 年年报第 23、142、149 页。
- Sales volume fell from 240,162 units in FYE 2024 to 234,002 units in FYE 2025, against the combined capacity of 674,000 units a year that Factory C was expected to bring. The group says it is exploring business areas beyond furniture.销量从 2024 财年的 240,162 件降至 2025 财年的 234,002 件，而 C 厂预计带来的综合年产能为 674,000 件。集团表示正在探索家具以外的业务领域。
Source: annual report 2024, page 24; annual report 2025, pages 20, 24.出处：2024 年年报第 24 页；2025 年年报第 20、24 页。
- Revenues denominated in USD stood at approximately 95.0% in FYE 2025, alongside realised foreign exchange losses of RM580,191 and unrealised foreign exchange losses of RM135,121.2025 财年以美元计价的营业额占比约为 95.0%，同年录得已实现汇兑亏损 RM580,191 与未实现汇兑亏损 RM135,121。
Source: annual report 2025, pages 20, 137.出处：2025 年年报第 20、137 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。