DailySpaceSin-Kung Logistics Berhad
0305 · ACE Market创业板（ACE Market） · annual reports 2024 to 2025, 911 entries read2024 至 2025 年报，共读出 911 条
The company这家公司
Sin-Kung Logistics provides trucking services, particularly airport-to-airport road feeder services. Its network covers Peninsular Malaysia, Singapore and Thailand. It also provides container haulage, warehousing and distribution, brokerage and forwarding, express delivery and cargo escort services. In 2025 its operations expanded to include aviation services.Sin-Kung Logistics 提供卡车运输服务，尤其是机场之间的公路接驳运输。其网络覆盖马来半岛、新加坡和泰国。公司也提供集装箱拖运、仓储与配送、报关代理与货运代理、快递及货物护送服务。2025 年，业务扩展至航空服务。
Source: annual report 2024, pages 24, 25; annual report 2025, page 3.出处：2024 年年报第 24、25 页；2025 年年报第 3 页。
In 2025, RM2.2 million of revenue came from MRO and private charter operations; air cargo was not yet fully operational.2025 年，RM2.2 million 营业额来自飞机维修、修理与大修（MRO）及私人包机业务；航空货运尚未全面营运。
Source: annual report 2025, page 27.出处：2025 年年报第 27 页。
The largest shareholding accounts in the 2025 report are ALAN ONG LAY WOOI with 357,600,000 shares (29.80%), LILLE MANAGEMENT SDN. BHD. with 357,600,000 shares (29.80%), and ANGELINE ONG LAY SHEE with 178,800,000 shares (14.90%). The same holdings appear in the 2024 report.2025 年报中最大的持股账户为 ALAN ONG LAY WOOI，持有 357,600,000 股（29.80%）；LILLE MANAGEMENT SDN. BHD.，持有 357,600,000 股（29.80%）；以及 ANGELINE ONG LAY SHEE，持有 178,800,000 股（14.90%）。2024 年报也列出相同的持股数量及比例。
Source: annual report 2024, page 151; annual report 2025, page 235.出处：2024 年年报第 151 页；2025 年年报第 235 页。
The 2025 list also includes KEJAYA KAYA SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR LER PEI FEN with 26,703,400 shares (2.23%) and KEJAYA KAYA SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR JEFFERY DING CHOON YONG with 26,028,200 shares (2.17%). These are the holdings in the named pledged securities accounts.2025 年的名单也列有 KEJAYA KAYA SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR LER PEI FEN，持有 26,703,400 股（2.23%）；以及 KEJAYA KAYA SDN. BHD. PLEDGED SECURITIES ACCOUNT FOR JEFFERY DING CHOON YONG，持有 26,028,200 股（2.17%）。这些是所列质押证券账户内的股份。
Source: annual report 2025, page 235.出处：2025 年年报第 235 页。
A director is the brother of Angeline Ong Lay Shee and Adeline Ong Lay Suen. In 2025 a director was redesignated as Group Managing Director cum Chief Executive Officer, Angeline as Group Executive Director cum Chief Information Officer, and Ameline Ong Lay Ling as Group Chief Operating Officer.一名董事是 Angeline Ong Lay Shee 与 Adeline Ong Lay Suen 的兄弟。2025 年，一名董事的职衔改为集团董事总经理兼首席执行官，Angeline 改为集团执行董事兼首席信息官，Ameline Ong Lay Ling 改为集团首席营运官。
Source: annual report 2024, page 15; annual report 2025, pages 7, 9, 15.出处：2024 年年报第 15 页；2025 年年报第 7、9、15 页。
Revenue by service, 20252025 年各项服务营业额
Source: annual report 2025, page 27.出处：2025 年年报第 27 页。
Major events大事记
Source: annual report 2024, page 3.出处：2024 年年报第 3 页。
Source: annual report 2025, page 231.出处：2025 年年报第 231 页。
Source: annual report 2024, page 146.出处：2024 年年报第 146 页。
Source: annual report 2025, page 22.出处：2025 年年报第 22 页。
Source: annual report 2025, page 175.出处：2025 年年报第 175 页。
Source: annual report 2025, page 177.出处：2025 年年报第 177 页。
Source: annual report 2025, page 175.出处：2025 年年报第 175 页。
Revenue, profit and operating cash营业额、盈利与营运现金
Assets, borrowings and equity资产、借款与权益
20242024 年
Operations generated RM18.5 million of cash. The IPO raised RM26.0 million. Cash payments included RM2.4 million for property, plant and equipment, RM3.7 million for right-of-use assets and a RM2.1 million deposit for a subsidiary acquisition. The group repaid RM12.9 million of term loans and RM6.0 million of lease principal, and paid RM4.4 million of interest. Cash and bank balances ended the year at RM21.9 million.营运带来 RM18.5 million 现金。首次公开募股筹得 RM26.0 million。现金支出包括购置产业、厂房与设备的 RM2.4 million、使用权资产的 RM3.7 million，以及收购子公司的 RM2.1 million 订金。集团偿还 RM12.9 million 定期贷款及 RM6.0 million 租赁本金，并支付 RM4.4 million 利息。年末现金与银行结余为 RM21.9 million。
Source: annual report 2024, pages 100, 115.出处：2024 年年报第 100、115 页。
20252025 年
Operations generated RM8.7 million of cash. Cash payments included RM3.4 million for property, plant and equipment, RM2.5 million for right-of-use assets, RM5.3 million of term-loan repayments, RM9.9 million of lease principal and RM5.0 million of interest. The group drew RM3.5 million of term loans and RM11.0 million of revolving credit. The RM20.7 million consideration for a business combination comprised a RM2.1 million deposit paid in the previous year and RM18.6 million settled through a loan. Cash and bank balances ended the year at RM20.1 million. The report says costs increased while preparing air cargo operations, including manpower, leasing, maintenance and operational readiness.营运带来 RM8.7 million 现金。现金支出包括购置产业、厂房与设备的 RM3.4 million、使用权资产的 RM2.5 million、偿还定期贷款的 RM5.3 million、租赁本金的 RM9.9 million，以及利息的 RM5.0 million。集团提取 RM3.5 million 定期贷款及 RM11.0 million 循环信贷。一项业务合并的 RM20.7 million 代价，包括上一年支付的 RM2.1 million 订金，以及通过贷款结付的 RM18.6 million。年末现金与银行结余为 RM20.1 million。年报说明，筹备航空货运营运期间，人力、租赁、维修及营运准备等成本增加。
Source: annual report 2025, pages 26, 129, 130, 176.出处：2025 年年报第 26、129、130、176 页。
Across the years跨年合看
Revenue rose from RM52.0 million in 2023 to RM54.2 million in 2024 and RM62.7 million in 2025. Profit of RM6.4 million became a loss of RM713,613 and then a loss of RM4.6 million. Loans and borrowings rose from RM54.8 million to RM69.2 million and RM120.0 million. Lease liabilities were RM17.8 million, RM16.7 million and RM45.8 million. The company reported no dividends proposed, declared or paid in either report, and no new shares were issued in 2025.营业额由 2023 年的 RM52.0 million，升至 2024 年的 RM54.2 million 及 2025 年的 RM62.7 million。RM6.4 million 盈利转为 RM713,613 亏损，之后亏损为 RM4.6 million。贷款与借款由 RM54.8 million，升至 RM69.2 million 及 RM120.0 million。租赁负债分别为 RM17.8 million、RM16.7 million 及 RM45.8 million。两份年报均说明公司没有建议、宣布或派付股息；2025 年没有发行新股。
Source: annual report 2024, page 85; annual report 2025, pages 105, 106.出处：2024 年年报第 85 页；2025 年年报第 105、106 页。
Still to be spent尚待支出
At the end of 2025, authorised and contracted commitments for freehold land and buildings were RM10.1 million. A further RM1.8 million for commercial vehicles was authorised but not contracted. RM10.0 million of IPO proceeds allocated to warehousing and distribution expenses remained unused, with a utilisation period of 36 months. The report also records a RM1.7 million equivalent capital contribution commitment for Shanghai Shuntong International Freight Forwarding Co. Ltd.; no contribution had been made by the report date.2025 年末，永久地契土地与建筑物的已批准及已签约承诺为 RM10.1 million。另有 RM1.8 million 商用车辆支出已批准但未签约。分配给仓储与配送费用的首次公开募股资金仍有 RM10.0 million 未使用，使用期限为 36 个月。年报也列出向 Shanghai Shuntong International Freight Forwarding Co. Ltd. 注资的承诺，折合 RM1.7 million；截至年报日期尚未注资。
Source: annual report 2025, pages 201, 231.出处：2025 年年报第 201、231 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 |
|---|---|---|---|
| RM令吉 | RM令吉 | RM令吉 | |
| Revenue营业额 | 51,983,788 | 54,159,147 | 62,748,497 |
| Profit/(Loss) before tax税前盈利／（亏损） | 9,681,248 | 3,521,628 | (3,103,862) |
| Profit/(Loss) for the financial year财政年度盈利／（亏损） | 6,407,073 | (713,613) | (4,555,469) |
| Net cash from operating activities营运活动所得现金净额 | 11,836,843 | 18,479,040 | 8,681,063 |
| Acquisition of property, plant and equipment购置产业、厂房与设备 | (5,534,927) | (2,368,393) | (3,393,609) |
| Capital work-in-progress在建资本工程 | 10,750,891 | 37,790,891 | 60,724,233 |
| Total assets总资产 | 138,319,316 | 183,368,075 | 259,293,426 |
| Loans and borrowings贷款与借款 | 54,848,519 | 69,156,831 | 119,966,995 |
| Lease liabilities租赁负债 | 17,781,032 | 16,744,856 | 45,809,025 |
| Cash and bank balances现金与银行结余 | 10,148,700 | 21,904,324 | 20,087,319 |
| Total equity总权益 | 60,268,304 | 84,310,603 | 79,777,300 |
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 |
|---|---|---|
| The 2024 report said air cargo services would launch in the third quarter of 2025. It also set out a plan to operate 3 aircraft by Q4FY2025.2024 年报表示，航空货运服务将于 2025 年第三季度推出；同时列出在 2025 财政年度第四季度前营运 3 架飞机的计划。 | The 2025 report says air cargo was not yet fully operational. It expected the first aircraft operations to begin in April 2026, with additional aircraft planned for subsequent quarters.2025 年报说明，航空货运尚未全面营运。年报预计首架飞机于 2026 年 4 月开始营运，其他飞机计划于随后季度投入使用。 Source: annual report 2024, pages 20, 34; annual report 2025, pages 27, 30.出处：2024 年年报第 20、34 页；2025 年年报第 27、30 页。 | Launch moved to April 2026推出时间改为 2026 年 4 月 |
| The 2024 report expected the new Penang warehouse to add annual capacity of 192,000 pallets and bring total warehouse storage capacity to 250,812 pallets by the fourth quarter of 2025.2024 年报预计，槟城新仓库将增加每年 192,000 个托盘的容量，并于 2025 年第四季度前使仓库总储存容量达到 250,812 个托盘。 | The 2025 report still describes the Valdor office and warehouse complex as being developed. Annual available warehousing capacity was 182,425 pallets, compared with 190,260 pallets in 2024.2025 年报仍把 Valdor 办公室与仓库综合设施描述为开发中。当年仓储年度可用容量为 182,425 个托盘，2024 年为 190,260 个托盘。 Source: annual report 2024, page 34; annual report 2025, pages 23, 27, 29.出处：2024 年年报第 34 页；2025 年年报第 23、27、29 页。 | Still being developed in 20252025 年仍在开发中 |
| The 2024 report planned to acquire additional commercial vehicles in 2025 to expand trucking and container haulage operations.2024 年报计划于 2025 年增购商用车辆，以扩展卡车运输及集装箱拖运业务。 | The 2025 report records RM1.6 million used for commercial vehicle purchases during the year. The IPO utilisation table shows the RM2.0 million vehicle allocation fully used.2025 年报列出，当年购买商用车辆使用了 RM1.6 million。首次公开募股资金使用表显示，车辆用途的 RM2.0 million 分配额已全部使用。 Source: annual report 2024, page 34; annual report 2025, pages 26, 231.出处：2024 年年报第 34 页；2025 年年报第 26、231 页。 | Vehicle purchases reported已报告购车支出 |
| The 2024 report said the group would work to create achievable, measurable sustainability targets in the following financial year.2024 年报表示，集团将在下一财政年度着手制定可实现、可衡量的可持续发展目标。 | The 2025 report says formal sustainability targets were still being developed. It states an intention to introduce measurable targets in forthcoming financial years.2025 年报说明，正式的可持续发展目标仍在制定中，并表示有意在未来财政年度引入可衡量的目标。 Source: annual report 2024, page 44; annual report 2025, page 43.出处：2024 年年报第 44 页；2025 年年报第 43 页。 | Targets still being developed目标仍在制定中 |
What the reports leave open年报留下待看的事
- The 2025 report expects the first air cargo aircraft operations to begin in April 2026. It does not report that launch as completed.2025 年报预计首架航空货运飞机于 2026 年 4 月开始营运，尚未报告该项启动已完成。
Source: annual report 2025, page 30.出处：2025 年年报第 30 页。
- The Valdor office and warehouse complex, with approximately 164,000 square feet of floor area, remains a development project in the 2025 report.约有 164,000 平方英尺楼面面积的 Valdor 办公室与仓库综合设施，在 2025 年报中仍为开发项目。
Source: annual report 2025, pages 23, 27.出处：2025 年年报第 23、27 页。
- RM10.0 million of IPO proceeds for warehousing and distribution expenses remained unused. Its stated utilisation period is 36 months.用于仓储与配送费用的首次公开募股资金仍有 RM10.0 million 未使用，所列使用期限为 36 个月。
Source: annual report 2025, page 231.出处：2025 年年报第 231 页。
- Goodwill was RM14.1 million at 31 December 2025. Its impairment assessment uses a 12% annual revenue growth assumption.截至 2025 年 12 月 31 日，商誉为 RM14.1 million。减值评估采用营业额每年增长 12% 的假设。
Source: annual report 2025, pages 115, 176, 178.出处：2025 年年报第 115、176、178 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-10-30.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 2026-10-30。