DailySpaceKucingko Berhad
0315 · ACE Market创业板（ACE Market） · annual reports 2024 to 2025, 710 entries read2024 至 2025 年报，共读出 710 条
The company这家公司
Kucingko provides animation production services. Inspidea is its principal revenue-generating subsidiary. The 2024 report set out plans to expand beyond 2D animation into 3D animation, Games animation and Games art production. The 2025 report describes Fuloso as expanding the group's 3D and game art revenue base.Kucingko 提供动画制作服务。Inspidea 是其主要创收子公司。2024 年报提出从二维动画扩展至三维动画、游戏动画及游戏美术制作。2025 年报说明，Fuloso 正在扩大集团的三维动画及游戏美术收入来源。
Source: annual report 2024, pages 25, 26; annual report 2025, pages 18, 24.出处：2024 年年报第 25、26 页；2025 年年报第 18、24 页。
The 2025 review says Asia-Pacific became the largest revenue contributor at 66.9%, compared with North America's 70.5% share in 2024. The 2025 major customer table lists Customer D at RM914,777, Customer E at RM843,274, Customer F at RM610,784 and Customer G at RM491,692.2025 年业务回顾表示，亚太地区成为最大的收入来源，占 66.9%；2024 年则以北美为主，占 70.5%。2025 年主要客户表列出 Customer D 的收入为 RM914,777、Customer E 为 RM843,274、Customer F 为 RM610,784、Customer G 为 RM491,692。
Source: annual report 2025, pages 22, 135.出处：2025 年年报第 22、135 页。
Cat Ching Sdn Bhd held 172,889,216 shares, or 34.58%, and Koo Hong @ Ku Hong Hai held 76,266,580 shares, or 15.25%, in both reports. The 2025 directors' shareholding table also records See Chin Joo and Ooi Kok Hong as each having an interest in the same 172,889,216 shares through Cat Ching Sdn Bhd.两份年报均列出 Cat Ching Sdn Bhd 持有 172,889,216 股，占 34.58%；Koo Hong @ Ku Hong Hai 持有 76,266,580 股，占 15.25%。2025 年董事持股表亦列明，See Chin Joo 与 Ooi Kok Hong 各自通过 Cat Ching Sdn Bhd 在同一批 172,889,216 股中拥有权益。
Source: annual report 2024, page 141; annual report 2025, pages 81, 148, 149.出处：2024 年年报第 141 页；2025 年年报第 81、148、149 页。
Ku Chia Loon is the son of major shareholder Koo Hong @ Ku Hong Hai. The 2025 report states that the other directors and key senior management have no family relationship with any director or major shareholder.Ku Chia Loon 是大股东 Koo Hong @ Ku Hong Hai 的儿子。2025 年报说明，其他董事及主要高级管理人员与任何董事或大股东均无亲属关系。
Source: annual report 2025, page 14.出处：2025 年年报第 14 页。
The 2025 largest holders list includes APEX Nominees (Tempatan) Sdn. Bhd., pledged securities account for GV Asia Fund Limited (STA 1), with 1,800,000 shares (0.36%); Maybank Nominees (Tempatan) Sdn. Bhd., pledged securities account for Chin Kok Wai, with 1,750,000 shares (0.35%); and RHB Nominees (Tempatan) Sdn. Bhd., pledged securities account for Chan Kok San, with 2,500,000 shares (0.50%). The 2024 list included RHB Nominees Malaysia (Tempatan) Sdn. Bhd., pledged securities account for Tan Seow Hoe, with 2,450,000 shares (0.49%).2025 年最大股东名单包括：APEX Nominees (Tempatan) Sdn. Bhd. 名下为 GV Asia Fund Limited (STA 1) 开立的抵押证券户口，持有 1,800,000 股（0.36%）；Maybank Nominees (Tempatan) Sdn. Bhd. 名下为 Chin Kok Wai 开立的抵押证券户口，持有 1,750,000 股（0.35%）；以及 RHB Nominees (Tempatan) Sdn. Bhd. 名下为 Chan Kok San 开立的抵押证券户口，持有 2,500,000 股（0.50%）。2024 年名单列有 RHB Nominees Malaysia (Tempatan) Sdn. Bhd. 名下为 Tan Seow Hoe 开立的抵押证券户口，持有 2,450,000 股（0.49%）。
Source: annual report 2024, page 142; annual report 2025, page 150.出处：2024 年年报第 142 页；2025 年年报第 150 页。
Chang Tat Cyan resigned on 1 October 2024. In 2025 the Board approved a voluntary, temporary 10% reduction in fees for all Non-Executive Directors, effective from August 2025 to May 2026.Chang Tat Cyan 于 2024 年 10 月 1 日辞任。2025 年，董事会批准所有非执行董事自愿暂时减收 10% 董事费，适用期为 2025 年 8 月至 2026 年 5 月。
Source: annual report 2024, page 73; annual report 2025, page 53.出处：2024 年年报第 73 页；2025 年年报第 53 页。
Major events大事记
Source: annual report 2024, page 101.出处：2024 年年报第 101 页。
Source: annual report 2024, page 71.出处：2024 年年报第 71 页。
Source: annual report 2024, pages 25, 71.出处：2024 年年报第 25、71 页。
Source: annual report 2024, page 101.出处：2024 年年报第 101 页。
Source: annual report 2024, page 73.出处：2024 年年报第 73 页。
Source: annual report 2024, page 57.出处：2024 年年报第 57 页。
Source: annual report 2024, page 71.出处：2024 年年报第 71 页。
Source: annual report 2025, page 110.出处：2025 年年报第 110 页。
Source: annual report 2025, page 71.出处：2025 年年报第 71 页。
Source: annual report 2025, page 110.出处：2025 年年报第 110 页。
Source: annual report 2025, pages 73, 80.出处：2025 年年报第 73、80 页。
Revenue and profit营业额与盈利
Assets and equity资产与权益
Cash, fixed deposits and short-term investments现金、定期存款与短期投资
20242024 年
Operations brought in RM7.6 million. The IPO raised RM30.0 million gross and RM29.1 million after share issuance expenses. Cash went into RM10.1 million of short-term investments and RM19.1 million of additional fixed deposits with maturities over three months. Equipment purchases cost RM291,225. The group repaid RM207,996 of bank borrowings and RM551,757 of lease liabilities. Dividends paid totalled RM9.3 million, comprising RM5.0 million to common control shareholders and RM4.3 million to owners of the company.营运带来 RM7.6 million 现金。首次公开募股筹得 RM30.0 million，扣除发股费用后为 RM29.1 million。现金用于投入 RM10.1 million 短期投资，以及增加 RM19.1 million 到期日超过三个月的定期存款。设备购置支出为 RM291,225。集团偿还银行借款 RM207,996 及租赁负债 RM551,757。已付股息合计 RM9.3 million，其中 RM5.0 million 付予共同控制股东，RM4.3 million 付予公司股东。
Source: annual report 2024, pages 71, 85, 87, 88.出处：2024 年年报第 71、85、87、88 页。
20252025 年
The review reports RM11.9 million of cash used in operations. The cash flow statement records RM20.1 million withdrawn from fixed deposits with maturities over three months, RM20.0 million placed in short-term investments and RM5.3 million received from disposing of short-term investments. Equipment purchases cost RM250,436. Bank repayments were RM215,390 and lease repayments RM605,911. No shares were issued and no dividends were paid. The company acquired Fuloso from its subsidiary Inspidea for RM100,000 and later subscribed a further RM99,900.业务回顾报告营运使用现金 RM11.9 million。现金流量表列出提取到期日超过三个月的定期存款 RM20.1 million、投入短期投资 RM20.0 million，以及出售短期投资所得 RM5.3 million。设备购置支出为 RM250,436。银行还款为 RM215,390，租赁还款为 RM605,911。年内没有发行股份，也没有支付股息。公司以 RM100,000 向其子公司 Inspidea 收购 Fuloso，随后再认购 RM99,900 股份。
Source: annual report 2025, pages 23, 79, 95, 96, 110.出处：2025 年年报第 23、79、95、96、110 页。
Across the years跨年合看
Revenue moved from RM28.2 million in 2023 to RM25.8 million in 2024 and RM3.6 million in 2025. Profit for the year moved from RM8.4 million to RM5.0 million, followed by a RM12.0 million loss. Short-term investments rose from nil to RM10.1 million and then RM25.6 million. Bank borrowings fell from RM848,498 to RM290,141 and then RM74,751. Lease liabilities were separate and stood at RM2.4 million at the end of 2025.营业额由 2023 年的 RM28.2 million，变为 2024 年的 RM25.8 million，再变为 2025 年的 RM3.6 million。年度盈利由 RM8.4 million 变为 RM5.0 million，随后录得 RM12.0 million 亏损。短期投资由零增加至 RM10.1 million，再增加至 RM25.6 million。银行借款由 RM848,498 降至 RM290,141，再降至 RM74,751。租赁负债另列，2025 年底为 RM2.4 million。
Source: annual report 2025, page 121.出处：2025 年年报第 121 页。
Still to be spent尚未支出的款项
At the end of 2025, RM20.5 million of IPO proceeds remained unused: RM4.0 million for the United States sales office, RM15.6 million for capacity expansion and RM827,000 for working capital. Capacity expansion includes branch offices in Sabah and Sarawak and refurbishment of production facilities in Selangor. The sales office and capacity expansion allocations retained their 36-month timeframes. On 25 July 2025 the Board extended the working capital timeframe from 12 months to 30 months from listing; it had initially been expected to be fully used by July 2025.2025 年底，首次公开募股款项尚有 RM20.5 million 未使用：美国销售办公室 RM4.0 million、产能扩充 RM15.6 million，以及营运资金 RM827,000。产能扩充包括在 Sabah 和 Sarawak 设立分支办公室，以及翻新 Selangor 的制作设施。销售办公室及产能扩充款项维持 36 个月的使用期限。董事会于 2025 年 7 月 25 日将营运资金的使用期限，由上市起 12 个月延长至 30 个月；原本预计于 2025 年 7 月前全部使用。
Source: annual report 2025, page 71.出处：2025 年年报第 71 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 | 28,158,723 | 25,750,343 | 3,611,988 |
| Profit/(loss) before tax税前盈利／（亏损） | 10,796,115 | 6,978,991 | (12,030,429) |
| Profit/(loss) for the financial year年度盈利／（亏损） | 8,358,046 | 5,043,896 | (12,009,386) |
| Acquisition of property, plant and equipment购置物业、厂房与设备 | (2,703,139) | (291,225) | (250,436) |
| Dividends paid已付股息 | (6,204,127) | (9,269,403) | 0 |
| Total assets总资产 | 25,384,303 | 49,372,791 | 36,382,595 |
| Bank borrowings银行借款 | 848,498 | 290,141 | 74,751 |
| Cash and bank balances现金与银行结余 | 8,046,875 | 6,275,370 | 2,460,991 |
| Total equity总权益 | 17,940,200 | 42,792,422 | 30,821,982 |
| Short-term investments短期投资 | 0 | 10,057,671 | 25,577,496 |
| Fixed deposits with licensed banks持牌银行定期存款 | 7,175,000 | 25,274,290 | 1,750,000 |
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 |
|---|---|---|
| The 2024 report made expansion into 3D animation, Games animation and Games art production a priority for 2025.2024 年报将扩展至三维动画、游戏动画及游戏美术制作列为 2025 年的重点。 | The 2025 report describes Fuloso as expanding the 3D and game art revenue base. It sets a further priority for 2026 to deliver completed, attributable credits for mid-tier game clients.2025 年报说明，Fuloso 正在扩大三维动画及游戏美术收入来源，并将为中型游戏客户交付可署名的已完成作品列为 2026 年的进一步重点。 Source: annual report 2024, page 25; annual report 2025, pages 19, 24.出处：2024 年年报第 25 页；2025 年年报第 19、24 页。 | Expansion underway扩展进行中 |
| The 2024 report said the group was working to expand geographically into other market regions.2024 年报表示，集团正着手扩展至其他地区市场。 | The 2025 report says Asia-Pacific diversification had begun, including engagement in South Korea and Japan. Asia-Pacific accounted for 66.9% of revenue.2025 年报表示，亚太地区的市场拓展已开始，包括接洽 South Korea 和 Japan 的业务。亚太地区占营业额 66.9%。 Source: annual report 2024, page 29; annual report 2025, pages 22, 67.出处：2024 年年报第 29 页；2025 年年报第 22、67 页。 | Expansion begun已开始拓展 |
| The 2024 IPO proceeds plan set a 36-month timeframe for the United States sales office allocation.2024 年首次公开募股款项使用计划为美国销售办公室款项设定 36 个月使用期限。 | The 2025 report retains the 36-month timeframe and records RM345,000 used and RM4.0 million remaining for the sales office.2025 年报维持 36 个月期限，并列出销售办公室款项已使用 RM345,000，尚余 RM4.0 million。 Source: annual report 2024, page 65; annual report 2025, page 71.出处：2024 年年报第 65 页；2025 年年报第 71 页。 | Spending still in progress款项仍在使用中 |
| The 2024 IPO proceeds plan set a 36-month timeframe for capacity expansion.2024 年首次公开募股款项使用计划为产能扩充设定 36 个月期限。 | The 2025 report retains that timeframe. It records RM2.1 million used and RM15.6 million remaining. The scope includes Sabah and Sarawak branch offices and refurbishment of Selangor production facilities.2025 年报维持该期限，列出已使用 RM2.1 million，尚余 RM15.6 million。范围包括 Sabah 和 Sarawak 分支办公室，以及翻新 Selangor 的制作设施。 Source: annual report 2024, page 65; annual report 2025, page 71.出处：2024 年年报第 65 页；2025 年年报第 71 页。 | Spending still in progress款项仍在使用中 |
| The 2024 report set a 12-month timeframe for using the IPO working capital allocation.2024 年报为首次公开募股营运资金款项设定 12 个月使用期限。 | The 2025 report says full use was initially expected by July 2025. On 25 July 2025 the Board extended the timeframe to 30 months from listing. RM827,000 remained unused at year end.2025 年报表示，原预计于 2025 年 7 月前全部使用。董事会于 2025 年 7 月 25 日将期限延长至上市起 30 个月，年底仍有 RM827,000 未使用。 Source: annual report 2024, page 65; annual report 2025, page 71.出处：2024 年年报第 65 页；2025 年年报第 71 页。 | Deadline extended; funds remain unused期限已延长；仍有款项未使用 |
What the reports leave open年报留下待看的事
- The 2025 report sets restoring Inspidea's project deliveries to operating profitability as a priority for 2026. The latest annual results still show a group loss.2025 年报将恢复 Inspidea 的项目交付、使其重返营运盈利，列为 2026 年重点。最新年度业绩仍显示集团亏损。
Source: annual report 2025, pages 19, 79.出处：2025 年年报第 19、79 页。
- Fuloso's 2026 priorities include completed, attributable credits for mid-tier game clients and building its commercial pipeline. The latest report leaves those outcomes to a later period.Fuloso 的 2026 年重点包括为中型游戏客户交付可署名的已完成作品，以及建立业务项目来源。最新年报将这些成果留待之后实现。
Source: annual report 2025, pages 19, 25.出处：2025 年年报第 19、25 页。
- The group committed to integrating AI-assisted tools into Inspidea and Fuloso production workflows in 2026. The latest report describes a commitment rather than a completed rollout.集团承诺于 2026 年将人工智能辅助工具整合至 Inspidea 和 Fuloso 的制作流程。最新年报所述是承诺，尚未说明已完成部署。
Source: annual report 2025, pages 20, 24, 25.出处：2025 年年报第 20、24、25 页。
- A formal foreign exchange hedging programme was under development. The financial statements state that the group had not entered into derivative instruments for hedging or trading.正式的外汇对冲计划仍在制定中。财务报表说明，集团尚未订立用于对冲或交易的衍生工具。
Source: annual report 2025, pages 24, 140.出处：2025 年年报第 24、140 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-10-28.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 2026-10-28。