DailySpaceSolar District Cooling Group Berhad
0321 · ACE Market创业板（ACE Market） · annual reports 2024 to 2025, 803 entries read2024 至 2025 年报，共读出 803 条
The company这家公司
Solar District Cooling Group Berhad provides building management systems, solar thermal systems and energy saving services, and maintenance of other systems and equipment. Its building management systems integrate building functions such as air conditioning, lighting and power monitoring.Solar District Cooling Group Berhad 提供楼宇管理系统、太阳能热能系统与节能服务，以及其他系统与设备的维护服务。其楼宇管理系统整合空调、照明及电力监测等楼宇功能。
Source: annual report 2025, pages 24, 26.出处：2025 年年报第 24、26 页。
In 2025, building management systems contributed RM23.6 million of revenue, solar thermal and energy saving services RM1.3 million, and maintenance RM3.0 million.2025 年，楼宇管理系统贡献营业额 RM23.6 million，太阳能热能与节能服务贡献 RM1.3 million，维护业务贡献 RM3.0 million。
Source: annual report 2025, pages 26, 113.出处：2025 年年报第 26、113 页。
The 2025 shareholding analysis lists Kong Kam Onn with 190,720,224 shares (45.00%), Liuk Ing Hong with 21,191,236 shares (5.00%) and Solarvest Holdings Berhad with 93,241,000 shares (22.00%). The 2024 analysis listed Kong Kam Onn at 64.80% and Liuk Ing Hong at 7.20%. Solarvest became a substantial shareholder on 24 December 2025. The directors' disclosures identify a family relationship between Kong Kam Onn and Liuk Ing Hong.2025 年股权分析列明，Kong Kam Onn 持有 190,720,224 股（45.00%），Liuk Ing Hong 持有 21,191,236 股（5.00%），Solarvest Holdings Berhad 持有 93,241,000 股（22.00%）。2024 年股权分析所列的 Kong Kam Onn 与 Liuk Ing Hong 持股比例分别为 64.80% 与 7.20%。Solarvest 于 2025 年 12 月 24 日成为大股东。董事披露指出，Kong Kam Onn 与 Liuk Ing Hong 存在亲属关系。
Source: annual report 2024, page 144; annual report 2025, pages 4, 16, 133.出处：2024 年年报第 144 页；2025 年年报第 4、16、133 页。
Kong Kam Onn is Managing Director and Liuk Ing Hong is Executive Director. Liew Kong Fatt was appointed Non-Independent Non-Executive Director on 1 February 2026.Kong Kam Onn 为董事经理，Liuk Ing Hong 为执行董事。Liew Kong Fatt 于 2026 年 2 月 1 日获委任为非独立非执行董事。
Source: annual report 2025, pages 10, 11, 15.出处：2025 年年报第 10、11、15 页。
The 2025 largest-holder list includes three pledged securities accounts for KHOO CHEE SIANG: MBSB INVESTMENT NOMINEES (TEMPATAN) SDN BHD with 5,080,000 shares (1.20%), ALLIANCEGROUP NOMINEES (TEMPATAN) SDN BHD with 4,846,400 shares (1.14%), and AFFIN HWANG NOMINEES (TEMPATAN) SDN. BHD. with 5,480,000 shares (1.29%). It also lists AFFIN HWANG NOMINEES (TEMPATAN) SDN. BHD.'s pledged account for KHOR KAI FU with 2,400,000 shares (0.57%).2025 年最大股东名单列有三个为 KHOO CHEE SIANG 持有股份的抵押证券户口：MBSB INVESTMENT NOMINEES (TEMPATAN) SDN BHD 持有 5,080,000 股（1.20%），ALLIANCEGROUP NOMINEES (TEMPATAN) SDN BHD 持有 4,846,400 股（1.14%），AFFIN HWANG NOMINEES (TEMPATAN) SDN. BHD. 持有 5,480,000 股（1.29%）。名单也列有 AFFIN HWANG NOMINEES (TEMPATAN) SDN. BHD. 为 KHOR KAI FU 持有股份的抵押户口，持有 2,400,000 股（0.57%）。
Source: annual report 2025, page 134.出处：2025 年年报第 134 页。
Other pledged accounts in that list are CGS INTERNATIONAL NOMINEES MALAYSIA (TEMPATAN) SDN. BHD. for SIM POH SEAN, with 1,070,000 shares (0.25%), and for TAN YEE SIN, with 1,330,000 shares (0.31%); PHILLIP NOMINEES (TEMPATAN) SDN BHD for ANDREW TAN JUN SUAN, with 3,386,700 shares (0.80%); M & A NOMINEE (TEMPATAN) SDN BHD for TAY SENG CHEW, with 3,625,000 shares (0.86%); and MAYBANK NOMINEES (TEMPATAN) SDN BHD for FOO KHAI SHIN, with 1,500,000 shares (0.35%), and for TAN LEEK HUI, with 1,000,000 shares (0.24%).该名单的其他抵押户口包括：CGS INTERNATIONAL NOMINEES MALAYSIA (TEMPATAN) SDN. BHD. 为 SIM POH SEAN 持有 1,070,000 股（0.25%），为 TAN YEE SIN 持有 1,330,000 股（0.31%）；PHILLIP NOMINEES (TEMPATAN) SDN BHD 为 ANDREW TAN JUN SUAN 持有 3,386,700 股（0.80%）；M & A NOMINEE (TEMPATAN) SDN BHD 为 TAY SENG CHEW 持有 3,625,000 股（0.86%）；MAYBANK NOMINEES (TEMPATAN) SDN BHD 为 FOO KHAI SHIN 持有 1,500,000 股（0.35%），为 TAN LEEK HUI 持有 1,000,000 股（0.24%）。
Source: annual report 2025, page 134.出处：2025 年年报第 134 页。
Revenue by country, 20252025 年各国营业额
Source: annual report 2025, page 113.出处：2025 年年报第 113 页。
Major events大事记
Source: annual report 2024, page 88.出处：2024 年年报第 88 页。
Source: annual report 2024, page 21.出处：2024 年年报第 21 页。
Source: annual report 2025, page 24.出处：2025 年年报第 24 页。
Source: annual report 2025, page 97.出处：2025 年年报第 97 页。
Source: annual report 2025, page 4.出处：2025 年年报第 4 页。
Source: annual report 2025, page 4.出处：2025 年年报第 4 页。
Source: annual report 2025, page 62.出处：2025 年年报第 62 页。
Source: annual report 2025, page 4.出处：2025 年年报第 4 页。
Source: annual report 2025, page 15.出处：2025 年年报第 15 页。
Revenue, profit and operating cash营业额、盈利与营运现金
Assets, equity and cash资产、权益与现金
20242024 年
Operations brought in RM3.5 million. The IPO raised RM45.1 million, or RM43.0 million after share issuance expenses. Cash spending included RM790,695 on property, plant and equipment, RM548,084 on term loan repayments, RM61,883 on hire purchase repayments and RM4.2 million in dividends. The acquisition of Solar District Cooling Sdn. Bhd. was paid for with 305,152,360 new shares valued at RM15.3 million.营运活动带来 RM3.5 million。首次公开售股筹得 RM45.1 million，扣除股份发行费用后为 RM43.0 million。现金支出包括购置产业、厂房与设备 RM790,695、偿还定期贷款 RM548,084、偿还租购款 RM61,883，以及股息 RM4.2 million。收购 Solar District Cooling Sdn. Bhd. 的代价以 305,152,360 股新股支付，价值 RM15.3 million。
Source: annual report 2024, pages 58, 80, 81.出处：2024 年年报第 58、80、81 页。
20252025 年
Operations used RM619,243; management attributed the deficit mainly to upfront mobilisation costs for the VRF project. The group spent RM1.4 million on property, plant and equipment and RM4.0 million on net purchases of an equity fund. It paid RM6.4 million in dividends, RM64,960 in hire purchase principal and RM2,690 in term loan principal. No shares were issued during the year. From January, construction revenue was recognised using costs incurred against estimated total costs; the note says this change increased the year's profit by RM9,522,533.营运活动耗用 RM619,243；管理层表示，现金缺口主要来自 VRF 项目的前期动员成本。集团购置产业、厂房与设备支出 RM1.4 million，净购入股票基金支出 RM4.0 million。集团支付股息 RM6.4 million、租购本金 RM64,960 及定期贷款本金 RM2,690。年内没有发行股份。自 1 月起，建筑合约营业额按已发生成本占估计总成本的比例确认；附注表示，这项变更使当年盈利增加 RM9,522,533。
Source: annual report 2025, pages 28, 62, 83, 97.出处：2025 年年报第 28、62、83、97 页。
Across the years两年合看
Year-end cash and cash equivalents fell from RM47.6 million in 2024 to RM35.1 million in 2025. Money market funds were of RM45.0 million and RM34.1 million respectively. Term loans and hire purchase payables fell from RM212,999 to RM145,349. The group paid an interim dividend of 1.0 sen per share in 2024 and 1.5 sen in 2025. The 2025 report says the group has no formal dividend policy.年末现金与现金等价物由 2024 年的 RM47.6 million 降至 2025 年的 RM35.1 million。货币市场基金分别为 RM45.0 million 与 RM34.1 million。定期贷款与租购应付款由 RM212,999 降至 RM145,349。集团在 2024 年支付每股 1.0 仙中期股息，2025 年支付每股 1.5 仙。2025 年报表示，集团没有正式股息政策。
Source: annual report 2024, page 111; annual report 2025, pages 29, 99, 108, 114.出处：2024 年年报第 111 页；2025 年年报第 29、99、108、114 页。
Still to be spent尚待支出
The 2025 IPO proceeds table shows RM13.1 million unused: RM8.3 million for materials, RM1.6 million for tender or performance bonds, RM1.8 million for headquarters expansion and RM1.3 million for capital expenditure. The stated utilisation periods run from the September 2024 listing: 24 months for headquarters expansion and bonds, and 36 months for materials and capital expenditure. Separately, contracted capital commitments for property, plant and equipment were RM65,000.2025 年首次公开售股资金用途表列有 RM13.1 million 尚未使用：材料 RM8.3 million、投标或履约保证金 RM1.6 million、总部扩建 RM1.8 million，以及资本开支 RM1.3 million。所列使用期限自 2024 年 9 月上市起计算：总部扩建与保证金为 24 个月，材料与资本开支为 36 个月。另外，已签约的产业、厂房与设备资本承诺为 RM65,000。
Source: annual report 2025, pages 57, 129.出处：2025 年年报第 57、129 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 | 26,621,655 | 25,327,968 | 27,848,119 |
| Profit before tax税前盈利 | 8,679,994 | 5,923,643 | 7,263,826 |
| Profit after taxation税后盈利 | 6,345,105 | 4,286,042 | – |
| Net cash from operating activities营运活动所得现金净额 | – | 3,481,410 | (619,243) |
| Purchase of property, plant and equipment购置产业、厂房与设备 | 59,622 | 790,695 | 1,441,198 |
| Dividends paid已付股息 | 2,000,000 | 4,238,225 | 6,357,337 |
| Total assets总资产 | 24,217,066 | 65,904,547 | 66,446,064 |
| Term loans and hire purchase payables定期贷款与租购应付款 | 822,966 | 212,999 | 145,349 |
| Cash and cash equivalents现金与现金等价物 | 6,138,397 | 47,629,839 | 35,096,923 |
| Total equity总权益 | 19,602,823 | 62,687,196 | 62,355,994 |
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 planned a headquarters extension to increase built-up area from 8,320 sq. ft. to approximately 14,000 sq. ft.2024 年报计划扩建总部，把建筑面积由 8,320 平方英尺增至约 14,000 平方英尺。 | The 2025 report describes headquarters expansion and records use of proceeds for it. It does not confirm that the planned floor area has been reached.2025 年报提及总部扩建，并记录了相关上市资金的使用情况，但没有确认建筑面积已达到计划水平。 Source: annual report 2024, page 21; annual report 2025, pages 21, 25, 57.出处：2024 年年报第 21 页；2025 年年报第 21、25、57 页。 | Spending begun; completion not confirmed已开始支出；未确认完工 |
| The 2024 report intended to start a solar PV business under the power purchase agreement model. Its accepted proposal remained subject to agreements being signed.2024 年报计划开展购电协议模式的太阳能光伏业务。已获接受的方案仍须签署相关协议。 | The 2025 report says the business moved from proposals to securing small Independent Power Producer contracts and commenced solar PV systems under the PPA model.2025 年报表示，该业务已由提案阶段转为取得小型独立发电商合约，并开始开展购电协议模式的太阳能光伏系统业务。 Source: annual report 2024, pages 19, 22; annual report 2025, pages 22, 24.出处：2024 年年报第 19、22 页；2025 年年报第 22、24 页。 | Contracts secured已取得合约 |
| The 2024 report planned to strengthen its ASEAN presence, particularly in Singapore and Brunei.2024 年报计划扩大在东盟的业务，尤其是新加坡与文莱。 | The 2025 report describes collaboration on selected Brunei projects under the memorandum with Serikandi Oil Field Services Sdn Bhd.2025 年报表示，集团根据与 Serikandi Oil Field Services Sdn Bhd 的备忘录，在文莱合作开展部分项目。 Source: annual report 2024, page 22; annual report 2025, pages 24, 113.出处：2024 年年报第 22 页；2025 年年报第 24、113 页。 | Brunei collaboration reported已披露文莱合作进展 |
| The 2024 report planned to improve system integration through ICT solutions and automation.2024 年报计划通过资讯科技方案与自动化改善系统整合。 | The 2025 report describes the launch of a Live Complaint System and automated after-sales support. It also says its BMS incorporates cloud-based reporting for clients to monitor energy use and their carbon footprint.2025 年报披露已推出 Live Complaint System 及自动化售后支援，也表示楼宇管理系统已加入云端报告功能，让客户监测能源使用与碳足迹。 Source: annual report 2024, page 23; annual report 2025, pages 21, 27.出处：2024 年年报第 23 页；2025 年年报第 21、27 页。 | Systems introduced已推出系统 |
What the reports leave open年报留下待看的事
- The unbilled order book stood at RM28.3 million in February 2026. The company expected RM24.1 million to be recognised within FY2026; that remains an expectation in the 2025 report.2026 年 2 月，未开单订单为 RM28.3 million。公司预计其中 RM24.1 million 将在 2026 财政年度确认；这在 2025 年报中仍属预期。
Source: annual report 2025, page 27.出处：2025 年年报第 27 页。
- The headquarters extension remains to be checked against the planned floor area. The 2025 report still lists unused IPO proceeds for the expansion.总部扩建是否达到计划建筑面积仍待确认。2025 年报仍列有尚未使用的总部扩建上市资金。
Source: annual report 2024, page 21; annual report 2025, page 57.出处：2024 年年报第 21 页；2025 年年报第 57 页。
- Following a public reprimand in 2025, the report says the company will work with its Sponsor and improve internal awareness through training and engagement with the authorities. These follow-up measures remain part of its stated work.在 2025 年受到公开谴责后，年报表示公司将与保荐人合作，并通过培训及与监管机构沟通，提高内部认知。这些后续措施仍属于公司所述的工作。
Source: annual report 2025, page 40.出处：2025 年年报第 40 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。