DailySpaceCheetah Holdings Berhad
7209 · Main Market主板（Main Market） · annual reports 2023 to 2025, 894 entries read2023 至 2025 年报，共读出 894 条
The company这家公司
Cheetah Holdings Berhad is engaged in product designing, product development, marketing and retailing of sports apparel and accessories, casual wear, garments, footwear and ancillary products, operating principally in Malaysia. As at 30 June 2025, the group operated more than 706 consignment counters, including 11 consignment counters in Brunei, as well as 2 warehouses and 2 boutiques in Malaysia.Cheetah Holdings Berhad 主要在马来西亚从事运动服装及配饰、休闲服、各类成衣、鞋类及辅助产品的设计、开发、营销与零售业务。截至 2025 年 6 月 30 日，集团经营超过 706 个寄售专柜（包括文莱的 11 个寄售专柜），以及在马来西亚的 2 间仓库和 2 间专卖店。
Source: annual report 2023, page 68; annual report 2024, page 108; annual report 2025, page 10.出处：2023 年年报第 68 页；2024 年年报第 108 页；2025 年年报第 10 页。
The 2024 report says all revenue is generated in Malaysia. E-commerce revenue was RM3.31 million in 2024 and RM3.76 million in 2025. In 2023, 6 major customers accounted for approximately 78% of total receivables. In 2024, 3 major customers accounted for approximately 56% of net trade receivables, and in 2025, 2 major customers accounted for approximately 47%.2024 年报指所有营业额均在马来西亚产生。电商营业额在 2024 年为 RM3.31 million，2025 年为 RM3.76 million。2023 年，6 大客户约占应收款项总额的 78%。2024 年，3 大客户约占贸易应收款项净额的 56%，2025 年则有 2 大客户约占 47%。
Source: annual report 2023, page 92; annual report 2024, pages 24, 102, 108; annual report 2025, pages 22, 101.出处：2023 年年报第 92 页；2024 年年报第 24、102、108 页；2025 年年报第 22、101 页。
As at 30 June 2025, XOX (Hong Kong) Limited held 101,400,000 shares (20.85%), all pledged under Apex Nominees (Asing) Sdn. Bhd. Pledged Securities Account for XOX (Hong Kong) Limited (STA 1), with XOX Bhd deemed interested. Lim Kon Lian held 59,373,000 shares (12.21%). Morgan Stanley held 28,503,991 shares (5.86%) through HSBC Nominees (Asing) Sdn. Bhd.; Mitsubishi UFJ Financial Group, Inc is deemed interested in those shares through its holding of more than 20% of Morgan Stanley Group.截至 2025 年 6 月 30 日，XOX (Hong Kong) Limited 持有 101,400,000 股（20.85%），全部质押于 Apex Nominees (Asing) Sdn. Bhd. Pledged Securities Account for XOX (Hong Kong) Limited (STA 1)，XOX Bhd 拥有视同权益。Lim Kon Lian 持有 59,373,000 股（12.21%）。Morgan Stanley 通过 HSBC Nominees (Asing) Sdn. Bhd. 持有 28,503,991 股（5.86%）；Mitsubishi UFJ Financial Group, Inc 因持有 Morgan Stanley Group 逾 20% 股权而被视为在该批股份中拥有权益。
Source: annual report 2025, pages 113, 114.出处：2025 年年报第 113、114 页。
None of the directors or key senior management have any family relationship with any director or major shareholder. Tan Sri Acryl Sani Bin Abdullah Sani was appointed Independent Non-Executive Chairman on 31 January 2024. BDO PLT retired as external auditors at the 26th annual general meeting and Moore Stephens Associates PLT was appointed.董事及关键高管与任何董事或主要股东之间均无亲属关系。Tan Sri Acryl Sani Bin Abdullah Sani 于 2024 年 1 月 31 日获委任为独立非执行主席。BDO PLT 于第 26 届股东周年大会退任外部审计师，由 Moore Stephens Associates PLT 接任。
Source: annual report 2023, pages 54, 104; annual report 2024, pages 6, 65; annual report 2025, pages 7, 8.出处：2023 年年报第 54、104 页；2024 年年报第 6、65 页；2025 年年报第 7、8 页。
Major events大事记
Source: annual report 2023, pages 12, 23, 51.出处：2023 年年报第 12、23、51 页。
Source: annual report 2023, pages 11, 20.出处：2023 年年报第 11、20 页。
Source: annual report 2023, pages 54, 104; annual report 2025, page 8.出处：2023 年年报第 54、104 页；2025 年年报第 8 页。
Source: annual report 2024, pages 6, 65.出处：2024 年年报第 6、65 页。
Source: annual report 2025, pages 11, 21.出处：2025 年年报第 11、21 页。
Source: annual report 2025, pages 43, 54.出处：2025 年年报第 43、54 页。
Revenue, profit/(loss) and operating cash营业额、盈利／（亏损）与营运现金
Total assets, equity and other investments总资产、总权益与其他投资
Cash balances and borrowings现金结余与借款
20232023 年
Revenue was RM146.78 million and loss for the financial year was RM18,337,029. Net cash used in operating activities was RM15,769,620. Purchase of property, plant and equipment was RM2,731,336, and purchase of other investments was RM154,936, while a net fair value loss of RM14,755,884 was recognised on other investments. Drawings of bankers' acceptances were RM9,896,442 and repayments were RM7,028,005, leaving borrowings of RM2,868,437. Repayments of lease liabilities were RM897,013. No dividend was recommended or paid.营业额为 RM146.78 million，财政年度亏损为 RM18,337,029。营运活动所用现金净额为 RM15,769,620。购买物业、厂房及设备支出 RM2,731,336，购买其他投资支出 RM154,936，同时对其他投资确认公允价值净亏损 RM14,755,884。提取银行承兑汇票 RM9,896,442，偿还 RM7,028,005，期末借款为 RM2,868,437。偿还租赁负债 RM897,013。未建议也未派发股息。
Source: annual report 2023, pages 11, 50, 62, 65, 66.出处：2023 年年报第 11、50、62、65、66 页。
20242024 年
Revenue fell to RM128.36 million, while profit for the financial year was RM1,859,200. Net cash from operating activities was RM13,277,052. Purchase of property, plant and equipment took RM825,004. Additions of other investments took RM2,405,379, while proceeds from disposal of other investments were RM1,083,476 and a fair value gain of RM2,510,963 was recorded. Pledged fixed deposits of RM2,429,019 were placed. Repayments of lease liabilities were RM1,163,758 and net repayments of bankers' acceptances were RM1,144,377, reducing borrowings to RM1,724,060. No dividend was recommended.营业额降至 RM128.36 million，财政年度盈利为 RM1,859,200。营运活动所得现金净额为 RM13,277,052。购买物业、厂房及设备支出 RM825,004。增加其他投资支出 RM2,405,379，脱售其他投资所得款项为 RM1,083,476，并录得公允价值收益 RM2,510,963。存放了已抵押定期存款 RM2,429,019。偿还租赁负债 RM1,163,758，净偿还银行承兑汇票 RM1,144,377，使借款降至 RM1,724,060。未建议派发股息。
Source: annual report 2024, pages 12, 55, 67, 69, 70.出处：2024 年年报第 12、55、67、69、70 页。
20252025 年
Revenue was RM114.80 million and loss for the financial year was RM16,709,853. A fair value loss on other investments of RM10,018,226 was recorded, prepayments of RM1,000,000 were written off, and bad debts of RM218,460 were written off. Net cash from operating activities was RM5,275,268. Purchase of property, plant and equipment was RM923,302, additions of other investments were RM315,050, and placement of pledged fixed deposits took RM709,871. Repayments of lease liabilities were RM1,369,378 and net repayments of bankers' acceptances were RM252,159, leaving borrowings of RM1,471,901. No dividend was declared.营业额为 RM114.80 million，财政年度亏损为 RM16,709,853。录得其他投资公允价值亏损 RM10,018,226，核销预付款项 RM1,000,000，以及核销坏账 RM218,460。营运活动所得现金净额为 RM5,275,268。购买物业、厂房及设备支出 RM923,302，增加其他投资支出 RM315,050，存放已抵押定期存款支出 RM709,871。偿还租赁负债 RM1,369,378，净偿还银行承兑汇票 RM252,159，期末借款为 RM1,471,901。未宣派股息。
Source: annual report 2025, pages 11, 53, 65, 67, 68.出处：2025 年年报第 11、53、65、67、68 页。
Across the three years三年合看
Revenue decreased each year from RM146.78 million in 2023 to RM128.36 million in 2024 and RM114.80 million in 2025. Group results moved with quoted investment valuations: net fair value loss was RM14,755,884 in 2023, gain was RM2,510,963 in 2024, and loss was RM10,018,226 in 2025. Other investments stood at RM11,375,135 in 2023, RM15,528,309 in 2024, and RM5,825,133 in 2025. Cash and bank balances rose from RM9,706,448 in 2023 to RM18,556,753 in 2024 and RM21,073,727 in 2025, while pledged fixed deposits reached RM3,138,890. No dividends were paid across the three years.营业额逐年减少，从 2023 年的 RM146.78 million 降至 2024 年的 RM128.36 million 及 2025 年的 RM114.80 million。集团业绩随上市投资估值波动：2023 年公允价值净亏损 RM14,755,884，2024 年收益 RM2,510,963，2025 年亏损 RM10,018,226。其他投资在 2023 年为 RM11,375,135，2024 年为 RM15,528,309，2025 年为 RM5,825,133。现金与银行结余从 2023 年的 RM9,706,448 增至 2024 年的 RM18,556,753 及 2025 年的 RM21,073,727，已抵押定期存款达 RM3,138,890。三年来均未派发股息。
Source: annual report 2023, pages 11, 50, 65; annual report 2024, pages 12, 55, 69; annual report 2025, pages 11, 53, 67, 96.出处：2023 年年报第 11、50、65 页；2024 年年报第 12、55、69 页；2025 年年报第 11、53、67、96 页。
Still to be spent尚未支出的承诺
Private placement proceeds of RM9.32 million raised in January 2022 were fully utilised as at 30 June 2023. Capital commitments authorised and contracted for renovation stood at RM4,000,000 at 30 June 2024 and were nil at 30 June 2025. On 24 April 2025, 243,117,614 warrants expired unexercised, and on 26 April 2025 the share option scheme expired with no options outstanding.2022 年 1 月通过私下配售筹集的 RM9.32 million 资金截至 2023 年 6 月 30 日已悉数动用。已获授权并签约的装修资本承诺在 2024 年 6 月 30 日为 RM4,000,000，而在 2025 年 6 月 30 日为零。2025 年 4 月 24 日，243,117,614 份凭单届满作废未获行使；2025 年 4 月 26 日，雇员认股计划届满失效，无尚未行使的期权。
Source: annual report 2023, page 12; annual report 2024, page 112; annual report 2025, pages 43, 54, 110.出处：2023 年年报第 12 页；2024 年年报第 112 页；2025 年年报第 43、54、110 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 | 145,404,455 | 146,780,629 | 128,361,786 | 114,798,903 |
| Profit/(Loss) before tax税前盈利／（亏损） | (4,160,884) | (17,180,413) | 1,012,611 | (16,325,402) |
| Profit/(Loss) after tax税后盈利／（亏损） | (7,087,059) | (18,337,029) | 1,859,200 | (16,709,853) |
| Net cash from/(used in) operating activities营运活动所得／（所用）现金净额 | 4,953,012 | (15,769,620) | 13,277,052 | 5,275,268 |
| Purchase of property, plant and equipment购买物业、厂房及设备 | (4,674,770) | (2,731,336) | (825,004) | (923,302) |
| Other investments其他投资 | 25,976,083 | 11,375,135 | 15,528,309 | 5,825,133 |
| Cash and bank balances现金与银行结余 | 17,716,834 | 9,706,448 | 18,556,753 | 21,073,727 |
| Borrowings借款 | 0 | 2,868,437 | 1,724,060 | 1,471,901 |
| Total assets总资产 | 148,657,399 | 133,651,204 | 133,904,045 | 114,417,876 |
| Total equity总权益 | 139,008,162 | 120,671,133 | 122,530,333 | 105,820,480 |
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 |
|---|---|---|
| Targeted to reduce electricity cost by 15% in FYE 2023 and by 20% in FYE 2024 (Base year: FYE 2022)目标在 2023 财年降低电费 15%，2024 财年降低 20%（基准年：2022 财年） | In FYE 2024, the group reported a 56% reduction in electricity consumption compared to FYE 2022.在 2024 财年，集团报告耗电量较 2022 财年减少了 56%。 Source: annual report 2023, page 18; annual report 2024, page 25.出处：2023 年年报第 18 页；2024 年年报第 25 页。 | Target exceeded超出目标 |
| Targeted to provide recycling bins in the office by FYE 2023 and warehouses by FYE 2024目标在 2023 财年前在办公室设置回收箱，2024 财年前在仓库设置回收箱 | In 2024, recycling bins were placed in offices and warehouse.2024 年在办公室和仓库设置了回收箱。 Source: annual report 2023, page 19; annual report 2024, page 26.出处：2023 年年报第 19 页；2024 年年报第 26 页。 | Carried out已执行 |
| Targeted to release at least two collections per year目标每年推出至少两（2）个系列 | Collections released include Batman 85 Mash-Ups in 2024, and Jujutsu Kaisen, Spy x Family, Superman and Game of Thrones in 2025.推出的系列包括 2024 年的 Batman 85 Mash-Ups，以及 2025 年的 Jujutsu Kaisen、Spy x Family、Superman 和 Game of Thrones。 Source: annual report 2023, page 19; annual report 2024, page 11; annual report 2025, page 19.出处：2023 年年报第 19 页；2024 年年报第 11 页；2025 年年报第 19 页。 | Carried out已执行 |
| Targeted to collect data and develop a methodology to estimate greenhouse gas emissions for future disclosure目标收集数据并制定方法以估算温室气体排放量供未来披露 | In 2025, the group reported 158 tonnes of CO2 e generated from company vehicles and purchased electricity.2025 年集团报告公司车辆和外购电力产生 158 吨二氧化碳当量排放。 Source: annual report 2023, page 23; annual report 2025, page 25.出处：2023 年年报第 23 页；2025 年年报第 25 页。 | Disclosed已披露 |
| Expected to have more retail outlets in the coming financial years following the 1 Utama store relaunch继万达广场店铺重新开业后，预期在未来几个财政年度增设更多零售店 | Opened a new boutique at IOI Mall Puchong in the last quarter of 2024, bringing boutiques in Malaysia to 2.2024 年末季在蒲种 IOI 商场开设新专卖店，使马来西亚的专卖店增至 2 间。 Source: annual report 2024, page 11; annual report 2025, pages 10, 11, 21.出处：2024 年年报第 11 页；2025 年年报第 10、11、21 页。 | Carried out已执行 |
| Planned to report on waste data in the FYE 2025 Sustainability Statement计划在 2025 财年可持续发展声明中报告废物数据 | In 2025, the group tracked and reported waste data, including 25.28 tons of paper products and 3.21 tons of other materials.2025 年集团跟踪并报告了废物数据，包括 25.28 吨纸制品和 3.21 吨其他材料。 Source: annual report 2024, page 26; annual report 2025, page 25.出处：2024 年年报第 26 页；2025 年年报第 25 页。 | Reported已报告 |
What the reports leave open年报留下待看的事
- Management plans for new product launches before the close of 2025; the report says a launch would begin at 1 Utama Shopping Centre and follow at IOI City Mall, IOI Mall Puchong, Sunway Pyramid and other states.管理层计划在 2025 年底前推出新产品；年报指推出活动将从 1 Utama 购物中心开始，随后到 IOI City Mall、IOI Mall Puchong、双威金字塔商场及其他州属。
Source: annual report 2025, pages 10, 12.出处：2025 年年报第 10、12 页。
- Quoted investments fair value movements, which swung from a gain of RM2,510,963 in 2024 to a loss of RM10,018,226 in 2025, with other investments carrying amount at RM5,825,133.上市投资公允价值变动，由 2024 年收益 RM2,510,963 转为 2025 年亏损 RM10,018,226，其他投资账面值降至 RM5,825,133。
Source: annual report 2025, pages 11, 67.出处：2025 年年报第 11、67 页。
- Fixed deposits pledged to a licensed bank rose to RM3,138,890 to secure credit facilities, while bankers' acceptances stood at RM1,471,901.为担保信贷额度而质押给持牌银行的定期存款增至 RM3,138,890，银行承兑汇票结余为 RM1,471,901。
Source: annual report 2025, pages 96, 98.出处：2025 年年报第 96、98 页。
- Customer concentration risk, with 2 major customers accounting for approximately 47% of net trade receivables at 30 June 2025.客户集中度风险，截至 2025 年 6 月 30 日，2 大客户约占贸易应收款项净额的 47%。
Source: annual report 2025, page 101.出处：2025 年年报第 101 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-11-06.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 2026-11-06。