DailySpaceCWG Holdings Berhad
9423 · Main Market主板 · annual reports 2023 to 2025, 1303 entries read2023 至 2025 年报，共读出 1303 条
The company这家公司
CWG Holdings Berhad manufactures and sells stationery and printing materials. It assumed the listing status of Chee Wah Corporation Berhad on the Main Market on 13 July 2017. In October 2023, the group entered property development through the acquisition of SA Marvel Sdn. Bhd., and in October 2024 it acquired Unigenius Holding Sdn. Bhd., which produces paper-based labels, stickers and packaging.CWG Holdings Berhad 制造并销售文具和印刷材料。2017 年 7 月 13 日，该公司接替 Chee Wah Corporation Berhad 在主板上市。2023 年 10 月，该集团通过收购 SA Marvel Sdn. Bhd. 涉足房地产开发，并于 2024 年 10 月收购了生产纸质标签、贴纸和包装的 Unigenius Holding Sdn. Bhd.。
Source: annual report 2023, pages 3, 83; annual report 2025, pages 3, 19.出处：2023 年年报第 3、83 页；2025 年年报第 3、19 页。
In FY2023 and FY2024, the export market generated 76.8% and 68.0% of revenue, with Asia outside Malaysia contributing 46.6% and 43.1%. In FY2025, the domestic market became the top revenue contributor at 55.8%, or RM60.585 million, comprising RM39 million from manufacturing and RM21.585 million from property development, while export sales of RM47.968 million were solely from manufacturing. In 2025, one customer accounted for RM14,298,483 of revenue.在 2023 财政年和 2024 财政年，出口市场分别占营业额的 76.8% 和 68.0%，马来西亚以外的亚洲地区贡献了 46.6% 和 43.1%。在 2025 财政年，国内市场成为第一大营业额来源，占 55.8%（RM60.585 million），其中制造业贡献 RM39 million，房地产开发贡献 RM21.585 million，而 RM47.968 million 的出口销售全部来自制造业。2025 年，单一客户贡献了 RM14,298,483 的营业额。
Source: annual report 2023, page 13; annual report 2024, page 13; annual report 2025, pages 13, 14, 99.出处：2023 年年报第 13 页；2024 年年报第 13 页；2025 年年报第 13、14、99 页。
In the 2025 report's thirty largest shareholders list, Ooi Chin Soon held 46,880,000 shares (17.90%) and ANB Equity Sdn. Bhd. held 20,599,200 shares (7.86%). Datuk Hong Choon Hau held 29,036,920 shares (17.86%) in the 2023 report; his row in the 2025 directors' interests table reads 29,036,920, 17,422,152 and 46,459,072 shares. Pledged accounts include Public Nominees (Tempatan) Sdn Bhd for Khor Say Khai Holdings Sdn. Bhd. with 7,880,000 shares (3.01%) and M & A Nominee (Tempatan) Sdn Bhd for Lim Ed Win with 4,800,000 shares (1.83%).在 2025 年报三十大股东名单中，Ooi Chin Soon 持有 46,880,000 股（17.90%），ANB Equity Sdn. Bhd. 持有 20,599,200 股（7.86%）。Datuk Hong Choon Hau 在 2023 年报中持有 29,036,920 股（17.86%）；2025 年报董事权益表中他的一行列出 29,036,920 股、17,422,152 股及 46,459,072 股。抵押证券账户包括 Public Nominees (Tempatan) Sdn Bhd 押记予 Khor Say Khai Holdings Sdn. Bhd. 的 7,880,000 股（3.01%），以及 M & A Nominee (Tempatan) Sdn Bhd 押记予 Lim Ed Win 的 4,800,000 股（1.83%）。
Source: annual report 2023, page 60; annual report 2025, pages 72, 79.出处：2023 年年报第 60 页；2025 年年报第 72、79 页。
Tan Hing Ming was appointed Independent Non-Executive Director on 29 June 2017, re-designated as Group Managing Director on 27 November 2019, and re-designated as Executive Chairman on 15 June 2023. Ooi Chin Soon was appointed Group Executive Director on 29 June 2017 and re-designated as Executive Deputy Chairman on 28 August 2019. Datuk Hong Choon Hau was appointed Group Executive Director on 16 February 2022. Several directors declared potential conflicts of interest from outside directorships in building development and construction companies, which the audit committee monitors quarterly.Tan Hing Ming 于 2017 年 6 月 29 日获委任为独立非执行董事，2019 年 11 月 27 日调任为集团董事经理，并于 2023 年 6 月 15 日调任为执行主席。Ooi Chin Soon 于 2017 年 6 月 29 日获委任为集团执行董事，2019 年 8 月 28 日调任为执行副主席。Datuk Hong Choon Hau 于 2022 年 2 月 16 日获委任为集团执行董事。数名董事申报了因在外部建筑开发及建筑公司任职而存在的潜在利益冲突，审计委员会按季度对此进行监督。
Source: annual report 2023, page 8; annual report 2024, pages 7, 10; annual report 2025, page 10.出处：2023 年年报第 8 页；2024 年年报第 7、10 页；2025 年年报第 10 页。
Revenue by segment, 20252025 年各部门营业额
Source: annual report 2025, page 97.出处：2025 年年报第 97 页。
Major events大事记
Source: annual report 2023, page 71.出处：2023 年年报第 71 页。
Source: annual report 2024, pages 17, 96.出处：2024 年年报第 17、96 页。
Source: annual report 2024, page 73.出处：2024 年年报第 73 页。
Source: annual report 2024, page 25.出处：2024 年年报第 25 页。
Source: annual report 2025, pages 69, 77.出处：2025 年年报第 69、77 页。
Source: annual report 2025, pages 82, 110.出处：2025 年年报第 82、110 页。
Revenue, profit and operating cash营业额、盈利与营运现金
Borrowings and equity借款与权益
20232023 年
In FY2023, operating activities generated net cash of RM14.049 million, while investing activities used RM1.112 million, mainly for capital investment in property, plant, and equipment. Financing cash outflows were RM5.775 million, which included RM4.216 million on interest payments and debt repayments, RM1.220 million in dividends paid, and RM339,054 to purchase 1,052,200 treasury shares. Bank borrowings declined by RM3.068 million to RM9.131 million. Cash and cash equivalents closed at RM21.162 million.2023 财政年，营运活动产生净现金 RM14.049 million，投资活动使用 RM1.112 million，主要用于物业、厂房及设备资本投资。融资现金流出 RM5.775 million，其中包括 RM4.216 million 的利息支付和债务偿还、已付股息 RM1.220 million，以及花费 RM339,054 回购 1,052,200 股库存股。银行借款减少 RM3.068 million 至 RM9.131 million。现金与现金等价物期末收于 RM21.162 million。
Source: annual report 2023, pages 15, 67; annual report 2024, page 15.出处：2023 年年报第 15、67 页；2024 年年报第 15 页。
20242024 年
In FY2024, operating cash flow fell to RM0.146 million, as inventories rose by RM13.359 million, which included RM20.546 million of property development costs in the property development segment. Investing activities used RM1.540 million, including RM100,000 paid to acquire SA Marvel Sdn. Bhd. Financing activities used RM6.064 million, including RM6.934 million on interest, borrowings and lease repayments and dividends, offset by proceeds from reselling 1,100,000 treasury shares for RM374,000. Bank borrowings declined by RM1.769 million to RM7.362 million, and cash and cash equivalents fell to RM13.713 million.2024 财政年，营运现金流降至 RM0.146 million，主要由于存货增加 RM13.359 million，其中包括房地产开发部门的 RM20.546 million 房地产开发成本。投资活动使用 RM1.540 million，包括支付 RM100,000 收购 SA Marvel Sdn. Bhd.。融资活动使用 RM6.064 million，包括用于利息、借款与租赁偿还及股息的 RM6.934 million，部分被转售 1,100,000 股库存股所得的 RM374,000 抵销。银行借款减少 RM1.769 million 至 RM7.362 million，现金与现金等价物降至 RM13.713 million。
Source: annual report 2024, pages 15, 69, 96.出处：2024 年年报第 15、69、96 页。
20252025 年
In FY2025, operating activities brought net cash of RM8.943 million. Investing activities used RM19.478 million, including net cash of RM13,764,704 paid on acquisition of subsidiaries and RM4,615,320 paid on redemption of redeemable preference shares. Financing cash flow was an inflow of RM17.093 million, with RM17.680 million proceeds from the rights issue and RM7.000 million in term loan drawings, against RM8.232 million of repayments and interest. Bank borrowings rose by RM10.517 million to RM17.879 million, and cash and cash equivalents reached RM20.238 million.2025 财政年，营运活动带来净现金 RM8.943 million。投资活动使用 RM19.478 million，包括收购子公司支付的现金净额 RM13,764,704，以及赎回可赎回优先股支付的 RM4,615,320。融资现金流为净流入 RM17.093 million，包含附加股发行所得 RM17.680 million 和定期贷款提取 RM7.000 million，抵销了 RM8.232 million 的偿还及利息。银行借款增加 RM10.517 million 至 RM17.879 million，现金与现金等价物达到 RM20.238 million。
Source: annual report 2025, pages 16, 93, 128.出处：2025 年年报第 16、93、128 页。
Across the three years三年合看
The group expanded from stationery into property development and packaging printing. The maiden property development project CWG Park @ Simpang Ampat contributed RM21,584,964 in revenue and RM7,546,809 in pre-tax profit in 2025. Unigenius Holding Sdn. Bhd. was acquired in October 2024 for RM33,000,000, funded by cash of RM18,000,000 and RM15,000,000 of redeemable preference shares. The auditors identified inventories as a key audit matter in each report, standing at RM54,877,580 in 2023, RM47,691,115 in 2024, and RM39,768,131 in 2025.集团从文具业务扩展至房地产开发和包装印刷。首个房地产开发项目 CWG Park @ Simpang Ampat 在 2025 年贡献了 RM21,584,964 的营业额和 RM7,546,809 的税前盈利。Unigenius Holding Sdn. Bhd. 于 2024 年 10 月以 RM33,000,000 收购，资金来自现金 RM18,000,000 和 RM15,000,000 的可赎回优先股。审计师在每份年报中均将存货列为关键审计事项，其在 2023、2024 和 2025 年分别为 RM54,877,580、RM47,691,115 和 RM39,768,131。
Source: annual report 2023, page 73; annual report 2024, page 75; annual report 2025, pages 82, 84, 85, 97, 110.出处：2023 年年报第 73 页；2024 年年报第 75 页；2025 年年报第 82、84、85、97、110 页。
Still to be spent尚未支出的承诺
Capital expenditure for purchase of property, plant and equipment contracted but not provided for was RM2,015,081 in 2023, RM519,492 in 2024, and RM184,680 in 2025. Issued warrants numbered 81,826,910 at an exercise price of RM0.36 in 2023 and 2024, and adjusted to 99,326,101 warrants at an exercise price of RM0.30 in 2025 following the rights issue.已签约但未拨备的物业、厂房及设备资本支出在 2023 年为 RM2,015,081，2024 年为 RM519,492，2025 年为 RM184,680。已发行凭单在 2023 和 2024 年为 81,826,910 份，行使价为 RM0.36；附加股发行后，2025 年调整为 99,326,101 份，行使价为 RM0.30。
Source: annual report 2023, pages 62, 109; annual report 2024, pages 65, 116; annual report 2025, pages 73, 77, 135.出处：2023 年年报第 62、109 页；2024 年年报第 65、116 页；2025 年年报第 73、77、135 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 | 68,652,812 | 92,624,457 | 65,003,306 | 108,553,352 |
| Profit before tax税前盈利 | 2,309,499 | 7,857,641 | (2,345,035) | 8,825,664 |
| Profit/(Loss) for the financial year本财政年度盈利/（亏损） | – | 5,983,364 | (1,821,637) | 6,321,965 |
| Net cash from operating activities营运活动所得现金净额 | (20,524,180) | 14,048,897 | 146,157 | 8,943,452 |
| Purchase of property, plant and equipment购买物业、厂房及设备 | (1,929,118) | (1,328,177) | (676,712) | (992,945) |
| Dividends paid已付股息 | 0 | (1,219,512) | (813,008) | 0 |
| Total assets总资产 | – | 126,820,851 | 132,952,157 | 189,259,279 |
| Total borrowings总借款 | 12,199,119 | 9,131,167 | 7,362,442 | 17,878,517 |
| Total lease liabilities总租赁负债 | 262,306 | 1,111,102 | 2,550,038 | 3,855,642 |
| Total equity总权益 | 100,234,692 | 104,659,490 | 102,535,952 | 126,537,691 |
| Cash and bank balances现金与银行结余 | 4,610,594 | 14,169,671 | 7,088,037 | 14,064,373 |
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 |
|---|---|---|
| To diversify into property development through acquiring SA Marvel Sdn. Bhd. as its maiden development project (2023)通过收购 SA Marvel Sdn. Bhd. 涉足房地产开发，作为其首个开发项目（2023 年） | The acquisition was completed on 17 October 2023, and property development contributed RM21,584,964 in revenue in FY2025.收购于 2023 年 10 月 17 日完成，房地产开发在 2025 财政年贡献了 RM21,584,964 的营业额。 Source: annual report 2023, page 17; annual report 2024, page 17; annual report 2025, page 97.出处：2023 年年报第 17 页；2024 年年报第 17 页；2025 年年报第 97 页。 | Carried out已执行 |
| To acquire Unigenius Holding Sdn. Bhd. to expand product offerings and generate an additional stream of revenue (2024)计划收购 Unigenius Holding Sdn. Bhd. 以扩大产品种类并开辟额外收入来源（2024 年） | The acquisition was completed on 30 October 2024, and UHSB contributed RM19,656,320 in revenue and RM3,270,135 in profit after tax in FY2025.收购于 2024 年 10 月 30 日完成，UHSB 在 2025 财政年贡献了 RM19,656,320 的营业额和 RM3,270,135 的税后盈利。 Source: annual report 2024, page 17; annual report 2025, pages 82, 111.出处：2024 年年报第 17 页；2025 年年报第 82、111 页。 | Carried out已执行 |
| A final single-tier dividend of 0.5 sen per ordinary share recommended for FY2023建议就 2023 财政年派发每股 0.5 仙的终期单层股息 | A final single-tier dividend of 0.50 sen per ordinary share was paid on 15 December 2023, totaling RM813,008.每股 0.50 仙的终期单层股息于 2023 年 12 月 15 日派发，总额 RM813,008。 Source: annual report 2023, pages 16, 66; annual report 2024, pages 68, 83.出处：2023 年年报第 16、66 页；2024 年年报第 68、83 页。 | Paid已派发 |
| Looking forward to broaden business operations to include manufacturing of files and printing of food and beverage packaging (2023)期望扩大业务营运，包括制造文件夹以及印刷食品与饮料包装（2023 年） | In October 2024, the group acquired Unigenius Holding Sdn. Bhd., bringing expertise in packaging and labels for food and beverage companies.2024 年 10 月，集团收购了 Unigenius Holding Sdn. Bhd.，为食品与饮料公司提供包装和标签方面的专业制造。 Source: annual report 2023, page 3; annual report 2025, pages 3, 19.出处：2023 年年报第 3 页；2025 年年报第 3、19 页。 | Partly carried out through acquisition部分通过收购执行 |
What the reports leave open年报留下待看的事
- The commercial development CWG Park @ Simpang Ampat was scheduled for completion by the end of 2025, having contributed RM21.585 million in revenue and RM7.5 million in profit before tax in FY2025.商业开发项目 CWG Park @ Simpang Ampat 计划于 2025 年底完工，其在 2025 财政年贡献了 RM21.585 million 的营业额和 RM7.5 million 的税前盈利。
Source: annual report 2025, pages 13, 19, 26.出处：2025 年年报第 13、19、26 页。
- The group issued 15,000,000 redeemable preference shares with RM10,762,735 remaining as liabilities at 30 June 2025, carrying a fixed dividend rate and maturing in 42 months from issuance.集团发行了 15,000,000 股可赎回优先股，截至 2025 年 6 月 30 日仍有 RM10,762,735 列为负债，附带固定股息率，并于发行起 42 个月内到期。
Source: annual report 2025, pages 89, 128.出处：2025 年年报第 89、128 页。
- Corporate guarantees for banking facilities granted to a subsidiary increased from RM38,056,636 in 2024 to RM69,137,000 in 2025.就授予子公司的银行信贷额度提供的公司担保从 2024 年的 RM38,056,636 增加到 2025 年的 RM69,137,000。
Source: annual report 2024, page 109; annual report 2025, page 126.出处：2024 年年报第 109 页；2025 年年报第 126 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。