股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 太和控股有限公司（於百慕達註冊成立之有限公司） FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00718 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 34,566,666,668 | HKD | | 0.05 HKD | | 1,728,333,333.4 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 34,566,666,668 | HKD ...

購股權計劃 於本年度初，根據新購股權計劃可供授出的購股權數目涉及525,001,985股股份， 相當於本公司於二零二四年年報日期已發行股份約10.0%。於 本 年 度 初 及 於 本 年 度 末，並 無 適 用 的 服 務 供 應 商 分 類 上 限。 上 述 資 料 並 不 影 響 二 零 二 四 年 年 報 載 列 的 其 他 資 料，而 二 零 二 四 年 年 報 內 的 所 有 其 他 資 料 維 持 不 變。 承董事局命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 （於百慕達註冊成立之有限公司） （股份代 號：718） 有關截至二零二四年十二月三十一日止年度 的年報的補充公告 茲 提 述 太 和 控 股 有 限 公 司（「本公司」）於 二 零 二 五 年 四 月 三 十 日 所 刊 發 截 至 二 零 二 四 年 十 ...

致：香港交易及結算所有限公司 公司名稱: 太和控股有限公司（於百慕達註冊成立之有限公司） 呈交日期: 2025年10月2日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 | 2. 股份分類 | 優先股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 可換優先股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,433,333,332 | HKD | | 0.05 HKD | | 271,666,666.6 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 5,433,333,332 | HKD | | 0.05 HKD | | 271,666,666.6 | 本月底法定/註冊股本總額： ...

（於百慕達註冊成立之有限公司） （股份代號：718） 各位非登記股東1： 如 閣下對本函內容有任何疑問，請致電香港股份過戶登記分處電話熱線(852) 2980 1333，辦公時間為星期一至五（公眾 假期除外）上午9時正至下午6時正，或電郵至is-ecom@vistra.com 。 承董事會命 太和控股有限公司 主席 蘇世公 2025年9月29日 附件 於本公司網站登載公司通訊之通知 謹此通知 閣下，太和控股有限公司（「本公司」）之下述公司通訊2（「本次公司通訊」）之中、英文版本，現已登載 於本公司網站www.irasia.com/listco/hk/taiunited/index.htm（「本公司網站」）及香港聯合交易所有限公司（「聯交所」） 網站www.hkexnews.hk（「聯交所網站」）以供閱覽： • 二零二五年中期報告 請於本公司網站「通函」一欄或聯交所網站內讀取本次公司通訊。若閣下早前曾要求收取公司通訊的印刷本，本次公司 通訊的印刷本已隨函附上。 為了支援通過電郵進行電子通訊，建議非登記股東向代其持有股份的銀行、經紀、託管商或代理人（統稱「中介機構」） 提供其有效的電郵地址。如 本公司沒有收到 閣 ...

（於百慕達註冊成立之有限公司） （股份代號：718） 各位註冊股東： 於本公司網站登載公司通訊之通知 謹此通知 閣下，太和控股有限公司（「本公司」）之下述公司通訊1（「本次公司通訊」）之中、英文版本，現已 登載於本公司網站www.irasia.com/listco/hk/taiunited/index.htm（「本公司網站」）及香港聯合交易所有限公司（「聯 交所」）網站www.hkexnews.hk（「聯交所網站」）以供閱覽： • 二零二五年中期報告 請於本公司網站「通函」一欄或聯交所網站內讀取本次公司通訊。若閣下早前曾要求收取公司通訊的印刷本，本次公 司通訊的印刷本已隨函附上。 為了支援通過電郵進行電子通訊，本公司建議 閣下向本公司香港股份過戶登記分處卓佳證券登記有限公司（「香港 股份過戶登記分處」）（地址為香港夏慤道16號遠東金融中心17樓）發出（不少於7天的）合理書面通知，或發送電 郵至is-ecom@vistra.com向本公司提供 閣下的電郵地址。 股東有責任提供有效的電郵地址。若 閣下沒有提供有效的電郵地址，本公司將透過郵寄方式向 閣下發送 (i) 於本 公司網站登載公司通訊之通知函，以及(ii) ...

Financial Performance - The Company's revenue for the Reporting Period was approximately HK$64.8 million, a decrease of 1.5% compared to HK$65.8 million for the six months ended June 30, 2024[11]. - The Group recorded a loss before tax of approximately HK$212.6 million, a reduction of 22.6% from the loss of approximately HK$274.7 million in the same period ended June 30, 2024[11]. - The income tax credit for the Reporting Period was approximately HK$14.3 million, leading to a loss attributable to owners of the Company of approximately HK$198.7 million, down from HK$251.7 million for the same period in 2024[12]. - The Group recorded a loss of approximately HK$196.0 million for the segment, a decrease of approximately 23.6% compared to a loss of approximately HK$256.6 million in the same period ended June 30, 2024[43]. - The Group incurred a net loss of approximately HK$198,268,000 for the six months ended 30 June 2025[168]. - The total comprehensive income for the period attributable to owners of the Company was a loss of HK$248,506,000, slightly better than the loss of HK$255,651,000 in the previous year[158]. - Basic loss per share improved to HK$3.78 from HK$4.79 year-over-year, indicating a reduction in per-share losses[154]. Revenue Sources - Revenue from the shopping malls is derived from rental income and property management services[18]. - The revenue generated from the Shopping Mall Businesses in the PRC was approximately HK$38.5 million, primarily from rental income and property management services[26]. - Revenue from the flooring materials trading business decreased by approximately 3.6% to approximately HK$13.3 million compared to the same period ended June 30, 2024[45]. - Revenue from the medical equipment trading business decreased by approximately 13.4% to approximately HK$12.9 million compared to the same period ended June 30, 2024[46]. - Rental income from leases increased to HK$16,540,000, up 20.43% from HK$13,752,000 in 2024[186]. - The properties investment segment generated revenue of HK$38,589,000, while the financial services and assets management segment contributed HK$6,000[195]. Investment Properties and Acquisitions - A decrease in fair value of investment properties was approximately HK$83.1 million due to a sluggish retail shop rental market[14]. - The acquisitions of Anyang, Jinzhou, and Guangzhou shopping malls completed in 2021 have expanded the geographical coverage and scale of the Group's shopping mall businesses[23][24]. - As of June 30, 2025, the fair values of investment properties were approximately HK$268 million for Anyang Shopping Mall, HK$498 million for Jinzhou Shopping Mall, and HK$520 million for Guangzhou Shopping Mall[26][27]. Financial Liabilities and Debt - The total debt financing of the Group as of June 30, 2025, was approximately HK$1,472.2 million, compared to approximately HK$1,435.3 million as of December 31, 2024[60]. - The principal of the defaulted bank loan by the Borrowers amounted to RMB3,400,000,000 as of June 30, 2025[70]. - The Group's consolidated net liabilities increased to approximately HK$1,984.5 million from HK$1,736.4 million as of December 31, 2024, representing an increase of approximately HK$248.1 million[58]. - The Group's current liabilities amounted to approximately HKD 3,237,923,000, with total liabilities of approximately HKD 1,984,505,000, including overdue bank borrowings of approximately HKD 1,471,430,000[170]. Cost Management and Operational Strategies - The Company actively implements a continuous cost-saving plan to mitigate losses[11]. - The Group's diversified business strategy aims to enhance the effectiveness and cost-efficiency of promotional campaigns and marketing activities for its shopping malls[23][24]. - The Group plans to reduce debts and guarantee obligations of Guangzhou and Jinzhou Shopping Malls through collaboration with banks and stakeholders, ensuring healthy operations[107]. Employee and Corporate Governance - As of June 30, 2025, the Group had 171 employees, an increase from 163 employees as of December 31, 2024, with approximately 8.8% located in Hong Kong[93]. - The company complied with all applicable provisions of the Corporate Governance Code during the reporting period[137]. - The Audit Committee, consisting of three independent non-executive Directors, reviewed the unaudited condensed consolidated financial statements for compliance with applicable accounting standards[148]. Market Conditions and Economic Outlook - The PRC economy's GDP grew by 5.3% year-on-year in the first half of the year, indicating resilience and potential for economic development[96]. - Total retail sales of consumer goods in the PRC exceeded RMB 24 trillion, reflecting a 5% year-on-year increase[96]. - The external environment remains uncertain, particularly due to ongoing tariff disputes initiated by the US[97]. Share Capital and Compliance - As of June 30, 2025, the total number of issued shares of the Company is 5,250,019,852[124]. - Satinu Resources Group Ltd. holds 3,937,234,889 shares, representing approximately 74.99% of the Company's issued share capital[126]. - The Company has adopted a Share Option Scheme allowing for the issuance of up to 125,091,243 shares, representing 10% of the issued shares as of September 17, 2015[131]. - The Company aims to ensure that any judgments related to the transferred liabilities are correctly allocated to the appropriate entities[114].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00718 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 34,566,666,668 | HKD | | 0.05 HKD | | 1,728,333,333.4 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 34,566,666,668 | HKD | | 0.05 HKD | | 1,728,333,333.4 | 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 太和控股有限公司（於百慕達註冊成立之有限公司） ...

Core Viewpoint - Taihe Holdings (00718) reported a mid-year loss of approximately HKD 198 million, a year-on-year reduction of 21.07% [1] Financial Performance - Total revenue for the period was HKD 64.76 million, representing a year-on-year decrease of 1.56% [1] - Loss attributable to shareholders was approximately HKD 198 million, with a loss per share of HKD 0.0378 [1] Factors Influencing Performance - The reduction in loss was attributed to several factors, including a fair value decrease of approximately HKD 83.1 million due to sluggish retail rental market conditions [1] - A provision of approximately HKD 50.3 million was made for guarantees related to third-party loans, which were not disclosed during the acquisition of two shopping centers [1] - Financial costs for the period amounted to approximately HKD 76.7 million, primarily due to bank loans of approximately RMB 1.345 billion associated with the acquisition of the Guangzhou shopping center [1]

Core Viewpoint - Taihe Holdings (00718) reported a total revenue of HKD 64.76 million for the first half of 2025, representing a year-on-year decrease of 1.56% [1] - The loss attributable to shareholders narrowed to approximately HKD 198 million, a reduction of 21.07% year-on-year, with a loss per share of 3.78 HK cents [1] Financial Performance - The decrease in loss was attributed to several factors, including a fair value reduction of approximately HKD 83.1 million due to a sluggish retail rental market for investment properties [1] - The company made a provision of about HKD 50.3 million for guarantees related to third-party loans provided by the direct holding companies of Guangzhou Shopping Center and Jinzhou Shopping Center to banks in mainland China, which were not disclosed during the acquisition of these centers [1] - Financial costs during the reporting period amounted to approximately HKD 76.7 million, primarily due to bank loans of approximately RMB 1.345 billion related to the acquisition of Guangzhou Shopping Center [1]

[Announcement](index=1&type=section&id=Announcement) This section contains the formal announcement of the interim results [Condensed Consolidated Financial Statements](index=1&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the condensed consolidated financial statements, including the income statement and statement of financial position [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group reported total revenue of HK$64.76 million and a narrowed loss of HK$198.27 million for the six months ended June 30, 2025 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Total Revenue | 64,762 | 65,790 | | Other Income | 493 | 644 | | Other (Losses) / Gains, Net | (6,074) | 1,469 | | Purchases and Changes in Inventories | (22,763) | (24,035) | | Impairment Losses, Net | (48,623) | (75,459) | | Fair Value Changes of Investment Properties | (83,052) | (110,556) | | Employee Benefit Expenses | (13,424) | (17,641) | | Other Operating Expenses | (27,120) | (29,598) | | Finance Costs | (76,768) | (85,361) | | Loss Before Tax | (212,569) | (274,747) | | Income Tax Credit | 14,301 | 23,302 | | Loss for the Period | (198,268) | (251,445) | | Total Comprehensive Expense for the Period | (248,073) | (255,357) | | Loss for the Period Attributable to Owners of the Company | (198,704) | (251,734) | | Basic Loss Per Share (HK cents) | (3.78) | (4.79) | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group reported total non-current assets of HK$1.32 billion and net liabilities of HK$1.98 billion, reflecting ongoing liquidity challenges Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 1,304 | 1,642 | | Investment Properties | 1,285,669 | 1,331,445 | | Intangible Assets | 26,751 | 31,001 | | Right-of-use Assets | 1,564 | 2,547 | | Total Other Non-current Assets | 6,363 | 6,363 | | **Current Assets** | | | | Inventories | 1,271 | 1,751 | | Trade Receivables | 8,745 | 5,525 | | Other Receivables, Deposits and Prepayments | 22,606 | 25,910 | | Restricted Bank Balances | 10,084 | 11,444 | | Bank Balances and Cash | 78,010 | 352,861 | | **Current Liabilities** | | | | Trade Payables | – | 7,719 | | Accruals and Other Payables | 861,682 | 770,647 | | Borrowings | 1,472,160 | 1,435,320 | | Lease Liabilities | 994 | 1,108 | | Tax Payables | 21,491 | 21,491 | | Financial Guarantee Contracts | 1,002,312 | 1,187,380 | | **Net Liabilities** | (1,984,505) | (1,736,432) | | **Capital Deficit** | (1,984,505) | (1,736,432) | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes and disclosures supporting the condensed consolidated financial statements [General Information](index=5&type=section&id=General%20Information) Tai United Holdings Limited, listed in Hong Kong, operates diverse businesses including property investment, medical equipment, flooring materials, mining, and financial services - The Company's immediate holding company is Songbird SG PTE. Ltd., and its ultimate holding company is **Satinu Resources Group Ltd.**[7](index=7&type=chunk) - The Group's principal activities include **property investment, sales of medical equipment, sales of flooring materials, mining and exploration of natural resources, and financial services and asset management**[8](index=8&type=chunk) [Basis of Preparation and Principal Accounting Policies](index=5&type=section&id=Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) The financial statements are prepared under HKAS 34, acknowledging significant going concern uncertainties, yet the Board believes the Group can maintain liquidity through debt restructuring and other financial measures [Going Concern Assessment](index=5&type=section&id=Going%20Concern%20Assessment) This section details the Group's going concern assessment, highlighting significant financial challenges and management's mitigating actions - The Group incurred a **net loss of approximately HK$198.27 million** for the six months ended June 30, 2025[11](index=11&type=chunk) - As of June 30, 2025, the Group had **net current liabilities of approximately HK$3.24 billion** and **net liabilities of approximately HK$1.98 billion**, including **overdue bank borrowings of HK$1.47 billion** and **accrued interest of HK$630.17 million**[11](index=11&type=chunk) - PRC courts ruled the Group liable for **financial guarantee obligations of approximately RMB9.92 billion** for bank borrowings involving non-Group companies[11](index=11&type=chunk) - The Group is actively negotiating debt restructuring with creditors regarding guarantees provided by PRC guarantor subsidiaries and has entered into a settlement agreement with Stone Wealth and Mr. Dai Yongge to **reduce Guangzhou Rongzhi's external debt by at least approximately RMB280.6 million within 12 months**[12](index=12&type=chunk) - The Group is exploring the **possibility of disposing of or liquidating PRC guarantor subsidiaries** and seeking other financial resources to meet maturing liabilities and obligations[15](index=15&type=chunk) [Application of New and Revised Hong Kong Financial Reporting Standards](index=7&type=section&id=Application%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) This section outlines the adoption of new and revised HKFRS accounting standards, noting no significant impact on the Group's financial reporting - The Group adopted all new and revised HKFRS accounting standards effective January 1, 2025, with **no significant changes to accounting policies, financial statement presentation, or reported amounts**[17](index=17&type=chunk) [Revenue](index=7&type=section&id=Revenue) The Group's total revenue for the period was HK$64.76 million, slightly down year-on-year, primarily from property management, flooring materials, and medical equipment sales, with China as the main market Segment Revenue (For the six months ended June 30) | Revenue Source | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Sales of Medical Equipment | 12,868 | 14,918 | | Sales of Flooring Materials | 13,299 | 13,821 | | Property Management and Related Services | 22,049 | 22,686 | | Rental Income from Leases | 16,540 | 13,752 | | Interest Income from Loan Financing Services | 6 | 613 | | **Total Revenue** | **64,762** | **65,790** | Revenue by Geographical Market (For the six months ended June 30) | Region | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | **Revenue from Sales of Goods and Services** | | | | PRC | 34,917 | 37,604 | | USA | – | 918 | | Australia | 13,299 | 10,460 | | Belgium | – | 2,443 | | **Revenue from Leased Properties** | | | | PRC | 16,540 | 12,899 | | UK | – | 853 | | **Interest Income from Loan Financing** | | | | PRC | 6 | 613 | | **Total Revenue** | **64,762** | **65,790** | [Segment Information](index=8&type=section&id=Segment%20Information) The Group's reportable segments include property investment, medical equipment, flooring materials, mining, and financial services, with property investment incurring the largest loss and medical equipment sales achieving profitability - The Group's reportable segments include: **property investment, sales of medical equipment, sales of flooring materials, mining and exploration of natural resources, and financial services and asset management**[23](index=23&type=chunk)[24](index=24&type=chunk) Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (HK$ '000) | 2025 Results (HK$ '000) | 2024 Revenue (HK$ '000) | 2024 Results (HK$ '000) | | :--- | :--- | :--- | :--- | :--- | | Property Investment | 38,589 | (195,994) | 36,438 | (256,614) | | Sales of Medical Equipment | 12,868 | 2,088 | 14,918 | 1,662 | | Sales of Flooring Materials | 13,299 | (393) | 13,821 | (3,891) | | Mining and Exploration of Natural Resources | – | (394) | – | (478) | | Financial Services and Asset Management | 6 | (1,796) | 613 | (1,919) | | **Total** | **64,762** | **(196,489)** | **65,790** | **(261,240)** | | Loss Before Tax | | (212,569) | | (274,747) | [Impairment Losses](index=10&type=section&id=Impairment%20Losses) The Group recognized total impairment losses of HK$48.62 million for the period, mainly from financial guarantee contracts Impairment Losses (For the six months ended June 30) | Category | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Trade Receivables | (979) | (876) | | Other Receivables (including loans receivable) | 2,606 | 1,662 | | Financial Guarantee Contracts | (50,250) | (76,245) | | **Total** | **(48,623)** | **(75,459)** | [Finance Costs](index=10&type=section&id=Finance%20Costs) The Group's total finance costs for the period were HK$76.77 million, primarily from bank borrowing interest, showing a decrease year-on-year Finance Costs (For the six months ended June 30) | Category | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Interest Expense on Bank Borrowings | 76,700 | 84,868 | | Interest Expense on Lease Liabilities | 68 | 493 | | **Total** | **76,768** | **85,361** | [Income Tax Credit](index=10&type=section&id=Income%20Tax%20Credit) The Group recorded an income tax credit of HK$14.30 million for the period, mainly attributable to deferred tax Income Tax Credit (For the six months ended June 30) | Category | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | PRC Enterprise Income Tax – Over-provision in prior years | – | 54 | | Deferred Tax | 14,301 | 23,248 | | **Total** | **14,301** | **23,302** | [Loss for the Period](index=11&type=section&id=Loss%20for%20the%20Period) The Group's loss for the period was primarily impacted by inventory purchases, depreciation, amortization, and intangible asset impairment losses Components of Loss for the Period (For the six months ended June 30) | Category | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Purchases and Changes in Inventories | 22,763 | 24,035 | | Depreciation of Property, Plant and Equipment | 240 | 970 | | Depreciation of Right-of-use Assets | 992 | 1,619 | | Amortisation of Intangible Assets | 1,230 | 1,236 | | Impairment Loss on Intangible Assets | 3,758 | – | | Advertising and Marketing Expenses | 759 | 1,137 | | Legal and Professional Fees | 3,471 | 5,834 | | Utilities | 5,186 | 4,136 | | Sales Commissions | 1,499 | 1,195 | [Dividends](index=11&type=section&id=Dividends) The Board decided not to declare any dividends for the six months ended June 30, 2025 - The Board decided **not to declare any dividends** for the six months ended June 30, 2025 (2024: nil)[30](index=30&type=chunk) [Loss Per Share](index=11&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share attributable to owners of the Company was 3.78 HK cents, a narrowing from 4.79 HK cents in the prior year Loss Per Share (For the six months ended June 30) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Loss Attributable to Owners of the Company | (198,704) | (251,734) | | Weighted Average Number of Ordinary Shares for Basic Loss Per Share Calculation ('000 shares) | 5,250,020 | 5,250,020 | | Basic Loss Per Share (HK cents) | (3.78) | (4.79) | - No diluted loss per share is presented as there were **no potential ordinary shares in issue** for both periods[33](index=33&type=chunk) [Investment Properties](index=12&type=section&id=Investment%20Properties) As of June 30, 2025, investment properties were valued at HK$1.29 billion, with a fair value loss of HK$83.05 million recognized, primarily due to a sluggish retail leasing market Fair Value Changes of Investment Properties (As of June 30) | Change Item | Amount (HK$ '000) | | :--- | :--- | | As at January 1, 2024 (Audited) | 2,275,479 | | Fair value changes recognised in profit or loss (2024) | (355,870) | | Disposal of a subsidiary | (524,969) | | Exchange adjustments (2024) | (63,195) | | As at December 31, 2024 and January 1, 2025 (Audited) | 1,331,445 | | Fair value changes recognised in profit or loss (2025) | (83,052) | | Exchange adjustments (2025) | 37,276 | | As at June 30, 2025 (Unaudited) | 1,285,669 | - The fair value of investment properties was determined by independent qualified professional valuers, International Appraisal Limited, on a valuation basis, with **no change in valuation techniques**[34](index=34&type=chunk)[35](index=35&type=chunk) [Trade Receivables](index=13&type=section&id=Trade%20Receivables) As of June 30, 2025, net trade receivables increased to HK$8.75 million, with a significant portion aged over 90 days Aging Analysis of Trade Receivables (As of June 30) | Aging | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | 30 to 90 days | 4,259 | 377 | | Over 90 days | 4,486 | 5,148 | | **Total** | **8,745** | **5,525** | - The Group grants credit terms of **0 to 90 days** to its customers[36](index=36&type=chunk) [Trade Payables](index=13&type=section&id=Trade%20Payables) As of June 30, 2025, the Group's trade payables were nil, a significant reduction from HK$7.72 million at December 31, 2024 Aging Analysis of Trade Payables (As of June 30) | Aging | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | 0 to 30 days | – | 1,289 | | 31 to 90 days | – | 6,430 | | **Total** | **–** | **7,719** | - Credit terms granted by suppliers are **90 days**[37](index=37&type=chunk) [Borrowings](index=14&type=section&id=Borrowings) As of June 30, 2025, total borrowings were HK$1.47 billion, mainly overdue secured fixed-rate bank borrowings repayable on demand Borrowings Composition (As of June 30) | Category | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Unsecured fixed-rate bank borrowings | 730 | 5,316 | | Secured fixed-rate bank borrowings | 1,471,430 | 1,430,004 | | **Total** | **1,472,160** | **1,435,320** | - The secured fixed-rate bank borrowings are guaranteed by Mr. Dai, bear interest at a **fixed rate of 7%**, and are secured by investment properties and **100% equity interest in a PRC subsidiary**[40](index=40&type=chunk) - These secured fixed-rate bank borrowings **matured in January 2021** and have not been successfully renewed, extended, or repaid as of June 30, 2025, and the date of authorization for issue of these condensed consolidated financial statements, thus are **overdue and classified under current liabilities**[40](index=40&type=chunk) [Share Capital](index=14&type=section&id=Share%20Capital) As of June 30, 2025, the Company had 5,250,019,852 issued and fully paid ordinary shares of HK$0.05 each, totaling HK$262,501 thousand in share capital Share Capital Composition (As of June 30) | Category | Number of Shares ('000 shares) | Share Capital (HK$ '000) | | :--- | :--- | :--- | | Authorised ordinary shares of HK$0.05 each | 34,566,666,668 | 1,728,333 | | Issued and fully paid ordinary shares of HK$0.05 each | 5,250,019,852 | 262,501 | [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's review and analysis of the Group's financial performance, business operations, and future outlook [Financial Performance](index=15&type=section&id=Financial%20Performance) The Company reported revenue of HK$64.8 million, a 1.5% decrease, and a narrowed loss before tax of HK$212.6 million, down 22.6%, primarily due to cost savings - The decrease in revenue was primarily due to **reduced income from sales of medical equipment in the PRC**[41](index=41&type=chunk) - Loss before tax decreased by **22.6%**, mainly impacted by **decreased fair value of investment properties, provisions for guarantee contracts, and finance costs**[41](index=41&type=chunk)[42](index=42&type=chunk) - Income tax credit for the reporting period was approximately **HK$14.3 million**[41](index=41&type=chunk) [Business Review](index=16&type=section&id=Business%20Review) The Group's diversified businesses, including property investment, trade, mining, and financial services, show mixed performance, with property investment facing challenges and other segments experiencing revenue declines or cautious operations [Property Investment](index=16&type=section&id=Property%20Investment) This section reviews the property investment segment, detailing performance of PRC shopping malls, fair value changes, and ongoing debt restructuring efforts - The Group wholly owns three shopping malls in the PRC: Anyang, Jinzhou, and Guangzhou, generating revenue primarily through **shop leasing and property management services**[44](index=44&type=chunk)[45](index=45&type=chunk) - Revenue from PRC shopping mall operations was approximately **HK$38.5 million** during the reporting period[48](index=48&type=chunk) - As of June 30, 2025, the fair values of investment properties for Anyang, Jinzhou, and Guangzhou shopping malls were approximately **HK$268 million, HK$498 million, and HK$520 million**, respectively[49](index=49&type=chunk) - The Group has paid **RMB236.2 million** to other claimant banks in response to enforcement notices and/or judgment notices issued by PRC courts regarding Guangzhou Rongzhi's guarantee liabilities[50](index=50&type=chunk) - Jinzhou Bank and Jinzhou Huayin Asset Management Co., Ltd. notified that the subordinated loans and guarantee debts owed by Guangzhou Rongzhi and Jinzhou Jiachi to Jinzhou Bank have been **fully transferred to the assignee**[52](index=52&type=chunk) - The Company entered into a settlement agreement with Stone Wealth and Mr. Dai, committing to **reduce Guangzhou Rongzhi's external debt by at least approximately RMB280.6 million within 12 months**[53](index=53&type=chunk)[54](index=54&type=chunk) - As of the announcement date, domestic deposits totaling approximately **RMB52.5 million** from Jinzhou Jiachi and Guangzhou Rongzhi have been **withdrawn and transferred to accounts held by PRC courts**[55](index=55&type=chunk) - The Group completed the **disposal of its entire interest in the subsidiary holding UK investment properties in December 2024**, with a transaction deposit of approximately **GBP19 million used to repay defaulted loans in the UK**[56](index=56&type=chunk) - The property investment segment recorded an overall **loss of approximately HK$196.0 million**, a year-on-year decrease of approximately **23.6%**, mainly due to **provisions for guarantee contracts, decreased fair value of investment properties, and finance costs**[57](index=57&type=chunk) [Flooring Materials and Medical Equipment Trading](index=20&type=section&id=Flooring%20Materials%20and%20Medical%20Equipment%20Trading) This section reviews the performance of the flooring materials and medical equipment trading businesses, both experiencing revenue declines - Revenue from flooring materials trading business was approximately **HK$13.3 million**, a year-on-year decrease of approximately **3.6%**, primarily exported to the Australian market[58](index=58&type=chunk) - Revenue from medical equipment trading business decreased to approximately **HK$12.9 million**, a year-on-year decrease of approximately **13.4%**, with segment revenue of approximately **HK$2.1 million**[59](index=59&type=chunk) [Mining and Exploration of Natural Resources](index=20&type=section&id=Mining%20and%20Exploration%20of%20Natural%20Resources) This section reviews the mining and exploration segment, which holds tungsten mining rights in Mongolia but generated no revenue during the period - The Group holds **four mining rights licenses for three tungsten mining projects in Mongolia**, but **no revenue was recorded** from this segment during the reporting period[60](index=60&type=chunk) - The **carrying value of mining rights was nil** as of June 30, 2025[61](index=61&type=chunk) [Financial Services and Asset Management](index=21&type=section&id=Financial%20Services%20and%20Asset%20Management) This section reviews the financial services and asset management segment, which recorded a loss and delayed lending operations due to market uncertainties - Due to uncertain prospects and market conditions, this segment **recorded no revenue and incurred a loss of approximately HK$1.8 million**[62](index=62&type=chunk) - Lending business was **postponed due to uncertain market conditions**[63](index=63&type=chunk) - Non-performing debt asset management business incurred a **loss of approximately HK$1.7 million**, and directors will continue to assess whether to proceed with non-performing asset investments[64](index=64&type=chunk) - No securities investment transactions were reported, and **no investment gains/losses were recorded** during the reporting period[65](index=65&type=chunk) [Financial Review](index=21&type=section&id=Financial%20Review) The Group's financial review indicates increasing net liabilities, significant liquidity pressure, a substantial decrease in cash, and a low current ratio [Capital Structure](index=21&type=section&id=Capital%20Structure) This section reviews the Group's capital structure, highlighting increased net liabilities, reduced cash, and a low current ratio - As of June 30, 2025, the Group's consolidated **net liabilities were approximately HK$1,984.5 million**, an increase of approximately **HK$248.1 million** from December 31, 2024[66](index=66&type=chunk) - Bank balances, cash, and restricted bank balances were approximately **HK$88.1 million**, a significant decrease from HK$364.3 million as of December 31, 2024[67](index=67&type=chunk) - The **current ratio decreased from 0.12 times to 0.04 times**, with **net current liabilities of approximately HK$3,237.9 million**[67](index=67&type=chunk) - Total debt financing was approximately **HK$1,472.2 million**, net debt approximately **HK$2,396.5 million**, and total deficit approximately **HK$1,984.5 million**[68](index=68&type=chunk) [Capital Commitments](index=22&type=section&id=Capital%20Commitments) This section confirms that the Group had no significant capital commitments or plans for major investments as of June 30, 2025 - As of June 30, 2025, the Group had **no significant capital commitments** and was not involved in any plans for future major investments or acquisitions of capital assets[69](index=69&type=chunk) [Pledge of Group Assets](index=22&type=section&id=Pledge%20of%20Group%20Assets) This section details that the Group's bank borrowings are secured by certain assets, including investment properties and equity interests in a subsidiary - The Group's bank borrowings of approximately **HK$1,471.4 million are secured by certain assets**, including investment properties and equity interests in a wholly-owned subsidiary[70](index=70&type=chunk) [Contingent Liabilities](index=23&type=section&id=Contingent%20Liabilities) The Group faces substantial contingent liabilities from financial guarantees for related companies, with PRC courts ruling joint and several liability, resulting in RMB46.65 million impairment losses - PRC subsidiaries faced multiple legal claims for pledging investment property operating rights as collateral for bank loans of former shareholder-related companies, with **overdue loan amounts of RMB3.4 billion** due to borrower default[73](index=73&type=chunk) - Guangzhou Rongzhi and Jinzhou Jiachi provided financial guarantees for Mr. Dai Yongge's related companies, with maximum liabilities of **RMB569.9 million and RMB3.3 billion in principal**, respectively, plus outstanding accrued interest and other fees[75](index=75&type=chunk) - PRC courts ruled Guangzhou Rongzhi and Jinzhou Jiachi **jointly and severally liable** for the loans with other guarantors[75](index=75&type=chunk) - During the reporting period, the Group recognized **impairment losses on financial guarantee contracts of approximately RMB916.19 million (approximately HK$1,002.31 million)**[76](index=76&type=chunk) - A loss of approximately **RMB46.65 million (approximately HK$50.25 million)** was recorded in profit or loss due to the remeasurement of expected repayments from guarantee holders unrecoverable from borrowers[77](index=77&type=chunk) Guarantees and Pledges (As of June 30, 2025) | Guarantor | Creditor | Borrower | Principal (RMB) | Form | Maximum Exposure (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangzhou Rongzhi | Shengjing Bank | Shenyang Fangcheng Diyi Dadao Public Facilities Management Co., Ltd. | 137,100,000 | Guarantee | 243,761,260 | | Guangzhou Rongzhi | Shengjing Bank | Shenyang Huangcheng Diyi Dadao Public Facilities Management Co., Ltd. | 48,400,000 | Guarantee | 86,054,328 | | Guangzhou Rongzhi | Shengjing Bank | Shenyang Shenghe Public Facilities Management Co., Ltd. | 135,700,000 | Guarantee | 233,515,666 | | Guangzhou Rongzhi | Shengjing Bank | Shenyang Ruifan Public Facilities Management Co., Ltd. | 100,500,000 | Guarantee | 172,942,467 | | Guangzhou Rongzhi | Shengjing Bank | Liaoning Renhe Xintiandi Public Facilities Management Co., Ltd. | 148,200,000 | Guarantee | 263,496,871 | | Jinzhou Jiachi | Jinzhou Huayin Asset Management Co., Ltd. | Chongqing Baoting Public Facilities Management Co., Ltd. | 1,400,000,000 | Guarantee | 2,143,966,257 | | Jinzhou Jiachi | Jinzhou Huayin Asset Management Co., Ltd. | Weifang Yuandu Chuangfu Public Facilities Co., Ltd. | 1,900,000,000 | Guarantee | 2,925,649,149 | | Guangzhou Rongzhi + Jinzhou Jiachi | Jinzhou Huayin Asset Management Co., Ltd. | Harbin Dili Fresh Agricultural Products Enterprise Management Co., Ltd. | 1,400,000,000 | Pledge | Fair value of pledged assets | | Guangzhou Rongzhi | Jinzhou Huayin Asset Management Co., Ltd. | Harbin Dili Fresh Agricultural Products Enterprise Management Co., Ltd. | 600,000,000 | Pledge | Fair value of pledged assets | | Jinzhou Jiachi | Jinzhou Huayin Asset Management Co., Ltd. | Ganzhou Juli Public Facilities Construction Co., Ltd. | 1,400,000,000 | Pledge | Fair value of pledged assets | | Jinling | Jinzhou Huayin Asset Management Co., Ltd. | Guangzhou Rongzhi | 1,400,000,000 | Pledge | Fair value of pledged assets | [Foreign Exchange Risk](index=26&type=section&id=Foreign%20Exchange%20Risk) The Group transacts in HKD, USD, and RMB, with limited USD exchange risk due to the peg, but PRC subsidiaries face RMB exchange risk, which management deems limited - The Group has implemented policies and guidelines to manage exchange rate risk, and PRC subsidiaries can **generate sufficient revenue to cover local currency expenses**[81](index=81&type=chunk) [Qualified Opinion](index=26&type=section&id=Qualified%20Opinion) Zhongrui Hexin issued a qualified opinion for FY2024 regarding financial guarantee completeness, and management is actively working to resolve it for the 2025 audit - The elimination of the qualified opinion depends on the **resolution of all known financial guarantees** and the Group's ability to **recover or be compensated for all losses incurred from financial guarantees**[83](index=83&type=chunk) - Neither the Audit Committee nor the Company's management **disagreed with Zhongrui's qualified opinion**[84](index=84&type=chunk) [Employees and Remuneration Policy](index=27&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 171 employees, with remuneration based on performance and regional salaries, supplemented by a share option scheme - The Group's number of employees increased from **163 as of December 31, 2024, to 171**[85](index=85&type=chunk) - Remuneration policy is based on **individual employee performance and regional salary conditions**, reviewed annually, and includes a **share option scheme** in addition to mandatory provident fund and medical insurance[85](index=85&type=chunk) [Dividends](index=27&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the reporting period - The Board **does not recommend the payment of an interim dividend** for the reporting period (2024: nil)[86](index=86&type=chunk) [Prospects](index=27&type=section&id=Prospects) The Group anticipates a stable Chinese economy amidst external uncertainties, focusing on prudent operations, debt restructuring for shopping malls, differentiated strategies, and expanding overseas markets for flooring materials - China's economy saw **GDP growth of 5.3%** and **social retail sales growth of 5%** in the first half, but external uncertainties persist[87](index=87&type=chunk) - Guangzhou shopping mall plans to create a **'Central and West Asia Night Market'**, focusing on attracting foreign apparel showrooms and design studios, developing a night entertainment complex, and expanding overseas markets through digital marketing and international exhibitions[88](index=88&type=chunk) - Jinzhou shopping mall will be **transformed into a dining area**, introducing ACG, cultural and creative, and experiential new business formats, focusing on summer parent-child, back-to-school, and national trend holiday themed activities[89](index=89&type=chunk) - Anyang shopping mall will focus on developing a **trendy play district and ACG-themed tenant recruitment**, creating a new social landmark, and planning mixed-use formats combining day-time cafes and night-time bars in line with the night economy trend[90](index=90&type=chunk)[91](index=91&type=chunk) - Flooring materials trading business will continue to actively **explore emerging market opportunities in Australia, the Middle East, and Europe**[91](index=91&type=chunk) - The Group will closely cooperate with banks, creditors, and stakeholders to advance **debt restructuring for Guangzhou and Jinzhou shopping malls**, aiming to reduce debt and guarantee liabilities, maintain healthy operations, and preserve business asset value[92](index=92&type=chunk) [Events After the Reporting Period](index=29&type=section&id=Events%20After%20the%20Reporting%20Period) This section details significant events occurring after the reporting period, including updates on legal claims against a subsidiary [Update on Litigation Claims Against a Subsidiary of the Company](index=29&type=section&id=Update%20on%20Litigation%20Claims%20Against%20a%20Subsidiary%20of%20the%20Company) Jinzhou Jiachi received an enforcement notice from the Jinzhou Intermediate People's Court for approximately RMB1.7 billion, despite its liabilities being transferred, as the court has not yet been notified - Jinzhou Jiachi received an enforcement notice and property reporting order from Chongqing Baoting, requiring payment of approximately **RMB1.7 billion** and enforcement fees to the claimant bank[93](index=93&type=chunk) - All loan and guarantee liabilities owed by Jinzhou Jiachi to the claimant bank have been **transferred to Jinzhou Huayin Asset Management Co., Ltd.**, but the transfer has not yet been notified to the relevant PRC courts[94](index=94&type=chunk) - PRC legal counsel believes there is **no material difference for Jinzhou Jiachi** even if enforcement is applied by the claimant bank, but the Company and Jinzhou Jiachi will endeavor to notify the court to ensure the judgment amount is not erroneously disbursed[94](index=94&type=chunk) [Other Information](index=30&type=section&id=Other%20Information) This section provides other relevant information, including details on securities, corporate governance, interim report publication, and Board members [Purchase, Sale or Redemption of the Company's Listed Securities](index=30&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities, and the Group held no treasury shares - During the reporting period, neither the Company nor any of its subsidiaries **purchased, redeemed, or sold any of the Company's listed securities**[96](index=96&type=chunk) - As of June 30, 2025, the Group **did not hold any treasury shares**[96](index=96&type=chunk) [Compliance with Corporate Governance Code and Audit Committee](index=30&type=section&id=Compliance%20with%20Corporate%20Governance%20Code%20and%20Audit%20Committee) The Company complied with all Corporate Governance Code provisions, and the Audit Committee reviewed the unaudited condensed consolidated financial statements, ensuring compliance and adequate disclosure - The Company has **complied with all code provisions** of the Corporate Governance Code as set out in Appendix C1 Part 2 of the Listing Rules during the reporting period[97](index=97&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has **reviewed the Group's unaudited condensed consolidated financial statements**[98](index=98&type=chunk) [Publication of Interim Results and Despatch of Interim Report](index=31&type=section&id=Publication%20of%20Interim%20Results%20and%20Despatch%20of%20Interim%20Report) This results announcement is published on the Stock Exchange and Company websites, and the interim report for the six months ended June 30, 2025, will be despatched to shareholders and published accordingly - This results announcement has been **published on the Stock Exchange website (www.hkexnews.hk) and the Company's website (www.irasia.com/listco/hk/taiunited/index.html)**[99](index=99&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be **despatched to shareholders and published on the aforementioned websites in due course**[99](index=99&type=chunk) [Board of Directors](index=31&type=section&id=Board%20of%20Directors) As of this announcement, the Board comprises executive directors Mr. Su Shigong (Chairman) and Ms. Yang Yuhua (CEO), non-executive director Mr. Lu Yunsong, and independent non-executive directors Dr. Gao Bin, Mr. Liang Tingyu, and Ms. Song Yanjie - The Board of Directors includes **Executive Directors Mr. Su Shigong (Chairman) and Ms. Yang Yuhua (Chief Executive Officer), Non-executive Director Mr. Lu Yunsong, and Independent Non-executive Directors Dr. Gao Bin, Mr. Liang Tingyu, and Ms. Song Yanjie**[100](index=100&type=chunk)