太和控股二零二五年年报

CONTENTS PagesCorporate Information2Chairman’s Statement5Management Discussion and Analysis6Biographical Details of Directors35Environmental, Social and Governance Report38Corporate Governance Report74Report of the Directors97Independent Auditor’s Report107Consolidated Statement of Profit or Loss andOther Comprehensive Income116Consolidated Statement of Financial Position118Consolidated Statement of Changes in Equity120Consolidated Statement of Cash Flows122Notes to the Consolidated Financial Statements124Five-year Financial Summary255Particulars of Properties25625635387497107116118120122124255256 Corporate Information BOARD OF DIRECTORS Executive DirectorsMr. Su Shigong(Chairman)Ms. Yang Yuhua(Chief Executive Officer) Non-executive DirectorMr. Lu Yunsong Independent Non-Executive Directors Dr. Gao BinMr. Leung Ting YukMs. Song Yanjie AUDIT COMMITTEE Mr. Leung Ting Yuk(Chairman)Dr. Gao BinMs. Song Yanjie REMUNERATION COMMITTEE Dr. Gao Bin(Chairman)Mr. Leung Ting YukMs. Song Yanjie Dr. Gao Bin(Chairman)Mr. Leung Ting YukMs. Song Yanjie COMPANY SECRETARY Mr. Poon Yick Pang Philip AUTHORISED REPRESENTATIVE Ms. Yang YuhuaMr. Poon Yick Pang Philip REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda Corporate Information HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG 288212101–02 Unit 2101–02, 21/FEmperor Group Centre288 Hennessy RoadWanchaiHong Kong PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE IN BERMUDA Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM 11Bermuda Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM 11Bermuda BRANCH SHARE REGISTRAR AND TRANSFEROFFICE IN HONG KONG 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong AUDITOR 9131305–07 KTC Partners CPA LimitedCertified Public AccountantsPublic Interest Entity Auditor registered in accordance withthe Financial Reporting Council Ordinance1305–07, 13/F, New East Ocean Centre9 Science Museum Road, Tsimshatsui EastKowloonHong Kong LEGAL ADVISERS As to Bermuda lawConyers Dill & Pearman As to Hong Kong lawNorton Rose Fulbright Hong Kong PRINCIPAL BANKERS Bank of China (Hong Kong) LimitedIndustrial and Commercial Bank of China (Asia) LimitedShanghai Commercial Bank Limited Corporate Information www.irasia.com/listco/hk/taiunited/cindex.htm COMPANY’S WEBSITEwww.irasia.com/listco/hk/taiunited/index.htm ir@taiunited.com INVESTOR RELATIONSEmail: ir@taiunited.com 718 STOCK CODE718 5,000 BOARD LOT SIZE5,000 shares Chairman’s Statement In 2025, hit by the combined impact of U.S. tariff policies, ongoinggeopolitical conflicts and financial market volatility, the globaleconomic growth slowed down. Amid these global economicheadwinds, China played a crucial stabilizing role, providing a solidfoundation for the Group’s business operation. The Group actively seizes opportunities from the domesticconsumer market and continues to optimize the facilities andoperational management of its shopping malls. By integratingsocial media matrix promotions and multi-dimensional on-sitethemed events, we have created an urban lifestyle hub that blendsconsumption, experience and social interaction. This approacheffectively boosted mall foot traffic, helped tenants to enhancebusiness revenue and further solidified market competitiveness,enabling a stable revenue from the Group’s investment propertieslast year. Affected by the U.S. tariff policies, the Group’s flooring materialstrading business has been under pressure. In response, theGroup has adopted prudent strategies to ensure stable businessoperations on one hand, and actively explore opportunities arisingfrom the emerging markets on the other hand to diversify risks andcapture new prospects. Regarding debt restructuring and asset allocation, the Group isproactively liaising with banks, creditors and various stakeholdersto negotiate and facilitate the debt restructuring of its investmentproperties in China. The Group aims to achieve new advancementon these matters in 2026. Under such complicated and volatile operating environment lastyear, the Group maintained healthy business operation. We havebeen pursuing new development amid stable operation. Lastly,I would like to sincerely thank the shareholders, stakeholders,clients, the professional parties, our directors and our staff for theirsupport over the last year. Tai United Holdings LimitedSu ShigongChairman Hong Kong, 31 March 2026 Management Discussion and Analysis FINANCIAL PERFORMANCE 125.1120.53.8%(i)(ii)384.6905.357.5% The revenue of the Company for the year ended 31 December2025 (the “Year”) was approximately HK$125.1 million,representing a slight increase of 3.8% as compared to revenue ofapproximately HK$120.5 million for the year ended 31 December2024, such increase was mainly due to increase in revenuegenerated from (i) sales of m