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 致：香港交易及結算所有限公司 公司名稱: 向中國際控股有限公司 呈交日期: 2025年10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) | 01871 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定 ...

26 September 2025 China Oriented International Holdings Limited (the "Company") Notification of publication of the Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication (Note ) are available on the Company's website at www.china-oriented.com and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at www.hkexnews.hk respectively (the "Website Version"). The Company strongly recommends you to access th ...

China Oriented International Holdings Limited 向中國際控股有限公司 (Incorporated in Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） （Stock Code 股份代號：1871） NOTIFICATION LETTER 通知信函 向中國際控股有限公司(「本公司」) 刊發中期報告（「本次公司通訊」） Dear Registered Shareholder, 26 September 2025 China Oriented International Holdings Limited (the "Company") Notification of publication of Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are now available on t ...

COMPANY PROFILE 公司簡介 INTERIM REPORT 中期報告 2025 CONTENTS 目錄 | 2 | Company Profile | | --- | --- | | | 公司簡介 | | 3 | Management Discussion and Analysis | | | 管理層討論及分析 | | 26 | Disclosure of Interest | | | 權益披露 | | 29 | Corporate Governance and Other Information | | | 企業管治及其他資料 | | 32 | Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Expense | | | 簡明綜合損益及其他全面開支表 | | 33 | Condensed Consolidated Statement of Financial Position | | | 簡明綜合財務狀況表 | | 35 | Condensed Consolidated Statement of ...

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8月31日 狀態: 新提交 公司名稱: 向中國際控股有限公司 呈交日期: 2025年9月2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) | 01871 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100 ...

Core Viewpoint - The company reported a decrease in revenue and an increase in losses for the first half of 2025 compared to the same period last year [1] Financial Performance - Revenue for the first half of 2025 was RMB 17.061 million, a decrease of 5.98% year-on-year [1] - The loss attributable to the company's owners was RMB 4.789 million, compared to a loss of RMB 2.348 million in the same period last year [1] - Basic loss per share was RMB 1.10 [1] Revenue Breakdown - The overall decrease in revenue was attributed to a reduction in actual training hours for students, despite an increase in the number of students participating in driving courses [1] - The average hourly course fee for both large and small vehicle driving courses increased due to the recognition of standard courses with fewer or no training hours [1] - Revenue from large vehicle driving training services remained the primary source of income, accounting for approximately 69.6% of total revenue [1] - Revenue from advanced large vehicle courses contributed about 8.9% to total revenue, while standard large vehicle courses accounted for approximately 59.6% of total revenue [1]

Core Viewpoint - The company reported a significant increase in losses for the interim period ending June 30, 2025, despite a notable rise in the number of students enrolling in driving courses [1] Financial Performance - The company achieved revenue of 17.061 million yuan, representing a year-on-year decrease of 5.98% [1] - The loss attributable to shareholders was 4.789 million yuan, which is an increase of 103.96% compared to the previous year [1] - The loss per share was reported at 1.01 cents [1] Enrollment and Course Participation - The number of students enrolled in driving courses increased significantly by approximately 31.4%, with a total of 7,188 students compared to 5,469 students in the same period last year [1]

Core Points - The company reported a revenue of 17.061 million, representing a year-on-year decrease of 5.98% [1] - The loss attributable to the owners of the company was 4.789 million, an increase of 103.96% year-on-year [1] - The loss per share was 1.01 cents [1] Performance Summary - The number of students enrolled in driving courses significantly increased by approximately 31.4%, totaling 7,188 students compared to 5,469 students in the same period last year [1] - Despite the increase in enrollment, the overall revenue still experienced a decline of about 6.0% [1]

Interim Results Announcement This announcement presents Xiangzhong International Holdings Limited's unaudited consolidated interim results for the six months ended June 30, 2025, indicating an expanded loss compared to the prior year [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company's revenue decreased by 6.0%, while loss attributable to owners significantly expanded by 104.0% Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 17,061 | 18,147 | -6.0% | | Cost of Services Provided | (14,412) | (14,715) | -2.1% | | Gross Profit | 2,649 | 3,432 | -22.8% | | Other Income and Losses, Net | 59 | 398 | -85.2% | | Selling and Marketing Expenses | (939) | (877) | +7.1% | | Administrative Expenses | (6,176) | (6,367) | -3.0% | | Finance Costs | (1,385) | (1,848) | -25.1% | | Loss Before Income Tax | (5,792) | (5,262) | +10.1% | | Income Tax Credit | 1,003 | 2,914 | -65.6% | | Loss and Total Comprehensive Expense for the Period Attributable to Owners of the Company | (4,789) | (2,348) | +104.0% | | Basic and Diluted Loss Per Share (RMB cents) | (1.10) | (0.55) | +100.0% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the company's total assets less current liabilities were RMB 185,807 thousand, a slight decrease from December 31, 2024, with net assets and total equity at RMB 182,029 thousand Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 94,353 | 94,045 | | Right-of-use Assets | 41,938 | 41,650 | | Prepayments for Property, Plant and Equipment | – | 4,190 | | Prepayments for Acquisition of a Subsidiary | – | 3,900 | | **Current Assets** | | | | Trade and Other Receivables and Prepayments | 1,304 | 1,628 | | Bank Balances and Cash | 120,329 | 120,913 | | **Current Liabilities** | | | | Trade and Other Payables and Accrued Expenses | 16,985 | 15,647 | | Contract Liabilities | 10,314 | 12,691 | | Lease Liabilities (Current) | 1,588 | 1,635 | | Borrowings (Current) | 43,230 | 45,230 | | **Non-current Liabilities** | | | | Lease Liabilities (Non-current) | 2,274 | 1,798 | | Deferred Tax Liabilities | 1,504 | 2,507 | | **Net Assets** | 182,029 | 186,818 | | **Total Equity** | 182,029 | 186,818 | - The company released its unaudited consolidated interim results for the six months ended June 30, 2025[3](index=3&type=chunk) Notes to the Condensed Consolidated Financial Statements This section details company information, basis of financial statement preparation, accounting standard application, revenue and expense breakdowns, balance sheet item changes, and share capital information, providing accounting and background context for understanding the interim results [Company Information](index=5&type=section&id=1.%20%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) Xiangzhong International Holdings Limited, incorporated in the Cayman Islands, primarily provides driving training services in China through its operating subsidiaries, and its shares are listed on the Stock Exchange's Main Board - The company was incorporated in the Cayman Islands on February 22, 2017, as an investment holding company[7](index=7&type=chunk) - Its principal operating subsidiaries provide driving training services in China[8](index=8&type=chunk) - The company's immediate and ultimate holding company is First Leap Holdings Limited, wholly owned by Mr Qi Xiangzhong[7](index=7&type=chunk) [Basis of Preparation](index=5&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The condensed consolidated financial statements are prepared in accordance with HKAS 34 'Interim Financial Reporting' and the Listing Rules, on a historical cost basis, and are unaudited - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants and the Listing Rules of the Stock Exchange[9](index=9&type=chunk) - The condensed consolidated financial statements are prepared on a historical cost basis at the end of the reporting period and are unaudited[10](index=10&type=chunk)[11](index=11&type=chunk) [Application of New and Revised Hong Kong Financial Reporting Standards](index=6&type=section&id=3.%20%E6%8E%A1%E7%94%A8%E6%96%B0%E8%A8%82%E5%8F%8A%E7%B6%93%E4%BF%AE%E8%A8%82%E9%A6%99%E6%B8%AF%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87) The Group has first applied amendments to HKFRS effective January 1, 2025, with no significant impact on financial position or performance, and is evaluating the future impact of new standards issued but not yet effective - During the interim period, the Group first applied HKAS 21 (Amendment) 'The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability', which had no significant impact on financial position or performance[12](index=12&type=chunk) - New and revised HKFRSs issued but not yet effective include HKFRS 9, 7, 18, 19, etc, with effective dates ranging from January 1, 2026, to be determined[13](index=13&type=chunk) [Revenue](index=7&type=section&id=4.%20%E6%94%B6%E7%9B%8A) The Group's revenue primarily derives from driving training services, with total revenue for the six months ended June 30, 2025, at RMB 17,061 thousand, a 6.0% year-on-year decrease, driven by significant growth in standard course revenue and a sharp decline in advanced course revenue, with large vehicles remaining the main revenue source but with a reduced proportion - Revenue refers to income from driving training services, recognized over time[14](index=14&type=chunk) Revenue Analysis by Course Type (RMB '000) | Course Type | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Standard Courses | 13,428 | 10,263 | +30.8% | | Advanced Courses | 2,899 | 7,713 | -62.4% | | Additional Training Fees | 734 | 171 | +329.2% | | **Total** | **17,061** | **18,147** | **-6.0%** | Revenue Analysis by Vehicle Type (RMB '000) | Vehicle Type | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Large Vehicles | 11,883 | 13,607 | -12.7% | | Small Vehicles | 5,178 | 4,540 | +14.1% | | **Total** | **17,061** | **18,147** | **-6.0%** | [Segment Information](index=8&type=section&id=5.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group primarily engages in providing driving training services, considered a single reportable and operating segment, with all revenue and non-current assets originating from China, and no single customer accounting for over 10% of total revenue - The Group's operations are considered a single reportable and operating segment, namely the provision of driving training services[16](index=16&type=chunk) - All of the Group's revenue is derived from China, and all non-current assets are located in China, thus no geographical segment information is presented[17](index=17&type=chunk) - During both periods, no individual customer accounted for more than 10% of the Group's total revenue[18](index=18&type=chunk) [Other Income and Losses, Net](index=8&type=section&id=6.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E虧%E6%90%8D%E6%B7%A8%E9%A1%8D) For the six months ended June 30, 2025, other income and losses, net, significantly decreased by 85.2% to RMB 59 thousand, primarily due to increased losses from the disposal of property, plant and equipment Other Income and Losses, Net (RMB '000) | Item | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Interest Income | 58 | 201 | -71.1% | | Income from Student Cancellation of Driving Courses Due | 188 | 231 | -18.6% | | Others | 116 | 26 | +346.2% | | Loss on Disposal of Property, Plant and Equipment | (300) | (41) | +631.7% | | Exchange Loss, Net | (3) | (19) | -84.2% | | **Total** | **59** | **398** | **-85.2%** | [Finance Costs](index=8&type=section&id=7.%20%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) For the six months ended June 30, 2025, finance costs decreased by 25.1% to RMB 1,385 thousand, primarily due to reduced interest on bank loans Finance Costs (RMB '000) | Item | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Interest on Bank Loans | 1,325 | 1,776 | -25.4% | | Interest on Lease Liabilities | 60 | 72 | -16.7% | | **Total** | **1,385** | **1,848** | **-25.1%** | [Loss Before Income Tax](index=9&type=section&id=8.%20%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E5%89%8D%E虧%E6%90%8D) For the six months ended June 30, 2025, loss before income tax was RMB 5,792 thousand, primarily impacted by staff costs, depreciation, and fuel expenses Key Components of Loss Before Income Tax (RMB '000) | Item | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Directors' Remuneration | 614 | 758 | -19.0% | | Other Staff Costs – Salaries and Other Allowances | 5,687 | 6,005 | -5.3% | | Retirement Benefit Scheme Contributions | 649 | 537 | +20.9% | | Auditor's Remuneration | 10 | 10 | 0.0% | | Depreciation of Property, Plant and Equipment | 7,707 | 5,535 | +39.2% | | Depreciation of Right-of-use Assets | 1,009 | 1,426 | -29.2% | | Fuel Expenses | 1,984 | 2,894 | -31.5% | [Income Tax Credit](index=9&type=section&id=9.%20%E6%89%80%E5%BE%97%E7%A8%85%E6%8A%B5%E5%85%8D) For the six months ended June 30, 2025, income tax credit significantly decreased by 65.6% to RMB 1,003 thousand, mainly due to prior year's over-provision recognized in the same period of 2024, with no income tax payable in Cayman Islands, BVI, Hong Kong, and zero PRC corporate income tax provision Income Tax Credit (RMB '000) | Item | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | PRC Corporate Income Tax – Over-provision in Prior Years | – | (2,874) | -100.0% | | Deferred Tax Credit | (1,003) | (40) | +2407.5% | | **Total** | **(1,003)** | **(2,914)** | **-65.6%** | - For the six months ended June 30, 2025, no PRC corporate income tax provision was recognized in the consolidated financial statements as the Group had no taxable profits during the period[23](index=23&type=chunk) [Dividends](index=10&type=section&id=10.%20%E8%82%A1%E6%81%AF) For the interim period ended June 30, 2025, the company neither paid, declared, nor proposed any dividends - No dividends have been paid/declared or proposed to ordinary shareholders of the company during the interim period and since the end of the reporting period[24](index=24&type=chunk) [Loss Per Share](index=10&type=section&id=11.%20%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) For the six months ended June 30, 2025, basic and diluted loss per share expanded to RMB 1.10 cents, up from RMB 0.55 cents in the same period of 2024, primarily due to increased loss for the period Loss Per Share Calculation (RMB '000 and Number of Shares) | Indicator | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Loss for the Period Attributable to Owners of the Company Used in Basic Loss Per Share Calculation | 4,789 | 2,348 | +104.0% | | Weighted Average Number of Ordinary Shares Used in Basic Loss Per Share Calculation | 435,958,192 | 425,740,532 | +2.4% | | Basic and Diluted (RMB cents) | (1.10) | (0.55) | +100.0% | - As of June 30, 2025 and 2024, there were no outstanding potential ordinary shares[26](index=26&type=chunk) [Property, Plant and Equipment](index=11&type=section&id=12.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) As of June 30, 2025, the carrying amount of property, plant and equipment was RMB 94,353 thousand, a slight increase from December 31, 2024, with additions of RMB 4,611 thousand and depreciation provision of RMB 7,707 thousand during the period Carrying Amount of Property, Plant and Equipment (RMB '000) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Buildings | 28,870 | 30,125 | | Leasehold Improvements | 51,117 | 47,532 | | Equipment | 811 | 2,019 | | Furniture and Fixtures | 470 | 401 | | Office Equipment | 5,352 | 5,529 | | Motor Vehicles | 7,733 | 8,439 | | **Total** | **94,353** | **94,045** | - For the six months ended June 30, 2025, additions to property, plant and equipment amounted to **RMB 4,611 thousand**[27](index=27&type=chunk) - For the six months ended June 30, 2025, depreciation provision for the period was **RMB 7,707 thousand**[27](index=27&type=chunk) [Right-of-use Assets](index=12&type=section&id=13.%20%E4%BD%BF%E7%94%A8%E6%AC%8A%E8%B3%87%E7%94%A2) As of June 30, 2025, the carrying amount of right-of-use assets was RMB 41,938 thousand, slightly higher than December 31, 2024, with all motor vehicle right-of-use assets under hire purchase arrangements with purchase options Carrying Amount of Right-of-use Assets (RMB '000) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Leasehold Land | 37,322 | 38,056 | | Buildings | – | – | | Motor Vehicles | 4,616 | 3,594 | | **Total** | **41,938** | **41,650** | - As of June 30, 2025 and December 31, 2024, all motor vehicles within right-of-use assets were under hire purchase arrangements with purchase options[28](index=28&type=chunk) [Trade and Other Receivables and Prepayments](index=13&type=section&id=14.%20%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, the current portion of trade and other receivables and prepayments was RMB 1,304 thousand, a decrease from RMB 1,628 thousand on December 31, 2024, with trade receivables primarily aged 0 to 30 days Trade and Other Receivables and Prepayments (RMB '000) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Receivables | 119 | 67 | | Other Receivables (Net of Expected Credit Losses) | 962 | 201 | | Prepayments | 223 | 9,450 | | **Total Current Portion** | **1,304** | **1,628** | - The Group's payment methods for driving training services to its customers are primarily cash and online payment platforms; generally, course enrollment fees are pre-billed, and no credit period is granted to customers[29](index=29&type=chunk) - As of December 31, 2024, the non-current portion of prepayments primarily consisted of approximately RMB 3,900,000 for the acquisition of a subsidiary for a new driving school and approximately RMB 4,190,000 for renovation expenses for the new driving school's training grounds and interior decoration of the proposed acquired subsidiary, with renovations completed in March 2025[29](index=29&type=chunk) [Trade and Other Payables and Accrued Expenses](index=14&type=section&id=15.%20%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E8%A8%88%E8%B2%BB%E7%94%A8) As of June 30, 2025, total trade and other payables and accrued expenses were RMB 16,985 thousand, an increase from RMB 15,647 thousand on December 31, 2024, with trade payables generally settled within 30 days Trade and Other Payables and Accrued Expenses (RMB '000) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 1,415 | 1,158 | | Construction Costs Payable | 2,394 | 3,104 | | Accrued Salaries and Other Staff Costs | 3,699 | 2,675 | | Accrued Directors' Remuneration | 3,176 | 2,756 | | Examination Fees Payable | 1,066 | 1,139 | | Other Taxes Payable | 1,124 | 1,167 | | Other Payables | 4,111 | 3,648 | | **Total** | **16,985** | **15,647** | - No credit period is granted by trade creditors. Trade payables are generally settled within 30 days from the invoice date[30](index=30&type=chunk) [Lease Liabilities](index=15&type=section&id=16.%20%E7%A7%9F%E8%B3%83%E8%B2%A0%E5%82%B5) As of June 30, 2025, the present value of lease liabilities was RMB 3,862 thousand, with RMB 1,588 thousand classified as current liabilities, and the weighted average incremental borrowing rate ranging from 5.4% to 12.8% Present Value of Lease Liabilities (RMB '000) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Present Value of Lease Liabilities | 3,862 | 3,433 | | Less: Amounts Due for Settlement Within 12 Months from the End of the Reporting Period (Presented as Current Liabilities) | (1,588) | (1,635) | | **Amounts Due for Settlement After 12 Months from the End of the Reporting Period** | **2,274** | **1,798** | - The weighted average incremental borrowing rate applicable to lease liabilities ranged from **5.4% to 12.8%**[32](index=32&type=chunk) [Deferred Tax Liabilities / (Assets)](index=15&type=section&id=17.%20%E9%81%9E%E5%BB%B6%E7%A8%85%E9%A0%85%E8%B2%A0%E5%82%B5%E2%88%95%EF%BC%88%E8%B3%87%E7%94%A2%EF%BC%89) As of June 30, 2025, total deferred tax liabilities were RMB 1,504 thousand, a decrease from RMB 2,507 thousand on December 31, 2024, primarily due to amounts deducted from profit or loss Key Components of Deferred Tax Liabilities / (Assets) (RMB '000) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 297 | 332 | | Right-of-use Assets | – | – | | Lease Liabilities | (318) | (348) | | Temporary Differences on Capitalization of Interest | – | 343 | | Deductible Temporary Differences | 1,379 | 1,452 | | Revenue Recognition | 2,883 | 2,649 | | Losses | (2,737) | (1,921) | | **Total** | **1,504** | **2,507** | - For the six months ended June 30, 2025, deferred tax deducted from / (credited to) profit or loss was **RMB 1,003 thousand**[33](index=33&type=chunk) [Share Capital](index=16&type=section&id=18.%20%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's issued and fully paid share capital comprised 435,958,192 shares with a par value of HKD 0.01 each, totaling approximately RMB 3,939 thousand, remaining unchanged since the completion of the rights issue on March 20, 2024 Share Capital Composition (RMB '000 and Number of Shares) | Item | Number of Shares | Amount (RMB '000) | | :--- | :--- | :--- | | Authorized Share Capital (Ordinary Shares of HKD 0.01 each) | 10,000,000,000 | 90,179 | | Issued and Fully Paid Share Capital (As of June 30, 2025) | 435,958,192 | 3,939 | - On March 20, 2024, a total of 35,958,192 rights shares were issued and allotted at **HKD 0.20** per rights share under the rights issue, raising net proceeds of approximately **HKD 6,062,000**[34](index=34&type=chunk) Business Review This section reviews the company's driving training services in Zhumadian City, Henan Province, China, covering its operating subsidiaries, course types, market competition, student enrollment, revenue composition, and future development strategies, with a focus on market consolidation and expansion into new training areas [Company Profile and Services](index=17&type=section&id=%E5%85%AC%E5%8F%B8%E6%A6%82%E6%B3%81%E8%88%87%E6%9C%8D%E5%8B%99) The company is a driving training service provider in Zhumadian City, Henan Province, China, offering standard and advanced courses for small and large vehicles through Shunda Driving School, Tongtai Driving School, Kaiyuan Driving School, and Xincai Driving School - The company is a driving training service provider in Zhumadian City, Henan Province, China, primarily offering driving training services through Shunda Driving School and Tongtai Driving School[35](index=35&type=chunk) - Kaiyuan Driving School and Xincai Driving School were acquired in November 2024 and March 2025, respectively, to mitigate intense competition and capture market share[35](index=35&type=chunk)[37](index=37&type=chunk) - Two types of driving training courses are offered: standard courses (lower fees, fewer training hours) and advanced courses (training hours equivalent to minimum requirements, including holiday and weekend courses, economy courses, and VIP courses)[36](index=36&type=chunk) [Market Environment and Competition Strategy](index=17&type=section&id=%E5%B8%82%E5%A0%B4%E7%92%B0%E5%A2%83%E8%88%87%E7%AB%B6%E7%88%AD%E7%AD%96%E7%95%A5) The driving training services market faces intensified competition due to worsening logistics market conditions from US-China trade tensions and lower entry barriers for small vehicle driving schools into large vehicle training, adversely affecting the company's financial performance, which it addresses by acquiring other driving schools - Ongoing US-China trade tensions continue to worsen market conditions in the logistics industry, intensifying competition in the driving training services market[37](index=37&type=chunk) - The lowered entry barrier for existing small vehicle driving schools into the large vehicle driving training services industry further intensifies market competition[37](index=37&type=chunk) - To mitigate intense competition and capture market share, the company adopted an operating strategy of acquiring other driving schools in Zhumadian City and surrounding areas, purchasing Kaiyuan Driving School and Xincai Driving School in November 2024 and March 2025, respectively[37](index=37&type=chunk) [Course Enrollment and Student Number Analysis](index=18&type=section&id=%E8%AA%B2%E7%A8%8B%E5%A0%B1%E5%90%8D%E8%88%87%E5%AD%B8%E5%93%A1%E4%BA%BA%E6%95%B8%E5%88%86%E6%9E%90) For the six months ended June 30, 2025, total course enrollments increased by 31.6% year-on-year to 6,232, and total students grew by 31.4% to 7,188, with standard course enrollments surging by 92.2% while advanced course enrollments plummeted by 96.1%, reflecting market strategy adjustments and intensified competition - For the six months ended June 30, 2025, total course enrollments increased by **31.6%** from 4,736 to **6,232**[38](index=38&type=chunk) - Total enrollments for large and small vehicle standard courses increased by approximately **92.2%** to **6,173**, primarily due to course redesign, sales and marketing efforts, and the acquisition of new driving schools[39](index=39&type=chunk) - Total enrollments for large and small vehicle advanced courses decreased by approximately **96.1%** to **59**, due to worsening market conditions in the logistics industry and intensified competition[39](index=39&type=chunk) Course Enrollment Details (By Course Type) | Course Type | June 30, 2025 (Number of Persons) | June 30, 2024 (Number of Persons) | Change (%) | | :--- | :--- | :--- | :--- | | Total Standard Courses | 6,173 | 3,211 | +92.2% | | Total Advanced Courses | 59 | 1,525 | -96.1% | | **Total** | **6,232** | **4,736** | **+31.6%** | | Large Vehicles | 1,918 | 1,696 | +13.1% | | Small Vehicles | 4,314 | 3,040 | +41.9% | [Revenue and Training Hours Analysis](index=20&type=section&id=%E6%94%B6%E7%9B%8A%E8%88%87%E5%9F%B9%E8%A8%93%E6%99%82%E6%95%B8%E5%88%86%E6%9E%90) Despite a significant increase in student numbers, total revenue decreased by 6.0% to RMB 17.1 million, primarily due to reduced actual training hours; large vehicles remain the main revenue source, but advanced course revenue share significantly declined, while standard course revenue share increased - Total revenue was approximately **RMB 17.1 million**, a decrease of approximately **6.0%**, despite a significant increase of approximately **31.4%** in enrolled students for driving courses[41](index=41&type=chunk) - The overall decrease in revenue was due to a reduction in actual training hours for students, which offset the positive impact of increased student numbers and higher average course fees per hour for standard courses[42](index=42&type=chunk) - The provision of large vehicle driving training services continued to be the primary source of revenue, accounting for approximately **69.6%** of total revenue (H1 2024: 75.0%)[42](index=42&type=chunk) Revenue Details (By Vehicle Type and Driving Course Type) | Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | **Large Vehicles** | | | | | – Standard Courses | 10,173 | 9,897 | +2.8% | | – Advanced Courses | 1,516 | 3,628 | -58.2% | | – Additional Training Services | 194 | 82 | +136.6% | | **Subtotal** | **11,883** | **13,607** | **-12.7%** | | **Small Vehicles** | | | | | – Standard Courses | 3,255 | 366 | +789.3% | | – Advanced Courses | 1,383 | 4,085 | -66.2% | | – Additional Training Services | 540 | 89 | +506.7% | | **Subtotal** | **5,178** | **4,540** | **+14.1%** | | **Total** | **17,061** | **18,147** | **-6.0%** | [Industry Trends and Future Outlook](index=22&type=section&id=%E8%A1%8C%E6%A5%AD%E8%B6%A8%E5%8B%A2%E8%88%87%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) The driving training market faces intensifying competition and overall price declines, yet the Group's enrollment has increased; the company plans to seize market consolidation opportunities, explore new areas like drone training for transformation and upgrading - The Chinese government's relaxed regulatory requirements for driving school establishment have intensified competition in the driving training market, leading to a continuous downward trend in overall industry prices[43](index=43&type=chunk) - Despite intensified industry competition, the Group's enrollment numbers for both large and small vehicles increased in H1 2025 compared to H1 2024[43](index=43&type=chunk) - With the gradual rise of the emerging low-altitude economy, several qualified driving schools in the industry are utilizing existing venues to enter the field of drone training, opening a new direction for driving school transformation and upgrading[43](index=43&type=chunk) [Key Initiatives for H2 2025](index=22&type=section&id=2025%E5%B9%B4%E4%B8%8B%E5%8D%8A%E5%B9%B4%E9%87%8D%E9%BB%9E%E5%B7%A5%E4%BD%9C) In H2 2025, the company will focus on internal optimization for cost reduction and efficiency (intelligent teaching, online marketing), seize market consolidation opportunities to build regional leadership, plan to enter drone training, and actively seek multi-regional joint ventures to enhance profitability - Continue internal optimization for cost reduction and efficiency, including intelligent teaching and expanding online marketing, gradually achieving cross-regional and cross-temporal online marketing promotion methods[44](index=44&type=chunk) - Plan to enter the drone training field as a new area of vocational education and training, actively preparing relevant procedures to lay the groundwork for new revenue growth points[46](index=46&type=chunk) - Utilize industry troughs to implement regional joint ventures to maintain healthy market prices, stable enrollment, and increase market share[46](index=46&type=chunk) - Actively seek multi-regional cooperation, especially in northwestern regions like Xinjiang and Gansu, and areas with slightly higher driving school prices like Hunan and Guangxi, to achieve breakthroughs in high-profit regional markets outside the core market[46](index=46&type=chunk) Management Discussion and Analysis This section provides an in-depth analysis of the company's financial performance for the six months ended June 30, 2025, including changes and key reasons for revenue, costs, gross profit, various expenses, net loss, liquidity, gearing ratio, and employee benefits [Financial Performance Overview](index=24&type=section&id=1.%20%E6%A6%82%E8%A7%88) For the six months ended June 30, 2025, the company's overall financial performance deteriorated, with total revenue down 6.0%, gross profit down 22.8%, loss before income tax up 10.1%, and net loss attributable to owners significantly increasing to RMB 4.8 million, with a net loss margin of 28.1% Financial Performance Overview (RMB million) | Indicator | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 17.1 | 18.1 | -6.0% | | Gross Profit | 2.6 | 3.4 | -22.8% | | Gross Profit Margin | 15.5% | 18.9% | -3.4pp | | Loss Before Income Tax | (5.8) | (5.3) | +10.1% | | Net Loss Attributable to Owners of the Company | (4.8) | (2.3) | +108.7% | | Net Loss Margin | 28.1% | 12.9% | +15.2pp | - The increase in net loss attributable to owners was primarily due to the income tax credit recognized from over-provision of income tax in prior years during the six months ended June 30, 2024, leading to a reduction in income tax credit for the six months ended June 30, 2025[47](index=47&type=chunk) [Revenue Analysis](index=25&type=section&id=2.%20%E6%94%B6%E7%9B%8A) Total revenue decreased by 6.0% to RMB 17.1 million, primarily due to a 12.7% (RMB 1.7 million) reduction in large vehicle driving training services revenue, despite a 14.1% (RMB 0.6 million) increase in small vehicle driving training services revenue; the revenue decline is attributed to reduced actual training hours, influenced by market competition and rising demand for standard courses - Overall revenue decreased by approximately **6.0%** to approximately **RMB 17.1 million**, primarily due to a reduction of approximately **RMB 1.7 million** in revenue from large vehicle driving training services[48](index=48&type=chunk) - Revenue from large vehicle driving training services decreased by **12.7%**, mainly due to a reduction in actual training hours for large vehicle students, despite an increase in the number of students enrolled in large vehicle standard courses[49](index=49&type=chunk) - Revenue from small vehicle driving training services increased by **14.1%**, primarily due to a significant increase in students enrolled in small vehicle standard courses, leading to higher average course fees per hour[50](index=50&type=chunk) [Cost of Services Provided](index=26&type=section&id=3.%20%E5%B7%B2%E6%8F%90%E4%BE%9B%E6%9C%8D%E5%8B%99%E6%88%90%E6%9C%AC) Cost of services provided decreased by 2.1% to RMB 14.4 million, primarily due to reduced employee benefits and fuel expenses, benefiting from driving simulator application and new energy vehicle purchases; however, depreciation expenses rose due to increased training venues and vehicles - Cost of services provided decreased by approximately **2.1%** from approximately **RMB 14.7 million** to approximately **RMB 14.4 million**[51](index=51&type=chunk) - Employee benefits expenses decreased by **7.9%** to approximately **RMB 4.0 million**, primarily due to reduced salaries paid to driving instructors and other support staff, consistent with fewer actual training hours resulting from driving simulator application[52](index=52&type=chunk) - Fuel expenses decreased by **31.4%** to approximately **RMB 2.0 million**, attributed to reduced actual training hours for students, the application of driving simulators, and the purchase of new energy small training vehicles[52](index=52&type=chunk) - Depreciation of property, plant and equipment and right-of-use assets increased by **18.5%** to approximately **RMB 7.1 million**, due to increased fixed depreciation expenses for training venues and vehicles, and amortization expenses for right-of-use assets[52](index=52&type=chunk) [Gross Profit Analysis](index=27&type=section&id=4.%20%E6%AF%9B%E5%88%A9) Overall gross profit decreased by 22.8% to RMB 2.6 million, with gross profit margin down 3.4 percentage points to 15.5%, primarily due to reduced actual training hours and increased fixed depreciation; large vehicle gross profit and margin significantly declined, while small vehicle gross profit and margin substantially rose, benefiting from increased standard course students, lower employee benefits, and new energy vehicle adoption - Overall gross profit decreased by **22.8%** to approximately **RMB 2.6 million**, with gross profit margin decreasing by **3.4 percentage points** from 18.9% to **15.5%**[53](index=53&type=chunk) - Gross profit from large vehicle driving training services decreased by **64.6%** to approximately **RMB 0.8 million**, with gross profit margin declining by **10.1 percentage points** to **7.0%**, primarily due to reduced actual training hours and increased fixed depreciation expenses[54](index=54&type=chunk) - Gross profit from small vehicle driving training services increased by **65.9%** to approximately **RMB 1.8 million**, with gross profit margin increasing by **11.0 percentage points** to **35.2%**, primarily due to a significant increase in students for higher-margin standard courses, lower employee benefits, and the application of new energy training vehicles[55](index=55&type=chunk) [Other Income and Losses, Net](index=28&type=section&id=5.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E虧%E6%90%8D%EF%BC%8C%E6%B7%A8%E9%A1%8D) Other income and losses, net, significantly decreased by 85.2% to RMB 0.1 million, primarily due to a substantial increase in losses from the disposal of training vehicles - Other income and losses, net, decreased by approximately **85.2%** to approximately **RMB 0.1 million**[56](index=56&type=chunk) - The main reason was an increase in losses from the disposal of large and small vehicle training vehicles from approximately **RMB 41,000** to approximately **RMB 0.3 million**[56](index=56&type=chunk) [Selling and Marketing Expenses](index=28&type=section&id=6.%20%E9%8A%B7%E5%94%AE%E5%8F%8A%E7%87%9F%E9%8A%B7%E8%B2%BB%E7%94%A8) For the six months ended June 30, 2025, selling and marketing expenses remained stable at approximately RMB 0.9 million - Selling and marketing expenses remained stable at approximately **RMB 0.9 million**[57](index=57&type=chunk) [Administrative Expenses](index=28&type=section&id=7.%20%E8%A1%8C%E6%94%BF%E8%B2%BB%E7%94%A8) Administrative expenses decreased by 3.0% to RMB 6.2 million, primarily due to reduced employee benefits paid to administrative staff - Administrative expenses decreased by approximately **3.0%** to approximately **RMB 6.2 million**[58](index=58&type=chunk) - Primarily due to a reduction in employee benefits paid to administrative staff[58](index=58&type=chunk) [Finance Costs](index=28&type=section&id=8.%20%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) Finance costs decreased by 25.1% to RMB 1.4 million, primarily due to the repayment of bank borrowings during the period - Finance costs decreased by approximately **25.1%** to approximately **RMB 1.4 million**[59](index=59&type=chunk) - Primarily due to the repayment of bank borrowings during the period[59](index=59&type=chunk) [Income Tax Credit](index=28&type=section&id=9.%20%E6%89%80%E5%BE%97%E7%A8%85%E6%8A%B5%E5%85%8D) Income tax credit significantly decreased by 65.6% to RMB 1.0 million, primarily due to a reduction in the over-provision of income tax from prior years recognized in the same period of 2024 - Income tax credit decreased by approximately **65.6%** to approximately **RMB 1.0 million**[60](index=60&type=chunk) - Primarily due to the recognition of an over-provision of income tax from prior years of approximately **RMB 2.9 million** for the six months ended June 30, 2024[60](index=60&type=chunk) [Loss and Total Comprehensive Expense for the Period](index=29&type=section&id=10.%20%E6%9C%9F%E5%85%A7%E虧%E6%90%8D%E5%8F%8A%E5%85%A8%E9%9D%A2%E9%96%8B%E6%94%AF%E7%B8%BD%E9%A1%8D) For the six months ended June 30, 2025, loss before income tax was RMB 5.8 million, and net loss attributable to owners expanded to RMB 4.8 million, with a net loss margin of 28.1%, primarily impacted by reduced income tax credit - For the six months ended June 30, 2025, loss before income tax was approximately **RMB 5.8 million** (H1 2024: approximately RMB 5.3 million)[61](index=61&type=chunk) - Net loss attributable to owners of the company was approximately **RMB 4.8 million** (H1 2024: approximately RMB 2.3 million), with a net loss margin of **28.1%**[61](index=61&type=chunk) - The expanded net loss was primarily due to the income tax credit recognized for the six months ended June 30, 2024[61](index=61&type=chunk) [Liquidity, Capital Resources and Borrowings](index=29&type=section&id=11.%20%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E9%87%91%E4%BE%86%E6%BA%90%E5%8F%8A%E5%80%9F%E6%AC%BE) As of June 30, 2025, bank balances and cash slightly decreased to RMB 120.3 million; net current assets were RMB 49.5 million, with a current ratio of 1.69; total interest-bearing borrowings decreased to RMB 43.2 million, mainly due to bank loan repayments - Bank balances and cash decreased from approximately **RMB 120.9 million** as of December 31, 2024, to approximately **RMB 120.3 million** as of June 30, 2025, primarily due to cash inflows from operating activities being offset by cash outflows from investing and financing activities during the period[62](index=62&type=chunk) Liquidity Indicators (RMB million) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Assets | 121.6 | 122.5 | | Current Liabilities | 72.1 | 75.2 | | Current Ratio | 1.69 | 1.63 | | Total Interest-bearing Borrowings (Repayable within one year) | 43.2 | 45.2 | - The decrease in interest-bearing borrowings was primarily due to the repayment of bank loans in June 2025[63](index=63&type=chunk) [Gearing Ratio](index=30&type=section&id=12.%20%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E7%8E%87) As of June 30, 2025, the Group's gearing ratio was approximately 0.26 times, consistent with December 31, 2024 - As of June 30, 2025, the Group's gearing ratio was approximately **0.26 times** (December 31, 2024: 0.26 times)[64](index=64&type=chunk) [Material Investments, Acquisitions and Disposals](index=30&type=section&id=13.%20%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) For the six months ended June 30, 2025, the Group made no material investments, acquisitions, or disposals - For the six months ended June 30, 2025, the Group made no material investments[65](index=65&type=chunk) - For the six months ended June 30, 2025, the Group made no material acquisitions or disposals[66](index=66&type=chunk) [Borrowings and Pledged Assets](index=30&type=section&id=15.%20%E5%80%9F%E6%AC%BE%E5%8F%8A%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group's total interest-bearing borrowings were approximately RMB 43.2 million, all repayable within one year and bearing fixed interest rates, secured and pledged by prepaid lease payments for land, right-of-use assets, office buildings, and operating rights of certain subsidiaries - As of June 30, 2025, the Group's total interest-bearing borrowings were approximately **RMB 43.2 million**, repayable within one year and bearing fixed interest rates[67](index=67&type=chunk) - The borrowings are secured and pledged by certain prepaid lease payments for land/right-of-use assets, office buildings, and the operating rights of certain subsidiaries of the Group[67](index=67&type=chunk) [Contingent Liabilities](index=30&type=section&id=16.%20%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no material contingent liabilities or guarantees, nor was it involved in any material claims, litigation, or arbitration - As of June 30, 2025, the Group had no material contingent liabilities or guarantees[68](index=68&type=chunk) - No member of the Group was involved in any material claims, litigation, or arbitration[68](index=68&type=chunk) [Foreign Exchange Risk](index=31&type=section&id=17.%20%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group's foreign currency risk primarily relates to bank balances and other payables denominated in HKD; the company currently has no foreign currency hedging policy, but management monitors and considers hedging when necessary - As of June 30, 2025, the Group's foreign currency risk primarily related to certain bank balances and other payables denominated in HKD[69](index=69&type=chunk) - The Group currently has no foreign currency hedging policy. However, management monitors foreign currency risk and will consider hedging when necessary[69](index=69&type=chunk) [Employee Benefits](index=31&type=section&id=18.%20%E5%83%B1%E5%93%A1%E7%A6%8F%E5%88%A9) As of June 30, 2025, the number of employees increased to 171; employee remuneration is determined based on industry practice, experience, and performance, with participation in local government social security schemes; total employee benefits expense was RMB 7.0 million - As of June 30, 2025, the Group had **171 employees**, an increase from 158 employees as of December 31, 2024[70](index=70&type=chunk) - Employee remuneration is determined based on current industry practice and employees' work experience and performance. The company participates in various employee social security schemes managed by local governments in accordance with PRC laws and regulations[70](index=70&type=chunk) Number of Employees by Function (June 30, 2025) | Function | Number of Employees | Percentage of Total (%) | | :--- | :--- | :--- | | Directors | 6 | 3.5 | | Driving Instructors | 85 | 49.7 | | Sales and Marketing | 21 | 12.3 | | Finance and Accounting | 6 | 3.5 | | Academic Affairs Office | 15 | 8.8 | | Administration | 35 | 20.5 | | Vehicle Management | 3 | 1.7 | | **Total** | **171** | **100.0** | - The Group's total employee benefits expense for the six months ended June 30, 2025, was approximately **RMB 7.0 million**[70](index=70&type=chunk) Other Information This section provides non-financial information including significant events after the reporting date, use of IPO proceeds, interim dividend policy, trading of listed securities, corporate governance, and audit committee review [Events After Reporting Period](index=32&type=section&id=%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) As of the date of this announcement, no significant events have occurred after June 30, 2025, that would materially affect the Group's operations and financial results - As of the date of this announcement, no significant events have occurred after June 30, 2025, that would materially affect the Group's operations and financial results[73](index=73&type=chunk) [Use of Proceeds](index=32&type=section&id=%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) Net proceeds from the IPO were approximately HKD 108.4 million, with approximately HKD 45.5 million utilized as of June 30, 2025; the company plans to continue acquiring land and constructing training venues but has been unable to identify suitable plots due to the pandemic, and will closely monitor the business environment to consider alternative uses - Net proceeds from the initial public offering were approximately **HKD 108.4 million**[74](index=74&type=chunk) Use of IPO Proceeds (HKD '000) | Intended Use | Net Proceeds from IPO | Utilized as of June 30, 2025 | Unutilized Amount as of June 30, 2025 | Expected Timeline for Intended Use | | :--- | :--- | :--- | :--- | :--- | | Acquisition of a Land Plot | 49,547 | – | 49,547 | Before December 31, 2025 | | Construction of Training Venues | 13,333 | – | 13,333 | Before December 31, 2025 | | Purchase of Training Vehicles | 10,517 | 10,517 | – | Completed | | Costs for Recruiting and Training 40 New Driving Instructors | 10,408 | 10,408 | – | Completed | | Repayment of Bank Loans | 13,769 | 13,769 | – | Completed | | Working Capital and General Corporate Purposes | 10,844 | 10,844 | – | Completed | | **Total** | **108,418** | **45,538** | **62,880** | | - The company currently plans to increase its training capacity by acquiring a land plot and constructing training venues, but has been unable to identify suitable plots due to the COVID-19 pandemic[76](index=76&type=chunk) [Interim Dividend](index=34&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board does not recommend paying any interim dividend to shareholders for the six months ended June 30, 2025 - The Board does not recommend paying any interim dividend to shareholders for the six months ended June 30, 2025[77](index=77&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=34&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B3%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[78](index=78&type=chunk) [Corporate Governance and Other Information](index=34&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) The company is committed to maintaining high corporate governance standards, having complied with all applicable provisions of the Corporate Governance Code; directors confirmed compliance with the Model Code for securities transactions; the Audit Committee reviewed the interim financial statements, deeming them compliant with accounting standards and Listing Rules - For the six months ended June 30, 2025, the company complied with all applicable code provisions set out in the Corporate Governance Code[79](index=79&type=chunk) - Following specific enquiries to all Directors, all Directors confirmed their compliance with the required standards for securities transactions by Directors as set out in the Model Code[80](index=80&type=chunk) - The Audit Committee reviewed the Group's unaudited consolidated financial statements for the six months ended June 30, 2025, and considered that these results complied with applicable accounting standards and requirements of the Listing Rules and other applicable laws and regulations[81](index=81&type=chunk) Appendix This section provides detailed definitions of proprietary and technical terms used in the report to ensure readers have a clear understanding of the content [Definitions](index=36&type=section&id=%E9%87%8B%E7%BE%A9) This section provides definitions for key terms used in the report, including company entities, regulatory bodies, financial terminology, and corporate actions - Definitions are provided for terms such as 'Audit Committee', 'Board', 'Company', 'Corporate Governance Code', 'Directors', 'Group', 'HKD', 'Hong Kong', 'IPO', 'Kaiyuan Driving School', 'Ministry of Public Security', 'Listing Rules', 'Main Board', 'Model Code', 'PRC', 'Prospectus', 'Record Date', 'Rights Issue', 'Rights Shares', 'RMB', 'Shareholder(s)', 'Share(s)', 'Shunda Driving School', 'Stock Exchange', 'Xincai Driving School', 'Tongtai Culture', and 'Tongtai Driving School'[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Technical Terms](index=39&type=section&id=%E6%8A%80%E8%A1%93%E8%A9%9E%E5%BD%99) This section explains professional terms related to the driving training business in the report, specifically different vehicle classifications (e.g., Class A2, A3, B1, B2, C1, C2, C6 vehicles) and driving school qualification levels (Qualified Class 1 Driving School, Qualified Class 2 Driving School) - Definitions are provided for technical terms such as 'Class A2 vehicles', 'Class A3 vehicles', 'Class B1 vehicles', 'Class B2 vehicles', 'Class C1 vehicles', 'Class C2 vehicles', 'Class C6 vehicles', 'Large Vehicles', 'Qualified Class 1 Driving School', 'Qualified Class 2 Driving School', and 'Small Vehicles'[89](index=89&type=chunk)[90](index=90&type=chunk)

格隆汇8月20日丨向中国际(01871.HK)发布公告，公司董事会会议将于2025年8月28日举行，以(其中包 括)审议及批准(倘认为合适)公司及其附属公司截至2025年6月30日止六个月的中期业绩以供刊发；决定 是否宣派、建议或派付任何中期股息（如有）；及处理其他业务。 ...