董事會會議日期 向中國際控股有限公司 (「本公司」)董 事 (「董事」及各為「董事」)會 (「 董 事會」 )謹此宣佈董事會會議將於 202 5年 8月 2 8日（星期 四 ） 舉行，以 (其 中 包 括 )審議及批准 (倘認為合適 )本公司及其附屬公司截至 202 5年 6月 3 0日 止 六個月 的 中期業 績 以 供 刊 發；決 定 是 否 宣 派、建 議 或 派 付 任 何 中 期 股 息（ 如 有）；及處理其他業務。 承董事會命 向中國際控股有限公司 主席兼執行董事 亓向中 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的內容概 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的任何損失承擔 任何責任。 China Oriented International Holdings Limited 向中國際控股有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1871) 香港， 二 零 二 五 年 八 月 二 十 日 於本 ...

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 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8月4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 100,000,000 F ...

Financial Performance - Total revenue for the year ended December 31, 2024, was approximately RMB 32.3 million, a decrease of about 19.0% from RMB 39.9 million in 2023[42]. - The overall decrease in revenue was attributed to a decline in both the number of trainees and actual training hours[42]. - Gross profit decreased by RMB4.6 million (approximately 54.1%) from RMB8.6 million for the year ended December 31, 2023 to RMB3.9 million for the year ended December 31, 2024, with a gross profit margin decline of 9.3 percentage points from 21.5% to 12.2%[46][48]. - The net loss attributable to the owners of the Company remained stable at approximately RMB8.4 million for both years ended December 31, 2023 and 2024, with net loss margins of 21.2% and 25.9%, respectively[47]. - Revenue from driving training services for Large Vehicles decreased by approximately RMB7.3 million (approximately 24.6%) from RMB29.6 million to RMB22.3 million, primarily due to a decrease in the number of trainees and training hours[50][51]. - The total number of course enrollments decreased by 7.0% from 9,304 in 2023 to 8,646 in 2024[36]. - The number of trainees attending driving courses slightly decreased by approximately 3.5%, from 10,832 in 2023 to 10,450 in 2024[42]. - Revenue from large vehicle training services accounted for approximately 69.1% of total revenue in 2024, down from 74.2% in 2023[42]. Enrollment Trends - The total number of course enrollments decreased by 7.0% from 9,304 in 2023 to 8,646 in 2024[36]. - The number of course enrollments for Large Vehicles dropped significantly by 18.7% from 4,035 in 2023 to 3,279 in 2024, impacting overall revenue[36]. - The overall number of course enrollments for standard courses increased by approximately 130.0% from 3,046 in 2023 to 7,006 in 2024 due to new course designs[37]. - The total number of course enrollments for Shun Da School decreased by approximately 38.2% to 846 in 2024 from 1,368 in 2023[36]. - Tong Tai School's course enrollments slightly decreased by approximately 1.7% from 7,936 in 2023 to 7,800 in 2024[36]. Strategic Initiatives - The company plans to adopt effective methods to stabilize economic income and ensure reasonable market operation amidst competitive pressures[16]. - The company aims to increase capital investment and upgrade teaching facilities, including acquiring new energy vehicles and unique teaching simulators to enhance service quality[18]. - To adapt to market changes, the company plans to cultivate an online sales and marketing team leveraging platforms like TikTok to promote enrollment policies[17]. - The company plans to actively expand its market through potential acquisitions and partnerships in Gansu and Xinjiang provinces[22]. - The company intends to acquire land and construct training fields to enhance its operational capabilities[24]. Competition and Market Conditions - Regulatory changes since Q3 2021 have intensified competition, with an increase in the number of driving schools, leading to a dispersion of course enrollments across provinces[10]. - The company anticipates intensified competition in 2025 due to the survival of numerous non-traditional driving schools and the emergence of internet-based training models[15]. - The driving training industry needs to adjust training curricula to accommodate the characteristics of new energy vehicles, necessitating diversified training courses[15]. - The company will focus on strengthening internal control management and exploring new sources of course enrollments as core tasks for 2025[16]. - The overall strategy for 2025 includes enhancing teaching quality through new technologies to boost competitiveness in a diversified landscape[18]. Cost Management - Cost of services rendered decreased by approximately RMB3.0 million (approximately 9.4%) from RMB31.3 million to RMB28.4 million, mainly due to reduced employee benefit expenses and other costs[55][57]. - Employee benefit expenses decreased by approximately RMB2.4 million, or approximately 22.4%, from approximately RMB10.5 million for the year ended December 31, 2023 to approximately RMB8.2 million for the year ended December 31, 2024[58]. - Fuel expenses decreased by approximately RMB2.5 million, or approximately 34.3%, from approximately RMB7.4 million for the year ended December 31, 2023 to approximately RMB4.9 million for the year ended December 31, 2024[58]. Governance and Compliance - The Company has complied with all code provisions set out in the Corporate Governance Code for the year ended December 31, 2024[109]. - The Board of Directors held four meetings during the year ended December 31, 2024, in compliance with the Corporate Governance Code[117]. - The Company received written confirmations of independence from all independent non-executive directors, affirming their compliance with independence guidelines[124]. - The Board is responsible for strategic decisions and financial performance, meeting at least four times a year to oversee the company's affairs[137][138]. - The Audit Committee reviewed the audited consolidated financial statements for the financial year ended December 31, 2024, including accounting principles and policies, and recommended them for approval at the AGM[157]. Human Resources - The total employee benefit expenses for the year ended December 31, 2024, were approximately RMB 10.7 million, down from approximately RMB 13.3 million for the year ended December 31, 2023[97][98]. - The Group had 158 employees as of December 31, 2024, representing a decrease from 210 employees as of December 31, 2023[95][98]. - The Group's employee composition includes 6 Directors (3.7%), 77 driving instructors (48.7%), and 21 in sales and marketing (13.3%) as of December 31, 2024[100]. Risk Management - The company engaged an external consultant to enhance the effectiveness of its risk management and internal control systems[151]. - The Audit Committee engaged an external consultant to review the financial controls, internal control, and risk management systems of the Company[160].

Financial Performance - For the year ended December 31, 2024, the company's revenue was RMB 32,297,000, a decrease of 19.1% compared to RMB 39,884,000 in 2023[4] - The cost of services provided was RMB 28,367,000, resulting in a gross profit of RMB 3,930,000, down 54.5% from RMB 8,560,000 in the previous year[4] - The company reported a loss before tax of RMB 13,695,000, compared to a loss of RMB 9,756,000 in 2023, indicating a deterioration in financial performance[4] - The net loss attributable to the owners of the company was RMB 8,360,000, slightly improved from RMB 8,443,000 in the previous year[4] - Basic and diluted loss per share was RMB 1.94, compared to RMB 2.05 in 2023, reflecting a minor improvement in per-share loss[4] Assets and Liabilities - Non-current assets increased to RMB 143,785,000 from RMB 128,591,000 in 2023, primarily due to investments in property, plant, and equipment[5] - Current assets decreased to RMB 122,541,000 from RMB 159,761,000, with cash and bank balances dropping to RMB 120,913,000 from RMB 152,359,000[5] - Total equity attributable to owners of the company was RMB 186,818,000, down from RMB 189,569,000 in 2023, indicating a slight decline in shareholder equity[5] - The total liabilities for the company as of December 31, 2024, were RMB 15,647,000, compared to RMB 15,374,000 in 2023, showing a slight increase of 1.8%[28] - The total interest-bearing borrowings amounted to approximately RMB 45.2 million, a decrease from RMB 54.2 million as of December 31, 2023[75] Revenue Breakdown - Revenue from driving training services for 2024 was RMB 32,297,000, a decrease of 19.1% from RMB 39,884,000 in 2023[13] - Standard course revenue increased significantly to RMB 20,300,000 in 2024 from RMB 2,824,000 in 2023, while advanced course revenue decreased to RMB 11,059,000 from RMB 36,659,000[13] - Revenue from large vehicle driving training services accounted for approximately 69.1% of total revenue for the year ended December 31, 2024[39] - Revenue from large vehicle driving training services decreased by RMB 7.3 million (approximately 24.6%) to RMB 22.3 million, primarily due to a reduction in the number of students and training hours[55] - Revenue from small vehicle driving training services slightly decreased by RMB 0.3 million (approximately 3.1%) to RMB 10.0 million, despite an increase in the number of students from 6,490 to 6,691[56] Enrollment and Training - Total course enrollment decreased by 7.0% to 8,646 students for the year ended December 31, 2024, compared to 9,304 students in 2023[39] - The number of students enrolled in large vehicle courses dropped significantly by 18.7% to 3,279 students, while small vehicle course enrollment increased slightly by 1.9% to 5,367 students[39] - The total number of course enrollments for large and small vehicle standard courses increased by approximately 130.0% from 3,046 to 7,006 for the year ending December 31, 2024, due to redesigned courses with lower fees and fewer training hours[40] - The number of course registrations at Shunda Driving School decreased by 38.2% to 846 students, primarily due to a transfer of registrations to Tongtai Driving School[39] - The number of enrollments in standard courses for large vehicles rose to 3,271 (37.8%) in 2024 from 977 (10.5%) in 2023, while advanced course enrollments fell significantly from 3,058 (32.9%) to 8 (0.1%) in the same period[41] Expenses and Cost Management - Total financial expenses decreased to RMB 3,279,000 in 2024 from RMB 4,230,000 in 2023, primarily due to lower interest on bank loans[18] - Employee benefit expenses decreased from RMB 10.5 million to RMB 8.2 million, a decline of about 22.4%[58] - Fuel expenses decreased from RMB 7.4 million to RMB 4.9 million, a reduction of approximately 34.3%[58] - Total cost of services provided decreased from RMB 31.3 million to RMB 28.4 million, a reduction of approximately 9.4%[57] Strategic Initiatives - The company has made prepayments for the acquisition of a subsidiary amounting to RMB 3,900,000, indicating ongoing expansion efforts[5] - The company plans to enhance its marketing team and utilize social media platforms to promote enrollment policies and educational advantages to increase student numbers[47] - Investment in teaching facilities will be increased, including the purchase of unique simulators and plans to acquire new energy training vehicles to reduce training costs and improve service quality[48] - The company aims to adapt to the competitive landscape by embracing new technologies and enhancing teaching quality to maintain market share and profitability[46] - The company plans to actively seek suitable land for building training facilities and will consider other uses of financial resources to improve business performance[51] Shareholder Information - The company did not declare any dividends for the year ended December 31, 2024, consistent with 2023[22] - The board does not recommend any dividend payment for the year ending December 31, 2024, consistent with the previous year[85] - The company completed a rights issue on March 20, 2024, raising approximately HKD 40 million, with net proceeds of about HKD 6.062 million[34] - The net proceeds from the rights issue amount to approximately HKD 6.1 million, which will be used to repay part of the group's outstanding bank loans[84] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, reviewed the consolidated financial statements for the year ending December 31, 2024, and found them compliant with applicable accounting standards[89] - The independent auditor confirmed that the figures in the consolidated financial statements for the year ending December 31, 2024, matched those reported in the audited financial statements[90] - The board of directors includes two executive directors, Qi Xiangzhong and Zhao Yuxia, one non-executive director, Dr. Yang Zhuoguang, and three independent non-executive directors, Mr. Chen Xiaohua, Mr. Wen Xinhui, and Mr. Xu Jianpo[97]

Course Enrollments and Demand - The total number of course enrollments decreased by 12.4% from 5,404 for the six months ended June 30, 2023, to 4,736 for the six months ended June 30, 2024[14]. - Shun Da School's course enrollments amounted to 511, representing a significant decrease of approximately 40.8% compared to 863 in the same period last year[14]. - Tong Tai School's course enrollments totaled 4,225, reflecting a slight decrease of approximately 7.0% from 4,541 in the previous year[14]. - The demand for driving courses for Large Vehicles, which accounted for approximately 75.0% of total revenue, significantly declined due to adverse market conditions in the logistics industry[14]. - The overall number of course enrollments for standard courses increased by approximately 184.7% from 1,128 to 3,211 due to newly designed driving courses with lower fees[15]. - The decline in course enrollments was attributed to increased competition from existing Small Vehicles driving schools entering the Large Vehicles training sector[12]. - The overall negative growth in trainees was primarily due to a decrease in actual training hours provided during the six months ended June 30, 2024[12]. - The restructuring of training locations contributed to the significant decrease in Shun Da School's enrollments[14]. - The company faced intensified competition in the driving training services market due to ongoing US-China trade tensions[12]. - The overall deterioration in business performance was linked to a decrease in demand for driving courses, particularly for Large Vehicles[12]. Financial Performance - The total revenue for the Group amounted to approximately RMB 18.1 million, representing a decrease of 22.5% from approximately RMB 23.4 million for the six months ended June 30, 2023[18]. - The number of trainees attending driving courses decreased by approximately 12.0% to 5,469 for the six months ended June 30, 2024, down from 6,213 in the same period in 2023[19]. - Revenue from large vehicle driving training services accounted for approximately 75.0% of total revenue, down from 80.2% for the same period in 2023[18]. - Revenue generated from premium courses of large vehicles contributed approximately 20.0% of total revenue, a significant decrease from 79.2% in the same period in 2023[19]. - The overall decrease in revenue was attributed to a reduction in both the number of trainees and the actual training hours[19]. - The company recorded a loss before income tax of approximately RMB 5.3 million for the six months ended 30 June 2024, compared to a loss of approximately RMB 2.7 million for the same period in 2023[25]. - Gross profit decreased by approximately RMB 2.9 million (or 45.9%) from RMB 6.3 million for the six months ended June 30, 2023, to RMB 3.4 million for the six months ended June 30, 2024, with a gross profit margin decline of 8.2 percentage points from 27.1% to 18.9%[25]. - The net loss attributable to the owners of the Company reduced from approximately RMB 3.3 million for the six months ended June 30, 2023, to approximately RMB 2.3 million for the six months ended June 30, 2024, resulting in a net loss margin of 12.9%[25]. Operational Adjustments and Strategies - The company plans to enhance its service offerings and invest in unique teaching simulators to reduce training costs and maintain gross margins amid price competition[24]. - The company is exploring potential acquisitions and partnerships to expand course enrollments, including a cooperation agreement with a technical secondary school in Gansu Province[24]. - The company aims to stabilize economic income by increasing course enrollments through various methods and measures[21]. - The company emphasizes the importance of timely responses to market changes and strategic decisions to optimize training and examination services[24]. Employee and Cost Management - Employee benefit expenses decreased by approximately RMB 1.7 million, or approximately 27.8%, from RMB 6.1 million for the six months ended June 30, 2023, to RMB 4.4 million for the six months ended June 30, 2024[33]. - Cost of services rendered decreased by approximately RMB 2.4 million (or 13.8%) from RMB 17.1 million to RMB 14.7 million, mainly due to reduced employee benefit expenses and other costs[30]. - Selling and marketing expenses decreased by approximately RMB 0.1 million, or approximately 7.8%, from RMB 1.0 million for the six months ended June 30, 2023, to RMB 0.9 million for the six months ended June 30, 2024[41]. - Administrative expenses decreased by approximately RMB 0.3 million, or approximately 4.3%, from RMB 6.7 million for the six months ended June 30, 2023, to RMB 6.4 million for the six months ended June 30, 2024[42]. Share Capital and Financing - The Company raised approximately HK$7.2 million from a Rights Issue, with net proceeds after expenses amounting to approximately HK$6.1 million[53]. - The issued share capital of the Company after the Rights Issue comprises 435,958,192 Shares of HK$0.01 each[54]. - The Company intends to apply the net proceeds from the Rights Issue for the partial repayment of outstanding bank borrowings[53]. - The Group's bank balances and cash decreased from approximately RMB 152.4 million as at 31 December 2023 to approximately RMB 150.6 million as at 30 June 2024, with a current ratio of 2.34 as of 30 June 2024[52]. Market and Competitive Landscape - The driving training services market has seen a continuous increase in the number of driving schools since the regulatory changes in the third quarter of 2021, intensifying competition[22]. - The company faced challenges in course enrollments due to increased competition from new driving schools and price reduction strategies adopted by some competitors, leading to a decrease in overall economic benefits in the driving training industry[21]. Future Plans and Investments - The Company plans to acquire a parcel of land and construct training fields to increase training capacity, with expected completion by the end of December 2024[66]. - The Company intends to recruit and train 40 new driving instructors, with an allocated budget of HK$10.4 million, of which HK$7.5 million has been utilized[63]. - The Company has not anticipated any changes to the intended use of net proceeds as previously disclosed in the Prospectus[64].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 18,147,000, a decrease of 22% compared to RMB 23,425,000 for the same period in 2023[2] - Gross profit for the same period was RMB 3,432,000, down from RMB 6,348,000, reflecting a gross margin decline[2] - Loss before tax increased to RMB 5,262,000 from RMB 2,684,000 year-on-year[2] - The net loss attributable to owners of the company was RMB 2,348,000, compared to RMB 3,252,000 in the previous year, indicating a reduction in losses[2] - Total revenue for the group decreased by about 22.5%, from RMB 23.4 million in the six months ended June 30, 2023, to approximately RMB 18.1 million in the same period of 2024[37] - Gross profit fell from RMB 6.3 million to RMB 3.4 million, a decrease of RMB 2.9 million or about 45.9%, with gross margin dropping from 27.1% to 18.9%[40] - The loss attributable to owners of the company decreased from approximately RMB 3.3 million to approximately RMB 2.3 million, resulting in a loss margin of 12.9% for the six months ended June 30, 2024, compared to 13.9% for the same period in 2023[40] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 209,031,000, slightly up from RMB 205,695,000 at the end of 2023[3] - Current assets net increased to RMB 86,638,000 from RMB 77,104,000, showing improved liquidity[3] - Non-current liabilities remained stable at RMB 16,201,000 compared to RMB 16,126,000 in the previous year[4] - The company's equity attributable to owners increased to RMB 192,830,000 from RMB 189,569,000, reflecting a positive trend in shareholder value[4] - As of June 30, 2024, the total value of property, plant, and equipment is RMB 137,723 thousand, a decrease from RMB 139,581 thousand as of December 31, 2023[22] - The company's total interest-bearing borrowings amounted to approximately RMB 45.2 million, down from RMB 54.2 million as of December 31, 2023[58] Revenue Breakdown - Revenue from driving training services for the six months ended June 30, 2024, was RMB 18,147,000, a decrease of 22% compared to RMB 23,425,000 for the same period in 2023[10] - Standard course revenue increased significantly to RMB 10,263,000 from RMB 560,000, while advanced course revenue decreased to RMB 7,713,000 from RMB 22,646,000[10] - Revenue from large vehicle driving training services decreased by approximately RMB 5.2 million or 27.6%, from RMB 18.8 million to RMB 13.6 million, primarily due to a reduction in student numbers from 2,861 to 2,306[41] - Revenue from small vehicle driving training services slightly decreased by RMB 0.1 million or 2.2%, from RMB 4.6 million to RMB 4.5 million, despite an increase in actual training hours from 57,124 to 60,280 hours[42] - Revenue from large vehicle driving courses accounted for approximately 75.0% of total revenue for the six months ended June 30, 2024[35] - Revenue from standard courses for large vehicles generated approximately RMB 9.9 million, representing 54.5% of total revenue from large vehicles[37] Enrollment and Training Services - Total course enrollment decreased by 12.4% from 5,404 to 4,736 for the six months ended June 30, 2024, compared to the same period in 2023[35] - The number of students enrolled in Shun Da Driving School dropped by 40.8% to 511, down from 863 in the same period last year[35] - The number of students enrolled in Tong Tai Driving School slightly decreased by 7.0% to 4,225, compared to 4,541 in the previous year[35] - Total enrollment in driving courses decreased by approximately 12.0%, from 6,213 students in the six months ended June 30, 2023, to 5,469 students in the same period of 2024[37] Expenses and Financial Management - Total financial expenses for the six months ended June 30, 2024, were RMB 1,848,000, down from RMB 2,290,000 in the same period of 2023[15] - Employee benefits expenses decreased by RMB 1.7 million or 27.8%, from RMB 6.1 million to RMB 4.4 million, due to a reduction in training hours[44] - Fuel expenses decreased by RMB 1.5 million or 34.1%, from RMB 4.4 million to RMB 2.9 million, consistent with the decrease in actual training hours[44] - Depreciation of property, plant, and equipment increased by RMB 0.8 million or 15.7%, from RMB 5.2 million to RMB 6.0 million, due to fixed depreciation of training facilities and vehicles[44] - Sales and marketing expenses decreased by approximately RMB 0.1 million or 7.8% to RMB 0.9 million for the six months ending June 30, 2024, down from RMB 1.0 million for the same period in 2023[47] - Administrative expenses decreased by approximately RMB 0.3 million or 4.3% to RMB 6.4 million for the six months ending June 30, 2024, compared to RMB 6.7 million for the same period in 2023[48] Future Outlook and Strategic Plans - Future outlook remains cautious due to market conditions, with no specific guidance provided for the upcoming quarters[5] - The company plans to enhance service quality and invest in infrastructure to implement smart teaching, aiming to reduce training costs and maintain profit margins[39] - The company is exploring potential acquisitions and partnerships to expand enrollment, including discussions with local driving schools in Gansu and Xinjiang provinces[39] - The company has reached a cooperation agreement with a technical school in Wuwei City, Gansu Province, to attract students for large vehicle driving training[39] - The company aims to optimize training and examination services while focusing on enrollment growth to achieve better results in the second half of 2024[39] Compliance and Governance - The company has adopted the corporate governance code and has complied with all applicable provisions for the six months ending June 30, 2024[70] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial statements and found them compliant with applicable accounting standards and regulations[72] - The mid-term report for the six months ending June 30, 2024, will be published on the Hong Kong Stock Exchange and the company's website[73]

Enrollment Trends - The overall number of course enrollments declined due to decreased demand for driving courses, particularly for large vehicles, which accounted for approximately 74.2% of total revenue for the year ended December 31, 2023[16]. - The company recorded an increase in standard course enrollments for both small and large vehicles in 2023, despite the overall decline in enrollments[16]. - In 2023, the overall number of course enrollments and trainees attending driving courses declined, resulting in negative growth compared to 2022[32]. - The total number of course enrollments decreased by 3.8% from 9,670 in 2022 to 9,304 in 2023, with both Tong Tai School and Shun Da School experiencing negative growth[35][37]. - Shun Da School's enrollments amounted to 1,368, a decrease of approximately 1.8%, while Tong Tai School's enrollments were 7,936, reflecting a decrease of approximately 4.1%[35][37]. - The overall number of trainees attending driving courses decreased by approximately 13.4%, from 12,509 in 2022 to 10,832 in 2023[43][44]. - The number of trainees for Large Vehicles decreased from 5,692 in 2022 to 4,342 in 2023, with training hours dropping from 307,968 to 257,796[55][57]. - The number of trainees for Small Vehicles decreased from 6,817 in 2022 to 6,490 in 2023, with training hours dropping from 136,972 to 127,783[58]. Revenue Performance - Total revenue for the Group decreased by approximately 16.4%, amounting to approximately RMB 39.9 million in 2023 compared to RMB 47.7 million in 2022[43][44]. - Revenue from driving courses for Large Vehicles accounted for approximately 74.2% of total revenue in 2023, down from 79.4% in 2022[43][44]. - Revenue from premium courses contributed approximately 91.9% of total revenue in 2023, down from 94.5% in 2022[43][44]. - Revenue from Large Vehicles training services decreased by approximately RMB8.3 million, or 22.0%, from RMB37.9 million in 2022 to RMB29.6 million in 2023, accounting for approximately 74.2% of total revenue[54][57]. - Revenue from Small Vehicles training services increased by approximately RMB0.5 million, or 4.8%, from RMB9.8 million in 2022 to RMB10.3 million in 2023[58]. - The decline in revenue was primarily due to decreased demand for driving courses, particularly for Large Vehicles, amid ongoing US-China trade tensions affecting the logistics industry[54]. Cost and Profitability - Gross profit decreased by RMB2.7 million, or 24.3%, from RMB11.3 million in 2022 to RMB8.6 million in 2023, with a gross profit margin decline of 2.2 percentage points to 21.5%[49][50]. - Gross profit for large vehicle training services decreased by approximately RMB4.7 million, or about 48.0%, from approximately RMB9.8 million for the year ended December 31, 2022, to approximately RMB5.1 million for the year ended December 31, 2023[68]. - Gross profit margin for large vehicle training services decreased by approximately 8.6 percentage points from approximately 25.9% for the year ended December 31, 2022, to approximately 17.3% for the year ended December 31, 2023[68]. - Gross profit for small vehicle training services increased by approximately RMB2.0 million, or about 133.5%, from approximately RMB1.5 million for the year ended December 31, 2022, to approximately RMB3.5 million for the year ended December 31, 2023[69]. - Gross profit margin for small vehicle training services increased by approximately 18.4 percentage points from approximately 15.1% for the year ended December 31, 2022, to approximately 33.5% for the year ended December 31, 2023[69]. Strategic Initiatives - The company aims to enhance marketing strategies to meet enrollment targets and will launch preferential policies and campaigns to improve brand reputation and influence[16]. - The company plans to enhance teaching quality in 2024 by implementing stricter standards and developing an integrated online and offline training model[22]. - A commitment to increasing course enrollment efforts is emphasized, with a focus on marketing strategies and partnerships, particularly with Tiktok, to attract more trainees[22]. - The company aims to expand its business into other provinces, cities, and counties in China, targeting both Large and Small Vehicles markets[22]. - In January 2024, staff were assigned to research remote provinces to establish cooperative relationships with local driving training providers and related industries[26]. Financial Position - As of 31 December 2023, the Group's bank balances and cash decreased from approximately RMB182.3 million to approximately RMB152.4 million, primarily due to decreased operating cash flows[87]. - The current ratio of the Group as of 31 December 2023 was 1.93, compared to 1.86 as of 31 December 2022[88]. - As of 31 December 2023, the Group had aggregate interest-bearing borrowings of approximately RMB45.2 million, a decrease from approximately RMB55.2 million as of 31 December 2022[89]. - The gearing ratio of the Group as of 31 December 2023 was approximately 0.30 times, unchanged from 31 December 2022[92]. - The total employee benefit expenses incurred by the group for the year ended December 31, 2023, were approximately RMB 13.3 million, down from approximately RMB 18.2 million for the year ended December 31, 2022[110]. Corporate Governance - The company has complied with all provisions of the Corporate Governance Code for the year ended December 31, 2023[129]. - The Board held four meetings during the year, adhering to the requirement of at least four meetings annually[132]. - The Board composition includes two executive directors, one non-executive director, and three independent non-executive directors, meeting the Listing Rules requirements[143]. - The roles of Chairman and Chief Executive Officer are held separately by Mr. Qi Xiangzhong and Ms. Zhao Yuxia, ensuring a balance of power[137]. - The company received written annual confirmations of independence from all independent non-executive directors, affirming their compliance with independence guidelines[139]. Audit and Risk Management - The Audit Committee reviewed the audited consolidated financial statements for the financial year ended December 31, 2023, and recommended them for approval at the AGM[180]. - The Board agreed to the re-appointment of Moore CPA Limited as the external auditor for the year ending December 31, 2024, pending shareholder approval[181]. - The Audit Committee's duties include overseeing financial reporting, financial control, internal control, and risk management systems of the Group[175]. - The Company engaged an external professional consultant to enhance the effectiveness of the risk management and internal control systems of the Group during the year ended December 31, 2023[173].

Financial Performance - The company's revenue for the year ended December 31, 2023, was RMB 39,884,000, a decrease of 16.4% compared to RMB 47,734,000 in 2022[3] - The gross profit for the same period was RMB 8,560,000, down 24.2% from RMB 11,301,000 in the previous year[3] - The net loss attributable to the owners of the company was RMB 8,443,000, slightly improved from a loss of RMB 8,667,000 in 2022[3] - Basic and diluted loss per share for the year was RMB 2.11, compared to RMB 2.17 in 2022[3] - The group reported a net loss before tax of RMB 16,184,000 for 2023, down from RMB 19,764,000 in 2022, indicating an improvement of 13.1%[26] - The total comprehensive loss for the year ended December 31, 2023, was approximately RMB 8.4 million, compared to RMB 8.7 million for the year ended December 31, 2022, resulting in a net loss margin of 21.2% for 2023 and 18.2% for 2022[85] Assets and Liabilities - Non-current assets increased to RMB 128,591,000 in 2023 from RMB 122,132,000 in 2022, reflecting a growth of 5.5%[4] - Current assets decreased to RMB 159,761,000 in 2023 from RMB 183,096,000 in 2022, a decline of 13.0%[4] - Total liabilities decreased from RMB 98,475,000 in 2022 to RMB 82,657,000 in 2023, a reduction of 16.0%[4] - The company's net asset value as of December 31, 2023, was RMB 189,569,000, down from RMB 198,012,000 in 2022[4] - Cash and bank balances decreased from approximately RMB 182.3 million as of December 31, 2022, to approximately RMB 152.4 million as of December 31, 2023, primarily due to reduced operating cash flow and increased investment cash flow[86] - Current assets as of December 31, 2023, were approximately RMB 159.8 million, with current liabilities of approximately RMB 82.7 million, resulting in a current ratio of 1.93, up from 1.86 as of December 31, 2022[88] Revenue Breakdown - Revenue from standard driving training courses increased to RMB 2,824,000 in 2023 from RMB 2,006,000 in 2022, representing a growth of 40.9%[19] - Revenue from advanced driving training courses decreased to RMB 36,659,000 in 2023 from RMB 45,085,000 in 2022, a decline of 18.6%[19] - Revenue from large vehicle driving training services fell from approximately RMB 37.9 million to RMB 29.6 million, a decrease of about RMB 8.3 million or 22.0%[69] - Revenue from small vehicle driving training services increased slightly from approximately RMB 9.8 million to RMB 10.3 million, an increase of about RMB 0.5 million or 4.8%[71] Enrollment and Training Services - Total course enrollment decreased by 3.8% from 9,670 to 9,304 students as of December 31, 2023[48] - The total number of students participating in driving training courses decreased by approximately 13.4%, from 12,509 to 10,832 students[52] - The number of participants in large vehicle training courses for 2023 was 4,342, generating revenue of RMB 29.6 million, compared to 5,692 participants and RMB 37.9 million in 2022, reflecting a decrease of 23.8% in participants and 21.5% in revenue[53] - The number of participants in small vehicle training courses for 2023 was 6,490, generating revenue of RMB 10.3 million, compared to 6,817 participants and RMB 9.8 million in 2022, indicating a decrease of 4.8% in participants but an increase of 4.9% in revenue[53] Cost Management - Cost of services provided decreased from approximately RMB 36.4 million to RMB 31.3 million, a reduction of about RMB 5.1 million or 14.0%[72] - Selling and marketing expenses decreased from approximately RMB 3.4 million to RMB 1.6 million, a reduction of about RMB 1.8 million or 52.8%[80] - Administrative expenses decreased from approximately RMB 15.1 million to RMB 13.9 million, a decline of about RMB 1.2 million or 8.2%[81] - Financial expenses decreased from approximately RMB 4.6 million to RMB 4.2 million, a reduction of about RMB 0.4 million or 7.8%[83] Future Plans and Strategies - The company is focused on expanding its driving training services in China, with plans for future growth and potential new product developments[5] - The company aims to enhance brand influence and attract more students through targeted marketing strategies, including partnerships with Douyin for advertising[62] - The company plans to leverage new technologies such as virtual reality and intelligent driving systems to improve training effectiveness and create competitive advantages[60] - The company intends to maintain revenue growth in 2024 despite competitive pressures, driven by increasing demand for driving licenses and professional training services[60] Corporate Governance - The board is committed to maintaining high corporate governance standards, ensuring compliance with applicable codes and regulations[108] - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2023, and found them compliant with applicable accounting standards[112] - The independent auditor confirmed that the financial figures reported align with the audited consolidated financial statements for the year ending December 31, 2023[113] Employee and Operational Changes - Employee benefit expenses for the year ended December 31, 2023, totaled approximately RMB 13.3 million, down from RMB 18.2 million for the year ended December 31, 2022[99] - The company had a total of 210 employees as of December 31, 2023, a decrease from 295 employees as of December 31, 2022[97] Rights Issue and Financial Management - The company plans to raise up to approximately HKD 40 million through a rights issue at a subscription price of HKD 0.20 per share[101] - The net proceeds from the rights issue, after deducting related expenses, are intended to be used for repaying part of the outstanding bank borrowings[101] - The group utilized approximately HKD 39.5 million for various purposes as of December 31, 2023, with a total of HKD 108.418 million net proceeds from the initial public offering[104]

Enrollment Trends - Total course enrollments decreased by 7.6% from 5,846 for the six months ended June 30, 2022, to 5,404 for the six months ended June 30, 2023[12]. - Shun Da School's total course enrollments amounted to 863, representing a decrease of approximately 12.9% compared to 991 for the same period in 2022[12]. - Tong Tai School's total course enrollments amounted to 4,541, representing a decrease of approximately 6.5% compared to 4,855 for the same period in 2022[12]. - The overall number of course enrollments for standard courses of Small Vehicles decreased by approximately 13.6% from 1,254 to 1,083 for the same period[13]. - Both driving schools, Shun Da and Tong Tai, experienced negative growth in course enrollments for the six months ended June 30, 2023[12]. - The total number of trainees attending driving courses decreased to 6,213 for the six months ended June 30, 2023, down approximately 29.3% from 8,788 in the same period of 2022[19]. Revenue Performance - Total revenue for the Group was approximately RMB 23.4 million for the six months ended June 30, 2023, representing a decrease of approximately 25.5% from approximately RMB 31.5 million in the same period of 2022[19]. - Revenue from large vehicle training services accounted for approximately 80.2% of total revenue, down from 82.1% in the same period of 2022[19]. - Revenue generated from premium courses contributed approximately 96.6% of total revenue, an increase from 93.1% in the same period of 2022[19]. - The company recorded a total revenue decline of RMB8.0 million (approximately 25.5%) from RMB31.5 million in the first half of 2022 to RMB23.4 million in the first half of 2023[43]. - Revenue from driving training services for Large Vehicles decreased by approximately RMB7.1 million (approximately 27.3%) from RMB25.8 million in the first half of 2022 to RMB18.8 million in the first half of 2023[49]. - Revenue from small vehicle driving training services decreased by approximately RMB1.0 million or approximately 17.3%, from RMB5.6 million to RMB4.6 million for the same periods[53]. Profitability and Loss - Gross profit decreased by RMB4.0 million (approximately 38.8%) from RMB10.4 million in the first half of 2022 to RMB6.3 million in the first half of 2023, with a gross profit margin drop of 5.9 percentage points from 33.0% to 27.1%[43]. - The net loss attributable to the owners of the company was approximately RMB3.3 million for the first half of 2023, compared to a net profit of approximately RMB59,000 in the same period of 2022[44]. - The company reported a loss before income tax of RMB2,684,000, compared to a profit of RMB258,000 for the same period in 2022[161]. - Total comprehensive loss attributable to owners of the company for the period was RMB3,252,000, compared to a profit of RMB59,000 in the prior year[161]. - Basic and diluted loss per share was RMB (0.81) cents, compared to earnings of RMB 0.01 cents per share in the previous year[161]. Operational Challenges - The decline in course enrollments is attributed to decreased demand for driving courses due to deteriorating market conditions in the logistics industry, influenced by ongoing US-China trade tensions[11]. - The overall business performance reflects a negative growth trend, indicating challenges in the current market environment[11]. - The company aims to enhance marketing efforts and implement preferential policies to boost course enrollments, which were less than half of the target in the first half of 2023[32]. - The company is determined to overcome the loss-making situation in 2023 despite the downturn in market conditions and increased competition[40]. Future Plans and Strategies - The company aims to expand its business scale and enhance operational effectiveness to better meet trainees' needs and achieve improved business results[25]. - Plans for the second half of 2023 include replacing old vehicles and optimizing the driving learning environment to improve service quality[38]. - The company intends to expand its business to other provinces and cities in China, utilizing online marketing strategies to reach potential trainees[34]. - Significant improvements in teaching management and quality were noted, with a focus on integrating online and offline teaching methods[26]. - The company is committed to optimizing curriculum, instructor staffing, and examination services to ensure high-quality service for trainees[27]. Financial Position - The current ratio of the Group was 1.84 as of June 30, 2023, slightly down from 1.86 as of December 31, 2022[82]. - Aggregate interest-bearing borrowings decreased to approximately RMB54.2 million as of June 30, 2023, down from approximately RMB55.2 million as of December 31, 2022[83]. - As of June 30, 2023, the Group's current assets were approximately RMB 186.9 million, including cash and bank balances of about RMB 175.8 million[85]. - The Group's current liabilities were approximately RMB 101.5 million, with borrowings of RMB 54.2 million due within one year[85]. - The total employee benefit expenses for the six months ended June 30, 2023, were approximately RMB 9.0 million, down from approximately RMB 11.3 million for the same period in 2022[105]. Corporate Governance and Compliance - The Company complied with all applicable code provisions set out in the Corporate Governance Code during the six months ended June 30, 2023[146]. - The Audit Committee reviewed the unaudited consolidated financial statements for the six months ended June 30, 2023, confirming compliance with applicable accounting standards[153]. - The board composition now includes two executive directors, one non-executive director, and three independent non-executive directors, fulfilling the requirements under the Listing Rules[156]. Shareholder Information - The company holds a long position in shares, with Mr. Qi Xiangzhong owning 206.4 million shares, representing 51.6% of the total shareholding[125]. - Significant shareholders include Alpha Leap, which holds 206.4 million shares (51.6%), and Cosmic Hero with 39.6 million shares (9.9%) as of June 30, 2023[131]. - The Company did not purchase, sell, or redeem any listed securities during the six months ended June 30, 2023[135].

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的內容概不負 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的任何損失承擔任何責任。 China Oriented International Holdings Limited （於開曼群島註冊成立的有限公司） 1871 （股份代號： ） 2023 6 30 截至 年 月 日止六個月之中期業績公告 業績 2023 6 30 董事會欣然公佈本集團截至 年 月 日止六個月之未經審核綜合中期業績，連 2022 6 30 同截至 年 月 日止六個月之比較數字。專有詞彙及若干技術詞彙具有本公告 「釋義及技術詞彙」一段所界定的涵義。「我們」一詞指本公司，倘文義另有所指， 則指本集團。 ...