太平洋证券股份有限公司 关于东方时尚驾驶学校股份有限公司 公开发行可转换公司债券 2025年第一次临时受托管理事务报告 受托管理人 亚注证券 PACIFIC SECURITIES (住所:北京市西城区北展北街9号华远企业号 D座) 二〇二五年十一月 重要声明 股票代码: 603377 转债代码:113575 股票简称:ST 东时 转债简称:东时转债 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办 法》"）、《东方时尚驾驶学校股份有限公司公开发行可转换公司债券之债券 受托管理协议》（以下简称"《受托管理协议》"）、《东方时尚驾驶学校股 份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集说明 书》")等相关公开信息披露文件,由本期债券受托管理人太平洋证券股份有 限公司(以下简称"太平洋证券"） 编制。太平洋证券对本报告中所包含的从 上述文件中引述内容和信息未进行独立验证,也不就该等引述内容和信息的真 实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见,投资者应对相 关事宜做出独立判断,而不应将本报告中的任何内容据以作为太平洋证券所作 的承 ...

Market Overview - The education sector experienced a decline of 1.53% on November 19, with Chuangye Heima leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Individual Stock Performance - Kevin Education (002659) saw a closing price of 6.07, with an increase of 4.84% and a trading volume of 702,700 shares, amounting to a transaction value of 429 million [1] - China High-Tech (600730) closed at 10.30, up 2.28%, with a trading volume of 298,500 shares and a transaction value of 307 million [1] - ST Chuan Zhi (003032) closed at 6.81, down 0.15%, with a trading volume of 50,600 shares and a transaction value of 34.17 million [1] - Other notable declines include: - Zhong Gong Education (2.70, -1.10%) [1] - Angli Education (10.74, -1.29%) [1] - Action Education (40.77, -1.52%) [1] - Quantu Education (5.80, -1.53%) [1] - ST Guohua (8.71, -1.80%) [1] - Kede Education (19.42, -1.87%) [1] - Xueda Education (39.79, -2.16%) [1] Capital Flow Analysis - The education sector saw a net outflow of 113 million from institutional investors, while retail investors experienced a net inflow of 24.04 million [2] - The main capital inflow and outflow for selected stocks include: - Kevin Education: Net inflow of 65.58 million from main capital, with a net outflow of 74.17 million from retail [3] - China High-Tech: Net inflow of 22.82 million from main capital, with a net outflow of 28.00 million from retail [3] - ST Dong Shi: Net inflow of 0.74 million from main capital, with a net inflow of 3.58 million from retail [3] - ST Kai Yuan: Net outflow of 7.02 million from main capital, with a net inflow of 3.14 million from retail [3]

Core Insights - The education sector experienced a slight increase of 0.31% on November 18, with ST Kaiyuan leading the gains [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - ST Kaiyuan (300338) saw a closing price of 4.69, with a significant increase of 10.61% and a trading volume of 338,600 shares, resulting in a transaction value of 154 million yuan [1] - Other notable performers included ST Dongshi (603377) with a 5.10% increase, closing at 4.33, and Chuangyeti Ma (300688) with a 2.94% increase, closing at 32.22 [1] - Conversely, Kevin Education (002659) and Guomai Technology (002093) experienced declines of 2.20% and 1.48%, closing at 5.79 and 12.01 respectively [2] Capital Flow - The education sector saw a net inflow of 100 million yuan from institutional investors, while retail investors experienced a net outflow of approximately 91 million yuan [2] - The capital flow data indicates that major stocks like Kede Education (300192) and Chuangyeti Ma (300688) attracted significant net inflows of 50.16 million yuan and 45.88 million yuan respectively [3] - In contrast, stocks like Xueda Education (000526) and Angli Education (600661) faced net outflows of 1.19 million yuan and 1.49 million yuan respectively [3]

Core Viewpoint - ST Dongshi (603377) has experienced significant stock price fluctuations, with a recent increase of 13.09% to 4.32 CNY, reaching a near one-year high of 4.64 CNY on November 13, 2025, amidst various corporate developments and shareholder changes [1][2]. Trading Information Summary - ST Dongshi was listed on the Shanghai and Shenzhen Stock Exchanges' "Dragon and Tiger List" on November 12, 2025, due to a cumulative price deviation of 12% over three consecutive trading days [1][5]. - The stock's total market capitalization is currently 3.088 billion CNY, ranking 14th in the education sector and 4580th in the overall A-share market [1]. Shareholder Changes Summary - Oriental Fashion Investment Co., Ltd. has seen its 56,491,600 shares judicially auctioned and transferred, resulting in a decrease in its holding percentage [2]. - Beijing Daxing Investment Group and its concerted party, Huaneng Guicheng Trust, now hold a combined total of 86,640,000 shares, representing 12.12% of the total share capital, making them the largest shareholder [2]. - The controlling shareholder's 49,650,000 shares are under a pending freeze due to a debt dispute with Postal Savings Bank, affecting 99.50% of their holdings [2]. Company Announcements Summary - The "Dongshi Convertible Bond" experienced a cumulative price deviation exceeding 30% over three days, indicating abnormal trading activity [3][5]. - The board of directors approved a reduction in the conversion price of the "Dongshi Convertible Bond" from 12.15 CNY to 4.42 CNY, effective November 18, 2025 [3][5]. - The fourth temporary shareholders' meeting approved the price adjustment with a 99.57% approval rate from non-related shareholders and 97.54% support from minority investors [3]. - The company is under investigation by the China Securities Regulatory Commission for alleged information disclosure violations [4][5].

Group 1 - The company held its 34th meeting of the 5th Board of Directors on November 14, 2025, with all 11 directors present, confirming the legality and validity of the meeting [2][3][4] - The Board approved a proposal to lower the conversion price of the "Dongshi Convertible Bonds" from 12.15 yuan per share to 4.42 yuan per share, effective from November 18, 2025 [3][12][13] - The average trading price of the company's stock over the 20 trading days prior to the fourth extraordinary general meeting was 3.67 yuan per share, and the last trading day's average was 4.42 yuan per share [12][13] Group 2 - The company issued 4.28 billion yuan in convertible bonds with a maturity of 6 years, starting from April 9, 2020, to April 8, 2026, with a face value of 100 yuan per bond [6][7] - The initial conversion price was set at 14.76 yuan per share, which has been adjusted multiple times, with the latest adjustment being to 4.42 yuan per share [8][9][10] - The adjustment of the conversion price was triggered by the stock price being below 80% of the current conversion price for at least 15 trading days within a 30-day period [10][11] Group 3 - The company is currently involved in a lawsuit with a claim amounting to approximately 265.18 million yuan, and the case is in the execution phase [15][16][17] - The company and its wholly-owned subsidiary are the defendants, while another subsidiary is acting as a guarantor [16][17] - The lawsuit's outcome remains uncertain, and the company will continue to disclose information as required [17][21] Group 4 - The company's controlling shareholder, Dongfang Shishang Investment Co., Ltd., has had 49.65 million shares frozen due to a debt dispute with China Postal Savings Bank [26][27] - This frozen amount represents 99.50% of the shares held by the controlling shareholder and does not significantly impact the company's operations [26][28] - The company is monitoring the situation and will disclose any relevant updates [29][30]

Group 1 - ST Dongshi (SH 603377) announced on November 14 that its fifth board meeting was held via telecommunication to review the proposal for adjusting the conversion price of "Dongshi Convertible Bonds" [1] - For the year 2024, ST Dongshi's revenue composition is as follows: driving training industry accounts for 91.9%, retail industry for 3.07%, other businesses for 2.43%, miscellaneous for 2.21%, and leasing for 0.37% [1] - As of the report date, ST Dongshi's market capitalization is 3.1 billion yuan [1]

| 证券代码：603377 | 证券简称：ST 东时 | 公告编号：2025-193 | | --- | --- | --- | | 转债代码：113575 | 转债简称：东时转债 | | 东方时尚驾驶学校股份有限公司 关于向下修正"东时转债"转股价格暨转股停复牌的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | | | "东时转债"于 2025 年 11 月 17 日停止转股，2025 年 11 月 18 日起恢复转股 一、可转换公司债券基本情况 （一）可转债发行情况根据 中国证券监督管理委员会（以下简称"中国证监会"）于 2019 年 12 月 27 日 签发的证监许可[2019]2988 号文《关于核准东方时尚驾驶学校股份有限公司公开 发行可转换公司债券的批复》，公司获准向社会公开发行可转换公司债券（以下简 称"可转债""东时转债"），期限 6 年，即自 2020 年 4 月 9 日至 2026 年 4 月 8 日。 可转换公司债券票面利率为：第一年为 0.40%、第二年为 0.60%、第三年为 ...

| 证券代码：603377 | 证券简称：ST 东时 | 公告编号：临 | 2025-195 | | --- | --- | --- | --- | | 转债代码：113575 | 转债简称：东时转债 | | | 东方时尚驾驶学校股份有限公司 关于诉讼事项的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 案件所处的诉讼阶段：执行阶段。 上市公司所处的当事人地位：东方时尚驾驶学校股份有限公司（以下简 称"公司"）以及公司全资子公司东方时尚驾驶学校晋中有限公司为被执行人， 公司全资子公司湖北东方时尚驾驶培训有限公司为保证人。 涉案的金额：265,177,243.25 元。 是否会对上市公司损益产生负面影响：本案件处于执行阶段，由于执行 结果存在不确定性，最终以法院实际执行结果为准。公司将根据本次案件的进展 情况，按照有关规定及时履行信息披露义务，敬请投资者注意投资风险。 一、本次诉讼的基本情况 2023 年 9 月，晋中东方时尚置业有限公司就利益责任纠纷向山西省晋中市 中级人民法院提起诉讼。具体情况详见公 ...

东方时尚驾驶学校股份有限公司 关于控股股东所持公司股份被轮候冻结的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 东方时尚驾驶学校股份有限公司（以下简称"公司"）控股股东东方时尚 投资有限公司（以下简称"东方时尚投资"）及其一致行动人徐雄先生合计持有 公司股份 49,900,000 股，占公司总股本（因公司处于可转换公司债券转股期， 数据为截至 2025 年 11 月 13 日）714,906,298 股的 6.98%（因四舍五入原因导致 数据在尾数上略有差异，下同）。 | 证券代码：603377 | 证券简称：ST 东时 | 公告编号：临 | 2025-194 | | --- | --- | --- | --- | | 转债代码：113575 | 转债简称：东时转债 | | | 截至公告披露日，上述股东及其一致行动人累计被冻结/标记股份情况如下： | | 持股数量 | 持股 | 累计被冻 | 累计被标 | 累计被冻 | 合计占 | 合计占 | | --- | --- | --- | --- | --- ...

| 证券代码：603377 | 证券简称：ST | 东时 | 公告编号：临 | 2025-192 | | --- | --- | --- | --- | --- | | 转债代码：113575 | 转债简称：东时转债 | | | | 东方时尚驾驶学校股份有限公司 第五届董事会第三十四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 东方时尚驾驶学校股份有限公司（以下简称"公司"）第五届董事会第三十 四次会议的会议通知于 2025 年 11 月 8 日以电话、电子邮件等形式送达公司全体 董事，会议于 2025 年 11 月 14 日以通讯方式召开。本次会议由董事长孙翔女士 主持。会议应参加董事 11 人，实际参加董事 11 人。本次会议的召开符合有关法 律、行政法规、部门规章、其他规范性文件和《东方时尚驾驶学校股份有限公司 章程》的有关规定，会议的召集、召开合法有效。 二、董事会会议审议情况 1、审议并通过《关于向下修正"东时转债"转股价格的议案》 公司 2025 年第四次临时股东会召开前二 ...