Core Viewpoint - ST Dongshi (603377) has experienced a price increase of 4.78% this week, closing at 3.73 yuan, with a total market capitalization of 2.738 billion yuan as of September 12, 2025 [1] Company Announcements - Dongshi Driving School received a court decision on July 10, 2025, to initiate pre-restructuring, with uncertainty regarding formal restructuring proceedings [2] - The company is actively seeking restructuring investors and signed a restructuring investment agreement on August 19, 2025 [2] - The company is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations, with potential delisting risks for its stock and convertible bonds [2][5] Legal Issues - A subsidiary of Dongshi Driving School is involved in a lawsuit initiated by Shanghai Pudong Development Bank, with a total claim amounting to approximately 201.5 million yuan [3] - The company has reported five additional lawsuits, with a total claim amount of approximately 203.5 million yuan, representing 21.96% of the latest audited net assets [3] Shareholder Changes - The controlling shareholder, Dongshi Investment, auctioned off 56,491,600 shares, which were successfully acquired by Anhui Rongzhi Management Consulting Partnership for approximately 169 million yuan [4] - If the transfer is completed, the combined shareholding of Dongshi Investment and its concerted action party will decrease to 6.98% [4]

证券代码：603377 证券简称：ST 东时 公告编号：临 2025-167 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 关于控股股东所持公司部分股份被司法拍卖 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。 经公司查询淘宝司法拍卖网络平台公示的《网络竞价成交确认书》，公司控 股股东东方时尚投资持有的公司 56,491,600 股无限售流通股全部竞价成功，司 法拍卖竞买结果如下： 重要内容提示： 本次被拍卖的股份为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"）持有的公司 56,491,600 股无限售流通股，合计约占公司总股本（因公司处于可转换公司债 券转股期，数据为截至 2025 年 9 月 11 日，下同）714,892,562 股的 7.90%。若 本次司法拍卖的股份成功过户，可能影响公司控制权的稳定，敬请投资者注意相 关风险。 本次司法拍卖尚涉及余款缴纳、法院出具裁定、股权变更过户等环节， 其最终结果存在一定的不确定性 ...

Market Overview - On September 12, the education sector declined by 0.79% compared to the previous trading day, with ST Dongshi leading the decline [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Individual Stock Performance - Notable gainers included: - China High-Tech (600730) with a closing price of 11.26, up 1.62% [1] - Chuangye Dengdiao (300688) with a closing price of 31.85, up 0.54% [1] - Zhonggong Education (002607) with a closing price of 2.98, up 0.34% [1] - Notable decliners included: - ST Dongshi (603377) with a closing price of 3.83, down 2.54% [2] - Kevin Education (002659) with a closing price of 5.96, down 1.97% [2] - Quantu Education (300359) with a closing price of 5.97, down 1.49% [2] Capital Flow Analysis - The education sector experienced a net outflow of 105 million yuan from institutional investors, while retail investors saw a net inflow of 89.04 million yuan [2] - The detailed capital flow for individual stocks showed: - Zhonggong Education had a net outflow of 89.05 million yuan from institutional investors [3] - ST Dongshi had a net outflow of 2.54% from institutional investors [3] - Action Education (605098) had a net inflow of 106.38 million yuan from retail investors [3]

东方时尚驾驶学校股份有限公司 关于累计诉讼、仲裁情况的公告 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： 案件所处的诉讼阶段：法院已立案受理，尚未开庭。 上市公司所处的当事人地位：第三人；上市公司控股子公司为被告。 涉 案 的 金 额 ： 涉 案 金 额 共 计 人 民 币 201,498,197.13 元 。 本 金 193,852,300.35 元，截至 2025 年 8 月 8 日，逾欠利息、罚息、复利 7,645,896.78 元。 | 证券代码：603377 | 证券简称：ST | 东时 | 公告编号：临 | 2025-166 | | --- | --- | --- | --- | --- | | 转债代码：113575 | 转债简称：东时转债 | | | | 1 第三人：东方时尚驾驶学校股份有限公司 （二）诉讼情况概述 是否会对上市公司损益产生负面影响：截至本公告披露日，案件尚未开 庭审理，未产生有效判决；目前无法判断对公司本期利润或期后利润的影响，公 司将根据诉讼进展情况及时履行信息披露义务。 ...

公司于 2025 年 7 月 8 日收到北京一中院下发的《通知书》，债权人北京国 丰建业建筑工程有限公司以公司不能清偿到期债务且明显缺乏清偿能力但具备 重整价值为由，向北京一中院申请对公司进行破产重整，并申请启动预重整程序。 根据《上海证券交易所股票上市规则》（2025 年 4 月修订）及《上海证券 交易所上市公司自律监管指引第 13 号——破产重整等事项》（2025 年修订）等 相关规定的要求，现将相关进展情况公告如下： | 证券代码：603377 | 证券简称：ST 东时 | 公告编号：临 | 2025-165 | | --- | --- | --- | --- | | 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 关于被债权人申请重整及预重整的进展公告 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： 东方时尚驾驶学校股份有限公司（以下简称"公司"）于 2025 年 7 月 10 日收到北京市第一中级人民法院（以下简称"北京一中院"）送达的《决定 书》，北京一中院 ...

Core Points - The company held its first bondholders meeting for the "Dongshi Convertible Bonds" in 2025, where decisions were made regarding the bondholders' rights and obligations [1][2] - The meeting was attended by a limited number of bondholders, representing only 0.43% of the total bond value, indicating low participation [4] - All proposals presented at the meeting were approved unanimously, with 100% of the votes in favor, reflecting a consensus among the attendees [5][6] Meeting Details - The bondholders meeting was conducted with a registered voting process, allowing bondholders to attend in person or via proxy [3] - The company is currently in a pre-restructuring phase, with uncertainty regarding its transition to formal restructuring procedures [3] - The meeting's outcomes are binding for all bondholders, regardless of their attendance or voting status [2][3] Voting Results - Three proposals were presented and passed with unanimous support, indicating strong agreement among the few participating bondholders [5][6] - The approved proposals include provisions for extending the conversion and trading periods of the bonds in the event of court-accepted restructuring [6]

东方时尚驾驶学校股份有限公司 "东时转债"2025 年第一次债券持有人会议 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。 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"）于 2025 年 8 月 16 日披露《关于召开"东时转债"2025 年第一次债券持有人会议的通知》，于 2025 年 8 月 23 日、2025 年 8 月 30 日披露《关于召开"东时转债"2025 年第一 次债券持有人会议的提示性公告》，提示债券登记日持有"东时转债"的债券持 有人可报名参会。 根据《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"《可转债募集说明书》"）及《东方时尚驾驶学校股份有限 公司可转换公司债券持有人会议规则》（以下简称"《债券持有人会议规则》"） 相关规定，债券持有人会议对表决事项作出决议，须经出席（包括现场、通讯方 式参加会议）本次会议并有表决权的债券持有人（或债券持有人代理人）所持未 偿还债券面值总额超过二分之一同意方为有效。 证券代码：603377 证券简称：ST 东 ...

北京市重光律师事务所 关于东方时尚驾驶学校股份有限公司 "东时转债"2025 年第一次债券持有人会议之 法律意见书 "东时转债"2025年第一次债券持有人会议之 法律意见书 致:东方时尚驾驶学校股份有限公司 北京市重光律师事务所(以下简称"本所")接受北京东方时尚 驾驶学校股份有限公司(以下简称"东方时尚"或"公司"）委托, 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《公司债券发 行与交易管理办法》等法律、法规和规范性文件的有关规定,以及《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"《可转债募集说明书》"）、《东方时尚驾驶学校股份 有限公司可转换公司债券持有人会议规则》（以下简称"《债券持有 人会议规则》"）等相关规定,按照律师行业公认的业务标准、道德 规范和勤勉尽责精神,就"东时转债"2025年第一次债券持有人会 议(以下简称"本次债券持有人会议"或"本次会议")的召集和召 开程序、出席会议人员资格、召集人资格、本次会议的表决程序和表 决结果等相关问题出具本法律意见书。 138 , 1000 地址: 北京市 ...

Group 1 - The education sector increased by 0.2% on September 1, with China Gaoke leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - The table of individual stocks in the education sector shows various performance metrics, including closing prices and percentage changes [1] Group 2 - The main funds in the education sector experienced a net outflow of 241 million yuan, while retail investors saw a net inflow of 147 million yuan [1] - The table detailing fund flows indicates the movement of capital among different stocks within the education sector [1]

Core Viewpoint - ST Dongshi (603377) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1][3]. Financial Performance - Total revenue for the first half of 2025 was 296 million yuan, a decrease of 31.15% year-on-year [1]. - The net profit attributable to shareholders was -107 million yuan, down 47.00% year-on-year [1]. - In Q2 2025, total revenue was 158 million yuan, a decline of 34.89% year-on-year, and the net profit was -58.87 million yuan, a decrease of 56.54% year-on-year [1]. - The gross margin was 25.68%, down 22.05% year-on-year, while the net margin was -42.48%, a drop of 111.95% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 187 million yuan, accounting for 62.93% of revenue, an increase of 29.36% year-on-year [1]. Cash Flow and Debt Situation - The liquidity ratio reached 0.28, indicating increased short-term debt pressure [1]. - Cash and cash equivalents were 90.08 million yuan, up 35.42% year-on-year, while accounts receivable decreased by 42.36% to 18.68 million yuan [1]. - Interest-bearing liabilities were 1.156 billion yuan, a decrease of 5.80% year-on-year [1]. Business Model and Industry Position - The company has a historical median ROIC of 9.91%, but the worst year (2024) recorded a ROIC of -27.83%, indicating a weak business model [3]. - The company has experienced three years of losses since its listing, reflecting a fragile business model [3]. - The company has established a unique teaching and management model in the driving training industry, focusing on innovation and standardization [5]. Industry Influence and Future Plans - ST Dongshi is a strategic partner of the Ministry of Public Security in the driving training sector, contributing to industry standards and policy reforms [5]. - The company has no immediate plans for business transformation but remains focused on its core driving training services [5].