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].

Core Viewpoint - The company is undergoing a pre-restructuring process initiated by the Beijing First Intermediate People's Court, which has appointed a temporary management team to oversee the restructuring efforts. The company has signed a restructuring investment agreement with the restructuring investors, but as of the announcement date, the court has not yet issued a ruling on the acceptance of the restructuring application [1][2]. Group 1: Restructuring Process - The company received a decision from the Beijing First Intermediate People's Court on July 10, 2025, to initiate pre-restructuring, with a temporary management team appointed to manage the process [1]. - If the court formally accepts the restructuring application, the "Dongshi Convertible Bonds" will mature on the day the restructuring is accepted [2]. - The company proposes to hold a bondholders' meeting to determine the conversion period for the "Dongshi Convertible Bonds" if the court accepts the restructuring application [3][6]. Group 2: Bondholder Meeting Proposals - The bondholders' meeting is scheduled for September 1, 2025, to discuss key proposals regarding the "Dongshi Convertible Bonds" [3][5]. - The company suggests extending the conversion period for the bonds to 30 days after the court's acceptance of the restructuring application, allowing bondholders to exercise their conversion rights until 3:00 PM on the 30th day [6][7]. - Additionally, the company proposes to extend the trading period for the bonds to 15 days after the court's acceptance of the restructuring application [7]. Group 3: Financial Details - The company issued convertible bonds totaling 428 million yuan, with a maturity period of six years from April 9, 2020, to April 8, 2026, and an interest rate of 0.40% for the first year [4][5]. - The bonds were approved for public issuance by the China Securities Regulatory Commission on December 27, 2019, and began trading on the Shanghai Stock Exchange on April 30, 2020 [5].

Core Viewpoint - ST Dongshi reported a significant decline in revenue and net profit for the first half of 2025, indicating ongoing financial challenges for the company [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 296 million yuan, a year-on-year decrease of 31.15% [1]. - The net profit attributable to shareholders was -107 million yuan, down 47.00% year-on-year [1]. - The basic earnings per share were -0.15 yuan [1]. - The gross margin for the first half of 2025 was 25.68%, a decrease of 7.26 percentage points compared to the previous year [2]. - The net margin was -42.48%, a decline of 22.44 percentage points year-on-year [2]. Quarterly Analysis - In Q2 2025, the gross margin was 32.23%, a decrease of 0.51 percentage points year-on-year but an increase of 14.05% quarter-on-quarter [2]. - The net margin for Q2 2025 was -43.83%, down 25.80% year-on-year and down 2.90 percentage points from the previous quarter [2]. Cost Structure - Total operating expenses for the first half of 2025 were 187 million yuan, a decrease of 28.45 million yuan compared to the same period last year [2]. - The expense ratio was 62.93%, an increase of 13.00 percentage points year-on-year [2]. - Sales expenses decreased by 38.86%, management expenses decreased by 5.71%, and financial expenses decreased by 14.77% [2]. Company Overview - ST Dongshi, established on August 12, 2005, is primarily engaged in motor vehicle driving training, with 83.87% of its revenue coming from driving training [3]. - The company is categorized under the social services sector, specifically in education and training [3].

| 证券代码：603377 | 证券简称：ST | 东时 | 公告编号：临 | 2025-160 | | --- | --- | --- | --- | --- | | 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 第五届董事会第三十一次会议决议公告 2、审议并通过《关于公司 2025 年半年度募集资金存放与实际使用情况专 项报告的议案》 表决结果：11 票同意，0 票反对，0 票弃权，0 票回避。 二、董事会会议审议情况 1、审议并通过《关于公司 2025 年半年度报告及摘要的议案》 全体董事审议后，一致认为公司《2025 年半年度报告》《2025 年半年度报告 摘要》的编制程序、半年报内容、格式符合相关文件的规定；半年报编制期间， 未有泄密及其他违反法律法规或损害公司利益的行为发生；公司的财务报告真实、 准确、完整地反映了公司的财务状况和经营成果，不存在任何虚假记载、误导性 陈述或者重大遗漏。 表决结果：11 票同意，0 票反对，0 票弃权，0 票回避。 本议案已经公司董事会审计委员会审议通过，并同意提交公司董事会审议。 具体内容详见公司于同日在上海证券交易 ...

证券代码：603377 证券简称：ST 东时 公告编号：临 2025-162 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 关于公司股票被实施其他风险警示相关事项的 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： 截至本公告披露日，东方时尚驾驶学校股份有限公司（以下简称"公司"） 尚处于预重整阶段，并未收到法院关于进入重整程序的相关法律文书，公司后续 能否进入正式重整程序存在不确定性。根据《上海证券交易所股票上市规则》第 9.4.1 条规定，若法院依法受理申请人对公司的重整申请，公司股票将被实施退 市风险警示。 北京德皓国际会计师事务所（特殊普通合伙）（以下简称"德皓国际"， 曾用名"北京大华国际会计师事务所（特殊普通合伙）"）对公司 2023 年、2024 年度财务报告内部控制的有效性进行了审计，并出具了否定意见的《内部控制审 计报告》，根据《上海证券交易所股票上市规则》第 9.8.1 条等规定，公司股票 被继续实施其他风险警示。 因《上海证券交易所股票上市规则》第 9. ...

| 证券代码：603377 | 证券简称：ST 东时 | 公告编号：临 | 2025-163 | | --- | --- | --- | --- | | 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 关于召开"东时转债"2025 年第一次债券持有人会议 的提示性公告 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》，北京一中院决定对公司启动预重整，并指定东方时尚驾驶学校股份有限公 司清算组担任公司预重整期间的临时管理人。目前，公司各项预重整工作均有序 推进，公司、临时管理人与重整投资人签署了《重整投资协议》。截至本公告披 露日，公司尚未收到法院关于受理重整申请的裁定文书。 《中华人民共和国企业破产法》第四十六条"未到期的债权在破产申请 受理时视为到期"。因此，若北京一中院正式受理债权人对公司的重整申请，"东 时转债"将 ...

东方时尚驾驶学校股份有限公司2025 年半年度报告 东方时尚驾驶学校股份有限公司 Eastern Pioneer Driving School Co.,Ltd. 证券代码：603377 2025 年半年度报告 2025 年 8 月 1 / 219 东方时尚驾驶学校股份有限公司2025 年半年度报告 公司代码：603377 公司简称：ST 东时 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 2025 年半年度报告 2 / 219 东方时尚驾驶学校股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人孙翔、主管会计工作负责人王红玉及会计机构负责人（会计主管人员）王红玉 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 2025年半年度公司不进行利润分配或公积金转增股本。 六、 前瞻性陈述的风险声明 ...

| 证券代码：603377 | 证券简称：ST | 东时 | 公告编号：临 | 2025-161 | | --- | --- | --- | --- | --- | | 转债代码：113575 | 转债简称：东时转债 | | | | 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。 根据中国证券监督管理委员会《上市公司募集资金监管规则》（证监会公告 〔2025〕10 号）、上海证券交易所《上海证券交易所上市公司自律监管指引第 1 号——规范运作》及相关格式指引的规定，现将东方时尚驾驶学校股份有限公司 （以下简称"公司"或"东方时尚"）2025 年半年度募集资金存放与实际使用 情况的专项报告说明如下： 一、募集资金基本情况 （一）实际募集资金金额及到账时间 1、公司首次公开发行股票募集资金 经中国证券监督管理委员会《关于核准东方时尚驾驶学校股份有限公司首次 公开发行股票的批复》证监许可[2016]93 号核准，公司向社会公开发行人民币 普通股（A 股）5,000 万股，每股发行价为 16.40 元，募集资金总额为 82,000.0 ...

New Stock Offerings - Fushun Special Steel (600399) has a tender offer period from August 12, 2025, to September 10, 2025[1] - Dongxin Co., Ltd. (688110) reported severe abnormal fluctuations on August 16, 2025[1] - Broadcom Integrated (603068) announced abnormal fluctuations on August 29, 2025[1] Market Alerts - ST Guohua (000004) and ST Gohong (000851) both reported abnormal fluctuations on August 29, 2025[1] - ST Huayang (603825) and ST Zhongji (000972) also indicated abnormal fluctuations on August 29, 2025[1] - ST Yanzhen (603389) reported abnormal fluctuations on August 26, 2025[1] Company Announcements - Zhaoxin Technology (603377) announced abnormal fluctuations on August 27, 2025[1] - Longyang Electronics (301396) reported significant fluctuations on August 28, 2025[1] - ST Dongshi (603377) indicated abnormal fluctuations on August 22, 2025[1]

Market Overview - The education sector experienced a decline of 0.46% on August 28, with ST Dongshi leading the drop [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - China High-Tech (600730) saw a significant increase of 6.26%, closing at 9.51 with a trading volume of 446,300 shares and a turnover of 414 million yuan [1] - Kede Education (300192) rose by 2.25%, closing at 24.13 with a trading volume of 819,900 shares and a turnover of 192.6 million yuan [1] - ST Dongshi (603377) led the decline with a drop of 5.01%, closing at 3.79 with a trading volume of 344,400 shares and a turnover of 132 million yuan [2] - Xueda Education (000526) fell by 4.36%, closing at 48.97 with a trading volume of 76,300 shares and a turnover of 371 million yuan [2] Capital Flow Analysis - The education sector saw a net outflow of 479 million yuan from institutional investors, while retail investors contributed a net inflow of 350 million yuan [2] - Major stocks like China High-Tech and Xueda Education experienced mixed capital flows, with China High-Tech seeing a net inflow of 17.98 million yuan from institutional investors [3] - ST Dongshi and Kede Education faced significant net outflows from institutional investors, indicating potential concerns among larger investors [3]