Group 1 - The company ST Dongshi (SH 603377) held its 29th meeting of the fifth board of directors on August 15, 2025, via communication methods [2] - The meeting reviewed the proposal to convene the first bondholders' meeting for "Dongshi Convertible Bonds" in 2025 [2] - For the year 2024, ST Dongshi's revenue composition was as follows: driving training industry accounted for 91.9%, retail industry 3.07%, other businesses 2.43%, other categories 2.21%, and leasing industry 0.37% [2]

Group 1 - The company announced that its subsidiary, Hubei Dongfang Shanshi Driving Training Co., Ltd., has had its fundraising account frozen due to a legal dispute with Hubei Changwo Electric Power Co., Ltd. [1][2] - The freezing of the fundraising account is a result of a court's enforcement request related to a construction contract dispute [1][2] - The company stated that its production and operations are currently normal and that the freezing of the account will not have a significant adverse impact on its fundraising investment projects [2][3] Group 2 - The company is actively communicating with relevant parties to resolve the account freezing issue and restore normal operations as soon as possible [2] - As of the announcement date, the company has not received any legal documents regarding entering a formal restructuring process, and the uncertainty regarding this process remains [7][12] - The company has been under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [3][11] Group 3 - The company’s stock and convertible bonds were suspended from trading starting June 20, 2025, due to failure to complete required rectifications by the deadline [7][10] - The company has a significant amount of funds, approximately 387 million yuan, occupied by its controlling shareholder and related parties, which has not been recovered [8][9] - The company is in a pre-restructuring phase and must resolve issues related to fund occupation and guarantees before entering a formal restructuring process [12][17] Group 4 - The controlling shareholder, Dongfang Shanshi Investment Co., Ltd., is facing a judicial auction of 56,491,600 shares, representing about 7.90% of the company's total share capital [15][16] - If the auction is successful, the controlling shareholder's stake could decrease significantly, potentially affecting the stability of the company's control [16][21] - The auction is scheduled to take place on September 11-12, 2025, and the outcome remains uncertain [19][20]

证券代码：603377 证券简称：ST 东时 公告编号：临 2025-139 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 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 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。 ? 公司是否进入重整程序尚存在不确定性。北京一中院同意公司预重整， 尚不代表公司正式进入重整程序。根据《关于切实审理好上市公司破产重整案件 工作座谈会纪要》，控股股东、实际控制人及其他关联方违规占用上市公司资金、 利用上市公司为其提供担保的，原则上应当在进入重整程序前完成整改。如公司 在进入重整程序前未解决资金占用、违规担保等问题的，将直接影响公司重整进 程，公司能否进入重整程序存在不确定性。公司将及时披露有关事项的进展情况， 积极配合法院及临时管理人开展相关工作，并依法履行债务人的法定义务，无论 公司预重整是否成功、是否能进 ...

Core Viewpoint - The company, Oriental Fashion Driving School Co., Ltd., has failed to rectify fund occupation issues by the deadline set by the Shanghai Stock Exchange, leading to the suspension of its stock and convertible bonds starting June 20, 2025, for a period not exceeding two months [2][3]. Group 1: Company Status and Actions - As of the announcement date, the company has not recovered any of the approximately 387 million yuan occupied by its controlling shareholder and related parties [4]. - The company is currently in a pre-restructuring phase and has not received any legal documents regarding entering a formal restructuring process, creating uncertainty about its future [2][8]. - The company has initiated legal proceedings against Beijing Tonglong Automobile Sales Co., Ltd. for non-compliance with a court mediation agreement, seeking to enforce payment obligations [4]. Group 2: Suspension and Resumption Conditions - The company's stock and convertible bonds will remain suspended until it completes the required rectification during the suspension period; failure to do so will lead to delisting risk warnings [6][7]. - If the company does not complete the necessary rectification within the suspension period, the Shanghai Stock Exchange will implement delisting risk warnings, and if unresolved within an additional two months, it may terminate the listing of the company's stock and convertible bonds [6][7]. Group 3: Regulatory Actions and Compliance - The company received a corrective action order from the Beijing Securities Regulatory Bureau due to suspected violations of information disclosure regulations [3]. - The company is cooperating with the China Securities Regulatory Commission regarding an investigation into its information disclosure practices [6].

Core Viewpoint - The report details the reduction of shares held by the controlling shareholder, Dongfang Shishang Investment Co., Ltd., in Dongfang Shishang Driving School Co., Ltd. due to a judicial auction, resulting in a decrease in ownership percentage from 16.32% to 14.85% [20][24]. Group 1: Shareholding Changes - The controlling shareholder, Dongfang Shishang Investment, reduced its holdings by 10,500,000 shares, which is approximately 1.47% of the total share capital [20][25]. - Following the share reduction, the total shares held by Dongfang Shishang Investment and its concerted actor, Xu Xiong, decreased from 116,891,600 shares (16.35%) to 106,391,600 shares (14.88%) [24][25]. - The shares were sold at a price of RMB 28,539,000, and the transfer of ownership was completed on July 31, 2025 [8][20]. Group 2: Future Shareholding Plans - The company has indicated that there are no clear plans for increasing or further reducing shareholdings in the next twelve months [6]. - There is a possibility of further reductions in shareholdings due to ongoing judicial processes affecting the shares held by the controlling shareholder [6][31]. Group 3: Legal and Regulatory Context - The report confirms that the share reduction does not lead to a change in the controlling shareholder or actual controller of the company [24][30]. - The company is currently under a pre-restructuring phase and has not received any legal documents regarding entering a formal restructuring process, which introduces uncertainty regarding its future [35][40].

Group 1 - The first AI smart driving school in Yuhang District has launched an intelligent auxiliary teaching system integrated into the training vehicles, featuring an "AI coach" that enhances the learning experience [1] - The AI coach can accurately record various operational data such as throttle and brake pressure, steering angle, and engine speed, generating personalized learning reports for students [1][3] - The introduction of AI teaching systems has led to a significant increase in the passing rate for the driving test, reaching 90%, and has been well-received by students [1] Group 2 - A 40-square-meter immersive simulation driving classroom has been created, equipped with four dynamic simulators that can replicate various real-world driving conditions [2] - The AI coach vehicles are equipped with active braking systems and body radar to ensure safety during training by automatically stopping the vehicle in case of dangerous driving behaviors [3] - The new training model combining simulators and AI coach vehicles not only improves teaching efficiency but also reduces fuel consumption and emissions, promoting a more sustainable driving training experience [3]

Core Viewpoint - The announcement highlights that a portion of shares held by the controlling shareholder of Dongfang Shishang Driving School Co., Ltd. may be subject to judicial auction, which could impact the company's control stability. Group 1: Shareholding and Auction Details - The shares proposed for auction are 714,873,142 shares, representing 7.90% of the total share capital of the company as of July 24, 2025 [1] - As of the announcement date, Dongfang Shishang Investment Co., Ltd. and its concerted action person, Mr. Xu Xiong, hold a total of 116,891,600 shares, accounting for 16.35% of the company's total share capital [2] - If the previously auctioned 11,500,000 shares are transferred, the combined holding of Dongfang Shishang Investment and Mr. Xu Xiong will decrease by 1.61%, leaving approximately 14.74% of the total share capital [2] - Should the current judicial auction be successful, their combined holdings will further reduce to 48,900,000 shares, approximately 6.84% of the total share capital, potentially affecting the stability of the company's control [2][6] Group 2: Judicial Auction Process - The auction is scheduled to take place on the Taobao judicial auction platform from September 3, 2025, to September 4, 2025 [3] - The shares involved in the auction include 56,491,600 non-restricted circulating shares of ST Dongshi [3] - The auction process will involve bidding, payment, and transfer of shares, with the outcome remaining uncertain as of the announcement date [6] Group 3: Company Status and Compliance - The company is currently in a pre-restructuring phase and has not yet received any legal documents regarding entering a formal restructuring process, leading to uncertainty about its future [2] - The company's stock and "Dongshi Convertible Bonds" have been suspended from trading since June 20, 2025, due to non-compliance with the Shanghai Stock Exchange listing rules [2][4]

Core Viewpoint - The company is currently involved in a legal execution phase, with significant financial implications due to a court ruling regarding a government subsidy repayment and associated financial losses [1][2][3]. Group 1: Legal Proceedings - The company and its wholly-owned subsidiary, Dongfang Shifang Driving School Jinzhong Co., Ltd., are the defendants in the ongoing legal case [1]. - The execution amount specified in the execution notice is 250.567445 million yuan, plus financial occupation losses calculated based on the same amount from September 1, 2023, until actual repayment [1][3]. - The company has received an execution notice and ruling from the Jinzhong Intermediate People's Court, mandating immediate compliance with the court's orders [3]. Group 2: Financial Impact - The company has accounted for the repayment of government subsidies as non-operating expenses in its 2024 annual report, with related tax expenses reversed [2][3]. - The specific accounting treatment for financial occupation losses will be confirmed by the annual audit results [2][3]. - The uncertainty of the execution results may affect the company's current and future profits, with the final outcome dependent on the court's execution results [2][3]. Group 3: Disclosure of Other Legal Matters - As of the announcement date, the company and its subsidiaries do not have any other significant undisclosed litigation or arbitration matters [4].

Group 1 - The company and its wholly-owned subsidiary, Dongfang Shifang Driving School Jinzhong Co., Ltd., received an execution notice from the Jinzhong Intermediate People's Court in Shanxi Province [1] - The execution notice requires the company to immediately return the applicant's support subsidy funds amounting to 251 million yuan and the capital occupation loss, calculated based on 250.567445 million yuan from September 1, 2023, until the actual payment date according to the current LPR [1] - The company is also required to bear joint liability for the case, including the acceptance fee and preservation fee totaling 1.2834 million yuan, as well as the execution fee for this case [1]

Core Viewpoint - ST Dongshi is facing severe financial difficulties, including significant fund occupation issues, debt defaults, and deteriorating performance, leading to heightened delisting risks [1][2][6] Group 1: Financial Issues - As of the announcement date, the non-operational fund occupation by the controlling shareholder and related parties amounts to 387 million yuan, with no repayments made [1] - The company has been subject to a regulatory investigation by the China Securities Regulatory Commission (CSRC) for failing to rectify fund occupation issues within the stipulated timeframe [1][2] - ST Dongshi has entered a "pre-restructuring" phase but has not yet received formal court acceptance, creating uncertainty about its ability to proceed with restructuring [2][6] Group 2: Debt and Legal Challenges - The company is facing a forced execution by the Beijing Second Intermediate People's Court for failing to repay a loan of 115 million yuan to Dalian Bank, which includes principal, interest, and penalties [2][3] - In the past twelve months, ST Dongshi has accumulated 27 new lawsuits involving a total of 77.58 million yuan, indicating a tightening cash flow situation [2][3] - The company has pledged shares of its subsidiaries as collateral for loans, which may be subject to forced sale if debts are not repaid [3] Group 3: Performance Decline - ST Dongshi expects a net loss of between 126 million yuan and 105 million yuan for the first half of 2025, representing a year-on-year increase in losses of 45% to 73% [4] - The decline in performance is attributed to a reduction in training students due to macroeconomic conditions and high fixed costs that do not decrease with revenue [4][5] - The company has not proposed specific measures to improve profitability, raising concerns about its ability to compete in a challenging market [5] Group 4: Broader Implications - The financial and operational challenges faced by ST Dongshi are indicative of broader risks in the industry, particularly for companies with high debt and ongoing losses [6] - The situation serves as a warning for investors regarding companies with significant fund occupation and financial instability, highlighting the need for increased regulatory oversight [6]