Annual Report 2025

116 Transport International Holdings Limited 2025 Annual Report FINANCIAL REVIEW KMB LWB Non-franchised bus services 5,000 3,000 4,000 1,000 2,000 0 2020 2021 2022 2023 2024 Number of Licensed Buses at 31 December Number of buses 5,000 3,000 4,000 1,000 2,000 0 2021 2022 2023 2024 2025 KMB LWB Non-franchised bus services 15,000 9,000 12,000 3,000 6,000 0 2020 2021 2022 2023 2024 Number of Staff at 31 December Number of staff KMB LWB Non-franchised bus services 15,000 9,000 12,000 3,000 6,000 0 2021 2022 2023 2024 2025 New Hong Kong Bus Company Limited (“NHKB”) NHKB operates a direct, economical, 24-hour cross-boundary shuttle bus service (commonly known as the “Huang Bus” service) serving regular commuters and leisure travellers between Lok Ma Chau in Hong Kong and Huanggang ( 皇崗 ) in Shenzhen. The revenue of the NHKB for 2025 increased by 3.3% compared to 2024. The increase was mainly due to the increase in bus patronage driven by the recent trend of increased northbound spending among Hong Kong residents during weekends and holidays. Total operating expenses for the year decreased by 5.4% compared to 2024 mainly due to the decrease in staff costs and fuel and oil costs. As at 31 December 2025, NHKB had a fleet of 15 buses (2024: 15 buses). 5,000 3,000 4,000 1,000 2,000 0 2020 2021 2022 2023 2024 Average Number of Passenger Trips per Day (Franchised public bus operations) Thousand of passenger trips per day 4,000 2,000 , 1,000 0 2021 2022 2023 2024 2025 KMB LWB KMB LWB Non-franchised bus services 15,000 9,000 12,000 3,000 6,000 0 2020 2021 2022 2023 2024 Bus Kilometres Operated (Franchised public bus operations) Million kilometres 400 200 3 100 0 2021 2022 2023 2024 2025 KMB LWB