Annual Report 2025

118 Transport International Holdings Limited 2025 Annual Report FINANCIAL REVIEW Chinese Mainland Transport Operations As at 31 December 2025, the Group’s total interest in associates within the Chinese Mainland Transport Operations Division amounted to HK$616.2 million (2024: HK$569.7 million). Such investments are mainly related to the operation of public transport services in Shenzhen, as well as taxi and car rental services in Beijing. The Group’s Chinese Mainland Transport Operations Division reported similar results for 2025 compared to 2024. Summary of Investments in Chinese Mainland Transport Operations as at 31 December 2025 Shenzhen Beijing Nature of business Bus and taxi hire services Taxi and car rental services Form of business structure Sino-foreign joint stock company Sino-foreign joint stock company Operation commenced January 2005 April 2003 The Group’s investment cost (RMB million) 387 80 The Group’s effective interest 35% 31.38% Fleet size at year-end 2025 (Number of vehicles) 10,697 6,124 Bus passenger volume (Million trips) 298 N/A Bus kilometres travelled (Million km) 245 N/A Staff number at year-end 2025 20,007 1,433 Shenzhen Bus Group Company Limited ( 深圳巴士集團股份有限公司 ) (“SZBG”) SZBG, which commenced operations in January 2005, is a Sino-foreign joint stock company formed by KMB (Shenzhen) Transport Investment Limited ( 九巴 ( 深圳 ) 交通投資有限公司 ), a wholly-owned subsidiary of the Group, and four other Chinese Mainland investors. The Group has invested RMB387.1 million (equivalent to HK$363.9 million at the investment date) in SZBG, representing a stake of 35%. SZBG mainly provides public bus, minibus and taxi services in Shenzhen City, Guangdong Province, operating a fleet of over 4,500 buses running on around 300 routes and over 6,000 taxis. As a result of significant competition from various modes of transportation, including metro services and app-based taxi ride hailing platforms, the patronage of SZBG including both its bus and taxi operations decreased by 8.1% to 375.0 million in 2025 as compared to 408.0 million in 2024. Beijing Beiqi Kowloon Taxi Company Limited ( 北京北汽九龍出租汽車股份有限公司 ) (“BBKT”) BBKT, a Sino-foreign joint stock company, was established in Beijing in March 2003. BBKT’s shareholders include KMB (Beijing) Taxi Investment Limited ( 九巴 ( 北京 ) 出租汽車投資有限公司 ), a wholly-owned subsidiary of the Group, and four other Chinese Mainland investors. The Group has invested RMB80.0 million (equivalent to HK$75.5 million at the investment date) in BBKT, representing an equity interest of 31.38%. BBKT operated both taxi hire and car rental businesses in Beijing until April 2013, when, to sharpen its focus on the business opportunities provided by the booming but challenging car rental market, BBKT spun off its car rental business to another Sino-foreign joint stock company, namely Beijing Beiqi First Company Limited ( 北京北汽福 斯特股份有限公司 ), which has the same shareholding structure as BBKT. As at 31 December 2025, BBKT had a fleet of over 4,900 taxis and around 1,400 employees.