Annual Report 2025

232 Transport International Holdings Limited 2025 Annual Report NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 18 Interest in associates (continued) The following list contains the particulars of the material associate, which is an unlisted corporate entity whose quoted market price is not available: Percentage of ownership interest Name of associate Form of business structure Place of establishment and business Particulars of registered and paid-up capital Group’s effective interest Held by subsidiaries Principal activity Shenzhen Bus Group Company Limited Sino-foreign joint stock company Chinese Mainland RMB951,430,306 35 35 Provision of bus transport and taxi hire services (note) Note: Shenzhen Bus Group Company Limited, a transportation operator in the Chinese Mainland, enables the Group to penetrate into this market through local expertise. Summarised financial information of the material associate, adjusted for any differences in accounting policies, and reconciled to the carrying amounts in the consolidated financial statements, are disclosed below: Shenzhen Bus Group Company Limited 2025 2024 $’000 $’000 Gross amounts of the associate Current assets 6,049,311 4,671,546 Non-current assets 4,731,108 5,035,946 Current liabilities 3,856,595 4,799,975 Non-current liabilities 5,496,711 3,591,586 Total equity 1,427,113 1,315,931 Non-controlling interest (27,347) (26,477) Revenue 1,843,341 1,895,380 Loss for the year (4,679) (1,346) Other comprehensive income 42,995 (47,554) Total comprehensive income 38,316 (48,900) Dividend received from the associate – 2,199 Reconciled to the Group’s interest in the associate Gross amounts of net assets of the associate attributable to equity shareholders 1,399,766 1,289,454 Group’s effective interest 35% 35% Group’s share of net assets of the associate 489,918 451,309 Goodwill 60,394 57,309 Carrying amount in the consolidated financial statements 550,312 508,618 Aggregate information of associates that are not individually material: 2025 2024 $’000 $’000 Aggregate carrying amount of individually immaterial associates in the consolidated financial statements 65,921 61,042 Aggregate amounts of the Group’s share of those associates Profit for the year, net 1,669 1,108 Total comprehensive income 1,669 1,108