Annual Report 2025

22 Transport International Holdings Limited 2025 Annual Report MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW The Group’s core business is the provision of franchised public bus services in Hong Kong by means of its flagship subsidiary, The Kowloon Motor Bus Company (1933) Limited and Long Win Bus Company Limited. The Group also provides non- franchised transport services for a wide range of customers in Hong Kong, including KMB’s non-franchised transport service which provides the widely popular “Pet Bus Tour” service, tailor-made services from Sun Bus Holdings Limited and its subsidiaries, and a 24-hour cross-boundary shuttle bus service through New Hong Kong Bus Company Limited which serves commuters and leisure travellers between Lok Ma Chau and Huanggang. Holding a 35% interest in a Shenzhen joint venture and a 31.38% interest in two Beijing joint ventures, the Group operates public bus, taxi and car rental services in Shenzhen and Beijing. The Group also holds a portfolio of properties for investment and development purposes. The business review of each business operation is set out on pages 24 to 47 of this Annual Report. The prospects of the Group’s businesses are discussed in the Chairman’s Letter on pages 14 to 19 and in the Managing Director’s Message on pages 20 to 21 of this Annual Report. Hong Kong Franchised Public Bus Operations The Kowloon Motor Bus Company (1933) Limited and Long Win Bus Company Limited are major franchised public bus operators in Hong Kong, providing safe, reliable, high-quality, environmentally friendly, value-for-money bus services across Kowloon, the New Territories, Hong Kong Island and Lantau Island. Hong Kong Non-franchised Transport Operations The Group’s non-franchised transport operations cater to a wide range of customers, including pet owners, business commuters, tourists, shoppers, students and residents of large residential estates, while also offering chartered hire services and cross-boundary shuttle bus services. Property Holdings and Development The Group’s portfolio of investment properties includes office buildings, shopping centres and an industrial property, which provides steady rental income. Chinese Mainland Transport Operations The Group has invested in transport service operators in Shenzhen and Beijing as part of its strategy to leverage transport-related business opportunities in Chinese Mainland that offer reasonable returns.