Annual Report 2025

CONTENTS 2 Group Profile 4 Business at a Glance 6 Key Franchised Bus Network in Hong Kong 8 Financial and Operational Highlights 10 Corporate Milestones 2025 14 Chairman’s Letter 20 Managing Director’s Message Business Review 22 Management Discussion and Analysis 24 Hong Kong Franchised Public Bus Operations 36 Hong Kong Non-franchised Transport Operations 42 Property Holdings and Development 46 Chinese Mainland Transport Operations Sustainability Report 48 About the Report 56 Safety First 62 Caring for the Environment 70 Caring for Customers 76 Caring for Employees 82 Caring for the Community 88 Performance Statistics 92 Reporting Content Index Table 106 Financial Review 124 Corporate Governance Report 148 Remuneration Report 152 Directors’ Profiles 163 Key Corporate Executives 164 Financial Reports 263 Financial Summary 265 Corporate Directory