Table of Contents 1 268

Annual Report 2025

COVER	1
INSIDE FRONT COVER	2
CONTENTS	3
GROUP PROFILE	4
BUSINESS AT A GLANCE	6
KEY FRANCHISED BUS NETWORK IN HONG KONG	8
FINANCIAL AND OPERATIONAL HIGHLIGHTS	10
CORPORATE MILESTONES 2025	12
CHAIRMAN'S LETTER	16
MANAGING DIRECTOR'S MESSAGE	22
MANAGEMENT DISCUSSION AND ANALYSIS	24
BUSINESS REVIEW	24
HONG KONG FRANCHISED PUBLIC BUS OPERATIONS	26
HONG KONG NON-FRANCHISED TRANSPORT OPERATIONS	38
PROPERTY HOLDINGS AND DEVELOPMENT	44
CHINESE MAINLAND TRANSPORT OPERATIONS	48
SUSTAINABILITY REPORT	50
ABOUT THE REPORT	50
SAFETY FIRST	58
CARING FOR THE ENVIRONMENT	64
CARING FOR CUSTOMERS	72
CARING FOR EMPLOYEES	78
CARING FOR THE COMMUNITY	84
PERFORMANCE STATISTICS	90
REPORTING CONTENT INDEX TABLE	94
FINANCIAL REVIEW	108
GOVERNANCE	126
CORPORATE GOVERNANCE REPORT	126
REMUNERATION REPORT	150
DIRECTORS' PROFILES	154
KEY CORPORATE EXECUTIVES	165
FINANCIAL REPORTS	166
DIRECTORS' REPORT	167
INDEPENDENT AUDITOR'S REPORT	181
CONSOLIDATED STATEMENT OF PROFIT OR LOSS	188
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME	189
CONSOLIDATED STATEMENT OF FINANCIAL POSITION	190
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	192
CONSOLIDATED CASH FLOW STATEMENT	194
NOTES TO THE FINANCIAL STATEMENTS	196
FINANCIAL SUMMARY	265
CORPORATE DIRECTORY	267
BACK COVER	268

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