Annual Report 2024

123 2024 Annual Report Transport International Holdings Limited China Mainland Transport Operations The Group’s China Mainland Transport Operations Division reported a profit after taxation of HK$0.6 million for 2024, compared to the profit after taxation of HK$31.1 million for 2023. As at 31 December 2024, the Group’s total interest in associates within the China Mainland Transport Operations Division amounted to HK$569.7 million (2023: HK$609.1 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. Summary of Investments in China Mainland Transport Operations as at 31 December 2024 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 2024 (Number of vehicles) 11,380 6,054 Bus passenger volume (Million trips) 330 N/A Bus kilometres travelled (Million km) 265 N/A Staff number at year-end 2024 22,044 1,698 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 China 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 5,000 buses running on more than 330 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 11.3% to 408.0 million in 2024 as compared to 460.0 million in 2023. 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 China 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 2024, BBKT had a fleet of over 4,900 taxis and around 1,700 employees.