向中国际二零二五年中期报告

CONTENTS目錄 2Company Profile公司簡介3Management Discussion and Analysis管理層討論及分析26Disclosure of Interest權益披露29Corporate Governance and Other Information企業管治及其他資料32Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Expense簡明綜合損益及其他全面開支表33Condensed Consolidated Statement of Financial Position簡明綜合財務狀況表35Condensed Consolidated Statement of Changes in Equity簡明綜合權益變動表37Condensed Consolidated Statement of Cash Flows簡明綜合現金流量表39Notes to the Condensed Consolidated Financial Statements簡明綜合財務報表附註57Corporate Information公司資料59Definitions and Glossary of Technical Terms釋義及技術詞彙 COMPANY PROFILE公司簡介 向中國際控股有限公司（股份代號：1871）為一間在開曼群島註冊成立的有限責任投資控股公司。本公司股份自2019年10月24日起在香港聯合交易所有限公司（「聯交所」）上市。 China Oriented International Holdings Limited (Stock Code: 1871)is an investment holding company incorporated in the CaymanIslands with limited liability. The Company’s shares have beenlisted on The Stock Exchange of Hong Kong Limited (the “StockExchange”) since 24 October 2019. 我們是一家位於中國河南省駐馬店市的駕駛培訓服務供應商。我們透過兩個主要營運附屬公司即順達駕校及通泰駕校提供駕駛培訓服務。順達駕校為於2012年創建及開始營運的一所提供小型車輛駕駛考試備考的駕駛培訓服務的合資格二級駕校。通泰駕校是於2014年創建及開始營運的一所提供大型車輛及小型車輛駕駛考試備考的駕駛培訓服務的合資格一級駕校。於2024年11月，我們購買開源駕校，一所在駐馬店市的合資格二級駕校，其於2016年創建及現時提供小型車輛及若干類型大型車輛駕駛考試備考的駕駛培訓服務，及於2025年3月，我們購買新蔡駕校，一所在駐馬店市的合資格二級駕校，其於2024年創建及現時提供小型車輛及若干類型大型車輛駕駛考試備考的駕駛培訓服務。該等收購並不構成上市規則下之須予公佈交易。 We are a provider of driving training service based in Zhumadiancity, Henan province, the PRC. We engage in the provisionof driving training services through our two major operatingsubsidiaries, namely Shun Da School and Tong Tai School.Shun Da School is a qualified level II driving school establishedand commenced operation in 2012 which offers driving trainingservices for preparation for driving tests of Small Vehicles. TongTai School is a qualified level I driving school established andcommenced operation in 2014 which offers driving trainingservices for preparation for driving tests of both Large Vehiclesand Small Vehicles. In November 2024, we acquired Kai YuanSchool, a qualified level II driving school in Zhumadian City, whichwas established in 2016 and currently offers driving trainingservices for preparation for driving tests of Small Vehicles andcertain types of Large Vehicles and in March 2025, we acquiredXin Cai School, a qualified level II driving school in ZhumadianCity, which was established in 2024 and currently offers drivingtraining services for preparation for driving tests of Small Vehiclesand certain types of Large Vehicles. These acquisitions did notconstitute a notifiable transaction under the Listing Rules. MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 業務回顧 BUSINESS REVIEW We are a provider of driving training service based in Zhumadiancity, Henan province, the PRC. We engage in the provisionof driving training services through our two major operatingsubsidiaries, namely Shun Da School and Tong Tai School.Shun Da School is a qualified level II driving school establishedand commenced operation in 2012 which offers driving trainingservices for preparation for driving tests of Small Vehicles. TongTai School is a qualified level I driving school established andcommenced operation in 2014 which offers driving trainingservices for preparation for driving tests of both Large Vehiclesand Small Vehicles. In November 2024, we acquired Kai YuanSchool, a qualified level II driving school in Zhumadian City. KaiYuan School was established in 2016 and currently offers drivingtraining services for preparation for driving tests of Small Vehiclesand certain types of Large Vehicles. In March 2025, we acquiredXin Cai School, a qualified level II driving school in ZhumadianCity. Xin Cai School was established in 2024 and currently offersdriving training services for preparation for driving tests of SmallVehicles and certain types of Large Vehicles. This acquisition didnot constitute a notifiable transaction under the Listing Rules. 我們是一家位於中國河南省駐馬店市的駕駛培訓服務供應商。我們透過兩個主要營運附屬公司即順達駕校及通泰駕校提供駕駛培訓服務。順達駕校為於2012年創建及開始營運的一所提供小型車輛駕駛考試備考的駕駛培訓服務的合資格二級駕校。通泰駕校是於2014年創建及開始營運的一所提供大型車輛及小型車輛駕駛考試備考的駕駛培訓服務的合資格一級駕校。於2024年11月，我們購買開源駕校，一所在駐馬店市的合資格二級駕校。開源駕校於2016年創建及現時提供小型車輛及若干類型大型車輛駕駛考試備考的駕駛培訓服務。於2025年3月，我們購買新蔡駕校，一所在駐馬店市的合資格二級駕校。新蔡駕校於2024年創建及現時提供小型車輛及若干類型大型車輛駕駛考試備考的駕駛培訓服務。該收購並不構成上市規則下之須予公佈交易。 通泰駕校、順達駕校、開源駕校及新蔡駕校目前為我們的學員提供兩種類型的駕駛培訓課程，即標準課程和高級課程。標準課程專為希望完成部分最低培訓時間要求的學員而設計，課程費用較低及培訓時數較少。已註冊我們標準課程，希望滿足最低培訓時間要求的學員，如出於其他原因希望接受進一步培訓，可以按小時計算向相應學校訂購額外培訓服務。高級課程為學員提供駕駛培訓，其培訓時數相當於駕駛培訓課程中規定的最低培訓時數要求。我們的高級課程包括假期及週末課程、經濟課程及VIP課程。我們的大型車輛VIP課程提供不同的免費配套服務，包括接送服務及╱或住宿服務。 Tong Tai School, Shun Da School, Kai Yuan School and XinCai School are currently offering two types of driving trainingcourses for our trainees, namely standard courses and premiumcourses. Standard courses are designed for trainees who wish tocomplete only part of the minimum training hours requirementswith lower course fees and less training hours. Trainees, whohave enrolled in our standard courses, wish to fulfil the minimumtraining hours requirements, or for other reasons wish to havefur