Core Viewpoint - China Communication Services (00552) experienced a nearly 4% decline in stock price following the release of its financial results, with a current price of HKD 4.68 and a trading volume of HKD 21.58 million [1] Financial Performance - For the six months ending June 30, 2025, the company reported operating revenue of RMB 76.939 billion, representing a year-on-year increase of 3.4% [1] - Shareholder profit attributable to the company was RMB 2.129 billion, showing a slight increase of 0.18% year-on-year [1] - Basic earnings per share were RMB 0.307 [1] Revenue Breakdown - The company's service revenue reached RMB 74.981 billion, up 2.9% from RMB 72.855 billion in the first half of 2024 [1] - The three major customer markets of the company showed stable development [1] Market Trends - The company capitalized on the opportunities presented by the artificial intelligence technology transformation, engaging in multiple intelligent computing center constructions and data center renovation projects [1] - Revenue from the domestic non-telecom operator customer market saw significant growth, with combined revenue from domestic non-telecom operators and overseas markets exceeding 50% of total operating revenue for the first time [1]

Core Viewpoint - China Communication Services (00552) experienced a nearly 4% decline in stock price following the release of its financial results, with a current trading price of HKD 4.68 and a transaction volume of HKD 21.58 million [1] Financial Performance - For the six months ending June 30, 2025, the company reported operating revenue of RMB 76.939 billion, representing a year-on-year increase of 3.4% [1] - Shareholder profit attributable to the company was RMB 2.129 billion, showing a slight increase of 0.18% year-on-year [1] - Basic earnings per share were reported at RMB 0.307 [1] Revenue Breakdown - The company's service revenue reached RMB 74.981 billion, up 2.9% from RMB 72.855 billion in the first half of 2024 [1] - The three major customer markets of the company showed stable development [1] Market Opportunities - The company is capitalizing on the opportunities presented by the AI technology transformation, particularly in the computing power market [1] - It has undertaken multiple projects related to intelligent computing centers and data center renovations, leading to significant revenue growth from the domestic non-telecom operator customer market [1] - Revenue from the combined domestic non-telecom operator customer market and overseas markets has surpassed 50% of total operating revenue for the first time [1]

Investment Rating - The report maintains a "Strong Buy" investment rating for China Communication Services [3]. Core Views - The company reported a revenue of RMB 76,939 million for the first half of 2025, representing a year-on-year growth of 3.4%, while net profit increased by 0.2% to RMB 2,129 million [1]. - The company is experiencing strong momentum in emerging businesses, particularly in digital infrastructure, green low-carbon initiatives, and smart city projects, with new contracts in strategic emerging industries accounting for over 40% of total new contracts [6]. - The report highlights the company's focus on leveraging opportunities in the digital economy and artificial intelligence, with new contracts in digital infrastructure exceeding RMB 12 billion, reflecting a year-on-year growth of over 20% [6]. Financial Data and Valuation - Total revenue projections for the upcoming years are as follows: RMB 149,139 million in 2023, RMB 150,536 million in 2024, and RMB 154,438 million in 2025, with expected growth rates of 6%, 1%, and 3% respectively [2]. - The company's net profit is projected to be RMB 3,584 million in 2023, increasing to RMB 3,731 million in 2025, with corresponding growth rates of 7%, 1%, and 3% [2]. - The report provides a PE ratio forecast of 8.6 for 2023, decreasing to 7.5 by 2027, indicating a potentially attractive valuation [2][13]. Stock Performance - The current stock price is HKD 4.86, with a total market capitalization of HKD 33.7 billion [3]. - The stock has shown an absolute performance of 6% over the past month, 3% over six months, and 22% over the past year [5]. Business Segments - The report details three main business segments: - Telecommunications Infrastructure Services (TIS) generated RMB 38,272 million in revenue, a 1.6% increase, accounting for 49.7% of total revenue [6]. - Business Process Outsourcing (BPO) revenue was RMB 22,383 million, up 1.0%, representing 29.1% of total revenue [6]. - Application, Content, and Other Services (ACO) saw a significant growth of 11.7% to RMB 16,284 million, making up 21.2% of total revenue [6].

上半年，中国通信服务三大业务板块均保持向好态势。其中，电信基建服务收入382.72亿元，同比增长1.6%；业务流程外判服务收入223.83亿元，同比增长 1.0%；应用、内容及其他服务收入162.84亿元，同比增长11.7%。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 黎灵希）8月21日，港股上市公司中国通信服务披露2025年上半年业绩。报告期内，公司实现经营收入769.39亿元（人民币，以 下同），同比增长3.4%；净利润21.29亿元，同比增长0.2%。 中国通信服务2025年中期业绩发布会现场，图片为公司提供 中国通信服务董事长栾晓维表示，公司坚定"新一代综合智慧服务商"定位，坚持以客户为中心，强化科技创新引领，全面拥抱人工智能，进一步全面深化改 革，因地制宜发展新质生产力。同时，公司积极布局新兴市场，聚焦智算中心、智慧运维、新能源等领域，不断创新业务模式，打造兼具规模和效益的行业 领先产品，建立核心客户与核心生态，增强发展新动能。 报告期内，中国通信服务发挥能力优势，三大客户市场稳健发展。在国内电信运营商市场，公司坚持用高质量交付稳固传统业务基本盘，同时聚焦运营商客 户转型需求，推动从传 ...

中国通信服务(00552.HK)今天在香港举行2025年中期业绩发布会。报告期内，实现经营收入769.4亿元(人民币，下同)，同比增长3.4%；归属于母公司股东的 净利润为21.29亿元，同比增长0.2%。 中国通信服务董事长栾晓维在会上表示，上半年公司新签合同额约1060亿元，其中战略型新兴业务贡献超过420亿元，保持双位数增长。AI应用落地与行业 数字化转型提速，已成为公司增长新动能。 上半年，公司三大业务板块均保持向好态势。其中，电信基建服务收入为382.72亿元，占经营收入比重为49.7%。业务流程外判服务收入为223.83亿元，占 经营收入比重为29.1%。公司紧跟社会数智化浪潮，紧抓人工智能应用场景不断深化，以及千行百业数字化转型步伐加快的机遇，持续强化软件开发和数字 服务能力，应用、内容及其他服务收入保持较快增速，实现162.84亿元，同比增长11.7%，占经营收入比重持续提升，为21.2%，连续多年为收入增长核心驱 动力。 值得一提的是，公司海外市场保持良好发展态势。公司融入"一带一路"建设，积极开发优质区域，持续拓展高价值项目，在提升通信传统业务质量的同时， 向产业数字化、新能源服务等新赛道 ...

Core Insights - China Communication Services Corporation Limited reported a revenue of 76.939 billion RMB for the first half of 2025, representing a year-on-year growth of 3.4% [2] - The net profit for the same period was 2.129 billion RMB, showing a slight increase of 0.2% year-on-year [2] Revenue Breakdown - The revenue from telecommunications infrastructure services was 38.272 billion RMB, which is a year-on-year increase of 1.6%, accounting for 49.7% of total revenue [2] - Revenue from applications, content, and other services reached 16.284 billion RMB, marking an 11.7% year-on-year growth and representing 21.2% of total revenue [2] - Overseas market revenue was 2.151 billion RMB, reflecting an 8.7% year-on-year increase [2] Strategic Initiatives - The Chairman of the company, Luan Xiaowei, emphasized the integration of advanced digital technologies such as artificial intelligence, big data, and computing power, which are driving high-quality development [2] - The company is actively promoting the "AI+" initiative to empower traditional business transformation and enhance integrated delivery capabilities across the entire value chain [2] - There is a focus on developing new growth drivers by actively exploring emerging markets [2]

中國通信服務股份有限公司 CHINA COMMUNICATIONS SERVICES CORPORATION LIMITED （於中華人民共和國註冊成立之股份有限公司） （股份編號：552） 建議修訂公司章程並取消監事會 及 建議修訂股東大會議事規則及董事會議事規則 中國通信服務股份有限公司（「本公司」）董事會（「董事會」）宣佈，鑒於(i) 《到境外上市公司 章程必備條款》已於二零二三年三月三十一日被廢止，(ii)二零二三年十二月二十九日採納的 《中華人民共和國公司法》 （「中國公司法」）的修訂已於二零二四年七月一日生效 ，(iii)為確保 上市公司能夠有效銜接中國公司法的新規定，中國證券監督管理委員會在二零二五年三月二十 八日發佈了多項重要文件，包括修訂後的《上市公司章程指引》、《上市公司股東會規則》等， 及(iv)香港聯合交易所有限公司證券上市規則載有擴大無紙化上市機制的規定，董事會建議(1) 對本公司現行的公司章程作出若干相應修訂（「建議修訂公司章程」），其內容包括但不限於取 消監事會並以審核委員會將其取代，及(2)相應對本公司現行的股東大會議事規則及董事會議 事規則作出修訂（「建議修訂議事規則」）。 ...

Financial Data and Key Indicators Changes - Total revenue amounted to RMB76.9 billion, up 3.4% year on year, while net profit reached RMB2.1 billion, up by 0.2% year on year [5] - Operating profit increased by 8.4% year on year in the first half of the year, with operating profit margin steadily improving [5] - R&D investment reached RMB2.2 billion, with nearly 100 prestigious technology awards received [7][8] Business Line Data and Key Indicators Changes - Revenue from Application, Content and Other Services (ACO) business rose by 11.7% year on year [6] - Telecommunications Infrastructure Services (TIS) business revenue increased by 1.6% year on year, with a significant growth of 18.5% in the domestic non-operator market [6] - Business Process Outsourcing (BPO) services maintained steady growth [6] Market Data and Key Indicators Changes - Revenue from the domestic operator market reached RMB38.2 billion, with ACO business in this market achieving a growth of 9% [18] - Revenue from the domestic non-operator market increased by 12.9% year on year, reaching RMB36.6 billion [18] - Overseas market revenue grew by 8.7% year on year, with sound development quality [21] Company Strategy and Development Direction and Industry Competition - The company is focusing on digital intelligence transformation and expanding strategic emerging businesses to strengthen future growth momentum [4] - Emphasis on technological innovation and integration of AI technology with innovation to drive business development [4] - The company aims to empower traditional businesses while incubating products in cutting-edge fields, particularly in AI [9][10] Management Comments on Operating Environment and Future Outlook - Management highlighted resilience amid external challenges and steady growth in operating performance [4] - The company will continue to focus on customers' transformation needs in digitalization, intelligentization, and green initiatives [10] - Future strategies include targeting intelligent computing, supercomputing, and advanced telecommunications sectors [11] Other Important Information - The company secured new contracts amounting to about RMB106 billion in the first half of the year, with strategic emerging businesses accounting for over RMB42 billion [10] - The proportion of strategic emerging businesses to total new contracts increased to over 40% compared to over 35% last year [10] - The company is actively expanding into finance, Internet, and digital intelligence sectors [11][13] Q&A Session Summary Question: What are the key growth areas for the company moving forward? - The company will focus on intelligent computing, supercomputing, and advanced telecommunications sectors, leveraging AI and digital technologies [11][12] Question: How is the company addressing challenges in the domestic operator market? - The company is deepening strategic collaboration with operators and focusing on upgrading traditional business models to meet transformation needs [18] Question: What measures are being taken to enhance operational efficiency? - The company is implementing cost reduction and efficiency enhancement measures, optimizing organizational structure, and enhancing labor productivity [25]

Financial Data and Key Indicator Changes - Total revenue for the first half of 2025 amounted to RMB 76.9 billion, representing a year-on-year increase of 3.4% [5] - Net profit reached RMB 2.1 billion, up by 0.2% year on year [5] - Operating profit increased by 8.4% year on year, with an improving operating profit margin [5][6] - R&D investment reached RMB 2.2 billion, with nearly 100 prestigious technology awards received [8] Business Line Data and Key Indicator Changes - Revenue from Application, Content and Other Services (ACO) rose by 11.7% year on year [6] - Telecommunications Infrastructure Services (TIS) revenue increased by 1.6% year on year [6] - Business Process Outsourcing (BPO) services maintained steady growth [6] - Revenue from domestic non-operator market increased by 12.9% year on year, while overseas market revenue grew by 8.7% [6][18] Market Data and Key Indicator Changes - Revenue from the domestic operator market reached RMB 38.2 billion, with ACO business growing by 9% [18] - Domestic non-operator market revenue was RMB 36.6 billion, showing a 12.9% year-on-year increase [18] - Overseas market revenue grew by 8.7% year on year, with significant developments in Latin America and the Asia Pacific [21] Company Strategy and Development Direction - The company is focusing on digital intelligence transformation and expanding strategic emerging businesses [4] - Emphasis on technological innovation and integration of AI technology with innovation [4] - Targeting key sectors such as government, data centers, and emergency management for AI applications [9][10] - Aiming to enhance core competencies while balancing high-quality development with security [13][14] Management Comments on Operating Environment and Future Outlook - Management highlighted resilience amid external challenges and steady growth in operating performance [4] - The company is committed to leveraging technological breakthroughs and industrial demand to empower traditional businesses [9] - Future focus will be on intelligent computing, supercomputing, and advanced telecommunications [11][12] Other Important Information - New contracts in the first half of the year amounted to approximately RMB 106 billion, with strategic emerging businesses accounting for over RMB 42 billion [10] - The proportion of strategic emerging businesses to total new contracts increased to over 40% [10] - The company aims to transform traditional services into smart operation support services to enhance recurrent revenue sources [14] Q&A Session Summary Question: What are the company's strategies for future growth? - The company will focus on technological innovation, expanding into new sectors, and enhancing its service capabilities to drive growth [28] Question: How does the company plan to manage costs? - The company is implementing AI digitalization measures to strengthen management across various business processes and control costs effectively [26] Question: What is the outlook for the overseas market? - The company will continue to expand its overseas market presence, particularly in Latin America and the Asia Pacific, while enhancing collaborative partnerships [21]

Financial Performance - The company's revenue increased by 3.4% from RMB 74,412 million in 1H2024 to RMB 76,939 million in 1H2025 [8] - Net profit saw a slight increase of 0.2%, rising from RMB 2,125 million in 1H2024 to RMB 2,129 million in 1H2025 [8] - Gross profit decreased by 2.8% from RMB 8,116 million to RMB 7,888 million [8] - Operating profit increased by 6.3% from RMB 1,481 million in 1H2023 to RMB 1,706 million in 1H2025 [12] - SG&A expenses decreased by 5.5% from RMB 6,542 million to RMB 6,182 million [86] Business Segments - Telecommunications Infrastructure Services (TIS) revenue increased by 1.6%, from RMB 37,666 million in 1H2024 to RMB 38,272 million in 1H2025 [15] - Business Process Outsourcing (BPO) services revenue increased by 1.0%, from RMB 22,163 million in 1H2024 to RMB 22,383 million in 1H2025 [15] - Applications, Content and Other Services (ACO) revenue increased significantly by 11.7%, from RMB 14,583 million in 1H2024 to RMB 16,284 million in 1H2025 [15] Market Performance - Domestic Non-operator market revenue increased by 12.9% [15] - Overseas market revenue increased by 8.7% [15] - Domestic Operator market revenue decreased by 4.6% [15] Strategic Initiatives - New contracts of strategic emerging businesses in 1H2025 exceeded RMB 42 billion, representing an increase of over 10% year-on-year [26] - Digital infrastructure new contracts increased by over 20% [30] - Smart city new contracts increased by over 15% [34]