Core Viewpoint - China Communication Services (00552) reported a net profit increase of 0.2% year-on-year to 2.13 billion RMB for the first half of the year, meeting expectations, while total revenue grew by 3.4% year-on-year to 76.94 billion RMB, exceeding forecasts [1] Financial Performance - The gross margin decreased by 0.6 percentage points to 10.3%, primarily due to clients' ongoing efforts to reduce costs in key capital investment projects [1] - The target price has been raised to 5.15 HKD, and the profit forecasts for 2025 to 2027 have been adjusted, maintaining a "Buy" rating [1] Business Segments - Non-telecom and international business revenue increased by 12.6% year-on-year, benefiting from strong demand for digital infrastructure construction [1] - It is anticipated that capital expenditures from telecom operators will significantly accelerate in the second half of the year, driven by the rapid production ramp-up of several local GPU manufacturers in China [1]

Group 1: Hong Kong Stocks Performance - Miniso (09896) surged over 20% after reporting a 10% year-on-year increase in adjusted net profit for Q2, with TOP TOY revenue skyrocketing by 87.0% [1] - Li Ning (02331) rose over 6% as it announced a 3.3% year-on-year increase in revenue and declared an interim dividend of HKD 0.3359 per share [1] - Innovent Biologics (02096) increased by over 6% following a 26% year-on-year growth in innovative drug revenue, expanding its commercialized innovative drug portfolio to ten products [1] - Tuhu-W (09690) gained over 10% after reporting a 14.6% year-on-year increase in adjusted net profit while continuing to optimize supply-side costs [1] - Kuaishou-W (01024) rose over 4% with impressive Q2 results and accelerated commercialization [1] - UBTECH (09880) increased over 3% as it led the establishment of two national technical standards for humanoid robots [1] - InnoCare Pharma (02577) saw a rise of over 5% after announcing a partnership with NVIDIA [1] Group 2: Other Notable Performances - China Communications Services (00552) fell over 2% despite a slight 0.18% year-on-year increase in net profit attributable to shareholders, with stable development among its three major clients [2] - Parkson Group (03368) surged nearly 25% after reporting a turnaround to profitability in the first half of the year and proposing an interim dividend of HKD 0.02 per share [2] - Esprit Holdings (00330) jumped over 37% after issuing a profit warning, expecting a net profit of approximately HKD 1 million for the six months ending June 30, 2025 [2] - XPeng Motors (09868) rose over 10% as CEO He Xiaopeng increased his stake by purchasing 3.1 million Class A ordinary shares at an average price of HKD 80.49 per share [2] Group 3: US Market Highlights - Coty (COTY.US) plummeted 21.60% due to weak performance in the US market, retailer destocking, and consumers seeking value, impacting Q4 results [3] - NIO (NIO.US) increased by 9.27% ahead of the launch of its new ES8 product and the start of pre-sales [3] - Huazhu Group (HTHT.US) continued to rise by 2.19% with a 41.3% year-on-year increase in revenue and net profit, benefiting from management franchise and licensing business [3] - Boss Zhipin (BZ.US) rose 6.61% after reporting an over 85% year-on-year increase in net profit for the mid-year and extending its share buyback plan [3] - Youlan Group (YOUL.US) surged 17.13% after announcing plans to acquire four companies to expand its online recruitment and regional market share [3] - Hesai Technology (HSAI.US) increased by 11.00% amid market speculation about a potential IPO in Hong Kong to raise approximately USD 300 million [3] Group 4: Additional US Stock Movements - Miniso (MNSO.US) rose 6.38% after reporting a revenue of CNY 9.39 billion for the first half of the year, a year-on-year increase of 21.1%, with adjusted net profit of CNY 1.28 billion [4] - Walmart (WMT.US) fell 4.49% as Q2 adjusted earnings per share fell short of expectations due to increased insurance claims, legal fees, and restructuring costs [4] - Gilead Sciences (GILD.US) dropped 2.18% after CVS Health decided not to include Gilead's new HIV prevention drug Yeztugo in its business plans [4] - XPeng Motors (XPEV.US) rose 11.68% following the CEO's purchase of 3.1 million Class A ordinary shares [5] - Aegon (AEG.US) increased by 7.64% after reporting a turnaround to profitability in the first half of 2025, primarily driven by growth in its US business [5]

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 reached 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 amounted to RMB 74.981 billion, which is a 2.9% increase compared to 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 is capitalizing on the opportunities presented by the artificial intelligence technology transformation, particularly in the computing power market [1] - It has undertaken multiple projects related to intelligent computing centers and data center renovations [1] - Revenue from the domestic non-telecom operator customer market and overseas markets combined has surpassed 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 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 ...

Core Viewpoint - China Communication Services reported a revenue of 76.94 billion RMB for the first half of 2025, reflecting a year-on-year growth of 3.4%, with a net profit of 2.129 billion RMB, up 0.2% [1] Group 1: Business Performance - The company signed new contracts worth approximately 106 billion RMB, with strategic emerging businesses contributing over 42 billion RMB, maintaining double-digit growth [1] - The three main business segments showed positive trends: telecommunications infrastructure services generated 38.272 billion RMB (49.7% of total revenue), business process outsourcing services accounted for 22.383 billion RMB (29.1%), and application, content, and other services reached 16.284 billion RMB, growing 11.7% year-on-year and representing 21.2% of total revenue [3] - The overseas market revenue was 2.151 billion RMB, an increase of 8.7% year-on-year, with the company actively participating in the "Belt and Road" initiative and expanding into new sectors like digitalization and renewable energy [3] Group 2: Technological Innovation - The company emphasized technological innovation by focusing on core areas and increasing R&D investment, resulting in a product library of nearly 100 innovative products related to AI, security, and low-carbon technologies [4] - The company has established a comprehensive AI business strategy, leveraging its resources to enhance AI service capabilities and product innovation, with new contracts in the AI sector exceeding 1.3 billion RMB, covering over 200 clients [5] - The company is reforming its innovation system to enhance development momentum, optimizing R&D operations and product lifecycle management to address market demands and technological advancements [6]

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」）。 ...