中国电信股份有限公司 关于中国电信集团财务有限公司关联交易2024年度风险 持续评估报告 根据《上海证券交易所上市公司自律监管指引第 5 号—— 交易与关联交易》要求，中国电信股份有限公司（以下简称"本 公司"）通过查验中国电信集团财务有限公司（以下简称"中 国电信财务公司"）《金融许可证》与《营业执照》等资料， 审阅其资产负债表、利润表等定期财务报告，对其经营资质、 业务和风险状况进行了评估，具体情况报告如下： 一、中国电信财务公司基本情况 中国电信财务公司是经原中国银行保险监督管理委员会 北京监管局批准，于 2019 年 1 月 8 日正式成立的非银行金融 机构。目前注册资本为 50 亿元，由本公司、中国电信集团有 限公司（以下简称"电信集团"）、中国通信服务股份有限 公司分别出资 35 亿元、7.5 亿元、7.5 亿元。法定代表人为 李英辉，注册地址为北京市西城区西直门内大街 118 号八层。 截至 2024 年 12 月 31 日，中国电信财务公司经批准的业务范 围包括：吸收成员单位存款；办理成员单位贷款；办理成员 单位票据贴现；办理成员单位资金结算与收付；提供成员单 1 位委托贷款、债券承销、非融资 ...

证券代码：601728 证券简称：中国电信 公告编号：2025-011 中国电信股份有限公司 关于聘任公司执行副总裁的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 附件： 刘颖女士简历 刘颖女士，51 岁，正高级通信工程师，工学学士。刘女士曾任 中国电信股份有限公司黑龙江分公司副总经理、中国电信股份有限 公司吉林分公司总经理、中国电信集团有限公司政企客户事业部总 经理、中国电信股份有限公司安徽分公司总经理。刘女士现兼任中 国电信集团有限公司副总经理，中国电信国际有限公司董事、董事 长，中国互联网投资基金（有限合伙）理事会理事。刘女士具有丰 富的管理及电信行业从业经验。 截至目前，刘颖女士未持有本公司任何股份权益，与公司控股 股东、实际控制人、公司其他董事、监事、高级管理人员及持股 5% 以上的股东不存在其他关系，不存在《公司法》及其他法律法规规 定禁止任职的情形，亦不存在受过中国证监会及其他有关部门的处 罚和证券交易所惩戒的情况，符合《公司法》等相关法律、法规和 规定要求的任职条件。 中国电信股份有限公司（以下简称"公 ...

证券代码：601728 证券简称：中国电信 公告编号：2025-007 中国电信股份有限公司 第八届监事会第十四次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会召开情况 经审核，监事会认为： 公司财务决算报告按照国际/国内会计准则规定编制，真实公允 反映了公司的财务状况。 表决结果：5 票同意，0 票反对，0 票弃权。 —1— 该事项尚需提交股东大会审议。 （二）审议通过了《关于公司 2024 年度计提减值准备的议案》 表决结果：5 票同意，0 票反对，0 票弃权。 （三）审议通过了《关于公司 2024 年度利润分配和股息宣派方 案的议案》 经审核，监事会认为： 中国电信股份有限公司（以下称"公司"）于 2025 年 3 月 24 日 在北京西城区金融大街 31 号公司总部 718 会议室以现场会议方式召 开了第八届监事会第十四次会议。本次监事会的会议通知及资料已于 会前发送给公司全体监事。本次监事会会议应到监事 5 人，实到监事 3 人，监事关丽莘因工作原因授权委托监事黄旭丹代为表决，监事汪 一兵因 ...

证券代码：601728 证券简称：中国电信 公告编号：2025-006 中国电信股份有限公司 第八届董事会第十八次会议决议公告 一、董事会召开情况 中国电信股份有限公司（以下称"公司"）于 2025 年 3 月 25 日 在香港湾仔告士打道 108 号光大中心 28 楼以现场方式召开了第八届 董事会第十八次会议。本次董事会的会议通知及资料已于会前发送给 公司全体董事。本次会议应到董事 9 人，实到董事 8 人，公司董事刘 桂清先生因工作原因无法出席本次现场会议，委托公司董事李英辉先 生在本次董事会上对会议议案行使表决权。会议由董事长柯瑞文先生 主持，会议的召开及其程序符合有关法律、法规和公司章程的规定。 二、 董事会审议情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 （一）批准《关于公司 2024 年度财务决算报告（国际/国内口径） 的议案》 2025 年 3 月 24 日，公司召开第八届董事会审核委员会第十五次 会议，公司董事会审核委员会同意该议案，并同意将该议案提交公司董 事会审议。 该议案尚需提交股东大会审议。 赞 ...

Financial Performance - In 2024, China Telecom reported a revenue of approximately CNY 523.57 billion, representing a 3.1% increase from CNY 507.84 billion in 2023[26]. - The net profit attributable to shareholders reached CNY 33.01 billion, an increase of 8.4% compared to CNY 30.45 billion in 2023[26]. - The basic earnings per share for 2024 was CNY 0.36, up 8.4% from CNY 0.33 in 2023[27]. - The total assets of China Telecom at the end of 2024 were CNY 866.63 billion, reflecting a 3.7% increase from CNY 835.81 billion in 2023[26]. - The cash flow from operating activities for 2024 was CNY 145.27 billion, a 4.8% increase from CNY 138.62 billion in 2023[26]. - The company's total revenue for 2024 reached RMB 523.6 billion, representing a year-on-year growth of 3.1%, with service revenue at RMB 482 billion, up 3.7%[36]. - The company reported a net profit of CNY 8.60 billion in Q1 2024, with a total revenue of CNY 134.49 billion for the same period[29]. - In Q2 2024, the net profit attributable to shareholders was CNY 13.21 billion, with revenue of CNY 131.48 billion[29]. - The net profit for Q3 2024 was CNY 7.49 billion, with revenue of CNY 125.99 billion[29]. - The company recorded a net profit of CNY 3.71 billion in Q4 2024, with revenue of CNY 131.60 billion[29]. Dividend Policy - The proposed cash dividend for 2024 is RMB 0.0927 per share, totaling approximately RMB 8.483 billion, which represents 72% of the net profit attributable to shareholders for the year[6]. - The total cash dividends for 2024, including the interim dividend of RMB 0.1671 per share, will amount to RMB 23.774 billion[6]. - The profit distribution plan is subject to approval at the 2024 annual general meeting of shareholders[7]. - The company aims to increase cash distributions to shareholders to over 75% of the annual net profit within three years starting from 2024[6]. - The company plans to distribute 72% of its net profit as cash dividends, with a total dividend per share of RMB 0.2598, marking an 11.4% increase year-on-year[38]. Audit and Compliance - The company has received a standard unqualified audit opinion from KPMG Huazhen[5]. - The company has committed to ensuring the authenticity, accuracy, and completeness of the annual report[5]. - There are no non-operating fund occupations by controlling shareholders or related parties[9]. - The company will not update forward-looking statements regarding its future performance and financial condition[8]. - The company has not reported any changes in shareholding for its executives during the reporting period[140]. - The company has not faced any penalties from securities regulatory authorities in the past three years[156]. Research and Development - R&D expenses increased by 11.3%, supporting advancements in core technologies such as cloud computing and quantum communication[41]. - The company invested RMB 17.792 billion in R&D, with an intensity of 3.4%, an increase of 0.2 percentage points from last year[99]. - The number of R&D personnel reached 43,255, making up 15.58% of the total workforce[98]. - The company has set up specialized research institutes in cloud computing, artificial intelligence, and quantum technology, and established its first overseas research institution in Singapore[77]. - The company aims to enhance its technological innovation capabilities and product R&D to keep pace with the rapid growth in AI and cloud services[126]. Market Expansion and Business Growth - The company achieved international business revenue of RMB 16.9 billion, representing a year-on-year growth of 15.4%[71]. - The company plans to expand its digital economy and government services, targeting rapid development in industrial digitalization[124]. - The company is exploring potential mergers and acquisitions to enhance its service offerings and customer base[144]. - The company is actively adapting to market trends and enhancing its technological innovation capabilities to maintain competitive advantages[125]. - The company aims to improve operational efficiency, targeting a 15% reduction in costs through digital transformation initiatives[144]. Governance and Management - The company has implemented a dual-layer governance structure, holding 2 shareholder meetings and 13 board meetings in 2024[134]. - The company has received multiple accolades for its governance, including recognition as one of the "Most Admired Companies in Asia" for 14 consecutive years[136]. - The company emphasizes the importance of risk management and internal control systems to ensure stable operations[133]. - The company has authorized the board to decide on the annual cap for continuing connected transactions for 2025-2027[138]. - The company has established a remuneration committee to propose salary policies for directors and senior management[151]. Environmental and Social Responsibility - The company invested 215.315 million yuan in environmental protection during the reporting period[185]. - The company reduced carbon emissions by 15.3 million tons through various green initiatives, including the upgrade of communication infrastructure and collaboration with renewable energy enterprises[188]. - The company made a total contribution of 259.5463 million yuan to public welfare projects during the reporting period[191]. - The company is actively promoting green solutions and services, including carbon accounts and carbon footprint products, to support high-energy-consuming industries in their green transformation[189]. - The company has committed to long-term support for specific counties, achieving record high performance in key indicators[194].

证券代码：601728 证券简称：中国电信 公告编号：2025-008 中国电信股份有限公司 2024 年年度利润分配方案公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、利润分配方案内容 1 每股分配比例：2024 年度派发末期股息每股人民币 0.0927 元（含 税），加上 2024 年中期已派发股息每股人民币 0.1671 元（含税）， 2024 年全年股息为每股人民币 0.2598 元（含税），合计人民币约 237.74 亿元，占 2024 年度公司股东应占利润的 72%。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具 体日期将在权益分派实施公告中明确。在实施权益分派的股权登记 日前公司总股本发生变动的，拟维持分配总额不变，相应调整每股 分配现金红利金额，并将在相关公告中披露。 公司未触及《上海证券交易所股票上市规则（2024 年 4 月修订）》 第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的情 形。 本次利润分配方案尚待公司 2024 年年度股东大会审议通过后方 ...

Financial Performance - The company's operating revenue for 2024 reached RMB 529.4 billion, a year-on-year increase of 3.1%, with service revenue at RMB 482 billion, up 3.7%[6] - EBITDA for the year was RMB 140.8 billion, reflecting a growth of 2.9%, while net profit increased by 8.4% to RMB 33 billion, resulting in a basic earnings per share of RMB 0.36[3] - The net profit attributable to shareholders was RMB 33.012 billion, reflecting an 8.4% increase from 2023[47] - Operating revenue for the year ended December 31, 2024, was RMB 529,417 million, an increase of 3.4% from RMB 513,551 million in 2023[89] - Operating profit rose to RMB 39,803 million, up 7.2% from RMB 37,128 million in the previous year[89] - Net profit for the year was RMB 32,975 million, representing a 8.5% increase compared to RMB 30,428 million in 2023[89] - The proposed final dividend for the year ended December 31, 2024, is RMB 0.0927 per share, totaling approximately RMB 84.83 billion[113] Revenue Breakdown - Mobile communication service revenue amounted to RMB 202.5 billion, a 3.5% increase year-on-year, with mobile value-added and application revenue growing by 16.1%[8] - The company reported a significant increase in smart home business revenue, which rose by 16.8% to RMB 125.7 billion, contributing to a total fixed-line and smart home service revenue of RMB 125.7 billion, up 2.1%[8] - The digital industry revenue reached RMB 146.6 billion, a 5.5% increase, with Tianyi Cloud revenue growing by 17.1% to RMB 113.9 billion[8] - Industrial digital service revenue was RMB 146.588 billion, marking a 5.5% increase and comprising 27.7% of total revenue[56] Expenses and Costs - Operating expenses totaled RMB 489.614 billion, an increase of 2.8%, with expenses accounting for 92.5% of operating revenue[59] - The company's labor costs reached RMB 98.279 billion in 2024, up 5.9% year-on-year, constituting 18.6% of operating revenue[68] - Sales, general, and administrative expenses were RMB 66.663 billion in 2024, a decrease of 0.2% from 2023, accounting for 12.6% of operating revenue[65] - Depreciation and amortization expenses were RMB 101.044 billion, up 1.3%, representing 19.1% of operating revenue[63] Investments and R&D - R&D expenses grew by 11.3% year-on-year, with a talent pool consisting of 5 leading figures, 1,000 chief/senior experts, and 10,000 technical experts[17] - The company has launched over 50 industry-specific large models, serving more than 10,000 industry clients in various sectors[24] - The company plans to complete the acquisition of shares in GuoDun Quantum Technology Co., Ltd. with an investment of RMB 1.775 billion, which has been approved by relevant authorities[124] Market Expansion and Strategy - The company is actively expanding into overseas markets, with Southeast Asia and the Middle East becoming important growth areas[14] - The company aims to gradually increase the cash profit distribution to over 75% of the profit attributable to shareholders within three years starting from 2024[9] - The company is focusing on building a differentiated competitive advantage through its "AI+" ecosystem alliance, promoting rapid development of strategic emerging businesses[32] Technology and Innovation - The company is focusing on AI-driven product and service innovations, including the launch of AI-enabled smartphones and smart home devices, to enhance customer experience and meet new digital consumption demands[12] - The company achieved significant breakthroughs in cloud computing software, including operating systems and databases[16] - The company has created the world's first distributed quantum key distribution system, enhancing security capabilities[17] Corporate Governance and Compliance - The company has maintained compliance with corporate governance codes and standards throughout 2024, ensuring effective internal controls and risk management[128] - The board of directors includes key executives such as the Chairman and CEO, as well as several executive vice presidents and independent non-executive directors, indicating a strong leadership structure[136] Environmental Commitment - The carbon emissions per unit of telecom business volume have decreased by 19.2% year-on-year, demonstrating commitment to green development[37]

证券代码：601728 证券简称：中国电信 公告编号：2025-005 中国电信股份有限公司 关于召开 2024 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本次业绩说明会以现场交流、网络直播结合文字互动的形式召开。 公司管理层将针对 2024 年度业绩与投资者进行互动交流和沟通，在 信息披露允许的范围内就投资者普遍关注的问题进行回答。 重要内容提示： 会议召开时间：2025 年 3 月 25 日(星期二) 下午 17:00-18:00 网络 直播地址： 上海证券 交易所 上证路演 中心（ 网址 ： http://roadshow.sseinfo.com ） 、 路 演 中 平 台 （ 网 址 ： https://www.roadshowchina.cn/Meet/detail.html?mid=24602）同 步直播 会议召开方式：现场交流、网络直播和文字互动 投资者可于 2025 年 3 月 18 日(星期二)至 2025 年 3 月 24 日(星 期一)16:00 前登录上证路演中心网站首页点击 ...

Core Viewpoint - The three major telecom operators in China are actively investing in artificial intelligence (AI) to enhance their service capabilities and drive new business opportunities [1] Group 1: Company Initiatives - China Mobile is accelerating breakthroughs in AI innovation [1] - China Telecom is deeply engaging in "AI+" initiatives to create a new engine for productivity [1] - China Unicom is implementing the "Artificial Intelligence+" action to enhance its technological capabilities and promote AI integration across various industries [1] Group 2: Benefits of DeepSeek Integration - All three telecom operators are integrating DeepSeek, a high-performance AI model, which is expected to improve customer service systems, intelligent recommendations, and fault diagnosis [1] - The integration of DeepSeek will assist operators in developing new AI-driven businesses as traditional business growth approaches saturation [1] - DeepSeek's integration will facilitate the transformation of operators from traditional communication service providers to digital service providers, while also optimizing the utilization of idle cloud computing resources [1] Group 3: Market Opportunities - The utilization rates of cloud, IDC, and computing resources are expected to significantly increase in the AI era, leading to revaluation opportunities for the telecom operators [1] - Key investment targets recommended include China Mobile, China Telecom, and China Unicom [1]

Core Viewpoint - The three major telecom operators in China have collectively responded to media reports regarding issues in telephone marketing practices, emphasizing their commitment to self-examination and improvement in service quality [1][2][3]. Group 1: Company Responses - China Mobile has initiated a targeted self-examination in response to the reports, pledging to uphold customer interests and improve service quality by addressing any identified issues [2]. - China Unicom has also expressed its commitment to a thorough self-check, promising to rectify any problems found and to standardize telephone marketing practices to ensure transparency for consumers [3]. - China Telecom has stated its intention to conduct a comprehensive self-assessment and to strengthen marketing service standards, ensuring that user rights are protected [3]. Group 2: Industry Context - The telecom industry is currently undergoing significant reforms and modernization efforts, with a focus on addressing consumer complaints related to misleading marketing practices and ensuring compliance with regulations [4][5]. - A recent investigation by Xinhua News Agency highlighted various deceptive marketing tactics used by telecom operators, including misleading offers and hidden fees, which have led to numerous consumer complaints [6][7]. - Experts have called for improved legal regulations and better management practices within telecom companies to address the persistent issues in marketing and enhance service quality [7].