Financial Performance - Operating revenue for the first three quarters of 2024 reached RMB 394.718 billion, a year-on-year increase of 2.7%, with service revenue at RMB 362.886 billion, up 3.8%[2][6] - EBITDA for the first three quarters of 2024 was RMB 111.023 billion, a year-on-year increase of 5.1%, with an EBITDA margin of 30.6%[2][6] - Net profit attributable to shareholders for the first three quarters of 2024 was RMB 29.299 billion, a year-on-year increase of 8.1%[2][6] - Operating income for the first nine months of 2024 was RMB 394.718 billion, compared to RMB 384.254 billion in the same period last year[11] - Net profit for the period reached RMB 29.340 billion, up from RMB 27.143 billion in 2023[11] - Pre-tax profit increased to RMB 37,712 million in the first 9 months of 2024, up from RMB 35,014 million in the same period of 2023[15] - Basic earnings per share (EPS) for the first nine months of 2024 were RMB 0.32, compared to RMB 0.30 in the same period last year[12] Mobile and Fixed-Line Services - Mobile service revenue for the first three quarters of 2024 reached RMB 156.823 billion, a year-on-year increase of 3.2%, with mobile users increasing by 14.9 million to 422.67 million[7] - 5G package users increased by 26.4 million to 345.06 million, with a penetration rate of 81.6%[7] - Fixed-line and smart home service revenue for the first three quarters of 2024 reached RMB 95.624 billion, a year-on-year increase of 2.9%, with broadband users reaching 196.26 million[7] Industrial Digitalization - Industrial digitalization revenue for the first three quarters of 2024 reached RMB 105.549 billion, a year-on-year increase of 5.8%[7] Assets and Liabilities - Total assets as of September 30, 2024, were RMB 865.468 billion, a year-on-year increase of 3.5%[4] - Equity attributable to shareholders as of September 30, 2024, was RMB 448.451 billion, a year-on-year increase of 1.2%[4] - Total assets as of September 30, 2024, amounted to RMB 865.468 billion, with non-current assets totaling RMB 669.486 billion and current assets at RMB 195.982 billion[9][10] - Total liabilities stood at RMB 412.714 billion, with current liabilities at RMB 331.081 billion and non-current liabilities at RMB 81.633 billion[10] Operating Expenses and Costs - Operating expenses for the first three quarters of 2024 reached RMB 358.334 billion, a 2.3% increase year-over-year, with network operation and support costs rising to RMB 118.457 billion, up 3.5%[8] - Labor costs increased to RMB 75.438 billion, a 2.3% growth compared to the same period last year, driven by increased investment in tech and innovative talent[8] - Depreciation and amortization expenses rose to RMB 74,639 million in the first 9 months of 2024, compared to RMB 71,811 million in the same period of 2023[15] Cash Flow and Capital Expenditure - Operating cash flow decreased to RMB 97,316 million in the first 9 months of 2024, down from RMB 112,330 million in the same period of 2023[13] - Capital expenditure was RMB 58,238 million in the first 9 months of 2024, slightly lower than RMB 60,564 million in the same period of 2023[13] - Net cash used in investing activities increased to RMB 68,913 million in the first 9 months of 2024, up from RMB 61,612 million in the same period of 2023[13] - Net cash used in financing activities decreased to RMB 36,080 million in the first 9 months of 2024, down from RMB 40,791 million in the same period of 2023[13] - Cash and cash equivalents decreased to RMB 73,338 million as of September 30, 2024, compared to RMB 82,445 million at the end of the same period in 2023[13] Financial Costs and Receivables - Net financial costs decreased by 12.2% to RMB 518 million, primarily due to reduced interest expenses on lease liabilities[8] - Accounts receivable increased by RMB 33,302 million in the first 9 months of 2024, compared to an increase of RMB 32,166 million in the same period of 2023[15] - Contract liabilities decreased by RMB 7,395 million in the first 9 months of 2024[15] Cautionary Note - The company's financial data is unaudited and investors should exercise caution when relying on these figures[16]

Financial Performance - Revenue for the first nine months of 2024 reached RMB 391.97 billion, a year-on-year increase of 2.9%[4] - Net profit attributable to shareholders of the company for the first nine months of 2024 was RMB 29.30 billion, up 8.1% year-on-year[4] - Basic earnings per share for the first nine months of 2024 were RMB 0.32, an increase of 8.1% compared to the same period last year[4] - Total revenue for the first three quarters of 2024 reached RMB 391.968 billion, a year-on-year increase of 2.9%, with service revenue at RMB 362.886 billion, up 3.8%[14] - Net profit attributable to shareholders was RMB 29.299 billion, a year-on-year increase of 8.1%, with basic earnings per share at RMB 0.32, also up 8.1%[14] - Total operating revenue for the first three quarters of 2024 reached 391.97 billion RMB, an increase from 381.10 billion RMB in the same period last year[18] - Net profit attributable to the parent company's shareholders for the first three quarters of 2024 was 29.30 billion RMB, up from 27.10 billion RMB in the same period last year[18] - Total revenue for the first three quarters of 2024 reached 336.23 billion RMB, compared to 326.89 billion RMB in the same period of 2023[25] - Net profit for the first three quarters of 2024 was 28.39 billion RMB, up from 25.65 billion RMB in the same period of 2023[25] - Operating profit for the first three quarters of 2024 was 39.03 billion RMB, an increase from 36.73 billion RMB in the same period last year[18] - Operating profit for the first three quarters of 2024 was 37.86 billion RMB, compared to 34.68 billion RMB in the same period of 2023[25] - Total comprehensive income for the first three quarters of 2024 was 28.97 billion RMB, compared to 27.29 billion RMB in the same period last year[19] - Total comprehensive income for the first three quarters of 2024 was 28.09 billion RMB, up from 25.66 billion RMB in the same period of 2023[25] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 865.47 billion, a 3.5% increase compared to the end of the previous year[5] - The company's total equity attributable to shareholders as of the end of the reporting period was RMB 448.45 billion, a 1.2% increase compared to the end of the previous year[5] - Total assets as of September 30, 2024, amounted to RMB 865.468 billion, compared to RMB 835.814 billion at the end of 2023[16] - Total liabilities as of the end of Q3 2024 amounted to 412.71 billion RMB, compared to 388.65 billion RMB at the end of Q3 2023[17] - Total equity attributable to the parent company's shareholders as of the end of Q3 2024 was 448.45 billion RMB, up from 442.93 billion RMB at the end of Q3 2023[17] - Total liabilities as of the end of the reporting period amounted to 369.42 billion RMB, an increase from 342.27 billion RMB in the previous year[23] - Total owner's equity stood at 422.42 billion RMB, slightly higher than 417.74 billion RMB in the previous year[23] - Total assets as of the end of the reporting period were 791.84 billion RMB, up from 760.00 billion RMB in the previous year[23] - Total assets as of September 30, 2024 were RMB 791.84 billion, an increase of 4.2% compared to RMB 760.00 billion as of December 31, 2023[22] Cash Flow - Net cash flow from operating activities for the first nine months of 2024 was RMB 97.41 billion, a decrease of 13.8% year-on-year[4] - Operating cash flow for the first three quarters of 2024 was RMB 97.41 billion, a decrease of 13.8% compared to RMB 112.99 billion in the same period of 2023[20] - Investment cash flow for the first three quarters of 2024 was negative RMB 67.32 billion, compared to negative RMB 60.24 billion in the same period of 2023[20] - Financing cash flow for the first three quarters of 2024 was negative RMB 37.77 billion, compared to negative RMB 42.82 billion in the same period of 2023[20] - Operating cash flow for the first three quarters of 2024 was RMB 103.87 billion, a decrease from RMB 120.58 billion in the same period of 2023[27] - Investment cash flow for the first three quarters of 2024 was negative RMB 71.02 billion, compared to negative RMB 56.31 billion in 2023[27] - Sales of goods and services generated RMB 330.90 billion in cash inflows for the first three quarters of 2024, up from RMB 318.72 billion in 2023[27] - Cash outflows for purchasing goods and services increased to RMB 127.02 billion in the first three quarters of 2024, up from RMB 101.39 billion in 2023[27] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 263,553[8] - China Telecom Group holds 63.90% of the company's shares, totaling 58.48 billion shares[9] - Hong Kong Securities Clearing (Nominees) Limited holds 15.13% of the company's shares, totaling 13.85 billion shares[9] - Guangdong Rising Holdings Group holds 5.24% of the company's shares, totaling 4.79 billion shares[9] - Total shareholders at the end of the reporting period were 263,553, including 261,981 A-share holders and 1,572 H-share holders[10] Subscriber Metrics - Mobile subscribers reached 422.67 million, with a net increase of 14.90 million[12] - 5G package subscribers reached 345.06 million, with a net increase of 26.40 million[12] - Mobile internet traffic totaled 6,615.35 TB, up from 5,219.02 TB in the previous year[13] - Fixed broadband subscribers reached 196.26 million, with a net increase of 6.10 million[13] - Fixed-line telephone subscribers decreased to 98.00 million, with a net decrease of 3.02 million[13] - Mobile communication service revenue reached RMB 156.823 billion, a year-on-year increase of 3.2%, with mobile users increasing by 14.9 million to 423 million, and 5G package users reaching 345 million, with a penetration rate of 81.6%[14] - Fixed-line and smart home service revenue reached RMB 95.624 billion, a year-on-year increase of 2.9%, with smart home revenue growing by 17.0%[14] - The company's mobile user ARPU remained stable at RMB 45.6, while the broadband comprehensive ARPU was RMB 47.8[14] Research and Development - R&D expenses increased by 19.3% year-on-year to RMB 8.75 billion, driven by increased investment in strategic emerging industries and future industries[14] - Research and development expenses for the first three quarters of 2024 increased to 8.75 billion RMB from 7.33 billion RMB in the same period last year[18] - Research and development expenses increased to 4.70 billion RMB in the first three quarters of 2024, up from 4.34 billion RMB in the same period of 2023[25] Guarantees and Subsidiaries - Total guarantees provided by subsidiaries in Q3 2024 amounted to RMB 3.60 million, with 15 guarantees issued[29] - The company's subsidiaries provided non-financing guarantees totaling RMB 47.92 million for 2024, valid until March 31, 2025[29] - The largest single guarantee in Q3 2024 was RMB 6.99 million, provided to China Telecom Digital Intelligence Technology's Jilin branch[30] - The total external guarantee balance of the company and its subsidiaries is RMB 75.48 million, accounting for 0.0169% of the company's latest audited net assets as of December 31, 2023[33] - The guarantee provided by China Telecom Smart Network Technology Co., Ltd. amounts to RMB 77,292.00, valid from August 15, 2024, to June 24, 2027[32] - China Telecom Digital Intelligence Technology Co., Ltd. provided a guarantee of RMB 15,100,430.00, valid from September 29, 2024, to January 31, 2028[32] - China Telecom Digital Intelligence Technology Co., Ltd. Heilongjiang Branch provided a guarantee of RMB 638,700.00, valid from September 2, 2024, to October 16, 2024[32] - China Telecom Digital Intelligence Technology Co., Ltd. Qinghai Branch provided two guarantees totaling RMB 581,479.90, valid from September 19, 2024, to August 8, 2027[32] - China Telecom Digital City Technology Co., Ltd. provided a guarantee of RMB 2,280,818.46, valid from September 29, 2024, to December 25, 2024[32] Other Financial Metrics - Weighted average return on equity (ROE) for the first nine months of 2024 was 6.48%, an increase of 0.32 percentage points year-on-year[4] - Non-recurring gains and losses for the first nine months of 2024 amounted to RMB 612.52 million, primarily due to government subsidies and other non-operating income[6][7] - The company's weighted average return on equity (ROE) increased by 0.32 percentage points to 6.48%[14] - Contract liabilities as of the end of Q3 2024 stood at 58.01 billion RMB, down from 65.42 billion RMB at the end of Q3 2023[17] - Interest expenses decreased to 1.70 billion RMB in the first three quarters of 2024, down from 2.15 billion RMB in the same period of 2023[25] - Other comprehensive income showed a loss of 303.33 million RMB in the first three quarters of 2024, compared to a gain of 16.02 million RMB in the same period of 2023[25] Cash and Cash Equivalents - Cash and cash equivalents at the end of September 2024 were RMB 73.34 billion, a decrease of 11% compared to RMB 82.45 billion at the end of September 2023[21] - The company's cash and cash equivalents at the end of Q3 2024 stood at RMB 39.00 billion, down from RMB 68.82 billion at the end of Q3 2023[27] Industrial Digitalization - Industrial digitalization revenue reached RMB 105.549 billion, a year-on-year increase of 5.8%[14] Accounts and Inventory - Accounts receivable as of September 30, 2024 were RMB 47.50 billion, a significant increase of 77% compared to RMB 26.84 billion as of December 31, 2023[22] - Prepayments as of September 30, 2024 were RMB 5.69 billion, an increase of 67.8% compared to RMB 3.39 billion as of December 31, 2023[22] - Inventory as of September 30, 2024 was RMB 1.76 billion, an increase of 15% compared to RMB 1.53 billion as of December 31, 2023[22] - Fixed assets as of September 30, 2024 were RMB 371.10 billion, a decrease of 3.6% compared to RMB 384.97 billion as of December 31, 2023[22] - Accounts payable as of September 30, 2024 were RMB 122.89 billion, an increase of 4.6% compared to RMB 117.51 billion as of December 31, 2023[22]

证券代码：601728 证券简称：中国电信 公告编号：2024-047 中国电信股份有限公司 2024 年 9 月主要运营数据公告 中国电信股份有限公司 2024 年 9 月主要运营数据如下： | 单位：万户 | 2024 年 9 月 | | --- | --- | | 移动用户数 | 42,267 | | 当月净增/减用户数 | 193 | | 当年累计净增/减用户数 | 1,490 | | 其中：5G 套餐用户数 | 34,506 | | 当月净增/减用户数 | 217 | | 当年累计净增/减用户数 | 2,640 | | 有线宽带用户数 | 19,626 | | 当月净增/减用户数 | 122 | | 当年累计净增/减用户数 | 610 | | 固定电话用户数 | 9,800 | | 当月净增/减用户数 | -40 | | 当年累计净增/减用户数 | -302 | 1 本公司谨此提醒投资者，上述运营数据为内部统计数据， 并不代表公司对未来经营情况的任何预测或保证，投资者应 注意不恰当地使用上述数据可能造成的投资风险。 中国电信股份有限公司 二〇二四年十月二十一日 2 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00728 | 說明 | H 股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 13,877,410,000 | RMB | | 1 RMB | | 13,877,410,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 13,877,410,000 | RMB | | 1 RMB | | 13,877,410,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 ...

中国电信股份有限公司 二〇二四年九月二十日 证券代码：601728 证券简称：中国电信 公告编号：2024-046 中国电信股份有限公司 2024 年 8 月主要运营数据公告 中国电信股份有限公司 2024 年 8 月主要运营数据如下： | 单位：万户 | 2024 年 8 月 | | --- | --- | | 移动用户数 | 42,074 | | 当月净增/减用户数 | 168 | | 当年累计净增/减用户数 | 1,297 | | 其中：5G 套餐用户数 | 34,289 | | 当月净增/减用户数 | 314 | | 当年累计净增/减用户数 | 2,423 | | 有线宽带用户数 | 19,504 | | 当月净增/减用户数 | 73 | | 当年累计净增/减用户数 | 488 | | 固定电话用户数 | 9,840 | | 当月净增/减用户数 | -34 | | 当年累计净增/减用户数 | -262 | 1 本公司谨此提醒投资者，上述运营数据为内部统计数据， 并不代表公司对未来经营情况的任何预测或保证，投资者应 注意不恰当地使用上述数据可能造成的投资风险。 2 ...

Financial Performance - The company reported a profit attributable to shareholders of RMB 21.81 billion for the first half of 2024, with a proposed dividend distribution of RMB 15.29 billion, translating to a dividend of RMB 0.1671 per share[3]. - In the first half of 2024, the company's operating revenue reached RMB 268 billion, a year-on-year increase of 2.8%, with service revenue at RMB 246.2 billion, growing by 4.3%[11]. - EBITDA for the first half of 2024 was RMB 76.8 billion, reflecting a year-on-year growth of 4.7%, while net profit increased by 8.2% to RMB 21.8 billion[21]. - The number of mobile users increased by 9.08 million, bringing the total to 417 million, with an ARPU of RMB 46.3[21]. - The company's industry digitalization revenue reached RMB 73.7 billion, a year-on-year increase of 7.2%, accounting for 30.0% of service revenue, up 0.8 percentage points[21]. - The company plans to distribute an interim dividend of RMB 0.1671 per share, a 16.7% increase year-on-year, with a goal to raise cash distributions to over 75% of profits within three years[21]. Subscriber and User Growth - The total number of subscribers reached 391 million, with a year-on-year increase of 5.2%[3]. - The number of 5G mobile users reached 927 million, with a penetration rate increase of 14.3 percentage points year-on-year[11]. - The broadband user base grew by 3.19 million to 193 million, with a comprehensive ARPU of RMB 48.3, while smart home business revenue rose 14.4% to RMB 10.7 billion[21]. Research and Development - Investment in research and development increased by 12% year-on-year, emphasizing the company's commitment to innovation and technology advancement[3]. - R&D expenses increased by 12.5% year-on-year, with the number of researchers growing by 15.3% to over 10,000[15]. - The company achieved a 40.4% year-on-year growth in self-developed technology results, with self-developed IT systems and business platforms accounting for 50.4%, an increase of 9.5 percentage points[25]. Technological Advancements - The company is focusing on enhancing its digital infrastructure, with over 1.31 million 5G base stations deployed, achieving continuous coverage in towns and above[13]. - The company has established a leading AI computing infrastructure with a computing power of 21 EFLOPS, supporting various AI application needs[13]. - The company aims to enhance its service offerings through the integration of artificial intelligence and big data technologies[3]. - The company launched the world's first satellite direct connection service for vehicles, enhancing its product offerings for individual users[14]. Strategic Initiatives - The company is exploring strategic partnerships for market expansion, particularly in the Internet of Things (IoT) and cloud computing sectors[3]. - The company aims to accelerate the development of strategic emerging businesses, focusing on cloud computing, big data, and AI, among others[10]. - The company has established over 110 digital platforms to support digital transformation in key industries such as government, education, and finance[15]. Environmental and Social Responsibility - The company has actively engaged in environmental protection and pollution prevention through digital technology, enhancing ecological monitoring capabilities in Hainan[58]. - The company has achieved a double-digit reduction in carbon emissions per unit of telecom business volume in the first half of 2024[59]. - The company is expanding its green energy initiatives, including participation in green electricity acquisition and the establishment of distributed energy systems[59]. Corporate Governance and Compliance - The company has maintained compliance with corporate governance codes and has strengthened internal control systems to protect shareholder interests[57]. - The company ensures compliance with legal regulations regarding the procedures for convening and conducting shareholders' meetings[54]. - The company has been recognized as an outstanding enterprise in technological innovation by the State-owned Assets Supervision and Administration Commission[15]. Market Risks and Challenges - The company has identified potential risks related to economic and policy environments, as well as cybersecurity threats, which could impact future performance[3]. - International business expansion faces increased uncertainty due to changing policies in host countries, and the company aims to improve its overseas compliance management and risk assessment[41]. - The company faces uncertainties in emerging business risks related to digital services and competition in areas like large models and intelligent computing cloud[40].

Investment Rating - The report maintains a "Buy" rating for China Telecom, expecting the stock price to outperform the industry index by over 15% in the next six months [4][14]. Core Views - China Telecom is entering a new phase in its Tianyi Cloud services, with applications blooming across multiple areas, driving ARPU growth. The company is focusing on technology innovation and maintaining high capital expenditure to support emerging strategic businesses [2][8]. - The company has achieved stable growth in its core business, with significant increases in mobile communication service revenue and value-added services [2]. - The report forecasts revenue growth from 2024 to 2026, projecting revenues of CNY 560.71 billion, CNY 623.90 billion, and CNY 697.52 billion, respectively, along with net profits of CNY 33.87 billion, CNY 38.10 billion, and CNY 43.45 billion [8]. Financial Performance Summary - In the first half of 2024, China Telecom reported a revenue of CNY 266 billion, a year-on-year increase of 2.8%, and a net profit of CNY 21.8 billion, up 8.2% year-on-year [1]. - The company’s mobile ARPU reached CNY 46.3, a slight increase of 0.2% year-on-year, while mobile value-added and application revenue grew by 17.1% to CNY 18.1 billion [2]. - The Tianyi Cloud revenue for the first half of 2024 was CNY 55.2 billion, reflecting a growth of 20.4% year-on-year [2]. Capital Expenditure and Shareholder Returns - In the first half of 2024, the company completed capital expenditures of CNY 47.2 billion, with a completion rate of 49%, focusing on 5G network coverage and digital business support [2]. - The interim dividend per share was set at CNY 0.1671, a 16.7% increase year-on-year, with a payout ratio of 70%, up 5 percentage points [3].

证券代码：601728 证券简称：中国电信 公告编号：2024-045 中国电信股份有限公司 2024 年半年度 A 股利润分配实施公告 每股分配比例 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： A 股每股现金红利 0.1671 元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息） | 现金红利发 | | --- | --- | --- | --- | --- | | | | | 日 | 放日 | | Ａ股 | 2024/9/10 | － | 2024/9/11 | 2024/9/11 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 中国电信股份有限公司（以下简称"公司"）于 2024 年 5 月 27 日 召开 2023 年年度股东大会，审议通过了《关于授权董事会决定公司 2024 年中期利润分配方案的议案》；公司于 2024 年 8 月 20 日召开第八 届董事会第十三次会议，审议通过了《关于公司 2024 年中期利润分配 和股息宣派方案的议案》。 1 二 ...

| 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00728 | 說明 | H 股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 13,877,410,000 | RMB | | 1 RMB | | 13,877,410,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 13,877,410,000 | RMB | | 1 RMB | | 13,877,410,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601728 | 說 ...

Investment Rating - The report maintains an "Accumulate" rating for China Telecom [3][6]. Core Views - The company reported a revenue of 265.973 billion yuan for the first half of 2024, a year-on-year increase of 2.82%, and a net profit attributable to shareholders of 21.812 billion yuan, up 8.23% year-on-year [3]. - The traditional business ARPU continues to grow, supported by AI-driven digital transformation, with service revenue growth outpacing overall revenue growth at 4.3% year-on-year [3]. - The company aims to increase its dividend payout ratio to over 75% in the next three years, reflecting its strong performance and long-term investment value [3]. Financial Summary - For 2024E, the company is expected to achieve a net profit of 33.024 billion yuan, with corresponding PE ratios of 16.7, 15.4, and 14.2 for 2024-2026 [3]. - The mobile user base increased by 9.08 million to 417 million, with 5G penetration exceeding 80% [3]. - Capital expenditures for the first half of 2024 rose by 13% to 47.2 billion yuan, with a focus on digital transformation [3].