Core Insights - China Telecom reported a revenue of 134.5 billion yuan for Q1 2025, with service revenue at 124.7 billion yuan, showing a year-on-year growth of 0.3% and a quarter-on-quarter increase of 4.6% [1] - The net profit attributable to shareholders was 8.9 billion yuan, reflecting a year-on-year increase of 3.1%, with basic earnings per share at 0.10 yuan [1] - The company is focusing on digital technology trends, upgrading mobile networks to 5G-A, and enhancing product and service offerings through AI, satellite, and quantum technologies [1] Revenue Breakdown - IDC revenue reached 9.5 billion yuan, marking a year-on-year growth of 10.4% [2] - Smart revenue surged by 151.6%, while video network revenue increased by 58.4% [2] - Satellite communication revenue grew by 37.2%, and quantum revenue saw an increase of 81.1% [2] Cost and Expenses - Operating costs for Q1 2025 were 94.9 billion yuan [2] - Sales expenses decreased by 3.9% to 13.6 billion yuan, while management expenses rose by 4.7% to 10.4 billion yuan [2] - R&D expenses increased by 11.5% to 1.8 billion yuan, reflecting the company's commitment to technology innovation in key areas [2] Business Performance - The mobile communication business showed steady growth, with 5G network users reaching 270 million, resulting in a penetration rate of 62.0% [1] - Mobile internet traffic increased by 14.2%, with the average data usage per user (DOU) at 20.4 GB, up by 9.1% [1] - Fixed-line and smart home services also experienced good growth, with gigabit broadband penetration at approximately 30% and smart home revenue increasing by 11.5% [1]

| 单位：万户 | 2025 年一季度 | | --- | --- | | 移动用户数 | 42,947 | | 当季净增/减用户数 | 495 | | 其中：5G 网络用户数 | 26,621 | | 当季净增/减用户数 | 1,548 | | 有线宽带用户数 | 19,811 | | 当季净增/减用户数 | 67 | 证券代码：601728 证券简称：中国电信 公告编号：2025-016 中国电信股份有限公司 2025 年第一季度主要运营数据公告 中国电信股份有限公司 2025 年第一季度主要运营数据 如下： 二〇二五年四月二十五日 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 ...

中国电信股份有限公司 董 事 会 二〇二五年四月二十五日 1 证券代码：601728 证券简称：中国电信 公告编号：2025-015 中国电信股份有限公司 关于选举公司非执行董事的公告 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。 中国电信股份有限公司（以下简称"公司"或"本公司"）于 2025 年 4 月 25 日召开第八届董事会第十九次会议，审议通过了《关于选 举公司非执行董事的议案》。公司收到持股 5%以上股东广东省广晟控 股集团有限公司来函，鉴于非执行董事陈胜光先生工作调整，推荐吕 永钟先生（简历附后）接替陈胜光先生担任公司第八届董事会非执行 董事。 经公司董事会提名委员会审核通过，公司董事会同意提名吕永钟 先生为公司非执行董事候选人，并同意提交公司股东大会审议，任期 自股东大会审议通过之日起至公司于2026年召开的2025年年度股东 大会止。 特此公告。 截至目前，吕永钟先生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》 ...

（一）批准《关于 2025 年第一季度报告的议案》 证券代码：601728 证券简称：中国电信 公告编号：2025-014 中国电信股份有限公司 第八届董事会第十九次会议决议公告 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。 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 4 月 25 日 以通讯方式召开了第八届董事会第十九次会议。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。会议应到董事 9 人，实到董 事 9 人，会议由董事长柯瑞文先生主持，本次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 具 体 内 容 详 见 公 司 同 日 披 露 于 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）及指定媒体的《中国电信股份有限公司关于选举 公司非执行董事的公告》（公告编号：2025-015）。 2025 年 4 月 25 日，公司召开第八届董事会审核委员会第十六次会 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 ...

Financial Performance - The total operating revenue for Q1 2025 was approximately CNY 134.51 billion, a slight increase of 0.01% compared to the same period last year[5]. - The net profit attributable to shareholders was approximately CNY 8.86 billion, reflecting a year-on-year increase of 3.11%[5]. - The basic earnings per share increased to CNY 0.10, up 3.11% from CNY 0.09 in the previous year[5]. - In Q1 2025, the company's revenue reached RMB 134.5 billion, with service revenue at RMB 124.7 billion, a year-on-year increase of 0.3% and a quarter-on-quarter increase of 4.6%[15]. - The net profit attributable to shareholders was RMB 8.9 billion, reflecting a year-on-year growth of 3.1%[15]. - The company's net profit for Q1 2025 reached RMB 8.83 billion, an increase from RMB 8.63 billion in Q1 2024, reflecting a growth of 2.3%[24]. - Total comprehensive income attributable to the parent company reached CNY 8,919,567,213.71, an increase from CNY 8,448,034,647.39 in the previous year, reflecting a growth of approximately 5.55%[25]. - The company's total comprehensive income for Q1 2025 was RMB 8.78 billion, an increase from RMB 7.91 billion in Q1 2024[33]. Cash Flow and Assets - The net cash flow from operating activities decreased by 48.11% to approximately CNY 10.83 billion, attributed to longer collection periods in the digital industry and timely payments to support the supply chain[9]. - Net cash flow from operating activities for Q1 2025 was CNY 10,825,979,030.31, a significant decrease of 48.2% compared to CNY 20,861,775,770.24 in Q1 2024[27]. - Cash and cash equivalents at the end of Q1 2025 totaled CNY 52,811,129,449.13, compared to CNY 71,552,945,610.96 at the end of Q1 2024, indicating a decline of approximately 26.2%[28]. - The company's cash and cash equivalents decreased to RMB 89.79 billion as of March 31, 2025, down from RMB 102.01 billion at the end of 2024, a decline of 12.0%[20]. - The total assets at the end of the reporting period were approximately CNY 858.46 billion, a decrease of 0.94% from the end of the previous year[6]. - The total assets of the company as of March 31, 2025, were RMB 858.46 billion, a decrease from RMB 866.63 billion at the end of 2024, representing a decline of 0.9%[21]. - The total liabilities decreased to RMB 393.02 billion as of March 31, 2025, down from RMB 410.07 billion at the end of 2024, a reduction of 4.2%[21]. - The company's total liabilities decreased to CNY 341,778,902,343.82 from CNY 345,416,706,505.69, reflecting a reduction of approximately 1.5%[31]. User Metrics and Market Position - The number of mobile users reached 424.47 million, with a net increase of 4.95 million users in the reporting period[14]. - The number of 5G network users reached 267.21 million, with a penetration rate of 62.0%[16]. - Total mobile internet traffic was 2,322.93 TB, representing a year-on-year increase of 14.2%[14]. - The company's IDC revenue was RMB 9.5 billion, showing a year-on-year growth of 10.4%[16]. - Smart home revenue increased by 11.5% year-on-year, with gigabit broadband user penetration at approximately 30%[16]. Research and Development - Research and development expenses rose to RMB 1.75 billion in Q1 2025, up 11.5% year-on-year, driven by increased investment in technology innovation[24]. - Research and development expenses for Q1 2025 were RMB 1.05 billion, slightly up from RMB 1.05 billion in Q1 2024[33]. - The company plans to enhance its focus on technology innovation and digital transformation, particularly in AI and cloud integration, to strengthen its core competitiveness[17]. - The company is focusing on AI, satellite, and quantum technologies to enhance product and service offerings[16]. Shareholder Information - The company reported a total of 239,854 ordinary shareholders at the end of the reporting period[10]. - The largest shareholder, China Telecom Group, holds 63.90% of the shares, totaling approximately 58.48 billion shares[11]. Guarantees and Financial Commitments - The company provided guarantees totaling RMB 47.92 million for its subsidiaries, effective until March 31, 2025[36]. - In Q1 2025, the company provided 12 guarantees totaling RMB 8.95 million to its subsidiary, China Telecom Smart Technology[38]. - The total amount of external guarantees provided by the company and its subsidiaries is RMB 131.81 million, accounting for 0.0289% of the company's latest audited net assets as of December 31, 2024[39]. - All guarantees are provided by the company's subsidiaries to other wholly-owned subsidiaries, with no guarantees provided to subsidiaries or third parties[39]. - The company has issued various types of guarantees, including performance guarantees and advance payment guarantees, with amounts such as RMB 1,707.26 million and RMB 1,959.50 million for specific subsidiaries[39]. - The guarantees are valid for periods ranging from February 21, 2025, to December 31, 2026, and include various performance and quality guarantees[39]. - The company has not reported any foreign currency guarantees, and all amounts are converted based on the exchange rate published by the People's Bank of China as of March 31, 2025[40]. - The board of directors announced the guarantee details on April 25, 2025[41].

Financial Performance - The operating revenue for Q1 2025 was RMB 135.5 billion, with service revenue at RMB 124.7 billion, representing a year-on-year growth of 0.3% and a quarter-on-quarter growth of 4.6%[10] - EBITDA reached RMB 36.7 billion, showing a year-on-year increase of 4.7%, with an EBITDA margin of 29.5%[10] - The profit attributable to shareholders was RMB 8.9 billion, reflecting a year-on-year growth of 3.1%[10] - The net profit for the three months ended March 31, 2025, was RMB 8,828 million, compared to RMB 8,628 million in the previous year, showing an increase of 2.3%[18] - The company reported a total comprehensive income of RMB 8,883 million for the period, up from RMB 8,479 million year-over-year, reflecting a growth of 4.8%[21] - For the three months ending March 31, 2025, the pre-tax profit was RMB 11,318 million, an increase from RMB 11,090 million in the same period of 2024, representing a growth of 2.1%[23] User Growth - The total number of mobile users reached 429.47 million, with a net increase of 4.95 million users during the quarter[8] - The number of 5G network users reached 266.21 million, with a net increase of 15.48 million users[8] - Mobile internet traffic increased by 14.2% year-on-year, reaching a total of 2,322.93 million TB[8] Revenue Segments - IDC revenue grew by 10.4% year-on-year, amounting to RMB 9.5 billion[11] - Smart revenue surged by 151.6% year-on-year, indicating strong growth in this segment[11] Expenses and Liabilities - The company’s operating expenses were RMB 124.7 billion, a decrease of 0.2% year-on-year, with a focus on cost control through AI[13] - Total liabilities decreased to RMB 393,022 million from RMB 410,073 million, marking a reduction of 4.2%[16] - The company’s total current liabilities were RMB 310,825 million, down from RMB 325,377 million, which is a decrease of 4.4%[16] Assets and Cash Flow - The total assets at the end of the reporting period were RMB 858.46 billion, a decrease of 0.9% compared to the previous year[7] - Total assets as of March 31, 2025, amounted to RMB 858,457 million, a decrease from RMB 866,625 million as of December 31, 2024, representing a decline of 0.2%[17] - Cash and cash equivalents decreased to RMB 52,811 million from RMB 82,207 million, indicating a decline of 35.7%[22] - Net cash generated from operating activities for the same period was RMB 10,327 million, down from RMB 20,317 million year-over-year, reflecting a decrease of 49.1%[22] Capital Expenditures and Depreciation - The company’s capital expenditures for the period were RMB 13,710 million, slightly down from RMB 14,711 million year-over-year, indicating a decrease of 6.8%[22] - Depreciation and amortization expenses increased to RMB 25,987 million from RMB 24,548 million, reflecting a rise of 5.9%[23] Other Financial Metrics - The company paid RMB 1,728 million in income taxes, which is an increase from RMB 1,191 million in the same period of 2024, representing a rise of 45.0%[23] - Interest income received was RMB 377 million, down from RMB 503 million in the previous year, a decrease of 25.0%[23] - The net loss from the disposal of long-term assets was RMB 1,146 million, compared to RMB 1,321 million in the previous year, showing an improvement of 13.3%[23] - Accounts receivable increased by RMB 21,787 million, slightly higher than the increase of RMB 21,553 million in 2024[23] - The company reported a decrease in contract liabilities of RMB 4,229 million, compared to a decrease of RMB 5,502 million in the same period last year[23] Cautionary Statements - The company cautioned investors regarding reliance on the unaudited financial data presented, emphasizing the need for careful consideration when trading its securities[24] - The board of directors highlighted that forward-looking statements regarding future strategies and operational plans are subject to known and unknown risks and uncertainties, which may lead to significant differences from actual performance[26]

Group 1 - The core viewpoint of the article is that China Telecom reported its Q1 2025 revenue and net profit figures, indicating slight growth in both metrics [1] - The revenue for Q1 2025 was 134.509 billion yuan, representing a year-on-year increase of 0.01% [1] - The net profit for the same period was 8.864 billion yuan, showing a year-on-year growth of 3.11% [1]

Group 1 - The GITEX Asia 2025 event is being held for the first time in Asia, taking place from April 23 to 25 at the Marina Bay Sands Convention Center in Singapore, attracting over 700 companies from more than 70 countries and regions, focusing on areas such as artificial intelligence, robotics, cybersecurity, and smart cities [1][2] - Several Chinese companies are participating for the first time, showcasing advancements in embodied AI and intelligent manufacturing [1][2] - The event aims to promote regional digital economy cooperation, with a forecast from the World Economic Forum predicting that Southeast Asia's digital economy could reach $1 trillion by 2030 [3] Group 2 - Various Chinese tech companies are prominently featured, including iFlytek, China Telecom, China Mobile, and Alibaba Cloud, each presenting innovative technologies such as AI translation and voice interaction [2] - AT-VIBE Technology from Hong Kong is showcasing a smart industrial monitoring system, serving clients like Bank of China (Hong Kong) and the Hong Kong government [2] - WAiYS, a Norwegian AI solutions provider, is focusing on sustainable supercomputing and innovative hardware-software integration, presenting humanoid robots and AI assistant solutions [2]

Core Viewpoint - The article celebrates the successful launch of the Shenzhou-20 manned spacecraft, highlighting the contributions of China Telecom in providing essential communication support during the mission [1][3][4]. Group 1: Launch Event - The Shenzhou-20 spacecraft was launched successfully at 17:17, carrying three astronauts into space, continuing China's legacy in space exploration [1]. - The theme for this year's China Space Day is "The Bright Moon Rises Over the Sea, and the Stars are Within Reach" [1]. Group 2: Communication Support by China Telecom - China Telecom's Jiuquan branch played a crucial role in ensuring communication during the Shenzhou-20 launch, embodying the "Red Telecom" spirit and fulfilling its responsibilities as a central enterprise [3][4]. - Prior to the launch, China Telecom set up dedicated lines and installed communication services such as landlines, broadband, and television at key locations [6]. - To alleviate network pressure during peak times, China Telecom expanded bandwidth, deployed three emergency vehicles, and established six new 5G base stations [6]. - The company monitored six critical communication circuits in real-time and provided 24-hour service to testing units during the launch [10][11]. Group 3: Team Efforts and Monitoring - A dedicated team of 12 personnel at the Jiuquan Network Command Center monitored data indicators and optimized the network in real-time, ensuring seamless communication during the mission [10]. - The communication support team was well-prepared, with emergency vehicles and personnel stationed at critical areas to ensure robust communication services [7][10].

Core Viewpoint - The China Securities Quality Dividend 50 Index has shown mixed performance, with a slight decline over the past month and year-to-date, indicating potential challenges in the market for dividend-paying stocks [1][2] Group 1: Index Performance - The China Securities Quality Dividend 50 Index closed at 1718.08 points, down 1.02% over the past month, up 0.09% over the past three months, and down 5.01% year-to-date [1] - The index was established on December 30, 2016, with a base point of 1000.0 [1] Group 2: Index Composition - The index comprises 50 stocks known for consistent cash dividends and high dividend payout ratios, reflecting companies with strong dividend capabilities and stable earnings [1] - The top ten holdings in the index include: - Changjiang Electric Power (10.54%) - Midea Group (9.87%) - CITIC Securities (7.35%) - China Merchants Bank (7.07%) - Gree Electric Appliances (5.7%) - Yili Group (5.53%) - China Shenhua Energy (3.81%) - China Telecom (3.61%) - Industrial and Commercial Bank of China (3.39%) - Wanhua Chemical (3.11%) [1] Group 3: Market Sector Allocation - The index's market sector allocation is as follows: - Financials: 24.24% - Consumer Discretionary: 19.31% - Communication Services: 12.32% - Utilities: 12.29% - Energy: 11.43% - Industrials: 6.89% - Consumer Staples: 5.85% - Materials: 5.22% - Health Care: 1.91% - Information Technology: 0.42% - Real Estate: 0.14% [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]