每经记者 陈晴 每经编辑 陈俊杰 并购重组 冠城新材：终止重大资产重组程序，转为一般关联交易推进 中国电信发布一季报，2025年第一季度营收为1345.09亿元，同比增长0.01%；归属于上市公司股东的净 利润为88.64亿元，同比增长3.11%。 回购增持 冠城新材公告，公司拟将持有的12家公司股权转让至公司控股股东或实际控制人指定的关联公司，交易 方式为现金出售资产。经审慎评估，本次交易不构成重大资产重组，公司决定终止本次重大资产重组程 序，并将其转为一般关联交易事项继续推进。 业绩披露 沪光股份：2024年归母净利润6.7亿元，同比增长1139% 沪光股份发布年报，2024年营业收入79.14亿元，同比增长97.70%；归属于上市公司股东的净利润6.7亿 元，同比增长1139.15%。 大名城：2024年归母净利润亏损约23亿元 大名城发布年报，2024年营业收入41.71亿元，同比下降64.34%；归属于上市公司股东的净利润亏损 23.36亿元，上年同期净利润2.23亿元。 中国神华：2025年第一季度归母净利润近120亿元，同比下降18.0% 中国神华发布一季报，2025年第一季度营业收入695.8 ...

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]

以梦为舟，扬帆星海 第十个中国航天日到啦 今年航天日主题为 "海上生明月，九天揽星河" 一起向中国航天， 致敬！ 今天17时17分 随着倒计时指令下达 火箭在轰鸣声中腾空而起 神舟二十号载人飞船 承载着3名航天员顺利升空 续写太空探索传奇 （来源：央视新闻直播） 作为酒泉卫星发射中心 通信保障的关键力量 中国电信酒泉电信分公司 秉持 "红色电信"精神 勇担央企责任 圆满完成"神二十"发射 通信保障任务 通信铁军，严谨部署 在此次发射任务中，中国电信提前部署，为"神二十"发射提供了坚实的通信保障力量。 在出征仪式的问天阁和发射场等重点场所，中国电信提前开通专线，安装固话、宽带、电视，为新闻一线提供通信服务； 为缓解高峰期网 络压力，中国电信扩容场区出口带宽、调用 3 辆应急车辆、新开6个5G基站，保障高峰时段网速和通话；在多个重要接待场所，派遣专人 在酒泉卫星发射中心，接到保障任务后，中国电信及时开通3条临时专线，专业技术人员对6条重保电路实时监控，除了对专线经过省份进 行重保外，在酒泉至航天城段还指定专人巡回。 在团站和生活区，电信人奔走于单位和住宅区，在为场区军民提供基础通信服务的同时，提前对场区 48 个 ...

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]

申万宏源宏观 . 申万宏源证券研究所 作者： | 宏观研究部 赵伟 申万宏源证券首席经济学家 贾东旭 高级宏观分析师 以下文章来源于申万宏源宏观 ，作者赵伟 贾东旭等 侯 倩楠 宏观分析师 联系人： 侯倩楠 政策跟踪 一、中央一号文件发布，提出扎实推进乡村全面振兴 2月23日，《中共中央国务院关于进一步深化农村改革扎实推进乡村全面振兴的意见》发布。文件指出 实现中国式现代化，必须加快推进乡村全面振兴。坚持农业农村优先发展，坚持城乡融合发展，坚持守正创 新，锚定推进乡村全面振兴、建设农业强国目标，以改革开放和科技创新为动力，巩固和完善农村基本经营 制度，深入学习运用"千万工程"经验，确保国家粮食安全，确保不发生规模性返贫致贫，提升乡村产业发展 水平、乡村建设水平、乡村治理水平，千方百计推动农业增效益、农村增活力、农民增收入，为推进中国式 现代化提供基础支撑。 | 图表 16:《中共中央国务院关于进一步深化农村改革扎实推进乡村全面振兴的意见》主要内容 | | | | | --- | --- | --- | --- | | 时间 | 事件 | 内容概要 | 主要内容 | | | | 持续增强粮食等重 | 深入推进粮 ...

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 - 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 with a target price of HKD 6.0, indicating a potential upside of 31% from the current price of HKD 4.6 [2][3]. Core Insights - China Telecom's service revenue growth exceeded expectations, achieving RMB 268 billion in revenue for H1 2024, a year-on-year increase of 2.8%, with service revenue at RMB 246.2 billion, up 4.3% year-on-year [2]. - The company emphasizes shareholder returns, maintaining a dividend payout ratio of 70%, with plans to increase this to over 75% within three years [2]. - The mobile ARPU (Average Revenue Per User) showed steady growth, reaching RMB 46.3, a slight increase of 0.2% year-on-year, while broadband ARPU was RMB 48.3, also up 0.2% year-on-year [2]. - The company is focusing on digital transformation, with digital revenue accounting for 30% of service revenue, and cloud services revenue growing by 20.4% year-on-year [2]. - Capital expenditures are projected to be around RMB 96 billion for the year, with a capital expenditure to revenue ratio expected to remain below 20% [2]. Summary by Sections Financial Performance - For H1 2024, EBITDA was RMB 76.8 billion, reflecting a year-on-year increase of 4.7%, and net profit reached RMB 21.8 billion, up 8.2% year-on-year [2]. - The company forecasts revenue growth rates of 4.4%, 4.2%, and 3.9% for 2024, 2025, and 2026 respectively, with net profit growth rates of 9.0%, 8.8%, and 8.2% for the same years [3]. Market Position - China Telecom continues to lead in mobile and broadband ARPU growth compared to industry peers, indicating a strong competitive position [2]. - The company is actively expanding its 5G network, with over 1.31 million 5G base stations built, ensuring coverage in towns and above nationwide [2]. Future Outlook - The report expresses optimism about China Telecom's role in national digital infrastructure development and its potential for future growth, particularly in cloud computing and AI applications [2].

Financial Performance - The company's operating revenue for the first half of 2024 was RMB 268 billion, a year-on-year increase of 2.8%, with service revenue reaching RMB 246.2 billion, up 4.3%[2] - EBITDA for the period was RMB 76.8 billion, reflecting a year-on-year growth of 4.7%, while net profit was RMB 21.8 billion, an increase of 8.2%, resulting in basic earnings per share of RMB 0.24[4] - The company reported a net increase of 9.08 million mobile users, bringing the total to 417 million, with mobile ARPU at RMB 46.3[5] - The board decided to continue paying an interim dividend for 2024, distributing over 70% of the company's net profit attributable to shareholders, equating to RMB 0.1671 per share, a 16.7% increase year-on-year[2] - The company reported a basic and diluted earnings per share of RMB 0.24 for the six months ended June 30, 2024, compared to RMB 0.22 in the same period of 2023[27] - The net profit attributable to shareholders for the six months ended June 30, 2024, was RMB 21,812 million, compared to RMB 20,153 million in 2023, reflecting an increase of approximately 8.2%[27] Revenue Breakdown - Mobile communication service revenue reached RMB 105.2 billion, growing 3.6% year-on-year, with mobile value-added and application revenue at RMB 18.1 billion, up 17.1%[5] - Fixed-line and smart home service revenue amounted to RMB 64 billion, a year-on-year increase of 3.2%, with smart home business revenue at RMB 10.7 billion, growing 14.4%[5] - 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[5] - Tianyi Cloud revenue was RMB 55.2 billion, reflecting a significant year-on-year growth of 20.4%[5] Capital Expenditure and Cash Flow - Capital expenditure for the first half of 2024 was RMB 47.2 billion, with free cash flow amounting to RMB 15.5 billion[4] - The company aims to gradually increase the cash distribution of profits to over 75% of the net profit attributable to shareholders within three years starting from 2024[5] Research and Development - The company achieved a 12.5% year-on-year increase in R&D expenses, focusing on key technological advancements in networking, cloud integration, AI, and quantum security[8] - The R&D personnel increased by 15.3% compared to the end of last year, surpassing 10,000 specialists in key technology areas[8] - The company reported a 40.4% year-on-year growth in self-developed technology achievements, with self-developed IT systems and business platforms accounting for 50.4% of total systems[9] Technological Advancements - The company launched the first global satellite service for direct vehicle connectivity, enhancing its product offerings in the automotive sector[6] - The company is advancing its 5G NICES Pro+ integrated product system, significantly reducing network construction and operational costs for industrial clients[6] - The company has completed the first industry-wide verification of a distributed lossless computing network over 100 kilometers, showcasing its technological leadership[9] - The company is actively promoting smart city development through over 110 digital platform capabilities, enhancing governance in various sectors[7] Corporate Governance and Recognition - The company has been recognized for its corporate governance, receiving accolades such as "Asia's Most Admired Company" for 14 consecutive years and being rated as the "Best Telecom Company in Asia" by Institutional Investor[21] - The company has been recognized with an A-level rating for three consecutive years in the State-owned Assets Supervision and Administration Commission's evaluation of key reform tasks[11] Social Responsibility and Sustainability - The company has enhanced its social responsibility by providing communication support for significant events and utilizing satellite communication and drones for disaster relief during natural disasters[20] - The company is committed to green low-carbon development, with a target to maintain a double-digit reduction in carbon emissions from telecom business volume in the first half of 2024[19] - The company has established 12 new national green data centers, the highest in the industry, and has accelerated the green transformation of traditional communication buildings[19] Future Plans and Strategic Initiatives - The company plans to continue expanding its digital services, with a focus on cloud services and digital platforms, to drive future revenue growth[33] - The company is focusing on cloud computing, artificial intelligence, and big data as part of its strategy to drive innovation and transformation in the telecommunications sector[22] - The company aims to strengthen its core technology capabilities and accelerate the application of technological achievements to enhance enterprise value[23] Dividend Distribution - The company plans to distribute an interim dividend of RMB 0.1671 per share, totaling approximately RMB 15,291 million for the six months ended June 30, 2024[47] - The interim dividend is expected to be paid on or before October 18, 2024, to shareholders listed on the H-share register as of September 10, 2024[52] - A 10% corporate income tax will be withheld for non-resident H-share shareholders when distributing the interim dividend[54] Financial Position - As of June 30, 2024, total assets amounted to RMB 870,991 million, an increase from RMB 835,814 million as of December 31, 2023, representing a growth of approximately 4.2%[28] - Total liabilities reached RMB 410,317 million, up from RMB 388,647 million, which is an increase of about 5.5%[29] - The company's net current liabilities improved to RMB (128,054) million from RMB (135,573) million, showing a reduction of approximately 5.6%[29]

Investment Rating - The report maintains a "Buy" rating for China Telecom (00728 HK) with a target price of HKD 5.00, corresponding to a price-to-earnings ratio of 12.7x/11.7x/10.8x for the years 2024-2026 [1]. Core Insights - China Telecom's service revenue and net profit for Q1 2024 were RMB 124.347 billion (up 5.0% year-on-year) and RMB 8.597 billion (up 7.7% year-on-year), respectively, aligning with market expectations [1]. - The company added 3.88 million mobile users and 2.06 million broadband users in Q1 2024, with mobile ARPU and broadband mixed ARPU increasing by 0.9% and 2.1% year-on-year, respectively [1]. - The report highlights a 10.6% year-on-year growth in industrial digitalization revenue due to ongoing investments in digitalization [1]. - Future dividends are expected to grow steadily, with a proposed increase in the payout ratio to over 75% over the next three years, leading to projected dividend yields of 6.5%, 7.2%, and 8.0% for 2024, 2025, and 2026, respectively [1]. Summary by Sections Financial Performance - Q1 2024 service revenue: RMB 124.347 billion (5.0% YoY growth) [1] - Q1 2024 net profit: RMB 8.597 billion (7.7% YoY growth) [1] - New mobile users: 3.88 million; new broadband users: 2.06 million [1] - Mobile ARPU growth: 0.9% YoY; broadband mixed ARPU growth: 2.1% YoY [1] Dividend Outlook - Proposed increase in payout ratio to over 75% starting in 2024 [1] - Projected dividend yields: 6.5% (2024), 7.2% (2025), 8.0% (2026) [1]