Financial Performance - Operating revenue for Q1 2022 reached RMB 22.633 billion, a year-on-year increase of 7.0%[2] - EBITDA for Q1 2022 was RMB 15.682 billion, with an EBITDA margin of 69.3%[2] - Profit attributable to shareholders was RMB 2.180 billion, reflecting a year-on-year growth of 28.7%[2] Revenue Breakdown - Revenue from operator business was RMB 20.756 billion, up 4.7% year-on-year, with tower business revenue at RMB 19.418 billion, increasing by 3.1%[2] - Smart connection business revenue grew by 34.9% year-on-year to RMB 1.186 billion, while energy business revenue surged by 70.3% to RMB 642 million[2] Operational Metrics - As of March 31, 2022, the number of tower sites reached 2.045 million, with 3.493 million tenants, a net increase of 34,000 tenants compared to the end of the previous year[3] - The average number of tenants per tower site increased to 1.71 from 1.70[2] Strategic Initiatives - The company aims to leverage 5G development opportunities and enhance its operational business through a "5G + indoor distribution" growth strategy[4] - The smart connection business will focus on key industries and strengthen its development momentum, capitalizing on the "Digital China" initiative[4] - The energy business will accelerate growth by focusing on key products such as battery swapping and energy storage, aligning with carbon neutrality goals[4]

Financial Performance - In 2021, the company achieved operating revenue of RMB 86.585 billion, representing a year-on-year growth of 6.8%[3] - EBITDA for 2021 was RMB 63.017 billion, an increase of 5.9% compared to the previous year, with an EBITDA margin of 72.8%[18] - The profit attributable to shareholders was RMB 7.329 billion, reflecting a 14.0% increase year-on-year[6] - The company reported a net cash flow from operating activities of RMB 60.503 billion, with capital expenditures of RMB 25.192 billion, a decrease of 32.1%[18] - The total assets of the company as of December 31, 2021, amounted to RMB 323.259 billion, with interest-bearing liabilities of RMB 101.304 billion[18] - The company achieved a total revenue of RMB 80.197 billion in 2021, representing a year-on-year growth of 4.3%[37] - The EBITDA for 2021 was RMB 63.017 billion, reflecting a year-on-year growth of 5.9%[46] - The company reported a significant increase in revenue, achieving a total of 42 billion yuan for the year 2021, marking a year-on-year growth of 15%[91] - The company reported a net profit margin of 18%, which is an improvement from 16% in the previous year, indicating better cost management[91] Business Segments - The company’s energy business revenue grew by 121.5% year-on-year, reaching RMB 2.071 billion[3] - The company completed approximately 552,000 5G construction demands in 2021, significantly contributing to the growth of operator business[20] - The tower business generated revenue of RMB 75.857 billion, with a year-on-year increase of 3.4%, while the indoor distribution business saw revenue rise to RMB 4.340 billion, up 23.0%[37] - The smart connection business generated revenue of RMB 4.060 billion, with a year-on-year growth of 35.2%[23] - The two-wing business achieved revenue of RMB 6.131 billion, a year-on-year increase of 55.6%, contributing 40.0% to overall revenue growth[22] - The company’s smart connection business achieved revenue of RMB 4.06 billion, with a year-on-year growth of 35.2%, contributing 19.3% to the incremental revenue[40] - The energy business generated revenue of RMB 2.071 billion, a year-on-year increase of 121.5%, contributing 20.7% to the overall revenue growth[45] Operational Efficiency - The company aims to enhance its resource sharing and operational efficiency to support the expansion of 5G network coverage[27] - The average annual revenue per site was RMB 39,358, reflecting a 3.5% increase year-on-year[35] - The company aims to enhance its service capabilities by improving customer service and establishing a service supervision and evaluation system[34] - The company is focused on transforming from a "communication tower" to a "digital tower" by leveraging its site resources and innovative platforms[41] - The company is focusing on enhancing operational efficiency, aiming for a 5% reduction in operational costs through process optimization[97] Capital Expenditures and Investments - Capital expenditures for the year amounted to RMB 25.192 billion, with free cash flow reaching RMB 35.311 billion[46] - The company reduced its interest-bearing debt to RMB 101.304 billion, down by RMB 11.567 billion from the previous year[59] - The overall capital expenditure in 2021 reflects a strategic shift towards more efficient and sustainable operations compared to 2020[63] - The capital expenditure for new site construction and shared renovations was RMB 15,996 million, accounting for 63.5% of total capital expenditure in 2021[63] - The company plans to enhance its product system and accelerate the iteration of battery swap products, including the release of 3.0 technical standards[45] Shareholder Returns and Dividends - The company plans to maintain a dividend payout ratio of 70% for the year, with a proposed final dividend of RMB 0.02624 per share[18] - The company aims to distribute 50% or more of the annual distributable profits as dividends, considering factors such as operational performance and cash flow[103] - The final dividend, if approved, is expected to be paid around June 30, 2022[104] - The company will withhold a 10% corporate income tax on dividends paid to non-resident H-share shareholders[105] Governance and Management - The company has a strong board of directors with members holding advanced degrees and extensive experience in finance and management, enhancing corporate governance[85] - The management team includes professionals with significant backgrounds in telecommunications and finance, which supports the company's strategic objectives[89] - The company has implemented a robust internal audit system to ensure financial integrity and compliance with regulations[90] - The supervisory board confirmed that the company's decision-making processes adhered to relevant laws and regulations, with no violations reported during the year[199] Strategic Initiatives - The company aims to deepen its "one body, two wings" strategy, focusing on becoming a leading integrated service provider in information communication infrastructure[26] - The company is actively pursuing opportunities for mergers and acquisitions to enhance its competitive position in the market[88] - The company is exploring partnerships with tech firms to leverage AI and big data, aiming to increase service efficiency by 30%[92] - The company aims to expand its market presence through strategic investments and partnerships in the telecommunications sector[74] Social Responsibility and Sustainability - The company actively fulfills its social responsibilities, promoting resource-sharing and energy-saving initiatives, and enhancing customer service quality[188] - The management team emphasized the importance of sustainability, committing to invest 500 million yuan in green technology initiatives over the next three years[98] - The company is committed to leveraging national "dual carbon" goals to focus on key products such as battery swapping and backup power[34] Customer and Supplier Relations - Revenue from the top five customers accounted for 93.6% of total revenue, with the largest customer contributing 48.9%[143] - The company provided services to China Mobile, China Unicom, and China Telecom, which are its major shareholders, under a framework agreement valid from January 1, 2018, to December 31, 2022[149] - The pricing for services is determined through fair negotiation, considering construction costs, maintenance costs, and appropriate profit margins[150] Related Party Transactions - Independent non-executive directors confirmed that the related party transactions were conducted in the ordinary course of business and on normal commercial terms[186] - The independent auditor's letter confirmed that there were no issues regarding the approval of related party transactions or compliance with pricing policies[187]

Financial Performance - The company's operating revenue for the first half of 2021 reached RMB 42.673 billion, a year-on-year increase of 7.2%[5] - EBITDA for the first half of 2021 was RMB 31.184 billion, also reflecting a 7.2% year-on-year growth, with an EBITDA margin of 73.1%[9] - Net profit attributable to shareholders was RMB 3.457 billion, marking a 16.1% increase compared to the same period last year[9] - The operating profit for the first half of 2021 was RMB 6.354 billion, with net profit attributable to shareholders reaching RMB 3.457 billion, an increase of 16.1% year-on-year[25] - Basic and diluted earnings per share for the period were RMB 0.0198, compared to RMB 0.0170 in the same period of 2020, reflecting a growth of 16.4%[33] - The total comprehensive income for the period was RMB 3,457 million, compared to RMB 2,978 million for the same period in 2020, marking a growth of around 16%[37] Cash Flow and Expenditures - The company achieved a net cash flow from operating activities of RMB 24.238 billion, with capital expenditures amounting to RMB 10.360 billion, a decrease of 27.6% year-on-year[9] - Free cash flow reached RMB 138.78 billion, reflecting an 8.6% year-on-year increase[9] - The net cash generated from operating activities for the six months ended June 30, 2021, was RMB 24,238 million, compared to RMB 27,083 million for the same period in 2020, indicating a decrease of about 10.5%[39] - The net cash used in investing activities was RMB 18,685 million for the six months ended June 30, 2021, compared to RMB 14,296 million in the same period of 2020, representing an increase of approximately 30%[39] - The company reported a loss of RMB 672 million from the disposal of property, plant, and equipment, compared to a loss of RMB 533 million in the same period last year, indicating an increase in losses of about 26.2%[66] Assets and Liabilities - The company’s total assets as of June 30, 2021, were RMB 333.195 billion, with total liabilities of RMB 147.341 billion, leading to a debt-to-asset ratio decrease from 44.8% at the beginning of the year to 44.2%[27] - Total liabilities decreased to RMB 147,341 million from RMB 151,134 million, indicating improved financial stability[35] - The total accounts receivable and other receivables reached RMB 37,769 million as of June 30, 2021, an increase of 23% from RMB 30,658 million as of December 31, 2020[71] - The net accounts receivable was RMB 32,561 million as of June 30, 2021, up from RMB 24,635 million as of December 31, 2020, indicating a growth of 32%[71] Revenue Breakdown - Revenue from the telecommunications business was RMB 39.808 billion, up 4.5% year-on-year, while revenue from cross-industry business grew by 46.6% to RMB 1.853 billion[5] - The energy business revenue surged by 180.6% to RMB 884 million, driven by the growth in low-carbon economy initiatives[12] - Revenue from tower services was RMB 37,722 million, up from RMB 36,371 million, indicating a growth of 3.7% year-over-year[47] - The revenue from indoor distributed antenna system (室分业务) was RMB 2,086 million, a significant increase of 21.2% compared to RMB 1,720 million in the previous year[47] - Major customers, including China Mobile, China Telecom, and China Unicom, contributed 93.9% of total revenue, down from 96.4% in the previous year[50] Strategic Focus and Market Position - The company aims to enhance its resource-sharing capabilities and strengthen its market position in the 5G infrastructure sector[11] - The company is focusing on 5G infrastructure and digital economy opportunities to drive steady growth and enhance corporate value[15] - The company is committed to innovation in new energy technologies and aims to become a competitive new energy application service provider[18] Governance and Compliance - The company has adhered to the Corporate Governance Code during the six months ending June 30, 2021[4] - The audit committee has reviewed the accounting standards and practices adopted by the company[4] - The company has adopted a securities trading code for directors and employees that is not less stringent than the standard code[5] Shareholder Information - As of June 30, 2021, China Mobile Group held 49,150,953,709 shares, representing 38.00% of the relevant class of shares and 27.93% of the total issued shares[119] - China Unicom Group held 36,345,836,822 shares, representing 28.10% of the relevant class of shares and 20.65% of the total issued shares[120] - China Telecom Group held 36,087,147,592 shares, representing 27.90% of the relevant class of shares and 20.50% of the total issued shares[120]

Financial Performance - The company's operating revenue for the first half of 2020 was RMB 39.794 billion, representing a year-on-year increase of 4.8%[4] - EBITDA for the first half of 2020 was RMB 29.1 billion, with an EBITDA margin of 73.1%[9] - Profit attributable to shareholders for the first half of 2020 was RMB 2.978 billion, reflecting a year-on-year growth of 16.9%[9] - Operating revenue for the six months ended June 30, 2020, was RMB 39,794 million, an increase of 4.8% from RMB 37,980 million in the same period of 2019[35] - Operating profit for the same period was RMB 5,841 million, reflecting a growth of 3.8% compared to RMB 5,626 million in 2019[35] - Net profit attributable to shareholders for the six months was RMB 2,978 million, up 16.9% from RMB 2,548 million in the previous year[35] - EBITDA for the first half of 2020 reached RMB 29.100 billion, representing a 4.6% year-on-year growth, with an EBITDA margin of 73.1%[27] Revenue Breakdown - Revenue from tower business reached RMB 36.371 billion, a year-on-year increase of 1.6%[11] - Revenue from indoor distributed antenna system (室分) business was RMB 1.720 billion, showing a significant growth of 37.2%[11] - Cross-industry business revenue grew by 49.9% to RMB 12.64 billion, with a total of 189,000 tenants as of June 30, 2020[13] - The cross-industry and energy business revenue saw a significant increase of 87.3%, totaling RMB 1.579 billion, with non-tower business revenue's share rising from 5.7% to 8.6%[21] - Revenue from tower services, indoor distribution, and other services reached RMB 38,362 million for the six months ended June 30, 2020, an increase of 3.1% from RMB 37,195 million in the same period of 2019[102] Cash Flow and Expenditures - The net cash flow from operating activities was RMB 27.083 billion, with capital expenditures amounting to RMB 14.302 billion[9] - Capital expenditures for the first half of 2020 totaled RMB 14.302 billion, while net cash flow from operating activities was RMB 27.083 billion, resulting in a free cash flow of RMB 12.781 billion[28] - For the six months ended June 30, 2020, the net cash generated from operating activities was RMB 27,083 million, compared to RMB 20,798 million for the same period in 2019, representing a growth of approximately 30.9%[43] Assets and Liabilities - As of June 30, 2020, the company's total assets were RMB 335.429 billion, with total liabilities of RMB 152.486 billion, and a net debt leverage ratio decreasing from 38.5% at the beginning of the year to 37.5%[29] - Total assets as of June 30, 2020, amounted to RMB 335,429 million, a slight decrease from RMB 338,067 million at the end of 2019[36] - Total liabilities decreased to RMB 152,486 million from RMB 155,506 million at the end of 2019[37] - The total borrowings as of June 30, 2020, were RMB 89,749 million, down from RMB 95,499 million as of December 31, 2019, representing a decrease of 6.9%[85] Shareholder Information - The company’s total equity attributable to shareholders was RMB 182,942 million, slightly up from RMB 182,559 million at the end of 2019[36] - The company approved a final dividend of RMB 0.01455 per share for the year ended December 31, 2019, totaling approximately RMB 2,561 million, fully paid during the six months ended June 30, 2020[81] - The company did not declare an interim dividend for the six months ended June 30, 2020[114] Operational Highlights - The number of tower sites increased to 2.015 million, with a net addition of 21,000 sites compared to the end of 2019[11] - The company is focused on enhancing its core competitiveness by adapting to changes in technology, customer demands, and policy environments, particularly in the 5G network construction[17] - The company aims to leverage its resource advantages to promote the rapid development of its two wings business model, focusing on energy operations and cross-industry services[18] Employee and Operational Costs - Total employee costs for the six months ended June 30, 2020, were RMB 3,469 million, an increase of 13.5% from RMB 3,058 million in 2019[53] - Other operating expenses totaled RMB 4,224 million, compared to RMB 4,012 million in the same period of 2019, with significant increases in technical support service fees (RMB 721 million) and site operation and support costs (RMB 816 million)[54] Financing and Debt Management - The company maintained a net debt leverage ratio of 37.5% as of June 30, 2020, indicating a reasonable and controllable debt level[9] - The company’s financing costs decreased to RMB 2,094 million from RMB 2,349 million in the previous year[35] - The company issued short-term financing bonds amounting to RMB 16,000 million during the financing activities for the period[43] Risk Management and Compliance - The group’s financial risk management policies remained unchanged during the reporting period[46] - The company has complied with the Corporate Governance Code except for certain periods due to board member changes[128] - The Audit Committee has reviewed the accounting standards and practices adopted by the company[127] COVID-19 Impact - The impact of COVID-19 on the company's construction and debt recovery operations was minimal, with ongoing monitoring of the situation[113] - The company benefited from a reduction in social welfare costs due to government policies in response to the COVID-19 pandemic[53]

Financial Performance - In 2019, China Tower Corporation reported operating revenue of RMB 76,428 million, a 6.4% increase from RMB 71,819 million in 2018[4] - The profit attributable to shareholders reached RMB 5,222 million, representing a significant increase of 97.1% compared to RMB 2,650 million in 2018[4] - EBITDA for the year was RMB 56,696 million, reflecting a 35.7% increase from RMB 41,773 million in 2018[4] - In 2019, the company achieved total operating revenue of RMB 76.428 billion, a year-on-year increase of 6.4%[26] - EBITDA reached RMB 56.696 billion, with an EBITDA margin of 74.2%, and a comparable EBITDA margin of 57.9%[26] - Profit attributable to shareholders was RMB 5.222 billion, representing a year-on-year growth of 97.1%[26] - The company achieved an operating profit of RMB 11.281 billion, a year-on-year increase of 24.2%, and EBITDA of RMB 56.696 billion, up 35.7% from the previous year[61] - The company's capital expenditure amounted to RMB 27.123 billion, while free cash flow was RMB 22.812 billion[50] - Operating expenses totaled RMB 65.147 billion, representing 85.2% of operating revenue, a decrease of 2.2 percentage points from the previous year[55] - The company's interest-bearing debt stood at RMB 120.353 billion at the end of 2019, a reduction of RMB 3.893 billion year-over-year[60] - Net financial expenses decreased by 20.2% to RMB 4.598 billion, with a comparable year-over-year decline of 43.2%[60] Business Growth and Development - The number of tower tenants increased to 3.239 million, an 8.8% growth from 2.978 million in 2018, with operator tenants accounting for 3.063 million[10] - The number of tower sites increased to 1.994 million, with a net addition of 69,000 sites, and the number of operator tenants reached 3.063 million, an increase of approximately 226,000 tenants[28] - Revenue from tower business was RMB 71.406 billion, a year-on-year increase of 4.1%[28] - Revenue from indoor distribution business was RMB 2.658 billion, showing a significant year-on-year growth of 46.1%[28] - Cross-industry and energy business achieved revenue of RMB 2.080 billion, a year-on-year increase of 70.2%[29] - The company completed the construction of over 160,000 5G sites by the end of 2019[15] - The area covered by indoor distributed systems increased to 257 million square meters, a 76.0% rise from 146 million square meters in 2018[10] - The average annual revenue per tower site was RMB 37,407, reflecting a 1.3% increase year-on-year[41] - The company expanded its indoor distribution services to cover 3,370 kilometers of subway lines, a growth of 16.7% year-on-year, and 5,318 kilometers of high-speed rail tunnels, up 21.5%[42] - The number of cross-industry tenants increased to 176,000, representing a growth of 24.8% from the previous year[39] Strategic Initiatives - The company aims to enhance its core capabilities and sustainable development through its "One Body, Two Wings" strategy amid the opportunities presented by the national "Network Power" strategy and accelerated 5G development[25] - The company aims to continue promoting the "One Body, Two Wings" strategy to achieve sustainable development in the 5G era[32] - The company is focusing on enhancing innovation efficiency and effectiveness in key R&D areas such as 5G power supply and shared indoor distribution[35] - The company aims to transition from traditional tower sharing to comprehensive sharing and integrated services, enhancing its competitive advantage[41] - The company plans to expand its indoor distribution market, focusing on key scenarios such as subways and large venues[48] - The company aims to improve user experience and establish a differentiated competitive advantage in its energy management business[48] - The company will continue to deepen resource sharing and implement its "one body, two wings" strategy for sustainable development[47] Shareholder and Dividend Information - The company proposed a final dividend of RMB 0.01455 per share, with a payout ratio of 60%[26] - The company aims to distribute at least 50% of its annual distributable profits as dividends, considering factors such as operating performance and cash flow[93] - The company reported a final dividend of RMB 0.01455 per share for the year ended December 31, 2019, subject to shareholder approval at the annual general meeting[94] - The company will pay the proposed final dividend around June 30, 2020, pending approval from the annual general meeting[94] Corporate Governance - The company is committed to maintaining high standards of corporate governance and enhancing operational transparency to protect shareholder interests[171] - The board of directors consists of eight members, including the chairman and the general manager, with a term of three years starting from May 2018[182] - The company emphasizes the importance of board diversity in achieving strategic goals and sustainable development, considering factors such as gender, age, and professional experience[184] - The company has established a shareholder communication policy to ensure timely and effective communication with shareholders and investors[176] - The board has delegated certain management powers to ensure efficient operations and decision-making[181] - The company received annual independence confirmations from all independent non-executive directors, ensuring their independence as required by listing rules[188] Risk Management and Compliance - The company has implemented strict compliance with various laws and regulations, enhancing governance and risk management practices[159] - The independent auditor confirmed no significant issues regarding related party transactions for the year ended December 31, 2019, ensuring compliance with listing rules[157] - The company has not been involved in any major litigation or arbitration as of December 31, 2019, indicating a stable legal standing[164] - The company has a robust internal control system to prevent operational risks and enhance management capabilities for sustainable development[159] Environmental and Social Responsibility - The company is committed to social responsibility, focusing on resource conservation and providing uninterrupted power and maintenance services to telecommunications operators[158] - The company is actively engaged in environmental monitoring and pollution control as part of its commitment to ecological civilization and green development[158] COVID-19 Impact - As of the report date, the company has not identified any significant adverse impact on its financial statements due to the COVID-19 outbreak[163] - The company plans to continue monitoring the impact of COVID-19 on its financial condition and operational results[163]

Financial Performance - The company achieved operating revenue of RMB 37.98 billion in the first half of 2019, representing a year-on-year growth of 7.5%[5] - EBITDA reached RMB 27.81 billion, with an EBITDA margin of 73.2%[11] - Net profit increased by 110.6% year-on-year to RMB 2.55 billion, indicating enhanced profitability[11] - Tower business revenue reached RMB 35.81 billion, an increase of 5.1% compared to the same period last year, while indoor distribution business revenue surged by 52.2% to RMB 1.25 billion[21] - Operating profit for the same period was RMB 5,626 million, reflecting a growth of 18.1% from RMB 4,760 million in the previous year[35] - The net profit attributable to shareholders for the six months ended June 30, 2019, was RMB 2,548 million, which is a significant increase of 110.9% compared to RMB 1,210 million in the prior year[35] - Basic and diluted earnings per share increased to RMB 0.0145, up from RMB 0.0094 in the same period last year[35] - The company reported a total comprehensive income of RMB 2,548 million for the six months ended June 30, 2019, compared to RMB 1,210 million for the same period in 2018[38] Revenue Sources - Revenue from indoor distributed antenna systems (室分) reached RMB 1.25 billion, growing by 52.2% year-on-year[13] - Cross-industry business revenue amounted to RMB 843 million, reflecting a significant increase of 125.4% year-on-year[14] - Revenue from tower services amounted to RMB 35,808 million, up from RMB 34,064 million, indicating a growth of 5.1% year-on-year[57] - Revenue from tower services, DAS, and other services reached RMB 37,195 million for the six months ended June 30, 2019, up from RMB 35,023 million in the same period of 2018, reflecting a growth of 6.2%[104] Assets and Liabilities - The company’s total assets reached RMB 336.33 billion, with interest-bearing debt at RMB 120.54 billion, maintaining a stable debt leverage ratio of 339.4%[11] - Total assets as of June 30, 2019, amounted to RMB 336,328 million, an increase from RMB 315,364 million at the end of 2018[36] - The company's total equity increased to RMB 181,133 million as of June 30, 2019, compared to RMB 180,502 million at the end of 2018[36] - The total borrowings as of June 30, 2019, were RMB 95,718 million, a decrease from RMB 99,010 million as of December 31, 2018, reflecting a reduction of 3.3%[91] - The company reported accounts payable of RMB 28,462 million as of June 30, 2019, a decrease from RMB 30,591 million as of December 31, 2018, indicating a decline of 7.0%[94] Cash Flow and Financing - Capital expenditure for the first half of 2019 amounted to RMB 8.91 billion, while net cash flow from operating activities was RMB 20.80 billion[30] - The net cash generated from operating activities for the six months ended June 30, 2019, was RMB 20,798 million, compared to RMB 17,173 million for the same period in 2018, representing a growth of approximately 21.5%[39] - The company recorded a net cash outflow from investing activities of RMB 13,805 million for the six months ended June 30, 2019, slightly improved from RMB 14,826 million in the previous year[39] - The financing activities resulted in a net cash outflow of RMB 9,063 million for the six months ended June 30, 2019, compared to a net cash inflow of RMB 4,676 million in the same period of 2018[39] - The company reduced financing costs to RMB 2.35 billion, a decrease of 28.1% year-on-year[28] Operational Efficiency and Growth Strategy - The company plans to accelerate development in response to the growing demand for 5G infrastructure and services, aiming for higher quality and sustainable growth[17] - The company plans to enhance resource sharing and expand its business scale through standardized product development and market expansion strategies[19] - The company is focusing on innovation in key areas such as 5G shared indoor distribution and power solutions to support cost-effective 5G construction[20] - The company aims to improve operational efficiency through a flat, data-driven, and intelligent internet management model[20] Shareholder and Governance Information - The company approved a restricted stock incentive plan on April 18, 2019, allowing for the issuance of shares not exceeding 10% of the total issued share capital at the time of approval[42] - The company aims to enhance its governance structure and establish a long-term incentive mechanism through the Restricted Stock Incentive Plan[117] - Major shareholders include China Unicom and China Telecom, holding 28.10% and 27.90% of the issued shares respectively[124] - China Mobile Communications Group Co., Ltd. holds 49,150,953,709 shares, representing 38.00% of the voting rights in the company[123] - The company has a strong board structure with three independent non-executive directors ensuring a balance of power[129] Compliance and Risk Management - The company maintained compliance with the corporate governance code, with the roles of Chairman and CEO being separated after June 10, 2019[129] - The company confirmed no significant changes in existing company information compared to the 2018 annual report[132] - The 2019 interim report indicates that past performance does not guarantee future results, highlighting the inherent risks and uncertainties in forward-looking statements[133] - The company does not undertake any obligation to update or correct any forward-looking statements made in the 2019 interim report[133]

Financial Performance - In 2018, China Tower Corporation reported operating revenue of RMB 71,819 million, an increase of 4.6% from RMB 68,665 million in 2017[6]. - EBITDA for 2018 was RMB 41,773 million, reflecting a 3.5% increase from RMB 40,357 million in 2017[6]. - The net profit for 2018 was RMB 2,650 million, which is a 36.4% increase from RMB 1,943 million in 2017[6]. - Operating profit reached RMB 9.081 billion, growing by 17.7% compared to the previous year[54]. - The company achieved an operating profit of RMB 9.081 billion in 2018, reflecting a growth of 17.7% year-on-year, with EBITDA reaching RMB 41.773 billion, accounting for 58.2% of operating revenue[63]. - The company reported a total revenue of 100 billion RMB for the fiscal year, representing a year-over-year growth of 15%[90]. - The company provided a revenue guidance of 110 billion RMB for the next fiscal year, which reflects an expected growth of 10%[92]. Operational Metrics - The number of tenants reached 300.92 thousand, representing a growth of 12.0% compared to 268.75 thousand in 2017[16]. - The average annual revenue per site increased by 5.0% to RMB 37.6 million from RMB 35.8 million in 2017[16]. - The company managed a total of 1.948 million sites by the end of 2018, up 4.0% from 1.872 million in 2017[16]. - The average number of tenants per site increased to 1.55 from 1.44, marking a 7.6% growth[16]. - The number of cross-industry tenants surged by 654.8% to 14.07 thousand from 1.86 thousand in 2017[16]. - The total area covered by indoor distribution business reached 1.461 billion square meters, a growth of 52.5% year-over-year[44]. - The number of indoor distribution sites reached 22,900, with a tenant count of 31,400, marking a 33% increase from the previous year[44]. Capital Expenditure and Investments - Capital expenditure for the year was RMB 26,466 million, a decrease of 39.6% compared to RMB 43,836 million in 2017[6]. - The company plans to allocate 60% of the net proceeds, approximately RMB 302.14 billion, for capital expenditures, with the remaining funds utilized for loan repayment and other corporate purposes[68]. - Capital expenditures for 2018 totaled RMB 26.466 billion, with 66.2% allocated to new site construction and shared renovations[65]. Dividend and Shareholder Returns - The proposed final dividend for the year ending December 31, 2018, is RMB 0.225 per share, with a payout ratio of 55%[32]. - The board proposed a final dividend of RMB 0.225 per 100 shares (pre-tax) for the year ended December 31, 2018, subject to shareholder approval at the annual general meeting[98]. - The company aims to distribute at least 50% of its annual distributable profits as dividends, considering factors such as global dividend levels in the communication tower infrastructure sector and the company's financial performance[97]. Market Expansion and Strategic Initiatives - The company aims to solidify its position in the telecommunications infrastructure market while expanding into new areas such as data services and environmental monitoring[34]. - The company plans to enhance site planning capabilities to support operators' 5G construction needs, focusing on cost-effective solutions[52]. - The company is actively participating in the 5G scale testing project across 19 provinces and 23 cities, providing infrastructure and testing environments[51]. - The company established a Southeast Asia Tower Limited Liability Company in December 2018 to expand into international markets[47]. Risk Management and Challenges - The company emphasizes the importance of selecting and maintaining suitable sites for its operations, which is critical for business development[198]. - The pricing of services is influenced by construction costs and market conditions, with potential risks to profitability if costs cannot be passed on to customers[198]. - The emergence of 5G technology may require substantial capital expenditures for the deployment of high-density micro-stations, impacting the company's revenue and operational performance[198]. - The company has implemented a comprehensive risk management framework to address strategic, market, and operational risks, ensuring effective control measures are in place[199]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and continuously improving its governance level and internal control systems[161]. - The board of directors consists of seven members, including three executive directors, three non-executive directors, and one independent non-executive director[173]. - The company has established appropriate insurance arrangements for directors, supervisors, and senior management against potential legal actions[178]. - The board meets regularly to supervise the preparation of accounts, ensuring they reflect the company's financial status accurately[178]. Related Party Transactions - Revenue from the top five customers, including China Mobile and its subsidiaries, accounted for 98.8% of the total revenue for the year, with the largest customer contributing 54.2%[129]. - The total transaction amount for services provided to China Mobile and its subsidiaries was RMB 38,860 million, with tower products accounting for RMB 36,364 million[136]. - The company has established property leasing framework agreements with major telecom operators, allowing for the rental of various properties[139].