Financial Performance - The company achieved operating revenue of RMB 97.77 billion for the year, representing a year-on-year growth of 4.0%[3] - Operating business revenue reached RMB 84.12 billion, an increase of 2.4% year-on-year, with tower business revenue at RMB 75.69 billion, growing by 0.9%[3] - EBITDA reached RMB 66.56 billion, reflecting a year-on-year increase of 4.7%, with an EBITDA margin of 68.1%[6] - Net profit attributable to shareholders was RMB 10.73 billion, up 10.0% year-on-year, resulting in a net profit margin of 11.0%[6] - The company generated a net cash flow from operating activities of RMB 49.47 billion, with free cash flow reaching RMB 17.53 billion, an increase of RMB 16.40 billion year-on-year[6] - The total operating revenue for the year ended December 31, 2024, was RMB 97,772 million, an increase of 2.9% from RMB 94,009 million in 2023[26] - Operating profit for the same period was RMB 16,330 million, up 12.6% from RMB 14,502 million in 2023[26] - The net profit attributable to shareholders for 2024 was RMB 10,729 million, representing a 10% increase compared to RMB 9,750 million in 2023[26] - The total comprehensive income for the year was RMB 10,727 million, compared to RMB 9,756 million in 2023, reflecting a growth of 9.9%[28] - The basic and diluted earnings per share for 2024 were RMB 0.6138, an increase from RMB 0.5578 in 2023[28] Assets and Liabilities - The total assets of the company amounted to RMB 332.83 billion, with interest-bearing liabilities of RMB 92.54 billion, leading to a net debt leverage ratio of 31.0%, a decrease of 0.4 percentage points from the previous year[6] - The company's total assets as of December 31, 2024, amounted to RMB 332,834 million, a slight increase from RMB 326,007 million in 2023[30] - The total liabilities decreased to RMB 132,855 million in 2024 from RMB 128,313 million in 2023[31] - The company maintained a healthy financial position with a net debt leverage ratio of 31.0%, a decrease of 0.4 percentage points from the previous year[90] Revenue Breakdown - The revenue from the three major telecommunications operators accounted for 86.69% of total revenue in 2024, down from 88.02% in 2023[38] - The revenue from tower business reached RMB 75,689 million in 2024, up from RMB 75,023 million in 2023, representing a growth of 0.9%[40] - The revenue from indoor distribution business increased by 18% to RMB 8,430 million in 2024, compared to RMB 7,140 million in 2023[40] - The revenue from smart connection business rose by 22% to RMB 8,911 million in 2024, up from RMB 7,283 million in 2023[40] - The energy business reported revenue of RMB 4.477 billion in 2024, a year-on-year increase of 6.2%, with the tower battery swap business generating RMB 2.500 billion, making up 55.8% of energy business revenue[16] Investments and R&D - The company increased its R&D investment and personnel by 40% and 60% respectively in 2024, with the number of patent applications and grants rising by 58% and 68% respectively compared to 2023[17] - The company plans to continue expanding its smart connection and energy businesses, focusing on technological advancements and market penetration strategies[46] Dividends and Shareholder Information - The company proposed a final dividend of RMB 0.30796 per share, resulting in a total dividend of RMB 0.41696 per share for the year, an increase of 11.5% compared to 2023[6] - The company will hold its annual general meeting on May 20, 2025, to discuss the proposed final dividend and other matters[103] - For H-share individual shareholders, a 20% withholding tax will be applied to dividends received through the Hong Kong Stock Connect[110] Corporate Governance - The board's composition includes 10 members, with three executive directors, four non-executive directors, and three independent non-executive directors, which is below the required one-third independent non-executive directors[95] - The company has complied with the corporate governance code and listing rules as of December 31, 2024, after recent board appointments[97] - The company received a waiver from the Hong Kong Stock Exchange regarding the appointment of independent non-executive directors, extending the deadline to September 30, 2024[96] Future Outlook - The company is focusing on enhancing its digital infrastructure services and expanding its market presence in line with national strategies for digitalization and carbon neutrality[5] - The company aims to enhance its core competitiveness and maintain a high-quality development pattern, focusing on the "one body, two wings" strategic layout[21] - The company is committed to promoting green energy applications, including photovoltaic power generation and energy storage systems, to fulfill its "dual carbon" responsibilities[19] - The company will continue to strengthen its technological innovation framework, focusing on key areas such as new generation mobile communication and artificial intelligence[22]

Investment Rating - Buy (Maintained) [8] Core Views - The company proposes a share consolidation and change in trading unit to enhance attractiveness, with the total issued share capital reducing from RMB 1760.08 billion to RMB 176.01 billion, and the trading unit changing from 2000 existing H shares to 500 consolidated and reduced H shares, expected to take effect on February 20, 2025 [3] - The company is leveraging its resource advantages to tap into the low-altitude economy, which is expected to grow significantly, with the low-altitude economy scale in China reaching RMB 5060 billion in 2023, a 33.8% YoY increase, and projected to exceed RMB 1 trillion by 2026 [4] - The company's "One Body, Two Wings" strategy is driving steady growth, with the depreciation of tower assets acquired in 2015 expected to reach an inflection point in 2026, significantly reducing depreciation and amortization expenses and contributing to profit growth [5] - The company is expected to achieve revenues of RMB 983 billion, RMB 1025 billion, and RMB 1068 billion in 2024-2026, with YoY growth rates of 4.5%, 4.3%, and 4.3%, respectively, and net profits attributable to the parent company of RMB 108 billion, RMB 125 billion, and RMB 195 billion, with YoY growth rates of 11.1%, 15.7%, and 55.6%, respectively [6] Financial Forecasts - Revenue is projected to grow from RMB 94,009 million in 2023 to RMB 106,843 million in 2026, with a CAGR of 4.3% [10] - Net profit attributable to the parent company is expected to increase from RMB 9,750 million in 2023 to RMB 19,501 million in 2026, with a CAGR of 26.1% [10] - EPS is forecasted to rise from RMB 0.06 in 2023 to RMB 0.11 in 2026 [10] - The company's P/E ratio is expected to decrease from 15.93x in 2024 to 8.85x in 2026, indicating improving valuation attractiveness [10] Strategic Initiatives - The company is focusing on the low-altitude economy, leveraging its extensive tower resources, with 2.081 million tower sites as of September 2024, and building a comprehensive low-altitude service network, including flight facility networks, low-altitude intelligent networks, and low-altitude service networks [4] - The "One Body, Two Wings" strategy continues to drive growth, with the company expanding its operator business, smart connectivity business, and energy business, particularly in areas like digital governance and energy solutions [5] Industry Outlook - The low-altitude economy is poised for significant growth, driven by policy and technological advancements, with the industry expected to exceed RMB 1 trillion by 2026, encompassing low-altitude infrastructure, manufacturing, operations, and flight support [4]

Financial Performance - The company's operating revenue for the first three quarters of 2024 reached RMB 72,452 million, representing a year-on-year growth of 3.3%[2] - Revenue from operator business was RMB 63,124 million, up 2.4% year-on-year, with tower business revenue at RMB 56,902 million (0.9% growth) and indoor distributed antenna system revenue at RMB 6,222 million (18.0% growth)[3] - EBITDA for the period was RMB 49,717 million, reflecting a 3.4% increase year-on-year, with an EBITDA margin of 68.6%[5] - Profit attributable to shareholders was RMB 8,153 million, marking an 11.0% increase compared to the previous year[3] - The pre-tax profit for the first three quarters was RMB 10,758 million, an increase of 11.3% year-on-year[3] Operational Metrics - The number of tower sites reached 2.081 million, with a net increase of 95,000 tenants, totaling 3.753 million tenants, and an average of 1.80 tenants per site[5] - The revenue contribution from the two wings business increased from 11.7% to 12.6% of total operating revenue[5] Assets and Liabilities - Total assets as of September 30, 2024, were RMB 324,491 million, while total liabilities were RMB 125,178 million[3] Strategic Focus - The company aims to continue its strategy of shared development, focusing on becoming a world-class digital infrastructure provider[6] Cautionary Note - The company emphasizes the importance of cautious reliance on the financial data provided, as it has not been reviewed or audited by external auditors[7]

Investment Rating - The report assigns a "Buy" rating for China Tower (00788.HK) [1] Core Views - China Tower is the largest communication tower infrastructure provider globally, with an expected improvement in profitability due to a decrease in depreciation expenses as the useful life of acquired sites extends from 10 to 20 years [3][10] - The company's "one body, two wings" strategy is expected to sustain growth, with the operator business remaining stable and the "two wings" (smart connection and energy businesses) showing significant growth potential [3][4] - The company has initiated its first interim dividend, reflecting a commitment to shareholder interests and improved dividend capacity [4][12] Summary by Sections 1. Company Overview - China Tower was established to enhance resource sharing and reduce redundant construction, becoming the largest communication infrastructure service provider with over 2 million sites and total assets exceeding 320 billion RMB [3][10] - The management team has extensive experience in the telecommunications industry, contributing to a stable corporate structure [11][12] 2. Business Performance - For H1 2024, China Tower reported revenue of 48.247 billion RMB, a year-on-year increase of 3.8%, with net profit rising by 10.1% to 5.33 billion RMB [4][13] - The operator business, which includes tower and indoor distribution services, remains the main revenue driver, while the "two wings" businesses are gaining traction [16][32] 3. Financial Projections - Revenue forecasts for 2024-2026 are projected at 98.216 billion, 102.768 billion, and 107.224 billion RMB, respectively, with corresponding PE ratios significantly lower than comparable companies [4][19] - The company’s EBITDA for H1 2024 reached 33.045 billion RMB, indicating a stable financial outlook [4][13] 4. Business Segments - The operator business, including tower and indoor distribution services, accounted for 79.8% of total revenue, while the smart connection and energy businesses contributed 12.4% [16][32] - The smart connection business is expected to benefit from the digital economy's growth, while the energy business, particularly battery swapping, is positioned for long-term growth [3][32][33] 5. Market Position - China Tower holds a dominant position in the domestic market, with a significant share of the telecommunications infrastructure sector, and is well-positioned to capitalize on the upcoming 5G-A construction phase [19][20] - The company has signed a new five-year pricing agreement with major operators, which is expected to stabilize revenue and improve cash flow [22][24]

Financial Performance - In the first half of 2024, the company's operating revenue reached RMB 48.247 billion, a year-on-year increase of 3.8%[4] - EBITDA for the first half of 2024 was RMB 33.045 billion, reflecting a 3.2% increase, with an EBITDA margin of 68.5%[7] - The profit attributable to shareholders was RMB 5.330 billion, up 10.1% year-on-year, with a net profit margin of 11.0%[7] - Operating cash flow for the first half of 2024 significantly improved to RMB 32.830 billion, an increase of 184.1% compared to the previous year[7] - Capital expenditures amounted to RMB 13.729 billion, a 7.1% increase from the previous year[4] - The operating profit for the first half of 2024 was RMB 8.146 billion, with net profit attributable to shareholders reaching RMB 5.330 billion, reflecting a growth of 10.1% year-on-year[26] - The total comprehensive income for the period was RMB 5,330 million, consistent with the profit for the period, indicating stable performance[37] Revenue Breakdown - The revenue from the operator business was RMB 42.121 billion, growing by 3.0% year-on-year[10] - The revenue from indoor distribution business increased by 21.6% year-on-year, reaching RMB 4.164 billion[11] - In the first half of 2024, the company's two-wing business achieved revenue of RMB 6.005 billion, accounting for 12.4% of total revenue, an increase of 0.9 percentage points year-on-year[12] - The smart connection business generated revenue of RMB 3.982 billion, a year-on-year growth of 17.6%, with the tower vision business contributing RMB 2.509 billion, representing 63.0% of smart connection revenue[13] - The energy business reported revenue of RMB 2.023 billion, a year-on-year increase of 2.4%, with the battery swap business generating RMB 1.163 billion, accounting for 57.5% of energy business revenue[13] - The tower business generated RMB 37,957 million in revenue, up 1.27% from RMB 37,481 million in the previous year[46] - Major customers, including China Mobile, China Telecom, and China Unicom, contributed RMB 42,403 million, accounting for 87.9% of total revenue, slightly down from 89.0% in the previous year[48] Financial Position - As of June 30, 2024, total assets were RMB 316.747 billion, with total liabilities of RMB 120.259 billion, resulting in a debt-to-asset ratio of 38.0%[28] - The company’s net financial expenses for the first half of 2024 were RMB 1.236 billion, a decrease of 7.9% compared to the previous year[25] - The company reported a decrease in non-current liabilities to RMB 55,015 million from RMB 64,379 million, a reduction of 14.56%[34] - The cash and cash equivalents increased to RMB 4,049 million from RMB 3,955 million at the end of 2023, showing a growth of 2.37%[33] - The company has a total of RMB 65,493 million in borrowings due as of June 30, 2024, compared to RMB 73,115 million as of December 31, 2023, reflecting a decrease of approximately 10.5%[81] Shareholder Returns - The company plans to distribute an interim dividend of RMB 0.01090 per share, with a commitment to distribute no less than 75% of the annual distributable profit in cash[8] - The company paid dividends of RMB 6,536 million during the period, reflecting a commitment to returning value to shareholders[39] - The proposed interim dividend for the six months ended June 30, 2024, is RMB 0.01090 per share, totaling approximately RMB 1,905 million[74] - The interim dividend, if approved, is expected to be paid around November 29, 2024[118] Operational Developments - The number of tower sites reached 2.070 million by the end of June 2024, an increase of 24,000 sites from the end of the previous year[10] - The company continues to focus on expanding its tower services and energy business, leveraging its existing infrastructure to enhance service offerings[40] - The company is focusing on key technology breakthroughs in areas such as 5G/6G, IoT, and edge computing, establishing six major technology innovation centers[14] - The company aims to enhance its core competitiveness and create greater returns for shareholders and society in the second half of 2024[16] Corporate Governance - The company has maintained high levels of corporate governance and complied with the Corporate Governance Code during the reporting period[115] - The Audit Committee has reviewed the accounting standards and practices adopted by the company and discussed the financial reporting matters for the six months ended June 30, 2024[114] - The company has adopted a securities trading code for directors and employees that meets or exceeds the standards set by the Stock Exchange[116] Risks and Forward-Looking Statements - The company emphasizes that past performance does not guarantee future results, and any forward-looking statements involve risks and uncertainties[122] - The company will not assume any liability for any forward-looking statements that may not materialize or become incorrect[122]

Investment Rating - The report maintains a "Hold" rating for China Tower (788 HK) with a target price adjusted to HKD 0.95, reflecting a potential downside of 3.2% from the current price of HKD 0.98 [1][3]. Core Insights - The three major telecom operators in China have reduced capital expenditures by 5.4% in 2024, shifting their investment focus from 5G deployment to high-growth areas like cloud computing and computing power [1]. - Traditional communication business revenue growth is slowing, with China Mobile, China Unicom, and China Telecom reporting growth rates of 2.5%, 2.1%, and 4.3% respectively in the first half of 2024 [1]. - Cost control measures have led to a decrease in operating costs as a percentage of revenue for the telecom operators, which is expected to impact China Tower's traditional communication business [1]. - China Tower's traditional tower revenue is projected to grow at a modest rate of around 1% year-on-year for 2024 and 2025, while its indoor distribution and two wings businesses (Smart Connection and Energy) are expected to achieve double-digit growth [1]. Financial Summary - Revenue for FY24 is estimated at RMB 97,865 million, with a year-on-year growth of 4.1%, and projected to reach RMB 101,661 million in FY25 with a growth of 3.9% [2][7]. - Net profit for FY24 is forecasted to be RMB 10,543 million, reflecting an 8.1% increase, and is expected to grow to RMB 12,302 million in FY25, representing a 16.7% increase [2][7]. - Earnings per share (EPS) is projected to be RMB 6.03 for FY24 and RMB 7.04 for FY25, with respective growth rates of 8.1% and 16.7% [2][7]. Business Segments - Tower business accounted for 79% of China Tower's total revenue in the first half of 2024, maintaining stability with quarter-on-quarter growth rates of 1.7% and 0.3% in the first two quarters [1]. - The Smart Connection business saw a revenue increase of 17.6% year-on-year, while the Energy business grew by 2.4% in the same period, with the tower's Smart Connection revenue growing by 20.9% to RMB 2.5 billion [1].

Investment Rating - The investment rating for China Tower is maintained as "Buy" [6] Core Views - The company reported a revenue growth of 3.8% year-on-year for H1 2024, with a net profit attributable to shareholders increasing by 10.1% [2] - The company has proposed its first interim dividend, reflecting a strong commitment to shareholder returns [10] - The operational performance is expected to remain robust, driven by the ongoing expansion of 5G networks and effective cost management [2][3] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 48.247 billion yuan, an increase of 3.8% year-on-year, and an EBITDA of 33.045 billion yuan, up 3.2% [2] - The net profit attributable to shareholders reached 5.33 billion yuan, marking a 10.1% increase year-on-year, with a net profit margin improvement of 0.6 percentage points to 11.0% [2] Business Segments - The operator business generated revenue of 42.121 billion yuan in H1 2024, a 3.0% increase year-on-year, with tower business revenue at 37.957 billion yuan, up 1.3%, and indoor distribution business revenue at 4.164 billion yuan, up 21.6% [2] - The two wings business segment reported revenue of 6.005 billion yuan, a 12.0% increase year-on-year, with smart connection business revenue growing by 17.6% [4] Cost Management and Cash Flow - The company effectively controlled operating costs, with total operating costs increasing by only 2.7% year-on-year, leading to a significant improvement in cash flow [5][9] - Capital expenditures for H1 2024 were 13.729 billion yuan, a 7.1% increase year-on-year, while operating cash flow surged by 184.1% to 32.830 billion yuan [9] Future Outlook - Revenue projections for 2024-2026 are estimated at 98.578 billion yuan, 102.961 billion yuan, and 107.269 billion yuan, with corresponding net profits of 10.927 billion yuan, 12.890 billion yuan, and 20.737 billion yuan [11]

Financial Performance - The company's operating revenue reached RMB 48.247 billion, a year-on-year increase of 3.8%[3] - EBITDA amounted to RMB 33.045 billion, reflecting a 3.2% year-on-year growth, with an EBITDA margin of 68.5%[3] - Profit attributable to shareholders was RMB 5.330 billion, up 10.1% year-on-year, resulting in a net profit margin of 11.0%[3] - Cash flow from operating activities improved significantly, totaling RMB 32.830 billion, an increase of RMB 21.275 billion year-on-year[3] - Free cash flow reached RMB 19.101 billion, up RMB 20.368 billion year-on-year[3] - The group's operating revenue for the six months ended June 30, 2024, was RMB 48,247 million, an increase of 3.8% from RMB 46,461 million in the same period of 2023[14] - The operating profit for the same period was RMB 8,146 million, up 9.9% from RMB 7,414 million year-on-year[14] - The net profit attributable to shareholders for the six months ended June 30, 2024, was RMB 5,330 million, representing a 10.1% increase compared to RMB 4,841 million in the previous year[14] - Basic earnings per share for the period was RMB 0.0305, compared to RMB 0.0277 in the previous year, indicating a growth of 10.09%[27] Revenue Breakdown - Revenue from the tower business was RMB 37.957 billion, a year-on-year increase of 1.3%[5] - Revenue from indoor distributed antenna systems (室分) was RMB 4.164 billion, showing a significant growth of 21.6% year-on-year[6] - In the first half of 2024, the company's two wings business achieved revenue of RMB 6.005 billion, accounting for 12.4% of total revenue, an increase of 0.9 percentage points year-on-year[7] - The intelligent connection business generated revenue of RMB 3.982 billion, a year-on-year growth of 17.6%, with the tower visual connection business contributing RMB 2.509 billion, representing 63.0% of the intelligent connection revenue[7] - The energy business reported revenue of RMB 2.023 billion, a year-on-year increase of 2.4%, with the tower battery swap business accounting for RMB 1.163 billion, or 57.5% of the energy business revenue[8] - Revenue from the three major telecom operators in China accounted for 87.9% of total revenue, slightly down from 89.0% in the previous year[22] Assets and Liabilities - Total assets reached RMB 316.747 billion, with interest-bearing liabilities of RMB 85.985 billion, resulting in a net debt leverage ratio of 29.4%, down 2.0 percentage points from the end of last year[3] - The total assets as of June 30, 2024, amounted to RMB 316,747 million, a decrease from RMB 326,007 million at the end of 2023[16] - Non-current assets were RMB 240,527 million, down from RMB 247,924 million at the end of 2023[15] - The total liabilities decreased to RMB 120,259 million from RMB 128,313 million at the end of 2023[16] - As of June 30, 2024, the company's total assets were RMB 316.747 billion, with total liabilities of RMB 120.259 billion, resulting in a debt-to-asset ratio of 38.0%, a decrease of 1.4 percentage points from the beginning of the year[51] Capital Expenditures and Cash Flow - Capital expenditures in the first half of the year amounted to RMB 13.729 billion, an increase of 7.1% year-on-year, with site construction and shared renovation capital expenditures reaching RMB 8.035 billion, up 18.1%[50] - The net cash flow from operating activities for the first half of the year was RMB 32.830 billion, an increase of RMB 21.275 billion year-on-year, while free cash flow was RMB 19.101 billion, up RMB 20.368 billion[50] Dividends and Shareholder Returns - The company plans to distribute an interim dividend of RMB 0.01090 per share, with a commitment to distribute no less than 75% of the annual distributable profits in cash[3][4] - The company proposed an interim dividend of RMB 0.01090 per share for the six months ended June 30, 2024, totaling approximately RMB 1,905 million[29] - The company will distribute a proposed interim dividend for 2024, subject to a 10% corporate income tax withholding for H-share non-resident shareholders[56] Corporate Governance and Management - The board welcomed Mr. Chen Li as the new executive director and general manager, highlighting his extensive management experience in the telecommunications industry[12] - The company is committed to high levels of corporate governance and has taken measures to comply with relevant regulations following recent board changes[53] Strategic Focus and Future Plans - The company is focusing on key technology breakthroughs and has established a list of ten major tasks for future industries and intelligent operations, enhancing its R&D efforts[9] - The company is building six major technology innovation centers, focusing on key areas such as 5G/6G, IoT, and edge computing[9] - The company aims to enhance its core competitiveness and continue to create greater returns for shareholders, customers, and society[11] - The company plans to leverage opportunities from 5G-A deployment and the "dual gigabit" network initiative to drive stable growth in its operator business[11] - The company is focusing on expanding its electric vehicle battery swap business and enhancing customer service experience to maintain market leadership[12] Social Responsibility - The company emphasizes the importance of social responsibility and has been actively involved in green development initiatives and disaster response efforts[10] Legal and Compliance - The company has not engaged in any major litigation or arbitration during the reporting period, indicating a stable legal standing[54]

Investment Rating - The report maintains a "Buy" investment rating for China Tower (00788 HK) with a target price of HKD 1.20 [1]. Core Insights - China Tower recorded a robust performance in Q1 2024, with revenue of RMB 23.974 billion, representing a year-on-year growth of 3.3%, and a net profit attributable to shareholders of RMB 2.784 billion, up 11.1% year-on-year, aligning with market expectations [1]. - The depreciation of a significant number of towers is expected to end in Q4 2025, which will enhance net profit. The report anticipates that the company will not reduce its dividend payout ratio, leading to a substantial increase in dividends in 2026 [2]. - The report highlights that the company's tower business revenue saw slight growth due to an increase in the number of tower sites and tenants, driven by strong indoor coverage demand and robust growth in the smart tower business [1][2]. Summary by Sections Financial Performance - For Q1 2024, China Tower's revenue was RMB 23.974 billion, a 3.3% increase year-on-year, while net profit was RMB 2.784 billion, reflecting an 11.1% year-on-year growth [1]. - The depreciation expense accounted for 52.2% of total revenue in 2023, indicating its significant impact on profitability [2]. Future Outlook - The depreciation of the acquired tower assets from 2015 will conclude in Q4 2025, providing a strong impetus for profit growth in 2026 [2]. - The report expects double-digit net profit growth for the company in 2024 due to effective cost control and increasing demand for services [1]. Dividend Expectations - The report anticipates a significant increase in dividends for 2026, as the company is expected to maintain its dividend payout ratio [1][2].

Financial Performance - Operating revenue for Q1 2024 reached RMB 23.974 billion, a year-on-year increase of 3.3%[2] - Revenue from operator business was RMB 20.984 billion, up 2.2% year-on-year; tower business revenue was RMB 18.946 billion, a 0.6% increase[2] - Indoor distributed antenna system (室分) revenue grew by 19.8% year-on-year to RMB 2.038 billion[2] - Smart connection business revenue increased by 21.0% year-on-year to RMB 1.974 billion[2] - EBITDA for Q1 2024 was RMB 16.597 billion, reflecting a 3.0% year-on-year growth[2] - Profit attributable to shareholders was RMB 2.784 billion, an increase of 11.1% year-on-year[2] Assets and Liabilities - Total assets as of March 31, 2024, were RMB 321.368 billion, down from RMB 326.007 billion at the end of 2023[2] - Total liabilities decreased to RMB 120.888 billion from RMB 128.313 billion at the end of 2023[2] Operational Growth - The number of tower sites reached 2.059 million, with a net increase of 43,000 tenants year-on-year[3] Strategic Goals - The company aims to enhance core competitiveness and pursue high-quality development in energy business through innovative solutions and market expansion strategies[3]