本文源自：金融界AI电报 中国铁塔(00788.HK)发布公告，该公司将于2025年10月31日派发中期股息每股0.1325元。 ...

Core Insights - China Tower Corporation (00788.HK) reported stable revenue growth for the first half of 2025, achieving operating revenue of 49.601 billion RMB, a year-on-year increase of 2.8% [1] - EBITDA reached 34.227 billion RMB, reflecting a year-on-year growth of 3.6% [1] - Profit attributable to shareholders was 5.757 billion RMB, up 8% compared to the previous year [1] - The company declared an interim dividend of 0.13250 RMB per share (pre-tax) [1] Revenue Breakdown - Revenue from operator services amounted to 42.461 billion RMB, showing a year-on-year increase of 0.8% [1] - Revenue from tower-related services was 37.797 billion RMB, remaining stable compared to the same period last year [1] - Revenue from indoor distributed antenna systems reached 4.664 billion RMB, marking a year-on-year growth of 12% [1] - Smart connection services generated revenue of 4.726 billion RMB, with an 18.7% year-on-year increase [1] - Energy services revenue was 2.209 billion RMB, reflecting a year-on-year growth of 9.2% [1]

Group 1 - The company China Tower (00788) announced that it will distribute an interim dividend of 0.1325 yuan per share on October 31, 2025 [1]

Core Viewpoint - China Tower Corporation reported stable revenue growth and improved profitability for the first half of 2025, with a focus on optimizing resource allocation and enhancing core competitiveness [1][2] Group 1: Financial Performance - The company achieved operating revenue of RMB 49.601 billion, a year-on-year increase of 2.8% [1] - EBITDA reached RMB 34.227 billion, reflecting a 3.6% year-on-year growth [1] - Profit attributable to shareholders was RMB 5.757 billion, up 8.0% compared to the previous year [1] - Net cash flow from operating activities was RMB 28.679 billion, with free cash flow amounting to RMB 16.287 billion [1] - The board decided to distribute an interim dividend of RMB 0.13250 per share (pre-tax) for 2025 [1] Group 2: Business Development - The company’s operator business generated revenue of RMB 42.461 billion, a 0.8% increase year-on-year [1] - The two wings business achieved revenue of RMB 6.935 billion, accounting for 14.0% of total revenue, an increase of 1.6 percentage points from the previous year [2] Group 3: Innovation and Technology - The company emphasized technological innovation, focusing on key technologies such as next-generation mobile communication, artificial intelligence, edge computing, and IoT [2] - The number of R&D personnel increased by 29% compared to the same period last year, and the number of authorized invention patents rose by 16% since the end of 2024 [2] - The company is actively promoting the transformation of technological achievements into productive forces through various initiatives [2]

Core Viewpoint - China Tower (00788) announced that it will distribute an interim dividend of 0.1325 yuan per share on October 31, 2025 [1] Summary by Category - **Company Announcement** - China Tower will pay an interim dividend of 0.1325 yuan per share [1]

Core Viewpoint - China Tower (00788) reported stable revenue growth for the half-year ending June 30, 2025, with operating income reaching RMB 49.601 billion, a year-on-year increase of 2.8% [1] - The company continues to enhance its profitability, with EBITDA reaching RMB 34.227 billion, up 3.6% year-on-year, and net profit attributable to shareholders at RMB 5.757 billion, an increase of 8.0% [1] Group 1: Financial Performance - Operating cash flow for the period was RMB 28.679 billion, with free cash flow amounting to RMB 16.287 billion [1] - The board has decided to distribute an interim dividend of RMB 0.13250 per share (pre-tax) for 2025 [1] Group 2: Business Development - The company is optimizing resource allocation and deepening reform and innovation, leading to improved operational quality and efficiency [1] - In the first half of 2025, the operator business generated revenue of RMB 42.461 billion, reflecting a 0.8% year-on-year growth [1] Group 3: Two-Wing Business Growth - The two-wing business achieved revenue of RMB 6.935 billion in the first half of 2025, accounting for 14.0% of total revenue, an increase of 1.6 percentage points compared to the same period last year [2] - The company is focusing on technological innovation, enhancing core capabilities, and driving business growth [2] Group 4: R&D and Innovation - The company is strengthening its R&D in key technologies such as next-generation mobile communications, artificial intelligence, edge computing, and IoT, with a 29% increase in R&D personnel compared to the same period last year [2] - The number of authorized invention patents increased by 16% compared to the end of 2024 [2]

Core Insights - China Tower Corporation (00788.HK) reported stable revenue growth for the first half of 2025, achieving revenue of RMB 49.601 billion, a year-on-year increase of 2.8% [1] - EBITDA reached RMB 34.227 billion, up 3.6% year-on-year, with an EBITDA margin of 69.0% [1] - Net profit attributable to shareholders was RMB 5.757 billion, reflecting an 8.0% year-on-year growth, with a net profit margin of 11.6% [1] Revenue Breakdown - Revenue from operator services amounted to RMB 42.461 billion, a 0.8% increase year-on-year [1] - Tower business revenue was RMB 37.797 billion, remaining stable compared to the same period last year [1] - Indoor distributed antenna system (IDAS) revenue grew by 12.0% to RMB 4.664 billion [1] - Smart connection business revenue increased by 18.7% to RMB 4.726 billion [1] - Energy business revenue rose by 9.2% to RMB 2.209 billion [1] Cash Flow and Financial Position - Net cash flow from operating activities was RMB 28.679 billion, a decrease of RMB 4.151 billion year-on-year [2] - Capital expenditures totaled RMB 12.392 billion, with free cash flow reaching RMB 16.287 billion, down RMB 2.814 billion year-on-year [2] - As of June 30, 2025, total assets were RMB 331.127 billion, with interest-bearing liabilities of RMB 92.639 billion [2] - The net debt-to-equity ratio was 29.5%, a decrease of 1.5 percentage points from the end of the previous year, indicating a stable financial position [2]

EF001 2025年8月5日的中期業績公告 -「中期股息」部分。 對於H股股東的納稅身份或稅務待遇及因H股股東的納稅身份或稅務待遇未能及時確定或 不準確確定而引致任何申索或對於代扣代繳機制或安排的任何爭議，本公司概不負責， 亦不承擔任何責任。 股東類型 稅率 有關代預扣所得稅之更多補充 （如適用） 非居民企業 （非中國內地登記地址） 10% 如H股股東為境外H股非居民企業 股東（包括香港中央結算（代理 人）有限公司，其他企業代理人或 受託人，或其他組織及團體），本 公司將按10%的稅率代扣代繳企業 所得稅。 非個人居民 （非中國內地登記地址） 10% 如H股個人股東為香港或澳門居民 以及其他與中國簽訂10%股息稅率 的稅收協議的國家的居民，或如H 股個人股東為與中國簽訂低於10% 股息稅率的稅收協議的國家的居 民，本公司將按10%的稅率代扣代 繳個人所得稅。 非個人居民 （非中國內地登記地址） 20% 如H股個人股東為與中國簽訂20% 股息稅率的稅收協議的國家的居 民、與中國並沒有簽訂任何稅收協 議的國家的居民以及在任何其他情 況下，本公司將按20%的稅率代扣 代繳個人所得稅。 內地個人投資者通過港股通投 ...

[Performance Highlights](index=1&type=section&id=Performance%20Highlights) China Tower Corporation Limited reported stable performance growth in H1 2025, with operating revenue up 2.8% to RMB 49.601 billion, profit attributable to shareholders up 8.0%, and EBITDA up 3.6% | Metric | H1 2025 (RMB Billion) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 49.601 | 2.8% | | Telecommunication Operators Business Revenue | 42.461 | 0.8% | | - Tower Business Revenue | 37.797 | Flat | | - Indoor DAS Business Revenue | 4.664 | 12.0% | | Smart Tower Business Revenue | 4.726 | 18.7% | | Energy Business Revenue | 2.209 | 9.2% | | EBITDA | 34.227 | 3.6% | | Profit Attributable to Equity Holders of the Company | 5.757 | 8.0% | | Net Cash Flow from Operating Activities | 28.679 | - | | Free Cash Flow | 16.287 | - | | Interim Dividend (per share) | 0.13250 RMB | - | [Management Discussion and Analysis](index=2&type=section&id=Management%20Discussion%20and%20Analysis) The company maintained its strategic positioning and deepened the "One Core, Two Wings" strategy in H1 2025, achieving steady growth, robust financial health, enhanced profitability, and strong shareholder returns [Strategic Positioning and Overall Performance](index=2&type=section&id=Strategic%20Positioning%20and%20Overall%20Performance) The company solidified its strategic positioning as a world-class digital infrastructure and information/new energy application service provider, leveraging national strategic opportunities and the "One Core, Two Wings" strategy for high-quality development - The company's strategic positioning is to be a **world-class integrated digital infrastructure service provider**, a **highly competitive information application service provider**, and a **highly competitive new energy application service provider**[5](index=5&type=chunk) - The company capitalized on opportunities from the national strategies of **Cyber Superpower**, **Digital China**, and **Dual Carbon goals**, deepening its **"One Core, Two Wings" strategy**[5](index=5&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) In H1 2025, operating revenue grew 2.8% to RMB 49.601 billion, EBITDA increased 3.6% to RMB 34.227 billion, and profit attributable to shareholders rose 8.0% to RMB 5.757 billion, with a robust financial position marked by a 1.5 percentage point decrease in net debt leverage ratio to 29.5% | Metric | H1 2025 (RMB Billion) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 49.601 | 2.8% | | EBITDA | 34.227 | 3.6% | | EBITDA Margin | 69.0% | Up 0.5 percentage points | | Profit Attributable to Equity Holders of the Company | 5.757 | 8.0% | | Net Profit Margin | 11.6% | - | | Net Cash Flow from Operating Activities | 28.679 | Decreased by RMB 4.151 billion | | Capital Expenditure | 12.392 | - | | Free Cash Flow | 16.287 | Decreased by RMB 2.814 billion | | Total Assets (as of June 30) | 331.127 | - | | Interest-Bearing Debt (as of June 30) | 92.639 | - | | Net Debt Leverage Ratio (as of June 30) | 29.5% | Down 1.5 percentage points | | Interim Dividend (per share) | 0.13250 RMB | - | [Business Performance](index=2&type=section&id=Business%20Performance) The company optimized resource allocation and deepened reform in H1, achieving stable and quality-driven business growth, with steady operator business, increasing tower sites and tenants, rapid indoor DAS growth, and double-digit revenue increases in both Smart Tower and Energy businesses [Telecommunication Operators Business](index=3&type=section&id=Telecommunication%20Operators%20Business) Leveraging its role as a key player in 5G new infrastructure, the company capitalized on 5G network expansion, enhancing resource sharing and specialized operational capabilities to meet customer network deployment needs, resulting in RMB 42.461 billion in revenue, a 0.8% year-on-year increase - Telecommunication Operators Business revenue reached **RMB 42.461 billion**, a **0.8% year-on-year increase**[9](index=9&type=chunk) - The company, as a national team for mobile communication infrastructure construction and a main force in 5G new infrastructure, continuously enhanced its capabilities in **resource coordination, sharing, and specialized operations**[9](index=9&type=chunk) [Tower Business](index=3&type=section&id=Tower%20Business) Tower business revenue was RMB 37.797 billion, remaining flat year-on-year, with tower sites reaching 2.119 million and operator tower tenants increasing to 3.579 million by June 2025, achieving an average of 1.72 tenants per site | Metric | H1 2025 | Change from Year-End Last Year | | :--- | :--- | :--- | | Tower Business Revenue | RMB 37.797 Billion | Flat | | Number of Tower Sites | 2.119 Million Units | Increased by 25,000 units | | Number of Operator Tower Tenants | 3.579 Million Households | Increased by 35,000 households | | Average Number of Operator Tower Tenants per Site | 1.72 Households | - | [Indoor DAS Business](index=3&type=section&id=Indoor%20DAS%20Business) Indoor DAS business revenue grew 12.0% year-on-year to RMB 4.664 billion, maintaining high-speed growth, with cumulative building coverage reaching 13.85 billion square meters and high-speed rail/subway coverage extending to 30,878 kilometers | Metric | H1 2025 | YoY Growth (%) | | :--- | :--- | :--- | | Indoor DAS Business Revenue | RMB 4.664 Billion | 12.0% | | Cumulative Building Indoor DAS Coverage Area | 13.85 Billion Sq. Meters | 20.0% | | Cumulative High-Speed Rail Tunnel and Subway Coverage Mileage | 30,878 Kilometers | 17.0% | [Two Wings Business](index=4&type=section&id=Two%20Wings%20Business) Two Wings Business revenue reached RMB 6.935 billion, increasing its share of operating revenue to 14.0%, a 1.6 percentage point rise year-on-year, driven by rapid development in both Smart Tower and Energy businesses | Metric | H1 2025 (RMB Billion) | Share of Operating Revenue | | :--- | :--- | :--- | | Two Wings Business Revenue | 6.935 | 14.0% (Up 1.6 percentage points YoY) | [Smart Tower Business](index=4&type=section&id=Smart%20Tower%20Business) Smart Tower Business revenue grew 18.7% year-on-year to RMB 4.726 billion, with Tower Vision business contributing RMB 2.822 billion, representing 59.7% of Smart Tower revenue, as the company transforms communication towers into digital towers for spatial digital governance | Metric | H1 2025 (RMB Billion) | YoY Growth (%) | | :--- | :--- | :--- | | Smart Tower Business Revenue | 4.726 | 18.7% | | Tower Vision Business Revenue | 2.822 | - | | Tower Vision Business Share of Smart Tower Business Revenue | 59.7% | - | - Smart Tower Business focused on key scenarios such as **farmland protection, fishery law enforcement, forest fire prevention, disaster early warning, and emergency rescue**, enhancing market share and leading advantages[12](index=12&type=chunk) [Energy Business](index=5&type=section&id=Energy%20Business) Energy Business revenue increased 9.2% year-on-year to RMB 2.209 billion, with Tower Battery Swap business contributing RMB 1.323 billion, accounting for 59.9% of energy revenue, maintaining its leading position in the low-speed electric vehicle battery swap market with 1.47 million users | Metric | H1 2025 (RMB Billion) | YoY Growth (%) | | :--- | :--- | :--- | | Energy Business Revenue | 2.209 | 9.2% | | Tower Battery Swap Business Revenue | 1.323 | - | | Tower Battery Swap Business Share of Energy Business Revenue | 59.9% | - | | Number of Tower Battery Swap Users (as of June 30) | 1.47 Million Households | Increased by 166,000 households from year-end last year | - Energy Business focused on core services like **battery swap and backup power**, deeply cultivating the **C-end food delivery market and B-end customers**, and expanding its **community charging facility network**[14](index=14&type=chunk) [Technological Innovation](index=5&type=section&id=Technological%20Innovation) The company intensified its technology innovation drive in H1, increasing R&D personnel by 29% year-on-year and cumulative authorized invention patents by 16% from year-end 2024, focusing on key core technologies and accelerating technology commercialization - **R&D personnel increased by 29%** compared to the same period last year[15](index=15&type=chunk) - **Cumulative authorized invention patents increased by 16%** from year-end 2024[15](index=15&type=chunk) - Strengthened R&D in key core technologies including **next-generation mobile communication, artificial intelligence, edge computing, 5G+Beidou, 5G shared indoor DAS, new energy, and IoT**[15](index=15&type=chunk) [Corporate Governance and Social Responsibility](index=6&type=section&id=Corporate%20Governance%20and%20Social%20Responsibility) The company prioritizes sustainable development and actively fulfills its ESG responsibilities, promoting green development, resource recycling, clean energy, social welfare, communication assurance, and robust corporate governance - Adhered to **green development principles**, promoted **resource recycling**, and increased the application of **photovoltaic and other clean energy** at base stations[16](index=16&type=chunk) - Enhanced social well-being by providing **communication assurance for major events**, **emergency early warning for natural disasters**, and contributing to **rural revitalization**[16](index=16&type=chunk) - Continuously improved **corporate governance**, strictly complied with **listing regulatory rules**, optimized governance mechanisms, and enhanced **legal and compliant operational management**[16](index=16&type=chunk) [Future Outlook](index=6&type=section&id=Future%20Outlook) The company will continue its shared development philosophy and "One Core, Two Wings" strategy, enhancing core competitiveness, expanding operator business through 5G and national policies, deepening digital technology applications in Smart Tower business, optimizing energy networks, and focusing on core technology breakthroughs for high-quality development - Telecommunication Operators Business will seize opportunities from **"Signal Upgrade" and "Broadband Frontier" special actions** and **5G-A construction**, enhancing its **"three advantages and one low" competitive edge**[17](index=17&type=chunk) - Smart Tower Business will leverage its **"location + computing + power + security" resource advantages** to deepen the application of **digital intelligence technology in social governance** and strategically deploy in **emerging industries like edge computing**[18](index=18&type=chunk) - Energy Business will **optimize its battery swap network layout**, deepen the operation of its **VIP star-rated user system**, and promote **"backup power+" integrated industry solutions**[18](index=18&type=chunk) - The company will continue to focus on **core technology breakthroughs**, increase the promotion and commercialization of scientific and technological achievements, and cultivate **new quality productive forces**[18](index=18&type=chunk) [Group Performance](index=8&type=section&id=Group%20Performance) This section presents China Tower Corporation Limited's unaudited consolidated financial statements for the six months ended June 30, 2025, including the consolidated statement of comprehensive income and consolidated statement of financial position, detailing key financial data such as revenue, expenses, profit, assets, liabilities, and equity [Unaudited Interim Consolidated Statement of Comprehensive Income](index=8&type=section&id=Unaudited%20Interim%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, operating revenue was RMB 49,601 million, a 2.8% year-on-year increase, with profit attributable to equity holders of the Company at RMB 5,757 million, up 8.0%, and basic and diluted earnings per share at RMB 0.3293 | Metric | 2025 (RMB Million) | 2024 (RMB Million) | | :--- | :--- | :--- | | Operating Revenue | 49,601 | 48,247 | | Operating Profit | 8,629 | 8,146 | | Profit Before Tax | 7,605 | 7,037 | | Income Tax Expense | (1,847) | (1,707) | | Profit Attributable to Equity Holders of the Company | 5,757 | 5,330 | | Basic and Diluted Earnings Per Share (RMB) | 0.3293 | 0.3049 | [Unaudited Interim Consolidated Statement of Financial Position](index=9&type=section&id=Unaudited%20Interim%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets were RMB 331,127 million, a slight decrease from year-end 2024, with equity attributable to equity holders of the Company at RMB 200,351 million and total liabilities at RMB 130,774 million, notably with a significant reduction in non-current borrowings | Metric | June 30, 2025 (RMB Million) | December 31, 2024 (RMB Million) | | :--- | :--- | :--- | | Total Assets | 331,127 | 332,834 | | Non-Current Assets | 234,272 | 241,474 | | Current Assets | 96,855 | 91,360 | | Equity Attributable to Equity Holders of the Company | 200,351 | 199,978 | | Total Equity | 200,353 | 199,979 | | Total Liabilities | 130,774 | 132,855 | | Non-Current Liabilities (Borrowings) | 24,882 | 41,084 | | Current Liabilities (Borrowings) | 44,212 | 28,525 | [Notes to the Unaudited Interim Financial Report](index=11&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This section provides detailed supplementary information for understanding the interim financial report, covering the basis of preparation, accounting policy changes, segment reporting, revenue composition, income tax calculation, earnings per share, dividend policy, receivables and payables, restricted share scheme, and leasing information [Basis of Preparation and Changes in Accounting Policies](index=11&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) The interim financial report is prepared in accordance with IAS 34 and should be read in conjunction with the 2024 annual audited consolidated financial statements, with consistent accounting policies and no significant changes in financial risk management or material impact from IAS 21 amendments - The interim financial report is prepared in accordance with **International Accounting Standard 34 "Interim Financial Reporting"**[24](index=24&type=chunk) - The Group has applied the amendments to **IAS 21 "The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability"**, which had no material impact on performance or financial position[25](index=25&type=chunk) [Segment Reporting](index=11&type=section&id=Segment%20Reporting) The company's chief operating decision maker assesses performance based on revenue from tower, indoor DAS, Smart Tower, and energy businesses but reviews the Group as a whole, thus determining it has only one operating segment, with nearly all long-term assets, revenue, and operating profit originating from mainland China - The Group is determined to have **only one operating segment**, with the chief operating decision maker reviewing the Group's performance and resources as a whole[26](index=26&type=chunk) - Almost all of the Group's **long-term assets, revenue, and operating profit originate from mainland China**[26](index=26&type=chunk) [Operating Revenue](index=12&type=section&id=Operating%20Revenue) Total operating revenue for H1 2025 was RMB 49,601 million, with tower business contributing RMB 37,797 million, indoor DAS RMB 4,664 million, Smart Tower RMB 4,726 million, and energy business RMB 2,209 million, primarily from the three major telecommunication operators, accounting for 85.7% of total revenue | Business Type | H1 2025 (RMB Million) | H1 2024 (RMB Million) | | :--- | :--- | :--- | | Tower Business | 37,797 | 37,957 | | Indoor DAS Business | 4,664 | 4,164 | | Smart Tower Business | 4,726 | 3,982 | | Energy Business | 2,209 | 2,023 | | Others | 205 | 121 | | **Total** | **49,601** | **48,247** | | Major Customers | H1 2025 (RMB Million) | H1 2024 (RMB Million) | | :--- | :--- | :--- | | China Mobile Group | 21,189 | 21,281 | | China Telecom Group | 10,870 | 10,617 | | China Unicom Group | 10,428 | 10,505 | | **Total for Three Telecommunication Operators** | **42,487** | **42,403** | | **Share of Total Revenue** | **85.7%** | **87.9%** | [Income Tax Expense](index=13&type=section&id=Income%20Tax%20Expense) Income tax expense for H1 2025 was RMB 1,847 million, with the company generally subject to China's statutory corporate income tax rate of 25%, though certain provincial branches and subsidiaries benefit from a preferential 15% rate | Metric | 2025 (RMB Million) | 2024 (RMB Million) | | :--- | :--- | :--- | | Current Tax | 2,099 | 1,839 | | Deferred Tax | (252) | (132) | | **Income Tax Expense** | **1,847** | **1,707** | | Tax payable at China's statutory rate of 25% | 1,901 | 1,759 | | Tax impact of preferential tax rates | (124) | (112) | - Certain provincial branches and subsidiaries, including those in **Western Development regions, Hainan Free Trade Port, and high-tech enterprise China Tower Smart Technology Co., Ltd.**, enjoy a **preferential income tax rate of 15%**[31](index=31&type=chunk) [Basic and Diluted Earnings Per Share](index=14&type=section&id=Basic%20and%20Diluted%20Earnings%20Per%20Share) Basic earnings per share for H1 2025 was RMB 0.3293, with the weighted average number of ordinary shares outstanding retrospectively adjusted to 17,481 million due to a share consolidation and capital reduction effective February 20, 2025, resulting in diluted EPS equaling basic EPS due to no dilutive potential ordinary shares | Metric | 2025 (Restated) | 2024 (Restated) | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company (RMB Million) | 5,757 | 5,330 | | Weighted Average Number of Ordinary Shares Outstanding after Share Consolidation and Capital Reduction (Million) | 17,481 | 17,481 | | Basic Earnings Per Share (RMB) | 0.3293 | 0.3049 | - A **share consolidation and capital reduction** effective February 20, 2025, merged every ten shares into one, reducing the total issued share capital from **RMB 176,008,471,024 to RMB 17,600,847,102**[32](index=32&type=chunk) - For the six months ended June 30, 2024, and 2025, there were **no dilutive potential ordinary shares**, thus diluted earnings per share equaled basic earnings per share[35](index=35&type=chunk) [Dividends](index=15&type=section&id=Dividends) The Board resolved to declare an interim dividend of RMB 0.13250 per ordinary share (before tax) for the six months ended June 30, 2025, totaling approximately RMB 2,316 million, which was declared after the reporting period and thus not recognized as a liability as of June 30, 2025 - The Board resolved to declare an **interim dividend of RMB 0.13250 per ordinary share (before tax)** for the six months ended June 30, 2025, totaling approximately **RMB 2,316 million**[36](index=36&type=chunk) - The **2024 final dividend** was **RMB 0.30796 per share (before tax)**, totaling approximately **RMB 5,384 million**[36](index=36&type=chunk) [Trade and Other Receivables](index=15&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables were RMB 85,110 million, a slight decrease from year-end 2024, with net trade receivables of RMB 78,011 million primarily from the three major telecommunication operators, and net other receivables of RMB 7,099 million mainly comprising payments on behalf of others and deposits | Metric | June 30, 2025 (RMB Million) | December 31, 2024 (RMB Million) | | :--- | :--- | :--- | | Trade Receivables - Net | 78,011 | 79,436 | | Other Receivables - Net | 7,099 | 6,471 | | **Total Trade and Other Receivables** | **85,110** | **85,907** | | Trade Receivables by Customer (June 30, 2025) | Amount (RMB Million) | | :--- | :--- | | China Mobile Group | 39,234 | | China Unicom Group | 16,912 | | China Telecom Group | 13,056 | | Others | 13,680 | - Trade receivables included **bank and finance company acceptance bills of RMB 798 million** and **commercial acceptance bills of RMB 22,740 million**[39](index=39&type=chunk) [Trade Payables](index=17&type=section&id=Trade%20Payables) As of June 30, 2025, total trade payables were RMB 30,668 million, a decrease from year-end 2024, primarily comprising amounts due for construction, maintenance, and other operating expenses, predominantly denominated in RMB | Ageing | June 30, 2025 (RMB Million) | December 31, 2024 (RMB Million) | | :--- | :--- | :--- | | Not exceeding 6 months | 18,906 | 24,418 | | 6 months to 1 year | 6,562 | 4,095 | | Over 1 year | 5,200 | 4,756 | | **Total** | **30,668** | **33,269** | [Shares Held for Restricted Share Incentive Scheme](index=17&type=section&id=Shares%20Held%20for%20Restricted%20Share%20Incentive%20Scheme) As of June 30, 2025, the total number of shares held for the restricted share incentive scheme was 120 million, valued at RMB 1,954 million, adjusted from 1,196 million shares due to a share consolidation and capital reduction effective February 20, 2025, with no active restricted share incentive schemes currently in place | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of Restricted Shares (Million Shares) | 120 | 1,196 | | Shares Held for Restricted Share Incentive Scheme (RMB Million) | 1,954 | 1,954 | - The **share consolidation and capital reduction** resulted in the total number of shares held for the restricted share incentive scheme changing from **1,196,475,000 shares to 119,647,500 shares**[45](index=45&type=chunk) - As of June 30, 2025, all previously granted restricted shares were **cancelled in 2022**, and there are **no active restricted share incentive schemes**[43](index=43&type=chunk) [Leases](index=18&type=section&id=Leases) As of June 30, 2025, total right-of-use assets amounted to RMB 32,775 million, and total lease liabilities were RMB 23,545 million, with H1 depreciation of right-of-use assets at RMB 5,594 million, interest expense at RMB 566 million, and short-term and low-value lease expenses at RMB 604 million | Metric | June 30, 2025 (RMB Million) | December 31, 2024 (RMB Million) | | :--- | :--- | :--- | | Right-of-Use Assets | 32,775 | 32,247 | | Lease Liabilities (Current) | 6,931 | 7,378 | | Lease Liabilities (Non-Current) | 16,614 | 15,555 | | **Total Lease Liabilities** | **23,545** | **22,933** | | Lease-Related Expenses (H1 2025) | Amount (RMB Million) | | :--- | :--- | | Depreciation Expense of Right-of-Use Assets | 5,594 | | Interest Expense | 566 | | Short-Term and Low-Value Lease Expenses | 604 | [Non-Adjusting Post-Reporting Period Events](index=19&type=section&id=Non-Adjusting%20Post-Reporting%20Period%20Events) The Board declared an interim dividend after the reporting period, details of which are disclosed in Note 7 - The Board declared an **interim dividend after the reporting period**, which is a **non-adjusting post-reporting period event**[50](index=50&type=chunk) [Financial Overview](index=20&type=section&id=Financial%20Overview) This section details the company's H1 2025 financial performance, including operating revenue growth drivers, expense composition and changes, financing cost management, profitability improvements, capital expenditure and cash flow specifics, and a summary of the asset and liability position [Operating Revenue](index=20&type=section&id=Operating%20Revenue) Operating revenue for H1 2025 reached RMB 49.601 billion, a 2.8% year-on-year increase, with operator business revenue up 0.8%, Smart Tower business up 18.7%, and energy business up 9.2%, leading to a continuously optimized revenue structure with non-tower business revenue share rising from 21.3% to 23.8% | Business Type | H1 2025 (RMB Billion) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 49.601 | 2.8% | | Telecommunication Operators Business Revenue | 42.461 | 0.8% | | Smart Tower Business Revenue | 4.726 | 18.7% | | Energy Business Revenue | 2.209 | 9.2% | | Non-Tower Business Revenue Share | 23.8% | Up 1.6 percentage points YoY | [Operating Expenses](index=20&type=section&id=Operating%20Expenses) Total operating costs for H1 2025 amounted to RMB 40.972 billion, a 2.2% year-on-year increase, representing 82.6% of operating revenue, a 0.5 percentage point decrease, as the company effectively managed expenses through cost benchmarking and lean operations, with maintenance and site operation/support fees declining | Metric | H1 2025 (RMB Billion) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Costs | 40.972 | 2.2% | | Operating Costs as % of Operating Revenue | 82.6% | Down 0.5 percentage points | [Depreciation and Amortization](index=20&type=section&id=Depreciation%20and%20Amortization) Depreciation and amortization totaled RMB 25.598 billion in H1, a 2.8% year-on-year increase, primarily due to increased depreciation from assets formed by past investments as the company actively met new construction demands - **Depreciation and amortization totaled RMB 25.598 billion**, a **2.8% year-on-year increase**[52](index=52&type=chunk) [Maintenance Expenses](index=20&type=section&id=Maintenance%20Expenses) Maintenance expenses totaled RMB 3.187 billion in H1, a 6.2% year-on-year decrease, reducing its share of operating revenue by 0.6 percentage points, primarily due to improved equipment quality and enhanced cost control through market-oriented outsourcing tenders - **Maintenance expenses totaled RMB 3.187 billion**, a **6.2% year-on-year decrease**[53](index=53&type=chunk) [Staff Costs](index=21&type=section&id=Staff%20Costs) Staff costs totaled RMB 4.767 billion in H1, an increase of RMB 0.392 billion year-on-year, primarily due to the company's push for R&D innovation and regional reforms, moderate recruitment of mid-to-high-end tech talent and frontline personnel, and strengthened performance-oriented incentives - **Staff costs totaled RMB 4.767 billion**, an **increase of RMB 0.392 billion year-on-year**[54](index=54&type=chunk) [Site Operation and Support Fees](index=21&type=section&id=Site%20Operation%20and%20Support%20Fees) Site operation and support fees totaled RMB 2.535 billion in H1, a year-on-year decrease of RMB 0.367 billion, as the company effectively reduced operating expenses through precise rectification of external power, enhanced battery backup capabilities, and reasonable control over site rental renewal increases - **Site operation and support fees totaled RMB 2.535 billion**, a **year-on-year decrease of RMB 0.367 billion**[55](index=55&type=chunk) [Other Operating Expenses](index=21&type=section&id=Other%20Operating%20Expenses) Other operating expenses totaled RMB 4.885 billion in H1, a year-on-year increase of RMB 0.357 billion, primarily driven by a RMB 0.281 billion increase in business expansion costs, including technical support service fees for the Two Wings Business - **Other operating expenses totaled RMB 4.885 billion**, a **year-on-year increase of RMB 0.357 billion**[56](index=56&type=chunk) [Financing Costs](index=21&type=section&id=Financing%20Costs) The company's net finance costs for H1 were RMB 1.236 billion, remaining flat year-on-year, reflecting a prudent financing strategy, strengthened centralized cash management, and maintenance of a reasonable interest-bearing debt scale with low financing costs - The company's **net finance costs for H1 were RMB 1.236 billion**, remaining **flat year-on-year**[57](index=57&type=chunk) [Profitability](index=21&type=section&id=Profitability) In H1, the company achieved an operating profit of RMB 8.629 billion, with profit attributable to equity holders of the Company at RMB 5.757 billion, an 8.0% year-on-year increase, and EBITDA reaching RMB 34.227 billion, up 3.6%, with an EBITDA margin of 69.0%, a 0.5 percentage point improvement | Metric | H1 2025 (RMB Billion) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Profit | 8.629 | - | | Profit Attributable to Equity Holders of the Company | 5.757 | 8.0% | | EBITDA | 34.227 | 3.6% | | EBITDA as % of Operating Revenue | 69.0% | Up 0.5 percentage points | [Capital Expenditure and Cash Flow](index=22&type=section&id=Capital%20Expenditure%20and%20Cash%20Flow) H1 capital expenditure was RMB 12.392 billion, a year-on-year decrease of RMB 1.337 billion, with reductions in new site construction and shared renovation, and site upgrade/reconstruction, offset by increases in Two Wings Business and IT/R&D capital expenditure, while net cash flow from operating activities was RMB 28.679 billion and free cash flow was RMB 16.287 billion | Capital Expenditure Category | H1 2025 (RMB Billion) | YoY Change (RMB Billion) | | :--- | :--- | :--- | | Total Capital Expenditure | 12.392 | Decreased by 1.337 | | New Site Construction and Shared Renovation | 6.60 | Decreased by 1.435 | | Site Upgrade and Reconstruction | 2.377 | Decreased by 0.829 | | Two Wings Business | 2.475 | Increased by 0.595 | | IT Support and R&D | 0.940 | Increased by 0.332 | | Net Cash Flow from Operating Activities | 28.679 | Decreased by 4.151 | | Free Cash Flow | 16.287 | Decreased by 2.814 | [Assets and Liabilities](index=22&type=section&id=Assets%20and%20Liabilities) As of June 30, 2025, total assets were RMB 331.127 billion, total liabilities RMB 130.774 billion, and net debt RMB 83.966 billion, with a debt-to-asset ratio of 39.5%, down 0.4 percentage points from the beginning of the year, maintaining a robust financial position | Metric (as of June 30, 2025) | Amount (RMB Billion) | | :--- | :--- | | Total Assets | 331.127 | | Total Liabilities | 130.774 | | Net Debt | 83.966 | | Debt-to-Asset Ratio | 39.5% (Down 0.4 percentage points from the beginning of the year) | [Other Information](index=22&type=section&id=Other%20Information) This section provides other important information for the reporting period, including listed securities transactions, audit committee review, compliance with corporate governance and standard codes, contingent liabilities and material legal proceedings, detailed interim dividend distribution and tax treatment, and share transfer registration suspension arrangements and report publication details [Transactions in Listed Securities](index=22&type=section&id=Transactions%20in%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - Neither the company nor any of its subsidiaries **purchased, sold, or redeemed any of the company's listed securities**[61](index=61&type=chunk) [Audit Committee](index=22&type=section&id=Audit%20Committee) The Board's Audit Committee reviewed the company's adopted accounting standards and practices, discussed financial reporting matters, and specifically reviewed the unaudited interim financial report for the six months ended June 30, 2025 - The Audit Committee reviewed the company's **adopted accounting standards and practices** and the **interim financial report**[62](index=62&type=chunk) [Corporate Governance and Standard Code](index=23&type=section&id=Corporate%20Governance%20and%20Standard%20Code) The company is committed to maintaining high standards of corporate governance, complying with the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules for H1 2025, with all Directors and Supervisors confirming adherence to the company's own securities dealing code and the Model Code - The company has consistently complied with the **Corporate Governance Code in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited**[63](index=63&type=chunk) - All Directors and Supervisors confirmed compliance with the company's self-developed **"China Tower Corporation Limited Code for Securities Transactions by Directors, Supervisors and Relevant Employees"** and the **"Model Code for Securities Transactions by Directors of Listed Issuers"**[64](index=64&type=chunk) [Contingent Liabilities and Legal Proceedings](index=23&type=section&id=Contingent%20Liabilities%20and%20Legal%20Proceedings) As of June 30, 2025, the company had no contingent liabilities and was not involved in any material litigation or arbitration during the six-month period ended June 30, 2025 - As of June 30, 2025, the company had **no contingent liabilities**[65](index=65&type=chunk) - For the six months ended June 30, 2025, the company was **not involved in any material litigation or arbitration**[66](index=66&type=chunk) [Interim Dividend Distribution Arrangements](index=23&type=section&id=Interim%20Dividend%20Distribution%20Arrangements) The Board resolved to distribute a 2025 interim dividend of RMB 0.13250 per share (before tax), payable on October 31, 2025, to shareholders on record as of September 12, 2025, with dividends paid in RMB or HKD and applicable income taxes withheld based on shareholder type and tax agreements - The **2025 interim dividend is RMB 0.13250 per share (before tax)**, expected to be paid on **October 31, 2025**[67](index=67&type=chunk) - Dividends for **domestic shares and H-shares via Stock Connect** will be paid in **RMB**, while dividends for **H-shareholders other than Stock Connect shareholders** will be paid in **HKD**[68](index=68&type=chunk) - The company will **withhold 10% corporate income tax** for **non-resident enterprise H-shareholders** and **individual income tax** for **individual H-shareholders** based on their resident status and tax agreements[68](index=68&type=chunk)[69](index=69&type=chunk) - Dividends obtained by **mainland individual investors and securities investment funds via Stock Connect** will be subject to a **20% individual income tax withholding**, while **mainland enterprise investors** will declare and pay taxes themselves[71](index=71&type=chunk) [Suspension of H Share Register of Members](index=25&type=section&id=Suspension%20of%20H%20Share%20Register%20of%20Members) To determine H-shareholders' entitlement to the 2025 interim dividend, the company's H-share register of members will be suspended from September 9 to September 12, 2025 (both dates inclusive), with the record date set for September 12, 2025 | Item | Date/Time | | :--- | :--- | | Latest time for lodging transfer documents for registration | 2025 September 8, 4:30 p.m. | | Period of closure of H Share Register of Members | 2025 September 9 to 2025 September 12 | | Record Date | 2025 September 12 | [Publication of Report](index=26&type=section&id=Publication%20of%20Report) This announcement has been published on the company's website and the HKEX website, and the 2025 interim report will be published on both websites and provided to shareholders in due course - This announcement and the **2025 interim report** will be published on the **company's website (www.china-tower.com)** and the **HKEX website (www.hkexnews.hk)**[75](index=75&type=chunk) [Forward-Looking Statements and Board of Directors](index=26&type=section&id=Forward-Looking%20Statements%20and%20Board%20of%20Directors) Forward-looking statements in this announcement are based on current plans, estimates, and forecasts, with actual results potentially differing, and the company undertakes no obligation to update or correct them, while the announcement concludes with the Board of Directors list, acknowledging resigned directors and welcoming new ones - Forward-looking statements in this announcement involve **risks and uncertainties**, and **actual results may differ materially from expectations**[76](index=76&type=chunk) - The Board of Directors includes **Executive Directors Zhang Zhiyong (Chairman) and Chen Li (General Manager)**, **Non-executive Directors Cheng Jianjun, Miao Shouye, Liu Guiqing, and Fang Xiaobing**, and **Independent Non-executive Directors Pei Zhenjiang, Hu Zhanghong, Zhang Wei, and Wen Bugao**[76](index=76&type=chunk)

中国铁塔长三角三省一市分公司与中国铁路上海局集团有限公司的战略合作始于2019年，6年来，双方 携手推进铁路沿线信息通信基础设施建设，积极做好沪昆、沪宁、沪苏湖、京沪等铁路干线的通信服务 工作，累计服务站址超1.8万座，不断满足铁路旅客对公众通信服务的需求，合力提升铁路客运服务水 平。同时，依托丰富的站址资源和成熟的视联网算法赋能铁路安全管理，部署摄像头260余路，提升铁 路智能监管能力。（记者 塔欣） 为全面落实"网络强国""交通强国"战略，推动长三角地区数字基础设施与铁路网络深度融合，7月27 日，中国铁塔长三角三省一市分公司（上海、江苏、浙江、安徽）与中国铁路上海局集团有限公司签署 战略合作协议。 座谈会上，中国铁塔副总经理刘国锋指出，几年来双方以战略合作为牵引深化合作，取得丰硕的成果， 他对长期以来中国铁路上海局集团有限公司对中国铁塔改革发展给予的大力支持表示感谢，希望新一轮 战略合作在前期基础上，聚焦以下方面做好相关工作：一是要高质量做好长三角铁路沿线5G覆盖，实 现"同步规划、同步设计、同步施工、同步开通"，确保长三角铁路沿线通信覆盖达到全国领先水平，与 区域经济发展、人口密度相匹配；二是要全力做 ...