Core Insights - China Tower's Chairman Zhang Zhiyong announced a 32% increase in value added during the 14th Five-Year Plan, reaching 71.7 billion yuan, with a stable debt-to-asset ratio and significant achievements in preserving and increasing state assets [1] - The company aims to enhance its technological strength and innovation effectiveness by 2030, establishing itself as a competitive technology and innovation-driven enterprise [1] Group 1: Business Growth and Achievements - The company has built over 7 million base stations, including more than 3 million 5G stations, saving over 400 billion yuan in construction and operational costs [1] - China Tower has upgraded 250,000 "communication towers" to "digital towers" using resources from 2.1 million sites across the country, supporting various key industries through smart IoT services [1] Group 2: Green and Low-Carbon Initiatives - The company has made progress in supporting green low-carbon transitions by deploying over 80,000 battery swap cabinets in 320 cities, serving over 1.5 million delivery personnel [2] - Nearly 3.7 million electric bike charging ports have been established, benefiting over 32 million residents, while efforts are underway to create "zero-carbon" base stations [2] Group 3: Technological Innovation - During the 14th Five-Year Plan, the company's R&D investment grew at a compound annual growth rate of 89%, with 65 technology awards and 404 authorized invention patents, quadrupling since the end of 2020 [3] - The company has developed over 700 AI algorithms and is focusing on various technological advancements, including edge computing and energy innovation [3] Group 4: Future Goals and Strategies - By 2030, China Tower aims to achieve a second "hundred billion profit" milestone, enhancing its strategic position in the national innovation system [4] - The company plans to strengthen its research capabilities, industry influence, innovation management, and talent cultivation to enhance its core competitiveness [4] Group 5: AI Development Platform - China Tower launched the "Qingtian AI Application Development Platform," which has implemented over 700 intelligent applications across various operational areas [5] - The platform aims to expand "AI+" scenarios and become a core hub for digital transformation [5]

Core Viewpoint - China Tower is focusing on technological innovation and collaboration with educational institutions to enhance its capabilities and contribute to national development goals [1][4]. Group 1: Technological Innovation and Achievements - China Tower has achieved significant milestones in digital infrastructure, with over 700 million base stations built, including more than 300 million 5G base stations, saving over 400 billion yuan in construction and operation costs [2]. - The company has transformed 250,000 communication towers into digital towers, supporting over 10 key industries through smart governance [2]. - R&D investment has seen a compound annual growth rate of 89% during the 14th Five-Year Plan, resulting in 404 authorized patents, a fourfold increase since the end of 2020 [3]. Group 2: Strategic Collaborations - China Tower signed a strategic cooperation agreement with Beijing Institute of Technology and established a national AI integration innovation platform with Peking University [1][9]. - The company is collaborating with Beijing University of Posts and Telecommunications to create a joint innovation center focusing on next-generation mobile communication and AI technologies [9]. Group 3: Future Goals and Directions - By 2030, China Tower aims to significantly enhance its technological capabilities and innovation effectiveness, establishing itself as a core competitive technology and innovation enterprise [4]. - The company plans to strengthen its foundational research, industry influence, and innovation system, while also focusing on talent development [4]. Group 4: AI Development Initiatives - The launch of the "Qingtian AI Application Development Platform" aims to provide comprehensive industry solutions and has already implemented over 700 intelligent applications [11]. - The company is also hosting the "Intelligent Future AI Application Innovation Competition" to explore high-value application scenarios and promote efficient transformation of results [12].

董事会进一步宣布，其建议任命栾晓维为公司非执行董事，惟需待股东批准。其任期自股东于特别股东 大会上批准之日起生效，至公司第三届董事会完成换届之日止。 格隆汇11月20日丨中国铁塔(00788.HK)宣布，刘桂清因工作职责调整，已辞任公司非执行董事、董事会 战略委员会委员以及审计委员会委员职务。有关辞任将自2025年12月23日召开的公司2025年第二次特别 股东大会选举产生新任非执行董事之日起生效。 ...

中国铁塔(00788)发布公告，刘桂清先生因工作职责调整，已辞任公司非执行董事、董事会战略委员会 委员以及审计委员会委员职务。有关辞任将自2025年12月23日召开的公司2025年第二次特别股东大会选 举产生新任非执行董事之日起生效。此外，董事会建议任命栾晓维先生为公司非执行董事，但需待股东 批准。其任期自股东于特别股东大会上批准之日起生效，至公司第三届董事会完成换届之日止。 ...

智通财经APP讯，中国铁塔(00788)发布公告，刘桂清先生因工作职责调整，已辞任公司非执行董事、董 事会战略委员会委员以及审计委员会委员职务。有关辞任将自2025年12月23日召开的公司2025年第二次 特别股东大会选举产生新任非执行董事之日起生效。此外，董事会建议任命栾晓维先生为公司非执行董 事，但需待股东批准。其任期自股东于特别股东大会上批准之日起生效，至公司第三届董事会完成换届 之日止。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告的全部或任何部份內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 China Tower Corporation Limited 中國鐵塔股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份編號：0788） 董事辭任 及 建議委任董事 董事辭任 董事會進一步宣佈，其建議任命欒曉維先生（「欒先生」）為本公司非執行董事，惟 需待股東批准。其任期自股東於特別股東大會上批准之日起生效，至本公司第三 屆董事會完成換屆之日止。 欒曉維，52歲，目前擔任中國電信集團有限公司副總經理，中國通信服務股份有 限公司（於香港聯合交易所有限公司（「香港聯交所」）上市，股份代號：0552）董事 長兼執行董事。欒先生曾任中國移動通信集團終端有限公司總經理、中國移動通 信集團福建有限公司總經理。 1 欒先生1995年北京郵電大學無綫通信專業畢業，獲學士學位，2005年北京郵電大 學電子與通信工程專業畢業，獲碩士學位。欒先生是一名高級通信工程師。欒先 生在電信行業擁有豐富的經營及管理經 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 China Tower Corporation Limited 中國鐵塔股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份編號：0788） 建議修訂公司章程並取消監事會 建議修訂股東大會議事規則 建議修訂董事會議事規則 及 特別股東大會及股東類別會議 修訂後的公司章程、股東大會議事規則及董事會議事規則將分別自特別股東大 會、H股股東類別會議及內資股股東類別會議審議批准之日起生效。在此之前， 現行公司章程、股東大會議事規則及董事會議事規則繼續有效。 一份載有（其中包括）建議修訂公司章程並取消監事會、建議修訂股東大會議事規 則及董事會議事規則的詳情之通函將適時提供予本公司股東。 暫停辦理股份過戶登記手續 為確定有權出席特別股東大會及H股股東類別會議並於會上投票的H股股東名單， 本公司將由2025年12月18日（星期四）至2025年12月23日（星期二）（包括首尾兩 日）期間暫停辦理H股股份過戶 ...

Investment Rating - The report assigns a "Buy" rating to China Tower Corporation Limited (0788.HK) [9] Core Views - China Tower is positioned as a global leader in communication infrastructure, focusing on a "one body, two wings" strategy that enhances its growth potential [9][11] - The company has shown steady revenue growth and strong cash flow, with a projected increase in net profit from 10,729 million yuan in 2024 to 17,435 million yuan in 2027 [5][15] - The company benefits from a high market share and a diversified business model, with significant contributions from its tower, indoor distribution, smart connection, and energy businesses [11][15] Summary by Sections 1. Company Overview - China Tower was established in July 2014 by three major telecom operators and has since become a key player in the communication infrastructure sector, achieving over 97% market share in China [11][15] - The company has diversified its operations into smart connection and energy sectors, enhancing its service offerings and market reach [11][15] 2. Financial Performance - The company reported a revenue of 97,772 million yuan in 2024, with a growth rate of 4%, and a net profit of 10,729 million yuan, reflecting a 10% increase [5][15] - For the first three quarters of 2025, the company achieved a revenue of 743.19 billion yuan, up 2.6%, and a net profit of 87.08 billion yuan, up 6.8% [15][18] 3. Business Segments - The tower business accounted for approximately 76% of total revenue, while the smart connection and energy businesses contributed 9.5% and 4.6%, respectively [11][15] - The company has established a robust energy business, becoming a leading player in the light electric vehicle battery swap market with over 50% market share [11][15] 4. Market Position and Strategy - China Tower's strategy of resource sharing and infrastructure specialization has led to significant economic and social benefits, with a focus on enhancing operational efficiency [11][33] - The company is well-positioned to capitalize on the growing demand for communication infrastructure driven by urbanization and technological advancements [11][33] 5. Future Outlook - The report forecasts a substantial increase in net profit, projecting 11,629 million yuan in 2025 and 16,097 million yuan in 2026, driven by the completion of depreciation on existing towers [5][15] - The company is expected to maintain a high dividend payout ratio, averaging 60.9% since its listing, reflecting its commitment to returning value to shareholders [9][15]

Group 1 - The core viewpoint of the report is that China Tower Corporation (00788) is a global leader in communication infrastructure, focusing on a "one body, two wings" strategy, which highlights its scale advantages [1] - The company is expected to achieve net profits of 11.629 billion, 16.097 billion, and 17.435 billion for the years 2025-2027, with corresponding EPS of 0.66, 0.91, and 0.99 yuan, benefiting from the depreciation of existing towers by 2026 [1] - In Q1-Q3 2025, the company reported operating revenue of 74.319 billion, a 2.6% increase, and net profit of 8.708 billion, a 6.8% increase, with tower business revenue accounting for approximately 76% [1] Group 2 - The specialized construction of communication towers is supported by high initial investment and widespread distribution, leading to greater economic and social benefits [2] - The demand for intelligent connectivity is driven by the need for extensive and supplementary coverage, with significant rental income increases from adding tenants to existing sites [2] - The potential for edge computing is substantial, supported by the stable and low-latency characteristics of the computing network enabled by communication towers [2] Group 3 - As of June 2025, the company owns 2.119 million tower sites, a 2.4% increase, and 3.844 million tenants, a 3% increase, with a cumulative construction of 2.974 million 5G base stations [3] - The sharing level of newly built towers has increased from 14.3% at inception to 86.2%, saving the industry 220 billion in investments and reducing carbon emissions by 33 million tons [3] - The depreciation of 1.5 million existing towers will be completed by October 2025, leading to the release of depreciation benefits, with an average dividend payout ratio of 60.9% since the company's listing [3]

Group 1 - The core viewpoint of the report is that China Tower (00788) is a leading player in global communication infrastructure, focusing on a "one body, two wings" strategy, which highlights its scale advantages [1] - China Tower's projected net profits for 2025-2027 are estimated at 116.29 billion, 160.97 billion, and 174.35 billion respectively, with corresponding EPS of 0.66, 0.91, and 0.99 yuan, benefiting from the depreciation of existing towers by 2026 [1] - The company reported a revenue of 743.19 billion and a net profit of 87.08 billion for Q1-Q3 2025, with a year-on-year growth of 2.6% and 6.8% respectively, where tower-related business revenue accounts for approximately 76% [1] Group 2 - The specialized construction of communication towers is supported by high initial investment and widespread distribution, leading to greater economic and social benefits [2] - The demand for intelligent connectivity is driven by the need for extensive and supplementary coverage, with significant rental income increases from marginally adding tenants to existing sites [2] - The potential for edge computing is substantial, as communication towers support a stable and low-latency computing network, facilitating the penetration of emerging technologies like AI [2] Group 3 - As of June 2025, the company has 2.119 million tower sites and 3.844 million tenants, with a 5G base station construction of 2.974 million since its inception [3] - The sharing rate of newly built towers has increased from 14.3% to 86.2%, saving the industry 220 billion in investments and reducing carbon emissions by 33 million tons [3] - The depreciation of 1.5 million existing towers will be completed by October 2025, leading to an imminent release of depreciation benefits, with an average dividend payout ratio of 60.9% since the company's listing [3]