中国电信股份有限公司 2024 年年度股东大会 2025 年第一次 A 股类别股东会 和 2025 年第一次 H 股类别股东会 会议资料 2025 年 5 月 21 日 中国电信股份有限公司 2024 年年度股东大会 2025 年第一次 A 股类别股东会和 2025 年第一次 H 股类别股东会会议资料 目 录 | 会议须知 | 3 | | --- | --- | | 会议议程 | 4 | 2024 年年度股东大会会议资料： | 议案一：关于公司 年度财务决算报告（国际/国内口径）的议案 | 2024 | 7 | | --- | --- | --- | | 议案二：关于公司 年年度报告的议案 | 2024 | 8 | | 议案三：关于公司 年度董事会报告的议案 | 2024 | 9 | | 议案四：关于公司 年度监事会报告的议案 | 2024 | 10 | | 议案五：关于公司 年度利润分配和股息宣派方案的议案 | 2024 | 14 | | 议案六：关于授权董事会决定公司 2025 年中期利润分配方案的议案 | | 15 | | 议案七：关于公司与中国铁塔股份有限公司继续履行关联交易协议的议案 | | | | ...

Group 1 - The Brand Finance report indicates that the brand value of China Telecom has decreased by 9.4% to $12.87 billion, dropping three places to rank 32nd in 2024, with a brand strength rating of AA+ [1] - In 2024, China Telecom's mobile communication service revenue reached RMB 202.5 billion, representing a year-on-year growth of 3.5%, with mobile value-added and application revenue increasing by 16.1% [1] - The number of mobile users for China Telecom reached 425 million, with an average revenue per user (ARPU) of RMB 45.6 [1] Group 2 - China Telecom slowed down its fixed asset investment in 2024, with capital expenditure decreasing by 5.4% year-on-year, while R&D expenses increased by 11.3%, focusing more on cutting-edge technology research and breakthroughs [1]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown stable performance with a total operating revenue of 134.51 billion yuan in Q1 2025, a slight increase of 0.01% year-on-year, and a net profit attributable to shareholders of 8.86 billion yuan, up 3.11% year-on-year [2][5] - The company is focusing on digital transformation and enhancing its cloud computing strategy, with significant investments in technology innovation, particularly in AI, satellite, and quantum technologies [4][5] Financial Performance - In Q1 2025, the company achieved total operating revenue of 134.51 billion yuan, with service revenue of 124.7 billion yuan, reflecting a year-on-year growth of 0.3% and a quarter-on-quarter growth of 4.6% [3] - The overall expense ratio remained stable at 19.2%, with a decrease in sales expense ratio by 0.4 percentage points, while management and R&D expenses increased by 0.3 and 0.1 percentage points respectively [3] - The company expects revenue for 2025 to be 541.27 billion yuan, with projected earnings per share of 0.39 yuan, corresponding to a PE ratio of 20.3 times based on the closing price of 7.91 yuan per share on May 7, 2025 [5][7] Business Growth - The mobile communication business is developing steadily, with mobile users reaching 430 million, an increase of 4.95 million in the quarter, and 5G network users reaching 270 million, with a penetration rate of 62.0% [8] - The fixed-line and smart home businesses are also showing good growth, with broadband users at 200 million and smart home revenue increasing by 11.5% year-on-year [8] - The company is focusing on high-quality development, with IDC revenue reaching 9.5 billion yuan, up 10.4% year-on-year, and significant growth in smart revenue (151.6%), video network revenue (58.4%), satellite communication revenue (37.2%), and quantum revenue (81.1%) [8]

公司名稱: 中國電信股份有限公司 呈交日期: 2025年5月2日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00728 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 13,877,410,000 | RMB | | 1 RMB | | 13,877,410,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 13,877,410,000 | RMB | | 1 RMB | | 13,877,410,000 | | 2. 股份分類 | 普通股 | 股 ...

Group 1 - The core viewpoint emphasizes that cloud technology is crucial for the development of artificial intelligence and serves as a foundational element for China Telecom's transition from digitization to intelligence in supporting the construction of a digital China [1] - China Telecom has implemented a comprehensive cloud transformation strategy, focusing on the network as the foundation and cloud as the core, while making significant progress in developing Tianyi Cloud as a national cloud [1][2] - The company has established major intelligent computing clusters in Shanghai and Beijing, and launched the world's first commercial intelligent computing super node in the Greater Bay Area, achieving a dual leap in the quality and quantity of intelligent computing power [2] Group 2 - Tianyi Cloud's revenue has surpassed 100 billion yuan, maintaining a leading market share, and the company is actively promoting the integration of cloud and AI [2] - China Telecom is enhancing its research and development capabilities by establishing a cloud company and a cloud computing research institute, as well as introducing strategic scientists and investors [2] - The company aims to build an intelligent cloud capability system to upgrade digital information infrastructure and improve core capabilities of its large models, focusing on complex reasoning and lightweight, low-cost deployment [2] Group 3 - China Telecom is transitioning from providing bare computing power to offering comprehensive intelligent services to meet diverse customer needs, supporting the digital transformation of the economy and society [2] - This year is highlighted as the year of large-scale application of artificial intelligence, with new open-source AI technologies achieving high performance, low cost, and lightweight solutions [2]

Core Viewpoint - China Telecom is committed to building a digital China and has made significant progress in its cloud transformation strategy, focusing on artificial intelligence and the development of its Tianyi Cloud platform [1][2]. Group 1: Technological Advancements - China Telecom has established major intelligent computing clusters in Shanghai and Beijing, and launched the world's first commercial intelligent computing Ascend super node in the Greater Bay Area [1]. - The company has achieved breakthroughs in key technologies such as distributed cloud operating systems and server operating systems, and has developed a full-stack cloud platform [1]. - The Tianyi Cloud server operating system CTyunOS has passed national security assessments, receiving a "Level I" security rating [1]. Group 2: Business Growth and Market Position - Tianyi Cloud's revenue has surpassed 100 billion yuan, maintaining a leading market share [2]. - The company has developed a comprehensive cloud product suite and is actively promoting the integration of cloud and AI technologies [2]. - China Telecom has introduced over 50 industry applications across various sectors, including government, industry, and education, and has empowered over 87 million users with smart terminal products [2]. Group 3: Strategic Initiatives - To accelerate the development of Tianyi Cloud, China Telecom is deepening reforms and establishing a cloud company and cloud computing research institute [2]. - The company is enhancing its R&D capabilities by attracting strategic scientists and investors, and optimizing its operational processes to improve customer service [2]. - China Telecom emphasizes an open and collaborative approach, increasing cooperation with partners and clients to build a more open national cloud ecosystem [2]. Group 4: AI and Data Integration - The company aims to create a comprehensive intelligent cloud capability system that integrates computing power, platforms, data, models, and applications [3]. - China Telecom is focused on upgrading its intelligent computing infrastructure and enhancing its data intelligence platform to support high-quality data sets [4]. - The company is committed to providing tailored solutions for diverse customer needs, including high-efficiency intelligent computing services and integrated solutions for domestic computing power and models [5]. Group 5: Security and Governance - China Telecom is developing a comprehensive dynamic protection system for large models to ensure the safety and reliability of artificial intelligence applications [5]. - The company is enhancing its data security measures and establishing a three-tier risk classification system to improve data safety [5]. - A focus on creating a secure development environment is emphasized, with capabilities for code scanning, auditing, and tracing to protect against vulnerabilities [5]. Group 6: Customer-Centric Operations - China Telecom aims to provide agile and specialized operational services, positioning itself as a trusted AI partner for clients [6]. - The company plans to collaborate with clients to optimize data quality and enhance the integration of data, computing power, and algorithms through AI applications [6].

Core Viewpoint - China Telecom aims to build a comprehensive intelligent cloud capability system consisting of "computing power, platform, data, model, and application" to drive innovation in the artificial intelligence industry [1][2]. Group 1: Intelligent Cloud Development - China Telecom has established major intelligent computing clusters in Shanghai and Beijing, and launched the world's first commercial intelligent computing super node in the Greater Bay Area [1]. - The company has developed the first full-size, full-modal, domestically produced trillion-parameter "Star" foundational model system and has taken the lead in open-sourcing among state-owned enterprises [1]. - The "Star Sea" data intelligence platform has formed a high-quality dataset of 10 trillion tokens and has launched over 50 industry applications in sectors such as government, industry, and education, benefiting over 87 million users [1]. Group 2: Financial Performance - In the fiscal year 2024, China Telecom's intelligent revenue reached 8.9 billion yuan, representing a year-on-year growth of 195.7% [1]. - The revenue from Tianyi Cloud in 2024 was 113.9 billion yuan, with a year-on-year increase of 17.1% [1]. Group 3: Future Investment Plans - For 2025, China Telecom plans capital expenditures of 83.6 billion yuan, with a preliminary allocation for computing power investment expected to grow by over 20% year-on-year, with flexibility for adjustments [2]. - The company will enhance its intelligent computing capabilities by integrating "central clusters + edge data centers" and promoting the deep collaboration of computing networks [2]. Group 4: Platform and Service Upgrades - In the IaaS layer, China Telecom will advance intelligent computing construction and strengthen cloud-intelligent integration capabilities [2]. - The company introduced the Triless platform architecture to upgrade computing power scheduling technology and provide a one-stop service for computing power dispatch and AI development [2]. - In the DaaS layer, the "Star Sea" data intelligence platform will be upgraded to integrate proprietary, open-source, and third-party datasets [2]. Group 5: Focus on SaaS Layer - In the SaaS layer, China Telecom will focus on the digital intelligence needs of production, life, and governance, accelerating the large-scale promotion of AI phones and AI cloud computers [3].

Core Insights - China Telecom's Tianyi Cloud revenue has surpassed 100 billion yuan, indicating strong growth and a commitment to embracing artificial intelligence for building an intelligent cloud capability system [1] Group 1: AI Infrastructure and Services - In the IaaS layer, China Telecom plans to advance intelligent computing construction with an integrated AIDC (Artificial Intelligence Data Center) model combining "central cluster + edge DC" [6] - For the PaaS layer, the company will continue to upgrade its intelligent computing platform, offering one-stop computing power scheduling and AI development services [6] - In the DaaS layer, China Telecom aims to enhance its "Xinghai" data intelligence platform, promoting deep integration of proprietary, open-source, and third-party data sets [6] - The MaaS layer will see improvements in the capabilities of the "Xingchen" large model, focusing on complex reasoning and lightweight, low-cost deployment [6] Group 2: AI Market Trends and Challenges - 2023 is highlighted as the year of large-scale AI application, driven by new open-source AI technologies like DeepSeek that lower the barriers for computing power and algorithms [6] - The market is increasingly focusing on data and applications, reflecting a shift in priorities within the AI landscape [6] Group 3: AI Security Governance - AI security governance is deemed essential due to the unprecedented opportunities and risks posed by new technologies, including cultural bias, sensitive information leaks, and risks of model misalignment [6][7] - China Telecom plans to establish a comprehensive protection system covering infrastructure, data, content, algorithms, and applications to enhance data security [7] - A three-tier security risk classification system will be implemented, covering over 10 billion tokens, to improve code scanning, auditing, and tracing capabilities [7]

Group 1 - The core point of the article is the announcement of the "Xirang" integrated intelligent computing platform, which currently has a total computing power of 62 EFLOPS [1] - The platform consists of 35 EFLOPS of self-owned computing power and 27 EFLOPS of cooperative computing power [1] - There are 18 intelligent computing centers established in various cities and industries [1]

证券代码：601728 证券简称：中国电信 公告编号：2025-017 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 股东大会召开日期：2025年5月21日 ● 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会、2025年第一次A股类别股东会和2025年第一次H股类别股东会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025年5月21日 上午10点整 召开地点：香港金钟道88号太古广场香港JW万豪酒店三楼宴会厅 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会召开当日的交易时间 段，即9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票平台的 ...