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]

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 10.73 billion yuan in 2024 to 17.44 billion yuan in 2027 [9][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 97.77 billion yuan in 2024, with a growth rate of 4%, and a net profit of 10.73 billion yuan, reflecting a 10% increase [9][15] - For the first three quarters of 2025, the company achieved a revenue of 74.32 billion yuan, up 2.6%, and a net profit of 8.71 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 11.63 billion yuan in 2025 and 16.10 billion yuan in 2026, driven by the completion of depreciation on existing towers [9][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]

Core Viewpoint - The article highlights the challenges of air pollution management in the context of rapid economic development and urbanization in China, emphasizing the need for advanced monitoring solutions. China Tower is transforming traditional communication towers into "digital towers" using an innovative model that integrates drones and AI for comprehensive ecological monitoring [1][2]. Group 1: Resource Advantages - China Tower operates over 2.1 million communication towers, strategically located in urban areas, towns, industrial parks, and along transportation routes, which are being upgraded to "digital towers" that combine video surveillance, data collection, and environmental sensing [2][3]. Group 2: Technological Integration - The collaboration of "tower + drone + AI" enables a full-process refined regulatory loop, enhancing environmental pollution management through automated inspections, anomaly detection, and precise location identification [3][4]. - The system utilizes high-precision particulate monitoring drones that conduct automated three-dimensional grid inspections, collecting real-time pollution concentration data and video footage [4]. Group 3: Application and Impact - The technology has been implemented in various provinces, including Zhejiang, Anhui, Hebei, Shandong, Shanghai, and Sichuan, providing services such as straw burning supervision and air quality monitoring [3][5]. - In Shanghai, a significant urban area, the technology addresses the challenges of dust pollution from construction sites, enhancing monitoring efficiency and response times [3][4]. Group 4: Future Outlook - China Tower aims to expand its services across multiple environmental monitoring fields, including air, water, noise, and carbon, while contributing to the modernization of ecological governance systems in line with national objectives [5].

Core Viewpoint - The article highlights the transformation of Jishan Island, focusing on the improvement of communication infrastructure and its impact on the local community and connections with Taiwan [1][3][10]. Group 1: Island Overview - Jishan Island, located in Taizhou, Zhejiang, covers an area of 1.57 square kilometers and has a registered population of approximately 6,000, with around 600 residents currently living on the island [1]. - The island has seen a significant migration of its residents to the mainland, with only about 600 people remaining, including around 50 to 60 Taiwanese compatriots [1]. Group 2: Communication Development - The installation of new communication infrastructure, including one 5G base station and two 4G base stations, has significantly improved mobile signal quality on the island [5][6]. - Prior to the upgrades, the island had only four base stations, leading to poor signal quality, especially during adverse weather conditions [5]. Group 3: Community Impact - Enhanced communication has allowed for more frequent and meaningful interactions between island residents and their relatives in Taiwan, with video calls becoming a regular occurrence [3][10]. - The improved network has facilitated cultural exchanges, such as live streaming traditional festivals, allowing Taiwanese relatives to participate virtually [10][11]. Group 4: Economic Opportunities - The better communication infrastructure has attracted new business opportunities, including the establishment of homestays, cafes, and cultural tourism projects, contributing to the island's economic development [11]. - The presence of tourists has increased, with visitors actively engaging in local commerce and enjoying the island's offerings [11].

Core Insights - China Tower's operational data for the first three quarters of 2025 shows growth in both scale and quality, despite the data not being audited yet [1] Financial Performance - Revenue for the quarter reached 74.319 billion yuan, a 2.6% increase year-on-year. Net profit was 8.708 billion yuan, up 6.8%, indicating improved profitability as profit growth outpaced revenue growth [3] - The operator business, which is the company's core, generated 63.432 billion yuan, a 0.5% increase year-on-year. Tower business revenue was 56.509 billion yuan, slightly down 0.7%, while indoor distribution business revenue was 6.923 billion yuan, showing a strong growth of 11.3% [3] Strategic Framework - China Tower's strategy is defined as "one body, two wings," with the core being the operator business and the wings being smart connection and energy businesses [5] - The company has improved resource utilization efficiency through a sharing model, with the sharing rate of newly built towers increasing from 14.3% at inception to 85% currently. Over 95% of 5G base station construction has been achieved through shared resources, saving the industry over 210 billion yuan in investments [5] Growth Drivers - The growth momentum is primarily driven by the smart connection and energy businesses, which generated 7.093 billion yuan and 3.424 billion yuan in revenue, respectively, with year-on-year growth rates of 16.8% and 11.5%. These two segments now account for 14.2% of total revenue, up from 12.6% a year ago [7] - The smart connection business is crucial for the company's transformation, with over 237,000 communication towers upgraded to "digital towers" serving various sectors such as land, environmental protection, forestry, and water conservancy [7] Innovation and Development - At the World Artificial Intelligence Conference, China Tower unveiled its AI strategy and innovations, including the Tower Vision platform and specialized algorithms, integrating "Tower + Big Data + AI" to enhance capabilities across industries [9] - In the energy sector, the company focuses on battery swapping and backup power, with approximately 1.47 million battery swap users as of June 30, 2025, reflecting a year-on-year increase of 166,000 users, maintaining a leading position in the low-speed electric vehicle battery swap market [9] Transformation and Future Outlook - Over the years, China Tower has deepened reforms, transitioning from a "communication tower" to a "digital tower," and is actively developing in new areas such as computing networks, low-altitude economy, and artificial intelligence [11] - The company's ambition and determination for transformation are evident in both financial data and strategic positioning, aiming to become a key provider of new infrastructure in the construction of a digital China [11]

Core Viewpoint - UBS reports that China Tower (00788) experienced a year-on-year revenue, EBITDA, and net profit growth of 2.1%, 0.4%, and 4.5% respectively, which fell short of market expectations by approximately 1% to 3% due to reduced tower revenue, increased maintenance costs, and credit impairment [1] Financial Performance - China Tower's Q3 revenue growth was 2.1% year-on-year, while EBITDA and net profit grew by 0.4% and 4.5% respectively, indicating a slight underperformance compared to market forecasts [1] - The company has adjusted its profit forecasts for 2025 to 2028 downwards by 4% to 19% due to lowered revenue expectations and increased operating expense forecasts [1] Target Price and Rating - UBS has reduced the target price for China Tower from HKD 15 to HKD 13.5 while maintaining a "Buy" rating [1] Accounting Changes - China Tower has extended the depreciation period for its DAS assets from 7 years to 10 years, which is expected to reduce depreciation expenses by approximately RMB 870 million this year [1] - This accounting change is anticipated to support the company's net profit and help maintain stable dividend growth amid macroeconomic headwinds [1]