Group 1 - The core viewpoint of the report is that China Communication Services (00552.HK) achieved a net profit growth of 0.2% year-on-year to 2.13 billion RMB in the first half of the year, which met expectations, while total revenue increased by 3.4% year-on-year to 76.94 billion RMB, exceeding expectations [1] - The gross profit margin decreased by 0.6 percentage points to 10.3%, primarily due to clients' ongoing efforts to reduce costs in key capital investment projects' design and construction [1] - The target price for the stock has been raised to 5.15 HKD, and the earnings forecasts for 2025 to 2027 have been adjusted, with a reiteration of the "Buy" rating [1] Group 2 - As of August 22, 2025, China Communication Services (00552.HK) closed at 4.83 HKD, down 0.62%, with a trading volume of 23.52 million shares and a turnover of 112 million HKD [1] - The stock has received strong buy recommendations from two investment banks in the past 90 days, with an average target price of 5.5 HKD [1] - The company ranks 5th in the telecommunications industry with a market capitalization of 11.622 billion HKD [1] Group 3 - Key performance indicators for China Communication Services compared to the telecommunications industry average are as follows: ROE at 7.87% (industry average -32.69%), revenue at 152.527 billion HKD (industry average 217.662 billion HKD), and net profit margin at 2.87% (industry average 4.24%) [2] - The company has a gross profit margin of 10.25% compared to the industry average of 43.26%, and a debt ratio of 65.53% against the industry average of 49.09% [2]

Core Viewpoint - China Communication Services (00552) reported a net profit growth of 0.2% year-on-year to 2.13 billion RMB, meeting expectations, while total revenue increased by 3.4% year-on-year to 76.94 billion RMB, exceeding expectations [1] Financial Performance - Net profit for the first half of the year reached 2.13 billion RMB, reflecting a slight increase of 0.2% compared to the previous year [1] - Total revenue amounted to 76.94 billion RMB, showing a year-on-year growth of 3.4%, which was higher than anticipated [1] - Gross margin decreased by 0.6 percentage points to 10.3%, primarily due to clients' ongoing efforts to reduce costs in key capital investment projects [1] Future Outlook - The target price for the stock has been raised to 5.15 HKD, with adjustments made to the profit forecasts for 2025 to 2027, maintaining a "Buy" rating [1] - The company is expected to benefit from strong demand for digital infrastructure construction, with non-telecom and international business revenue increasing by 12.6% year-on-year [1] - Anticipation of a significant acceleration in capital expenditure from telecom operators in the second half of the year, driven by the ramp-up of local GPU manufacturers in China [1]

智通财经APP获悉，中银国际发布研报称，中国通信服务(00552)上半年净利润同比增长0.2%至21.3亿元 人民币，符合预期，总收入同比增长3.4%至769.4亿元人民币，高出预期。毛利率同比下降0.6个百分点 至10.3%，主要由于客户持续推动重点资本投资项目的设计与施工降本。该行表示，将其目标价上调至 5.15港元，同时调整集团2025至2027年盈利预测，重申其评级为"买入"。 该行表示，受益于数字基础设施建设需求旺盛，非电信及国际业务收入同比增长12.6%，并预计随着多 间中国本地GPU厂商加速量产，下半年电信营运商资本开支将明显提速。 ...

集团的三大客户市场稳健发展。其中，集团抢抓人工智能技术变革拉动的算力市场空间，承接多个智算 中心建设和数据中心改造项目，来自国内非电信运营商集客市场收入显著增长。来自国内非电信运营商 集客市场和海外市场的合计收入，占经营收入比重首次超过一半。 本文源自：智通财经网 智通财经获悉，中国通信服务(00552)绩后跌近4%，截至发稿，跌3.7%，报4.68港元，成交额2157.77万 港元。 消息面上，8月21日，中国通信服务发布截至2025年6月30日止6个月业绩，该集团期内取得经营收入 769.39亿元(人民币，单位下同)，同比增加3.4%；股东应占溢利21.29亿元，同比增加0.18%；每股基本 盈利0.307元。 公告称，集团经营业绩稳定增长，经营收入较2024年上半年增长3.4%，其中服务收入实现人民币749.81 亿元，较2024年上半年人民币728.55亿元增长2.9%。 ...

中国通信服务(00552)绩后跌近4%，截至发稿，跌3.7%，报4.68港元，成交额2157.77万港元。 消息面上，8月21日，中国通信服务发布截至2025年6月30日止6个月业绩，该集团期内取得经营收入 769.39亿元(人民币，单位下同)，同比增加3.4%；股东应占溢利21.29亿元，同比增加0.18%；每股基本 盈利0.307元。 集团的三大客户市场稳健发展。其中，集团抢抓人工智能技术变革拉动的算力市场空间，承接多个智算 中心建设和数据中心改造项目，来自国内非电信运营商集客市场收入显著增长。来自国内非电信运营商 集客市场和海外市场的合计收入，占经营收入比重首次超过一半。 公告称，集团经营业绩稳定增长，经营收入较2024年上半年增长3.4%，其中服务收入实现人民币749.81 亿元，较2024年上半年人民币728.55亿元增长2.9%。 ...

智通财经APP获悉，中国通信服务(00552)绩后跌近4%，截至发稿，跌3.7%，报4.68港元，成交额 2157.77万港元。 消息面上，8月21日，中国通信服务发布截至2025年6月30日止6个月业绩，该集团期内取得经营收入 769.39亿元(人民币，单位下同)，同比增加3.4%；股东应占溢利21.29亿元，同比增加0.18%；每股基本 盈利0.307元。 集团的三大客户市场稳健发展。其中，集团抢抓人工智能技术变革拉动的算力市场空间，承接多个智算 中心建设和数据中心改造项目，来自国内非电信运营商集客市场收入显著增长。来自国内非电信运营商 集客市场和海外市场的合计收入，占经营收入比重首次超过一半。 公告称，集团经营业绩稳定增长，经营收入较2024年上半年增长3.4%，其中服务收入实现人民币749.81 亿元，较2024年上半年人民币728.55亿元增长2.9%。 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for China Communication Services [3]. Core Views - The company reported a revenue of RMB 76,939 million for the first half of 2025, representing a year-on-year growth of 3.4%, while net profit increased by 0.2% to RMB 2,129 million [1]. - The company is experiencing strong momentum in emerging businesses, particularly in digital infrastructure, green low-carbon initiatives, and smart city projects, with new contracts in strategic emerging industries accounting for over 40% of total new contracts [6]. - The report highlights the company's focus on leveraging opportunities in the digital economy and artificial intelligence, with new contracts in digital infrastructure exceeding RMB 12 billion, reflecting a year-on-year growth of over 20% [6]. Financial Data and Valuation - Total revenue projections for the upcoming years are as follows: RMB 149,139 million in 2023, RMB 150,536 million in 2024, and RMB 154,438 million in 2025, with expected growth rates of 6%, 1%, and 3% respectively [2]. - The company's net profit is projected to be RMB 3,584 million in 2023, increasing to RMB 3,731 million in 2025, with corresponding growth rates of 7%, 1%, and 3% [2]. - The report provides a PE ratio forecast of 8.6 for 2023, decreasing to 7.5 by 2027, indicating a potentially attractive valuation [2][13]. Stock Performance - The current stock price is HKD 4.86, with a total market capitalization of HKD 33.7 billion [3]. - The stock has shown an absolute performance of 6% over the past month, 3% over six months, and 22% over the past year [5]. Business Segments - The report details three main business segments: - Telecommunications Infrastructure Services (TIS) generated RMB 38,272 million in revenue, a 1.6% increase, accounting for 49.7% of total revenue [6]. - Business Process Outsourcing (BPO) revenue was RMB 22,383 million, up 1.0%, representing 29.1% of total revenue [6]. - Application, Content, and Other Services (ACO) saw a significant growth of 11.7% to RMB 16,284 million, making up 21.2% of total revenue [6].

上半年，中国通信服务三大业务板块均保持向好态势。其中，电信基建服务收入382.72亿元，同比增长1.6%；业务流程外判服务收入223.83亿元，同比增长 1.0%；应用、内容及其他服务收入162.84亿元，同比增长11.7%。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 黎灵希）8月21日，港股上市公司中国通信服务披露2025年上半年业绩。报告期内，公司实现经营收入769.39亿元（人民币，以 下同），同比增长3.4%；净利润21.29亿元，同比增长0.2%。 中国通信服务2025年中期业绩发布会现场，图片为公司提供 中国通信服务董事长栾晓维表示，公司坚定"新一代综合智慧服务商"定位，坚持以客户为中心，强化科技创新引领，全面拥抱人工智能，进一步全面深化改 革，因地制宜发展新质生产力。同时，公司积极布局新兴市场，聚焦智算中心、智慧运维、新能源等领域，不断创新业务模式，打造兼具规模和效益的行业 领先产品，建立核心客户与核心生态，增强发展新动能。 报告期内，中国通信服务发挥能力优势，三大客户市场稳健发展。在国内电信运营商市场，公司坚持用高质量交付稳固传统业务基本盘，同时聚焦运营商客 户转型需求，推动从传 ...

中国通信服务(00552.HK)今天在香港举行2025年中期业绩发布会。报告期内，实现经营收入769.4亿元(人民币，下同)，同比增长3.4%；归属于母公司股东的 净利润为21.29亿元，同比增长0.2%。 中国通信服务董事长栾晓维在会上表示，上半年公司新签合同额约1060亿元，其中战略型新兴业务贡献超过420亿元，保持双位数增长。AI应用落地与行业 数字化转型提速，已成为公司增长新动能。 上半年，公司三大业务板块均保持向好态势。其中，电信基建服务收入为382.72亿元，占经营收入比重为49.7%。业务流程外判服务收入为223.83亿元，占 经营收入比重为29.1%。公司紧跟社会数智化浪潮，紧抓人工智能应用场景不断深化，以及千行百业数字化转型步伐加快的机遇，持续强化软件开发和数字 服务能力，应用、内容及其他服务收入保持较快增速，实现162.84亿元，同比增长11.7%，占经营收入比重持续提升，为21.2%，连续多年为收入增长核心驱 动力。 值得一提的是，公司海外市场保持良好发展态势。公司融入"一带一路"建设，积极开发优质区域，持续拓展高价值项目，在提升通信传统业务质量的同时， 向产业数字化、新能源服务等新赛道 ...

Core Insights - China Communication Services Corporation Limited reported a revenue of 76.939 billion RMB for the first half of 2025, representing a year-on-year growth of 3.4% [2] - The net profit for the same period was 2.129 billion RMB, showing a slight increase of 0.2% year-on-year [2] Revenue Breakdown - The revenue from telecommunications infrastructure services was 38.272 billion RMB, which is a year-on-year increase of 1.6%, accounting for 49.7% of total revenue [2] - Revenue from applications, content, and other services reached 16.284 billion RMB, marking an 11.7% year-on-year growth and representing 21.2% of total revenue [2] - Overseas market revenue was 2.151 billion RMB, reflecting an 8.7% year-on-year increase [2] Strategic Initiatives - The Chairman of the company, Luan Xiaowei, emphasized the integration of advanced digital technologies such as artificial intelligence, big data, and computing power, which are driving high-quality development [2] - The company is actively promoting the "AI+" initiative to empower traditional business transformation and enhance integrated delivery capabilities across the entire value chain [2] - There is a focus on developing new growth drivers by actively exploring emerging markets [2]