中国铁塔(00788) - 2024 - 中期业绩

Financial Performance - The company's operating revenue reached RMB 48.247 billion, a year-on-year increase of 3.8%[3] - EBITDA amounted to RMB 33.045 billion, reflecting a 3.2% year-on-year growth, with an EBITDA margin of 68.5%[3] - Profit attributable to shareholders was RMB 5.330 billion, up 10.1% year-on-year, resulting in a net profit margin of 11.0%[3] - Cash flow from operating activities improved significantly, totaling RMB 32.830 billion, an increase of RMB 21.275 billion year-on-year[3] - Free cash flow reached RMB 19.101 billion, up RMB 20.368 billion year-on-year[3] - The group's operating revenue for the six months ended June 30, 2024, was RMB 48,247 million, an increase of 3.8% from RMB 46,461 million in the same period of 2023[14] - The operating profit for the same period was RMB 8,146 million, up 9.9% from RMB 7,414 million year-on-year[14] - The net profit attributable to shareholders for the six months ended June 30, 2024, was RMB 5,330 million, representing a 10.1% increase compared to RMB 4,841 million in the previous year[14] - Basic earnings per share for the period was RMB 0.0305, compared to RMB 0.0277 in the previous year, indicating a growth of 10.09%[27] Revenue Breakdown - Revenue from the tower business was RMB 37.957 billion, a year-on-year increase of 1.3%[5] - Revenue from indoor distributed antenna systems (室分) was RMB 4.164 billion, showing a significant growth of 21.6% year-on-year[6] - In the first half of 2024, the company's two wings business achieved revenue of RMB 6.005 billion, accounting for 12.4% of total revenue, an increase of 0.9 percentage points year-on-year[7] - The intelligent connection business generated revenue of RMB 3.982 billion, a year-on-year growth of 17.6%, with the tower visual connection business contributing RMB 2.509 billion, representing 63.0% of the intelligent connection revenue[7] - The energy business reported revenue of RMB 2.023 billion, a year-on-year increase of 2.4%, with the tower battery swap business accounting for RMB 1.163 billion, or 57.5% of the energy business revenue[8] - Revenue from the three major telecom operators in China accounted for 87.9% of total revenue, slightly down from 89.0% in the previous year[22] Assets and Liabilities - Total assets reached RMB 316.747 billion, with interest-bearing liabilities of RMB 85.985 billion, resulting in a net debt leverage ratio of 29.4%, down 2.0 percentage points from the end of last year[3] - The total assets as of June 30, 2024, amounted to RMB 316,747 million, a decrease from RMB 326,007 million at the end of 2023[16] - Non-current assets were RMB 240,527 million, down from RMB 247,924 million at the end of 2023[15] - The total liabilities decreased to RMB 120,259 million from RMB 128,313 million at the end of 2023[16] - As of June 30, 2024, the company's total assets were RMB 316.747 billion, with total liabilities of RMB 120.259 billion, resulting in a debt-to-asset ratio of 38.0%, a decrease of 1.4 percentage points from the beginning of the year[51] Capital Expenditures and Cash Flow - Capital expenditures in the first half of the year amounted to RMB 13.729 billion, an increase of 7.1% year-on-year, with site construction and shared renovation capital expenditures reaching RMB 8.035 billion, up 18.1%[50] - The net cash flow from operating activities for the first half of the year was RMB 32.830 billion, an increase of RMB 21.275 billion year-on-year, while free cash flow was RMB 19.101 billion, up RMB 20.368 billion[50] Dividends and Shareholder Returns - The company plans to distribute an interim dividend of RMB 0.01090 per share, with a commitment to distribute no less than 75% of the annual distributable profits in cash[3][4] - The company proposed an interim dividend of RMB 0.01090 per share for the six months ended June 30, 2024, totaling approximately RMB 1,905 million[29] - The company will distribute a proposed interim dividend for 2024, subject to a 10% corporate income tax withholding for H-share non-resident shareholders[56] Corporate Governance and Management - The board welcomed Mr. Chen Li as the new executive director and general manager, highlighting his extensive management experience in the telecommunications industry[12] - The company is committed to high levels of corporate governance and has taken measures to comply with relevant regulations following recent board changes[53] Strategic Focus and Future Plans - The company is focusing on key technology breakthroughs and has established a list of ten major tasks for future industries and intelligent operations, enhancing its R&D efforts[9] - The company is building six major technology innovation centers, focusing on key areas such as 5G/6G, IoT, and edge computing[9] - The company aims to enhance its core competitiveness and continue to create greater returns for shareholders, customers, and society[11] - The company plans to leverage opportunities from 5G-A deployment and the "dual gigabit" network initiative to drive stable growth in its operator business[11] - The company is focusing on expanding its electric vehicle battery swap business and enhancing customer service experience to maintain market leadership[12] Social Responsibility - The company emphasizes the importance of social responsibility and has been actively involved in green development initiatives and disaster response efforts[10] Legal and Compliance - The company has not engaged in any major litigation or arbitration during the reporting period, indicating a stable legal standing[54]