中国电信(00728) - 2024 - 中期业绩

Financial Performance - The company's operating revenue for the first half of 2024 was RMB 268 billion, a year-on-year increase of 2.8%, with service revenue reaching RMB 246.2 billion, up 4.3%[2] - EBITDA for the period was RMB 76.8 billion, reflecting a year-on-year growth of 4.7%, while net profit was RMB 21.8 billion, an increase of 8.2%, resulting in basic earnings per share of RMB 0.24[4] - The company reported a net increase of 9.08 million mobile users, bringing the total to 417 million, with mobile ARPU at RMB 46.3[5] - The board decided to continue paying an interim dividend for 2024, distributing over 70% of the company's net profit attributable to shareholders, equating to RMB 0.1671 per share, a 16.7% increase year-on-year[2] - The company reported a basic and diluted earnings per share of RMB 0.24 for the six months ended June 30, 2024, compared to RMB 0.22 in the same period of 2023[27] - The net profit attributable to shareholders for the six months ended June 30, 2024, was RMB 21,812 million, compared to RMB 20,153 million in 2023, reflecting an increase of approximately 8.2%[27] Revenue Breakdown - Mobile communication service revenue reached RMB 105.2 billion, growing 3.6% year-on-year, with mobile value-added and application revenue at RMB 18.1 billion, up 17.1%[5] - Fixed-line and smart home service revenue amounted to RMB 64 billion, a year-on-year increase of 3.2%, with smart home business revenue at RMB 10.7 billion, growing 14.4%[5] - Industry digitalization revenue reached RMB 73.7 billion, a year-on-year increase of 7.2%, accounting for 30.0% of service revenue, up 0.8 percentage points[5] - Tianyi Cloud revenue was RMB 55.2 billion, reflecting a significant year-on-year growth of 20.4%[5] Capital Expenditure and Cash Flow - Capital expenditure for the first half of 2024 was RMB 47.2 billion, with free cash flow amounting to RMB 15.5 billion[4] - The company aims to gradually increase the cash distribution of profits to over 75% of the net profit attributable to shareholders within three years starting from 2024[5] Research and Development - The company achieved a 12.5% year-on-year increase in R&D expenses, focusing on key technological advancements in networking, cloud integration, AI, and quantum security[8] - The R&D personnel increased by 15.3% compared to the end of last year, surpassing 10,000 specialists in key technology areas[8] - The company reported a 40.4% year-on-year growth in self-developed technology achievements, with self-developed IT systems and business platforms accounting for 50.4% of total systems[9] Technological Advancements - The company launched the first global satellite service for direct vehicle connectivity, enhancing its product offerings in the automotive sector[6] - The company is advancing its 5G NICES Pro+ integrated product system, significantly reducing network construction and operational costs for industrial clients[6] - The company has completed the first industry-wide verification of a distributed lossless computing network over 100 kilometers, showcasing its technological leadership[9] - The company is actively promoting smart city development through over 110 digital platform capabilities, enhancing governance in various sectors[7] Corporate Governance and Recognition - The company has been recognized for its corporate governance, receiving accolades such as "Asia's Most Admired Company" for 14 consecutive years and being rated as the "Best Telecom Company in Asia" by Institutional Investor[21] - The company has been recognized with an A-level rating for three consecutive years in the State-owned Assets Supervision and Administration Commission's evaluation of key reform tasks[11] Social Responsibility and Sustainability - The company has enhanced its social responsibility by providing communication support for significant events and utilizing satellite communication and drones for disaster relief during natural disasters[20] - The company is committed to green low-carbon development, with a target to maintain a double-digit reduction in carbon emissions from telecom business volume in the first half of 2024[19] - The company has established 12 new national green data centers, the highest in the industry, and has accelerated the green transformation of traditional communication buildings[19] Future Plans and Strategic Initiatives - The company plans to continue expanding its digital services, with a focus on cloud services and digital platforms, to drive future revenue growth[33] - The company is focusing on cloud computing, artificial intelligence, and big data as part of its strategy to drive innovation and transformation in the telecommunications sector[22] - The company aims to strengthen its core technology capabilities and accelerate the application of technological achievements to enhance enterprise value[23] Dividend Distribution - The company plans to distribute an interim dividend of RMB 0.1671 per share, totaling approximately RMB 15,291 million for the six months ended June 30, 2024[47] - The interim dividend is expected to be paid on or before October 18, 2024, to shareholders listed on the H-share register as of September 10, 2024[52] - A 10% corporate income tax will be withheld for non-resident H-share shareholders when distributing the interim dividend[54] Financial Position - As of June 30, 2024, total assets amounted to RMB 870,991 million, an increase from RMB 835,814 million as of December 31, 2023, representing a growth of approximately 4.2%[28] - Total liabilities reached RMB 410,317 million, up from RMB 388,647 million, which is an increase of about 5.5%[29] - The company's net current liabilities improved to RMB (128,054) million from RMB (135,573) million, showing a reduction of approximately 5.6%[29]