中国铁塔(00788) - 2024 - 中期财报

Financial Performance - In the first half of 2024, the company's operating revenue reached RMB 48.247 billion, a year-on-year increase of 3.8%[4] - EBITDA for the first half of 2024 was RMB 33.045 billion, reflecting a 3.2% increase, with an EBITDA margin of 68.5%[7] - The profit attributable to shareholders was RMB 5.330 billion, up 10.1% year-on-year, with a net profit margin of 11.0%[7] - Operating cash flow for the first half of 2024 significantly improved to RMB 32.830 billion, an increase of 184.1% compared to the previous year[7] - Capital expenditures amounted to RMB 13.729 billion, a 7.1% increase from the previous year[4] - The operating profit for the first half of 2024 was RMB 8.146 billion, with net profit attributable to shareholders reaching RMB 5.330 billion, reflecting a growth of 10.1% year-on-year[26] - The total comprehensive income for the period was RMB 5,330 million, consistent with the profit for the period, indicating stable performance[37] Revenue Breakdown - The revenue from the operator business was RMB 42.121 billion, growing by 3.0% year-on-year[10] - The revenue from indoor distribution business increased by 21.6% year-on-year, reaching RMB 4.164 billion[11] - In the first half of 2024, the company's two-wing 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[12] - The smart connection business generated revenue of RMB 3.982 billion, a year-on-year growth of 17.6%, with the tower vision business contributing RMB 2.509 billion, representing 63.0% of smart connection revenue[13] - The energy business reported revenue of RMB 2.023 billion, a year-on-year increase of 2.4%, with the battery swap business generating RMB 1.163 billion, accounting for 57.5% of energy business revenue[13] - The tower business generated RMB 37,957 million in revenue, up 1.27% from RMB 37,481 million in the previous year[46] - Major customers, including China Mobile, China Telecom, and China Unicom, contributed RMB 42,403 million, accounting for 87.9% of total revenue, slightly down from 89.0% in the previous year[48] Financial Position - As of June 30, 2024, 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%[28] - The company’s net financial expenses for the first half of 2024 were RMB 1.236 billion, a decrease of 7.9% compared to the previous year[25] - The company reported a decrease in non-current liabilities to RMB 55,015 million from RMB 64,379 million, a reduction of 14.56%[34] - The cash and cash equivalents increased to RMB 4,049 million from RMB 3,955 million at the end of 2023, showing a growth of 2.37%[33] - The company has a total of RMB 65,493 million in borrowings due as of June 30, 2024, compared to RMB 73,115 million as of December 31, 2023, reflecting a decrease of approximately 10.5%[81] 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 profit in cash[8] - The company paid dividends of RMB 6,536 million during the period, reflecting a commitment to returning value to shareholders[39] - The proposed interim dividend for the six months ended June 30, 2024, is RMB 0.01090 per share, totaling approximately RMB 1,905 million[74] - The interim dividend, if approved, is expected to be paid around November 29, 2024[118] Operational Developments - The number of tower sites reached 2.070 million by the end of June 2024, an increase of 24,000 sites from the end of the previous year[10] - The company continues to focus on expanding its tower services and energy business, leveraging its existing infrastructure to enhance service offerings[40] - The company is focusing on key technology breakthroughs in areas such as 5G/6G, IoT, and edge computing, establishing six major technology innovation centers[14] - The company aims to enhance its core competitiveness and create greater returns for shareholders and society in the second half of 2024[16] Corporate Governance - The company has maintained high levels of corporate governance and complied with the Corporate Governance Code during the reporting period[115] - The Audit Committee has reviewed the accounting standards and practices adopted by the company and discussed the financial reporting matters for the six months ended June 30, 2024[114] - The company has adopted a securities trading code for directors and employees that meets or exceeds the standards set by the Stock Exchange[116] Risks and Forward-Looking Statements - The company emphasizes that past performance does not guarantee future results, and any forward-looking statements involve risks and uncertainties[122] - The company will not assume any liability for any forward-looking statements that may not materialize or become incorrect[122]