CHINA TELECOM(601728)2025-03-25 09:30Financial Performance - In 2024, China Telecom reported a revenue of approximately CNY 523.57 billion, representing a 3.1% increase from CNY 507.84 billion in 2023[26]. - The net profit attributable to shareholders reached CNY 33.01 billion, an increase of 8.4% compared to CNY 30.45 billion in 2023[26]. - The basic earnings per share for 2024 was CNY 0.36, up 8.4% from CNY 0.33 in 2023[27]. - The total assets of China Telecom at the end of 2024 were CNY 866.63 billion, reflecting a 3.7% increase from CNY 835.81 billion in 2023[26]. - The cash flow from operating activities for 2024 was CNY 145.27 billion, a 4.8% increase from CNY 138.62 billion in 2023[26]. - The company's total revenue for 2024 reached RMB 523.6 billion, representing a year-on-year growth of 3.1%, with service revenue at RMB 482 billion, up 3.7%[36]. - The company reported a net profit of CNY 8.60 billion in Q1 2024, with a total revenue of CNY 134.49 billion for the same period[29]. - In Q2 2024, the net profit attributable to shareholders was CNY 13.21 billion, with revenue of CNY 131.48 billion[29]. - The net profit for Q3 2024 was CNY 7.49 billion, with revenue of CNY 125.99 billion[29]. - The company recorded a net profit of CNY 3.71 billion in Q4 2024, with revenue of CNY 131.60 billion[29]. Dividend Policy - The proposed cash dividend for 2024 is RMB 0.0927 per share, totaling approximately RMB 8.483 billion, which represents 72% of the net profit attributable to shareholders for the year[6]. - The total cash dividends for 2024, including the interim dividend of RMB 0.1671 per share, will amount to RMB 23.774 billion[6]. - The profit distribution plan is subject to approval at the 2024 annual general meeting of shareholders[7]. - The company aims to increase cash distributions to shareholders to over 75% of the annual net profit within three years starting from 2024[6]. - The company plans to distribute 72% of its net profit as cash dividends, with a total dividend per share of RMB 0.2598, marking an 11.4% increase year-on-year[38]. Audit and Compliance - The company has received a standard unqualified audit opinion from KPMG Huazhen[5]. - The company has committed to ensuring the authenticity, accuracy, and completeness of the annual report[5]. - There are no non-operating fund occupations by controlling shareholders or related parties[9]. - The company will not update forward-looking statements regarding its future performance and financial condition[8]. - The company has not reported any changes in shareholding for its executives during the reporting period[140]. - The company has not faced any penalties from securities regulatory authorities in the past three years[156]. Research and Development - R&D expenses increased by 11.3%, supporting advancements in core technologies such as cloud computing and quantum communication[41]. - The company invested RMB 17.792 billion in R&D, with an intensity of 3.4%, an increase of 0.2 percentage points from last year[99]. - The number of R&D personnel reached 43,255, making up 15.58% of the total workforce[98]. - The company has set up specialized research institutes in cloud computing, artificial intelligence, and quantum technology, and established its first overseas research institution in Singapore[77]. - The company aims to enhance its technological innovation capabilities and product R&D to keep pace with the rapid growth in AI and cloud services[126]. Market Expansion and Business Growth - The company achieved international business revenue of RMB 16.9 billion, representing a year-on-year growth of 15.4%[71]. - The company plans to expand its digital economy and government services, targeting rapid development in industrial digitalization[124]. - The company is exploring potential mergers and acquisitions to enhance its service offerings and customer base[144]. - The company is actively adapting to market trends and enhancing its technological innovation capabilities to maintain competitive advantages[125]. - The company aims to improve operational efficiency, targeting a 15% reduction in costs through digital transformation initiatives[144]. Governance and Management - The company has implemented a dual-layer governance structure, holding 2 shareholder meetings and 13 board meetings in 2024[134]. - The company has received multiple accolades for its governance, including recognition as one of the "Most Admired Companies in Asia" for 14 consecutive years[136]. - The company emphasizes the importance of risk management and internal control systems to ensure stable operations[133]. - The company has authorized the board to decide on the annual cap for continuing connected transactions for 2025-2027[138]. - The company has established a remuneration committee to propose salary policies for directors and senior management[151]. Environmental and Social Responsibility - The company invested 215.315 million yuan in environmental protection during the reporting period[185]. - The company reduced carbon emissions by 15.3 million tons through various green initiatives, including the upgrade of communication infrastructure and collaboration with renewable energy enterprises[188]. - The company made a total contribution of 259.5463 million yuan to public welfare projects during the reporting period[191]. - The company is actively promoting green solutions and services, including carbon accounts and carbon footprint products, to support high-energy-consuming industries in their green transformation[189]. - The company has committed to long-term support for specific counties, achieving record high performance in key indicators[194].