Financial Performance - The company's operating revenue reached RMB 150,000 million, an increase of 0.9% year-on-year[5]. - Net profit amounted to RMB 3,607 million, reflecting a year-on-year growth of 0.6%[5]. - Gross profit margin was 11.7%, up by 0.1 percentage points, marking three consecutive years of steady improvement[5]. - Free cash flow increased by 20.4% to RMB 5,214 million[5]. - Operating revenue for the year ended December 31, 2024, was RMB 150,000,103 thousand, a slight increase from RMB 148,614,676 thousand in 2023, representing a growth of approximately 0.26%[33]. - Gross profit for 2024 was RMB 17,596,221 thousand, compared to RMB 17,257,250 thousand in 2023, indicating a growth of about 1.97%[33]. - Net profit attributable to shareholders for 2024 was RMB 3,606,861 thousand, up from RMB 3,584,391 thousand in 2023, reflecting an increase of approximately 0.62%[33]. - Basic/diluted earnings per share for 2024 was RMB 0.521, compared to RMB 0.518 in 2023, showing a growth of about 0.58%[33]. - The company reported a total comprehensive income of RMB 4,510,635 thousand for 2024, compared to RMB 3,831,304 thousand in 2023, marking an increase of approximately 17.7%[34]. Revenue Breakdown - Revenue from domestic telecom operators grew by 2.3% to RMB 83,603 million despite a general decline in CAPEX investment[10]. - Revenue from overseas markets surged by 22.3% to RMB 4,228 million, driven by the "Belt and Road" initiative[12]. - Revenue from application, content, and other services grew by 8.4% to RMB 31,369 million, accounting for 20.9% of total operating revenue[9]. - Revenue from telecommunications infrastructure services was RMB 75,172,237 thousand in 2024, slightly down from RMB 76,136,756 thousand in 2023, a decrease of approximately 1.27%[42]. - Revenue from application, content, and other services increased to RMB 31,368,848 thousand in 2024 from RMB 28,927,306 thousand in 2023, reflecting a growth of about 8.43%[42]. - Revenue from domestic non-operator customer market was RMB 62,169 million, a year-on-year decrease of 2.0%[62]. - Revenue from business process outsourcing services was RMB 43,459 million, remaining stable compared to RMB 43,551 million in 2023[66]. Contracts and Projects - New contract value in strategic emerging industries increased by over 30%[5]. - The company has signed new contracts in strategic emerging businesses, with a total new contract amount increasing by over 30% year-on-year, accounting for 37% of total new contracts, which is an increase of approximately 7 percentage points from the previous year[14]. - In the digital infrastructure sector, the company undertook around 20 large-scale projects with new contract amounts growing over 30% in this area[15]. - In the green low-carbon sector, the new contract amount increased by over 25%, focusing on energy, industrial manufacturing, and transportation[16]. - The smart city sector saw new contract amounts grow by over 40%, emphasizing urban renewal and digital transformation across various industries[17]. - In the emergency safety sector, the new contract amount increased by over 30%, with a focus on public safety governance and network information security capabilities[18]. Research and Development - The company has developed over 40 products worth millions, with 12 comprehensive solutions implemented in over 50% of provinces nationwide, enhancing operational efficiency[20]. - The company holds over 3,900 authorized patents and more than 10,500 software copyrights, maintaining a strong position in the software and information technology services sector[20]. - The company is actively involved in the development of key technologies in 5G-A, blockchain, and artificial intelligence, aiming to create innovative products and platforms[20]. - Research and development expenses for 2024 were RMB 5,568 million, a slight increase of 0.3% from RMB 5,552 million in 2023, representing 3.7% of operating revenue[78]. Corporate Governance and Recognition - The group has received multiple awards for its corporate governance, including "Best CEO" and "Best CFO" in the "2024 Annual Asia Best Managed Companies" awards[28]. - The group ranked 1,429th in the "2024 Forbes Global 2000" list, indicating its recognition in the capital market[28]. - The group has been included in the "Hang Seng Sustainable Development Corporate Benchmark Index" for three consecutive years, reflecting its strong performance in sustainable development[24]. Sustainability and Social Responsibility - The group is committed to green low-carbon development and has developed a green low-carbon plan in response to the national "dual carbon" strategy[24]. - The group is actively participating in rural revitalization and improving livelihoods through projects in digital rural development and smart agriculture[27]. - The group aims to enhance core competitiveness by leveraging new technologies such as big data, cloud computing, artificial intelligence, and quantum communication, focusing on high-quality product and service delivery[22]. - The group has invested approximately 150,000 person-times in disaster relief communication support throughout the year, ensuring communication during major disasters[25]. Financial Position and Cash Flow - Total assets as of December 31, 2024, amounted to RMB 136,617,576 thousand, an increase from RMB 121,789,750 thousand in 2023, representing a growth of approximately 12.16%[35]. - Total liabilities increased to RMB 90,004,424 thousand in 2024 from RMB 78,122,049 thousand in 2023, indicating a rise of about 15.67%[36]. - The company's cash and cash equivalents decreased to RMB 19,638,036 thousand in 2024 from RMB 22,914,865 thousand in 2023, a decline of about 14.9%[35]. - The net cash outflow for 2024 was RMB 3,286 million, a decrease of RMB 4,124 million compared to a net inflow of RMB 838 million in 2023[84]. - Cash generated from operating activities in 2024 was RMB 6,221 million, an increase of RMB 865 million from RMB 5,356 million in 2023[85]. Dividend and Shareholder Information - The board proposed a final dividend of RMB 0.2187 per share, with a payout ratio of 42%[7]. - The dividend will be paid to shareholders listed on the H-share register as of July 7, 2025, with a suspension of share transfer registration from July 2 to July 7, 2025[99]. - The company will withhold a 10% income tax for overseas individual shareholders from Hong Kong or Macau when distributing dividends[101]. - For overseas non-resident corporate shareholders, a 10% corporate income tax will be withheld on dividends distributed[102]. - The annual report for the year ending December 31, 2024, will be sent to shareholders and published on the Hong Kong Stock Exchange website and the company's website[104].
中国通信服务(00552) - 2024 - 年度业绩