香港电讯(06823) - 2025 - 中期业绩

Performance Summary H1 2025 Performance Highlights HKT achieved robust H1 2025 growth in key financials, driven by expanding broadband, 5G, and strong enterprise business performance H1 2025 Key Financial and Operational Metrics | Metric | H1 2025 Performance | | :--- | :--- | | Total Revenue | HKD 17.322 billion (4% growth) | | Total Revenue (excluding mobile product sales) | HKD 16.311 billion (4% growth) | | Total EBITDA | HKD 6.380 billion (>3% growth) | | Adjusted Funds Flow | HKD 2.562 billion (3% growth) | | Profit Attributable to Stapled Unitholders | HKD 2.070 billion (4% growth) | | Basic Earnings Per Stapled Unit | 27.32 HK cents | | Interim Distribution Per Stapled Unit | 33.80 HK cents | | Total Fiber-to-the-Home Connections | 1.055 million lines (3% growth) | | 5G Customer Base | 1.894 million (21% growth) | - Enterprise business achieved 11% revenue growth and secured over HKD 2.2 billion in new project orders during the first half[3] Letter to Stapled Unitholders Operating Environment and Overall Performance Despite geopolitical instability and weak local consumption, the company achieved robust 4% total revenue and over 3% EBITDA growth, with adjusted funds flow expected to accelerate Key Financial Performance (H1 2025) | Financial Metric | Amount (HKD) | YoY Growth | | :--- | :--- | :--- | | Total Revenue | 17.322 billion | 4% | | EBITDA | 6.380 billion | >3% | | Adjusted Funds Flow | 2.562 billion | 3% | AI Innovation Drives Growth AI integration across operations enhances efficiency, optimizes costs, and drives productivity, achieving 7% annual cost savings - The company is integrating AI into business operations to deliver superior services, expand enterprise offerings, and optimize internal processes, driving future growth[5] - By reshaping workflows with AI technologies like intelligent automation and predictive analytics, productivity has significantly improved, leading to 7% annual cost savings overall[10] Core Business Growth Drivers Core businesses saw significant 5G and fiber subscriber growth, alongside strong enterprise performance with over HKD 2.2 billion in new orders Key Core Business Metrics | Business Metric | Performance | YoY Growth | | :--- | :--- | :--- | | 5G Mobile Customers | 1.894 million | 21% | | 2.5G Fiber Service Customers | N/A | 141% | - HKT Enterprise Solutions secured new project orders totaling over HKD 2.2 billion in the first half[9] - The company assisted mainland Chinese enterprises in establishing footholds in Southeast Asian markets like Thailand, Malaysia, Indonesia, and Vietnam via SD-WAN solutions[9] Outlook Continued investment in AI innovation and global network connectivity will support Hong Kong's digital economy and create long-term value - The company plans to participate in developing the Pan Asia Express and Asia-Africa-Europe-2 submarine cable systems, expanding its global network through low-earth orbit satellite connectivity[9] - The company is committed to continuous investment in AI innovation to drive HKT's growth and enable customer success[12] Financial and Operational Review Financial Summary The Group achieved 4% revenue growth and over 3% EBITDA increase in H1 2025, with profit attributable to unitholders also rising 4% due to lower finance costs Group Financial Summary | Metric (HKD million) | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 17,322 | 16,669 | 4% | | Total EBITDA | 6,380 | 6,168 | 3% | | Profit Before Tax | 2,712 | 2,334 | 16% | | Adjusted Funds Flow | 2,562 | 2,495 | 3% | Operating Data Summary As of June 2025, total broadband lines slightly increased, postpaid mobile subscribers grew 1%, and The Club membership expanded 3% Key Operating Data | Operating Item (thousand) | June 30, 2025 | June 30, 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Telephone Lines | 2,070 | 2,168 | (5)% | | Total Broadband Lines | 1,657 | 1,646 | 1% | | Mobile Customers | 4,875 | 4,884 | ‒ | | - Postpaid Customers | 3,478 | 3,433 | 1% | | - Prepaid Customers | 1,397 | 1,451 | (4)% | | Installed Pay TV Customers | 1,448 | 1,430 | 1% | | The Club Members | 4,070 | 3,939 | 3% | Segment Performance Both core telecommunications and mobile segments achieved year-on-year revenue and EBITDA growth, driven by local data services, roaming recovery, and 5G upgrades Telecommunications Services Telecommunications services revenue grew 4% to HKD 12.527 billion and EBITDA 3% to HKD 4.421 billion, driven by local data services and strong enterprise business Telecommunications Services Segment Performance | Metric (HKD million) | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Local Telecommunications Services Revenue | 8,714 | 8,289 | 5% | | International Telecommunications Services Revenue | 3,813 | 3,774 | 1% | | Total Telecommunications Services Revenue | 12,527 | 12,063 | 4% | | EBITDA | 4,421 | 4,296 | 3% | - Local data services revenue increased 8% year-on-year to HKD 6.867 billion, primarily driven by broadband and enterprise business growth[18][19] - Fiber-to-the-home (FTTH) connections reached 1.055 million, a 3% year-on-year increase, while the 2.5G service customer base grew 141% year-on-year[20] - Enterprise business local data revenue grew 11% year-on-year, with new orders totaling over HKD 2.2 billion in the first half[21][22] Mobile Mobile business revenue grew 5% to HKD 5.200 billion and EBITDA 5% to HKD 2.412 billion, driven by roaming recovery, 5G upgrades, and enterprise solution demand Mobile Segment Performance | Metric (HKD million) | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Mobile Services Revenue | 4,189 | 3,990 | 5% | | Mobile Product Sales | 1,011 | 986 | 3% | | Total Mobile Revenue | 5,200 | 4,976 | 5% | | EBITDA | 2,412 | 2,302 | 5% | - Total roaming revenue increased 7% year-on-year, with personal outbound roaming revenue reaching 141% of pre-pandemic levels[26] - 5G postpaid subscribers reached 1.894 million, a 21% year-on-year increase, accounting for over 54% of the postpaid customer base[26] - Postpaid ARPU increased to HKD 193 (YoY +1%), with core business postpaid churn remaining low at 0.7%[27] Other Businesses and Cost Analysis Other business revenue slightly increased by 3%, while operating costs excluding depreciation and amortization decreased 4% year-on-year through AI and streamlined structures - Other business revenue increased 3% to HKD 570 million, with The Club membership expanding 3% to 4.07 million members[28] - Cost of sales increased 6% to HKD 9.021 billion due to changes in revenue mix[30] - Operating costs excluding depreciation and amortization decreased 4% year-on-year to HKD 1.921 billion through measures like AI-driven workflow re-engineering[31] Key Financial Metrics Analysis Total EBITDA grew over 3% due to business expansion and cost optimization, while net finance costs significantly decreased 19%, leading to a 4% increase in profit attributable to unitholders - Total EBITDA increased over 3% to HKD 6.380 billion, with the overall EBITDA margin remaining stable at 37%[32] - Net finance costs significantly decreased 19% from HKD 1.092 billion to HKD 885 million[33] - Profit attributable to stapled unitholders increased 4% to HKD 2.070 billion[36] Capital Management and Liquidity Capital Structure and Liquidity As of June 30, 2025, the Group maintained ample liquidity with HKD 1.940 billion cash and HKD 15.973 billion undrawn facilities, alongside investment-grade credit ratings Capital Structure and Liquidity Overview | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Debt | HKD 43.433 billion | HKD 41.723 billion | | Cash and Short-Term Deposits | HKD 1.940 billion | HKD 2.145 billion | | Undrawn Bank Facilities | HKD 15.973 billion | N/A | - The company maintains investment-grade credit ratings of Moody's "Baa2" and S&P "BBB"[38] Capital Expenditure H1 2025 capital expenditure was HKD 1.075 billion (6.2% of revenue), a year-on-year decrease, focused on enterprise solutions and network efficiency - Capital expenditure was HKD 1.075 billion, a year-on-year decrease, with its revenue ratio falling from 6.6% in the prior period to 6.2%[39] Adjusted Funds Flow Analysis Adjusted funds flow increased 3% year-on-year to HKD 2.562 billion, with operating adjusted funds flow growing 8% due to expanded EBITDA and improved capital efficiency - Total adjusted funds flow increased 3% from HKD 2.495 billion in the prior period to HKD 2.562 billion[40] - Operating adjusted funds flow (excluding tax paid, net finance costs paid, and working capital changes) increased 8% in H1 2025[40] Other Important Matters Risk Management and Human Resources The Group manages foreign currency and interest rate risks with derivatives, has no material asset pledges, reduced contingent liabilities, and over 12,500 global employees - The Group manages foreign currency exchange rate and interest rate risks through forward and swap contracts, deeming their impact immaterial[41][42] - As of June 30, 2025, the Group had no pledged assets, and contingent liabilities amounted to HKD 799 million[43][44] - As of June 30, 2025, the Group employed over 12,500 staff globally[45] Interim Distribution and Shareholder Matters The Board declared an interim distribution of 33.80 HK cents per stapled unit, with no purchases, sales, or redemptions of listed securities during the period - An interim distribution of 33.80 HK cents per stapled unit was declared[46] - During the reporting period, neither HKT Trust, the company, nor its subsidiaries purchased, sold, or redeemed any stapled units[48] Corporate Governance The company maintains high corporate governance standards, largely complying with the Code, with the Audit Committee reviewing interim financial information - The Audit Committee reviewed the accounting policies adopted by the Group and the Trustee-Manager, as well as the unaudited condensed consolidated interim financial information[49] - During the reporting period, the company applied the principles of the Corporate Governance Code and complied with all relevant code provisions, except for those related to establishing independent remuneration and nomination committees due to its unique trust structure[50] Condensed Consolidated Financial Statements Consolidated Income Statement For H1 2025, profit for the period increased 15.4% to HKD 2.298 billion, with basic earnings per stapled unit rising to 27.32 HK cents Consolidated Income Statement Summary | Metric (HKD million) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 17,322 | 16,669 | | Profit Before Tax | 2,712 | 2,334 | | Profit for the Period | 2,298 | 1,992 | | Profit Attributable to Stapled Unitholders | 2,070 | 1,990 | | Basic Earnings Per Stapled Unit | 27.32 HK cents | 26.27 HK cents | Consolidated Statement of Comprehensive Income Other comprehensive loss for the period was HKD 579 million, primarily due to fair value changes in financial assets and cash flow hedges, decreasing total comprehensive income - Other comprehensive loss for the period was HKD 579 million, mainly due to fair value changes in financial assets (loss of HKD 225 million) and net losses on cash flow hedges[53] Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets were HKD 118.499 billion, total liabilities HKD 80.619 billion, and net assets HKD 37.880 billion Consolidated Statement of Financial Position Summary | Metric (HKD million) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 118,499 | 116,813 | | - Non-Current Assets | 107,812 | 105,928 | | - Current Assets | 10,687 | 10,885 | | Total Liabilities | 80,619 | 77,168 | | - Non-Current Liabilities | 58,369 | 51,347 | | - Current Liabilities | 22,250 | 25,821 | | Net Assets | 37,880 | 39,645 | Notes to the Financial Statements Financial statements are prepared under HKAS 34 on a going concern basis, with detailed disclosures on segments, taxation, dividends, and receivables/payables aging - The financial statements are prepared on a going concern basis, as management believes the Group can meet its obligations maturing within the next 12 months, considering operating cash inflows and undrawn bank facilities[63] - The Group's operations are managed and assessed across three main segments: Telecommunications Services, Mobile, and Other Businesses[66] - The Group has assessed the impact of the Global Anti-Base Erosion (GloBE) rules (Pillar Two) and determined there are no significant tax risks as of the reporting date[71]