电讯盈科(00008) - 2025 - 中期业绩

Company Overview Interim Results Announcement PCCW Limited announced its unaudited interim results for the six months ended June 30, 2025, showing growth in revenue and EBITDA despite macroeconomic challenges, significant increases in Viu paying subscribers and ViuTV digital members, and a declared interim dividend - Viu paying subscribers increased to 13.8 million, driving subscription and advertising revenue up by 27%[3] - ViuTV digital members reached 3.3 million, with a strong lineup of concerts and programs planned for the second half of the year[3] H1 2025 Key Financial Highlights | Metric | Amount (HK$) | Y-o-Y Change | | :--- | :--- | :--- | | Revenue | HK$18.922 billion | +7% | | HKT Revenue | HK$17.322 billion | +4% | | OTT Business Revenue | HK$1.194 billion | +10% | | Free TV & Related Business Revenue | HK$343 million | - | | EBITDA | HK$6.010 billion | +6% | | HKT EBITDA | HK$6.380 billion | +3% | | OTT Business EBITDA | HK$346 million | +51% | | Free TV & Related Business EBITDA | HK$47 million | - | | Consolidated Profit for the Period | HK$758 million | +116% | | Loss Attributable to Equity Holders of the Company | narrowed to HK$445 million | - | | Interim Dividend Per Ordinary Share | HK9.77 cents | - | Letter to Shareholders Managing Director Susanna Hui's letter to shareholders emphasized the company's focus on driving earnings growth by expanding regional video streaming, local entertainment, and leveraging HKT's market leadership, while Viu deepened regional penetration, ViuTV created new artist opportunities, and HKT benefited from its solid foundation and active AI adoption, all supported by a prudent dividend policy for sustainable growth and stable shareholder returns - Overall Strategy: Focus on driving earnings growth by expanding regional video streaming and local entertainment businesses, benefiting from HKT's market leadership and solid foundation[4] - Viu Performance: Paying subscribers reached 13.8 million, with particularly strong growth in Thailand, the Philippines, and Malaysia; H1 revenue grew 10%, and EBITDA margin improved from 21% to 29%[5] - HKT Performance: Revenue and EBITDA recorded 4% and 3% growth respectively, with adjusted funds flow increasing 3%; committed to being a leader in AI technology and applications, and applying AI to reshape operations[8] - Dividend Policy: The Board declared an interim dividend of HK9.77 cents per ordinary share; the Company will adopt a prudent dividend policy, prioritizing strengthening its financial position to support sustainable growth while providing stable returns to shareholders[9] Business Segment Performance HKT Business HKT demonstrated resilience in a challenging macroeconomic environment, with revenue growing 4% to HK$17.322 billion and EBITDA increasing 3% to HK$6.380 billion for the six months ended June 30, 2025, actively integrating AI technology into operations and achieving solid growth across local, international, and mobile telecommunications services HKT Key Financial Data | Metric | June 30, 2024 (HK$ million) | June 30, 2025 (HK$ million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | HKT Revenue | 16,669 | 17,322 | +4% | | HKT EBITDA | 6,168 | 6,380 | +3% | | HKT Adjusted Funds Flow | 2,495 | 2,562 | +3% | - Local telecommunications services revenue grew 5% to HK$8.714 billion, driven by strong broadband service demand and enterprise business growth; FTTH connections reached 1.055 million, and local data revenue grew 11%[14] - Mobile communications business revenue grew 5% to HK$5.2 billion, with service revenue increasing 5% to HK$4.189 billion, primarily driven by growth in roaming services, an expanded postpaid customer base, and rising demand for 5G/IoT enterprise solutions; 5G customer numbers increased to 1.894 million[16] - Operating costs saved 4% to HK$1.921 billion, reflecting the effectiveness of reshaping workflows through AI applications, streamlining business structures, and optimizing human resources[17] OTT Business OTT business revenue significantly increased 10% to HK$1.194 billion, primarily driven by Viu's contributions, with Viu's subscription and advertising revenue growing 27% and paying subscribers (excluding Myanmar) rising 19% year-on-year to 13.8 million, while EBITDA surged 51% to HK$346 million, improving the margin to 29% and progressing towards positive cash flow OTT Business Key Financial Data | Metric | June 30, 2024 (HK$ million) | June 30, 2025 (HK$ million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | OTT Business Revenue | 1,089 | 1,194 | +10% | | OTT Business EBITDA | 229 | 346 | +51% | | OTT Business EBITDA Margin | 21% | 29% | +8 percentage points | - Viu subscription and advertising revenue significantly increased 27%, primarily due to producing engaging content, expanding the subscriber base, and launching premium subscription plans[20] - Viu paying subscribers (excluding Myanmar) reached 13.8 million, a 19% year-on-year growth, with particularly significant growth in Thailand, the Philippines, and Malaysia[22] - Content Strategy and Partnerships: Added nearly 150 new productions, including Chinese and Korean dramas, with popular Viu Original productions; deepened cooperation with local telecom operators and expanded to joint content creation with Telkomsel in Indonesia[21][22] Free TV and Related Businesses Free TV and related businesses revenue was HK$343 million, a 29% decrease from the prior year due to different concert and event scheduling, yet advertising revenue remained stable, digital membership grew over 4% to 3.3 million, and while EBITDA fell to HK$47 million, it is expected to rebound in the second half with numerous concerts and events Free TV and Related Businesses Key Financial Data | Metric | June 30, 2024 (HK$ million) | June 30, 2025 (HK$ million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 480 | 343 | (29)% | | EBITDA | 91 | 47 | (48)% | | EBITDA Margin | 19% | 14% | (5 percentage points) | - Artist Development and International Collaboration: Continued to provide development opportunities for nearly 70 artists and expanded their exposure in markets outside Hong Kong, collaborating with international artists such as Coldplay, Sunmi, and Karencici[24] - ViuTV Digital Members and Viewing Time: Digital members grew over 4% to 3.3 million, and viewing time also increased over 4%[24] - H2 Outlook: Anticipates an increase in live performances in the second half, with 10 strong concert series planned, expected to drive revenue growth and a rebound in financial performance[24] Other Businesses and Eliminations Other business revenue grew 99% to HK$743 million, driven by IT enterprise solutions project milestones, with eliminations of HK$680 million reflecting internal and external project collaborations within the Group - Other business revenue grew 99% from HK$373 million last year to HK$743 million, consistent with IT enterprise solutions project milestones[25] - Eliminations were HK$680 million, a 26% decrease from HK$913 million in the prior period, reflecting internal and external project collaborations among the Group's various businesses[11][26] Consolidated Financial Performance and Analysis Consolidated Revenue and EBITDA For the six months ended June 30, 2025, PCCW's consolidated revenue increased 7% to HK$18.922 billion, consolidated EBITDA grew 6% to HK$6.010 billion, consolidated profit for the period surged 116% to HK$758 million, and loss attributable to equity holders of the Company narrowed to HK$445 million Consolidated Revenue and EBITDA | Metric | June 30, 2024 (HK$ million) | June 30, 2025 (HK$ million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 17,698 | 18,922 | +7% | | Consolidated EBITDA | 5,672 | 6,010 | +6% | | Consolidated EBITDA Margin | 32% | 32% | - | - Loss attributable to equity holders of the Company narrowed to HK$445 million (prior period 2024: HK$462 million)[11] - Consolidated profit for the period increased 116% to HK$758 million[3] [Costs and Other Financial Items](index=