中国铁塔(00788) - 2025 - 中期业绩

Performance Highlights China Tower Corporation Limited reported stable performance growth in H1 2025, with operating revenue up 2.8% to RMB 49.601 billion, profit attributable to shareholders up 8.0%, and EBITDA up 3.6% | Metric | H1 2025 (RMB Billion) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 49.601 | 2.8% | | Telecommunication Operators Business Revenue | 42.461 | 0.8% | | - Tower Business Revenue | 37.797 | Flat | | - Indoor DAS Business Revenue | 4.664 | 12.0% | | Smart Tower Business Revenue | 4.726 | 18.7% | | Energy Business Revenue | 2.209 | 9.2% | | EBITDA | 34.227 | 3.6% | | Profit Attributable to Equity Holders of the Company | 5.757 | 8.0% | | Net Cash Flow from Operating Activities | 28.679 | - | | Free Cash Flow | 16.287 | - | | Interim Dividend (per share) | 0.13250 RMB | - | Management Discussion and Analysis The company maintained its strategic positioning and deepened the "One Core, Two Wings" strategy in H1 2025, achieving steady growth, robust financial health, enhanced profitability, and strong shareholder returns Strategic Positioning and Overall Performance The company solidified its strategic positioning as a world-class digital infrastructure and information/new energy application service provider, leveraging national strategic opportunities and the "One Core, Two Wings" strategy for high-quality development - The company's strategic positioning is to be a world-class integrated digital infrastructure service provider, a highly competitive information application service provider, and a highly competitive new energy application service provider[5] - The company capitalized on opportunities from the national strategies of Cyber Superpower, Digital China, and Dual Carbon goals, deepening its "One Core, Two Wings" strategy[5] Financial Performance In H1 2025, operating revenue grew 2.8% to RMB 49.601 billion, EBITDA increased 3.6% to RMB 34.227 billion, and profit attributable to shareholders rose 8.0% to RMB 5.757 billion, with a robust financial position marked by a 1.5 percentage point decrease in net debt leverage ratio to 29.5% | Metric | H1 2025 (RMB Billion) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 49.601 | 2.8% | | EBITDA | 34.227 | 3.6% | | EBITDA Margin | 69.0% | Up 0.5 percentage points | | Profit Attributable to Equity Holders of the Company | 5.757 | 8.0% | | Net Profit Margin | 11.6% | - | | Net Cash Flow from Operating Activities | 28.679 | Decreased by RMB 4.151 billion | | Capital Expenditure | 12.392 | - | | Free Cash Flow | 16.287 | Decreased by RMB 2.814 billion | | Total Assets (as of June 30) | 331.127 | - | | Interest-Bearing Debt (as of June 30) | 92.639 | - | | Net Debt Leverage Ratio (as of June 30) | 29.5% | Down 1.5 percentage points | | Interim Dividend (per share) | 0.13250 RMB | - | Business Performance The company optimized resource allocation and deepened reform in H1, achieving stable and quality-driven business growth, with steady operator business, increasing tower sites and tenants, rapid indoor DAS growth, and double-digit revenue increases in both Smart Tower and Energy businesses Telecommunication Operators Business Leveraging its role as a key player in 5G new infrastructure, the company capitalized on 5G network expansion, enhancing resource sharing and specialized operational capabilities to meet customer network deployment needs, resulting in RMB 42.461 billion in revenue, a 0.8% year-on-year increase - Telecommunication Operators Business revenue reached RMB 42.461 billion, a 0.8% year-on-year increase[9] - The company, as a national team for mobile communication infrastructure construction and a main force in 5G new infrastructure, continuously enhanced its capabilities in resource coordination, sharing, and specialized operations[9] Tower Business Tower business revenue was RMB 37.797 billion, remaining flat year-on-year, with tower sites reaching 2.119 million and operator tower tenants increasing to 3.579 million by June 2025, achieving an average of 1.72 tenants per site | Metric | H1 2025 | Change from Year-End Last Year | | :--- | :--- | :--- | | Tower Business Revenue | RMB 37.797 Billion | Flat | | Number of Tower Sites | 2.119 Million Units | Increased by 25,000 units | | Number of Operator Tower Tenants | 3.579 Million Households | Increased by 35,000 households | | Average Number of Operator Tower Tenants per Site | 1.72 Households | - | Indoor DAS Business Indoor DAS business revenue grew 12.0% year-on-year to RMB 4.664 billion, maintaining high-speed growth, with cumulative building coverage reaching 13.85 billion square meters and high-speed rail/subway coverage extending to 30,878 kilometers | Metric | H1 2025 | YoY Growth (%) | | :--- | :--- | :--- | | Indoor DAS Business Revenue | RMB 4.664 Billion | 12.0% | | Cumulative Building Indoor DAS Coverage Area | 13.85 Billion Sq. Meters | 20.0% | | Cumulative High-Speed Rail Tunnel and Subway Coverage Mileage | 30,878 Kilometers | 17.0% | Two Wings Business Two Wings Business revenue reached RMB 6.935 billion, increasing its share of operating revenue to 14.0%, a 1.6 percentage point rise year-on-year, driven by rapid development in both Smart Tower and Energy businesses | Metric | H1 2025 (RMB Billion) | Share of Operating Revenue | | :--- | :--- | :--- | | Two Wings Business Revenue | 6.935 | 14.0% (Up 1.6 percentage points YoY) | Smart Tower Business Smart Tower Business revenue grew 18.7% year-on-year to RMB 4.726 billion, with Tower Vision business contributing RMB 2.822 billion, representing 59.7% of Smart Tower revenue, as the company transforms communication towers into digital towers for spatial digital governance | Metric | H1 2025 (RMB Billion) | YoY Growth (%) | | :--- | :--- | :--- | | Smart Tower Business Revenue | 4.726 | 18.7% | | Tower Vision Business Revenue | 2.822 | - | | Tower Vision Business Share of Smart Tower Business Revenue | 59.7% | - | - Smart Tower Business focused on key scenarios such as farmland protection, fishery law enforcement, forest fire prevention, disaster early warning, and emergency rescue, enhancing market share and leading advantages[12] Energy Business Energy Business revenue increased 9.2% year-on-year to RMB 2.209 billion, with Tower Battery Swap business contributing RMB 1.323 billion, accounting for 59.9% of energy revenue, maintaining its leading position in the low-speed electric vehicle battery swap market with 1.47 million users | Metric | H1 2025 (RMB Billion) | YoY Growth (%) | | :--- | :--- | :--- | | Energy Business Revenue | 2.209 | 9.2% | | Tower Battery Swap Business Revenue | 1.323 | - | | Tower Battery Swap Business Share of Energy Business Revenue | 59.9% | - | | Number of Tower Battery Swap Users (as of June 30) | 1.47 Million Households | Increased by 166,000 households from year-end last year | - Energy Business focused on core services like battery swap and backup power, deeply cultivating the C-end food delivery market and B-end customers, and expanding its community charging facility network[14] Technological Innovation The company intensified its technology innovation drive in H1, increasing R&D personnel by 29% year-on-year and cumulative authorized invention patents by 16% from year-end 2024, focusing on key core technologies and accelerating technology commercialization - R&D personnel increased by 29% compared to the same period last year[15] - Cumulative authorized invention patents increased by 16% from year-end 2024[15] - Strengthened R&D in key core technologies including next-generation mobile communication, artificial intelligence, edge computing, 5G+Beidou, 5G shared indoor DAS, new energy, and IoT[15] Corporate Governance and Social Responsibility The company prioritizes sustainable development and actively fulfills its ESG responsibilities, promoting green development, resource recycling, clean energy, social welfare, communication assurance, and robust corporate governance - Adhered to green development principles, promoted resource recycling, and increased the application of photovoltaic and other clean energy at base stations[16] - Enhanced social well-being by providing communication assurance for major events, emergency early warning for natural disasters, and contributing to rural revitalization[16] - Continuously improved corporate governance, strictly complied with listing regulatory rules, optimized governance mechanisms, and enhanced legal and compliant operational management[16] Future Outlook The company will continue its shared development philosophy and "One Core, Two Wings" strategy, enhancing core competitiveness, expanding operator business through 5G and national policies, deepening digital technology applications in Smart Tower business, optimizing energy networks, and focusing on core technology breakthroughs for high-quality development - Telecommunication Operators Business will seize opportunities from "Signal Upgrade" and "Broadband Frontier" special actions and 5G-A construction, enhancing its "three advantages and one low" competitive edge[17] - Smart Tower Business will leverage its "location + computing + power + security" resource advantages to deepen the application of digital intelligence technology in social governance and strategically deploy in emerging industries like edge computing[18] - Energy Business will optimize its battery swap network layout, deepen the operation of its VIP star-rated user system, and promote "backup power+" integrated industry solutions[18] - The company will continue to focus on core technology breakthroughs, increase the promotion and commercialization of scientific and technological achievements, and cultivate new quality productive forces[18] Group Performance This section presents China Tower Corporation Limited's unaudited consolidated financial statements for the six months ended June 30, 2025, including the consolidated statement of comprehensive income and consolidated statement of financial position, detailing key financial data such as revenue, expenses, profit, assets, liabilities, and equity Unaudited Interim Consolidated Statement of Comprehensive Income For the six months ended June 30, 2025, operating revenue was RMB 49,601 million, a 2.8% year-on-year increase, with profit attributable to equity holders of the Company at RMB 5,757 million, up 8.0%, and basic and diluted earnings per share at RMB 0.3293 | Metric | 2025 (RMB Million) | 2024 (RMB Million) | | :--- | :--- | :--- | | Operating Revenue | 49,601 | 48,247 | | Operating Profit | 8,629 | 8,146 | | Profit Before Tax | 7,605 | 7,037 | | Income Tax Expense | (1,847) | (1,707) | | Profit Attributable to Equity Holders of the Company | 5,757 | 5,330 | | Basic and Diluted Earnings Per Share (RMB) | 0.3293 | 0.3049 | Unaudited Interim Consolidated Statement of Financial Position As of June 30, 2025, total assets were RMB 331,127 million, a slight decrease from year-end 2024, with equity attributable to equity holders of the Company at RMB 200,351 million and total liabilities at RMB 130,774 million, notably with a significant reduction in non-current borrowings | Metric | June 30, 2025 (RMB Million) | December 31, 2024 (RMB Million) | | :--- | :--- | :--- | | Total Assets | 331,127 | 332,834 | | Non-Current Assets | 234,272 | 241,474 | | Current Assets | 96,855 | 91,360 | | Equity Attributable to Equity Holders of the Company | 200,351 | 199,978 | | Total Equity | 200,353 | 199,979 | | Total Liabilities | 130,774 | 132,855 | | Non-Current Liabilities (Borrowings) | 24,882 | 41,084 | | Current Liabilities (Borrowings) | 44,212 | 28,525 | Notes to the Unaudited Interim Financial Report This section provides detailed supplementary information for understanding the interim financial report, covering the basis of preparation, accounting policy changes, segment reporting, revenue composition, income tax calculation, earnings per share, dividend policy, receivables and payables, restricted share scheme, and leasing information Basis of Preparation and Changes in Accounting Policies The interim financial report is prepared in accordance with IAS 34 and should be read in conjunction with the 2024 annual audited consolidated financial statements, with consistent accounting policies and no significant changes in financial risk management or material impact from IAS 21 amendments - The interim financial report is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[24] - The Group has applied the amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability", which had no material impact on performance or financial position[25] Segment Reporting The company's chief operating decision maker assesses performance based on revenue from tower, indoor DAS, Smart Tower, and energy businesses but reviews the Group as a whole, thus determining it has only one operating segment, with nearly all long-term assets, revenue, and operating profit originating from mainland China - The Group is determined to have only one operating segment, with the chief operating decision maker reviewing the Group's performance and resources as a whole[26] - Almost all of the Group's long-term assets, revenue, and operating profit originate from mainland China[26] Operating Revenue Total operating revenue for H1 2025 was RMB 49,601 million, with tower business contributing RMB 37,797 million, indoor DAS RMB 4,664 million, Smart Tower RMB 4,726 million, and energy business RMB 2,209 million, primarily from the three major telecommunication operators, accounting for 85.7% of total revenue | Business Type | H1 2025 (RMB Million) | H1 2024 (RMB Million) | | :--- | :--- | :--- | | Tower Business | 37,797 | 37,957 | | Indoor DAS Business | 4,664 | 4,164 | | Smart Tower Business | 4,726 | 3,982 | | Energy Business | 2,209 | 2,023 | | Others | 205 | 121 | | Total | 49,601 | 48,247 | | Major Customers | H1 2025 (RMB Million) | H1 2024 (RMB Million) | | :--- | :--- | :--- | | China Mobile Group | 21,189 | 21,281 | | China Telecom Group | 10,870 | 10,617 | | China Unicom Group | 10,428 | 10,505 | | Total for Three Telecommunication Operators | 42,487 | 42,403 | | Share of Total Revenue | 85.7% | 87.9% | Income Tax Expense Income tax expense for H1 2025 was RMB 1,847 million, with the company generally subject to China's statutory corporate income tax rate of 25%, though certain provincial branches and subsidiaries benefit from a preferential 15% rate | Metric | 2025 (RMB Million) | 2024 (RMB Million) | | :--- | :--- | :--- | | Current Tax | 2,099 | 1,839 | | Deferred Tax | (252) | (132) | | Income Tax Expense | 1,847 | 1,707 | | Tax payable at China's statutory rate of 25% | 1,901 | 1,759 | | Tax impact of preferential tax rates | (124) | (112) | - Certain provincial branches and subsidiaries, including those in Western Development regions, Hainan Free Trade Port, and high-tech enterprise China Tower Smart Technology Co., Ltd., enjoy a preferential income tax rate of 15%[31] Basic and Diluted Earnings Per Share Basic earnings per share for H1 2025 was RMB 0.3293, with the weighted average number of ordinary shares outstanding retrospectively adjusted to 17,481 million due to a share consolidation and capital reduction effective February 20, 2025, resulting in diluted EPS equaling basic EPS due to no dilutive potential ordinary shares | Metric | 2025 (Restated) | 2024 (Restated) | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company (RMB Million) | 5,757 | 5,330 | | Weighted Average Number of Ordinary Shares Outstanding after Share Consolidation and Capital Reduction (Million) | 17,481 | 17,481 | | Basic Earnings Per Share (RMB) | 0.3293 | 0.3049 | - A share consolidation and capital reduction effective February 20, 2025, merged every ten shares into one, reducing the total issued share capital from RMB 176,008,471,024 to RMB 17,600,847,102[32] - For the six months ended June 30, 2024, and 2025, there were no dilutive potential ordinary shares, thus diluted earnings per share equaled basic earnings per share[35] Dividends The Board resolved to declare an interim dividend of RMB 0.13250 per ordinary share (before tax) for the six months ended June 30, 2025, totaling approximately RMB 2,316 million, which was declared after the reporting period and thus not recognized as a liability as of June 30, 2025 - The Board resolved to declare an interim dividend of RMB 0.13250 per ordinary share (before tax) for the six months ended June 30, 2025, totaling approximately RMB 2,316 million[36] - The 2024 final dividend was RMB 0.30796 per share (before tax), totaling approximately RMB 5,384 million[36] Trade and Other Receivables As of June 30, 2025, total trade and other receivables were RMB 85,110 million, a slight decrease from year-end 2024, with net trade receivables of RMB 78,011 million primarily from the three major telecommunication operators, and net other receivables of RMB 7,099 million mainly comprising payments on behalf of others and deposits | Metric | June 30, 2025 (RMB Million) | December 31, 2024 (RMB Million) | | :--- | :--- | :--- | | Trade Receivables - Net | 78,011 | 79,436 | | Other Receivables - Net | 7,099 | 6,471 | | Total Trade and Other Receivables | 85,110 | 85,907 | | Trade Receivables by Customer (June 30, 2025) | Amount (RMB Million) | | :--- | :--- | | China Mobile Group | 39,234 | | China Unicom Group | 16,912 | | China Telecom Group | 13,056 | | Others | 13,680 | - Trade receivables included bank and finance company acceptance bills of RMB 798 million and commercial acceptance bills of RMB 22,740 million[39] Trade Payables As of June 30, 2025, total trade payables were RMB 30,668 million, a decrease from year-end 2024, primarily comprising amounts due for construction, maintenance, and other operating expenses, predominantly denominated in RMB | Ageing | June 30, 2025 (RMB Million) | December 31, 2024 (RMB Million) | | :--- | :--- | :--- | | Not exceeding 6 months | 18,906 | 24,418 | | 6 months to 1 year | 6,562 | 4,095 | | Over 1 year | 5,200 | 4,756 | | Total | 30,668 | 33,269 | Shares Held for Restricted Share Incentive Scheme As of June 30, 2025, the total number of shares held for the restricted share incentive scheme was 120 million, valued at RMB 1,954 million, adjusted from 1,196 million shares due to a share consolidation and capital reduction effective February 20, 2025, with no active restricted share incentive schemes currently in place | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of Restricted Shares (Million Shares) | 120 | 1,196 | | Shares Held for Restricted Share Incentive Scheme (RMB Million) | 1,954 | 1,954 | - The share consolidation and capital reduction resulted in the total number of shares held for the restricted share incentive scheme changing from 1,196,475,000 shares to 119,647,500 shares[45] - As of June 30, 2025, all previously granted restricted shares were cancelled in 2022, and there are no active restricted share incentive schemes[43] Leases As of June 30, 2025, total right-of-use assets amounted to RMB 32,775 million, and total lease liabilities were RMB 23,545 million, with H1 depreciation of right-of-use assets at RMB 5,594 million, interest expense at RMB 566 million, and short-term and low-value lease expenses at RMB 604 million | Metric | June 30, 2025 (RMB Million) | December 31, 2024 (RMB Million) | | :--- | :--- | :--- | | Right-of-Use Assets | 32,775 | 32,247 | | Lease Liabilities (Current) | 6,931 | 7,378 | | Lease Liabilities (Non-Current) | 16,614 | 15,555 | | Total Lease Liabilities | 23,545 | 22,933 | | Lease-Related Expenses (H1 2025) | Amount (RMB Million) | | :--- | :--- | | Depreciation Expense of Right-of-Use Assets | 5,594 | | Interest Expense | 566 | | Short-Term and Low-Value Lease Expenses | 604 | Non-Adjusting Post-Reporting Period Events The Board declared an interim dividend after the reporting period, details of which are disclosed in Note 7 - The Board declared an interim dividend after the reporting period, which is a non-adjusting post-reporting period event[50] Financial Overview This section details the company's H1 2025 financial performance, including operating revenue growth drivers, expense composition and changes, financing cost management, profitability improvements, capital expenditure and cash flow specifics, and a summary of the asset and liability position Operating Revenue Operating revenue for H1 2025 reached RMB 49.601 billion, a 2.8% year-on-year increase, with operator business revenue up 0.8%, Smart Tower business up 18.7%, and energy business up 9.2%, leading to a continuously optimized revenue structure with non-tower business revenue share rising from 21.3% to 23.8% | Business Type | H1 2025 (RMB Billion) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 49.601 | 2.8% | | Telecommunication Operators Business Revenue | 42.461 | 0.8% | | Smart Tower Business Revenue | 4.726 | 18.7% | | Energy Business Revenue | 2.209 | 9.2% | | Non-Tower Business Revenue Share | 23.8% | Up 1.6 percentage points YoY | Operating Expenses Total operating costs for H1 2025 amounted to RMB 40.972 billion, a 2.2% year-on-year increase, representing 82.6% of operating revenue, a 0.5 percentage point decrease, as the company effectively managed expenses through cost benchmarking and lean operations, with maintenance and site operation/support fees declining | Metric | H1 2025 (RMB Billion) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Costs | 40.972 | 2.2% | | Operating Costs as % of Operating Revenue | 82.6% | Down 0.5 percentage points | Depreciation and Amortization Depreciation and amortization totaled RMB 25.598 billion in H1, a 2.8% year-on-year increase, primarily due to increased depreciation from assets formed by past investments as the company actively met new construction demands - Depreciation and amortization totaled RMB 25.598 billion, a 2.8% year-on-year increase[52] Maintenance Expenses Maintenance expenses totaled RMB 3.187 billion in H1, a 6.2% year-on-year decrease, reducing its share of operating revenue by 0.6 percentage points, primarily due to improved equipment quality and enhanced cost control through market-oriented outsourcing tenders - Maintenance expenses totaled RMB 3.187 billion, a 6.2% year-on-year decrease[53] Staff Costs Staff costs totaled RMB 4.767 billion in H1, an increase of RMB 0.392 billion year-on-year, primarily due to the company's push for R&D innovation and regional reforms, moderate recruitment of mid-to-high-end tech talent and frontline personnel, and strengthened performance-oriented incentives - Staff costs totaled RMB 4.767 billion, an increase of RMB 0.392 billion year-on-year[54] Site Operation and Support Fees Site operation and support fees totaled RMB 2.535 billion in H1, a year-on-year decrease of RMB 0.367 billion, as the company effectively reduced operating expenses through precise rectification of external power, enhanced battery backup capabilities, and reasonable control over site rental renewal increases - Site operation and support fees totaled RMB 2.535 billion, a year-on-year decrease of RMB 0.367 billion[55] Other Operating Expenses Other operating expenses totaled RMB 4.885 billion in H1, a year-on-year increase of RMB 0.357 billion, primarily driven by a RMB 0.281 billion increase in business expansion costs, including technical support service fees for the Two Wings Business - Other operating expenses totaled RMB 4.885 billion, a year-on-year increase of RMB 0.357 billion[56] Financing Costs The company's net finance costs for H1 were RMB 1.236 billion, remaining flat year-on-year, reflecting a prudent financing strategy, strengthened centralized cash management, and maintenance of a reasonable interest-bearing debt scale with low financing costs - The company's net finance costs for H1 were RMB 1.236 billion, remaining flat year-on-year[57] Profitability In H1, the company achieved an operating profit of RMB 8.629 billion, with profit attributable to equity holders of the Company at RMB 5.757 billion, an 8.0% year-on-year increase, and EBITDA reaching RMB 34.227 billion, up 3.6%, with an EBITDA margin of 69.0%, a 0.5 percentage point improvement | Metric | H1 2025 (RMB Billion) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Profit | 8.629 | - | | Profit Attributable to Equity Holders of the Company | 5.757 | 8.0% | | EBITDA | 34.227 | 3.6% | | EBITDA as % of Operating Revenue | 69.0% | Up 0.5 percentage points | Capital Expenditure and Cash Flow H1 capital expenditure was RMB 12.392 billion, a year-on-year decrease of RMB 1.337 billion, with reductions in new site construction and shared renovation, and site upgrade/reconstruction, offset by increases in Two Wings Business and IT/R&D capital expenditure, while net cash flow from operating activities was RMB 28.679 billion and free cash flow was RMB 16.287 billion | Capital Expenditure Category | H1 2025 (RMB Billion) | YoY Change (RMB Billion) | | :--- | :--- | :--- | | Total Capital Expenditure | 12.392 | Decreased by 1.337 | | New Site Construction and Shared Renovation | 6.60 | Decreased by 1.435 | | Site Upgrade and Reconstruction | 2.377 | Decreased by 0.829 | | Two Wings Business | 2.475 | Increased by 0.595 | | IT Support and R&D | 0.940 | Increased by 0.332 | | Net Cash Flow from Operating Activities | 28.679 | Decreased by 4.151 | | Free Cash Flow | 16.287 | Decreased by 2.814 | Assets and Liabilities As of June 30, 2025, total assets were RMB 331.127 billion, total liabilities RMB 130.774 billion, and net debt RMB 83.966 billion, with a debt-to-asset ratio of 39.5%, down 0.4 percentage points from the beginning of the year, maintaining a robust financial position | Metric (as of June 30, 2025) | Amount (RMB Billion) | | :--- | :--- | | Total Assets | 331.127 | | Total Liabilities | 130.774 | | Net Debt | 83.966 | | Debt-to-Asset Ratio | 39.5% (Down 0.4 percentage points from the beginning of the year) | Other Information This section provides other important information for the reporting period, including listed securities transactions, audit committee review, compliance with corporate governance and standard codes, contingent liabilities and material legal proceedings, detailed interim dividend distribution and tax treatment, and share transfer registration suspension arrangements and report publication details Transactions in Listed Securities For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[61] Audit Committee The Board's Audit Committee reviewed the company's adopted accounting standards and practices, discussed financial reporting matters, and specifically reviewed the unaudited interim financial report for the six months ended June 30, 2025 - The Audit Committee reviewed the company's adopted accounting standards and practices and the interim financial report[62] Corporate Governance and Standard Code The company is committed to maintaining high standards of corporate governance, complying with the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules for H1 2025, with all Directors and Supervisors confirming adherence to the company's own securities dealing code and the Model Code - The company has consistently complied with the Corporate Governance Code in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[63] - All Directors and Supervisors confirmed compliance with the company's self-developed "China Tower Corporation Limited Code for Securities Transactions by Directors, Supervisors and Relevant Employees" and the "Model Code for Securities Transactions by Directors of Listed Issuers"[64] Contingent Liabilities and Legal Proceedings As of June 30, 2025, the company had no contingent liabilities and was not involved in any material litigation or arbitration during the six-month period ended June 30, 2025 - As of June 30, 2025, the company had no contingent liabilities[65] - For the six months ended June 30, 2025, the company was not involved in any material litigation or arbitration[66] Interim Dividend Distribution Arrangements The Board resolved to distribute a 2025 interim dividend of RMB 0.13250 per share (before tax), payable on October 31, 2025, to shareholders on record as of September 12, 2025, with dividends paid in RMB or HKD and applicable income taxes withheld based on shareholder type and tax agreements - The 2025 interim dividend is RMB 0.13250 per share (before tax), expected to be paid on October 31, 2025[67] - Dividends for domestic shares and H-shares via Stock Connect will be paid in RMB, while dividends for H-shareholders other than Stock Connect shareholders will be paid in HKD[68] - The company will withhold 10% corporate income tax for non-resident enterprise H-shareholders and individual income tax for individual H-shareholders based on their resident status and tax agreements[68][69] - Dividends obtained by mainland individual investors and securities investment funds via Stock Connect will be subject to a 20% individual income tax withholding, while mainland enterprise investors will declare and pay taxes themselves[71] Suspension of H Share Register of Members To determine H-shareholders' entitlement to the 2025 interim dividend, the company's H-share register of members will be suspended from September 9 to September 12, 2025 (both dates inclusive), with the record date set for September 12, 2025 | Item | Date/Time | | :--- | :--- | | Latest time for lodging transfer documents for registration | 2025 September 8, 4:30 p.m. | | Period of closure of H Share Register of Members | 2025 September 9 to 2025 September 12 | | Record Date | 2025 September 12 | Publication of Report This announcement has been published on the company's website and the HKEX website, and the 2025 interim report will be published on both websites and provided to shareholders in due course - This announcement and the 2025 interim report will be published on the company's website (www.china-tower.com) and the **HKEX website (www.hkexnews.hk)**[75](index=75&type=chunk) Forward-Looking Statements and Board of Directors Forward-looking statements in this announcement are based on current plans, estimates, and forecasts, with actual results potentially differing, and the company undertakes no obligation to update or correct them, while the announcement concludes with the Board of Directors list, acknowledging resigned directors and welcoming new ones - Forward-looking statements in this announcement involve risks and uncertainties, and actual results may differ materially from expectations[76] - The Board of Directors includes Executive Directors Zhang Zhiyong (Chairman) and Chen Li (General Manager), Non-executive Directors Cheng Jianjun, Miao Shouye, Liu Guiqing, and Fang Xiaobing, and Independent Non-executive Directors Pei Zhenjiang, Hu Zhanghong, Zhang Wei, and Wen Bugao[76]