2026-03-18 04:00Financial Performance - The company achieved operating revenue of RMB 100.41 billion, representing a year-on-year growth of 2.7%[3] - Operating business revenue reached RMB 84.73 billion, with a year-on-year increase of 0.7%; tower business revenue was RMB 75.50 billion, down 0.3%[4] - EBITDA amounted to RMB 65.81 billion, with a margin of 65.5%; net profit attributable to shareholders was RMB 11.63 billion, up 8.4%[6] - Free cash flow reached RMB 26.63 billion, an increase of RMB 9.10 billion year-on-year[6] - The total operating revenue for the group reached RMB 100.411 billion for the year ending December 31, 2025, compared to RMB 97.772 billion in 2024, reflecting an increase of 2.1%[20] - The operating profit for the year was RMB 17.360 billion, an increase from RMB 16.330 billion in 2024, representing a growth of 6.3%[20] - The net profit attributable to shareholders for the year was RMB 11.630 billion, compared to RMB 10.729 billion in 2024, marking a year-on-year increase of 8.4%[20] - The company reported a total comprehensive income of RMB 11.629 billion for the year, up from RMB 10.727 billion in 2024, indicating a growth of 8.4%[22] - The company's profit attributable to shareholders for 2025 was RMB 11,630 million, an increase of 8.4% from RMB 10,729 million in 2024[41] - The basic earnings per share for 2025 was RMB 0.6653, up from RMB 0.6138 in 2024, reflecting a growth of 8.1%[41] - The pre-tax profit for 2025 was RMB 15,365 million, compared to RMB 14,119 million in 2024, representing an increase of 8.8%[41] Revenue Breakdown - Indoor distribution business revenue grew by 9.5% to RMB 9.23 billion, with coverage area reaching 15.15 billion square meters, a 19.5% increase[11] - The smart connection business generated RMB 10.17 billion in revenue, a 14.2% increase, with a focus on AI applications in spatial governance[12] - As of December 31, 2025, the company's energy business achieved revenue of RMB 4.813 billion, a year-on-year increase of 7.5%, with the battery swap business contributing RMB 3.029 billion, up 21.2%, accounting for 62.9% of energy business revenue[13] - The revenue from the tower business in 2025 was RMB 75.498 billion, a slight decrease of 0.3% from RMB 75.689 billion in 2024[59] - The energy business revenue for 2025 was RMB 4.813 billion, reflecting a growth of 7.5% year-on-year[62] Expenses and Costs - Operating expenses for 2025 totaled RMB 83.051 billion, with an increase of 2.0% year-on-year, accounting for 82.7% of operating revenue[64] - In 2025, the company's operating expenses totaled RMB 830.51 billion, accounting for 82.7% of revenue, a slight decrease from 83.3% in 2024[65] - Depreciation and amortization expenses for 2025 were RMB 484.54 billion, down 3.5% year-on-year, with a reduction of RMB 1.775 billion[66] - Maintenance expenses increased by 1.6% year-on-year to RMB 71.03 billion in 2025[67] - Labor costs rose by 5.3% year-on-year to RMB 100.77 billion, driven by R&D innovation and regional management changes[68] - Site operation and support costs grew by 11.3% year-on-year to RMB 61.25 billion[69] - Other operating expenses surged by 23.5% year-on-year to RMB 112.92 billion, primarily due to increased business development costs[70] Assets and Liabilities - Total assets reached RMB 336.58 billion, with interest-bearing liabilities of RMB 90.46 billion[6] - Total assets increased to RMB 336,579 million in 2025, up from RMB 332,834 million in 2024, representing a growth of 1.4%[23][24] - Non-current liabilities decreased to RMB 52,106 million in 2025 from RMB 57,056 million in 2024, a reduction of 8.7%[24] - The total liabilities remained relatively stable at RMB 132,671 million in 2025, compared to RMB 132,855 million in 2024, showing a slight decrease of 0.14%[24] - The company's net receivables from operations increased to RMB 81,840 million in 2025, compared to RMB 79,436 million in 2024, marking a growth of 3.0%[47] - The accounts receivable as of December 31, 2025, totaled RMB 74.113 billion, up from RMB 48.034 billion in 2024, marking a significant increase of 54.3%[49] Dividends and Shareholder Information - The company proposed a final dividend of RMB 0.32539 per share, with a total dividend payout ratio of 77%[6] - The total proposed final dividend for the year ended December 31, 2025, is RMB 0.32539 per share, amounting to approximately RMB 5.688 billion[54] - The final dividend is expected to be paid around June 30, 2026, if approved[87] - The company will withhold a 10% corporate income tax for non-resident H-share shareholders when distributing the proposed final dividend[87] - The H-share register will be closed for transfers from May 12 to May 15, 2026, to determine voting rights at the AGM[93] - H-share individual shareholders must notify the company by May 21, 2026, if their residency status differs from their registered address to claim any tax refunds[90] - The company will not be liable for any disputes arising from the tax status of H-share shareholders[91] - The company will follow the tax regulations for H-share investors as per the relevant agreements with China[88] - The 2025 Annual General Meeting is scheduled for May 15, 2026[86] Corporate Governance and Strategy - The company is committed to integrating ESG principles into its operations, enhancing corporate governance, and promoting sustainable development[15] - Research and development investment is expected to grow by 82% in 2025 compared to 2024, with the number of R&D personnel increasing by 22%[14] - The company plans to enhance its battery swap network and improve service quality to increase user retention and expand market leadership[17] - The company aims to deepen its focus on key industries and high-quality customers through the "Tower Energy Steward" comprehensive solution, driving rapid development in the backup power business[17] Capital Expenditures - Capital expenditures for 2025 totaled RMB 294.86 billion, a decrease of 7.7% year-on-year, with significant reductions in site construction and renovation costs[74] Legal and Compliance - The company has not been involved in any significant litigation or arbitration as of December 31, 2025[85] - The company will publish its 2025 Annual Report on its website and the Hong Kong Stock Exchange website[94]