Ge Long Hui·2025-08-10 03:48Group 1 - The company reported a revenue of 543.8 billion RMB for the first half of 2025, a slight decrease of 0.54% year-on-year, with core business revenue at 467 billion RMB, up 0.7% [1] - The total number of connections reached 3.815 billion, with a net increase of 145 million [1] - Net profit attributable to shareholders was 84.2 billion RMB, reflecting a year-on-year growth of 5.0%, while EBITDA was 186 billion RMB, up 2.0% [1] Group 2 - The personal market revenue was 244.7 billion RMB, down 4.1% year-on-year, with mobile customers reaching 1.005 billion, a net increase of 560,000 [2] - The family market revenue grew by 7.4% to 75 billion RMB, with broadband customers at 284 million, netting an increase of 6.23 million [2] - The enterprise market revenue increased by 5.6% to 118.2 billion RMB, with the number of enterprise customers reaching 34.84 million, a net increase of 2.25 million [2] Group 3 - The company is advancing its "AI+" initiative, with direct AI revenue experiencing rapid growth and significant investments in large-scale computing centers [2] - The total computing power reached 61.3 EFLOPS, with 1,485 signed projects in the AI+DICT service system [2] - The company maintained a strong profitability level, with operating profit at 106.3 billion RMB, a 3.7% increase year-on-year, and an EBITDA margin of 34.2%, up 0.9 percentage points [3] Group 4 - The company is expected to increase cash dividends as capital expenditures enter a declining cycle, maintaining a "buy" rating [3] - The profit forecast for 2025-2027 is set at 146 billion RMB, 152.3 billion RMB, and 158.7 billion RMB respectively, with corresponding A-share PE ratios of 16X, 15X, and 15X [3]