Tianfeng Securities·2025-08-08 13:14Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a steady growth in operating performance with a revenue of 543.8 billion yuan for the first half of 2025, a 0.7% year-on-year increase in main business revenue, and a net profit of 84.2 billion yuan, reflecting a 5.0% year-on-year growth [1]. - The company aims to enhance shareholder returns, with an interim dividend of 2.75 HKD per share, a 5.8% increase compared to the previous year [5]. - The company is focused on digital transformation, with digital revenue reaching 156.9 billion yuan, a 6.6% year-on-year increase, accounting for 33.6% of main business revenue [2]. Summary by Sections Business Performance - The personal market revenue decreased by 4.1% to 244.7 billion yuan, while the family market revenue increased by 7.4% to 75 billion yuan, with broadband revenue growing by 9.3% [2]. - The enterprise market revenue grew by 5.6% to 118.2 billion yuan, with a notable increase in mobile cloud revenue by 11.3% [3]. - Emerging markets generated 29.1 billion yuan in revenue, a 9.3% increase, with international business revenue growing by 18.4% [3]. Capital Expenditure - The company completed capital expenditures of 58.4 billion yuan in the first half of 2025, with a focus on 5G network investments [4]. - The total number of 5G base stations exceeded 2.599 million, with a net increase of 187,000 in the first half of 2025 [4]. Financial Forecast - The company expects a steady growth in revenue and profit for the full year of 2025, with net profit projections of 145.3 billion yuan, 152.5 billion yuan, and 160 billion yuan for 2025, 2026, and 2027 respectively [6].