Core Viewpoint - The company reported steady growth in its core business while rapidly developing new strategic initiatives, particularly in the digital and intelligent cloud sectors [4][5][6]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 269.4 billion RMB, a year-on-year increase of 1.3%, with service revenue at 249.1 billion RMB, up 1.2% [4]. - EBITDA reached 80.6 billion RMB, reflecting a 4.9% year-on-year growth, and the net profit attributable to shareholders was 23 billion RMB, increasing by 5.5% [4]. - The company proposed a mid-term dividend of 0.1812 RMB per share (tax included), which is an 8.4% increase compared to the previous year [4][7]. Group 2: Business Segments - Mobile communication service revenue was 106.6 billion RMB, with a net increase of approximately 8 million mobile users, bringing the total to 433 million users; mobile ARPU decreased by 0.3 RMB to 46.0 RMB [5]. - Fixed-line and smart home service revenue was 64.1 billion RMB, with a net increase of about 2 million broadband users, totaling 199 million users; broadband ARPU was 48.3 RMB [5]. - The digital industry revenue was 74.9 billion RMB, showing a significant decrease of 49%, while AIDC revenue grew by 7.4% [5]. Group 3: Strategic Initiatives - The company is focusing on building an intelligent cloud system centered around "Xirang," providing integrated intelligent cloud services with a total computing power of 77 EFLOPS [6]. - The "Star Sea" data intelligence platform has been established, integrating over 10 trillion token data and 14 industry datasets, supporting over 80 industry models and 30 intelligent agents [6]. - The company has formed a national "AI+" demonstration base with over 30 central enterprises and expanded mobile satellite services to Southeast Asia [6]. Group 4: Capital Expenditure and Dividends - Capital expenditure in the first half of the year was 34.2 billion RMB, accounting for 12.7% of revenue, a decrease of 5 percentage points year-on-year [7]. - The proposed mid-term dividend of 16.58 billion RMB represents 72% of the net profit attributable to shareholders for the first half of the year [7].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Telecom [4][6]. Core Insights - The company achieved a revenue of 269.4 billion RMB in the first half of 2025, representing a year-on-year growth of 1.3%. Service revenue was 249.1 billion RMB, up 1.2% year-on-year. EBITDA reached 80.6 billion RMB, growing by 4.9%, and the net profit attributable to shareholders was 23 billion RMB, an increase of 5.5% year-on-year. A mid-term dividend of 0.1812 RMB per share (before tax) was proposed, reflecting an 8.4% increase year-on-year [1][4]. Summary by Sections Financial Performance - In the first half of 2025, mobile communication service revenue was 106.6 billion RMB, up 1.3% year-on-year, with a net increase of approximately 8 million mobile users, bringing the total to 433 million. The mobile ARPU decreased by 0.3 RMB to 46.0 RMB. Fixed-line and smart home service revenue was 64.1 billion RMB, a 0.2% increase year-on-year, with a net increase of about 2 million broadband users, totaling 199 million. The broadband ARPU was 48.3 RMB [2]. Strategic Developments - The company is focusing on upgrading its strategy to "cloud transformation and intelligent benefits," centering around the "Xiangrang" intelligent cloud system. This includes an integrated intelligent cloud service offering "computing power + platform + data + model + application," with a total computing power of 77 EFLOPS. The company has established a data intelligence platform supporting over 20,000 enterprises [3]. Capital Expenditure and Shareholder Returns - Capital expenditure in the first half of 2025 was 34.2 billion RMB, accounting for 12.7% of revenue, a decrease of 5 percentage points year-on-year. The proposed mid-term dividend of 16.58 billion RMB represents 72% of the net profit attributable to shareholders [3]. Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 35.9 billion RMB, 37.6 billion RMB, and 40.2 billion RMB, respectively. The corresponding P/E ratios for A-shares are projected to be 19X, 18X, and 17X, while for H-shares, they are 14X for all three years [4][5].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Telecom Corporation Limited 中国电信股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份編號：728） 海外監管公告 中國電信股份有限公司 2025 年半年度報告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 兹載列中國電信股份有限公司（「本公司」）在上海證券交易所網站刊登的《中國電信股份有 限公司 2025 年半年度報告》，僅供參考。 承董事會命 中國電信股份有限公司 董事長兼首席執行官 柯瑞文 中國北京，2025 年 8 月 14 日 於本公告刊發之日的本公司董事會包括柯瑞文（董事長兼首席執行官）；劉桂清（總裁兼首席 運營官）；唐珂、李英輝（財務總監）（皆為執行副總裁）；呂永鐘（非執行董事）；吳嘉寧、 楊志威、陳東琪、呂薇（皆為獨立非執行董事）。 公司代码：601728 公司简称：中国电信 中国电信股份有限公司 2025 ...

Core Insights - The 2025 World Artificial Intelligence Conference and the High-Level Meeting on Global Governance of Artificial Intelligence were held in Shanghai from July 26 to 28, highlighting the importance of AI in economic growth and transformation [1][2] - China Telecom's Chairman, Ke Ruiwen, emphasized the company's strategic shift from "cloud transformation" to "intelligent cloud transformation," aiming to enhance AI capabilities and services [1] Group 1: Company Strategy - China Telecom is embracing AI to drive its strategic upgrade, focusing on creating an integrated intelligent cloud service system that combines computing power, platforms, data, models, and applications [1] - The company aims to enhance its AI security governance capabilities by establishing a comprehensive dynamic protection system for AI [1] - China Telecom plans to increase collaboration and build a shared industry ecosystem to promote co-creation, governance, and sharing [1] Group 2: Regional Focus - Shanghai is positioned as an international technology innovation center, and China Telecom is intensifying its AI initiatives in the region [2] - The company is accelerating the "Smart Cloud Shanghai" project, transitioning from "cloud for the city" to "intelligent benefits for the city," to support urban digital transformation [2] - China Telecom is committed to increasing research investment in Shanghai and collaborating with local universities and research institutions to tackle cutting-edge AI challenges [2]