深圳商报•读创客户端首席记者 陈小慧 "云和AI是未来30年的产业，犹如一场'马拉松'，现在才刚刚开始，选择要更加重要"，杨友桂强调。 同时，杨友桂在演讲中全面解读了全新发布的2026伙伴政策，该政策可以概括为"更信任、更赚钱、更 简单、更成长"四大核心方向。 具体来说，在"更信任"方面，华为云将以政策规则为基石，制定清晰的业务边界和市场布局，以清晰的 政策规则划定业务边界与市场布局，践行"不与伙伴争利"的承诺，明确伙伴政策三年稳定不变，以长期 确定性筑牢互信底色。 在"更赚钱"方面，通过五大政策升级，以有竞争力的授权折扣，让激励更容易拿到、提升伙伴盈利；强 化高效协同，提升伙伴赢单率；依托华为云品牌加持，帮助提升伙伴市场影响力，帮助伙伴拓新客、拓 市场，实现"让更多的伙伴赚到钱，让伙伴赚到更多的钱"目标。 为了让合作"更简单"，华为云将持续保持简单清晰的合作规则，同时坚决打击腐败，让合作全程阳光透 明。华为云始终坚守"简单合作、阳光共赢"的核心原则，同时也将优化IT，把伙伴中心主页升级为一站 式工作台，让华为云与伙伴的合作更省心、更高效。 在"更成长"方面，华为云以"分层分级精准赋能+真金白银激励支持"，全 ...

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 4.068 billion CNY and a net profit attributable to shareholders of 0.724 billion CNY [3] - In Q3 2025, the net profit attributable to shareholders was 0.215 billion CNY, with a non-attributable net profit of 0.208 billion CNY [3] Main Products - The two main products, "Age of Origins" and "War and Order," have maintained strong player engagement, continuing a stable revenue trend after over 6 and 8 years since their launch, respectively [3] - New games "Stellar Sanctuary" and "Next Agers" are currently in the commercialization testing phase and have received domestic game licenses [3] Computer Business Line - The computer business line remains stable, with new businesses in cloud and AI showing promising performance [3] - The AI product "avavox" was officially launched at the 2025 China Mobile Global Partner Conference, integrating general large models and proprietary small models to enhance commercial application efficiency [4]

Group 1 - China Telecom and Alibaba signed a strategic cooperation agreement on August 31 in Hangzhou [1] - The agreement focuses on collaboration in cloud and AI infrastructure, new service industry e-commerce, and social value innovation [1] - Both companies will target key industries to jointly create integrated digital and AI application solutions, leveraging global service capabilities to assist Chinese enterprises in going global [1]

Group 1 - China Telecom and Alibaba held a strategic cooperation signing ceremony in Hangzhou on August 31 [1] - The agreement focuses on collaboration in cloud and AI infrastructure, new service industry e-commerce, and social value innovation [1] - Both companies will target key industries to jointly create integrated digital and AI application solutions, leveraging global service capabilities to support Chinese enterprises going abroad [1]

Core Viewpoint - Microsoft announced a workforce reduction of 9,000 employees, yet this has not impacted its strong performance growth, with significant revenue and profit increases reported for the fourth quarter of fiscal year 2025 [2]. Group 1: Financial Performance - In Q4 of fiscal year 2025, Microsoft achieved revenue of $76.4 billion, a year-over-year increase of 18% from $64.7 billion [2]. - Operating income grew by 23% to $34.3 billion, while net profit reached $27.2 billion, marking a substantial year-over-year growth of 24% [2]. - For the entire fiscal year 2025, Microsoft reported total revenue of $281.72 billion, a 15% increase year-over-year, with operating profit at $128.53 billion (up 17%) and net profit at $101.83 billion (up 16%) [2]. Group 2: Revenue Drivers - The primary growth drivers were Microsoft 365 products and Azure cloud services, with the productivity and business processes segment seeing a 16% revenue increase to $33.1 billion, supported by strong performance in Microsoft 365 and LinkedIn [2]. - The personal computing segment also experienced a 9% revenue increase to $13.5 billion, driven by a 3% rise in Windows OEM and device revenue, a 13% increase in Xbox services, and a 21% growth in search and news advertising [2]. Group 3: Strategic Focus - Microsoft CEO Satya Nadella emphasized that cloud and AI are key drivers for business transformation across industries, highlighting ongoing innovation in technology to help clients adapt and grow in the new era [2]. - Azure's revenue surpassed $75 billion, reflecting a 34% year-over-year growth [2].

Investment Rating - The report maintains a "Recommended" rating for China Telecom, with a target price of 7.57 CNY [7][4]. Core Insights - In 2024, China Telecom achieved a revenue of 523.6 billion CNY, representing a year-on-year growth of 3.1%, and a net profit attributable to shareholders of 33.0 billion CNY, up 8.4% year-on-year [1][4]. - The company is experiencing steady growth in its core business, with mobile communication service revenue reaching 202.5 billion CNY, a 3.5% increase year-on-year, and mobile ARPU rising to 45.6 CNY, up 0.4% [2][4]. - The digital industry segment is showing strong growth, with revenue from industrial digitalization reaching 146.6 billion CNY, a 5.5% increase, and Tianyi Cloud revenue growing by 17.1% to 113.9 billion CNY [3][4]. Summary by Sections Financial Performance - In 2024, operating cash flow was 145.3 billion CNY, up 4.8%, and free cash flow surged by 70.7% to 22.2 billion CNY [1][4]. - The company plans to increase its dividend payout ratio to over 75% in the next three years, with a dividend of 0.2598 CNY per share in 2024 [4]. Business Segments - Mobile communication services saw a net increase of 16.75 million users, bringing the total to 425 million, while fixed-line and smart home services generated 125.7 billion CNY, a 2.1% increase [2][4]. - The company is focusing on enhancing its AI and cloud services, with significant investments in smart computing resources and partnerships [3][4]. Future Projections - The report forecasts continued growth in revenue and profit, with net profit expected to reach 35.9 billion CNY in 2025, reflecting a 9% year-on-year increase [4][6]. - The projected PE ratios for 2025, 2026, and 2027 are 20, 18, and 17, respectively, indicating a stable valuation outlook [4][6].

Investment Rating - The report maintains a "Recommended" rating for China Telecom, with a target price of 7.57 CNY [7][4]. Core Views - China Telecom's revenue for 2024 is projected at 523.6 billion CNY, reflecting a year-on-year growth of 3.1%, while the net profit attributable to shareholders is expected to reach 33 billion CNY, up 8.4% year-on-year [1][4]. - The company is experiencing steady growth in its core business, with mobile communication service revenue reaching 202.5 billion CNY, a 3.5% increase year-on-year, and a net increase of 16.75 million mobile users, bringing the total to 425 million [2][4]. - The digital industry segment is showing strong growth, with revenue from industrial digitalization reaching 146.6 billion CNY, a 5.5% increase year-on-year, and cloud services revenue growing by 17.1% to 113.9 billion CNY [3][4]. Summary by Sections Financial Performance - In 2024, operating cash flow is reported at 145.3 billion CNY, up 4.8% year-on-year, and free cash flow has significantly increased by 70.7% to 22.2 billion CNY [1][4]. - The company’s capital expenditure for 2024 is 93.5 billion CNY, a decrease of 5.4% compared to the previous year, with a focus on mobile network and industrial digitalization investments [4]. Business Segments - Mobile communication services revenue is driven by the upgrade to 5G-A and the introduction of AI-enhanced applications, with mobile ARPU reaching 45.6 CNY, a slight increase of 0.4% [2][4]. - The smart home services segment has also shown growth, with revenue increasing by 16.8% year-on-year [2][4]. Future Outlook - The report forecasts continued growth in revenue and profit for the next three years, with net profit expected to reach 35.9 billion CNY in 2025, reflecting a growth rate of 9% [4][6]. - The dividend payout ratio is set to increase to over 75% in the next three years, with a dividend of 0.2598 CNY per share for 2024 [4].