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 中國北京，2026 年 3 月 24 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、 陳東琪、呂薇、李惠光（皆為獨立非執行董事）；關麗莘（職工董事）。 中国电信股份有限公司 2025 年年度报告 公司代码：601 ...

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 年年度報告摘要 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 年年度報告摘要》，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 中國北京，2026 年 3 月 24 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、 陳東琪、呂薇、李惠光（皆為獨立非執行董事）；關麗莘（職工董事）。 中国电信股份有限公司 2025 年年度报告摘要 中国 ...

Core Viewpoint - China Telecom is upgrading its strategy from "cloud transformation and digitalization" to "cloud transformation, digitalization, and intelligence benefits," focusing on enhancing business value through artificial intelligence and digital infrastructure [1][5]. Group 1: Strategic Upgrades - The company aims to fully embrace next-generation artificial intelligence, placing it at the core of its strategy to enhance operational processes and empower various industries [3][5]. - China Telecom is focusing on four core technologies and seven strategic emerging fields, increasing investment to achieve significant results in areas like quantum communication and intelligent networking [3][4]. - The company plans to maintain stable basic business operations while simultaneously achieving breakthroughs in new strategic businesses, creating a new type of digital information infrastructure centered on cloud-network integration [4][6]. Group 2: Future Planning - The company has initiated the preparation of its "15th Five-Year Plan," emphasizing strategic upgrades, future industry layout, and strengthening technological innovation capabilities [6][7]. - Key areas of focus for the "15th Five-Year Plan" include enhancing strategic upgrades, laying out future industries, and reinforcing core technological capabilities [7][8]. - The company aims to maintain stable revenue and profit growth while enhancing the quality of revenue through digitalization, international business, and intelligent products [7][8]. Group 3: Intelligent Cloud Development - China Telecom's Tianyi Cloud has entered a new stage of intelligent cloud development, providing heterogeneous computing power services with a total scale of 85 EFLOPS across 18 provinces [2][10]. - The company has developed a Triless architecture for PaaS, which has been tested in multiple central enterprise projects, offering one-stop computing power scheduling and AI development services [10][11]. - The DaaS layer integrates various datasets to support national data infrastructure construction, while the SaaS layer has achieved a market-leading position with a 57.1% penetration rate in central enterprises [10][11].

Group 1 - The core focus of the event was to showcase the collaborative achievements of China Telecom and its listed subsidiaries in the implementation of the "Cloud Transformation, Data Transition, Intelligent Benefits" strategy [1][2] - The event featured participation from over 30 investors and analysts from 30 institutions, including major securities firms, aimed at presenting the latest developments in key business areas such as artificial intelligence, cloud computing, and industrial digitalization [1][2] - China Telecom emphasized the importance of market value management as a strategic initiative for promoting high-quality development among its listed companies, enhancing their intrinsic value and core competitiveness [2] Group 2 - The event included immersive experiences and deep exchanges that allowed investors to appreciate the technological innovations and new business layouts of China Telecom, particularly in computing power, platforms, data, models, and applications [3] - Investors expressed strong recognition of China Telecom's strategic upgrade towards embracing artificial intelligence, which has further strengthened their long-term investment confidence [3] - China Telecom plans to continue enhancing market confidence and fulfilling its responsibilities as a state-owned enterprise by improving operational performance and business development, while maintaining compliance and transparency in information disclosure [3]

Core Viewpoint - China Telecom is advancing its "cloud transformation and intelligent benefits" strategy, focusing on the integration of artificial intelligence (AI) and digital technology to drive industry transformation and innovation [2][3]. Group 1: Conference Overview - The "2025 Smart Technology Ecosystem Conference" was held in Guangzhou from December 4 to 7, showcasing China Telecom's strategic upgrades in cloud and digital transformation [1]. - The conference attracted over a thousand important guests from government, enterprises, and academia, focusing on the integration of AI and digital technology [1]. Group 2: Key Presentations - Chairman Ke Ruiwen emphasized the importance of AI in driving the company's strategic upgrade and highlighted the role of China Telecom as a national leader in AI development [3]. - General Manager Liu Guiqing released the "China Telecom Cloud-Network Integration 2035 Technology White Paper," outlining the vision and development path for cloud-network integration [4]. Group 3: Strategic Goals - China Telecom aims to build a "five-in-one" intelligent cloud system, which includes computing power, platforms, data, models, and applications, to enhance AI integration across various industries [3]. - The development of a new digital information infrastructure is prioritized to support AI advancements [3]. Group 4: Industry Collaboration - The conference featured discussions on the role of central enterprises in promoting AI and shared experiences from companies like Aerospace Science and Technology, China Electronics, and China CRRC [6]. - The establishment of several alliances, including the Xirang Intelligent Cloud Ecosystem Alliance and the China Telecom Innovation Industry Alliance, was announced to foster collaboration [6]. Group 5: Exhibition Highlights - The main exhibition area showcased products and applications related to the "five-in-one" intelligent cloud system, including AI-enabled devices and internal applications across various sectors [7]. - China Telecom plans to leverage the new technological revolution to accelerate its "cloud transformation and intelligent benefits" strategy, promoting intelligent, green, and integrated upgrades across industries [7].

Core Viewpoint - The 2025 Smart Technology Ecological Conference held by China Telecom showcased the achievements of its "cloud transformation and digital upgrade" strategy, emphasizing the development of a comprehensive intelligent cloud system and its ecological applications [1][3]. Group 1: Strategic Initiatives - China Telecom is seizing opportunities in artificial intelligence (AI) to upgrade its corporate strategy towards cloud transformation and digital intelligence, aiming to become a leading force in AI development [3]. - The company plans to accelerate the construction of a "computing power, platform, data, model, application" integrated intelligent cloud system, collaborating with partners to build national computing infrastructure and provide diverse digital products and services [3]. - Key initiatives include building new digital information infrastructure, promoting AI applications across various industries, enhancing high-level cooperation for mutual benefits, and establishing comprehensive AI security capabilities [3]. Group 2: Technological Development - The release of the "China Telecom Cloud-Network Integration 2035 Technology White Paper" outlines the company's vision and development path in cloud-network integration, focusing on high-quality networks and deep integration of cloud computing, networking, and AI technologies [5]. - The development of cloud-network integration will occur in two phases: achieving AI-driven cloud-network integration from 2026 to 2030, and reaching AI-native cloud-network integration from 2031 to 2035 [5]. Group 3: Collaborative Efforts - The conference featured the establishment of several alliances, including the Xirang Intelligent Cloud Ecological Alliance and the China Telecom Innovation Industry Alliance, aimed at fostering collaboration in the AI and digital technology sectors [6]. - Twelve sub-forums and product launch events were organized, covering a total area of 40,000 square meters, with various exhibition zones dedicated to computing power, platform ecosystems, security, data, models, AI applications, and AI hardware [8]. Group 4: Future Outlook - China Telecom aims to leverage the new wave of technological revolution and industrial transformation to implement its "cloud transformation and digital upgrade" strategy, promoting intelligent, green, and integrated upgrades across various industries [8].

Core Insights - Recent capital increases by two subsidiaries of China Telecom have attracted market attention, indicating a strategic move towards deeper marketization in cutting-edge technology sectors [1][3] Group 1: Capital Increase Projects - China Telecom's AI company is seeking strategic investors through a public solicitation to accelerate the development of key AI technologies and enhance market mechanisms [2] - The funding goal for the AI company is not fixed, but it aims to raise capital corresponding to a shareholding of no more than 10%, while China Telecom will retain at least 88% ownership post-investment [2] Group 2: Strategic Importance - The capital increases signify China Telecom's long-term strategic investments in artificial intelligence, cloud computing, and quantum technology [3] - The AI company serves as a critical capability within China Telecom's intelligent cloud system, supporting internal business intelligence and offering standardized products and industry solutions externally [3] Group 3: Future Outlook - China Telecom is implementing a comprehensive "cloud transformation and intelligent upgrade" strategy, aiming to leverage technology to empower various industries and enhance societal services [4] - The company is committed to becoming a world-class technology enterprise while fulfilling its mission as a central state-owned enterprise [4]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported a revenue of 394.3 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 0.6%. Service revenue reached 366.3 billion yuan, up 0.9%, while net profit attributable to shareholders was 30.8 billion yuan, an increase of 5.0% year-on-year [1][3] - The company is focusing on transforming its strategy towards "cloud, data, and intelligent services," aiming to enhance its service capabilities and drive high-quality development [3] - The company has seen a significant increase in its new business segments, with IDC revenue reaching 27.5 billion yuan, up 9.1%, and intelligent revenue growing by 62.3% [2][3] Business Performance - The basic business is developing steadily, with 5G network users reaching 290 million, a penetration rate of 66.9%. Mobile internet traffic increased by 16.9%, and the average data usage per user reached 22.3GB, up 11.4% [2] - The company is expanding its new business segments, with notable growth in security revenue (up 12.4%), satellite communication revenue (up 23.5%), and quantum revenue (up 134.6%) [2] Cost Management and R&D - The company maintained effective cost control, with operating costs increasing by only 0.1% year-on-year. R&D expenses rose by 4.4% to 9.1 billion yuan, focusing on key technologies such as AI and quantum security [3] Financial Forecast and Investment Advice - The company is expected to achieve net profits of 34.87 billion yuan, 36.71 billion yuan, and 38.63 billion yuan for the years 2025, 2026, and 2027, respectively. The forecast has been slightly adjusted downwards due to uncertainties in new business developments [3] - The company is positioned to fully embrace AI and support the digital transformation of the economy and society, indicating a positive outlook for future growth [3]

Core Insights - China Telecom reported a revenue of 394.3 billion yuan for the first three quarters of 2025, a year-on-year increase of 0.6% [1] - The company is focusing on embracing artificial intelligence and transforming its strategy towards cloud and digital intelligence [1][2] - Net profit attributable to shareholders reached 30.8 billion yuan, reflecting a 5% year-on-year growth [1] Financial Performance - Service revenue for the period was 366.3 billion yuan, up 0.9% year-on-year [1] - Operating costs amounted to 274.8 billion yuan, a slight increase of 0.1% [2] - Research and development expenses rose by 4.4% to 9.1 billion yuan, emphasizing the focus on core technology advancements [2] User Metrics - The number of 5G network users reached 290 million, with a penetration rate of 66.9% [1] - Mobile internet traffic increased by 16.9% year-on-year, with a daily average usage (DOU) of 22.3 GB, up 11.4% [1] New Business Growth - IDC revenue grew by 9.1% to 27.5 billion yuan, while security revenue increased by 12.4% to 12.6 billion yuan [2] - Smart revenue surged by 62.3%, and satellite communication revenue rose by 23.5% [2] - Quantum revenue saw a remarkable growth of 134.6% [2] Strategic Initiatives - The company aims to implement a comprehensive strategy for cloud transformation and digital intelligence, enhancing core functions and competitiveness [2] - China Telecom is committed to advancing its "AI+" initiative to promote intelligent infrastructure across various sectors [2]

Core Insights - China Telecom reported a revenue of 394.27 billion yuan for the first three quarters of 2025, a year-on-year increase of 0.59% [1] - The net profit attributable to shareholders reached 30.773 billion yuan, up 5.03% year-on-year, with a basic earnings per share of 0.34 yuan [1] - The company is focusing on transforming into a service-oriented, technology-driven, and secure enterprise, emphasizing high-quality development [1] Financial Performance - Revenue for the first three quarters: 394.27 billion yuan, up 0.59% year-on-year [1] - Net profit: 30.773 billion yuan, up 5.03% year-on-year [1] - Non-recurring net profit: 28.697 billion yuan, up 0.04% year-on-year [1] - Basic earnings per share: 0.34 yuan [1] Business Development - The company is embracing artificial intelligence and accelerating its transformation towards cloud and digital services [1] - 5G network users reached 290 million, with a penetration rate of 66.9% [1] - Mobile internet traffic increased by 16.9% year-on-year, with a daily average usage (DOU) of 22.3 GB, up 11.4% [1] - Gigabit broadband user penetration rate is approximately 31.0% [1] Strategic Initiatives - The company has established an intelligent cloud system centered around its core technology "Xirang," providing integrated intelligent cloud services [2] - New strategic business segments are expanding, with IDC revenue reaching 27.5 billion yuan, up 9.1% year-on-year [2] - Security revenue increased to 12.6 billion yuan, up 12.4% year-on-year [2] - Intelligent revenue grew by 62.3%, while video internet revenue increased by 34.2% [2] - Satellite communication revenue rose by 23.5%, and quantum revenue surged by 134.6% [2]