Core Insights - China Tower reported stable revenue growth in the first half of 2025, achieving operating revenue of 49.601 billion yuan, a year-on-year increase of 2.8% [1] - The net profit attributable to shareholders was 5.757 billion yuan, reflecting an 8.0% year-on-year growth [1] - The company emphasized its commitment to optimizing resource allocation and enhancing core competitiveness for high-quality development [1] Revenue Breakdown - The operator business generated revenue of 42.461 billion yuan, a 0.8% increase year-on-year [1] - Tower business revenue was 37.797 billion yuan, remaining stable compared to the same period last year [2] - Indoor distribution business revenue reached 4.664 billion yuan, marking a 12.0% year-on-year growth [2] Business Development - The two-wing business achieved revenue of 6.935 billion yuan, accounting for 14.0% of total operating revenue, an increase of 1.6 percentage points year-on-year [2] - Smart connection business revenue was 4.726 billion yuan, with an 18.7% year-on-year increase, and the Iron Tower Vision business contributed 2.822 billion yuan, representing 59.7% of smart connection revenue [2] - Energy business revenue was 2.209 billion yuan, up 9.2% year-on-year, with the battery swap business generating 1.323 billion yuan, accounting for 59.9% of energy business revenue [2] Infrastructure and Market Position - As of June 30, 2025, the number of tower sites reached 2.119 million, an increase of 25,000 from the end of the previous year [2] - The number of operator tower tenants rose to 3.579 million, an increase of 35,000 from the end of the previous year, with an average of 1.72 tenants per tower site [2] - The company continues to lead in the low-speed electric vehicle battery swap market, with approximately 1.47 million battery swap users, an increase of 166,000 from the end of the previous year [2]

Group 1 - The core viewpoint of the news is the inauguration of Sichuan Hanno Cloud Intelligence Technology Co., Ltd., a key hardware manufacturing hub of Hanno Group, which marks a significant step in the integrated industrial layout of "cloud-edge-end" [1] - The factory focuses on "edge computing + AI" and aims to create a modern manufacturing base that integrates smart hardware production, technology research and development, and ecosystem integration [1] - The factory benefits from government incentives such as tax reductions, logistics subsidies for the China-Europe Railway Express, and customs facilitation, enhancing its operational efficiency [1] Group 2 - The factory is deeply integrated into the "East Data West Calculation" project, supporting global digital infrastructure and establishing a cross-border logistics network that reduces logistics costs by 70% compared to air freight [1] - Future plans include expanding the factory by 40,000 square meters and achieving an annual production capacity of 1.5 million units by 2025, targeting both domestic and ASEAN markets [2] - The establishment of the Hanno Cloud Intelligence factory is significant for Chengdu's Qingbaijiang District, reinforcing its development path towards high-end, intelligent, and green manufacturing [2]