Core Viewpoint - The company reported an 8% year-over-year earnings growth in 1H25, with a 21.6% increase in interim dividend, aligning with market expectations. The EBITDA margin showed steady growth despite a slowdown in the incumbent tower business, indicating the company's strong capabilities in developing new businesses with respectable margins [1][2]. Financial Performance - Earnings for 1H increased by 8% YoY to RMB5.76 billion, representing 46% of the estimated earnings for 2025. The tower business (excluding DAS) experienced a slight decline of 0.5% YoY in 2Q25, despite a 3% increase in the number of tenants and a 0.6% increase in tenancy ratio, suggesting cost savings for telecom operators due to lower energy costs [2][5]. - The EBITDA margin improved by 0.4 percentage points YoY in 2Q25 to 69%, reflecting management's efforts in controlling operating expenses and the economies of scale achieved in the company's two-wing business [4]. Business Segments - Both Trans-sector site applications and Energy operations maintained double-digit revenue growth in 1H25, with the two-wing business contributing 14% to the group's revenue, marking an 18.4% YoY increase. DAS also achieved a 9% YoY revenue growth in 2Q25, covering 13.85 billion sqm of building area, along with 527 km of subway coverage and 1,036 km of high-speed railway tunnel coverage [3]. Management Outlook - Management anticipates that full-year earnings for 2025 will maintain high single-digit growth, with a dividend payout ratio not lower than 76%. The interim dividend was raised by 21.6% YoY to RMB0.1325 per share, significantly outpacing the earnings growth for the same period [5].