Group 1 - The core viewpoint of the article highlights China Tower's position as the world's largest communication infrastructure service provider, with a strategic layout of "one body and two wings" [1] - The company operates over 2.1 million communication sites, achieving extensive coverage and establishing a solid foundation for network expansion [1] - The revenue structure consists of approximately 86% from tower and indoor distribution businesses, while the remaining 14% comes from smart connection and energy services, indicating a diversified growth model [1] Group 2 - The sharing mechanism has significantly improved scale efficiency, with the sharing rate of new towers increasing from 14.3% to 85%, saving the industry over 210 billion yuan in investments and approximately 180 billion yuan in operating costs [1] - The average number of tenants per tower has risen from 1.28 to 1.81, enhancing profitability and cash flow per site [1] - As a new central enterprise established after the 18th National Congress, China Tower has innovated in governance, organizational structure, and management, achieving an average of 87 managed sites per employee, surpassing the figures of American and Indian counterparts [1] Group 3 - The depreciation of acquired tower assets will release profit elasticity, with an estimated reduction of 6 to 8 billion yuan in depreciation expenses starting from October 2025, directly boosting profits [2] - The company has consistently increased its dividend payout ratio since its listing, with a projected payout ratio of 76% for 2024, and plans to distribute interim dividends in 2024 and 2025 [2] - China Tower has upgraded nearly 240,000 "digital towers" to serve over 40 key sectors, emphasizing its commitment to technological innovation and the development of new growth points [2] Group 4 - As a national team in digital infrastructure construction, China Tower's business combines high-barrier infrastructure with technology services [3] - The expiration of depreciation on existing tower assets is expected to significantly enhance profits in the short term, while new growth drivers and deepened sharing mechanisms are anticipated to drive high growth in the two wings of the business in the medium to long term [3] - The projected net profits for 2025-2027 are estimated at 11.925 billion, 17.740 billion, and 18.964 billion yuan respectively, with a corresponding dividend yield of approximately 6.70% for 2026 [3]