10月21日晚间，中国电信股份有限公司（以下简称"中国电信"）披露2025年第三季度报告。2025年前三 季度，中国电信实现营业收入3942.7亿元，同比增长0.59%；实现归属于上市公司股东的净利润为 307.73亿元，同比增长5.03%。今年第三季度，中国电信实现营业收入1248.48亿元，同比下降0.91%； 实现归属于上市公司股东的净利润77.56亿元，同比增长3.6%。 截至报告期末，中国电信基础业务稳健发展，5G网络用户数达到2.9亿户，渗透率提升至66.9%，手机 上网总流量同比增长16.9%，手机上网DOU（每用户数据使用量）达到22.3GB，同比增长11.4%，千兆 宽带用户渗透率约31.0%。 日前，中国电信等电信运营商正式开放eSIM手机业务。在此之前，中国电信的eSIM业务已支持智能手 表、车载设备等多终端。 中国电信相关负责人告诉《证券日报》记者，该公司开放eSIM手机业务的预约办理后，预约量快速上 升。此次手机端eSIM业务的引入，将全面推动移动通信服务从传统的实体SIM卡模式向"轻量化、多模 态"的eSIM模式演进。 （文章来源：证券日报） 2025年前三季度，中国电信战略新兴业 ...

Core Viewpoint - China Telecom reported a year-on-year increase in total revenue and net profit for the first half of 2025, indicating stable growth despite challenges in cash flow and accounts receivable management [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 269.42 billion yuan, a 1.3% increase from 2024 [1]. - Net profit attributable to shareholders was 23.02 billion yuan, up 5.53% year-on-year [1]. - In Q2 2025, total revenue was 134.91 billion yuan, reflecting a 2.61% increase compared to the same quarter in 2024 [1]. - Q2 net profit attributable to shareholders was 14.15 billion yuan, a 7.1% increase year-on-year [1]. - Gross margin stood at 30.69%, a slight decrease of 0.49% from the previous year [1]. - Net margin improved to 8.54%, an increase of 3.45% year-on-year [1]. Accounts Receivable and Cash Flow - Accounts receivable increased significantly, with the amount reaching 68.99 billion yuan, a 25.61% rise compared to the previous year [1]. - The ratio of accounts receivable to net profit was notably high at 208.98%, indicating potential liquidity concerns [4]. - Operating cash flow per share decreased by 19.38% to 0.51 yuan, reflecting longer collection periods in the digital business [1][3]. Cost Management - Total sales, management, and financial expenses amounted to 44.66 billion yuan, accounting for 16.58% of revenue, a decrease of 3.44% year-on-year [1]. - Sales expenses decreased by 5.99%, attributed to digital marketing initiatives [2]. - Financial expenses increased by 17.33%, due to a shift in investment strategy towards low-risk structured deposits [3]. Investment and Market Position - The company’s return on invested capital (ROIC) was reported at 6.43%, indicating average capital returns [3]. - Analysts project a net profit of 34.92 billion yuan for 2025, with an average earnings per share estimate of 0.38 yuan [4]. Fund Holdings - The largest fund holding China Telecom shares is the Industrial Bank Cultural Industry Stock A, with 32.44 million shares held [5]. - Other funds have shown varied movements, with some reducing their holdings in the company [5].