日内瓦Agence Ecofin通讯社10月8日报道，非洲的现代通信时代始于2001年SAT-3/SAFE海底光缆系统的 投运，结束了该地区长期依赖昂贵卫星通信的历史。随后，SEACOM、EASSy、WACS、ACE等光缆陆 续接入并初步在非构建了国际连接网络。 自2015年以来，谷歌、Meta等跨国科技巨头以及中国企业开始深度参与非洲通信基础设施建设。谷歌 于2023年启用Equiano光缆，同时规划首条自非洲直达澳大利亚的Umoja光缆；Meta牵头的"2Africa"项 目则围绕非洲大陆铺设全球最大规模的环形海底光缆系统；中企华海通信（HMN Tech）于2022年在非 启用PEACE海底光缆。 据统计，2021年至2025年间，非洲国际互联网带宽的年均增长率达到38%，总容量已达1835 Tbps。截 至今年初，非洲大陆已与77条海底光缆系统（包括运行和在建项目）相连，其中埃及（19个）与南非 （11个）的海底光缆登陆点最为集中。 ...

来源：环球网 9月5日，第四届低空经济发展大会在安徽芜湖宜居国际博览中心盛大举行。中国铁塔以"塔链低空 翼展 未来"为主题亮相展会，全面展示了公司在低空经济基础设施建设、技术创新和场景应用方面的综合实 力。 深度参与国家级盛会 展示铁塔方案 低空经济，作为新兴的经济形态，正以惊人的速度改变着诸多行业的发展轨迹。在这一领域，中国铁塔 凭借自身独特优势，成为了当之无愧的佼佼者。 展会期间，铁塔展台吸引了众多政府领导、行业专家和企业代表的关注，成为现场瞩目的焦点。 中国铁塔凭借自身资源优势，夯实低空物理基础设施、信息基础设施和软件基础设施，全面服务低空安 全态势感知、空间数智化治理、低空物流、低空消费、低空作业等"低空+"场景。展台上，通过实物展 示、视频演示和现场讲解等多种形式，生动展现了铁塔在低空经济领域的技术积累和实践成果。 四大核心优势彰显铁塔实力 中国铁塔在低空经济领域展现出的四大核心优势，成为推动行业发展的中坚力量。 中国铁塔拥有210余万个站址、近100万座机房和连续稳定的电力供应，为打造低空飞行器起降场全国一 张网提供了坚实的物理基础设施保障，同时也为挂载各类通信、导航、监视、气象、反制、电磁监测等 ...

Core Insights - American Tower Corporation participated in TD Cowen's 11th Annual Communications Infrastructure Summit, highlighting its role in the communications infrastructure sector [1]. - Richard Rossi, Executive VP and President of U.S. Tower, shared insights about his long tenure at American Tower, which began in 2001 [4]. Company Overview - Richard Rossi started at American Tower as a contractor after law school, focusing on tower divestitures during his early years [5]. - The company initially aimed to reduce operating expenses by consolidating towers within close proximity, indicating a strategic approach to operational efficiency [5].

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]

Core Insights - China Tower reported a continuous growth in revenue and net profit for the first half of 2025, marking five consecutive years of growth since 2020, with total revenue reaching RMB 496.01 billion, a year-on-year increase of 2.8% [1][17] - The company's EBITDA for the same period was RMB 342.27 billion, reflecting a 3.6% increase, while the profit attributable to shareholders was RMB 57.57 billion, up 8.0% year-on-year [1][17] Revenue Breakdown - The operator business generated revenue of RMB 424.61 billion, showing a modest growth of 0.8% compared to the previous year [4][18] - The "two wings" business, which includes smart connection and energy services, achieved revenue of RMB 69.35 billion, accounting for 14.0% of total revenue, an increase of 1.6 percentage points year-on-year [7][24] Business Segments Performance - Smart connection business revenue reached RMB 47.26 billion, marking an 18.7% increase, with the tower vision business contributing RMB 28.22 billion, representing 59.7% of smart connection revenue [7][26] - Energy business revenue was RMB 22.09 billion, up 9.2%, with the battery swap service generating RMB 13.23 billion, accounting for 59.9% of energy revenue [10][30] Infrastructure Development - As of June 30, 2025, China Tower had 211.9 million tower sites, an increase of 25,000 from the end of the previous year, with operator tower tenants reaching 3.579 million, up by 35,000 [6][21] - The company has constructed over 5.6 million base stations, significantly contributing to the development of digital infrastructure in China [12][31] Strategic Initiatives - China Tower is focusing on enhancing its core competitiveness through innovation in key technologies such as 5G, AI, and IoT, with a 29% increase in R&D personnel and a 16% rise in authorized patents compared to the previous year [14][14] - The company aims to leverage national policies to expand its business, particularly in 5G applications and energy solutions, while maintaining a commitment to shared development and reducing redundant infrastructure [15][12]

Core Viewpoint - China Tower reported a stable performance in 1H25 with slight revenue growth and improved net profit, while maintaining a healthy dividend payout to enhance shareholder returns [1][3]. Financial Performance - 1H25 revenue increased by 2.8% YoY to RMB49.6 billion, slightly below BBG consensus of RMB49.7 billion [1] - Net profit rose by 8.0% YoY to RMB5.8 billion, exceeding BBG consensus of RMB5.7 billion [1] - EBITDA for 1H25 grew by 3.6% YoY to RMB34.2 billion, with an EBITDA margin of 69.0% [1] - Free cash flow declined by 14.7% YoY to RMB16.3 billion, but cash flow from operations grew by 172% HoH [1] Business Segments - Tower revenue, accounting for 76% of 1H25 revenue, remained stable at RMB37.8 billion [2] - DAS and Two Wings businesses achieved double-digit growth, with revenues of RMB4.7 billion (+12% YoY) and RMB13.4 billion (+15% YoY) respectively [2] - Anticipated overall revenue for 2025 is projected at RMB100 billion, reflecting a 3% YoY increase [2] Shareholder Returns - The Company declared a mid-term dividend of RMB0.13 per share for 1H25, marking a 21.6% increase YoY [3] - The full-year dividend per share for 2024 was RMB0.42, representing an 11.5% increase YoY and a payout ratio of 76% [3] Outlook and Valuation - The Company maintains a HOLD rating with a target price adjusted to HK$13.1, based on a 4.0x FY25E EV/EBITDA [4][5] - Limited topline and EBITDA upside is expected, with estimates of 2.7% and 3.1% YoY growth in 2025E [4]

Core Viewpoint - China Tower's (00788) profit for the first half of the year increased by 8% to 5.76 billion RMB, aligning with market expectations and representing 46% of the annual profit forecast by the bank [1] Financial Performance - The revenue from the "two wings" business accounted for 14% of the group's total revenue, driven by double-digit growth in cross-industry site applications and energy business [1] - EBITDA margin improved by 0.4 percentage points to 69% in the second quarter, indicating effective management of operating expenses and enhanced economies of scale from the two wings business [1] Management Outlook - Management expects to maintain high single-digit growth for the full year, with a dividend yield of no less than 76% [1] Rating and Target Price Adjustment - The bank reiterated a "Buy" rating for China Tower but adjusted the target price down to 12.73 HKD due to an increase in depreciation expense expectations, resulting in a 3% downward revision of profit forecasts for 2025 to 2027 [1]

Core Viewpoint - China Tower's profit for the first half of the year increased by 8% year-on-year to 5.76 billion yuan, aligning with market expectations and representing 46% of the bank's full-year profit forecast [1] Financial Performance - Revenue from the two wings business accounted for 14% of the group's total income, driven by double-digit growth in cross-industry site applications and energy business [1] - EBITDA margin improved by 0.4 percentage points to 69% in the second quarter, indicating effective management of operating expenses and enhanced economies of scale from the two wings business [1] Management Outlook - Management expects full-year profit to maintain high single-digit growth, with a dividend yield of no less than 76% [1] Analyst Rating and Forecast - The bank reiterated a "buy" rating for China Tower but adjusted the depreciation expense forecast, leading to a 3% downward revision of profit estimates for 2025 to 2027, with a target price lowered to 12.73 HKD [1]

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]

Core Viewpoint - China Tower Corporation reported stable revenue growth and improved profitability for the first half of 2025, with a focus on optimizing resource allocation and enhancing core competitiveness [1][2] Group 1: Financial Performance - The company achieved operating revenue of RMB 49.601 billion, a year-on-year increase of 2.8% [1] - EBITDA reached RMB 34.227 billion, reflecting a 3.6% year-on-year growth [1] - Profit attributable to shareholders was RMB 5.757 billion, up 8.0% compared to the previous year [1] - Net cash flow from operating activities was RMB 28.679 billion, with free cash flow amounting to RMB 16.287 billion [1] - The board decided to distribute an interim dividend of RMB 0.13250 per share (pre-tax) for 2025 [1] Group 2: Business Development - The company’s operator business generated revenue of RMB 42.461 billion, a 0.8% increase year-on-year [1] - The two wings business achieved revenue of RMB 6.935 billion, accounting for 14.0% of total revenue, an increase of 1.6 percentage points from the previous year [2] Group 3: Innovation and Technology - The company emphasized technological innovation, focusing on key technologies such as next-generation mobile communication, artificial intelligence, edge computing, and IoT [2] - The number of R&D personnel increased by 29% compared to the same period last year, and the number of authorized invention patents rose by 16% since the end of 2024 [2] - The company is actively promoting the transformation of technological achievements into productive forces through various initiatives [2]