Investment Rating - The report maintains an "Overweight" rating for China Telecom with a target price not specified [7] Core Views - The company reported a revenue of 134.5 billion yuan for Q1 2025, a slight increase of 0.01% year-on-year, with service revenue at 124.7 billion yuan, up 0.3% year-on-year [1] - The net profit attributable to shareholders reached 8.9 billion yuan, reflecting a year-on-year growth of 3.1% [1] - The company emphasizes a customer-centric approach, leveraging digital technology trends to enhance product and service offerings, particularly in the personal and family markets [2] - The 5G network user base reached 270 million, with a penetration rate of 62.0%, and mobile internet traffic increased by 14.2% year-on-year [2] - The company is focusing on cloud-network integration and innovation in new business areas, with IDC revenue growing by 10.4% year-on-year to 9.5 billion yuan [3] - The company is committed to shareholder returns, distributing 72% of its profit in cash dividends for 2024, with a planned increase to over 75% in the next three years [4] Business Segments Summary Personal and Family Market - The mobile communication business is performing steadily, with significant growth in 5G users and mobile internet traffic [2] New Business Areas - The company is expanding its new business segments, with substantial growth in smart revenue (151.6% year-on-year) and satellite communication revenue (37.2% year-on-year) [3] Financial Performance - The forecast for net profit attributable to shareholders for 2025-2027 is 35.58 billion, 37.82 billion, and 40.19 billion yuan respectively, indicating a consistent growth trajectory [4]

Investment Rating - The report maintains an "Accumulate" rating for China Telecom with a target price not specified [7] Core Views - The company reported a revenue of 134.5 billion yuan for Q1 2025, a slight increase of 0.01% year-on-year, with service revenue at 124.7 billion yuan, up 0.3% year-on-year [1] - The net profit attributable to shareholders reached 8.9 billion yuan, reflecting a year-on-year growth of 3.1% [1] - The company emphasizes a customer-centric approach, leveraging digital technology trends to enhance product and service offerings, particularly in the personal and family markets [2] - The 5G network user base has grown to 270 million, with a penetration rate of 62.0%, and mobile internet traffic increased by 14.2% year-on-year [2] - The company is focusing on cloud-network integration and innovation in new business areas, with IDC revenue reaching 9.5 billion yuan, a 10.4% increase year-on-year [3] - The report highlights significant growth in smart revenue, which surged by 151.6% year-on-year, and satellite communication revenue increased by 37.2% [3] - The company is committed to enhancing shareholder returns, with a cash distribution of 72% of the net profit for 2024 and a planned increase to over 75% in the next three years [4] - Future net profit projections for 2025-2027 are estimated at 35.58 billion, 37.82 billion, and 40.19 billion yuan respectively [4] Summary by Sections Business Performance - The company achieved a stable performance in its mobile communication business, with a total mobile internet traffic of 20.4GB per user per month, up 9.1% year-on-year [2] - The smart home business saw an 11.5% increase in revenue, with a gigabit broadband penetration rate of approximately 30% [2] New Business Development - The report indicates that the new business segment is expanding, with a focus on AI, quantum computing, and satellite services, contributing to the overall growth strategy [3] - The company is actively integrating new technologies into its standard products to enhance service capabilities and business value [4] Financial Outlook - The financial forecast indicates a steady growth trajectory, with revenue expected to reach 544.34 billion yuan in 2025, reflecting a growth rate of 3.97% [5] - The report projects an EBITDA of 135.96 billion yuan for 2025, with a net profit margin expected to improve gradually over the forecast period [5]

Core Insights - The company reported a significant increase in earnings per share (EPS) and net profit for the year 2024 compared to 2023, indicating strong financial performance [1] - The total revenue also saw a modest growth, reflecting stable operational performance [1] Financial Performance - Basic earnings per share (EPS) for 2024 reached 0.1695 yuan, up 63.45% from 0.1037 yuan in 2023 [1] - Net profit for 2024 was 1.69 billion yuan, a 62.5% increase from 1.04 billion yuan in 2023 [1] - Operating revenue for 2024 was 5.49 billion yuan, representing a 3% increase from 5.33 billion yuan in 2023 [1] - Return on equity (ROE) improved to 4.66% in 2024, up 60.69% from 2.90% in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 57,116.27 million shares, accounting for 56.72% of the circulating shares, with an increase of 874.37 million shares compared to the previous period [1] - Notable shareholders include Lin Huirong with 27.38% and Chen Guoying with 21.58%, both of whom maintained their holdings [2] Dividend Distribution - The company announced a dividend distribution of 0.8 yuan per share (including tax) [2]

前十大流通股东累计持有： 2189.31万股，累计占流通股比： 35.02%，较上期变化： -192.33万 股。 | 名称 持有数量(万股) | | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 赵国民 | 1073.98 | 17.18 | 不变 | | 浙江磐星投资有限公司 | 402.38 | 6.44 | 不变 | | 赵淑飞 | 176.78 | 2.83 | 不变 | | 姜登攀 | 173.15 | 2.77 | 12.63 | | 李之璁 | 84.50 | 1.35 | 不变 | | 潘维堂 | 69.98 | 1.12 | 新进 | | 孙晓恩 | 67.68 | 1.08 | 新进 | | 王欢 | 65.74 | 1.05 | 不变 | | 沈颖 | 62.14 | 0.99 | 不变 | | 张奇 | 12.98 | 0.21 | 新进 | | 较上个报告期退出前十大股东有 | | | | | 沈建中 | 145.94 | 2.31 | 退出 | | 广脉科技股份有限公司回购专用证券账户 | 109.50 | 1.73 | 退 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 1、议案内容 公司2023年年度股东大会通过了《关于公司2023年度利润分配方案的议案》，本次利润分配以方案实施 前的公司总股本335,240,376股为基数，每股派发现金红利0.15元（含税），以资本公积金向全体股东每 股转增0.3股。该利润分配方案已于2024年7月24日实施完毕。 鉴于此，公司董事会根据股东大会的授权，对本次激励计划预留股票期权的授予数量和行权价格进行调 整。调整后，公司本次激励计划股票期权的数量由1,490万份调整为1,937万份，其中首次授予股票期权 的数量由1,290万份调整为1,677万份，预留授予股票期权的授予数量由200.00万份调整为260.00万份；首 次及预留授予股票期权的行权价格由32.27元/股调整为24.71元/股。 2、经表决，3票同意，0票反对，0票弃权。 4、具体内容详见公司在《证券时报》《中国证券报》《上海证券报》《证券日报》和上海证券交易所 网站（http://www.sse.com.cn）披露的相关内容。 （十二）审议通过《关于注销2024年股票期权激励计划部分股票期权的议案》 1、议案内容 因公司20 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.1542 | -0.0504 | -205.95 | 0.0303 | | 每股净资产（元） | 1.14 | 1.32 | -13.64 | 1.34 | | 每股公积金(元) | 0.61 | 0.63 | -3.17 | 0.6 | | 每股未分配利润(元) | -0.47 | -0.32 | -46.88 | -0.27 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 6.91 | 7.05 | -1.99 | 6.76 | | 净利润(亿元) | -0.78 | -0.25 | -212 | 0.14 | | 净资产收益率(%) | -12.55 | -3.80 | -230.26 | 3.07 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 9943.19万股，累计占流通股 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0200 | 0.0100 | 100 | 0.0900 | | 每股净资产（元） | 3.57 | 3.93 | -9.16 | 3.93 | | 每股公积金(元) | 1.4 | 1.4 | 0 | 1.4 | | 每股未分配利润(元) | 1.38 | 1.37 | 0.73 | 1.38 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 5.34 | 5.55 | -3.78 | 5.28 | | 净利润(亿元) | 0.05 | 0.04 | 25 | 0.22 | | 净资产收益率(%) | 0.48 | 0.35 | 37.14 | 2.55 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 6601.12万股，累计占流通股比： 24.34%，较上期变化： -402.14万股。 ...

前十大流通股东累计持有： 1005.54万股，累计占流通股比： 11.54%，较上期变化： -200.66万股。 | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 深圳市领誉基石股权投资合伙企业(有限合伙) | 259.70 | 2.98 | -12.40 | | 安徽信安基石产业升级基金合伙企业(有限合伙) | 259.70 | 2.98 | -12.40 | | 汪燕 | 188.61 | 2.16 | -22.51 | | 李秀环 | 86.17 | 0.99 | 新进 | | 香港中央结算有限公司 | 40.11 | 0.46 | -57.92 | | 赵远侠 | 38.20 | 0.44 | 不变 | | 迟少华 | 34.75 | 0.40 | 新进 | | 颜兴根 | 34.67 | 0.40 | 新进 | | 曾国良 | 34.02 | 0.39 | 新进 | | 褚卫军 | 29.61 | 0.34 | -30.49 | | 较上个报告期退出前十大股东有 | | | | | 刘浩 | 140.26 | 1 ...

前十大流通股东累计持有： 6696.14万股，累计占流通股比： 34.49%，较上期变化： -679.15万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 江苏新霖飞投资有限公司 | 5409.00 | 27.87 | 不变 | | 黄元元 | 572.51 | 2.95 | -30.00 | | 罗德英 | 227.80 | 1.17 | -62.26 | | 湖南湘江中盈投资管理有限公司 | 88.18 | 0.45 | 不变 | | 王永刚 | 70.00 | 0.36 | 新进 | | 特发富海股权投资基金管理(深圳)有限公司-深圳特发伯乐产 | | | | | 业升级投资合伙企业(有限合伙) | 68.40 | 0.35 | -28.60 | | 缪卫标 | 67.68 | 0.35 | 新进 | | 刘政 | 67.04 | 0.35 | 新进 | | 戴元永 | 64.75 | 0.33 | -171.56 | | 彭佳佳 | 60.78 | 0.31 | 新进 | | 较上个 ...

前十大流通股东累计持有： 16768.09万股，累计占流通股比： 38.64%，较上期变化： -853.99万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 李六兵 | 9459.82 | 21.80 | -2169.88 | | 上海靖戈私募基金管理合伙企业(有限合伙)-靖戈共赢尊享 | | | | | 十二号私募证券投资基金 | 2169.88 | 5.00 | 新进 | | 梅漫 | 2166.22 | 4.99 | 不变 | | 李云 | 852.32 | 1.96 | 不变 | | 于力 | 780.00 | 1.80 | 不变 | | 王洪廷 | 474.50 | 1.09 | 不变 | | 招商银行股份有限公司-南方中证1000交易型开放式指数证 | | | | | 券投资基金 | 250.12 | 0.58 | -87.83 | | 刘江江 | 217.93 | 0.50 | -40.00 | | 姚少军 | 212.30 | 0.49 | 不变 | | 香港中央结算有限公司 ...