Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In 2025, the company achieved a revenue of 392.2 billion yuan, representing a year-on-year growth of 0.7%, and a net profit attributable to shareholders of 9.13 billion yuan, up 1.1% year-on-year. The net profit was primarily impacted by non-operating expenses [4][10]. - The connectivity business is steadily developing, with significant growth in broadband users, and the company has received a license for satellite mobile communication, which will enhance its service offerings [10]. - Capital expenditures (CAPEX) continued to decline, with a focus on computing power investments, which accounted for over 35% of total CAPEX. The company’s IDC revenue grew by 8.5% year-on-year, indicating a strong performance in this segment [10]. - Cash flow management has shown significant improvement, with operating cash flow reaching 91.41 billion yuan, a 0.2% increase year-on-year, and free cash flow increasing by 24.7% to 37.26 billion yuan. The dividend payout ratio has also increased to 61.3% [10]. Summary by Sections Revenue and Profitability - The company reported total revenue of 392.2 billion yuan in 2025, with a 0.7% increase from the previous year. The main service revenue was 347.7 billion yuan, up 0.5% year-on-year. However, Q4 saw a slight decline in revenue and net profit due to non-operating expenses [4][10]. Connectivity Business Development - The company achieved a record high in mobile broadband users, with over 357 million users and a net increase of 13.32 million. The broadband user base also grew significantly, with a net increase of 7.61 million users. The integration of services has improved user quality and value [10]. Capital Expenditure and Investment - In 2025, the company’s capital expenditure was 54.2 billion yuan, down 11.7% year-on-year. The forecast for 2026 indicates a further decline to approximately 50 billion yuan. Investments in computing power are expected to drive new growth [10]. Cash Flow and Dividend Policy - The company’s operating cash flow was 91.41 billion yuan, with free cash flow improving to 37.26 billion yuan. The dividend per share was 0.417 yuan, with a payout ratio of 61.3%, reflecting effective cash flow management [10].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本 公 司 同 時 籲 請 投 資 者 在 買 賣 本 公 司 證 券 時 務 須 小 心 謹 慎。 承董事會命 中國移動有限公司 CHINA MOBILE LIMITED 中國移動有限公司 （根據公司條例在香港註冊成立之有限公司） 股份代號：941（港幣櫃台）及 80941（人民幣櫃台） 2025年四季度客戶數據 中國移動有限公司（「本公司」）董事會（「董事會」）宣 佈2025年四季度本公司及其 各附屬公司（「本集團」）的 客 戶 數 據，詳 情 如 下： | 單 位：萬 户 | 2025年四季度 | | --- | --- | | 移動業務 | | | 客戶總數 | 100,516.9 | | 本季度淨增客戶數 | -370.5 | | 本年累計淨增客戶數 | 85.4 | | 5G網絡客戶數 | 64,199.8 | | 有綫寬帶業務 | | ...

Investment Rating - The investment rating for the company is "Buy" [6][11] Core Views - The company achieved operating revenue of RMB 523.93 billion in 2025, a year-on-year increase of 0.07%, and a net profit attributable to shareholders of RMB 33.18 billion, up 0.52% year-on-year, which was below previous expectations [1] - The company plans to distribute a dividend of RMB 0.272 per share for 2025, with a payout ratio of 75%, reflecting a year-on-year increase of 4.7% [1] - The demand for intelligent computing is rapidly expanding with the development of AI applications, and the company is transitioning towards a Token service model, which is expected to drive growth in its digital business [1][3] Summary by Relevant Sections Financial Performance - The mobile communication service revenue for 2025 is projected to grow by 1.0% to RMB 204.5 billion, with a mobile user base of 439 million, reflecting a net increase of 14.13 million users [2] - The fixed-line and smart home service revenue is expected to grow by 0.2% to RMB 126 billion, with a fixed broadband user base of 201 million, a net increase of 3.68 million users [2] - The company's digitalization revenue is projected to grow by 0.5% to RMB 147.3 billion, focusing on high-quality, profitable business segments [3] Capital Expenditure and Cost Management - Capital expenditure for 2025 is estimated at RMB 80.4 billion, a decrease of 14% year-on-year, with a further expected decline of 9.2% to RMB 73 billion in 2026 [4] - The company has successfully reduced network operation and support costs by 2.1% year-on-year, aided by AI-driven cost management [4] Future Outlook - The company anticipates net profits of RMB 30.52 billion, RMB 31.98 billion, and RMB 33.17 billion for 2026, 2027, and 2028 respectively, with a downward adjustment of 16.6% from previous estimates [5][11] - The target price is set at RMB 8.16 based on a 1.6x PB valuation for 2026, with a corresponding target price of HKD 6.92 for H shares [5][11]

Investment Rating - The report maintains a neutral outlook on China Telecom, indicating that the company's performance in the second half of 2025 is expected to be below expectations, with total service revenue showing only a slight increase of 0.2% to 236.3 billion yuan [5]. Core Insights - China Telecom's mobile service revenue growth has slowed to 0.7%, attributed to a focus on cash flow-generating cloud projects, which has led to a 0.5% decline in industrial digitalization revenue [5][6]. - The company announced a dividend of 0.272 yuan per share for 2025, reflecting a year-on-year increase of 4.7%, with a payout ratio of 75% and a corresponding dividend yield of 6.1% [5]. - The report anticipates continued pressure on revenue in 2026, although reduced capital expenditures are expected to support profits and dividends, albeit with a potential slowdown in dividend growth [5][9]. Revenue Breakdown - Mobile service revenue for the second half of 2025 is projected to grow by 0.7% to 98 billion yuan, driven by an increase in user base, with a net addition of 6 million mobile users [6]. - Fixed-line and broadband revenue is expected to show a slight increase of 0.3% to 61.8 billion yuan, impacted by weak consumer spending due to macroeconomic conditions [7]. - Industrial digitalization revenue is forecasted to decline by 0.5% to 72.5 billion yuan, as the company adopts a more cautious approach to cloud projects, prioritizing those with high cash flow return potential [8]. Profitability and Capital Expenditure - EBITDA for the second half of 2025 is expected to decrease by 1.2% to 63.3 billion yuan, with a profit margin of 26.8% [9]. - The company is implementing strict cost control measures, resulting in a 0.7% reduction in labor costs and a 2% decrease in network operation costs [9]. - Capital expenditures are projected to drop by 14% in 2025, with a further planned reduction of 9% to 73 billion yuan in 2026, which is expected to support future profits and dividends [9]. Market Position and Growth Drivers - China Telecom is positioned as a leading player in the IDC sector, with a high listing rate of 60-70%, and is expected to benefit from the AI wave as a late-stage beneficiary [5][11]. - The company is focusing on expanding its user base and enhancing ARPU through AI and cloud-based value-added services [6].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Telecom Corporation Limited 中国电信股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份編號：728） 海外監管公告 中國電信股份有限公司 2025 年度財務報表和審計報告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 兹載列中國電信股份有限公司（「本公司」）在上海證券交易所網站刊登的《中國電信股份有 限公司 2025 年度財務報表和審計報告》，僅供參考。 承董事會命 中國電信股份有限公司 董事長兼首席執行官 柯瑞文 䓵 2025 㛋 1 䊣 1 㦶 䐢 2025 㛋 12 䊣 31 㦶䐚㛋Ⱙ⤧㹒⡉⢎ KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (1 ...

本公司谨此提醒投资者，上述运营数据为内部统计数据， 并不代表公司对未来经营情况的任何预测或保证，投资者应 注意不恰当地使用上述数据可能造成的投资风险。 中国电信股份有限公司 二〇二六年三月二十四日 1 证券代码：601728 证券简称：中国电信 公告编号：2026-009 中国电信股份有限公司 2025 年第四季度主要运营数据公告 中国电信股份有限公司 2025 年第四季度主要运营数据 如下： | 单位：万户 | 2025 年四季度 | | --- | --- | | 移动用户数 | 43,865 | | 当季净增/减用户数 | 146 | | 其中：5G 网络用户数 | 30,181 | | 当季净增/减用户数 | 940 | | 有线宽带用户数 | 20,112 | | 当季净增/减用户数 | 63 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Telecom Corporation Limited 中国电信股份有限公司 董事會謹此提醒投資者，以上運營數據為本集團內部統計數據，投資者應小心以免不恰當地倚賴 該等數據。 本公司同時籲請投資者在買賣本公司證券時務須小心謹慎。 (股份編號：728) 2025年第四季度主要運營數據 中國電信股份有限公司（「本公司」）董事會（「董事會」）宣佈2025年第四季度本公司及 其附屬公司（統稱「本集團」）的主要運營數據。 2025年第四季度主要運營數據公佈如下： | | 2025年四季度 | | --- | --- | | 移動用戶數（百萬戶） | 438.65 | | 當季淨增用戶數（百萬戶） | 1.46 | | 其中：5G網絡用戶數（百萬戶） | 301.81 | | 當季淨增用戶數（百萬戶） | 9.40 | | 有線寬帶用戶數（百萬戶） | 201.12 | | 當季淨增用戶數（百萬戶） | 0 ...

Core Viewpoint - The adjustment of the value-added tax (VAT) rate for telecommunications services will negatively impact the revenue and profit of certain companies, including Shenzhen Tianwei Vision Co., Ltd. [3][4] Group 1: Tax Rate Adjustment Impact - The Ministry of Finance and the State Administration of Taxation announced that starting from January 1, 2026, the applicable tax category for certain telecommunications services will change from value-added telecommunications services to basic telecommunications services, resulting in an increase in VAT from 6% to 9% [3][5]. - Tianwei Vision estimates that this adjustment will reduce its net profit by approximately 6.37 million yuan in 2026 [3][4]. Group 2: Company Performance Forecast - Tianwei Vision anticipates a net loss of between 160 million yuan and 220 million yuan for the year 2025, following losses of approximately 281,000 yuan in 2024 and profits of 12.51 million yuan and 11.01 million yuan in 2023 and 2022, respectively [4]. - Other major telecommunications operators in China, including China Mobile, China Unicom, and China Telecom, have also indicated that their revenues and profits will be affected by the VAT rate adjustment [4]. Group 3: Industry Context - The VAT rate for telecommunications services is categorized into two brackets: 9% for basic telecommunications services and 6% for value-added telecommunications services. The recent announcement expands the scope of services subject to the 9% rate [5]. - The adjustment aims to clarify the definitions of basic and value-added telecommunications services, which have been a source of contention in the industry, potentially reducing administrative costs for tax authorities and companies [5]. Group 4: Consumer Impact Considerations - Experts suggest that whether telecommunications service providers will pass the increased tax burden onto consumers through price hikes will depend on factors such as consumer demand elasticity, competition within the industry, and pricing strategies [6].

Investment Rating - The report maintains a "Buy" rating for the company, with expected PE ratios of 14.71, 14.37, and 14.08 for the years 2026, 2027, and 2028 respectively [4] Core Insights - The company's revenue for 2025 is projected at 392.22 billion RMB, reflecting a year-on-year growth of 0.68%, while the net profit attributable to shareholders is expected to be 9.13 billion RMB, a 1.07% increase [2] - In Q4 2025, the company's revenue was 99.24 billion RMB, showing a slight decline of 0.23% year-on-year but a 6.96% increase quarter-on-quarter. The net profit for the same period was 355 million RMB, down 48.71% year-on-year and 85.36% quarter-on-quarter [2][3] - The company is experiencing pressure in traditional telecom business, but strategic emerging industries now account for over 86% of total revenue, with significant growth in AI-related revenues, which increased by 140% year-on-year [3] - The company has demonstrated strong cash flow management, with a net cash flow from operating activities of 91.41 billion RMB and a free cash flow growth of 24.7% to 37.3 billion RMB [3] - Capital expenditures for 2025 are projected at 54.2 billion RMB, with plans for 50 billion RMB in 2026, focusing on computing power investments [3] Financial Projections - Revenue projections for 2026, 2027, and 2028 are 408.46 billion RMB, 424.49 billion RMB, and 438.80 billion RMB respectively, with net profits expected to be 10.54 billion RMB, 10.79 billion RMB, and 11.01 billion RMB [4][9] - The company’s operating income growth rate is expected to be 4.14% in 2026, 3.93% in 2027, and 3.37% in 2028, while net profit growth rates are projected at 15.49%, 2.40%, and 2.01% for the same years [9]

Investment Rating - The report maintains a "Buy" rating for the company, with expected stock price increases of over 15% in the next 6-12 months [5][13]. Core Insights - The company's revenue for 2025 is projected at 392.22 billion yuan, a year-on-year growth of 0.68%, while the net profit attributable to shareholders is expected to be 9.13 billion yuan, reflecting a 1.07% increase [2][5]. - The fourth quarter of 2025 showed a revenue of 99.24 billion yuan, down 0.23% year-on-year but up 6.96% quarter-on-quarter, with a net profit of 355 million yuan, down 48.71% year-on-year and 85.36% quarter-on-quarter [2][3]. - The company is focusing on strategic emerging businesses, which now account for over 86% of total revenue, with significant growth in AI-related revenues, which increased by 140% year-on-year [3][4]. Summary by Sections Financial Performance - The company reported a stable cash flow with a net operating cash flow of 91.41 billion yuan for the year, and free cash flow increased by 24.7% to 37.3 billion yuan [3]. - The annual dividend per share is set at 0.1635 yuan, marking a 3.5% increase from the previous year [3]. Capital Expenditure and Growth Strategy - Capital expenditures for 2025 are projected at 54.2 billion yuan, with plans for approximately 50 billion yuan in 2026, focusing on computing power investments which will exceed 35% of total capital expenditures [4]. - The company’s cloud services revenue grew by 5.2% year-on-year, and its IDC business revenue reached 28.1 billion yuan, up 8.5% year-on-year [4]. Future Projections - Revenue forecasts for 2026, 2027, and 2028 are 408.46 billion yuan, 424.49 billion yuan, and 438.80 billion yuan respectively, with net profits projected at 10.54 billion yuan, 10.79 billion yuan, and 11.01 billion yuan [5][10]. - The company’s price-to-earnings (P/E) ratio is expected to be 14.71, 14.37, and 14.08 for the years 2026, 2027, and 2028 respectively [5].