Core Insights - China Tower reported stable revenue growth for the first half of 2025, with operating income reaching RMB 49.601 billion, a year-on-year increase of 2.8% [1] - EBITDA for the same period was RMB 34.227 billion, up 3.6%, with an EBITDA margin of 69.0% [1] - Net profit attributable to shareholders was RMB 5.757 billion, reflecting an 8.0% year-on-year growth, with a net profit margin of 11.6% [1] Revenue Breakdown - The company's "one body, two wings" strategy focuses on operator business as the core and smart connection and energy businesses as the wings [4] - Operator business revenue was RMB 42.461 billion, a 0.8% increase year-on-year, driven by the expansion of 5G network coverage [4] - Tower business revenue was RMB 37.797 billion, remaining stable compared to the previous year, with a total of 2.119 million tower sites as of June 30, 2025 [7] Segment Performance - Indoor distribution business revenue grew by 12.0% year-on-year to RMB 4.664 billion, with significant increases in coverage area and mileage [7] - Smart connection business revenue reached RMB 4.726 billion, an 18.7% increase, with the tower vision business contributing RMB 2.822 billion [7] - Energy business revenue was RMB 2.209 billion, up 9.2%, with battery swap services accounting for RMB 1.323 billion [8] Innovation and R&D - The company enhanced its focus on key technologies such as AI, edge computing, and IoT, with R&D personnel increasing by 29% year-on-year [9] - The number of authorized invention patents rose by 16% compared to the end of 2024 [9] Market Outlook - China Tower's chairman emphasized the commitment to optimizing resource allocation and enhancing core competitiveness for high-quality development [9] - A report from Zhongyin International indicated that the company's profit growth aligns with market expectations, with a projected annual profit growth in the high single digits [10]

Core Viewpoint - China Tower's (00788) profit for the first half of the year increased by 8% year-on-year 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 payout ratio not less than 76% [1] Analyst Rating and Forecast Adjustments - The bank reiterated a "buy" rating for China Tower but adjusted the depreciation expense forecast, leading to a 3% downward revision of profit forecasts for 2025 to 2027, now projected at 10.8 billion RMB [1] - The target price has been revised down to 12.73 HKD [1]

招银国际发布研报称，中国铁塔(00788)上半年业绩符合预期，收入同比增长2.8%至496亿元人民币，净 利润增长8%至58亿元人民币，对比市场预期为497亿及57亿元人民币。中国铁塔上半年收入和净利润分 别达到招银国际对2025年全年预测的49%和50%，与去同期水平相若。公司宣派中期股息每股0.13元人 民币，管理层重申将进一步提升股东回报。招银国际维持其"持有"评级，目标价由13.7港元下调至13.1 港元。 ...

招银国际发布研报称，中国铁塔(00788)上半年业绩符合预期，收入同比增长2.8%至496亿元人民币，净 利润增长8%至58亿元人民币，对比市场预期为497亿及57亿元人民币。中国铁塔上半年收入和净利润分 别达到招银国际对2025年全年预测的49%和50%，与去同期水平相若。公司宣派中期股息每股0.13元人 民币，管理层重申将进一步提升股东回报。招银国际维持其"持有"评级，目标价由13.7港元下调至13.1 港元。 ...

在科技研发领域，2025年上半年该公司的研发人员数量，较去年同期增长29%，累计授权发明专利较 2024年底提升16%。该公司称，上半年主要强化了新一代移动通信、人工智能、5G+北斗等关键核心技 术研发。 中国铁塔董事长张志勇表示，上半年，该公司持续优化资源配置，深化改革创新，推动经营发展稳中提 质、效率效益持续向好，企业核心竞争力得到不断提升。未来将继续秉持共享发展理念、坚持"一体两 翼"战略布局，持续增强核心竞争力。 采写：南都N视频记者 肖遥 发自香港 中国铁塔（股票代码788.HK）近日在香港公布了截至2025年6月30日的中期业绩。 2025年上半年，公司营业收入保持稳定增长，实现496.01亿元（人民币，下同），同比增长2.8%；息税 折旧摊销前利润（EBITDA）实现342.27亿元，同比增长3.6%。归属于公司股东的利润为57.57亿元，同 比增长8.0%，净利润率为11.6%。 南都N视频记者了解到，中国铁塔上半年的财务状况维持稳健。截至2025年6月30日，该公司总资产达 3311.27亿元，带息负债为926.39亿元，净债务杠杆率为29.5%，较去年年底下降1.5个百分点。该公司董 事会 ...

招银国际发表研报指，中国铁塔上半年业绩符合预期，收入按年增长2.8%至496亿元，净利润增长8%至 58亿元，对比市场预期为497亿及57亿元。中国铁塔上半年收入和净利润分别达到该行对2025年全年预 测的49%和50%，与去同期水平相若。公司宣派中期股息每股0.13元，管理层重申将进一步提升股东回 报。该行维持其"持有"评级，目标价由13.7港元下调至13.1港元。 ...

Core Viewpoint - The report from CICC maintains the profit forecast for China Tower (00788) for 2025 and 2026, with a target price of HKD 14.00, indicating a potential upside of 22.5% from the current stock price [1] Financial Performance - For 1H25, the company reported revenue of CNY 49.601 billion, a year-on-year increase of 2.8%, and a net profit of CNY 5.757 billion, up 8.0% year-on-year; EBITDA rose by 3.6% to CNY 34.227 billion [2] - In 2Q25, revenue was CNY 24.830 billion, a 2.3% year-on-year increase, with net profit at CNY 2.733 billion, up 7.3%, and EBITDA at CNY 16.932 billion, a 2.9% increase [2] Business Segments - The operator business showed steady growth, with revenue for 1H25 at CNY 42.461 billion, a 0.8% increase; tower and indoor distribution business revenues were down 0.4% and up 12.0%, respectively [3] - The number of operator tenants increased by 2.5% year-on-year to 3.579 million, with an average of 1.72 tenants per site [3] - The two wings business revenue grew by 15.5% to CNY 6.935 billion, with smart connection and energy revenues increasing by 18.7% and 9.2%, respectively [3] Cost Management - The EBITDA margin improved to 69.0%, up 0.5 percentage points year-on-year, primarily due to effective cost control [4] - Maintenance and operational support costs decreased by 6.2% and 12.6% year-on-year, respectively, due to prior equipment inspections and cost management [4] - Labor costs increased by 9% year-on-year, driven by the recruitment of technology talent [4] Cash Flow and Dividends - Operating cash flow (OCF) for 1H25 was CNY 28.68 billion, a significant quarter-on-quarter improvement of 72.37% [5] - Capital expenditures for 1H25 were CNY 12.39 billion, down 9.7% year-on-year, reflecting changes in operator construction demand [5] - The company announced an interim dividend of CNY 0.1325 per share, a 21.6% increase year-on-year, with a payout ratio of 40.5% of net profit, up 4.5 percentage points year-on-year [5]

Core Viewpoint - CICC maintains the profit forecast for China Tower (00788) for 2025 and 2026, with a target price of HKD 14.00, indicating a potential upside of 22.5% from the current stock price [1] Financial Performance - For 1H25, the company reported revenue of CNY 49.601 billion, a year-on-year increase of 2.8%, and a net profit of CNY 5.757 billion, up 8.0% [2] - EBITDA for 1H25 reached CNY 34.227 billion, reflecting a 3.6% year-on-year growth [2] - In 2Q25, revenue was CNY 24.830 billion, a 2.3% increase year-on-year, with net profit rising 7.3% to CNY 2.733 billion [2] Business Segments - The operator business showed steady growth, with revenue for 1H25 at CNY 42.461 billion, a 0.8% increase, while the two wings business revenue grew by 15.5% to CNY 6.935 billion [3] - The tower business revenue declined by 0.4%, while the indoor distribution business increased by 12.0% [3] - The number of operator tenants rose by 2.5% year-on-year to 3.579 million, with an average of 1.72 tenants per site [3] Cost Control and Profitability - EBITDA margin improved to 69.0%, up 0.5 percentage points year-on-year, due to effective cost control measures [4] - Maintenance and operational support costs decreased by 6.2% and 12.6% respectively, contributing to the improved EBITDA margin [4] - The net profit margin for 1H25 was 11.6%, an increase of 0.6 percentage points year-on-year [4] Cash Flow and Dividends - Operating cash flow (OCF) for 1H25 was CNY 28.68 billion, showing a significant quarter-on-quarter improvement of 72.37% [4] - The company declared an interim dividend of CNY 0.1325 per share, a year-on-year increase of 21.6%, with a payout ratio of 40.5% of net profit [4]

Core Insights - In the first half of 2025, China Tower reported a revenue of 49.601 billion RMB, a year-on-year increase of 2.8%, and a profit attributable to shareholders of 5.757 billion RMB, up 8% [1] Group 1: Operator Business - The operator business generated a revenue of 42.461 billion RMB, reflecting a year-on-year growth of 0.8% [1] - Tower-related revenue was 37.797 billion RMB, remaining stable compared to the same period last year [1] - 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, with operator tower tenants totaling 3.579 million, up by 35,000 [1] Group 2: Smart Connection Business - The smart connection business achieved a revenue of 4.726 billion RMB, marking an 18.7% year-on-year increase [2] - The company focuses on spatial digital governance, enhancing its service offerings in key sectors such as agricultural protection, fishery law enforcement, forest fire prevention, disaster warning, and emergency rescue [2] Group 3: Energy Business - The energy business reported a revenue of 2.209 billion RMB, with a year-on-year growth of 9.2% [3] - The number of battery swap users reached approximately 1.47 million, an increase of 166,000 from the end of the previous year, maintaining a leading position in the low-speed electric vehicle battery swap market [3] Group 4: Technology and Innovation - The company has strengthened its focus on technological innovation, with a 29% increase in the number of R&D personnel compared to the same period last year [3] - The total number of authorized invention patents increased by 16% from the end of 2024 [3]

（文章来源：中国新闻网） 张志勇表示，未来，中国铁塔将在一流平台与算法、数字化治理产品、大模型、智能体、数字塔及边缘 算力等领域加强"AI+"的部署，也将对赋能低空经济等方面进行相关准备，预计将持续增加在科技创新 方面的投资。(完) 中新网香港8月5日电 (记者戴小橦)中国铁塔股份有限公司(简称"中国铁塔")2025年中期业绩发布会5日在 香港举行。期内，中国铁塔营业收入为496.01亿元(人民币，下同)，同比增长2.8%。 业绩报告显示，2025年上半年，中国铁塔净利润达57.57亿元，同比增长8%；两翼业务(即"智联业务和 能源业务")实现收入69.35亿元，占营业收入比重的14%。 中国铁塔董事长张志勇表示，期内，中国铁塔在智联和能源业务，以及信息技术支撑及研发等方面的资 本开支有所增加，但在站址新建、共享改造和更新改造方面的资本开支都有所减少。预计今年全年建设 数量与去年相若，全年资本支出基本与去年相若。 ...