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。 ...

Core Viewpoint - China Tower's (00788) performance in the first half of the year met expectations, with revenue increasing by 2.8% to RMB 49.6 billion and net profit rising by 8% to RMB 5.8 billion, aligning closely with market forecasts of RMB 49.7 billion and RMB 5.7 billion respectively [1] Financial Performance - Revenue for the first half reached 49% of the full-year forecast for 2025, while net profit accounted for 50% of the same forecast, indicating stable performance compared to the previous year [1] - The company declared an interim dividend of RMB 0.13 per share, with management reaffirming intentions to enhance shareholder returns [1] Analyst Rating - CMB International maintains a "Hold" rating on the stock, adjusting the target price from HKD 13.7 to HKD 13.1 [1]

Core Viewpoint - China Tower Corporation (stock code 788.HK) reported stable financial performance for the first half of 2025, with revenue growth and improved profitability metrics [2][3]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 49.601 billion RMB, a year-on-year increase of 2.8% [2]. - EBITDA reached 34.227 billion RMB, reflecting a 3.6% year-on-year growth [2]. - Net profit attributable to shareholders was 5.757 billion RMB, up 8.0% year-on-year, with a net profit margin of 11.6% [2]. - As of June 30, 2025, total assets amounted to 331.127 billion RMB, with interest-bearing liabilities of 92.639 billion RMB, resulting in a net debt leverage ratio of 29.5%, a decrease of 1.5 percentage points from the end of the previous year [2]. Dividend Distribution - The board of directors declared an interim dividend of 0.13250 RMB per share (pre-tax) [2]. Business Operations - The company emphasized its role in 5G infrastructure development, focusing on initiatives such as the "Dual Gigabit" network and "Signal Upgrade" projects [2]. - Revenue from the operator business segment was 42.461 billion RMB, showing a 0.8% year-on-year increase [2]. Research and Development - The number of R&D personnel increased by 29% compared to the same period last year, and the total number of authorized invention patents rose by 16% since the end of 2024 [3]. - Key areas of focus in R&D included next-generation mobile communications, artificial intelligence, and 5G+Beidou technologies [3]. Strategic Direction - The chairman stated that the company will continue to optimize resource allocation and deepen reform and innovation to enhance operational efficiency and core competitiveness [3]. - The company aims to uphold the shared development philosophy and maintain its "One Body, Two Wings" strategic layout to strengthen its core competitiveness [3].

Core Viewpoint - China Tower's performance in the first half of the year met expectations, with revenue growth of 2.8% year-on-year to 49.6 billion yuan and a net profit increase of 8% to 5.8 billion yuan, aligning closely with market forecasts of 49.7 billion yuan and 5.7 billion yuan respectively [1] Financial Performance - Revenue for the first half reached 49% of the bank's forecast for the full year 2025, while net profit accounted for 50% of the same forecast, indicating stable performance compared to the previous year [1] - The company declared an interim dividend of 0.13 yuan per share, with management reaffirming intentions to enhance shareholder returns [1] Analyst Rating - The bank maintains a "Hold" rating on the stock, adjusting the target price from 13.7 HKD to 13.1 HKD [1]

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]

Core Viewpoint - China Tower Corporation Limited reported a revenue of 49.601 billion RMB for the first half of 2025, reflecting a year-on-year growth of 2.8% [2] - The net profit for the same period reached 5.757 billion RMB, marking an 8% increase compared to the previous year [2] Financial Performance - Revenue for the first half of 2025 was 49.601 billion RMB, with a year-on-year growth of 2.8% [2] - Net profit for the period was 5.757 billion RMB, showing an 8% increase year-on-year [2] - Revenue from the two wings of business (Smart Connection and Energy) amounted to 6.935 billion RMB, accounting for 14% of total revenue [2] Capital Expenditure - The company increased capital expenditure in smart connection, energy business, information technology support, and research and development [2] - There was a reduction in capital expenditure for new site construction, shared renovations, and upgrades [2] - The company expects the total construction numbers and capital expenditure for the year to be similar to the previous year [2] Future Outlook - The company plans to enhance its deployment in AI-related fields, including first-class platforms, algorithms, digital governance products, large models, intelligent agents, digital towers, and edge computing [2] - Preparations will be made to empower the low-altitude economy, with an expectation of continued investment in technological innovation [2]

Core Insights - China Tower reported a revenue of 49.601 billion yuan for the first half of 2025, representing a year-on-year growth of 2.8% [2] - The profit attributable to shareholders reached 5.757 billion yuan, marking an 8% increase compared to the previous year [2] Revenue Breakdown - Operator business revenue was 42.461 billion yuan, with a year-on-year growth of 0.8% [2] - Smart connection business revenue amounted to 4.726 billion yuan, showing an 18.7% increase [2] - Energy business revenue reached 2.209 billion yuan, reflecting a growth of 9.2% [2] Profitability and Cash Flow - EBITDA stood at 34.227 billion yuan, up by 3.6% year-on-year [2] - Net cash flow from operating activities was 28.679 billion yuan, with free cash flow at 16.287 billion yuan [2] - The board decided to distribute an interim dividend of 0.1325 yuan per share before tax for 2025 [2] Strategic Focus - The company aims to optimize resource allocation and deepen reform and innovation to enhance operational quality and efficiency [2] - Future strategies include focusing on core technology breakthroughs, strengthening the supply of technological achievements, and promoting the integration of technological and industrial innovation [2]

Core Viewpoint - China Tower Corporation (00788) reported stable revenue growth and improved profitability in its interim results for the period ending June 30, 2025, with a notable increase in net profit and cash flow [1] Financial Performance - The company achieved an operating revenue of RMB 49.601 billion, representing a year-on-year growth of 2.8% [1] - EBITDA reached RMB 34.227 billion, reflecting a year-on-year increase of 3.6% [1] - Net profit attributable to shareholders was RMB 5.757 billion, showing a year-on-year growth of 8.0% [1] - The net cash flow from operating activities was RMB 28.679 billion, with free cash flow amounting to RMB 16.287 billion [1] Dividend Announcement - The board of directors decided to distribute an interim dividend for 2025, amounting to RMB 0.13250 per share (pre-tax) [1]