中国经济网北京11月24日讯(记者李方)11月21日，中国铁塔在京召开2025年科技创新大会，大会以"聚力创新引领.澎湃新质动能"为主题， 正式发布《2025年度优秀科技成果集》和《科技创新体系评估白皮书》，并举行"擎天人工智能应用开发平台"启动仪式。大会期间，中国 铁塔与北京理工大学签署战略合作协议，与北京大学共同揭牌国家人工智能产教融合创新平台，与北京邮电大学共同揭牌联合创新中心。 为推进产学研用深度融合，中国铁塔积极与高校建立联系，搭建合作平台，共同推动科技创新发展。中国铁塔与北京理工大学开展战略合 作，未来双方将共同开展新一代通信网络与人工智能、低空经济关键技术、新能源科学与技术等领域的联合攻关。中国铁塔与北京大学合 作共建国家人工智能产教融合创新平台，共享算力资源，支撑人工智能创新研发，联合培养人工智能领域高端人才。同时，中国铁塔与北 京邮电大学开展合作，共建联合创新中心，共同开展新一代移动通信、人工智能、遮蔽空间北斗导航、数据安全与灾备技术联合攻坚。 会上，中国铁塔"擎天人工智能应用开发平台"正式启动。据悉，"擎天"作为国内首批通过"引领级"大模型全栈开发应用能力评测的平台， 已落地700余项智能 ...

中国青年报客户端讯（中青报·中青网见习记者 刘佳佳 记者 宁迪）11月21日，中国铁塔在京召开2025年 科技创新大会。大会以"聚力创新引领·澎湃新质动能"为主题，正式发布《2025年度优秀科技成果集》 和《科技创新体系评估白皮书》，并举行"擎天人工智能应用开发平台"启动仪式。 中国铁塔举办2025 "擎天人工智能应用开发平台"作为国内首批通过"引领级"大模型全栈开发应用能力评测的平台，构建 起"数据集—大模型—智能体"三位一体的行业解决方案。依托铁塔实践，平台已落地700余项智能应 用，从数字基建的资产管理、智能运维，到企业运营的财务稽核、合同审核与智慧研发，实现跨模态智 慧赋能，全面加速企业智能化转型。未来，"擎天人工智能应用开发平台"将持续拓展"AI+"新场景，以 安全为基，以场景为翼，致力于成为数字化转型的核心智能枢纽。 年科技创新大会。主办方供图 中国铁塔还在会上表彰了2025年度科学技术进步奖、2025年度优秀专利奖、2025年度科技成果转化奖、 2025年度"四技五小两比"创新活动优秀成果奖，以及2025年度创新组织奖的获奖名单，相关专家领导为 获奖单位和项目专利个人颁奖。此外，中国铁塔在202 ...

Core Insights - China Tower Corporation held the 2025 Technology Innovation Conference, focusing on innovation as a key driver for development [1] - The company announced significant advancements in technology innovation, including a 89% annual compound growth in R&D investment during the 14th Five-Year Plan [1][2] - Strategic partnerships were established with several universities to enhance research and development in key technological areas [3][4] Group 1: Technology Innovation Achievements - The company has enhanced its technology innovation capabilities, achieving 65 technology awards and increasing its authorized invention patents to 404, quadrupling since the end of 2020 [1][2] - China Tower is transforming communication towers into digital towers, developing over 700 AI algorithms and reducing network construction costs by 60% through shared technology [2] - The company is also focusing on energy-saving and carbon reduction innovations, including research on lithium-sulfur batteries and sodium-ion batteries [2] Group 2: Collaborative Efforts - China Tower established a comprehensive technology innovation system that integrates various stakeholders, including enterprises, universities, and research institutions [3] - The company signed strategic cooperation agreements with Beijing Institute of Technology and Beijing University of Posts and Telecommunications to jointly tackle key technologies in communication networks and artificial intelligence [3][4] - The launch of the "Qingtian Artificial Intelligence Application Development Platform" aims to accelerate digital transformation by providing a comprehensive solution for industry applications [4]

-189 5年科技创新大会 影班 Canada A PENALUZITHERS 中国铁塔2025年科技创新大会 中国官 2025年科技 聚加新刊领 澎湃新质动能 2015.1.11.11.21 201 ( + 中国政理科学 ...

Core Insights - China Tower's Chairman Zhang Zhiyong announced a 32% increase in value added during the 14th Five-Year Plan, reaching 71.7 billion yuan, with a stable debt-to-asset ratio and significant achievements in preserving and increasing state assets [1] - The company aims to enhance its technological strength and innovation effectiveness by 2030, establishing itself as a competitive technology and innovation-driven enterprise [1] Group 1: Business Growth and Achievements - The company has built over 7 million base stations, including more than 3 million 5G stations, saving over 400 billion yuan in construction and operational costs [1] - China Tower has upgraded 250,000 "communication towers" to "digital towers" using resources from 2.1 million sites across the country, supporting various key industries through smart IoT services [1] Group 2: Green and Low-Carbon Initiatives - The company has made progress in supporting green low-carbon transitions by deploying over 80,000 battery swap cabinets in 320 cities, serving over 1.5 million delivery personnel [2] - Nearly 3.7 million electric bike charging ports have been established, benefiting over 32 million residents, while efforts are underway to create "zero-carbon" base stations [2] Group 3: Technological Innovation - During the 14th Five-Year Plan, the company's R&D investment grew at a compound annual growth rate of 89%, with 65 technology awards and 404 authorized invention patents, quadrupling since the end of 2020 [3] - The company has developed over 700 AI algorithms and is focusing on various technological advancements, including edge computing and energy innovation [3] Group 4: Future Goals and Strategies - By 2030, China Tower aims to achieve a second "hundred billion profit" milestone, enhancing its strategic position in the national innovation system [4] - The company plans to strengthen its research capabilities, industry influence, innovation management, and talent cultivation to enhance its core competitiveness [4] Group 5: AI Development Platform - China Tower launched the "Qingtian AI Application Development Platform," which has implemented over 700 intelligent applications across various operational areas [5] - The platform aims to expand "AI+" scenarios and become a core hub for digital transformation [5]

Investment Rating - The report assigns a "Buy" rating to China Tower Corporation Limited (0788.HK) [9] Core Views - China Tower is positioned as a global leader in communication infrastructure, focusing on a "one body, two wings" strategy that enhances its growth potential [9][11] - The company has shown steady revenue growth and strong cash flow, with a projected increase in net profit from 10,729 million yuan in 2024 to 17,435 million yuan in 2027 [5][15] - The company benefits from a high market share and a diversified business model, with significant contributions from its tower, indoor distribution, smart connection, and energy businesses [11][15] Summary by Sections 1. Company Overview - China Tower was established in July 2014 by three major telecom operators and has since become a key player in the communication infrastructure sector, achieving over 97% market share in China [11][15] - The company has diversified its operations into smart connection and energy sectors, enhancing its service offerings and market reach [11][15] 2. Financial Performance - The company reported a revenue of 97,772 million yuan in 2024, with a growth rate of 4%, and a net profit of 10,729 million yuan, reflecting a 10% increase [5][15] - For the first three quarters of 2025, the company achieved a revenue of 743.19 billion yuan, up 2.6%, and a net profit of 87.08 billion yuan, up 6.8% [15][18] 3. Business Segments - The tower business accounted for approximately 76% of total revenue, while the smart connection and energy businesses contributed 9.5% and 4.6%, respectively [11][15] - The company has established a robust energy business, becoming a leading player in the light electric vehicle battery swap market with over 50% market share [11][15] 4. Market Position and Strategy - China Tower's strategy of resource sharing and infrastructure specialization has led to significant economic and social benefits, with a focus on enhancing operational efficiency [11][33] - The company is well-positioned to capitalize on the growing demand for communication infrastructure driven by urbanization and technological advancements [11][33] 5. Future Outlook - The report forecasts a substantial increase in net profit, projecting 11,629 million yuan in 2025 and 16,097 million yuan in 2026, driven by the completion of depreciation on existing towers [5][15] - The company is expected to maintain a high dividend payout ratio, averaging 60.9% since its listing, reflecting its commitment to returning value to shareholders [9][15]

Investment Rating - The report assigns a "Buy" rating to China Tower Corporation Limited (0788.HK) [9] Core Views - China Tower is positioned as a global leader in communication infrastructure, focusing on a "one body, two wings" strategy that enhances its growth potential [9][11] - The company has shown steady revenue growth and strong cash flow, with a projected increase in net profit from 10.73 billion yuan in 2024 to 17.44 billion yuan in 2027 [9][15] - The company benefits from a high market share and a diversified business model, with significant contributions from its tower, indoor distribution, smart connection, and energy businesses [11][15] Summary by Sections 1. Company Overview - China Tower was established in July 2014 by three major telecom operators and has since become a key player in the communication infrastructure sector, achieving over 97% market share in China [11][15] - The company has diversified its operations into smart connection and energy sectors, enhancing its service offerings and market reach [11][15] 2. Financial Performance - The company reported a revenue of 97.77 billion yuan in 2024, with a growth rate of 4%, and a net profit of 10.73 billion yuan, reflecting a 10% increase [9][15] - For the first three quarters of 2025, the company achieved a revenue of 74.32 billion yuan, up 2.6%, and a net profit of 8.71 billion yuan, up 6.8% [15][18] 3. Business Segments - The tower business accounted for approximately 76% of total revenue, while the smart connection and energy businesses contributed 9.5% and 4.6%, respectively [11][15] - The company has established a robust energy business, becoming a leading player in the light electric vehicle battery swap market with over 50% market share [11][15] 4. Market Position and Strategy - China Tower's strategy of resource sharing and infrastructure specialization has led to significant economic and social benefits, with a focus on enhancing operational efficiency [11][33] - The company is well-positioned to capitalize on the growing demand for communication infrastructure driven by urbanization and technological advancements [11][33] 5. Future Outlook - The report forecasts a substantial increase in net profit, projecting 11.63 billion yuan in 2025 and 16.10 billion yuan in 2026, driven by the completion of depreciation on existing towers [9][15] - The company is expected to maintain a high dividend payout ratio, averaging 60.9% since its listing, reflecting its commitment to returning value to shareholders [9][15]

Core Viewpoint - The successful communication support for the 2025 "Running Jianghuai" City Marathon (Bengbu Station) highlights the technical strength and organizational capabilities of Bengbu Tower in major event communication assurance, showcasing the social responsibility and mission of state-owned enterprises [1][2] Group 1: Communication Support Efforts - Bengbu Tower established a "Red Inspection Team" composed of professional maintenance personnel to conduct comprehensive inspections of communication base stations and transmission lines along the marathon route [1] - Technical staff performed on-foot inspections of various sections of the racecourse, focusing on equipment operation status and signal coverage quality, while addressing potential safety hazards [1] - On the day of the event, Bengbu Tower staff monitored communication network performance in real-time, tracking voice call quality and data transmission rates [1] Group 2: Future Plans and Commitments - Bengbu Tower plans to enhance its communication infrastructure support capabilities, optimize assurance mechanisms, and improve service efficiency for major events in Bengbu [2] - The company aims to provide reliable and efficient communication support for the digital transformation of the city and the development of public welfare projects, contributing to the high-quality development of the local economy and society [2]

Core Insights - China Tower's operational data for the first three quarters of 2025 shows growth in both scale and quality, despite the data not being audited yet [1] Financial Performance - Revenue for the quarter reached 74.319 billion yuan, a 2.6% increase year-on-year. Net profit was 8.708 billion yuan, up 6.8%, indicating improved profitability as profit growth outpaced revenue growth [3] - The operator business, which is the company's core, generated 63.432 billion yuan, a 0.5% increase year-on-year. Tower business revenue was 56.509 billion yuan, slightly down 0.7%, while indoor distribution business revenue was 6.923 billion yuan, showing a strong growth of 11.3% [3] Strategic Framework - China Tower's strategy is defined as "one body, two wings," with the core being the operator business and the wings being smart connection and energy businesses [5] - The company has improved resource utilization efficiency through a sharing model, with the sharing rate of newly built towers increasing from 14.3% at inception to 85% currently. Over 95% of 5G base station construction has been achieved through shared resources, saving the industry over 210 billion yuan in investments [5] Growth Drivers - The growth momentum is primarily driven by the smart connection and energy businesses, which generated 7.093 billion yuan and 3.424 billion yuan in revenue, respectively, with year-on-year growth rates of 16.8% and 11.5%. These two segments now account for 14.2% of total revenue, up from 12.6% a year ago [7] - The smart connection business is crucial for the company's transformation, with over 237,000 communication towers upgraded to "digital towers" serving various sectors such as land, environmental protection, forestry, and water conservancy [7] Innovation and Development - At the World Artificial Intelligence Conference, China Tower unveiled its AI strategy and innovations, including the Tower Vision platform and specialized algorithms, integrating "Tower + Big Data + AI" to enhance capabilities across industries [9] - In the energy sector, the company focuses on battery swapping and backup power, with approximately 1.47 million battery swap users as of June 30, 2025, reflecting a year-on-year increase of 166,000 users, maintaining a leading position in the low-speed electric vehicle battery swap market [9] Transformation and Future Outlook - Over the years, China Tower has deepened reforms, transitioning from a "communication tower" to a "digital tower," and is actively developing in new areas such as computing networks, low-altitude economy, and artificial intelligence [11] - The company's ambition and determination for transformation are evident in both financial data and strategic positioning, aiming to become a key provider of new infrastructure in the construction of a digital China [11]

Core Viewpoint - UBS reports that China Tower (00788) experienced a year-on-year revenue, EBITDA, and net profit growth of 2.1%, 0.4%, and 4.5% respectively, which fell short of market expectations by approximately 1% to 3% due to reduced tower revenue, increased maintenance costs, and credit impairment [1] Financial Performance - China Tower's Q3 revenue growth was 2.1% year-on-year, while EBITDA and net profit grew by 0.4% and 4.5% respectively, indicating a slight underperformance compared to market forecasts [1] - The company has adjusted its profit forecasts for 2025 to 2028 downwards by 4% to 19% due to lowered revenue expectations and increased operating expense forecasts [1] Target Price and Rating - UBS has reduced the target price for China Tower from HKD 15 to HKD 13.5 while maintaining a "Buy" rating [1] Accounting Changes - China Tower has extended the depreciation period for its DAS assets from 7 years to 10 years, which is expected to reduce depreciation expenses by approximately RMB 870 million this year [1] - This accounting change is anticipated to support the company's net profit and help maintain stable dividend growth amid macroeconomic headwinds [1]