Core Viewpoint - UBS report indicates that China Telecom's service revenue for Q2 reached 124.4 billion yuan, representing a year-on-year increase of 2.1% [1] Financial Performance - EBITDA margin for Q2 increased by 1 percentage point year-on-year due to effective cost control [1] - Net profit for the quarter was 14.2 billion yuan, up 7.1% compared to the same period last year, exceeding both UBS and market forecasts by 2% [1] - The growth rate of net profit outperformed that of China Mobile and China Unicom [1] Business Outlook - The most notable aspect of China Telecom's performance is the stable outlook for traditional telecom services [1] - The mobile ARPU (Average Revenue Per User) for the first half of the year was 46 yuan, remaining roughly flat compared to the same period last year despite macroeconomic challenges [1] - Management expects traditional telecom revenue to maintain stable growth, with ARPU supported by value-added services and AI upgrades [1] Forecast Adjustments - UBS has revised its net profit forecasts for 2025 to 2028 upwards by 0% to 2.5% due to improved cost control assumptions [1] - The target price has been raised from 6.8 HKD to 7.4 HKD, maintaining a "Buy" rating [1]

报告指，中国电信业绩中最值得注意的地方是传统电信业务前景稳定。上半年移动ARPU为46元，尽管 面临宏观不利因素，但与去年同期比较大致持平。管理层预期传统电信收入将维持稳定增长，ARPU值 将在增值服务及人工智能升级的支持下保持稳定。假设成本控制改善，该行上调2025至2028年净利预测 0%至2.5%，目标价由6.8港元上调至7.4港元，评级"买入"。 瑞银发表报告指，中国电信第二季服务收入1244亿元，较去年同期增加2.1%。得益于有效的成本控 制，次季EBITDA利润率按年增长1个百分点。净利润为142亿元，较去年同期增加7.1%，高于该行和市 场预测2%，增幅亦高于中国移动和联通。 ...