为全面贯彻落实山东公司2025年年中工作会议精神，总结分析公司上半年各项工作，安排部署下半年工 作任务，确保高质量完成全年各项任务目标。7月28日下午，济南公司组织召开2025年上半年经营分析 会。公司领导及管理层、部门正副职、片区经理、站经理代表现场参会。 会议由公司总经理张峰主持，会上认真宣贯学习了2025年山东公司年中工作会议精神，对公司上半年经 营活动进行全面分析，对公司党委2025年专题宣讲调研问题清单及意见建议进行集中答复，分管领导对 下半年重点工作进行安排布置。会议最后，由公司执行董事、党委书记祖友云进行总结发言。 祖友云指出公司发展当前面临的问题。柴油量效把控欠佳，LNG和充电业务发展进度滞后，资产、资 源、人均创效能力均有待进一步提升。 针对公司下半年乃至未来长期一段时间的发展，祖友云指出市场、政策、网络三大压力不容忽视，要提 前布局应对。要结合创新驱动、因地制宜发展新质生产力的要求，针对资产创效能力弱，全力提升网络 价值管理水平，不断创新体制机制；针对资源创效能力弱，要在量价平衡上发力，优化柴油客户结构； 针对人均创效能力弱，要优化人员配置，杜绝养懒人、庸人现象；结合成品油行业特点，要加快 ...

Core Viewpoint - The company reported a stable performance in 1H25 with revenue and profit growth in line with expectations, driven by steady operator business and rapid growth in ancillary services [1][2] Financial Performance - 1H25 revenue reached 49.601 billion RMB, up 2.8% year-on-year; net profit attributable to shareholders increased by 8.0% to 5.757 billion RMB; EBITDA rose by 3.6% to 34.227 billion RMB [1] - In 2Q25, revenue was 24.830 billion RMB, up 2.3% year-on-year; net profit attributable to shareholders increased by 7.3% to 2.733 billion RMB; EBITDA grew by 2.9% to 16.932 billion RMB [1] Business Segments - Operator business revenue in 1H25 was 42.461 billion RMB, up 0.8% year-on-year, with tower revenue down 0.4% and indoor distribution revenue up 12.0%; the number of operator tenants increased by 2.5% to 3.579 million [1] - Ancillary business revenue in 1H25 was 6.935 billion RMB, up 15.5% year-on-year, with smart connection and energy revenues increasing by 18.7% and 9.2% respectively; energy business revenue grew by 17.9% after adjusting for accounting methods [1] Cost Control and Profitability - EBITDA margin improved to 69.0%, up 0.5 percentage points year-on-year, due to effective cost control measures [1] - Maintenance and operational support costs decreased by 6.2% and 12.6% respectively, while labor costs rose by 9% due to the recruitment of technology talent [1] Cash Flow and Dividends - Operating cash flow (OCF) for 1H25 was 28.68 billion RMB, showing a significant quarter-on-quarter improvement of 72.37% but down 12.6% year-on-year [2] - The company announced an interim dividend of 0.1325 RMB per share, up 21.6% year-on-year, with a payout ratio of 40.5% [2] Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with current stock price corresponding to 3.5x and 3.3x EV/EBITDA for 2025 and 2026 respectively [2] - The target price is set at 14.00 HKD, implying a potential upside of 22.5% from the current stock price [2]