Core Viewpoint - The company experienced accelerated revenue and profit growth in Q2 2025, with rapid expansion in international business. It continues to enhance integrated development for individual and household customers, driving upgrades in connectivity, terminals, applications, and rights, while advancing mobile networks to 5G-A and home broadband to gigabit and FTTR. Both mobile communication services and fixed-line smart home businesses achieved good growth. New strategic business segments saw significant growth, with intelligent revenue reaching 6.3 billion, up 89.4% year-on-year; security revenue at 9.1 billion, up 18.2%; video internet revenue up 46.2%; satellite revenue up 20.5%; and quantum revenue up 171.1% [1][8]. Financial Performance - In the first half of 2025, the company reported operating revenue of 269.422 billion, a year-on-year increase of 1.3%, with service revenue at 249.112 billion, up 1.2%. The net profit attributable to the parent company was 23.017 billion, up 5.5%, and the net profit excluding non-recurring items was 21.721 billion, up 0.18% [2][3]. - For Q2 2025, the company achieved operating revenue of 134.913 billion, a year-on-year increase of 2.6%, with service revenue at 124.412 billion, up 2.1%. The net profit attributable to the parent company was 14.153 billion, up 7.1%, and the net profit excluding non-recurring items was 12.923 billion, up 3.21% [3]. Business Segments - The company actively develops high-value integrated users, maintaining growth in mobile communication service revenue, which reached 106.6 billion in the first half of 2025, up 1.3%. Fixed-line and smart home service revenue was 64.1 billion, up 0.2%. The mobile user base reached 433 million, and broadband users reached 199 million, with mobile ARPU at 46.0, down 0.3 from the previous year, and broadband ARPU at 48.3, unchanged year-on-year [5]. - The company’s industrial digitalization revenue grew at a slower pace, reaching 74.9 billion in the first half of 2025, up 1.5%. AIDC revenue was 18.4 billion, up 7.4%; Tianyi Cloud revenue was 57.3 billion, up 3.8%; intelligent revenue at 6.3 billion, up 89.4%; security revenue at 9.1 billion, up 18.2%; video internet revenue up 46.2%; satellite revenue up 20.5%; and quantum revenue up 171.1% [6]. Investment and Capital Expenditure - The company’s capital expenditure in the first half of 2025 was 34.2 billion, with a full-year plan of less than 83.6 billion, indicating a continuous decline in the ratio of capital expenditure to revenue. Depreciation and amortization amounted to 52.039 billion, up 5.1%, primarily due to proactive investments in computing infrastructure and upgrades to digital information infrastructure [7]. Future Outlook - The company maintains a positive outlook for revenue, EBITDA, and net profit growth for the full year. Projections for net profit attributable to the parent company for 2025-2027 are 35.093 billion, 37.453 billion, and 40.013 billion, representing year-on-year growth of 6.3%, 6.73%, and 6.83%, respectively, with corresponding PE ratios of 19X, 18X, and 17X, and PB ratios of 1.45X, 1.42X, and 1.39X [8].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown stable performance with a total operating revenue of 134.51 billion yuan in Q1 2025, a slight increase of 0.01% year-on-year, and a net profit attributable to shareholders of 8.86 billion yuan, up 3.11% year-on-year [2][5] - The company is focusing on digital transformation and enhancing its cloud computing strategy, with significant investments in technology innovation, particularly in AI, satellite, and quantum technologies [4][5] Financial Performance - In Q1 2025, the company achieved total operating revenue of 134.51 billion yuan, with service revenue of 124.7 billion yuan, reflecting a year-on-year growth of 0.3% and a quarter-on-quarter growth of 4.6% [3] - The overall expense ratio remained stable at 19.2%, with a decrease in sales expense ratio by 0.4 percentage points, while management and R&D expenses increased by 0.3 and 0.1 percentage points respectively [3] - The company expects revenue for 2025 to be 541.27 billion yuan, with projected earnings per share of 0.39 yuan, corresponding to a PE ratio of 20.3 times based on the closing price of 7.91 yuan per share on May 7, 2025 [5][7] Business Growth - The mobile communication business is developing steadily, with mobile users reaching 430 million, an increase of 4.95 million in the quarter, and 5G network users reaching 270 million, with a penetration rate of 62.0% [8] - The fixed-line and smart home businesses are also showing good growth, with broadband users at 200 million and smart home revenue increasing by 11.5% year-on-year [8] - The company is focusing on high-quality development, with IDC revenue reaching 9.5 billion yuan, up 10.4% year-on-year, and significant growth in smart revenue (151.6%), video network revenue (58.4%), satellite communication revenue (37.2%), and quantum revenue (81.1%) [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's operating performance remains stable, with traditional mobile communication business developing steadily and new emerging businesses, particularly IDC, experiencing accelerated growth [2][6] - For Q1 2025, the company achieved operating revenue of 134.5 billion yuan, flat year-on-year, and a net profit attributable to shareholders of 8.9 billion yuan, representing a year-on-year increase of 3.1% [6][12] - The company has provided clear guidance for the year, indicating expectations for good growth in revenue, EBITDA, and net profit [2][12] Summary by Sections Operating Performance - In Q1 2025, the mobile communication business showed steady growth, with 5G network users reaching 270 million, a penetration rate of 62.0%, and mobile internet traffic increasing by 14.2% year-on-year [12] - The smart home business also performed well, with revenue growth of 11.5% year-on-year [12] Emerging Business Growth - IDC revenue reached 9.5 billion yuan in Q1 2025, a year-on-year increase of 10.4%, with significant growth in intelligent revenue (151.6% year-on-year), video internet revenue (58.4% year-on-year), satellite communication revenue (37.2% year-on-year), and quantum revenue (81.1% year-on-year) [12] - The company is leveraging its cloud-network integration advantages to drive innovation and expand new business scales [12] Cash Flow and Accounts Receivable - The net operating cash flow for Q1 2025 was 10.83 billion yuan, down 48.1% year-on-year, primarily due to longer payment cycles in the digitalization business [12] - However, the growth rate of accounts receivable has begun to decline, indicating improved control over accounts receivable [12] Financial Forecast - The company forecasts net profits attributable to shareholders for 2025-2027 to be 35.1 billion yuan, 37.2 billion yuan, and 39.3 billion yuan, corresponding to year-on-year growth rates of 6.4%, 6.1%, and 5.4% respectively [12]

点击注册小程序 查看完整报告 2024年资本开支935亿元人民币，同比下降5.4%，公司预计2025年资本开支836亿元，持续下降。根据公司 2024年报，公司2024年度以现金方式分配的利润为当年股东应占利润的72%，并承诺从2024年起，三年内 公司以现金方式分配的利润将逐步提升至当年股东应占利润的75%以上。 2025Q1，公司实现营业收入1345亿元人民币，同比增长0.01%；其中服务收入为1247亿元人民币，同比增 长0.3%。归属于上市公司股东的净利润89亿元人民币，同比增长3.1%。加权平均净资产收益率1.94%，同 比提升0.02pct。 基础业务稳健发展，用户数小幅提升 2025Q1，公司移动通信业务稳健发展，移动用户数达4.3亿户，净增495万户；5G 网络用户数达到2.7亿 户，净增1548万户，渗透率提升至62.0%；手机上网总流量同比增长14.2%，手机上网总流量2322.93万 TB，DOU 达到20.4GB，同比增长9.1%；固网及智慧家庭业务保持良好增长，有线宽带用户数2.0亿户， 净增67万户，千兆宽带用户渗透率约 30%，智慧家庭收入同比增长 11.5%。 充分发挥云网融合 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [3][5] Core Views - The company's core business is developing steadily, with a slight increase in user numbers and a focus on technological innovation and R&D investment [1][2] - The company is expected to see improvements in free cash flow and a continuous increase in cash dividends, aligning with long-term trends in the telecommunications sector [3][2] - The report forecasts a slight adjustment in net profit estimates for 2025 and 2026, with projected net profits of 359 billion and 376 billion RMB respectively [3] Summary by Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 134.5 billion RMB, a year-on-year increase of 0.01%, with service revenue at 124.7 billion RMB, up 0.3% [1] - The net profit attributable to shareholders was 8.9 billion RMB, reflecting a 3.1% year-on-year growth [1] - The weighted average return on equity (ROE) was 1.94%, an increase of 0.02 percentage points year-on-year [1] User Growth and Business Segments - The mobile communication business showed steady growth, with mobile users reaching 430 million, a net increase of 4.95 million [1] - The number of 5G network users reached 270 million, with a net increase of 15.48 million, resulting in a penetration rate of 62.0% [1] - Fixed-line and smart home services also maintained good growth, with broadband users at 200 million, a net increase of 670,000 [1] R&D and Innovation - The company reported IDC revenue of 9.5 billion RMB in Q1 2025, a year-on-year increase of 10.4% [2] - Smart revenue grew by 151.6%, while satellite communication revenue increased by 37.2% [2] - R&D expenses were 1.8 billion RMB, up 11.5% year-on-year, reflecting a commitment to technological innovation [2] Capital Expenditure and Dividends - Capital expenditure guidance for 2024 is set at 93.5 billion RMB, a decrease of 5.4% year-on-year, with expectations for 2025 to be 83.6 billion RMB [2] - The company plans to increase cash dividends, aiming for a distribution of over 75% of the profit attributable to shareholders within three years [2] Profit Forecast and Valuation - The report provides a profit forecast with operating revenue expected to grow from 507.84 billion RMB in 2023 to 579.9 billion RMB in 2027 [4] - The projected net profit for 2025 is 35.93 billion RMB, with a corresponding A-share PE ratio of 20X [4][3]

Core Viewpoint - The company reported steady operational performance in Q1 2025, with a focus on digital transformation and high-quality development, while achieving revenue growth and maintaining a strong customer base in the 5G sector [5][6][14]. Financial Performance - The company's revenue for Q1 2025 was RMB 134.5 billion, with service revenue at RMB 124.7 billion, reflecting a year-on-year growth of 0.3% and a quarter-on-quarter increase of 4.6% [5]. - Net profit attributable to shareholders was RMB 8.9 billion, representing a year-on-year increase of 3.1%, with basic earnings per share at RMB 0.10 [5]. - Operating costs amounted to RMB 94.9 billion, with sales expenses decreasing by 3.9% to RMB 13.6 billion, while management expenses increased by 4.7% to RMB 10.4 billion [7]. Operational Highlights - The company reported a total of 270 million 5G network users, with a penetration rate of 62.0%, and mobile internet traffic increased by 14.2% year-on-year [6]. - The company’s IDC revenue reached RMB 9.5 billion, growing by 10.4%, while smart revenue surged by 151.6% and satellite communication revenue increased by 37.2% [6]. Strategic Initiatives - The company is committed to enhancing its digital capabilities and integrating AI, satellite, and quantum technologies into its services, aiming to transform into a service-oriented and technology-driven enterprise [6][7]. - The company plans to continue its cloud transformation strategy and strengthen its core technologies to foster innovation and improve operational efficiency [7]. Shareholder Information - The company’s board of directors confirmed the accuracy and completeness of the quarterly report, with no significant omissions or misleading statements [2][16]. - The company is in the process of electing a new non-executive director, with the nomination of Mr. Lv Yongzhong to be submitted for shareholder approval [19][23].