业绩简评 2025 年 8 月 7 日，公司发布 2025 年半年度报告。2025 年上半年 实现营收 5437.69 亿元，同比-0.5%；实现归母净利润 842.35 亿 元，同比+5.0%。Q2 单季度实现营收 2800.09 亿元，同比-1.07%； 实现归母净利润 536.04 亿元，同比+5.95%。 经营分析 股东回报持续提升，红利价值凸显：25 年中期派息 2.75 港元/股， 同比+5.8%，股息增速（5.8%）超过净利润增速（5.0%）。同时公司 明确 2025 年分红比例相较 2024 年将再提升，我们预计公司未来 三年分红比例将超过 75%，高股息属性强化，我们认为公司作为 运营商龙头，在低利率环境下仍具备较强的吸引力。 业务结构升级带动毛利率提升，现金流有所承压：公司 1H25 毛利 率提升至 31.6%，同比+0.8pct，我们认为主要系高毛利新兴业务 占比提升所带来，公司业务结构得到优化。公司 1H25 数字化转型 收入 1569 亿元，同比+6.6%，占主营业务收入比重 33.6%，同比 +1.9pct。智慧家庭、移动云等高毛利业务同比增速较高，其中家 庭市场 1H25 收入 ...

Core Insights - China Telecom reported a slight revenue increase of 0.01% year-on-year for Q1 2025, with total revenue reaching 134.5 billion yuan [1][4] - The net profit attributable to shareholders increased by 3.11% year-on-year to approximately 8.86 billion yuan, with basic earnings per share rising to 0.10 yuan [1][4] Financial Performance - Service revenue for Q1 2025 was 124.7 billion yuan, showing a year-on-year growth of 0.3% and a quarter-on-quarter increase of 4.6% [1] - Operating costs amounted to 94.9 billion yuan, with sales expenses decreasing by 3.9% to 13.6 billion yuan, while management expenses increased by 4.7% to 10.4 billion yuan [4] - Research and development expenses rose by 11.5% to 1.8 billion yuan, reflecting a commitment to technological innovation [4] User Growth and Service Expansion - The number of 5G network users reached 270 million, with a penetration rate of 62.0%, and a net increase of 15.48 million users in Q1 2025 [2][3] - Mobile internet traffic grew by 14.2% year-on-year, with a daily average usage (DOU) of 20.4 GB, up by 9.1% [2] - Fixed broadband users reached 19.81 million, with a net increase of 670,000 users [3] Revenue from New Services - IDC revenue for Q1 2025 was 9.5 billion yuan, representing a year-on-year growth of 10.4% [3] - Smart revenue surged by 151.6% year-on-year, while revenue from video networking and satellite communication also saw significant increases of 58.4% and 37.2%, respectively [3]