本公司谨此提醒投资者，上述运营数据为内部统计数据， 并不代表公司对未来经营情况的任何预测或保证，投资者应 注意不恰当地使用上述数据可能造成的投资风险。 中国电信股份有限公司 二〇二六年三月二十四日 1 证券代码：601728 证券简称：中国电信 公告编号：2026-009 中国电信股份有限公司 2025 年第四季度主要运营数据公告 中国电信股份有限公司 2025 年第四季度主要运营数据 如下： | 单位：万户 | 2025 年四季度 | | --- | --- | | 移动用户数 | 43,865 | | 当季净增/减用户数 | 146 | | 其中：5G 网络用户数 | 30,181 | | 当季净增/减用户数 | 940 | | 有线宽带用户数 | 20,112 | | 当季净增/减用户数 | 63 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Telecom Corporation Limited 中国电信股份有限公司 董事會謹此提醒投資者，以上運營數據為本集團內部統計數據，投資者應小心以免不恰當地倚賴 該等數據。 本公司同時籲請投資者在買賣本公司證券時務須小心謹慎。 (股份編號：728) 2025年第四季度主要運營數據 中國電信股份有限公司（「本公司」）董事會（「董事會」）宣佈2025年第四季度本公司及 其附屬公司（統稱「本集團」）的主要運營數據。 2025年第四季度主要運營數據公佈如下： | | 2025年四季度 | | --- | --- | | 移動用戶數（百萬戶） | 438.65 | | 當季淨增用戶數（百萬戶） | 1.46 | | 其中：5G網絡用戶數（百萬戶） | 301.81 | | 當季淨增用戶數（百萬戶） | 9.40 | | 有線寬帶用戶數（百萬戶） | 201.12 | | 當季淨增用戶數（百萬戶） | 0 ...

Group 1 - The core point of the article is that Singapore Telecommunications (Singtel) has acknowledged potential issues with mobile services affecting some customers [1] Group 2 - The company is monitoring the situation closely to address any service disruptions [1]

Financial Data and Key Metrics Changes - The company reported service revenues of $1.55 billion for Q4 2025, a 15.9% year-on-year increase. Excluding contributions from newly acquired operations in Ecuador and Uruguay, service revenues increased 5.2% year-on-year organically [14] - Adjusted EBITDA for the quarter increased 25.9% year-on-year, reaching $778 million, representing an EBITDA margin of 47.1% [15] - Equity Free Cash Flow (EFCF) grew by $139 million or 17.9% over the last 12 months, reaching $916 million [16] Business Line Data and Key Metrics Changes - Mobile service revenue totaled $954 million, including $112 million from Ecuador and Uruguay. Excluding perimeter effects, mobile service revenue grew 5.7% year-on-year [5] - The postpaid customer base reached 9.1 million, up 12.6% year-on-year, while the prepaid base grew 3% [6] - Home service revenues declined marginally by 0.3% year-on-year, with a focus on expanding high-speed broadband [7] Market Data and Key Metrics Changes - In Guatemala, postpaid grew 20% year-on-year, with mobile service revenue increasing 5.9% [9] - Colombia's mobile service revenue increased 6.9% year-on-year, with adjusted EBITDA reaching a record quarterly margin of 44% [9] - Panama's postpaid customer base expanded 14.6% year-on-year, and mobile service revenue grew 4.5% [10] Company Strategy and Development Direction - The company aims to stabilize and integrate newly acquired businesses in Uruguay and Ecuador while expanding into Chile, its twelfth market [2] - The focus remains on operational efficiency and margin enhancement, with a disciplined approach to capital expenditure [15] - The company is pursuing in-market consolidation opportunities, particularly in Colombia and Chile, while remaining cautious about entering larger markets like Brazil and Mexico [47][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of Chile, citing its strong macroeconomic conditions and market position [33] - The company anticipates an Equity Free Cash Flow of at least $900 million for 2026, despite potential risks from acquisitions and market volatility [27] - Management highlighted the importance of operational excellence and disciplined financial management in navigating macroeconomic challenges [26] Other Important Information - The company has successfully integrated operations in Ecuador and Uruguay, achieving a margin improvement from around 30% to above 40% [46] - The acquisition of Coltel in Colombia is expected to bring additional restructuring costs, with a focus on returning the business to a sustainable run rate [72] Q&A Session Summary Question: Can you provide insights on the acquisition of operations in Chile and the competitive environment? - Management noted that Chile has a fragmented market but is optimistic about achieving Equity Free Cash Flow neutrality this year through effective execution of their playbook [34] Question: What is embedded in the Equity Free Cash Flow guidance for this year? - Management indicated that the guidance includes contributions from Uruguay and Ecuador, estimating low to mid double-digit EFCF from these countries [36] Question: How sustainable are the margin increases observed? - Management attributed margin expansion to ongoing efficiency programs and top-line growth, with expectations for continued improvement in Colombia and other operations [45] Question: What is the appetite for acquisitions in new countries? - The company is focused on turning around acquired businesses and is primarily looking at adjacent markets like Peru and Venezuela, while avoiding larger markets like Brazil and Mexico [47][48] Question: What are the plans for restructuring costs in 2026? - Management indicated that restructuring costs in 2026 would be primarily focused on Coltel, with expectations of a significant amount to restore the business to a run rate [72]

Core Insights - The company reported strong performance in fiscal year 2025, with significant growth in revenue and net profit, alongside improved cash flow and ongoing expansion in the Latin American market [1] Financial Performance - Total revenue for the year reached $49.147 billion, representing a year-on-year increase of 3.64%; fourth-quarter revenue was $13.380 billion, up 13.48% year-on-year [2] - Full-year net profit attributable to shareholders was $4.313 billion, a substantial increase of 245.23% year-on-year, with a net profit margin rising to 8.78%; fourth-quarter net profit was $1.045 billion, up 121.60% year-on-year [2] - Free cash flow for the year amounted to $6.701 billion, with net cash flow from operating activities at $12.661 billion [2] Business Development - The company continued to penetrate key markets in Latin America, adding 3 million postpaid mobile customers and 536,000 broadband users in the third quarter of 2025, which drove a 7.1% increase in mobile service revenue [3] - As of the third quarter of 2025, the 5G network covered over 120 cities in Mexico [3] Stock Performance - As of the close on February 12, 2026, the company's price-to-earnings ratio was 16.63, with a dividend yield of 2.35%; the telecommunications sector overall rose by 1.99% on February 11, 2026, while the company’s year-to-date increase was 15.29% [4]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 declined by 2.3%, while connectivity and all other revenue grew by 2% year-over-year [4][21] - Adjusted EBITDA grew nearly 8% year-over-year to just over $900 million, marking the first quarter of year-over-year adjusted EBITDA growth in 16 quarters [6][30] - Adjusted EBITDA margin expanded to over 41%, up 380 basis points year-over-year, with gross margin reaching approximately 70%, up 180 basis points [6][23] Business Line Data and Key Metrics Changes - Broadband subscriber net losses were 62,000 in Q4, ending the year with 4.2 million subscribers, primarily due to fewer gross additions and higher churn [17] - Fiber customer accounts reached 716,000, representing 33% year-over-year growth, with 12,000 net adds in Q4 [17] - Mobile lines grew to 623,000, with a 35% year-over-year increase, and annualized mobile churn improved by over 700 basis points [18] Market Data and Key Metrics Changes - Video subscribers decreased by 13% year-over-year, with a net loss of 49,000 in Q4, although this was the lowest quarterly loss in over five years [19] - News and Advertising revenue declined by 8%, but excluding political revenue, it grew by 6% [21] - Lightpath revenue reached $468 million in 2025, representing 13% growth year-over-year, driven by demand from hyperscale customers [27] Company Strategy and Development Direction - The company is focused on improving broadband trajectory by simplifying product offerings and enhancing customer experience through AI and automation [10][12] - A disciplined approach to pricing and programming costs is being maintained to improve video profitability despite industry-wide challenges [12][56] - Continued investment in fiber expansion and targeted network upgrades is seen as essential for long-term value creation [14][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the hypercompetitive environment and emphasized the importance of operational discipline and customer experience improvements [35][36] - The company is optimistic about leveraging foundational work from 2025 to enhance go-to-market strategies in 2026 [36][39] - Management remains focused on maintaining financial discipline while investing in strategies to stabilize broadband trends [38][39] Other Important Information - Cash capital expenditures totaled approximately $1.3 billion for the full year 2025, with a capital intensity of less than 16% [25] - The company completed several debt refinancings in 2025, improving liquidity and financial flexibility [29] - Lightpath's awarded AI-driven contract value increased by 240% year-over-year, indicating strong growth potential [26] Q&A Session Questions and Answers Question: Can you unpack broadband subscriber trends for Q4 and expectations for 2026? - Management noted that Q4 faced unprecedented competitive pressures, but foundational work in 2025 positions the company to improve broadband trends in 2026 [34][36] Question: What is the update on the balance sheet and debt refinancings? - Management highlighted the importance of a strong capital structure for long-term goals and mentioned the recent $1.7 billion ABS transaction to repay existing Lightpath debt [44][45] Question: Can you discuss the strength of residential broadband ARPU? - Residential ARPU grew by 0.4% year-over-year, driven by broadband expansion despite video headwinds, indicating effective pricing strategies [48][49] Question: What are the expectations around video programming costs? - Management reported a 16% reduction in programming costs for the quarter, emphasizing a disciplined approach to negotiations and packaging [56][57] Question: How is competition affecting the business? - The competitive landscape remains intense, particularly in the East with significant fiber overbuild, but management believes the company is well-positioned to compete effectively [66][67]

Core Insights - America Movil (AMX.N) demonstrated significant progress in its Q3 2025 financial results, showcasing strong revenue growth and profitability metrics [1] Financial Performance - Q3 revenue grew by 6.2% on a constant currency basis, with net profit reaching 230 billion pesos and free cash flow increasing by 47% year-over-year [2] - Year-to-date figures as of September 30, 2025, show a 5.90% increase in total revenue and a substantial 258.86% rise in net profit attributable to shareholders, with a net profit margin of 9.75% [2] - Gross margin improved from 43.05% in Q2 2025 to 43.75% in Q3 2025, while operating margin reached 22.21% and return on equity (ROE) rose to 17.70% [2] Business Development - In Q3, the company added 3 million postpaid mobile customers and 536,000 broadband users, with 5G network coverage expanding to over 120 cities in Mexico, driving mobile service revenue growth of 7.1%, marking the best performance in two years [3] - The company maintained strong performance in key markets such as Colombia and Chile, and is exploring consolidation opportunities in the Latin American market through a joint bid with Entel for Spanish Telecom's assets in Chile [3] Financial Health - As of September 30, 2025, the net debt to EBITDA ratio remained stable at 1.55 times, and the current ratio improved from 0.75 in Q2 to 0.81, indicating enhanced short-term solvency [4] Capital Movements - The mid-2024 dividend is set at $0.273199 per ADR, and in Q2 2025, the company repurchased shares amounting to 86.54 billion pesos, supporting shareholder returns [5] Industry Position - Wireless business revenue accounted for 52.75% of total revenue, while fixed business contributed 30.20%, with ongoing investments in 5G and broadband infrastructure solidifying the company's leadership position in the Latin American market [6]

Core Viewpoint - America Movil (AMX.N) reported better-than-expected earnings, leading to a 4.89% increase in stock price to $23.58 on February 11 [1] Financial Performance - In Q3 2025, revenue grew by 6.2% on a constant currency basis, with net profit reaching 23 billion pesos and free cash flow increasing significantly by 47% [2] - Full-year cumulative revenue increased by 5.90%, with a notable rise in net profit margin to 9.75% [2] - Gross margin, operating profit margin, and return on equity improved sequentially [2] Business Development - The company added 3 million postpaid mobile customers and 536,000 broadband users in Q3 [3] - 5G network coverage expanded to over 120 cities in Mexico, driving a 7.1% increase in mobile service revenue [3] - Continued penetration in key Latin American markets and strategic initiatives provide long-term growth potential [3] Financial Condition - Free cash flow increased by 47% year-over-year, with a stable net debt to EBITDA ratio of 1.55 times, enhancing short-term debt repayment capability [4] - The company strengthened shareholder returns through share buybacks and dividend payments [4] Industry Policy and Environment - The telecom services sector rose by 1.99% on February 11, 2026, with funds rotating into traditional sectors after the Dow Jones surpassed 50,000 points, benefiting undervalued telecom stocks [5] - America Movil's current price-to-earnings ratio (TTM) stands at 19.30, with a year-to-date increase of 14.08% [5]

Core Viewpoint - Analysts project that S&P Global (SPGI) will report quarterly earnings of $4.32 per share, reflecting a year-over-year increase of 14.6%, with revenues expected to reach $3.89 billion, an 8.4% increase from the same quarter last year [1]. Earnings Projections - The consensus EPS estimate has been revised upward by 0.5% over the past 30 days, indicating a collective reassessment by analysts [2]. - Revisions to earnings projections are crucial for predicting investor behavior and are strongly linked to short-term stock price performance [3]. Revenue Estimates - Analysts forecast 'Total revenue- Ratings' to reach $1.19 billion, indicating a year-over-year change of +12% [4]. - 'Total revenue- Commodity Insights' is expected to be $573.06 million, reflecting a +5.2% change year-over-year [5]. - 'Total revenue- Mobility' is projected at $445.20 million, with an +8.3% year-over-year change [5]. - 'Total revenue- Indices' is estimated to be $477.14 million, suggesting a +9.4% change year-over-year [5]. - 'Total revenue- Market Intelligence' is likely to reach $1.27 billion, indicating a +7% year-over-year change [6]. Revenue by Type - 'Revenue by Type- Non-subscription / Transaction' is expected to be $632.57 million, indicating a -7% change from the year-ago quarter [6]. - 'Revenue by Type- Non-transaction Revenue' is projected at $560.97 million, reflecting a +13.8% year-over-year change [7]. - 'Revenue by Type- Indices- Asset Linked Fees' is estimated at $313.54 million, indicating a +7.8% change from the previous year [7]. - 'Revenue by Type- Indices- Subscription revenue' is expected to be $79.14 million, reflecting a +7% change year-over-year [8]. - 'Revenue by Type- Indices- Sales Usage-Based Royalties' is projected at $80.48 million, indicating a +13.4% change year-over-year [8]. Additional Metrics - Analysts predict 'Ending AUM for ETFs' to be $5,363.84 billion, compared to $4,389.00 billion in the same quarter last year [9]. - 'Adjusted Operating Profit- Market Intelligence' is expected to reach $418.05 million, up from $387.00 million year-over-year [9]. - S&P Global shares have decreased by 13.4% in the past month, contrasting with a +0.5% move of the Zacks S&P 500 composite [9].

分组1 - Analysts have recently adjusted their price targets for Cable One, with JPMorgan reducing it from $175.00 to $145.00 and Zacks downgrading from "hold" to "strong sell" [1] - Wells Fargo cut its price target from $120.00 to $107.00, while Weiss Ratings maintained a "sell (d-)" rating [1] - The consensus rating for Cable One is "Reduce" with an average price target of $256.75 according to MarketBeat.com [1] 分组2 - Cable One's stock has a market cap of $638.05 million, a PE ratio of -1.39, and a beta of 0.76 [2][3] - The company has a quick ratio and current ratio of 0.38, and a debt-to-equity ratio of 1.88 [2][3] - The stock's fifty-day moving average price is $125.32, while the 200-day moving average price is $141.83 [2][3] 分组3 - For the latest quarter, Cable One reported earnings per share of $5.17, missing the consensus estimate of $9.25 by $4.08 [4] - The firm's revenue for the quarter was $376.01 million, slightly below the consensus estimate of $378.96 million [4] - Cable One had a negative net margin of 29.78% and a positive return on equity of 7.96% [4] 分组4 - Several hedge funds have modified their holdings in Cable One, with Wittenberg Investment Management purchasing a new position valued at $1,892,000 [5] - Dynamic Technology Lab increased its holdings by 777.1%, now owning 12,280 shares valued at $1,668,000 [5] - Institutional investors currently own 89.92% of Cable One's stock [5] 分组5 - Cable One is an American provider of broadband communications services, offering residential and business solutions over a hybrid fiber-coaxial network [6] - The company provides high-speed internet access, digital video, voice communications, and mobile services, along with managed Wi-Fi and cybersecurity tools [6] - Cable One's infrastructure supports both traditional cable offerings and converged IP-based platforms [6] 分组6 - Cable One's share price was down 3.6%, trading as low as $114.29 with a last traded price of $114.6120 [7] - Approximately 12,097 shares were traded, a decline of 93% from the average daily volume of 164,750 shares [7]