Summary of American Tower Conference Call - September 16, 2025 Company Overview - **Company**: American Tower (NYSE: AMT) - **Industry**: Communications Infrastructure Key Metrics and Guidance - **Organic Tenant Billings Growth**: Updated guidance for the U.S. is approximately **4.3%** for the year, indicating stable demand driven by 5G deployments [4][20] - **Applications Growth**: Increased applications by **50%** in the first half of 2025 compared to 2024, reflecting strong carrier spending on network improvements [4][5] Strategic Focus - **Operational Efficiency**: Emphasis on driving organic growth and maintaining operational efficiencies to enhance shareholder value [6] - **Cost Management**: Proactive reduction of SG&A costs over the past two years, aiming to expand margins [7] - **Capital Investments**: Increased focus on developed markets (U.S. and Europe) while decreasing investments in emerging markets [7][8] Balance Sheet Management - **Credit Rating**: Upgraded to **BBB+** by S&P, indicating strong balance sheet quality [9] - **Refinancing Strategy**: No refinancing needs for the current year, allowing focus on future planning [9][10] Market Dynamics - **Impact of DISH Spectrum Sale**: Minimal expected impact on revenue; only minimum contracted payments from DISH are included in forecasts [12][16] - **Spectrum Deployment**: More spectrum availability is beneficial for the industry, leading to increased deployment and demand for tower infrastructure [13][14] Growth Drivers - **Mobile Data Consumption**: Continued growth in mobile data consumption is a key driver for the tower industry, especially with the rise of AI applications [5][15] - **5G and AI Integration**: Anticipated growth in demand as 5G applications become more prevalent on mobile devices [15][28] Geographic Insights - **Europe Market**: Mid-single-digit organic growth rates expected, with a focus on high-quality economies and partnerships [22][23] - **Latin America**: Potential challenges noted, but overall demand backdrop remains robust [20][21] Data Center Strategy - **CoreSite Performance**: CoreSite data center business is performing well with **double-digit growth** expected, driven by strong demand and interconnection services [31][33] - **Investment Focus**: Emphasis on high-quality, distributed data centers rather than large-scale hyperscale facilities [34][35] Conclusion - **Long-term Outlook**: Strong long-term growth prospects for the tower industry driven by mobile data consumption, 5G deployment, and strategic investments in data centers [28][29]

Core Viewpoint - The article emphasizes the importance of strengthening quality safety supervision for key industrial products, particularly communication and power towers, to eliminate safety hazards and ensure public safety and stable operation of infrastructure [1][2]. Group 1: Regulatory Actions - The Hebei Province Jingxian Market Supervision Administration, in collaboration with the Hebei Product Quality Supervision and Inspection Research Institute, has initiated a provincial-level special supervision and sampling inspection action targeting communication and power tower manufacturers [1]. - The inspection focuses on critical indicators such as raw material quality, structural performance, anti-corrosion treatment, welding processes, dimensional accuracy, and key mechanical properties, adhering to national mandatory standards and industry recommended standards [1][2]. Group 2: Inspection Process - To ensure the fairness and authority of the sampling results, enforcement personnel and professional staff from the testing agency strictly follow the implementation details and relevant standards during the inspection [2]. - A total of 14 enterprises and 14 batches of products have been sampled, with all samples sent to testing agencies for professional evaluation [2]. Group 3: Quality Management and Compliance - Enforcement personnel have engaged with enterprise leaders and quality management staff to promote awareness of laws such as the Product Quality Law and the Safety Production Law, urging companies to enhance their quality safety responsibilities and improve internal quality management systems [2]. - The Jingxian Market Supervision Administration will closely monitor the inspection results and take strict actions against any non-compliant products, ensuring that issues are addressed thoroughly to maintain the quality safety of key industrial products [2].

8月5日，中国铁塔在香港举行2025年中期业绩发布会。2025年上半年，公司营业收入为496.01亿元（人 民币，下同），同比增长2.8%；归属于公司股东的利润为57.57亿元，同比增长8%。 上半年，公司持续强化科技创新驱动，厚植发展后劲。强化新一代移动通信、人工智能、边缘计算、 5G+北斗、5G共享室分、新能源、物联网等关键核心技术研发，着力锻造有影响力的重大项目、技术 标准；通过发布系列成果清单、畅通转化通道、开展科技成果评估、分类施策推动转化，加快推动科技 成果转化为现实生产力。2025年上半年研发人员数量较去年同期增长29%，累计授权发明专利较2024年 底提升16%。 在运营商业务方面，5G发展持续向纵深推进，应用场景深化拓展，网络覆盖不断完善，运营商5G-A建 设规模持续扩大。中国铁塔表示，将充分把握"信号升格""宽带边疆"专项行动，5G规模化应用"扬帆"行 动升级方案等国家政策带来的发展机遇，不断提升资源统筹，建设交付，方案创新能力，持续筑牢"建 设交付优、维护服务优、综合成本优、管理风险低"的"三优一低"竞争优势，全面满足客户需求，不断 扩大业务发展空间，实现运营商业务稳健增长。 智联业务发 ...