时光荏苒， 使命如磐。 2025年，中国铁塔股份有限公司开封市分公司（以下简称"开封铁塔"）迎来了第11个发展年头。11年来，开封铁塔始终牢记国资央企的使命担当，以习近 平新时代中国特色社会主义思想为指引，深耕开封这片沃土，将数字基因融入古都血脉，用创新实践书写了从"通信塔"到"数字塔"的华丽蜕变，为开封现 代化建设注入了强劲的数字动能。站在11周年的新起点，开封铁塔正以更加坚实的步伐，助力古城开封在数字化转型道路上稳步向前。 2025年中国铁塔开封市分公司成立11周年 红色引擎：党建引领凝聚发展合力 开封铁塔始终坚持将党的建设作为企业发展的"根"与"魂"，以高质量党建引领高质量发展。公司党支部深入贯彻落实党的二十大和二十届二中、三中全 会、四中全会精神，扎实推进主题教育、党纪学习教育，创新打造"党建+业务"融合模式，通过创建党员突击队，推动党的建设与生产经营同频共振。 开展"红色引擎固初心 八项规定筑廉基"主题党日活动 党员突击队 公司高度重视员工关怀与队伍建设，建立常态化谈心谈话和困难帮扶机制，开展"夏送清凉、冬送温暖"、帮扶慰问等活动，建设"骑手之家"，为外卖骑手 等新就业群体提供一站式服务。通过红色教 ...

Core Viewpoint - China Tower, established in 2014, has become the world's largest communication infrastructure service provider, supported by the three major telecom operators in China, with a mission to provide essential communication infrastructure and services [1][2]. Group 1: Company Overview - As of June 2025, China Tower's site scale exceeds 2.1 million, with total assets over 330 billion yuan and net assets exceeding 200 billion yuan [1]. - The company has adopted a "one body, two wings" strategy, focusing on operator business while expanding into cross-industry and energy operations, leading to steady revenue growth [1]. Group 2: Financial Performance - Revenue increased from 71.82 billion yuan in 2018 to 97.77 billion yuan in 2024, with a compound annual growth rate (CAGR) of 5.28% [1]. - Net profit grew from 2.65 billion yuan in 2018 to 10.73 billion yuan in 2024, with a CAGR of 26.25% [1]. Group 3: Business Segments - Tower business contributes over 70% of revenue, serving as a stable cash flow source, with site sharing levels improving as the 5G base station construction nears completion [1]. - As of June 2025, the number of tower sites reached 2.119 million, with operator tenants increasing to 3.579 million [1]. Group 4: Two Wings Business Development - The smart connection business, leveraging products like "Tower Vision," has seen double-digit revenue growth, with tenant numbers rising from 199,000 in 2021 to 265,000 in H1 2025 [2]. - The energy business, centered on battery swapping, has established a significant presence in the domestic market, with operations in over 320 cities and 81,000 battery swap points [2]. Group 5: Shareholder Returns - The dividend payout ratio has increased from 14.98% in 2018 to 68.19% in 2024, with the company distributing its first interim dividend in 2024 [3]. - As depreciation costs from large-scale tower construction decrease, profits are expected to accelerate, enhancing shareholder returns [3].

Investment Rating - The report assigns an "Accumulate" rating for China Tower (00788) as a first-time coverage [6]. Core Viewpoints - China Tower, established in 2014, is the world's largest communication infrastructure service provider, backed by the three major telecom operators in China, ensuring a solid industry leadership position [1][15]. - The company has adopted a "one body, two wings" strategy, focusing on operator business while expanding into cross-industry and energy operations, leading to steady revenue growth [2][24]. - The tower business remains a stable cash flow source, contributing over 70% of revenue, while the indoor distribution and energy businesses are rapidly growing [3][4]. Summary by Sections Company Overview - China Tower was established to address the issue of redundant construction in the telecom industry, providing site space, supporting facilities, maintenance, and power services [15][18]. - As of June 2025, the company has over 2.1 million sites and total assets exceeding 330 billion yuan [1][15]. Business Strategy - The "one body, two wings" strategy integrates operator business as the core, with intelligent connection and energy businesses as the wings, enhancing growth potential [2][24]. - The company has seen a shift in revenue structure, with the tower business's share decreasing from 93.4% in 2019 to 76.2% in H1 2025, while the contributions from intelligent connection and energy businesses are increasing [25][24]. Financial Performance - Revenue has grown from 71.82 billion yuan in 2018 to an expected 97.77 billion yuan in 2024, with a compound annual growth rate (CAGR) of 5.28% [2][28]. - Net profit has increased significantly from 2.65 billion yuan in 2018 to an expected 10.73 billion yuan in 2024, with a CAGR of 26.25% [2][31]. - The company has a high dividend payout ratio, increasing from 14.98% in 2018 to 68.19% in 2024, reflecting a commitment to shareholder returns [5][45]. Business Segments - The tower business is entering a phase of stock operation, with site sharing levels improving; as of June 2025, the number of tower sites reached 2.119 million [3][81]. - The indoor distribution business has seen rapid growth, with revenue increasing from 1.82 billion yuan in 2018 to 8.43 billion yuan in 2024, maintaining a CAGR of 29% [93]. - The energy business, focusing on battery swapping, has expanded rapidly, with over 320 cities offering services and a market share nearing 50% [4][34]. Market Position - China Tower leads the global market in terms of revenue, with 97.77 billion yuan in 2024, while also facing competition from American and Indian tower companies [53][56]. - The company benefits from a stable ownership structure, primarily held by the three major telecom operators, ensuring a solid operational foundation [20][24].