CHINA TOWER (788) H1 2025 earnings summary

Executive summary

• Net profit increased by 8.0% year-over-year to RMB5,757 million in the first half of 2025, with operating revenue up 2.8% to RMB49,601 million and EBITDA rising 3.6% to RMB34,227 million, reflecting improved operational efficiency.

• The Two Wings business contributed 14.0% of total revenue, up 1.6 percentage points, with revenue growing 15.5% year-over-year; Smart Tower business revenue rose 18.7%.

• Interim dividend per share increased by 21.6% year-over-year to RMB0.13250, reflecting a strong commitment to shareholder returns.

• Net cash from operating activities was RMB28,679 million, down 12.6% year-over-year; free cash flow was RMB16,287 million.

• Capital expenditures totaled RMB12,392 million, down 9.7% year-over-year.

Financial highlights

• Operating revenue reached RMB49,601 million, a 2.8% increase year-over-year (3.1% on a comparable basis).

• EBITDA rose 3.6% to RMB34,227 million, with an EBITDA margin of 69.0%.

• Operating profit increased 5.9% to RMB8,629 million year-over-year.

• Gearing ratio was 29.5%, down 1.5 percentage points from end-2024.

• Net finance costs remained stable at RMB1,236 million.

Outlook and guidance

• Plans to leverage national policies and expand 5G network coverage, digital infrastructure, and new energy applications.

• Will accelerate digital intelligence governance, green transformation, and innovation in the Two Wings business.

• Focus on resource sharing, high-quality development, and maintaining market leadership in battery exchange and power backup.