CHINA TOWER (788) H2 2025 earnings summary

Executive summary

• Net profit increased 8.4% year-on-year to RMB 11.63 billion, reflecting robust operational performance and a multi-pillar revenue structure.

• Operating revenue reached RMB 100.41 billion, up 2.7% year-on-year; EBITDA was RMB 65.81 billion, with a margin of 65.5%.

• Dividend payout ratio rose to 77%, with a 9.8% increase in total dividend and a final dividend of RMB 0.32539 per share.

• R&D expenses surged 82% year-on-year, with invention patents up 50.4% and personnel up 22%.

• Cash flow remained robust, with net cash from operating activities at RMB 56.12 billion and free cash flow at RMB 26.63 billion.

Financial highlights

• Operating revenue: RMB 100.41 billion, up 2.7% year-on-year; EBITDA: RMB 65.81 billion, down 1.1% year-on-year, margin 65.5%.

• Net profit: RMB 11.63 billion, up 8.4% year-on-year; basic EPS: RMB 0.6653.

• Free cash flow: RMB 26.63 billion, up 51.9% year-on-year.

• CapEx: RMB 29.49 billion, down 7.7% year-on-year.

• Gearing ratio improved to 27.7%; liabilities to assets ratio: 39.4%.

Outlook and guidance

• Will strengthen competitiveness, enhance operational quality, and focus on digital infrastructure and 5G-A commercial use.

• Plans to deepen the One Core Two Wings strategy, focusing on low-altitude economy, edge computing, and new energy.

• Emphasis on ESG integration, rural digitalization, and green, low-carbon operations.