CHINA TOWER (788) Q3 2025 earnings summary

Executive summary

• Operating revenue for the first three quarters of 2025 reached RMB74,319 million, a 2.6% increase year-over-year.

• Profit attributable to owners rose 6.8% year-over-year to RMB8,708 million.

• EBITDA grew 2.5% year-over-year to RMB50,959 million, with an EBITDA margin of 68.6%.

• The company maintained stable and healthy growth, with business development meeting expectations.

Financial highlights

• TSP business revenue was RMB63,432 million, up 0.5% year-over-year; tower business revenue declined 0.7% to RMB56,509 million, while DAS business revenue increased 11.3% to RMB6,923 million.

• Smart Tower business revenue rose 16.8% year-over-year to RMB7,093 million.

• Energy business revenue increased 11.5% year-over-year to RMB3,424 million.

• Profit before taxation was RMB11,491 million, up 6.8% year-over-year.

• Total assets as of 30 September 2025 were RMB336,340 million, with total equity at RMB203,304 million.

Outlook and guidance

• Plans to enhance core competitiveness and promote high-quality business development.

• TSP business will focus on resource coordination, efficient delivery, and cost optimization to ensure stable growth.

• Smart Tower business will advance intelligent technology applications and support digital infrastructure transformation.

• Energy business aims to expand battery exchange networks and strengthen the "energy butler" brand.