Continuously Enhancing Shareholder Returns HONG KONG SAR – Media OutReach Newswire – 5 August 2025 – The world’s largest telecommunications infrastructure service provider China Tower Corporation Limited (“China Tower”, or the “Company”) (Stock Code: 0788.HK) is pleased to announce its interim results for the six months ended 30 June 2025.
Performance Highlights
|
RMB
Million |
1H
2025 |
1H
2024 |
Change |
|
Operating
revenue |
49,601 |
48,247 |
2.8% |
|
EBITDA[1] |
34,227 |
33,045 |
3.6% |
|
Profit
attributable
to
owners
of
the
Company |
5,757 |
5,330 |
8.0% |
|
Basic
earnings
per
share
(RMB
yuan)
(Re-presented) |
0.3293 |
0.3049 |
8.0% |
|
Dividend
per
share
(RMB
yuan) |
0.13250 |
0.01090 |
21.6%[2] |
|
Key
operating
data |
|
||
|
Number
of
tower
sites
(thousand) |
2,119 |
2,070 |
2.4% |
|
Number
of
tower
tenants
(thousand) |
3,844 |
3,731 |
3.0% |
|
Tenancy
ratio
(tenants
/
tower
site) |
1.81 |
1.80 |
0.6% |
In the first half of 2025, the Company’s operating revenue maintained steady growth, reaching RMB49,601 million, an increase of 2.8% year-on-year. EBITDA reached RMB34,227 million, an increase of 3.6% year-on-year, with an EBITDA margin[3] of 69.0%. Profit attributable to the owners of the Company reached RMB5,757 million, an increase of 8.0% year-on-year, with a net profit margin of 11.6%, demonstrating a continuous improvement in profitability.
Net cash generated from operating activities amounted to RMB28,679 million, a decrease of RMB4,151 million year-on-year. Capital expenditures stood at RMB12,392 million, with free cash flow[4] reaching RMB16,287 million, down by RMB2,814 million year-on-year. As at 30 June 2025, our total assets amounted to RMB331,127 million, with interest-bearing liabilities of RMB92,639 million and a gearing ratio[5] of 29.5%, representing a decrease of 1.5 percentage points from the end of 2024. Financial position remains healthy and stable.
The Company attaches great importance to shareholder returns. After considering our profitability, cash flow and future development needs, the board of directors of the Company has resolved to distribute an interim dividend of RMB0.13250 per share (pre-tax). We will work towards realizing healthy growth in annual dividend payment per share and creating greater value for shareholders.
Strong foundation helped maintain stable performance in TSP business
The Company fully delivered on its role as part of a nationwide consortium of telecommunication infrastructure developers and as the leading force in new 5G infrastructure construction. We further overcame challenges in the Dual-Gigabit network joint-entry, as well as implementing special projects such as upgrading signal strength and extending broadband coverage to all border areas. We were able to capture opportunities presented by the continuous expansion of 5G network penetration and coverage in China. By working to improve resource coordination and sharing, and enhancing our professional operations, we were able to fully satisfy customer network construction needs and maintain stable growth in the TSP business. In the first half of 2025, our TSP business recorded revenues of RMB42,461 million, an increase of 0.8% year-on-year.
Tower
business.
We
implemented
an
embedded
service
mechanism
to
strengthen
customer
communications
and
engagement
with
a
focus
on
TSPs’
network
construction
planning.
By
doing
so
we
were
able
to
acquire
orders
by
customer
types
and
by
network
standards/frequency
bands.
Based
on
site
resource
data,
we
proactively
conducted
network
coverage
analysis
to
identify
weak
coverage
areas,
enabling
the
development
of
comprehensive
solutions
and
regional
products
to
meet
customer
needs.
We
focused
on
resolving
customer
pain
points,
continuously
tackling
difficult
sites
to
gain
customer
recognition
while
fully
acquiring
and
addressing
customer
demands.
By
adhering
to
a
customer-oriented
philosophy,
we
constantly
optimized
our
business
processes,
standardized
business
management,
and
improved
the
efficiency
of
order
acquisition
and
delivery
as
well
as
billing
and
payment
collection,
in
order
to
enhance
service
capabilities
and
customer
satisfaction.
In
the
first
half
of
2025,
our
Tower
business
revenue
reached
RMB37,797
million,
maintaining
at
about
the
same
level
year-on-year.
As
of
30
June
2025,
the
Company
managed
a
total
of
2.119
million
tower
sites,
an
increase
of
25,000
sites
compared
to
the
end
of
2024.
We
gained
35,000
new
TSP
tenants
since
the
end
of
2024,
bringing
the
total
number
of
TSP
tenants
to
3.579
million.
Our
TSP
tenancy
ratio
was
1.72.
DAS
business.
Maintaining
a
clear
focus
on
high-value
scenarios,
the
Company
continued
to
strengthen
its
resource
coordination
and
sharing
capabilities
for
key
sites
such
as
large
transportation
hubs,
subways,
large
venues,
Grade
3A
hospitals,
tertiary
institutions,
and
landmark
buildings.
We
collaborated
with
TSPs
to
accelerate
5G
network
upgrades
on
high-speed
railways,
achieving
a
larger
share
of
high-value
scenario
orders.
By
furthering
joint
construction
and
shared
development,
we
have
improved
coverage
efficiency
and
unleashed
our
advantages
in
coordinated
site
entry
and
construction.
We
supported
TSPs
in
swiftly
and
economically
expanding
network
coverage
to
improve
people’s
livelihoods
through
scale
deployment
of
shared
repeaters
in
elevators,
underground
parking
lots,
highway
tunnels,
residential
properties
and
other
sites.
We
accelerated
5G
upgrades
and
continuously
optimized
active
and
passive
DAS
sharing
solutions
to
enhance
product
competitiveness.
We
piloted
shared
frequency-shifting
solutions
during
the
5G
upgrades
of
existing
DAS
to
ensure
that
the
network
quality
improves
in
line
with
customer
requirements.
In
the
first
half
of
2025,
our
revenue
from
DAS
business
reached
RMB4,664
million,
an
increase
of
12.0%
compared
to
the
same
period
last
year,
maintaining
relatively
high
growth.
As
of
30
June
2025,
we
had
covered
buildings
with
a
cumulative
area
of
13.85
billion
square
meters,
up
by
20.0%
year-on-year,
while
the
coverage
in
high-speed
railway
tunnels
and
subways
reached
a
cumulative
length
of
30,878
kilometers,
representing
an
increase
of
17.0%
year-on-year.
Refined operations to boost rapid development of Two Wings business
We continued to strengthen product innovation and optimized business planning to improve our core competencies and promote further development of our Two Wings business, realizing rapid revenue and scale expansion. In the first half of 2025, revenues from our Two Wings business reached RMB6,935 million, accounting for 14.0% of our overall operating revenue and representing an increase of 1.6 percentage points over the same period last year.
Smart Tower business. Focusing on spatial digital intelligence governance, we leveraged our rich resources and capabilities to transform “telecommunication towers” to “digital towers”, which supported national strategies and major projects while improving the quality of our Smart Tower business. In terms of identifying customer demands, we further developed the Smart Tower business across vertical sectors and promoted strategic cooperation with a list-based approach. Our market share expanded and leadership consolidated across key scenarios such as farmland protection, fisheries law enforcement, bushfire prevention, disaster alert, and emergency rescue. In terms of refining our products, we advanced the construction and operations of the distributed platform and optimized our distinctive algorithm warehouse for mid-to-high points. We developed high-quality data sets for digital intelligent governance, further improving the competitiveness of products in key service scenarios. In terms of upgrading service delivery, we continued to elevate the service quality for customers in key industries, centering around the development of high-standard service systems. We reinforced service process management and advanced service upgrades for major projects and key service scenarios. We reinforced our local support and service teams to ensure swift response to customers’ incremental development requirements, continuously enhancing our “companion” service capabilities. In terms of strengthening security, we solidified measures by deepening closed-loop management of network information security risks and improving the technical protection system. We carried out special initiatives to comprehensively enhance technical protection capabilities for network information security across data, terminals, platforms, and cloud networks. In the first half of 2025, our Smart Tower business achieved revenue of RMB4,726 million, a year-on-year increase of 18.7%. Of which, RMB2,822 million was generated from Tower Monitoring business, accounting for 59.7% of our Smart Tower business.
Energy business. We focused on key business segments such as battery exchange and power backup, leveraging core competitiveness in product, service, and platform. We carried out refined operation and turned our Energy business into a specialized business stream. For the battery exchange business, we strengthened our presence in the consumer food delivery market while accelerating expansion among corporate customers. We established a VIP user management system to improve service capabilities and customer retention, driving rapid growth in our user base. As of 30 June 2025, we had approximately 1.470 million battery exchange users, an increase of 166,000 from the end of 2024, further maintaining our leading position in battery exchange for low-speed electric vehicles. Drawing on effective resource allocations, we accelerated the construction of a community charging infrastructure network system, improved operation and management capabilities, provided safe charging services for low-speed electric vehicles to the community, and continuously expanded the scale of service users. For the power backup business, we tapped into pivotal industries such as telecommunications and finance, along with key scenarios, to expand our premium customer base, analyze customer needs, strengthen capabilities, promot a comprehensive “power backup +” industry solution and forge China Tower “energy butler” brand. In the first half of 2025, our Energy business achieved revenue of RMB2,209 million, a year-on-year increase of 9.2%. Of which, the battery exchange business accounted for RMB1,323 million, contributing to 59.9% of the Energy business revenue.
Technological innovation steadily generated positive impact
In the first half of the year, we continued to strengthen technological innovation, building robust momentum for sustainable development. We intensified R&D efforts in critical technologies, including next-generation mobile communications, AI, edge computing, 5G + BeiDou integration, 5G shared DAS, new energy solutions and Internet of Things. We focused on establishing major projects and technical standards with international and industrial impact. By releasing a series of achievement lists, smoothing transformation channels, conducting scientific and technological achievement evaluations, and promoting transformation through categorized measures, we accelerated the channeling of technological achievements into production. We further promoted the management of the “four lists”, namely competencies and capabilities, task and project planning, resource allocation, and the commercialization of research outcomes, to steadily improve the efficiency and performance of innovation. In the first half of 2025, our R&D team size increased by 29%, compared to the same period last year, while the cumulative number of patent authorizations rose by 16% since the end of 2024.
Mr. Zhang Zhiyong, Chairman of China Tower said, “During the first half of 2025, we continued to optimize resource allocation, deepen reform and innovation, promote stable and high-quality operations and development, and improve corporate efficiency, further enhancing our core competitiveness. Looking ahead, we will continue to uphold the philosophy of resource sharing and adhere to the ‘One Core and Two Wings’ strategy to further enhance our core competitiveness, promote high-quality development, and maximize value for shareholders, customers, and society.”
Hashtag: #ChinaTower
The issuer is solely responsible for the content of this announcement.
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