Q1 How was the Company's operating performance in first half of 2025?
In the first half of 2025, the Company's operating revenues amounted to RMB271.5 billion, representing an increase of 1.3% year-on-year. Of which, service revenues amounted to RMB249.1 billion, representing an increase of 1.2% year-on-year. EBITDA amounted to RMB80.6 billion, representing an increase of 4.9% year-on-year. Net profit amounted to RMB23.0 billion, representing an increase of 5.5% year-on-year. The basic earnings per share were RMB0.25. Free cash flow reached RMB13.1 billion, representing an increase of 13.9% year-on-year.
Q2 How was the Company's mobile service performance and 5G commercialisation?
For individual and home customers, the Company accelerated the intelligent upgrade of terminals, released the self-developed XingXiaochen agent to empower the intelligent upgrade of terminals, and expedited the large-scale development of intelligent terminals such as AI anti-fraud phones and AI central monitors. Focusing on frontier areas, it vigorously developed more varieties of intelligent terminals. The Company accelerated the innovation and upgrade of applications, promoted the intelligent renewal of personal applications such as Colour Ringback Tone with Video through AI iteration, and further upgraded the "Beautiful Home" product system, delivering customers with brand- new smart experience, and allowing subscribers to enjoy multi-scenario smart home applications such as safe home, healthy home, entertainment home, low-carbon home, and intelligent home. The Company accelerated the intelligent upgrade of platforms, and on the basis of continuously promoting the integration of platforms such as Digital Village, Smart Community, and Smart Family, it further leveraged AI IoVT and AI IoT to accelerate the intelligent upgrade and content enrichment of platforms, continuously enriching new scenarios for intelligent living.
In the first half of 2025, the Company's mobile communications service revenues amounted to RMB106.6 billion, representing an increase of 1.3% year-on-year; Wireline and Smart Family service revenues amounted to RMB64.1 billion, representing an increase of 0.2% year-on-year. The number of mobile subscribers reached 433 million, and the number of broadband subscribers reached 199 million. Mobile ARPU reached RMB46.0, and broadband blended ARPU reached RMB48.3.
Q3 How was the Company's Industrial Digitalisation performance?
For government and business customers, the Company accelerated the empowerment of the digital and intelligent transformation of industries through intelligent cloud services, continuously facilitating industrial upgrades. The transformation of IDC to AIDC has also been expedited, providing customers with secure, reliable, intelligent, agile, and green low-carbon computing services. Over 80 industrial large models and more than 30 agents have been developed to serve over 20,000 industry customers. The Company continuously advanced the "State-owned Central Enterprise AI+" special expansion, collaborating with over 30 state-owned central enterprises to build AI+ application benchmarks, and unveiling the "AI+" Action Demonstration Base for State-owned Central Enterprises in Tianjin. Accelerating the integration of intelligence into 5G customised networks, the Company has independently developed applications such as 5G industrial control agents to meet enterprises ' needs for AI energy conservation and AI quality inspection. In parallel, the construction of industry digital platforms has been expedited, with over 120 digital platforms continuously empowering key industry customers in their digital transformation.
In the first half of 2025, the Company's Industrial Digitalisation business maintained its favourable development momentum, with its revenue amounting to RMB74.9 billion.
Q4 How was the Company's China Telecom Cloud performance?
The digital information infrastructure, with cloud-network integration as its core features, was continuously consolidated, and China Telecom Cloud fully took the shape as the national cloud framework, entering a new stage of intelligent cloud development. Revenue from China Telecom Cloud reaching RMB57.3 billion.
Q5 How was the Company's AI development?
The Company deeply advanced AI technology empowerment, creating over 160 AI applications across 21 key areas, and effectively driving cost reduction while enhancing quality and efficiency. In terms of customer management, the upgrade of whole-chain precision marketing was driven through AI, and the Company built the marketing agent based on the large model for customer management, which covered scenarios including AI-aided opportunity exploration, customer insight, and smart recommendation, serving about 60,000 frontline employees, and recording more than 20 million calls per month. In terms of customer service, the Company promoted the embedding of intelligent service capabilities into the 10000 hotline, continuously iterated and upgraded the application scenarios of the large customer service model. The proportion of intelligent customer service reached 87.5%, effectively enhancing customer perception and maintaining an industry-leading level of overall satisfaction. In terms of channel operations, "AI + full-service digital stores" covered 12,000 self-operated business halls, accelerating the transformation of offline stores from traditional experiential marketing to AI intelligent marketing. The Company upgraded the online sales model with an "AI + live streaming" approach, with AI live streaming digital humans providing 24/7 uninterrupted live streaming services. In terms of network operations, the Company comprehensively enhanced the automation and intelligence level of cloud network operations, launched 29 high-value scenario L4 pioneer actions, and created 23 types of digital employees based on the network large model. The number of faulty work orders reduced by 9.8%, the work order processing time reduced by 13%, and the fault handling time for home broadband installation and maintenance agents reduced by 8.7%.
Q6 What is the dividend policy of the Company?
The Company attaches great importance to shareholder returns, continuously strengthens market value management, promotes the growth of market value and enterprise value, and strives to enhance its profitability and cash flow generation capabilities. The Board of Directors has decided to continue distributing an interim dividend in 2025, with the profit to be distributed in cash representing 72% of the profit attributable to equity holders of the Company for the first half of the year, i.e., RMB0.1812 per share (pre-tax), representing an increase of 8.4% year-on-year. It is intended that the proportion of profit to be distributed in cash by the Company to profit attributable to equity holders in 2025 would be further increased compared to 2024, thereby continuously creating greater value for shareholders.
Q7 What was the Company's CAPEX in the first half of 2025?
In the first half of 2025, the Company's capital expenditure was RMB34.2 billion.
Q8 What are the Company's priorities in the future?
Going forward, the Company will comprehensively implement the Cloudification, Digital Transformation and AI for Good Strategy, and strengthen the innovation-driven integrated development of the dual engines of fundamental businesses and Industrial Digitalisation business. It will deeply promote the "AI+" initiative, allowing the dividends of intelligence to better benefit thousands of industries and households. The Company will accelerate the intelligent evolution and upgrade of digital information infrastructure, making intelligent services more easily accessible. Reform and opening up will be deepened across all fronts, with a focus on stimulating the vitality and dynamics for the high-quality development of the Company. Core functions will be continuously enhanced and core competitiveness will be strengthened to accelerate the building of a world-class enterprise. The Company will firmly undertake responsibilities in building China's strength in cyberspace, science and technology, Digital China, as well as safeguarding network and information security, and take the lead, shoulder the responsibility and set an example in driving Chinese modernisation.
updated 22nd September , 2025
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