Investment Rating - The report maintains an "Accumulate" rating for China Telecom with a target price not specified [7] Core Views - The company reported a revenue of 134.5 billion yuan for Q1 2025, a slight increase of 0.01% year-on-year, with service revenue at 124.7 billion yuan, up 0.3% year-on-year [1] - The net profit attributable to shareholders reached 8.9 billion yuan, reflecting a year-on-year growth of 3.1% [1] - The company emphasizes a customer-centric approach, leveraging digital technology trends to enhance product and service offerings, particularly in the personal and family markets [2] - The 5G network user base has grown to 270 million, with a penetration rate of 62.0%, and mobile internet traffic increased by 14.2% year-on-year [2] - The company is focusing on cloud-network integration and innovation in new business areas, with IDC revenue reaching 9.5 billion yuan, a 10.4% increase year-on-year [3] - The report highlights significant growth in smart revenue, which surged by 151.6% year-on-year, and satellite communication revenue increased by 37.2% [3] - The company is committed to enhancing shareholder returns, with a cash distribution of 72% of the net profit for 2024 and a planned increase to over 75% in the next three years [4] - Future net profit projections for 2025-2027 are estimated at 35.58 billion, 37.82 billion, and 40.19 billion yuan respectively [4] Summary by Sections Business Performance - The company achieved a stable performance in its mobile communication business, with a total mobile internet traffic of 20.4GB per user per month, up 9.1% year-on-year [2] - The smart home business saw an 11.5% increase in revenue, with a gigabit broadband penetration rate of approximately 30% [2] New Business Development - The report indicates that the new business segment is expanding, with a focus on AI, quantum computing, and satellite services, contributing to the overall growth strategy [3] - The company is actively integrating new technologies into its standard products to enhance service capabilities and business value [4] Financial Outlook - The financial forecast indicates a steady growth trajectory, with revenue expected to reach 544.34 billion yuan in 2025, reflecting a growth rate of 3.97% [5] - The report projects an EBITDA of 135.96 billion yuan for 2025, with a net profit margin expected to improve gradually over the forecast period [5]

Core Viewpoint - The company reported steady operational performance in Q1 2025, with a focus on digital transformation and high-quality development, while achieving revenue growth and maintaining a strong customer base in the 5G sector [5][6][14]. Financial Performance - The company's revenue for Q1 2025 was RMB 134.5 billion, with service revenue at RMB 124.7 billion, reflecting a year-on-year growth of 0.3% and a quarter-on-quarter increase of 4.6% [5]. - Net profit attributable to shareholders was RMB 8.9 billion, representing a year-on-year increase of 3.1%, with basic earnings per share at RMB 0.10 [5]. - Operating costs amounted to RMB 94.9 billion, with sales expenses decreasing by 3.9% to RMB 13.6 billion, while management expenses increased by 4.7% to RMB 10.4 billion [7]. Operational Highlights - The company reported a total of 270 million 5G network users, with a penetration rate of 62.0%, and mobile internet traffic increased by 14.2% year-on-year [6]. - The company’s IDC revenue reached RMB 9.5 billion, growing by 10.4%, while smart revenue surged by 151.6% and satellite communication revenue increased by 37.2% [6]. Strategic Initiatives - The company is committed to enhancing its digital capabilities and integrating AI, satellite, and quantum technologies into its services, aiming to transform into a service-oriented and technology-driven enterprise [6][7]. - The company plans to continue its cloud transformation strategy and strengthen its core technologies to foster innovation and improve operational efficiency [7]. Shareholder Information - The company’s board of directors confirmed the accuracy and completeness of the quarterly report, with no significant omissions or misleading statements [2][16]. - The company is in the process of electing a new non-executive director, with the nomination of Mr. Lv Yongzhong to be submitted for shareholder approval [19][23].

Core Insights - China Telecom reported a slight revenue increase of 0.01% year-on-year for Q1 2025, with total revenue reaching 134.5 billion yuan [1][4] - The net profit attributable to shareholders increased by 3.11% year-on-year to approximately 8.86 billion yuan, with basic earnings per share rising to 0.10 yuan [1][4] Financial Performance - Service revenue for Q1 2025 was 124.7 billion yuan, showing a year-on-year growth of 0.3% and a quarter-on-quarter increase of 4.6% [1] - Operating costs amounted to 94.9 billion yuan, with sales expenses decreasing by 3.9% to 13.6 billion yuan, while management expenses increased by 4.7% to 10.4 billion yuan [4] - Research and development expenses rose by 11.5% to 1.8 billion yuan, reflecting a commitment to technological innovation [4] User Growth and Service Expansion - The number of 5G network users reached 270 million, with a penetration rate of 62.0%, and a net increase of 15.48 million users in Q1 2025 [2][3] - Mobile internet traffic grew by 14.2% year-on-year, with a daily average usage (DOU) of 20.4 GB, up by 9.1% [2] - Fixed broadband users reached 19.81 million, with a net increase of 670,000 users [3] Revenue from New Services - IDC revenue for Q1 2025 was 9.5 billion yuan, representing a year-on-year growth of 10.4% [3] - Smart revenue surged by 151.6% year-on-year, while revenue from video networking and satellite communication also saw significant increases of 58.4% and 37.2%, respectively [3]

Core Insights - China Telecom reported a revenue of 134.5 billion yuan for Q1 2025, with service revenue at 124.7 billion yuan, showing a year-on-year growth of 0.3% and a quarter-on-quarter increase of 4.6% [1] - The net profit attributable to shareholders was 8.9 billion yuan, reflecting a year-on-year increase of 3.1%, with basic earnings per share at 0.10 yuan [1] - The company is focusing on digital technology trends, upgrading mobile networks to 5G-A, and enhancing product and service offerings through AI, satellite, and quantum technologies [1] Revenue Breakdown - IDC revenue reached 9.5 billion yuan, marking a year-on-year growth of 10.4% [2] - Smart revenue surged by 151.6%, while video network revenue increased by 58.4% [2] - Satellite communication revenue grew by 37.2%, and quantum revenue saw an increase of 81.1% [2] Cost and Expenses - Operating costs for Q1 2025 were 94.9 billion yuan [2] - Sales expenses decreased by 3.9% to 13.6 billion yuan, while management expenses rose by 4.7% to 10.4 billion yuan [2] - R&D expenses increased by 11.5% to 1.8 billion yuan, reflecting the company's commitment to technology innovation in key areas [2] Business Performance - The mobile communication business showed steady growth, with 5G network users reaching 270 million, resulting in a penetration rate of 62.0% [1] - Mobile internet traffic increased by 14.2%, with the average data usage per user (DOU) at 20.4 GB, up by 9.1% [1] - Fixed-line and smart home services also experienced good growth, with gigabit broadband penetration at approximately 30% and smart home revenue increasing by 11.5% [1]

中国电信股份有限公司 董 事 会 二〇二五年四月二十五日 1 证券代码：601728 证券简称：中国电信 公告编号：2025-015 中国电信股份有限公司 关于选举公司非执行董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国电信股份有限公司（以下简称"公司"或"本公司"）于 2025 年 4 月 25 日召开第八届董事会第十九次会议，审议通过了《关于选 举公司非执行董事的议案》。公司收到持股 5%以上股东广东省广晟控 股集团有限公司来函，鉴于非执行董事陈胜光先生工作调整，推荐吕 永钟先生（简历附后）接替陈胜光先生担任公司第八届董事会非执行 董事。 经公司董事会提名委员会审核通过，公司董事会同意提名吕永钟 先生为公司非执行董事候选人，并同意提交公司股东大会审议，任期 自股东大会审议通过之日起至公司于2026年召开的2025年年度股东 大会止。 特此公告。 截至目前，吕永钟先生未持有本公司任何股份权益，与公司控 股股东、实际控制人、公司其他董事、监事、高级管理人员及持股 5%以上的股东不存在其他关系，不存在《公司法》 ...

| 单位：万户 | 2025 年一季度 | | --- | --- | | 移动用户数 | 42,947 | | 当季净增/减用户数 | 495 | | 其中：5G 网络用户数 | 26,621 | | 当季净增/减用户数 | 1,548 | | 有线宽带用户数 | 19,811 | | 当季净增/减用户数 | 67 | 证券代码：601728 证券简称：中国电信 公告编号：2025-016 中国电信股份有限公司 2025 年第一季度主要运营数据公告 中国电信股份有限公司 2025 年第一季度主要运营数据 如下： 二〇二五年四月二十五日 1 本公司谨此提醒投资者，上述运营数据为内部统计数据， 并不代表公司对未来经营情况的任何预测或保证，投资者应 注意不恰当地使用上述数据可能造成的投资风险。 中国电信股份有限公司 ...

（一）批准《关于 2025 年第一季度报告的议案》 证券代码：601728 证券简称：中国电信 公告编号：2025-014 中国电信股份有限公司 第八届董事会第十九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会召开情况 中国电信股份有限公司（以下称"公司"）于 2025 年 4 月 25 日 以通讯方式召开了第八届董事会第十九次会议。本次董事会的会议通 知及资料已于会前发送给公司全体董事。会议应到董事 9 人，实到董 事 9 人，会议由董事长柯瑞文先生主持，本次会议的召开及其程序符 合有关法律、法规和《公司章程》的规定。 二、 董事会审议情况 具 体 内 容 详 见 公 司 同 日 披 露 于 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）及指定媒体的《中国电信股份有限公司关于选举 公司非执行董事的公告》（公告编号：2025-015）。 2025 年 4 月 25 日，公司召开第八届董事会审核委员会第十六次会 议，公司董事会审核委员会同意该议案，并同意将该议案提交公司董 事会审 ...

Financial Performance - The total operating revenue for Q1 2025 was approximately CNY 134.51 billion, a slight increase of 0.01% compared to the same period last year[5]. - The net profit attributable to shareholders was approximately CNY 8.86 billion, reflecting a year-on-year increase of 3.11%[5]. - The basic earnings per share increased to CNY 0.10, up 3.11% from CNY 0.09 in the previous year[5]. - In Q1 2025, the company's revenue reached RMB 134.5 billion, with service revenue at RMB 124.7 billion, a year-on-year increase of 0.3% and a quarter-on-quarter increase of 4.6%[15]. - The net profit attributable to shareholders was RMB 8.9 billion, reflecting a year-on-year growth of 3.1%[15]. - The company's net profit for Q1 2025 reached RMB 8.83 billion, an increase from RMB 8.63 billion in Q1 2024, reflecting a growth of 2.3%[24]. - Total comprehensive income attributable to the parent company reached CNY 8,919,567,213.71, an increase from CNY 8,448,034,647.39 in the previous year, reflecting a growth of approximately 5.55%[25]. - The company's total comprehensive income for Q1 2025 was RMB 8.78 billion, an increase from RMB 7.91 billion in Q1 2024[33]. Cash Flow and Assets - The net cash flow from operating activities decreased by 48.11% to approximately CNY 10.83 billion, attributed to longer collection periods in the digital industry and timely payments to support the supply chain[9]. - Net cash flow from operating activities for Q1 2025 was CNY 10,825,979,030.31, a significant decrease of 48.2% compared to CNY 20,861,775,770.24 in Q1 2024[27]. - Cash and cash equivalents at the end of Q1 2025 totaled CNY 52,811,129,449.13, compared to CNY 71,552,945,610.96 at the end of Q1 2024, indicating a decline of approximately 26.2%[28]. - The company's cash and cash equivalents decreased to RMB 89.79 billion as of March 31, 2025, down from RMB 102.01 billion at the end of 2024, a decline of 12.0%[20]. - The total assets at the end of the reporting period were approximately CNY 858.46 billion, a decrease of 0.94% from the end of the previous year[6]. - The total assets of the company as of March 31, 2025, were RMB 858.46 billion, a decrease from RMB 866.63 billion at the end of 2024, representing a decline of 0.9%[21]. - The total liabilities decreased to RMB 393.02 billion as of March 31, 2025, down from RMB 410.07 billion at the end of 2024, a reduction of 4.2%[21]. - The company's total liabilities decreased to CNY 341,778,902,343.82 from CNY 345,416,706,505.69, reflecting a reduction of approximately 1.5%[31]. User Metrics and Market Position - The number of mobile users reached 424.47 million, with a net increase of 4.95 million users in the reporting period[14]. - The number of 5G network users reached 267.21 million, with a penetration rate of 62.0%[16]. - Total mobile internet traffic was 2,322.93 TB, representing a year-on-year increase of 14.2%[14]. - The company's IDC revenue was RMB 9.5 billion, showing a year-on-year growth of 10.4%[16]. - Smart home revenue increased by 11.5% year-on-year, with gigabit broadband user penetration at approximately 30%[16]. Research and Development - Research and development expenses rose to RMB 1.75 billion in Q1 2025, up 11.5% year-on-year, driven by increased investment in technology innovation[24]. - Research and development expenses for Q1 2025 were RMB 1.05 billion, slightly up from RMB 1.05 billion in Q1 2024[33]. - The company plans to enhance its focus on technology innovation and digital transformation, particularly in AI and cloud integration, to strengthen its core competitiveness[17]. - The company is focusing on AI, satellite, and quantum technologies to enhance product and service offerings[16]. Shareholder Information - The company reported a total of 239,854 ordinary shareholders at the end of the reporting period[10]. - The largest shareholder, China Telecom Group, holds 63.90% of the shares, totaling approximately 58.48 billion shares[11]. Guarantees and Financial Commitments - The company provided guarantees totaling RMB 47.92 million for its subsidiaries, effective until March 31, 2025[36]. - In Q1 2025, the company provided 12 guarantees totaling RMB 8.95 million to its subsidiary, China Telecom Smart Technology[38]. - The total amount of external guarantees provided by the company and its subsidiaries is RMB 131.81 million, accounting for 0.0289% of the company's latest audited net assets as of December 31, 2024[39]. - All guarantees are provided by the company's subsidiaries to other wholly-owned subsidiaries, with no guarantees provided to subsidiaries or third parties[39]. - The company has issued various types of guarantees, including performance guarantees and advance payment guarantees, with amounts such as RMB 1,707.26 million and RMB 1,959.50 million for specific subsidiaries[39]. - The guarantees are valid for periods ranging from February 21, 2025, to December 31, 2026, and include various performance and quality guarantees[39]. - The company has not reported any foreign currency guarantees, and all amounts are converted based on the exchange rate published by the People's Bank of China as of March 31, 2025[40]. - The board of directors announced the guarantee details on April 25, 2025[41].

Group 1 - The core viewpoint of the article is that China Telecom reported its Q1 2025 revenue and net profit figures, indicating slight growth in both metrics [1] - The revenue for Q1 2025 was 134.509 billion yuan, representing a year-on-year increase of 0.01% [1] - The net profit for the same period was 8.864 billion yuan, showing a year-on-year growth of 3.11% [1]

2015年底，中国电信集团公司原党组书记、董事长常小兵被查后，公司总经理杨杰接任董事长、党组书记职务。2016年 4月，杨小伟获任中国电信集团公司董事、总经理、党组副书记。 智通财经记者 | 翟瑞民 2025年4月17日，中央纪委国家监委网站发布消息，十四届全国政协教科卫体委员会副主任杨小伟涉嫌严重违纪违法， 目前正接受中央纪委国家监委纪律审查和监察调查。 杨小伟是今年以来中央纪委国家监委公开通报审查调查的第16名中管干部。 公开简历显示，杨小伟，男， 1963年9月生，汉族，重庆人，1984年12月加入中国共产党，1981年7月参加工作，在职 研究生，工程硕士，高级工程师。 杨小伟早年在重庆市电信局市话队担任技术员、电信处技术主管、市话队副队长等，1988年进入邮电部管理干部学院邮 电企业管理专业学习，1990年到重庆市电信工程公司工作，1992年任重庆市电信局局长助理。此后，他历任四川省涪陵 地区电信局副局长、重庆市电信局副局长、重庆市通信管理局局长等职务。 2002年，杨小伟开始担任中国联合通信有限公司重庆分公司总经理，后调任广东分公司担任总经理，2003年升任中国联 合通信有限公司副总经理。2008年 ...