China Tower Corp. Ltd. Class H · HKEX:788
China Tower Corp. Ltd. Class H — China Tower Corp Ltd H — FY2025 Earnings Presentation
34 slides from China Tower Corp. Ltd. Class H's earnings presentation, Mar 18, 2026
Slide 1: 2025 Annual Results
2025 Annual Results 18 March 2026
Slide 2: Management
Management Mr. Zhang Zhiyong Executive Director and Chairman Mr. Chen Li Executive Director and General Manager Mr. Hu Shaofeng Chief Accountant
Slide 3: Content
Content 01 02 03 Overall Operational Financial Performance Performance Performance
Slide 4: Overall Performance
Overall 01 Performance Zhang Zhiyong Executive Director and Chairman
Slide 5: Highlights
Highlights Overall operational performance remained robust, 01 with net profit* increasing 8.4% year-on-year Multi-pillar development structure has taken shape, 02 revenue contribution from the Two Wings business increased to 14.9% Actively served digital governance, 03 with 252,000 digital towers t
Slide 6: Sound Operational Performance
Sound Operational Performance Operating Revenue EBITDA Operating Cash Flow 100.4 billion 65,814 million 56,116 million 2.7 %（3.1%*） -1.1 % 13.4 % Profit Attributable to Number of Tenants Tower Tenancy Ratio Owners of the Company 11,630 million 3.856 million 1.79 tenants/site 8.4 % 1.7 % -1.1 % Note:
Slide 7: Continued to Deepen "One Core and Two Wings" Strategy
Continued to Deepen "One Core and Two Wings" Strategy Two Wings business revenue (RMB million) Operating Revenue 14,985 (RMB million) 11.9%(14.9%*) 13,388 2.7%（3.1%*） 97,772 100,411 2024 2025 Revenue structure 0.3% 0.7% 13.7% 14.9% 86.0% 84.4% 2024 2025 2024 2025 Note: 1. Other income mainly refers
Slide 8: TSP Business Maintained Steady Growth
TSP Business Maintained Steady Growth TSP business revenue Cumulative number of 5G base stations built* (RMB million) （thousand） 3,123 • Construction of 5G base station： 364,000 5G base stations were built in 2,759 0.7% 2025. As of 2025 year end, the total 84,725 2,347 number of 5G base stations was
Slide 9: Smart Tower Business Reaches Record High
Smart Tower Business Reaches Record High Smart Tower Business Revenue (RMB million) Identified customer demands Refined Products 14.2% • Focused on key industries such as • Further advanced nationwide “One single network” of the distributed platform, and developed large models 10,172 emergency respo
Slide 10: Energy Business Achieved Rapid Growth
Energy Business Achieved Rapid Growth Upgraded and iterated products Energy business revenue 1 (RMB million) • Continued to improve the overall performance of the battery exchange system, and strengthened product market competitiveness. 7.5%（16.5%*） 4,813 • Enriched the standardized product system,
Slide 11: Deepened Reforms to Unleash Full Potential
Deepened Reforms to Unleash Full Potential Deployment in strategic emerging Deepened reforms of industries to drive development operational systems Strengthened frontline regional • Promoted the “Hundred Major Projects” production and operational units • Lean management: Strengthened cost initiative
Slide 12: Further Enhanced Technological Innovation
Further Enhanced Technological Innovation Remarkable results in Accelerated commercialization Continuous improvement of R&D research of research outcomes innovation system Regional scientific and Shared micro General-purpose Post-doctoral research Next-generation mobile Edge computing technological
Slide 13: Attached Great Importance on Rewarding Shareholders
Attached Great Importance on Rewarding Shareholders The board of directors recommended payment of a final dividend of RMB 0.32539(before tax) 1 a full-year dividend RMB 0.45789* (before tax) per share for 2025 Basic earnings per share Full-year dividend per share (RMB) (RMB) 0.6653 Dividend 77% payo
Slide 14: Actively Implemented ESG Concepts
Actively Implemented ESG Concepts Received the “Best ESG Practice Award” Received the “Best ESG Digital Innovation from Hong Kong International ESG Annual Application Award” from Hong Kong Awards for second consecutive year International ESG Annual Awards Moved forward hand in hand Shouldered missio
Slide 15: Strategic Focus Drove the Company's High-quality Development
Strategic Focus Drove the Company’s High-quality Development Expansion of digital infrastructure Further deepened Green transformation continued to accelerate digital intelligence governance fully implemented Continued improvement in the 5G broadband Further promoted the strategic deployments of New
Slide 16: Operational Performance
Operational Performance Chen Li Executive Director and General Manager
Slide 17: Key Operating Indicators
Key Operating Indicators Indicator 2024 2025 2020 Change Operating revenue (RMB million) 97,772 100,411 2.7%（3.1%） TSP Business 84,119 84,725 0.7% Smart Tower Business 8,911 10,172 14.2% Energy Business 4,477 4,813 7.5%（16.5%） Number of Tower Tenants (thousand) 3,791 3,856 1.7% TSP Tenants 3,544 3,5
Slide 18: Steady Revenue Growth Supported by Multiple Developments
Steady Revenue Growth Supported by Multiple Developments RMB million -0.2pp 0.8pp 1.3pp 0.7pp 0.5pp +3.1%* 97,426* 436 100,411 682 1,261 797 -191 2024 Tower DAS Smart Tower Energy Others 2025 business business business business Contribution to revenue growth: -6.4% 26.7% 42.3% 22.8% 14.6% 18
Slide 19: Tower Business Maintained Healthy Development
Tower Business Maintained Healthy Development Revenue from Tower Business TSP Tenants TSP tower tenancy ratio (RMB million) (thousand) （TSP tenants/tower） 75,689 75,498 0.6% 1.72 0.3% 1.2% 1.70 3,544 3,567 2024 2025 2024 2025 2024 2025 Strengthened integration to fulfill Enhanced network optimizatio
Slide 20: DAS Business Maintained Solid Growth Momentum
DAS Business Maintained Solid Growth Momentum Revenue from DAS Business Continued to promote the integrated resources + demand development model 1 (RMB million) Strengthened the Company’s advantage in resource coordination to realize coordinated site entry 9,227 for key projects and key scenarios, c
Slide 21: Precise Empowerment with Smart Tower Business Facilitating Digital Governance
Precise Empowerment with Smart Tower Business Facilitating Digital Governance Revenue Contributions to Tower Monitoring Business Revenue Tower Sharing Business Revenue Smart Tower Business (RMB million) (RMB million) 14.3% 6,327 14.0% 3,845 62.2% 5,539 3,372 Tower Monitoring 37.8% Tower Sharing 2024
Slide 22: Forged Capabilities to Fortify the Foundation for the Development of Smart Tower Business
Forged Capabilities to Fortify the Foundation for the Development of Smart Tower Business Platform capability Developed five core competencies by leveraging site • Deepened operational capabilities of distributed platform, strengthened synergies resources from mid-to-high points with ecological reso
Slide 23: Fortified Strengths, Battery Exchange Business Maintained its Leading Position
Fortified Strengths, Battery Exchange Business Maintained its Leading Position Strengthened presence in food delivery market and accelerated expansion among corporate customers to consolidate market leadership Deepened user operations and Revenue from the battery improved service capability Cumulati
Slide 24: Brand Building Drove Steady Growth in the Power Backup Business
Brand Building Drove Steady Growth in the Power Backup Business Deeply cultivated the demand for Telecommunications typical scenarios of key industries Healthcare 系列 1 Revenue from the Finance Petrochemical Transportation Government power backup business Education (RMB million) 1,784 Promoted Compre
Slide 25: Financial Performance
Financial 03 Performance Hu Shaofeng Chief Accountant
Slide 26: Key Financial Indicators
Key Financial Indicators （RMB million） 2024 2025 YoY Change Operating revenue 97,772 100,411 2.7% Operating costs 81,442 83,051 2.0% Operating profit 16,330 17,360 6.3% EBITDA 66,559 65,814 -1.1% Profit attributable to 10,729 11,630 8.4% owners of the Company Operating cash flow 49,468 56,116 13.4%
Slide 27: Sound Cost Control
Sound Cost Control (RMB million) 2024 2025 Change Description of main factors Operating expenses 81,442 83,051 2.0% Comprehensive assessment of the DAS assets utilization, and to reflect their actual useful Depreciation and 50,229 48,454 -3.5% lives more objectively and fairly; the tower assets acqu
Slide 28: Profitability Remained Solid
Profitability Remained Solid Operating profit and Net profit and EBITDA and operating profit margin net profit margin EBITDA margin (RMB million) (RMB million) (RMB million) 11,630 66,559 17,360 8.4% 1.1% 65,814 10,729 6.3% 16,330 10.4 16.7% 17.3% 10.4 11.0% 11.6% % 68.1% 65.5% % 2024 2025 2024 2025
Slide 29: Effective Allocation of CAPEX
Effective Allocation of CAPEX Effectively allocated CAPEX by adhering to CAPEX a“gross amount + project”lean investment management model (RMB million) 31,941 7.7% Ensured close coordination with operators’ network 2,348 29,486 construction plan, continued to optimize construction plans, and increase
Slide 30: Cash Flow Remained Healthy
Cash Flow Remained Healthy Operating cash flow Free cash flow (RMB million) (RMB million) 6,648 9,103 56,116 49,468 26,630 17,527 2024 2025 2024 2025 30
Slide 31: Capital Structure Remained Stable and Healthy
Capital Structure Remained Stable and Healthy Liabilities to assets ratio As at As at RMB million 31 December 31 December 39.9% 0.5PP 39.4% 2024 2025 Total assets 332,834 336,579 Cash and cash 2,598 12,312 equivalents 2024.12.31 2025.12.31 Total liabilities 132,855 132,671 Gearing ratio 3.3PP 31.0%
Slide 32: Contact us
Q&A Contact us Tel: +852 28114566 / Email: ir@chinatowercom.cn www.china-tower.com
Slide 33: Appendix: Extracted from Audited Consolidated Statement of Financial Position as at 31 December 2025
Appendix: Extracted from Audited Consolidated Statement of Financial Position as at 31 December 2025 （RMB million） 2024.12.31 2025.12.31 Total assets 332,834 336,579 Current assets 91,360 104,069 Non-current assets 241,474 232,510 Property, plant and equipment 192,770 184,099 Construction in progres
Slide 34: Disclaimer
Disclaimer By attending the meeting where this presentation is made, or by This presentation is based on the economic, regulatory, market and reading the presentation materials, you agree to be bound by the other conditions as in effect on the date hereof. It should be following limitations: underst
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