China Tower (788.HK) Announces 2025 Annual Results
Deepens “One Core and Two Wings” Strategy Continues to Strengthen Core Competitiveness to Enhance Shareholder Returns HONG KONG SAR – Media OutReach Newswire – 18 March 2026 – 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 annual results for the year ended 31 December 2025. Performance Highlights RMB Million 2025 2024 Change Operating revenue 100,411 97,772 2.7% EBITDA[1] 65,814 665.59 -1.1% Profit attributable to owners of the Company 11,630 107.29 8.4% Basic earnings per share (RMB yuan) (Re-presented) 0.6653 0.6138 8.4% Dividend per share (RMB yuan) 0.45789 0.41696 9.8% Key operating data Number of tower sites (thousand) 2,149 2,094 2.6% Number of tower tenants (thousand) 3,856 3,791 1.7% Tenancy ratio (tenants / tower site) 1.79 1.81 -1.1% In 2025, the Company’s operating revenue maintained stable growth and profitability remained strong. Operating revenue for the year reached RMB100,411 million, an increase of 2.7% year-on-year. EBITDA reached RMB65,814 million, a decrease of 1.1% year-on-year, with an EBITDA margin[2] of 65.5%. Profit attributable to the owners of the Company reached RMB11,630 million, an increase of 8.4% year-on-year, with a net profit margin of 11.6%. The Company maintained a strong and stable cash flow. Net cash generated from operating activities for the year amounted to RMB56,116 million, an increase of RMB6,648 million year-on-year. Capital expenditures stood at RMB29,486 million while free cash flow[3] reached RMB26,630 million, up by RMB9,103 million year-on-year. As at 31 December 2025, our total assets amounted to RMB336,579 million, with interest-bearing liabilities of RMB90,460 million and a gearing ratio[4] of 27.7%, representing a decrease of 3.3 percentage points from the end of 2024. Our financial position remains healthy and stable. The Company has always attached great importance to shareholder returns. After considering our profitability, cash flow and future development needs, the board of directors of the Company has recommended a final dividend of RMB0.32539 per share (pre-tax) for the year ended 31 December 2025. Together with the interim dividend distributed, the total full-year dividend amounted to RMB0.45789 per share (pre-tax), equivalent to a payout ratio of 77% of our annual distributable net profit. Refined operations enabled steady progress in TSP business The Company continued to play a leading role in new 5G infrastructure construction, further deployed the Dual-Gigabit network joint-entry implementation, and made solid progress in supporting special projects such as upgrading signal strength, extending broadband coverage to all border areas, forests and grasslands. Capturing the strategic opportunities arising from the wide-area 5G network coverage expansion and enhancement of in-depth coverage, we focused on enhancing intensive sharing of network resources and fully satisfying customers’ demands for network construction. As a result, our TSP business maintained stable growth in 2025, recording revenue of RMB84,725 million, an increase of 0.7% year-on-year. Tower business. The Company seized opportunities arising from customers’ ongoing network expansion requirements and leveraged our competitiveness as a service provider by offering efficient delivery, superior maintenance and optimal cost structure, while minimizing management risks. We deepened the embedded service mechanism, precisely captured customers’ network planning needs, and comprehensively secured construction demands in key scenarios and key regions. Leveraging our site resources and base station data, we proactively conducted coverage analysis to enhance network optimization capabilities. We also enhanced our collaborations with TSPs to provide customers with better services. By adhering to a customer-oriented philosophy, we continued to optimize end-to-end business processes and management standards to enhance service capabilities across the board. In 2025, revenue from our Tower business amounted to RMB75,498 million, a decrease of 0.3% year-on-year. As at the end of 2025, the Company managed a total of 2.149 million tower sites, an increase of 55,000 from the end of 2024. We have gained 23,000 new TSP tenants since the end of 2024, bringing the total number of TSP tenants to 3.567 million at the end of 2025. Our TSP tenancy ratio was 1.70. DAS business. We continued to focus on high-value and livelihood-critical scenarios, systematically enhancing resource coordination and sharing, and collaborative construction capabilities, as well as accelerating 5G network upgrades on high-speed railways. At the same time, we deployed shared repeaters at scale in everyday scenarios such as elevators, underground parking lots, tunnels, and residential communities, helping TSPs achieve efficient and low-cost network coverage extension. We continued to optimize the integrated active and passive DAS sharing solutions and promoted the implementation of innovative solutions such as shared frequency shifting in existing DAS 5G upgrades. By doing so, we enhanced product and service competitiveness to efficiently meet customer needs. In 2025, our DAS business achieved relatively high growth, with revenue reaching RMB9,227 million, an increase of 9.5% year-on-year. By the end of 2025, we had covered buildings with a cumulative area of 15.15 billion square meters, up by 19.5% year-on-year, while the coverage in railway tunnels and subways reached a cumulative length of 33,661 kilometers, an increase of 14.8% year-on-year. Vertical advancement supported strong growth in Two Wings business In the Two Wings business, we seized market opportunities while continuing to strengthen product competitiveness and drive rapid growth of the business. In 2025, revenue of the Two Wings business reached RMB14,985 million and accounted for 14.9% of our overall operating revenue, an increase of 1.2 percentage points over the same period last year. Smart Tower business. Focusing on spatial digital intelligence governance and leveraging ourrich resources and capabilities, we continued to enhance our Smart Tower business, achievingrevenue in excess of RMB10 billion. We continued to deepen our presence in key industries andscenarios, steadily increasing market share in key areas such as straw burning prohibition, farmlandprotection, and disaster alert. We advanced our nationwide distributed platform, optimizingalgorithm service capabilities for mid-to-high point scenarios, with further improvements inplatform response speed, algorithm accuracy, and application availability. We maintained our focuson implementing the “AI+” special project, promoting the application of large models for spatialdigital intelligence governance, which were included in the first batch of strategic high-value AIscenarios for central state-owned enterprises. Customers are always at the




