CHINA TOWER (788) Q1 2025 earnings summary

Executive summary

• Operating revenue for Q1 2025 reached RMB24,771 million, up 3.3% year-over-year, with stable growth across core and emerging business lines.

• EBITDA increased by 4.2% to RMB17,295 million, and profit attributable to owners rose 8.6% to RMB3,024 million compared to Q1 2024.

• The company managed 2.108 million tower sites and 3.820 million tower tenants as of March 31, 2025, maintaining an average of 1.81 tenants per site.

Financial highlights

• TSP business revenue grew 1.1% year-over-year to RMB21,224 million; Tower business revenue declined 0.4% to RMB18,877 million.

• DAS business revenue increased 15.2% to RMB2,347 million; Smart Tower business rose 17.1% to RMB2,312 million; Energy business surged 19.6% to RMB1,145 million.

• EBITDA margin stood at 69.8% for Q1 2025.

• Total assets were RMB329,540 million, with total equity at RMB203,005 million as of March 31, 2025.

Outlook and guidance

• Plans to leverage national strategies such as Dual-Gigabit network expansion, Digital China, and Dual Carbon goals to drive growth.

• Focus on enhancing core competitiveness, expanding digital infrastructure, and growing enterprise value.

• Continued investment in Smart Tower and Energy businesses, targeting digital-intelligence transformation and energy solutions.