Media OutReach
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%.
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 center of everything wedo. Therefore, we strengthened the development of product iterations, construction delivery,and operation and maintenance support, as well as expanding our integrated technical support teams,with an aim to respond actively and promptly to customers’ needs. In 2025, our Smart Tower business generated revenue of RMB10,172 million, up by 14.2% year-on-year, among which, revenue from our Tower Monitoring business reached RMB6,327 million, accounting for 62.2% of the Smart Tower business revenue.
Energy business. We focused on key business segments such as battery exchange and powerbackup. By improving refined operations and strengthening core capabilities and competitiveadvantages in products, services, and platforms, we continued to develop our specialty in theEnergy business. For the battery exchange business, we continued to expand our share in the fooddelivery mass market while accelerating the expansion of our corporate customer base, resulting instable user growth. As at 31 December 2025, we had approximately 1.477 million battery exchangeusers, an increase of 173,000 since the end of 2024, further solidifying our leading position inthe low-speed electric vehicle battery exchange market. We accelerated the construction of acommunity-based low-speed electric vehicle charging facility network while optimizing operationalefficiency, resulting in expanded service coverage and user scale. For the power backup business,we continued to focus on pivotal industries and our premium customer base, creating the ChinaTower “energy butler” integrated industry solutions and enhancing the value of our “energy butler”brand. In 2025, our Energy business achieved revenue of RMB4,813 million, a year-on-year increase of 7.5%, of which the battery exchange business accounted for RMB3,029 million, an increase of21.2% year-on-year, and with its contribution to the Energy business reaching 62.9%.
Innovation strategy resulted in remarkable technology empowerment
We made concrete progress in developing the “four lists” working mechanism of competencies and capabilities, task and project planning, resource allocation, and the commercialization of research outcomes. Focusing on the “One Core and Two Wings” businesses, we continued to intensify our efforts to address the challenges in key and core technologies, and accelerated the transformation of technological achievements to inject new momentum into high-quality business development. In 2025, our R&D investment and the number of R&D personnel increased by 82% and 22% respectively, compared to 2024. The number of patent applications and the cumulative number of patent authorizations increased by 77% and 54%, respectively, compared to the year before. We participated in the formulation of multiple international standards. A range of innovative products were commercialized and deployed at scale such as shared micro repeaters, monitoring platforms, and “one code for all”. Our technological innovation system continued to strengthen, as shown in the high-quality construction and development of six regional technological innovation centers, the expansion and quality improvement of joint innovation platforms, and the steady enhancement of innovation efficiency and performance.
Mr. Zhang Zhiyong, Chairman of China Tower said, “In 2025, we remained focused on high-quality development, promoting stability through progress while improving quality and efficiency. As a result, throughout the year our business maintained healthy, steady growth and demonstrated a positive outlook. Looking ahead, we will continue to uphold the philosophy of resource sharing and adhere to the “One Core and Two Wings” strategy to further enhance our core competitiveness, promote high-quality development, and create value for shareholders, customers, and society.”
Hashtag: #ChinaTower
The issuer is solely responsible for the content of this announcement.
About China Tower (Stock Code: 0788.HK)
China Tower is the world’s largest telecommunications tower infrastructure service provider, and the Company always adheres to the philosophy of shared development and implements the “One Core and Two Wings” strategy. The Company is principally engaged in the construction, maintenance and operation of base station ancillary facilities such as telecommunications towers, public network coverage in railway tunnels and subways, and large-scale indoor Distributed Antenna Systems (DAS). Meanwhile, relying on unique resources to provide energy application services such as information application and intelligent battery exchange and power backup to the society, the Company strives to build itself into a world-class integrated digital infrastructure service provider, and a highly competitive information and new energy applications provider. As of the end of 2025, the Company’s total assets amounted to RMB336,579 million. China Tower operated and managed 2.119 million tower sites across 31 provinces, municipalities and autonomous regions in the PRC, and served over 3.856 million tenants with the tenancy ratio of 1.79.
Media OutReach
Robust Demand Ahead: 75% of Consumers Plan Jewellery Purchases, with Natural Diamonds Leading
Self-reward joins birthdays as a key driver of Hong Kong’s natural diamond market, new consumer survey reveals
HONG KONG SAR – Media OutReach Newswire – 8 April 2026 – Coinciding with World Diamond Day on April 8, NielsenIQ released its latest jewellery gifting study. The study offers a practical guide for those who are looking for meaningful gifts for significant gifting occasions such as the forthcoming Mother’s Day. The study reveals that despite an increasingly complex macroeconomic environment, Hong Kong’s natural diamond jewellery market continues to demonstrate remarkable resilience, consumer intent remains strong, with 75% of consumers planning to buy jewellery in the next 12 months and 76% of them specifically considering natural diamonds.
The study also highlights a growing cultural shift towards self‑purchase and the celebration of life’s most personal moments, reaffirming that the impulse to give—to oneself as well as to loved ones—continues to underpin demand.
At the same time, shoppers are placing greater emphasis on assurance and transparency, with traceability and value‑added services becoming increasingly influential in shaping both where—and what—they choose to buy. Together, these shifts highlight a market in which trust, service excellence and authenticity are emerging as powerful drivers of differentiation.
Key insights to understand consumer preferences and behaviour:
- The Rise of the “Self-Reward”: Rewarding oneself has emerged as a key driver of jewellery buying, with 57% of consumers planning to buy for themselves. The primary reason for these self-purchases is to reward oneself (55%), followed by celebrating special occasions (33%) and personal enjoyment or collection (32%). This trend sits alongside traditional romantic gifting for spouse/partner (42%), signaling a broader shift towards personal empowerment and self-celebration.
- Celebratory Moments Top the Gifting Calendar: The most frequent jewellery‑gifting occasions are the annual milestones of everyday life. Birthdays (51%) and anniversaries (42%) remain the primary drivers for both giving and receiving jewellery, while engagements and weddings (31%) as well as Valentine’s Day (31%), continue to hold significant importance.
- Marking Special Occasions Matters Most: When purchasing for others, marking a meaningful occasion is the primary gifting driver (50%), followed by expressing love or care (36%) and the desire to surprise or delight someone (33%).
- The Informed Consumer: Traceability and Added-value Services Take Centre Stage: Price remains a key consideration (55%) when selecting natural diamonds, but consumers weigh this against the 4Cs (38%), design (37%), and certification (36%). Traceability matters to 70% of natural diamond intenders, while 80% say value-added services significantly boost their purchasing confidence.
Intrinsic and Emotional Values
The research reveals that natural diamonds are increasingly woven into the fabric of daily life and personal achievement. Consumers strongly associate natural diamonds with intrinsic, lasting qualities: 75% believe they hold their value better due to their rarity and finite supply, and 73% view each stone as one of a kind. Beyond the investment, however, lies a deep emotional connection. Nearly three-quarters of respondents (72%) expressed that natural diamonds bring them joy to wear and can be worn every day to match their outfits.
These emotional and symbolic associations are reflected in consumers’ natural diamond jewellery purchasing habits: rings (55%), necklaces (49%), earrings (42%), and bracelets (41%) emerge as the most popular categories. Mid‑sized stones (68%), ranging from approximately 0.5 to 1.49 carats, are the preferred choice. Spending tends to concentrate in the mid‑range, particularly between HK$10,000 and HK$20,000 (31%), followed by the HK$20,000 to HK$30,000 range (22%). Most consumers (46%) prefer to choose jewellery based on design rather than a fixed style, with 18K white gold the primary material choice (34%), followed by 18K rose gold (18%).
Online Discovery Meets In-Store Trust
Despite the digital age, the desire for a tangible experience endures. A commanding 75% of consumers prefer to purchase in-store, with 35% insisting on completing their entire transaction offline. Transparency bridges the two worlds—70% of natural diamond intenders cite traceability as important, underscoring the growing expectation for credible and accessible product information that reinforces the confidence of physical retail.
Strong Receiving Intentions Signal Continued Momentum
Looking ahead, consumer expectations for receiving diamond jewellery remain exceptionally high. 74% of respondents anticipate receiving jewellery in the next 12 months, and among them, an overwhelming 85% hope to receive natural diamonds. Special occasions (47%) are the most anticipated reason for receiving, with birthdays (54%), anniversaries (44%), Valentine’s Day (40%) and engagements and weddings (35%) leading the calendar. These figures underscore a confident outlook for the natural diamonds industry.
The consumer survey, conducted by NIQ from 27 January to 11 February 2026, involved a total of 572 participants aged 18-54 through various online channels. Among the respondents, 24% were male and 76% were female, with the majority (77%) being married, engaged, or in a relationship. Commissioned by De Beers Group, NIQ managed the design and data analysis of the survey.
Notes to Editors
Hashtag: #DeBeersGroup #adiamondisforever #naturaldiamonds #diamonds #ConsumerSurvey
http://www.debeersgroup.com
https://www.linkedin.com/company/debeersgroup/
http://www.facebook.com/DeBeersGroupOfCompanies/
http://www.instagram.com/debeersgroup
The issuer is solely responsible for the content of this announcement.
About De Beers Group
Established in 1888, De Beers Group is the world’s leading diamond company with expertise in the exploration, mining, marketing and retailing of diamonds. Together with its joint venture partners, De Beers Group employs more than 20,000 people across the diamond pipeline and is the world’s largest diamond producer by value, with diamond mining operations in Botswana, Canada, Namibia and South Africa. Innovation sits at the heart of De Beers Group’s strategy as it develops a portfolio of offers that span the diamond value chain, including its jewellery houses, De Beers Jewellers and Forevermark, and other pioneering solutions such as diamond sourcing and traceability initiatives Tracr and GemFair. De Beers Group also provides leading services and technology to the diamond industry in the form of education and laboratory services via De Beers Institute of Diamonds and a wide range of diamond sorting, detection and classification technology systems via De Beers Group Ignite. De Beers Group is committed to ‘Building Forever,’ a holistic and integrated approach for creating a better future – where safety, human rights and ethical integrity continue to be paramount; where communities thrive and the environment is protected; and where there are equal opportunities for all. De Beers Group is a member of the Anglo American PLC group. For further information, visit www.debeersgroup.com.
Media OutReach
Bhutan’s Young Culinary Talent Sharpens Skills in Hong Kong Culinary Exchange Sponsored by Lee Kum Kee
Dasho Tashi Wangyal, an Eminent Member of the National Council of Bhutan and a member of the DSP Steering Committee, said, “Our young chefs are receiving valuable exposure at the Chinese Culinary Institute through immersion in professional Asian cuisine, modern culinary techniques and global kitchen standards. I would like to extend our heartfelt appreciation to Lee Kum Kee for the vision, partnership and commitment to nurturing the next generation of culinary professionals.”
Hashtag: #LeeKumKee #LKK
The issuer is solely responsible for the content of this announcement.
About Lee Kum Kee
Lee Kum Kee is the global gateway to Asian culinary culture, dedicated to promoting Chinese culinary culture worldwide. Since 1888, it has brought people together over joyful reunions, shared traditions and memorable meals. Beloved by consumers and chefs alike, Lee Kum Kee’s range of more than 300 sauces and condiments sparks creativity in kitchens everywhere, inspiring professional and home chefs to experiment, create and delight. Headquartered in Hong Kong, China and serving over 100 countries and regions, Lee Kum Kee’s rich heritage, unwavering commitment to quality, sustainable practices and “Constant Entrepreneurship” combine to enable superior experiences through Asian cuisine for people worldwide. For more information, please visit www.LKK.com.
About De-suung Skilling Programme
The De-suung Skilling Programme (DSP) is a Royal Project initiated by His Majesty The King of Bhutan in 2021. As envisioned by His Majesty, DSP imparts a series of short-term high-quality trainings to unemployed Bhutanese youths who have mostly completed high school and are in their early or mid-20s. These youths have all undergone the De-suung training, which is a valued-based personal development programme intended to encourage active citizenry in the process of nation-building. DSP provides short-term training in various fields to Bhutanese youths entering the job market with varying degrees of educational qualification. For more information, please visit www.dsp.org.bt.
About Chinese Culinary Institute
The Chinese Culinary Institute (CCI) is one of the 14 member institutions of Vocational Training Council (VTC). It was established in 2000 as one of the Millennium Projects of the HKSAR Government. CCI endeavours to provide systematic training in Chinese cuisine for beginners and practicing chefs who wish to obtain or upgrade their professional qualifications. It also aims to elevate the professional standard and status of Chinese Chefs in order to strengthen Hong Kong’s reputation as the “Culinary Capital of Asia”. Furthermore, CCI strives to establish Hong Kong as a regional training and accreditation centre in Chinese cuisine by introducing “One Trade Test Two Certificates” system. To promote the deep-rooted heritage of the Chinese culinary art, CCI offers culinary interest courses for locals and tourists alike. For more information, please visit cci.edu.hk/en.
The ANDPAD service, which was launched in 2016, has grown into a platform for the construction Industry currently used by over 265,000 organizations and 690,000 individual users. In December 2025, ANDPAD initiated “ANDPAD Stellarc,” an AI project dedicated to construction businesses. With data and operational insight as the foundation, the company is also tackling AI development aimed at problem-solving in the construction industry.
Since opening in May 2025, the Hanoi Office at ANDPAD VIETNAM has promoted the enhancement of its development organization and DX in construction in Southeast Asia. This decision to relocate the office, which will be accompanied with an expansion, was made based on the rapid growth of the office’s organization and the expansion of demand for DX in construction in Southeast Asia.
Hanoi Office: Overview
TAISEI SQUARE HANOI
TAISEI SQUARE HANOI is a large-scale office designed and constructed entirely by TAISEI CORPORATION. The first office independently developed in Hanoi by a Japanese company, TAISEI SQUARE HANOI is positioned as a flagship location under ANDPAD’s international operations.
<Address>
7F, Taisei Square Hanoi Building. No.289 Khuat Duy Tien Street, Dai Mo Ward, Ha Noi City
■ Recruitment
Andpad Vietnam is looking for new team members. Please see below for details.
Details：https://andpad.vn/#hotjobs
LinkedIn：https://vn.linkedin.com/company/andpad-vietnam
■ About the ANDPAD Service
The cloud-based construction project management service with the top share of the market in Japan*, ANDPAD makes the central management of everything from enhancing onsite efficiency to improving management possible. Since provision of the service started in 2016, through associated development efforts that emphasize intuitiveness and ease of use and thorough support for implementation and utilization, the service has reached over 265,000 corporate users and 690,000 individual users.
ANDPAD was selected as a “2024 Recommended Technology” under the NETIS (New Technology Information System) by the Ministry of Land, Infrastructure, Transport and Tourism.
Details (Japanese language only): https://andpad.jp/
*”Trends and Vendor Share in the Construction Business Management Cloud Service Market” (December 2024 MIC IT Report)” (According to research by the Deloitte Tohmatsu MIC Economic Research Institute)
Hashtag: #ANDPAD
The issuer is solely responsible for the content of this announcement.
ANDPAD VietNam Overview
Name ：ANDPAD VietNam Co., Ltd
Location ：3rd Floor, Dong Nhan Building, 90 Nguyen Dinh Chieu St, Tan Dinh Ward, HCMC
Representative ：Yusuke Noda
Business Activities：Development of “ANDPAD” cloud-based construction project management service
URL ：
https://andpad.vn/
■Company Overview
Name : ANDPAD Inc.
Location : Sumitomo Fudosan Tokyo Mita Garden Tower 37F, 5-19 Mita 3 Chome, Minato-ku, Tokyo
Representative : Takeo Inada, CEO
Business Activities : Development, sales and operation of “ANDPAD” cloud-based construction project management service
Company Website (Japanese language only)：https://andpad.co.jp/
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