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China Tower (788.HK) Announces 2025 Annual Results

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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 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.”

[1] EBITDA is calculated by operating profit plus depreciation and amortization.

[2] EBITDA margin is calculated by dividing EBITDA by operating revenue, and multiplying the resulting value by 100%.

[3] Free cash flow is the net cash generated from operating activities minus the capital expenditures.

[4] Gearing ratio is calculated as net debts divided by the sum of total equity and net debt, then multiplying the result by 100%. Net debt is calculated as the amount of interest-bearing liabilities minus the amount of cash and cash equivalents.

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.

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Linkflow Capital: SME Borrowing Costs Ease to 8.18% in 2025 as Larger Loans Return, but Middle East Conflict Threatens 2026 Outlook

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29/04/2026

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Annual Linkflow Capital research finds SME credit conditions thawed modestly in 2025, with SME borrowing rate declining to an average of 8.18% from a high of 8.47% the preceding year. Bank disbursement times stretched to 33 days on average, against just 7 days for non-bank funders, reshaping where SMEs source credit.

SINGAPORE – Media Outreach Newswire – 29 April 2026 – Singapore’s SMEs experienced their first easing in borrowing costs in three years, with average unsecured lending rates falling to 8.18% per annum in 2025 from a multi-year high of 8.47% in 2024, according to Linkflow Capital’s latest SME Financing Accessibility Survey. Larger loan approvals above $500,000, which had disappeared entirely in 2024, also returned to form 5% of approvals in 2025.

The recovery, however, was uneven. Bank loan processing times stretched to 33 days on average, up from 22 days in 2024, while non-bank funders disbursed approved cases in just 7 days. The widening gap reshaped lender competition through the year.

Key findings from the 2025 survey:

  • Borrowing costs eased modestly: Average SME loan interest rate fell 29 basis points to 8.18% per annum but remain stubbornly high against the backdrop of a significant decline in benchmark 3-month SORA rate throughout 2025.
  • Larger loans returned: Approvals above $500K returned to 5% of approved loan dollar volume in 2025 after disappearing entirely in 2024. Loans in the $300K–$500K bracket also expanded from 3% to 7%.
  • Loan approval rate recovered to 74%, up from 70% in 2024 (a 5-year low).
  • Foreign banks extended their market share of loan origination within our platform: Foreign lenders grew their share of approved loan dollar volume to 38% in 2025, up from 26% in 2024 and 19% in 2023, while local banks fell to 46% (from 59%). Digital banks recovered modestly to 11% (from 8%).
  • Credit-related rejections nearly tripled: Among unsuccessful applicants, those rejected due to adverse personal credit records jumped from 3% in 2024 to 11% in 2025, signalling rising personal credit stress among SME owners.

“2025 was the year SME credit conditions began to thaw after the 2024 squeeze, but the recovery was uneven,” said Benjamin Teo, spokesperson for Linkflow Capital. “Banks gradually reopened to larger loans, yet took meaningfully longer to process applications. Some SMEs facing immediate cash flow pressure turned to non-bank funders for speed, even at higher costs.”

A new and more severe headwind for 2026

Linkflow Capital flagged the Middle East conflict which began in February 2026 as the most consequential macroeconomic event facing Singapore SMEs in the year ahead. The conflict has elevated freight, energy and shipping costs through Iran’s intermittent disruption of the Strait of Hormuz.

“Singapore SMEs entered 2026 facing a potential macro shock with the Middle East conflict,” Teo said. “The inflationary price pressures feed directly into SME operating costs through fuel, freight, and energy. We expect credit conditions to re-tighten, and the modest 2025 thaw could partially reverse if the conflict escalates.”

The full survey findings and detailed charts are available at: https://smeloan.sg/blog/2025-sme-finance-accessibility-survey/

Website: smeloan.sg
LinkedIn: sg.linkedin.com/company/linkflow-capital-pte-ltd
Facebook: https://www.facebook.com/LinkflowSG/
Hashtag: #LinkflowCapital #SMEFinancing #SMELoan #SingaporeSME #BusinessLoan #SMEBanking #SMECredit




The issuer is solely responsible for the content of this announcement.

Linkflow Capital

Founded in 2012, Linkflow Capital is a leading SME loan consultancy in Singapore. Through its loan comparison portal and advisory services, Linkflow Capital assists SMEs in navigating the financing landscape and securing funding solutions from an extensive network of banks and financial institutions.

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SUNeVision Concludes Third Edition of Startup Programme

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29/04/2026

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Recognising AI Startups to Lead New Momentum in Hong Kong’s I&T Development

HONG KONG SAR – Media OutReach Newswire – 29 April 2026 – SUNeVision Holdings Ltd. (“SUNeVision”, SEHK: 1686), the largest data centre provider in Hong Kong and the technology arm of Sun Hung Kai Properties Limited (“SHKP”), announced the successful completion of the third edition of its Startup Programme. The final winners emerged from a distinguished cohort of home-grown startups that showcase AI-driven innovations integrating advanced technology with sustainability, while contributing to Hong Kong’s vibrant startup ecosystem.

This year’s programme attracted nearly 100 high-calibre applications, the majority of which showcased AI-native solutions across smart city, green technology, digital assets, EdTech, and immersive entertainment. Through a structured series of intensive workshops, expert mentorship, and ecosystem engagement, SUNeVision supported participating startups in refining their business models and pitches, strengthening their technological capabilities, and accelerating go‑to‑market strategies.

The award-winning startups from this year’s programme include:

  • AquaSage Group: A maritime fintech startup specialising in vessel tokenisation, converting traditional maritime business into regulated digital assets.
  • ChatnLearn EdTech Limited: An AI‑powered platform delivering interactive and personalised English learning and speaking training.
  • Green Vigor Limited: A greentech innovator deploying hydropower recycling systems within building water tanks and cooling infrastructure to generate renewable energy.
  • Oh My Ink Technology Limited: An AI‑enabled tattoo try‑on platform offering real‑time skin visualisation before permanent application.

Helen Lo, Executive Director & Director, Commercial at SUNeVision, said: “We are impressed by this cohort’s exceptional ideas, which demonstrate how AI can be harnessed to deliver smarter, more personalised experiences and propel sustainable energy advancements, transforming technological innovation into tangible, real-world impact for the industry. Now in its third year, our Startup Programme has become a launchpad for high-impact innovation, empowering startups to accelerate their growth journeys and expand into global markets. We remain committed to fostering a dynamic AI ecosystem and strengthening Hong Kong’s role as a global innovation hub.”

The programme winners will receive SUNeVision Credits valued at up to HK$160,000, redeemable for support services offered by SUNeVision and the programme partners. The initiative equips startups with a solid digital foundation to deploy and scale AI‑driven applications within SUNeVision’s hyperscale data centre facilities, supported by low-latency connectivity. Participants will also gain access to a vibrant ecosystem of more than 300 technology and business partners, service providers, and key stakeholders. An array of tailored support will be provided by the programme partners, covering:

  • Angelflow: Syndicate technology infrastructure
  • Dataplugs: Internet and managed hosting
  • Finda Cloud: Value-added cloud services and SaaS
  • Nexusguard: DDoS protection and cybersecurity
  • SUNeVision: Data centre colocation and hosting
  • Sustainable SmartTech Ventures: AI-powered smart building management technologies
  • the Hive.: Co-working space
  • Votee AI: Authentic Cantonese translation
  • WeExpand: Agentic AI services for sales and marketing automation

For more details about the SUNeVision Startup Programme, please visit [website].

Hashtag: #SUNeVision

The issuer is solely responsible for the content of this announcement.

About SUNeVision

SUNeVision (SEHK: 1686), the technology arm of Sun Hung Kai Properties (SEHK: 0016), is the largest data centre provider in Hong Kong. We provide industry-leading carrier and cloud-neutral data centre services with Asia’s number one connectivity. We connect providers of telecommunications, cloud, ISP, CDN, OTT from local, mainland China and global with enterprises of different businesses on our Asia leading data centre ecosystem.

SUNeVision forms MEGA Campus by extending the connectivity edge from highly connected MEGA-i to other high-tier data centres, including MEGA Gateway, MEGA IDC, MEGA Plus and MEGA Two. Facilities on MEGA Campus are interconnected through a dedicated dark fibre network and around 15,000 cross-connects. Together with City PoPs of major submarine cables in our facilities, we enable our customers for direct connections to multi-cloud platforms and multi-cloud exchanges with the best connectivity in town. The addition of cable landing stations HKIS-1 and HKIS-2 to our data centre portfolio will provide a one-stop-solution to cable owners and users, strengthening our position as the leading connectivity hub in Asia. We are committed to supporting Hong Kong as a regional information hub and a strategic gateway to mainland China.

For more information, please visit SUNeVision’s , .

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De Beers Group Launches New Bridal Campaign Celebrating Desert Diamonds

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29/04/2026

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NEW YORK, US – Media OutReach Newswire – 29 April 2026 – De Beers Group recently announced the launch of its new Desert diamonds Bridal campaign undersigned by A Diamond Is Forever, celebrating a fresh and authentic vision for the modern proposal. This campaign marks a significant moment in De Beers’ ongoing commitment to redefining how natural diamonds express individuality, love, and timeless beauty.

Desert diamonds, first unveiled as a beacon in October 2025, draw inspiration from the colors of the earth from which they originate. The campaign celebrates a unique spectrum of colors — each shade telling a story of resilience, authenticity, and enduring love. The bridal campaign will build upon the success and momentum of the Q4 Desert diamonds launch.

Evolving the modern bridal aesthetic and highlighting the distinct character of each stone, Desert diamonds’ warm hues echo diverse forms of love, with sunlit whites and champagnes, soft sand tones and sunset blush and dawn colors reflecting the uniqueness of nature’s beauty. Together, these colors celebrate the evolving journey of love in all its forms – authentic, true and timeless.

The Desert diamonds bridal campaign is an industry-wide umbrella program, the goal of which is to create demand for natural diamonds by reigniting consumer desire with a new and relevant message. Retailers and designers across the industry have been working to develop pieces that showcase the full desert-inspired palette, including notable jeweler Kindred Lubeck, who will unveil her first bridal collection in conjunction with the campaign launch.

Launching 13 April 2026 across the United States, De Beers’ A Diamond Is Forever Desert diamond bridal campaign is supported by an integrated marketing effort across digital, social, and experiential channels, while also including out-of-home, social media and publishing partnerships. Using evocative storytelling, that creative spotlights how each natural diamond is as unique as the love it represents. Premium targeting efforts across digital platforms and geotargeting around key retailers will result in an estimated reach of 25 million American consumers – placing Desert diamonds in bridal content while leveraging shopper data and look-a-like audiences. Further amplification across the Brides, Martha Stewart, and greater People Inc. portfolio will educate, inspire and reinforce Desert diamonds as the enduring choice.

Sandrine Conseiller, CEO of De Beers Brands & Diamond Desirability, said:
“The success of Desert diamonds reinforces the spirit of authentic, evolving love. Today’s brides want something truly unique that delivers meaning and individuality. Natural diamonds, forged by nature over billions of years, in a range of color choices are the perfect symbol of a love that is uniquely theirs – resilient, genuine, timeless, colorful. This soft palette of natural colors celebrates the modern couple’s desire to celebrate the individuality of their commitment and the promise of a forever that truly reflects their story.”

Hashtag: #DeBeersGroup #Desertdiamonds #DesertBridal #adiamondisforever #naturaldiamonds #diamonds





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 London 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 and a wide range of diamond sorting, detection and classification technology services. De Beers Group is committed to ‘Building Forever,’ a holistic and integrated approach to sustainability that underpins our efforts to create meaningful impact for the people and places where our diamonds are discovered. Building Forever focuses on three key areas where, through collaborations and partnerships around the globe, we have an enhanced ability to drive positive impact; Livelihoods, Climate and Nature. De Beers Group is a member of the Anglo American plc group. For further information, visit www.debeersgroup.com.

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