At present, a new round of sci-tech revolution and industrial transformation is developing rapidly, and artificial intelligence is profoundly changing human production and lifestyles, becoming an important driving force for promoting high-quality economic and social development. As artificial intelligence enters the first year of large-scale application, AI applications such as large models and agents are accelerating their adoption and deep integration across various fields, supporting the transformation and upgrading of traditional industries and opening new tracks for the development of strategic emerging industries and future industries, ushering in vast opportunities for industry development. In the first half of 2025, the Company completely, accurately, and comprehensively implemented the new development principles, resolutely fulfilled its responsibilities in building China’s strength in cyberspace, science and technology, Digital China, as well as safeguarding network and information security. By accurately grasping the trends in sci-tech innovation and industrial development, the Company fully embraced artificial intelligence, promoted the upgrade of its corporate strategy from “Cloudification and Digital Transformation” to “Cloudification, Digital Transformation and AI for Good”, and continuously advanced its high-quality development.

In the first half of 2025, the Company’s operating revenues amounted to RMB271.5 billion, representing an increase of 1.3% year-on-year. Of which, service revenues1 amounted to RM B249.1 billion, representing an increase of 1.2% year-on-year. EBITDA2 amounted to RMB80.6 billion, representing an increase of 4.9% year-on-year. Net profit3 amounted to RMB23.0 billion, representing an increase of 5.5% year-on-year. The basic earnings per share were RMB0.25. Capital expenditure was RMB34.2 billion. Free cash flow4 reached RMB13.1 billion, representing an increase of 13.9% year-on- year.

The Company continued to promote the integrated development driven by the innovation-led dual engines of its fundamental businesses and Industrial Digitalisation business, with its fundamental businesses growing steadily and strategic emerging businesses developing rapidly. In the first half of 2025, t h e Company’s mobile communications service revenues amounted to RMB106.6 billion, representing an increase of 1.3% year-on-year; Wireline and Smart Family service revenues amounted to RMB64.1 billion, representing an increase of 0.2% year-on-year. The number of mobile subscribers reached 433 million, and the number of broadband subscribers reached 199 million. Mobile ARPU5 reached RMB46.0, and broadband blended ARPU6 reached RMB48.3. Revenue from Industrial Digitalisation reached RMB74.9 billion, and AIDC revenues increased by 7.4% year-on-year. Revenue from key strategic emerging products maintained rapid growth, with revenue from China Telecom Cloud reaching RMB57.3 billion. Intelligent revenues7 reached RMB6.3 billion, representing an increase of 89.4% year-on-year. Revenue from the security business reached RMB9.1 billion, representing an increase of 18.2% year-on-year. Internet of Video Things (IoVT) revenues increased by 46.2% year-on-year, satellite revenues increased by 20.5% year-on-year, and quantum revenues increased by 171.1% year-on-year.

The Company attaches great importance to shareholder returns, continuously strengthens market value management, promotes the growth of market value and enterprise value, and strives to enhance its profitability and cash flow generation capabilities. The Board of Directors has decided to continue distributing an interim dividend in 2025, with the profit to be distributed in cash representing 72% of the profit attributable to equity holders of the Company for the first half of the year, i.e., RMB0.1812 per share (pre-tax), representing an increase of 8.4% year-on-year. It is intended that the proportion of profit to be distributed in cash by the Company to profit attributable to equity holders in 2025 would be further increased compared to 2024, thereby continuously creating greater value for shareholders.

With the No. 1 technology “Xirang” as the core, the Company completed the construction of intelligent cloud system, leveraging cloud-network integration to provide integrated intelligent cloud services encompassing “computing power + platform + data + model + application”. At the IaaS layer, the Company continued to optimise the computing power supply structure, with the total scale of self-owned and accessed computing power reaching 77 EFLOPS, providing heterogeneous computing power services covering general computing, intelligent computing, supercomputing and quantum computing. At the PaaS layer, the Company accelerated the upgrade of its intelligent computing platform, providing one-stop computing power scheduling and AI development services, efficiently meeting customers’ needs for training and inference scenarios. At the DaaS layer, the Company built the “Xinghai” data intelligent middle platform to promote the deep integration of proprietary datasets, open-source datasets, and third-party datasets, aggregating over 10 trillion tokens of general large model corpus data and datasets from 14 industries, with a total volume exceeding 350TB. At the MaaS layer, the Company built a full-modal, full-size, and fully homegrown Xingchen large model. Third-party foundational large models and various industrial large models were actively introduced to meet the diverse needs for large model selection and application scenario innovation. At the SaaS layer, focusing on the digital needs of production, life, and governance, the Company created standardised AI products and launched industrial large model and agent services for scenario-based demands, serving the smart life of individual household subscribers and empowering the digital transformation of enterprise production and governance. In addition, the Company released Agent as a Service (AaaS) and Terminal as a Service (TaaS) systems, empowered the intelligent transformation and upgrading of industries, and popularised the applications of artificial intelligence.

To continuously meet customers’ diversified, multi-level, and personalised AI needs, the Company accelerated the promotion of business intelligence integration and upgrades. For government and business customers, the Company accelerated the empowerment of the digital and intelligent transformation of industries through intelligent cloud services, continuously facilitating industrial upgrades. The transformation of IDC to AIDC has also been expedited, providing customers with secure, reliable, intelligent, agile, and green low-carbon computing services. Over 80 industrial large models and more than 30 agents have been developed to serve over 20,000 industry customers. The Company continuously advanced the “State-owned Central Enterprise AI+” special expansion, collaborating with over 30 state-owned central enterprises to build AI+ application benchmarks, and unveiling the “AI+” Action Demonstration Base for State-owned Central Enterprises in Tianjin. Accelerating the integration of intelligence into 5G customised networks, the Company has independently developed applications such as 5G industrial control agents to meet enterprises’ needs for AI energy conservation and AI quality inspection. In parallel, the construction of industry digital platforms has been expedited, with over 120 digital platforms continuously empowering key industry customers in their digital transformation. For individual and home customers, the Company accelerated the intelligent upgrade of terminals, released the self-developed XingXiaochen agent to empower the intelligent upgrade of terminals, and expedited the large-scale development of intelligent terminals such as AI anti-fraud phones and AI central monitors. Focusing on frontier areas, it vigorously developed more varieties of intelligent terminals. The Company accelerated the innovation and upgrade of applications, promoted the intelligent renewal of personal applications such as Colour Ringback Tone with Video through AI iteration, and further upgraded the “Beautiful Home” product system, delivering customers with brand-new smart experience, and allowing subscribers to enjoy multi-scenario smart home applications such as safe home, healthy home, entertainment home, low-carbon home, and intelligent home. The Company accelerated the intelligent upgrade of platforms, and on the basis of continuously promoting the integration of platforms such as Digital Village, Smart Community, and Smart Family, it further leveraged AI IoVT and AI IoT to accelerate the intelligent upgrade and content enrichment of platforms, continuously enriching new scenarios for intelligent living.

The Company deeply advanced AI technology empowerment, creating over 160 AI applications across 21 key areas, and effectively driving cost reduction while enhancing quality and efficiency. In terms of customer management, the upgrade of whole-chain precision marketing was driven through AI, and the Company built the marketing agent based on the large model for customer management, which covered scenarios including AI-aided opportunity exploration, customer insight, and smart recommendation, serving about 60,000 frontline employees, and recording more than 20 million calls per month. In terms of customer service, the Company promoted the embedding of intelligent service capabilities into the 10000 hotline, continuously iterated and upgraded the application scenarios of the large customer service model. The proportion of intelligent customer service reached 87.5%, effectively enhancing customer perception and maintaining an industry-leading level of overall satisfaction. In terms of channel operations, “AI + full- service digital stores” covered 12,000 self-operated business halls, accelerating the transformation of offline stores from traditional experiential marketing to AI intelligent marketing. The Company upgraded the online sales model with an “AI + live streaming” approach, with AI live streaming digital humans providing 24/7 uninterrupted live streaming services. In terms of network operations, the Company comprehensively enhanced the automation and intelligence level of cloud network operations, launched 29 high-value scenario L4 pioneer actions, and created 23 types of digital employees based on the network large model. The number of faulty work orders reduced by 9.8%, the work order processing time reduced by 13%, and the fault handling time for home broadband installation and maintenance agents reduced by 8.7%.

The Company continued to optimise the supply of “Quantum+” product capabilities, continuously promoted “Quantum+” empowerment across various industries, and reinforced its leadership in the quantum industry market. In quantum communication, quantum-encrypted messages have achieved full coverage of six mainstream systems, taking the lead in passing the network security protection capability completeness assessment of the software platform under the “Foundation Building Program” of China Academy of Information and Communications Technology, while quantum- encrypted calls and quantum intercoms continued to enrich the application ecosystem, fully adapting to mainstream terminals. The user base for quantum communication has surpassed 6 million, serving over 3,000 industry clients in sectors such as government affairs, finance, and energy. In quantum computing, the Company achieved the commercialisation of three major application scenarios being, quantum computing real-machine deployment, cloud platform applications, and quantum information education, and implemented multiple major projects. In quantum measurement, the commercialisation and market application of quantum precision measurement technology products accelerated, with strong demand for applications in typical scenarios such as low-altitude detection and exploration.

The Company continued to promote high-level self-reliance and self-improvement in science and technology, accelerate breakthroughs in key core technologies, and strengthen the supply of high-quality science and technology. It has been included in the list of outstanding enterprises of sci-tech innovation among state-owned central enterprises for two consecutive years. The Company comprehensively promoted AI-oriented technological innovation from underlying infrastructure to upper-layer applications, and its self-developed China Telecom Cloud server operating system has passed the national security and reliability assessment. The Company achieved breakthroughs in key technologies such as computing power integrated scheduling and training/inference acceleration, and put forward the innovative proposal of the Triless architecture, achieving a triple decoupling of resources, frameworks, and tools. Such breakthroughs promoted interconnected and interoperable diverse computing power across service providers, regions, and architectures, helping the Company secure the first place once again in China’s computing power interconnection scheduling market and maintain its leadership in China’s intelligent computing cloud service market8. Through continuously upgrading the Company’s Xingchen multimodal large model, developing human-like natural conversation capabilities, and innovatively proposing full-modal, explainable deepfake detection capabilities, the Company has won the championship in AI deepfake detection at ICCV 2025 and IJCAI 2025. By innovatively building the AI Flow technology system and tackling three key technologies, key breakthroughs were made in generative intelligent transmission, homologous model and intelligent emergence based on connections and interactions, thereby promoting the deep integration of communication, network, and artificial intelligence. A high-performance privacy computing protocol cluster was developed, successfully overcoming the performance bottleneck of joint computing involving tens of billions of massive data. This achievement earned the Company the “Wu Wenjun AI Science and Technology Progress Award”. Key technologies for constructing and governing high-quality dataset were successfully tackled, with the Company’s “Network Large Model” and “Urban Governance” datasets being selected as “Outstanding Construction Achievements of High-Quality Datasets in the State-owned Central Enterprise AI Industry”. The world’s first distributed cryptographic system integrating QKD9 and PQC10 was released by the Company. Additionally, the Company pioneered the industry’s first cloud-network- endpoint collaborative anti-DDoS technology and launched China’s first open source large model foundational security guardrail with protection capability reaching an industry-leading level. The Company continued to deepen basic theoretical research, with its research on a new framework for generative coding images based on diffusion models winning the only “Best Paper Award” at ICME 2025. It has also built high- level scientific and technological innovation infrastructures, with its large-scale sci- tech innovation facility for cloud-network integration being included in the pilot test and verification platform for state-owned central enterprises. Furthermore, the Company consistently developed patents of high quality and high standards, with its 5G patents winning the Silver Patent Award in the 25th China Patent Award selection.

Adhering to the principle of network as the foundation, cloud as the core, the Company fully leveraged the advantages of cloud-network integration, seizing the direction of intelligent development, especially adapting to the network requirements arising from the traffic and flow patterns in the AI era, and accelerating the intelligent upgrade of the digital information infrastructure to provide a solid foundation for the development of artificial intelligence. The Company moderately and pre-emptively deployed computing power infrastructure, and continuously promoted the construction of reasoning pools based on market demand. Building on the clusters with ten thousand GPUs in the Beijing-Tianjin-Hebei region and the Yangtze River Delta, the Company vigorously introduced new technology and built hyper-node topology clusters in the Guangdong- Hong Kong-Macao Greater Bay Area hub nodes. This has enabled a dual enhancement in both the quality and quantity of intelligent computing supply, with self-owned intelligent computing power reaching 43 EFLOPS, alongside extensive integration of partner computing power. The Company built a new generation of AIDC with a “centre + edge” hierarchical layout and triple elastic upgrades in space, cooling, and power supply, effectively adapting to the functional partitioning of intelligent computing services and wide power fluctuations. The number of datacentre cabinets exceeded 580,000, with the eight major hub nodes accounting for 85%. The Company built a holistic smart computing network system integrating cloud-edge-device resources, with collaborative Access-Compute, Inter-Compute, and Intra-Compute networks, launched China’s first 400G quantum secure OTN encrypted computing-connected dedicated line, accelerated the construction of new metropolitan networks, and advanced the renewal and upgrade of backbone optical cables and the trial commercial use of hollow-core optical cables. These efforts have enabled the Company to efficiently meet diverse intelligent computing demands such as real-time inference and large-scale training. Furthermore, the Company also promoted the upgrade and evolution of networks to achieve ultra- high speed and large capacity. The number of 10G PON ports of Gigabit fibre network exceeded 9.88 million, with a coverage of over 96% of gigabit residential areas in cities and towns. The Company comprehensively deepened co-building and co-sharing, continuously enhancing industry value, and building a high-quality network with high-/ mid-/low-band coordination as well as 4G/5G integration. The total number of 5G mid-/high-band base stations reached 1.49 million, and low-band base stations reached 880,000. The Company continued to promote the upgrade of 5G-A network capabilities, having deployed 100,000 5G-A carrier aggregation base stations and 600,000 Redcap base stations in over 300 cities.

The Company actively practised the concept of green development, driving a two-digit decrease in the carbon emissions per unit of total volume of telecommunications services, and ranking among the top central enterprises in the “Central Enterprise Green Development Evaluation”. Accelerating the green transformation of digital information infrastructure, the Company implemented green renovation of facility buildings and green upgrades of base stations, while advancing the innovative application of green energy-saving technologies such as liquid cooling and AI. AI energy-saving initiatives covered over 5.96 million base station sectors and 3,400 facility rooms, achieving annualised energy-savings of approximately 1.1 billion kWh. The transformation of the energy consumption structure advanced significantly, with the application of green electricity exceeding 1.4 billion kWh. The Company’s innovative efforts promoted the synergistic development of computing power and electricity, resulting in the creation of a green, low-carbon, safe, omni-efficient, and economically applicable energy utilisation model. The Company strengthened empowerment with green products and services, and advanced the development of key products such as environmental protection cloud and green lighting. Green ICT services have expanded coverage across multiple fields, including environmental monitoring and smart manufacturing, providing green solutions such as energy-saving transformation and integration of new energy services.

The Company continued to explore the potential of integrated innovation and two-way empowerment of security and AI. It accelerated “security intelligence integration” to create the security corpus “Qianmo Shuju”, and established a risk classification and labelling system. Leveraging multiple general AI technologies, such as content interpretation, and automatic analysis and disposal, the Company drove the iteration of the “Xingchen • Jianwei” security large model, and expedited the coverage of the intelligent upgrade of its security capability across “terminals, edges, networks, clouds, and data”. These efforts improved security assurance for critical infrastructure internally and promoted the deployment of more intelligent security products externally. The cleaning capacity of Anti-DDoS Cloud Dam exceeded 18Tbps, maintaining its leading position in protection capability and market share. The Managed Security Service Provider (MSSP) Cloud Dam provided intelligent, multi-category managed security services, with the total number of connected customers exceeding 7,000. The Company strengthened the “Security Protection for Intelligence” and addressed common security issues arising from the development of the AI industry, built large model foundational security guardrail, enhanced AI security governance, and promoted safer, more reliable, and more controllable artificial intelligence. In addition, the Company deeply integrated quantum technology with next-generation networks, cloud computing, and other technologies, utilising QKD technology to ensure the secure transmission of AI training data and cross-cluster data, thereby building a quantum-level security defense for AI.

The Company comprehensively advanced its actions to deepen and enhance state-owned enterprise reform, accelerating the establishment of new production relations that are compatible with new quality productive forces, and stimulating the momentum and vitality for the high-quality development of the enterprise. With a deep understanding that “talent is the primary resource”, the Company actively fostered a favorable environment conducive to the work and entrepreneurship of a wide range of talents. Making solid strides to advance the “Everest”, “Kunlun”, and “Five Mountains” programmes, the Company also implemented the “one-person, one-strategy” top talent cultivation and support programme, and strengthened the cultivation and introduction of top talents and leading sci-tech talents. Adhering to an actual results- oriented approach, the Company selected 24 new chief experts. The echelon pattern of sci-tech talents, comprised of 5 leading talents, approximately 1,000 chief/senior experts, and approximately 10,000 technical experts, has continuously improved. The Company continued to optimise the RDO11 R&D organisational system, improve the innovation evaluation and incentive mechanism, and introduce a series of support policies for original and exploratory sci-tech innovation to enhance the efficiency of sci- tech achievement transformation. Reform at the Company’s headquarters was further advanced, with innovative allocation of production elements and improved coordination mechanisms between provincial companies and professional companies, as well as among professional companies, which effectively fostered a synergy for development. It deepened the reform of professional companies, strengthened their market entity status, established Artificial Intelligence Technology (Shanghai) Co., Ltd., and fully supported the construction of the National Artificial Intelligence Innovation Application Pilot Zone. For three consecutive years, the cloud company and the digital intelligence company have been assessed as benchmark enterprises in the “Sci-tech Reform Action” by the SASAC. Reform of provincial and city-level branches also progressed, with continued enhancement of the construction of the main process centred around the cloud core platform, improving end-to-end integrated delivery and operation service levels.

Systematic open cooperation capabilities were comprehensively enhanced by the Company, with active leadership in deepening collaboration across multiple fields and proactive efforts to build a more prosperous cooperation ecosystem. In science and technology, the Company strengthened open collaboration by accelerating the internal opening and sharing of elements such as computing power and data, driving the enhancement of sci-tech research efficiency. This included collaborations with Shanghai Artificial Intelligence Laboratory and deep involvement in the application and implementation of DeepLink’s ultra-large-scale cross-domain mixed training technology. The intelligent computing cluster with ten-thousand GPUs was built, promoting the benefits of artificial intelligence to more fields. Open cooperation in digital information infrastructure was strengthened through active promotion of comprehensive inter- industry sharing and cross-industry, cross-domain collaborative sharing in areas such as satellite networks and low-altitude communications, contributing to the healthy development of the industry. The Company strengthened open cooperation in capital, acquired a controlling stake in Quantumctek and achieved comprehensive layout in the three major areas of the quantum information industry. International opening up and cooperation was also strengthened. The handset direct-to-satellite service was officially launched for commercial use in Laos, and services were expanded to Southeast Asian countries. Additionally, the e-Surfing IoVT International Platform was officially released, providing open and co-created intelligent video services to the global market with the industry ecosystem.

Through further deepening reform and opening up on all fronts, the Company broke down institutional and mechanism barriers that hinder high-quality development, and promoted the modernisation of its corporate governance system and governance capabilities. By pursuing deep insights into customer demands, the Company continued to enhance the quality of its product and service supply, effectively addressing challenges and creating value for customers. Taking root downward and empowering upward, the Company continuously enhanced sci-tech innovation capabilities. The Company took concrete steps to improve the security protection capabilities and independent controllability level of cloud networks, and continuously enhanced risk prevention capabilities. Relying on data resources, intelligent platforms and applications, the Company boosted operating efficiency and the performance of products and services, further enhancing digital and intelligent capabilities. By fully leveraging the primary role of its talent team in corporate governance, the Company continuously strengthened its strategic execution capabilities.

The Company successfully completed communications assurance tasks for multiple key events, including the Harbin Asian Winter Games, the Boao Forum for Asia, and the launch of the Shenzhou-20 manned spacecraft, while also utilising technical means such as Tiantong satellites and drones in emergency rescue and disaster relief efforts to establish an unimpeded “communications lifeline”. Through empowerment of rural revitalisation with digital intelligence, the Company stimulated the vitality of the rural digital economy, and continuously fulfilled its universal service obligations, with inclusive services in Caring Stations implemented in 80,000 urban and rural business halls. More than 80,000 caring activities were organised, benefiting over 8.6 million people. The “e-Surfing Security Anti-Fraud” platform was launched to strengthen the technological defense against fraud. The Company effectively protected the legitimate rights and interests of employees, continuously optimised the employee care system, provided diversified growth platforms, and assisted in employees’ career development.

The Company has always adhered to a high level of corporate governance, strictly complied with laws and regulations, continuously improved the quality and transparency of information disclosure, and constantly built a scientific and comprehensive compliance management system. The Shareholders’ Meeting, the Board of Directors, and the Supervisory Committee operate in a standardised manner, with efficient decision- making and strong oversight, ensuring the Company’s long-term stable development. The Company proactively strengthens investor relations management by actively building communication bridges with investors, analysts, and the media through various forms, including results briefings, investor presentations, and road shows. This allows the Company to multidimensionally showcase its strategic layout and operating results, thereby enhancing the market’s recognition of its investment value.

Receiving high affirmation from domestic and international capital markets for its outstanding performance, the Company was honored with the “Asia’s Best CSR” award for the sixth consecutive year in the “Asian Excellence Award 2025” organised by Corporate Governance Asia. The Company also received the “Investor Relations Management Shareholder Return Award” in the 16th Listed Company Investor Relations Management “Tianma Award” selection organised by Securities Times and was selected for the “Best Practise of Investor Relations Management for Listed Companies” by the China Association for Public Companies, achieving an A-grade in the 2025 Sino- Securities Index ESG comprehensive rating.

In recent years, the Company has comprehensively implemented the Cloudification and Digital Transformation strategy, continuously promoting its transformation from a traditional telecommunications operator to a service-oriented, technology- oriented, and secured enterprise, with steadily improving operating performance and service revenue growth consistently higher than the industry average for many consecutive years. Significant achievements were made in sci-tech innovation, with four technology directions identified and the layout of seven major strategic emerging businesses completed. The Company made a number of landmark achievements in cloud, AI, quantum, satellite, and network fields, creating China Telecom’s No. 1 technology “Xirang”, and forming an “1+1+1+M+N”12 AI development layout. The digital information infrastructure, with cloud-network integration as its core features, was continuously consolidated, and China Telecom Cloud fully took the shape as the national cloud framework, entering a new stage of intelligent cloud development. The Company continued to deepen its enterprise reform, and extensively carried out opening up and cooperation, earning Grade A in the assessment of key reform tasks of state- owned central enterprises for four consecutive years. It constantly explored a new path for operator transformation and development with China Telecom characteristics, made solid new strides towards high-quality development, and gained strategic initiative with enhanced confidence in its development.

At present, global sci-tech innovation has entered an unprecedentedly active period, with a new round of sci-tech revolution and industrial transformation, represented by artificial intelligence and quantum technology, accelerating its development, bringing disruptive and remodeling impacts on economic and social development, and enterprises have entered a critical stage of development. The Company is riding on the momentum to promote the upgrading of its corporate strategy towards “Cloudification, Digital Transformation and AI for Good”, adhering to a customer-centric approach, taking the fulfillment of customers’ aspirations for a better life as its starting and ending point. The Company insists on reforming and opening up as the driving force, continuously breaking down institutional and mechanism barriers that hinder high-quality development. By adhering to sci-tech innovation as the core, the Company strengthens the supply of high quality technologies and promotes the deep integration of sci-tech innovation and industrial innovation. With cloud-network integration as the foundation, the Company is accelerating the construction and upgrading of digital information infrastructure. The Company persists in green safety as the background, empowering the green and safe development of the economy and society. Adhering to the digital intelligence platform as the hub, the Company has been widely gathering various internal and external resources and capabilities of the enterprise. The Company regards its talent team as the foundation, focusing on cultivating and building an innovative talent team with a reasonable structure, excellent quality, and mastery of key core technologies. This will effectively drive the modernisation of corporate governance systems and governance capabilities and the execution of strategies, as well as accelerate the high- quality development of the Company.

Going forward, the Company will comprehensively implement the Cloudification, Digital Transformation and AI for Good Strategy, and strengthen the innovation-driven integrated development of the dual engines of fundamental businesses and Industrial Digitalisation business. It will deeply promote the “AI+” initiative, allowing the dividends of intelligence to better benefit thousands of industries and households. The Company will accelerate the intelligent evolution and upgrade of digital information infrastructure, making intelligent services more easily accessible. Reform and opening up will be deepened across all fronts, with a focus on stimulating the vitality and dynamics for the high-quality development of the Company. Core functions will be continuously enhanced and core competitiveness will be strengthened to accelerate the building of a world-class enterprise. The Company will firmly undertake responsibilities in building China’s strength in cyberspace, science and technology, Digital China, as well as safeguarding network and information security, and take the lead, shoulder the responsibility and set an example in driving Chinese modernisation.

Finally, on behalf of the Board of Directors, I would like to take this opportunity to express our sincere appreciation to all shareholders and customers for their continued attention and support, and our sincere thanks to all our employees for their hard work and contributions. Furthermore, I would also like to extend our heartfelt gratitude towards Mr. Chen Shengguang for his outstanding contributions to the Company’s development made during his tenure. At the same time, I would like to extend a warm welcome to Mr. Lyu Yongzhong on joining our Board of Directors!