In 2025, the Company’s operating revenues amounted to RMB529.6 billion. Of which, service revenues amounted to RMB485.4 billion, representing an increase of 0.7% year-on-year. EBITDA amounted to RMB143.9 billion, representing an increase of 2.1% year-on-year. Net profit amounted to RMB33.2 billion, representing an increase of 0.5% year-on-year. The basic earnings per share were RMB0.36. Free cash flow reached RMB44.7 billion.

For individual and home customers, the Company made greater efforts to advance customer value management. Taking the customer operation agent as a key enabler, the Company continuously enhanced the digital capabilities in customer demand insight and precise service matching. By building more accurate and multi- dimensional customer profiles, the Company further refined the operation of 5G, FTTR and value-added services to effectively stabilise customer value. The Company made greater efforts to promote AI-driven product upgrade. Precisely seizing the new trend of “AI+ consumption” among customers, the Company leveraged agents to intensify product innovation and restructuring, securing a strategic position at the AI entry point. The Company strengthened the supply of AI call agent capabilities and developed various AI- customized mobile phones; through home agents, it provided all-scenario smart home life services covering security, health, communication, entertainment, and smart control, and launched the e-Surfing Smart Screen, an intelligent interactive terminal; it utilized self-developed multi-modal large models to upgrade music agents and launched the e-Surfing Smart Ringback Tone, a generative color ringback tone service with audio and video, reshaping traditional product forms. The Company made greater efforts to drive the ubiquitous aerial-ground integrated communication services. It accelerated the scaling of user base for direct satellite connection services in coverable areas, stepped up the promotion of satellite services overseas, with the number of handset direct-to-satellite users exceeding 8.2 million and the number of vehicle direct-to-satellite users totalling more than 100,000. The Company made greater efforts to advance the upgrade of the “Platform + AI” development model. It continuously deepened the AI upgrades of digital platforms including smart communities, digital villages and IoVT. Focusing on production, daily life, and social governance, the Company created AI scenarios linking individuals, families, and communities, actively innovated new development models, and expanded new market spaces.

In 2025, the Company’s revenue from fundamental businesses amounting to RMB330.5 billion in 2025, representing an increase of 0.7% year-on-year. The number of mobile subscribers totalled 439 million, and the 5G network subscriber penetration rate was 68.8%. The number of broadband subscribers reached 201 million, and the gigabit broadband penetration rate was 31.6%.

For government and business customers, the Company further deepened the integration of AI with digital economy, digital livelihood and digital government affairs. The Xingchen series of platforms has achieved comprehensive AI scenario-based upgrades to empower the digital and intelligent transformation of various industries. In terms of digital economy, “Industrial Intelligence 2.0” has created more than 50 scenario-based intelligent agents. Through an AI implementation paradigm of “small model detection, large model decision-making, integrated collection and control execution, and digital twin prediction”, it assisted enterprises in their transformation and upgrading in scenarios such as production line changeovers, flexible production and intelligent production scheduling. The newly launched “e-Surfing Smart Enterprise 2.0” achieved the upgrades of infrastructure, AI applications and data operations through the innovative application of AI technology and ecosystem aggregation, helping small and medium- sized enterprises achieve transformation and leapfrog development at low cost and with high efficiency. In terms of digital livelihood, the Xingchen Smart Education Platform has strengthened intelligent analysis learning situations and created an intelligent agent matrix that empowers home-school-community synergy, achieving intelligent teaching, learning, management and research, covering over 160 prefecture-level cities. The Xingchen Smart Healthcare Platform has restructured its dual product lines of regional healthcare and smart hospitals, focusing on providing AI empowerment for scenarios such as intelligent auxiliary diagnosis and medical report interpretation, with implementation in over 120 prefecture-level cities. In terms of digital government affairs, relying on the Xingchen Smart Government Platform and the Xingchen Smart City Platform, the Company has created a new “AI+” paradigm to empower core scenarios such as market regulation, social governance and urban operations. This assisted customers in optimising business processes and achieving scientific decision-making and efficient governance in over 250 prefecture-level cities. The Company deeply engaged in quantum communication, quantum computing and quantum precision measurement, accelerating the launch of full-stack quantum products. Quantum communication recorded users exceeding 6.8 million, serving more than 5,000 industry customers in sectors such as government administration, finance, and energy. The Company achieved commercialisation of products for three major scenarios, i.e., real quantum computer deployment, cloud platform applications, and quantum information education, providing quantum computing power and academic support for universities. The Company accelerated the progression of quantum precision measurement technology from the engineering stage to the market stage, with deployments in typical scenarios such as geological exploration. The Company has made forward-looking strategic deployments in the new low-altitude economy sector, creating a newly upgraded AI+ “1+1+4+N”10 low-altitude economy capability system and developing over a thousand application scenarios. It provided one-stop solutions for scenarios such as low-altitude infrastructure, operational supervision, safety protection, and intelligent operations, with its products being implemented in more than 160 cities, comprehensively enhancing the digitalization, intelligence, and safety levels of low-altitude operations, and assisting the low-altitude economy to “fly safely and fly efficiently.”

In 2025, the Company’s revenue from Industrial Digitalisation business reached RMB147.3 billion, representing an increase of 0.5% year-on-year.

The Company completed the construction of China Telecom Cloud, ushering in a new stage of intelligent cloud development in all aspects. In 2025, revenue from China Telecom Cloud amounted to RMB120.7 billion.

The Company comprehensively and deeply advanced the “AI+” initiative. It continued to embed AI into the core parts of its operations,and developed a map of AI application scenarios spanning five key areas, i.e. intelligent customer services, intelligent marketing, intelligent operations, intelligent R&D, and intelligent management, and has launched more than 250 applications in total, revolutionising workflows with AI and comprehensively improving operating efficiency. In terms of intelligent customer services, the proportion of intelligent customer services increased by 5.2 percentage points compared with the end of 2024. In terms of intelligent marketing, AI capabilities covered 100% of its self-operated business halls. Empowered by “Zhixiaowei”, the ICT services for small and micro-sized businesses recorded an increase of 21% in average monthly revenue. In terms of intelligent operations, the Company created more than 900 cloud- network digital employees, which boosted the fault handling efficiency by 30% and brought the autonomous intelligence level of cloud-network operations to L4. In terms of intelligent R&D, AI-generated code made up 40% of the total, enhancing R&D efficiency by 20%. In terms of intelligent management, the Company promoted the application of AI in scenarios such as legal affairs, procurement and supply, achieving intelligent management across business lifecycles. The Company drove AI into more households and empowered more industries. The Company actively built a unified entry point for personal and home AI applications driven by the “Xingxiaochen”, a self-developed agent, accelerated the AI-integrated upgrade of existing products, created new AI-native products, and innovated AI terminals, with the value contribution from AI applications increasing by 22% year-on-year, and AI adoption rate rising by 5.3 percentage points year-on-year. The Company developed over 110 industry-specific large models and over 350 agents, forming AI application standard paradigms covering 15 industries including industry and government affairs, serving over 37,000 industrial customers. Moreover, it built the “AI+” action demonstration base and led the construction of the trusted data space and computing power pool for state-owned central enterprises, with an AI penetration rate of 85% in state-owned central enterprises. The Company built an intelligent and endogenous cloud-network operation and customer service system. In terms of cloud-network operation, it accelerated the evolution from a traditional cloud network to an AI-native one, achieving a comprehensive upgrade to “intelligence-driven and dynamically orchestrated”, and accelerating the unified management of underlying resources and the API- fication of capabilities. AI will orchestrate computing power and connectivity in real time based on business intent, transforming resource supply from passive configuration to active adaptation, thereby ensuring service certainty while enhancing efficiency and effectiveness. In terms of customer service, the Company leveraged AI to reshape customer service processes, moving from being “primarily offline” to “online intelligent services”, with the service provider gradually shifting from humans to AI agents. Traditional offline, manual, and standardised interfaces are being switched to online, autonomous, and intelligent ones, in which AI agents proactively understand intentions and solve problems, achieving simultaneous improvements in efficiency and experience.

Taking the Company’s profitability into full consideration, alongside cash flow levels and capital needs for its future development, the Board of Directors has decided to propose at the Annual General Meeting that the profit to be distributed in cash for the year 2025 shall represent 75% of the profit attributable to equity holders of the Company for the year. A final dividend of RMB0.0908 per share (pre-tax) will be declared for the year 2025. Together with the 2025 interim dividend of RMB0.1812 per share (pre-tax), which has been already distributed, the full year dividend of 2025 amounts to RMB0.2720 per share (pre-tax).

In 2025, the Company’s capital expenditure was RMB80.4 billion.

2026 marks the beginning of China’s 15th Five-Year Plan period. China’s economy is underpinned by a stable foundation, numerous advantages, strong resilience and great potential, and the long-term positive trend remains unchanged. A new round of technological revolution and industrial transformation is accelerating, and intelligence, green transition and integration have become the development directions for building China’s modern industrial system. “AI+” is deepening and expanding in all aspects, and new forms of the intelligent economy are rapidly taking shape, giving rise to broad and vigorous market space. The Company will seize the strategic opportunities for development, fully implement its “Cloudification, Digital Transformation and AI for Good” strategy, continue to deepen the Five-Sphere Integrated intelligent cloud system. Aiming to become a leading AI service provider, and taking token services as the main line of business, the Company will strengthen original innovation, tackle key and core technological challenges, create high-quality digital and intelligent products and services, and accelerate the construction and upgrading of intelligent and comprehensive digital information infrastructure. The Company will further deepen reform and opening up on all fronts, comprehensively enhance corporate governance capabilities, ensuring a good start for the 15th Five-Year Plan period, enabling the Company to take the lead, shoulder the responsibilities, and set an example in Chinese modernisation!