Earnings release
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H Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement , make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement . CHINA TOWER 中国 铁塔 China Tower Corporation Limited 中國 鐵塔 股份有限公司 ( A joint stock company incorporated in the People's Republic of China with limited liability ) ( Stock Code : 0788 ) ANNOUNCEMENT OF 2026 INTERIM RESULTS Highlights # • • Operating revenue was RMB48,693 million , down by 1.8 % , of which : Revenue from TSP business was RMB40,357 million , down by 5.0 % over the same period last year , of which , revenue from Tower business was RMB35,263 million , down by 6.7 % ; revenue from indoor distributed antenna system ( " DAS ” ) business was RMB5,094 million , up by 9.2 % Revenue from Smart Tower business was RMB5,332 million , up by 12.8 % Revenue from Energy business was RMB2,591 million , up by 17.3 % EBITDA² was RMB30,252 million ; profit attributable to owners of the Company was RMB7,489 million , up by 30.1 % . The Board has resolved to continue declaring an interim dividend of RMB0.19122 per share ( pre - tax ) in year 2026 . Note 1 : The financial information in this announcement is prepared based on the consolidated financial information . The Company and its subsidiaries are collectively referred to as the Group . Note 2 : EBITDA is calculated by operating profit plus depreciation and amortisation . 1
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2 CHAIRMAN ’S STATEMENT Dear Shareholders, In the first half of 2026, China Tower Corporation Limited (the “Company ” or “we”) actively seized the opportunities brought about by the national strategies of “Cyberpower ”, “Digital China ”, and “Dual Carbon ” goals, and continued to deepen the “One Core and Two Wings ” strategy. We strengthened our core capabilities and competitiveness, and maintained overall stable operations and development. FINANCIAL PERFORMANCE In the first half of 2026, the Company ’s operating revenue reached RMB48,693 million, a decrease of 1.8% year-on-year. EBITDA amounted to RMB30,252 million, a decrease of 11.6% year-on-year, with an EBITDA margin 3 of 62.1%. Profit attributable to the owners of the Company reached RMB7,489 million, an increase of 30.1% year-on-year, with a net profit margin of 15.4%. Net cash generated from operating activities amounted to RMB7,135 million. Capital expenditure stood at RMB11,650 million. As at 30 June 2026, our total assets amounted to RMB351,237 million, with interest-bearing liabilities of RMB101,392 million and a gearing ratio 4 of 31.5%, representing an increase of 3.8 percentage points from the end of 2025. The Company attaches great importance to shareholder returns. After considering our profitability, cash flow and capital requirements for future development, the board of directors of the Company (the “Board”) has resolved to distribute an interim dividend of RMB0.19122 per share (pre-tax). We will work towards realizing steady growth in annual dividend payment per share and continue creating greater value for shareholders. BUSINESS PERFORMANCE During the first half of 2026, amid a complex and volatile external environment and numerous challenges, the Company coordinated resource allocation, deepened reform and innovation, and improved quality and efficiency, maintaining overall stable operations and development. Enhanced resource sharing consolidated the TSP business foundation The Company further deployed the Dual-Gigabit network joint-entry implementation and made significant progress in implementing special projects such as upgrading signal strength and extending broadband coverage to all border areas, forests and grasslands. We focused on enhancing resource sharing and coordination of network resources in order to fully satisfy our customers ’ diverse, high-quality network construction needs, and support the expansion of 5G network penetration and coverage. In the first half of 2026, our TSP business recorded revenue of RMB40,357 million, a decrease of 5.0% year-on-year. Note 3: EBITDA margin is calculated by dividing EBITDA by operating revenue, and multiplying the resulting value by 100%. Note 4: Gearing ratio is calculated as net debts divided by the sum of total equity and net debt, then multiplied by 100%. Net debt is calculated as the amount of interest-bearing liabilities minus the amount of cash and cash equivalents.
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3 Tower business. We deepened the implementation of our embedded service mechanism, aligning with TSPs ’ network construction planning and comprehensively addressing their demands for network standards/frequency bands. We strengthened the innovative application of regionalized products and comprehensive solutions to fully meet customers ’ differentiated needs. Leveraging our extensive site resource data, we proactively conducted coverage analysis to enhance network optimization capabilities, helping TSPs achieve precise planning and precise construction. Focusing on customers ’ most pressing concerns, we leveraged the Company ’s resource coordination advantages and carried out special initiatives to tackle difficult sites, enhancing construction and delivery efficiency. We fully implemented the integrated coordination of “resources + demand ”, actively engaging with network coverage needs in key industries such as culture and tourism, education, and transportation. Adhering to a customer-oriented philosophy, we continued to optimize end-to-end business processes and management standards to serve customers ’ network coverage construction efficiently. Impacted by customers ’ optimization and adjustment of network deployment, simplified base station upgrades, and the continued development of the unified 4G network by China Telecom and China Unicom, our Tower business revenue in the first half of 2026 reached RMB35,263 million, a decrease of 6.7% year-on-year. As of 30 June 2026, the Company managed a total of 2.172 million tower sites, an increase of 23,000 sites compared to the end of 2025. TSP tenants reached 3.565 million, a decrease of 2,000 compared to the end of 2025. Our TSP tenancy ratio was 1.69. DAS business. We continued to focus on high-value and livelihood-critical scenarios, strengthening resource coordination, joint construction and shared development. In support of the implementation of the Technical Standard for Engineering of Mobile Communication Infrastructure in Buildings, we accelerated engagement with newly constructed building projects and coordinated the synchronized planning and construction of supporting telecommunications facilities, achieving early resource deployment and efficient rollout. We continued to enhance product and service competitiveness, and steadily advanced iterative 5G network upgrades on high-speed railways, upgraded signal strength to tackle coverage in elevators and underground parking lots and deployed shared repeaters at scale in everyday scenarios such as tunnels and residential communities, helping TSPs achieve efficient, intensive and low-cost expansion of indoor and outdoor network coverage. In the first half of 2026, our DAS business revenue reached RMB5,094 million, an increase of 9.2% year-on-year. As of 30 June 2026, we had covered buildings with a cumulative area of 16.17 billion square meters, while the coverage in railway tunnels and subways reached a cumulative length of 36,111 kilometers. Consolidated advantages to drive rapid growth of Two Wings business The Company continued to strengthen product innovation and optimized business planning to improve core competencies and drive the continued rapid growth of our Two Wings business. In the first half of 2026, revenues from our Two Wings business reached RMB7,923 million, accounting for 16.3% of our overall operating revenue and representing an increase of 2.3 percentage points over the same period last year.
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4 Smart Tower business. Focusing on spatial digital intelligence governance, we continued to deepen our presence in key sectors and key scenarios. More than 260,000 “digital towers ” now serve over 10 industries, including land and resources, emergency response, water conservancy, and environmental protection, with our market share steadily improving in key areas such as straw burning prohibition, farmland protection, and disaster alert. We deepened resource sharing on the distributed platform and optimized algorithm iteration for mid-to-high points. We continued to implement the “AI+” special project, deepening the application of large models for spatial digital intelligence governance and promoting the innovative upgrading of industry application scenarios. We actively positioned ourselves in emerging fields such as the low-altitude economy, accelerating the R&D of related products. We continued to uphold a customer-oriented philosophy, improved our high-standard service system and the development of local technical support teams, strengthened full-process support for product iteration and development, project construction and delivery, and operation and maintenance, and continuously enhanced customer satisfaction. In the first half of 2026, our Smart Tower business achieved revenue of RMB5,332 million, a year-on-year increase of 12.8%. Of which, RMB3,200 million was generated from Tower Monitoring business, accounting for 60.0% of our Smart Tower business. Energy business. We focused on developing key business segments including battery exchange and power backup. By leveraging our core strengths in product, service, and platform, we continued to refine the quality of our operations and solidify our competitive advantages in the market. For the battery exchange business, we strengthened our presence in the consumer express delivery and food delivery sectors and strengthened the refined operation of our user base, reinforcing customer retention with high-quality service. As of 30 June 2026, we had approximately 1.493 million battery exchange users, an increase of 16,000 from the end of 2025, further maintaining our leading position in the market. We accelerated the deployment of our community charging infrastructure network for low-speed electric vehicles, enabling service upgrades and continuously expanding our service coverage and user base. For the power backup business, we focused on key industry sectors, analyzed customers ’ core needs, strengthened platform and service capability development, stepped up the promotion of comprehensive industry solutions, and continued to enhance the influence of the China Tower “energy butler ” brand. In the first half of 2026, our Energy business achieved revenue of RMB2,591 million, a year-on-year increase of 17.3%. Of which, the battery exchange business accounted for RMB1,595 million, up by 20.6% year-on-year, contributing 61.6% of the Energy business revenue. Innovation-driven development with steadily enhanced technological capabilities Focused on the “One Core and Two Wings ” strategy, the Company concentrated its resources on solving technological challenges, accelerating the commercialization of research achievements, and fostering the development of new quality productive forces. In the first half of the year, our R&D investment and R&D team size increased by 23% and 22%, respectively, while patent applications and patent authorizations grew by 15% and 132%, respectively, compared to the same period last year. One technological achievement received the second prize of the State Science and Technology Progress Award, and we led the initiation of two additional international standards. A series of innovative products achieved large-scale commercial application, including new 5G leaky cables, the Tower Monitoring platform, video AI algorithms for mid-to-high points, and the integrated energy service platform. The cumulative number of technological achievements and the number of achievements deployed at scale increased by 43% and 57%, respectively, from the end of 2025. The spatial governance data set of our Tower Monitoring network was recognized
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5 as an outstanding achievement among the high-quality industry data sets of central state-owned enterprises, while our digital intelligence IoT integrated governance scenario was included among the strategic high-value AI scenarios for central state-owned enterprises. Our technology innovation system continued to improve, with the high-quality development of our six technological innovation centers. We joined the innovation consortia and technology commercialization consortia of central enterprises for fields including the low-altitude economy, robotics, and quantum technology. CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY We place strong emphasis on sustainable development and have deeply integrated the fulfillment of our social responsibilities into our corporate development strategies and all aspects of our day-to-day operations in order to lay a solid foundation for high-quality growth. Practicing green development. The Company has continued to advance the co-construction and shared development of digital infrastructure, reducing redundant investment, while expanding the use of clean energy such as photovoltaic systems in base stations, and promoted resource recycling and reuse. We deepened the application of digital and intelligent technology to support pollution prevention and ecological protection, and provided new energy applications to the public, including battery exchange and charging, to support green mobility. Strengthening social responsibility and commitment. We have continued to improve network coverage in rural and remote areas, narrowing the digital divide and supporting rural revitalization. We provided emergency communications support for disaster prevention, mitigation and relief, ensuring smooth rescue operations, onsite command, and communications security. Continuously improving corporate governance. We strictly comply with listing regulations, continue to optimize our corporate governance framework, and consistently maintain a high standard of corporate governance. We are committed to strengthening safeguards for compliant operations, and enhancing our risk warning, prevention and control capabilities. We also actively engage with the capital markets and continuously improve the quality of information disclosure, enhancing our transparency as a listed company. OUTLOOK Looking ahead, we will remain anchored in the “One Core and Two Wings ” strategic positioning, focusing on strengthening our core capabilities and competitiveness, further deepening resource sharing, and improving operating efficiency, to create greater value for shareholders, customers, and society. TSP business: The Company will proactively capture the opportunities presented by the appropriately advanced development of new infrastructure and the construction of the “Six Networks ”, and actively respond to the digital intelligence needs of all sectors of society. We will reinforce our advantages in resource coordination, construction delivery, and innovative service solutions, enhance the quality and efficiency of network construction, and solidify our competitiveness as a service provider offering efficient delivery, superior maintenance and optimal cost structure, while minimizing management risks. This will create more opportunities for business development, ensure we fully meet customers ’ needs, and achieve steady development of our TSP business.
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6 Smart Tower business: Drawing on our core resources and capabilities in “location + computing + power + security ”, we will continue to accelerate the transformation of “telecommunication towers ” into “digital towers ” to comprehensively enable spatial digital intelligence governance. In our areas of strength, we will further deepen our engagement in key sectors while actively expanding into new industries and new scenarios. In areas of innovation, we will accelerate the positioning of the low-altitude economy, edge computing capacity, and “DAS + ” businesses, cultivating new growth drivers with equal emphasis on quantity and quality. Energy business: We will continue to optimize the layout of our battery exchange network for economic efficiency, strengthen the streamlined operation of our user base and continuously improve user experience to maintain our market leadership. We will deepen the expansion of our premium customer base in key sectors for the power backup business, advance platform iteration and upgrading, and continue to enhance our comprehensive industry solution capabilities. We will also steadily advance the implementation of base station photovoltaics and energy storage businesses, unlocking the development momentum and potential of our Energy business. At the same time, we will concentrate on addressing the challenges in critical technologies across fields including next-generation mobile communications, the digitalization of enclosed spaces, artificial intelligence, the low-altitude economy, edge computing networks, and new energy. We will increase investment in technological R&D and accelerate the deep integration of technological and industrial innovation, guiding the development of new quality productive forces through greater self-reliance and strength in science and technology and empowering the high-quality development of our businesses. On behalf of the Board, I would like to take this opportunity to warmly welcome Mr. Yin Wenkai to the Board. The Company ’s achievements and progress would not have been possible without the hard work of all our employees, the strong support of our customers, and the trust of all our shareholders. Finally, on behalf of the Board, I would like to express my heartfelt gratitude to all our shareholders, customers, and the public for their support, and I sincerely thank all employees for their hard work and dedication. Zhang Zhiyong Chairman Beijing, China, 11 August 2026
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7 GROUP RESULTS The board of directors (the “Board ”) of China Tower Corporation Limited (the “Company ”, together with its subsidiaries, the “Group”) announces the unaudited consolidated results of the Group for the six months ended 30 June 2026. Unaudited Interim Consolidated Statement of Comprehensive Income For the six months ended 30 June 2026 (Expressed in Renminbi ( “RMB”)) Unaudited Six months ended 30 June Note 2026 2025 RMB million RMB million Operating revenue 4 48,693 49,601 Operating expenses Depreciation and amortisation (19,141) (25,598) Repairs and maintenance (3,791) (3,187) Employee benefits and expenses (4,842) (4,767) Site operation and support expenses (2,889) (2,535) Other operating expenses (6,919) (4,885) (37,582) (40,972) Operating profit 11,111 8,629 Other gains, net 41 212 Interest income 12 24 Finance costs (1,217) (1,260) Profit before taxation 9,947 7,605 Income tax expenses 5 (2,457) (1,847) Profit for the period 7,490 5,758 Profit attributable to: – Owners of the Company 7,489 5,757 – Non-controlling interests 1 1 Other comprehensive income for the period, net of tax – – Total comprehensive income for the period 7,490 5,758 Total comprehensive income for the period attributable to: – Owners of the Company 7,489 5,757 – Non-controlling interests 1 1 7,490 5,758 Basic and diluted earnings per share (in RMB Yuan) Basic/diluted 6 0.4284 0.3293
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8 Unaudited Interim Consolidated Statement of Financial Position As at 30 June 2026 (Expressed in RMB) Unaudited Audited Note As at 30 June 2026 As at 31 December 2025 RMB million RMB million Assets Non-current assets Property, plant and equipment 182,058 184,099 Construction in progress 10,595 11,676 Right-of-use assets 11 32,050 31,873 Deferred income tax assets 3,764 3,052 Other non-current assets 2,508 1,810 230,975 232,510 Current assets Trade and other receivables 8 110,687 88,510 Prepayments and other current assets 2,920 3,247 Cash and cash equivalents 6,655 12,312 120,262 104,069 Total assets 351,237 336,579 Equity attributable to owners of the Company Share capital 17,601 17,601 Reserves 188,106 186,305 Total equity attributable to owners of the Company 205,707 203,906 Non-controlling interests 3 2 Total equity 205,710 203,908
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9 Unaudited Interim Consolidated Statement of Financial Position (Continued) As at 30 June 2026 (Expressed in RMB) Unaudited Audited Note As at 30 June 2026 As at 31 December 2025 RMB million RMB million Liabilities Non-current liabilities Borrowings 60,352 36,025 Lease liabilities 11 16,630 15,650 Deferred government grants 398 395 Employee benefit obligations 36 36 77,416 52,106 Current liabilities Borrowings 17,402 31,409 Lease liabilities 11 7,008 7,376 Accounts payable 9 36,231 34,545 Accrued expenses and other payables 7,030 6,818 Current income tax payable 440 417 68,111 80,565 Total liabilities 145,527 132,671 Total equity and liabilities 351,237 336,579
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10 Notes to Unaudited Interim Financial Report (Expressed in RMB unless otherwise indicated) 1. Basis of preparation This unaudited interim financial report for the six months ended 30 June 2026 has been prepared in accordance with International Accounting Standard ( “IAS”) 34, “Interim financial reporting ”, issued by the International Accounting Standards Board ( “IASB”). The unaudited interim financial report does not include all of the information required for a full set of financial statements prepared in accordance with IFRS Accounting Standards issued by IASB, and should be read in conjunction with the audited consolidated financial statements of the Group for the year ended 31 December 2025. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period. The Group ’s policies on financial risk management were set out in the audited financial statements of the Group for the year ended 31 December 2025 and there have been no significant changes in the financial risk management policies for the six months ended 30 June 2026. 2. Changes in accounting policies The Group has applied the following amendments to IFRS Accounting Standards issued by IASB to this interim financial report for the current accounting period: Amendments to IFRS 9, Financial instruments and IFRS 7, Financial instruments: Disclosures – Amendments to the classification and measurement of financial instruments The amendments cover three main aspects: • The amendments clarify when a financial asset or a financial liability is recognised and derecognised. They also introduce an optional exception that permits an entity to derecognise a financial liability before the settlement date when the financial liability is settled in cash using an electronic payment system, provided that specific criteria are met. • For the assessment of whether a financial asset has contractual cash flows that are solely payments of principal and interest on the principal amount outstanding, the amendments clarify the assessment of interest and introduce an additional test for the financial assets with contingent features, for example environmental, social or governance ( “ESG”)-linked features. The amendments also clarify the difference between financial assets with non-recourse features and contractually linked instruments which may then change the applicable assessments. • The amendments introduce new disclosures for disposals of investments in equity instruments designated at fair value through other comprehensive income ( “FVOCI”), and for financial instruments not measured at fair value through profit or loss ( “FVPL”) which contain contractual terms that could change the amount of contractual cash flows based on the occurrence or non-occurrence of a contingent event that does not relate directly to changes in basic lending risks and costs. The amendments do not have a material effect on how the Group ’s results and financial position for the current or prior periods have been prepared or presented in this interim financial report. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period.
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11 3. Segment reporting The executive Directors and senior management of the Company, as a decision-making group has been identified as the Group ’s chief operating decision-maker (the “CODM ”). The Group has determined the operating segments based on the information reviewed by the CODM for the purposes of allocating resources and assessing performance. The CODM reviews the performance from revenue stream prospective including Tower business, DAS business, Smart Tower business and Energy business. However, the CODM does not make the decision related to resource allocation or performance evaluation solely based on the revenue generated from the different businesses. Rather, the CODM reviews the Group ’s performance and budget as a whole. Therefore, the CODM concludes that the Group has one operating segment. Substantially, the Group ’s long-lived assets are located in the mainland China and all the Group ’s revenue and operating profit are mainly derived from the mainland China during the period. 4. Operating revenue The table below summarises the Group ’s operating revenue by business types: Unaudited Six months ended 30 June 2026 2025 RMB million RMB million Tower business (Note (i)) 35,263 37,797 DAS business 5,094 4,664 Smart Tower business 5,332 4,726 Energy business 2,591 2,209 Others 413 205 48,693 49,601 Notes: (i) The table below summarises the Group ’s Tower business revenue by nature: Unaudited Six months ended 30 June 2026 2025 RMB million RMB million Revenue from the provision of Site Space 29,189 32,110 Revenue from Maintenance services and Power services 6,074 5,687 35,263 37,797
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12 (ii) The Group ’s revenue is primarily generated from the three telecommunications service providers in China ( “Three TSPs ”), namely China Mobile Communications Group Co., Ltd. and all their subsidiaries (“CMCC Group ”), China United Network Communications Group Company Limited and all their subsidiaries ( “CUC Group ”), and China Telecommunications Corporation and all their subsidiaries (“CTC Group ”), respectively. The major customers that contribute more than 10% of the total revenue of the Group are listed as below: Unaudited Six months ended 30 June 2026 2025 RMB million RMB million CMCC Group 20,439 21,189 CTC Group 10,747 10,870 CUC Group 9,793 10,428 40,979 42,487 For the six months ended 30 June 2026, the revenue generated from the Three TSPs accounted for 84.2% of the total revenue (for the six months ended 30 June 2025: 85.7%). 5. Income tax expenses The Company and its subsidiaries filed the PRC enterprise income tax on a consolidated basis with their provincial branches. The provision for the PRC enterprise income tax is based on the applicable tax rate on the estimated taxable profits determined in accordance with the relevant enterprise income tax rules and regulations of the PRC. Taxation in the consolidated statement of comprehensive income represents: Unaudited Six months ended 30 June 2026 2025 RMB million RMB million Current tax Current tax on estimated taxable profits for the period 3,169 2,099 Deferred tax Origination of temporary differences (712) (252) Income tax expenses 2,457 1,847
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13 Reconciliation between tax expenses and accounting profit at applicable tax rates: Unaudited Six months ended 30 June 2026 2025 RMB million RMB million Profit before taxation 9,947 7,605 Tax at PRC statutory tax rate of 25% 2,487 1,901 Tax effect of preferential tax rate (Note) (105) (124) Tax effect of non-deductible expenses 90 85 Others (15) (15) Income tax expenses 2,457 1,847 Note: The Group ’s PRC statutory enterprise income tax rate is 25%. According to the circular of “Continuing to Implement Preferential Corporate Income Tax Policies for Western Development ” (Ministry of Finance announcement [2020] No. 23) issued by the Ministry of Finance, the State Administration of Taxation and the National Development and Reform Commission and relevant PRC enterprise income tax regulations, branches that are qualified and located in certain western provinces of mainland China are entitled to a preferential income tax rate of 15%. Certain provincial branches of the Group obtained the approval were entitled to this preferential income tax rate of 15% until the end of 2030. According to the notice of “Concerning Preferential Enterprise Income Tax Policies of Hainan Free Trade Port ” (Caishui [2020] No. 31) and “Concerning Continued Preferential Enterprise Income Tax Policies of Hainan Free Trade Port ” (Caishui [2025] No. 3) issued by the Ministry of Finance and the State Administration of Taxation, Hainan Province branch is entitled to a preferential income tax rate of 15% after obtaining the approval until the end of 2027. According to the circular of “Implementation of Preferential Enterprise Income Tax Policies for High-tech Enterprises ” (The State Administration of Taxation [2017] No. 24) issued by the State Administration of Taxation and relevant PRC enterprise income tax regulations, the Company ’s subsidiary, Smart Tower Corporation Limited, is qualified and entitled to a preferential tax rate of 15% for high-tech enterprises. Smart Tower Corporation Limited obtained the certificate of high-tech enterprises which is valid until 31 December 2027.
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14 6. Basic and diluted earnings per share (a) Basic Basic earnings per share is calculated by dividing the profit attributable to owners of the Company, by the weighted average number of ordinary shares in issue during the period, excluding the shares held for the restricted share incentive scheme. On 23 December 2024, the resolutions in relation to the share consolidation and capital reduction on the basis that (i) every ten (10) shares with a par value of RMB1.00 each of the Company be consolidated into one (1) share with a par value of RMB1.00 each of the Company; and (ii) the total issued share capital of the Company be reduced from RMB176,008,471,024 to RMB17,600,847,102 (the “Share Consolidation and Capital Reduction ”) was duly passed at the extraordinary general meeting, the class meeting of the holders of H shares and the class meeting of the holders of domestic shares, respectively. The Share Consolidation and Capital Reduction became effective on 20 February 2025. In addition, the weighted average number of ordinary shares in issue throughout the reporting periods presented has been adjusted retrospectively for the impact of the Share Consolidation and Capital Reduction. Unaudited Six months ended 30 June 2026 2025 Profit attributable to owners of the Company (in RMB million) 7,489 5,757 Weighted average number of ordinary shares in issue, after adjusting for the Share Consolidation and Capital Reduction (million) 17,481 17,481 Basic earnings per share (in RMB Yuan) 0.4284 0.3293 (b) Diluted Diluted earnings per share for the six months ended 30 June 2026 and 2025 were computed by dividing the profit attributable to owners of the Company by the above weighted average number of ordinary shares outstanding during the periods, after adjusting for the effects of the dilutive potential ordinary shares. There were no dilutive potential ordinary shares for the six months ended 30 June 2026 and 2025 as all restricted shares granted before were forfeited in 2022. Therefore, the diluted earnings per share was the same as basic earnings per share. 7. Dividends At the annual general meeting on 15 May 2026, the shareholders of the Company approved the payment of a final dividend of RMB0.32539 per share (equivalent to HK$0.372219 per share) (pre-tax) for the year ended 31 December 2025, approximately RMB5,688 million in total. Total dividends are calculated by deducting shares held under the restricted share incentive scheme as disclosed in Note 10 from the total share capital of the Company. On 11 August 2026, the Board of Directors of the Company has resolved to distribute a dividend of RMB0.19122 per ordinary share (pre-tax) to the shareholders of the Company for the six months ended 30 June 2026, approximately RMB3,343 million in total. As the interim dividend is declared after the end of the reporting period, such dividend is not recognised as liability as at 30 June 2026 (for the six months ended 30 June 2025: nil).
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15 8. Trade and other receivables Unaudited Audited As at 30 June 2026 As at 31 December 2025 RMB million RMB million Bills receivables (Note (a)) 19,865 13,549 Trade receivables (Note (b)) 90,750 74,113 Allowance for expected credit losses (7,098) (5,822) Trade and bills receivables, net 103,517 81,840 Payments on behalf of customers (Note (c)(i)) 4,225 4,136 Deposits (Note (c)(ii)) 2,946 2,535 Allowance for expected credit losses (1) (1) Other receivables, net 7,170 6,670 Trade and other receivables 110,687 88,510 Notes: (a) Bills receivables As at 30 June 2026, acceptance notes issued by banks and other finance companies, and commercial acceptance bills amounted to RMB1,266 million and RMB18,599 million, respectively (31 December 2025: RMB2,238 million and RMB11,311 million, respectively). (b) Trade receivables (i) Aging analysis of the Group ’s gross trade receivables based on the billing date, as at the end of the reporting period, are as follows: Unaudited Audited As at 30 June 2026 As at 31 December 2025 RMB million RMB million 1 to 3 months 22,640 25,084 3 to 6 months 18,025 14,466 6 months to 1 year 21,498 15,452 1 year to 2 years 21,662 15,179 2 years to 3 years 4,583 2,121 Over 3 years 2,342 1,811 90,750 74,113
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16 (ii) Trade receivables are analysed by customers: Unaudited Audited As at 30 June 2026 As at 31 December 2025 RMB million RMB million CMCC Group 40,705 35,687 CUC Group 16,827 12,901 CTC Group 15,853 10,964 Others 17,365 14,561 90,750 74,113 Trade receivables primarily comprise receivables from the Three TSPs. Other third-party customers include local government authorities and public institutions, state-owned companies and other customer groups. (c) Other receivables (i) Payments on behalf of customers mainly represent payments made by the Group on behalf of the Three TSPs to their suppliers for certain sites electric power supply charges when the Group provides the services of power access to its customers and acting as an agent. Such customers usually make payment to the Group within 1-3 months. (ii) Deposits primarily include deposits for site ground lease, office premises lease, and equipment purchase. 9. Accounts payable Accounts payable primarily include payables for construction expenditures, repairs and maintenance and other operation expenditures. Accounts payable are unsecured, non-interest bearing and are repayable in accordance with contractual terms. The aging analysis of accounts payable is based on the invoice date as follows: Unaudited Audited As at 30 June 2026 As at 31 December 2025 RMB million RMB million Within 6 months 20,978 24,286 6 months to 1 year 8,858 4,377 Over 1 year 6,395 5,882 36,231 34,545
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17 10. Shares held under restricted share incentive scheme At the Company ’s annual general meeting held on 18 April 2019, the Company ’s shareholders approved the adoption of a restricted share incentive scheme (the “Scheme ”), with a duration of 10 years. As instructed by the Board, a trust entity (the “Trustee ”) was appointed to acquire certain numbers of H share from the secondary market for the Scheme. Pursuant to the Scheme, the Company granted certain restricted shares to the qualified participants (the “Scheme Participants ”) during the year of 2019 as initial grant, which were subject to fulfilment of performance and service conditions. As at 30 June 2026 and 31 December 2025, all of the restricted shares granted under initial grant were forfeited and no active restricted share incentive scheme was implemented. Shares held by the Trustee under restricted share incentive scheme are shown below: Unaudited Audited As at 30 June 2026 As at 31 December 2025 Number of restricted shares Shares held under restricted share incentive scheme Number of restricted shares Shares held under restricted share incentive scheme (million) (RMB million) (million) (RMB million) At the beginning of the period/ year 120 1,954 1,196 1,954 Share Consolidation and Capital Reduction (Note) – – (1,076) – At the end of the period/year 120 1,954 120 1,954 Note: After adjusting for the Share Consolidation and Capital Reduction which became effective on 20 February 2025 (Note 6(a)), the total shares held under restricted share incentive scheme have changed from 1,196,475,000 shares to 119,647,500 shares.
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18 11. Lease (i) The interim consolidated statement of financial position shows the following amounts relating to leases: Unaudited Audited As at 30 June 2026 As at 31 December 2025 RMB million RMB million Right-of-use assets (Note) – Sites and buildings 31,095 30,898 – Land use rights 955 975 32,050 31,873 Lease Liabilities – Current 7,008 7,376 – Non-current 16,630 15,650 23,638 23,026 Note: During the six months ended 30 June 2026, the Group recognised the additions to right-of-use assets of RMB5,994 million. (ii) The interim consolidated statement of comprehensive income shows the following amounts relating to leases: Unaudited Six months ended 30 June 2026 2025 RMB million RMB million Depreciation charge of right-of-use assets 5,409 5,594 Interest expense 511 566 Expense relating to short-term leases and low-value leases 796 604 12. Non-adjusting events after the reporting period After the end of the reporting period, the Board of Directors proposed an interim dividend. Further details are disclosed in Note 7.
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19 FINANCIAL OVERVIEW (Expressed in RMB unless otherwise indicated) Operating Revenue In the first half of 2026, the Company, leveraging its resource sharing advantages, continued deepening the “One Core and Two Wings ” strategy, efficiently supported the implementation of the national strategies for building a Cyberpower, Digital China, and achieving the “Dual Carbon ” goals. In the first half of 2026, the operating revenue amounted to RMB48,693 million, down by 1.8% over the same period last year, among which, revenue from TSP business amounted to RMB40,357 million, down by 5.0% over the same period last year; revenue from Smart Tower business amounted to RMB5,332 million, up by 12.8% over the same period last year; and revenue from Energy business amounted to RMB2,591 million, up by 17.3% over the same period last year. Operating Expenses In the first half of 2026, the operating costs amounted to RMB37,582 million, down by 8.3% over the same period last year. The operating costs accounted for 77.2% of the operating revenue, down by 5.4 percentage points over the same period last year, of which: • Depreciation and amortisation In the first half of 2026, accumulated depreciation and amortisation amounted to RMB19,141 million, representing a year-on-year decrease of 25.2% or RMB6,457 million. This was primarily due to the acquired tower assets being fully depreciated and the adjustment to the estimated useful lives of DAS assets. • Repairs and maintenance expenses The repairs and maintenance expenses amounted to RMB3,791 million in the first half of 2026, representing a year-on-year increase of 19.0% or RMB604 million. This was mainly due to the Company ’s continued strengthening of special inspection and rectification for potential safety hazards in assets, and the reasonable extension work of service life for aging assets. • Employee benefits and expenses In the first half of 2026, the employee benefits and expenses amounted to RMB4,842 million, representing a year-on-year increase of 1.6% or RMB75 million. This was mainly due to the Company ’s efforts in advancing R&D innovation, appropriately introducing middle and high-end scientific and technological talents for business development.
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20 • Site operation and support expenses In the first half of 2026, the site operation and support expenses amounted to RMB2,889 million, representing a year-on-year increase of 14.0% or RMB354 million. This was mainly due to the Company ’s accelerated advancement of site operation and digital capability building, resulting in a year-on-year increase in costs related to site operation and cloud resource lease expenses. • Other operating expenses In the first half of 2026, other operating expenses amounted to RMB6,919 million, representing a year-on-year increase of 41.6% or RMB2,034 million. Among these, business development costs rose by RMB437 million year-on-year, mainly due to efforts to support the development of the Two Wings business, which led to an increase in localised technical support service fees, marketing expenses etc.; carrying out integrated service related to the construction of telecommunication infrastructure led to an increase in relevant costs of RMB810 million; and provision for bad debts made based on the principle of prudence increased by RMB543 million year-on-year. • Finance costs The Company adhered to a prudent financing strategy, enhanced centralized fund management, and maintained a reasonable scale of interest-bearing debt and relatively low financing costs. The Company ’s net finance costs amounted to RMB1,205 million in the first half of 2026, representing a year-on-year decrease of 2.5% or RMB31 million. Profitability In the first half of 2026, the Company recorded an operating profit of RMB11,111 million. Profit attributable to owners of the Company amounted to RMB7,489 million, up by 30.1% over the same period last year. In the first half of the year, EBITDA stood at RMB30,252 million, representing a decrease of 11.6% as compared to the same period of last year, primarily resulting from lease cancellations caused by network optimization and adjustments by the TSP customers, the impact of simplified base station upgrades, as well as an increase in repairs and maintenance expenses associated with the service life extension of tower assets that had reached maturity. EBITDA as a percentage of operating revenue was 62.1%, representing a year-on-year decrease of 6.9 percentage points. Capital Expenditures and Cash Flow In the first half of 2026, capital expenditures amounted to RMB11,650 million, representing a year-on-year decrease of 6.0% or RMB742 million, of which capital expenditures for new site construction and augmentation amounted to RMB6,490 million, representing a year-on-year decrease of 1.7% or RMB110 million; capital expenditures for site replacement and improvement amounted to RMB2,087 million, representing a year-on-year decrease of 12.2% or RMB290 million; capital expenditures for IT support and comprehensive buildings for production amounted to RMB449 million, representing a year-on-year decrease of RMB491 million; capital expenditures for the Two Wings business amounted to RMB2,624 million, representing a year-on-year increase of 6.0% or RMB149 million. This mainly reflected the Company ’s response to the development needs of the Two Wings business: accelerating the development of Smart Tower business platforms and product iteration, enhancing core competitiveness, strengthening the construction of battery exchange and charging infrastructure networks, and expanding service coverage.
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21 In the first half of 2026, net cash generated from operating activities amounted to RMB7,135 million, representing a decrease of RMB21,544 million over the same period last year, which was mainly due to the prolonged customer payment cycles and the increase in collection of receivables settled by bills. Free cash flow 5 for the first half of 2026 amounted to RMB-4,515 million, down by RMB20,802 million over the same period last year. Balance Sheet Status As at 30 June 2026, the Company ’s total assets were RMB351,237 million while the total liabilities were RMB145,527 million, of which net debt was RMB94,737 million. The liabilities to assets ratio was 41.4%, maintaining at a healthy level. OTHER INFORMATION Purchase, Sale or Redemption of the Company ’s Listed Securities Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company ’s listed securities (including sale of treasury shares within the meaning of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules ”)) for the six months ended 30 June 2026. For the six months ended 30 June 2026 and up to the date of this announcement, the Company did not hold any treasury shares. Audit Committee The audit committee of the Board (the “Audit Committee ”), together with the Company ’s management, have reviewed the accounting principles and practices adopted by the Group and discussed the risk management, internal control and financial reporting matters, including the review of the Company ’s unaudited interim financial report for the six months ended 30 June 2026. Compliance with the Corporate Governance Code The Company is committed to maintaining a high standard of corporate governance. For the six months ended 30 June 2026, the Company had complied with all the code provisions set out in the Corporate Governance Code as contained in Appendix C1 to the Listing Rules. Compliance with the Model Code The Company has adopted the Code of Conduct for Securities Transactions by the Directors, Supervisors and Relevant Employees of China Tower Corporation Limited (the “Company Code ”) which is substantially based on the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code ”) set out in Appendix C3 to the Listing Rules and is on terms no less exacting than those in the Model Code. The Company has made specific enquiries to all Directors and supervisors, and all Directors and supervisors have confirmed that they have complied with the Company Code and the Model Code during the six months ended 30 June 2026. Note 5: Free cash flow is the net cash generated from operating activities minus the capital expenditures.
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22 Contingent Liabilities As at 30 June 2026, the Company had no contingent liabilities. Material Legal Proceedings For the six months ended 30 June 2026, the Company was not involved in any material litigation or arbitration, and as far as the Company is aware, no material litigation or claims were pending or threatened or made against the Company. Interim Dividend Authorisation to the Board to decide on the interim profit distribution plan of the Company for year 2026 has been approved by the shareholders of the Company (the “Shareholder(s) ”) at the annual general meeting for the year 2025 held on 15 May 2026. After fully considering factors such as the Company ’s interim operating results, financial position, future capital requirements, the Board has resolved to distribute an interim dividend of RMB0.19122 (equivalent to HK$0.220901) (pre-tax) per share for the six months ended 30 June 2026 (the “2026 Interim Dividend ”). The 2026 Interim Dividend will be denominated and declared in Renminbi and is expected to be paid on or around Friday, 30 October 2026 (the “Payment Date ”) to those Shareholders whose names appear on the register of members of the Company on Friday, 11 September 2026. Dividends will be paid in Renminbi for holders of domestic shares and holders of H shares (including enterprises and individuals) who invest in the H shares of the Company listed on The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange ”) through the Shanghai Stock Exchange or Shenzhen Stock Exchange (the “Southbound Trading ”) (the “Southbound Shareholders ”), and dividends for H share Shareholders other than the Southbound Shareholders will be paid in Hong Kong dollars. The relevant exchange rate will be the average of the mid-point rates of Renminbi to Hong Kong dollars as announced by the People ’s Bank of China for the week prior to the date of declaration of the 2026 Interim Dividend (i.e., 11 August 2026) (i.e., RMB0.865636 equivalent to HK$1.00). The record date for entitlement to the Shareholders ’ rights and the relevant arrangements of dividend distribution for Southbound Shareholders are the same as those for the Company ’s H share Shareholders. Under the requirements of the Law of the People ’s Republic of China on Enterprise Income Tax and the Regulations for the Implementation of the Law of the People ’s Republic of China on Enterprise Income Tax ૢ Է, the Company has the obligation to withhold and pay enterprise income tax at a rate of 10% on dividends when it pays the 2026 Interim Dividend to its H share Shareholders who are overseas non-resident enterprises (including HKSCC Nominees Limited, other institutional nominees and trustees, or other organizations or groups) listed on the H share register of members of the Company on 11 September 2026.
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23 According to the requirement under Guo Shui Han [2011] No. 348 issued by the State Administration of Taxation (ਕᐼ҅Ռ [2011]348֛and the relevant laws and regulations, for individual H share Shareholders who are Hong Kong or Macau residents and whose country of domicile is a country which has entered into a tax treaty with the PRC stipulating a dividend tax rate of 10%, the Company will withhold and pay the individual income tax at the rate of 10%. For individual H share Shareholders whose country of domicile is a country which has entered into a tax treaty with the PRC stipulating a dividend tax rate lower than 10%, the Company will withhold and pay the individual income tax at a tax rate of 10% of dividend. For individual H share Shareholders whose country of domicile is a country which has entered into a tax treaty with the PRC stipulating a dividend tax rate higher than 10% but lower than 20%, the Company will withhold and pay the individual income tax at the effective tax rate under the relevant tax treaty. For individual H share Shareholders whose country of domicile is a country which has entered into a tax treaty with the PRC stipulating a dividend tax rate of 20%, or a country which has not entered into any tax treaties with PRC, or under any other circumstances, the Company will withhold and pay the individual income tax at the rate of 20% on behalf of the individual H share Shareholders. The Company will determine the country of domicile of the individual H share Shareholders based on the registered address as recorded in the H share register of members of the Company on 11 September 2026. If the country of domicile of an individual H share Shareholder is not the same as the registered address or if the individual H share Shareholder would like to apply for a refund of the additional amount of tax finally withheld and paid, the individual H share Shareholder shall notify and provide relevant supporting documents to the Company on or before 7 September 2026. Upon examination of the supporting documents by the relevant tax authorities, the Company will follow the guidance given by the tax authorities to implement relevant tax withholding and payment provisions and arrangements. Individual H share Shareholders may either personally or appoint a representative to attend to the procedures in accordance with the requirements under the tax treaties notice if they do not provide the relevant supporting documents to the Company within the time period stated above. For Southbound Investors (including enterprises and individuals), the Shanghai branch of China Securities Depository and Clearing Corporation Limited and the Shenzhen branch of China Securities Depository and Clearing Corporation Limited, as the nominees of the Shareholders of the Southbound Trading, will receive all dividends distributed by the Company and will distribute the dividends to the relevant Shareholders under the Southbound Trading through its depositary and clearing system. According to the relevant provisions under the “Notice on Taxation Policies for Shanghai-Hong Kong Stock Connect Pilot Programme (Cai Shui [2014] No. 81) (လ ٝ( ৌ [2014]81 ))” and “Notice on Taxation Policies for Shenzhen-Hong Kong Stock Connect Pilot Programme (Cai Shui [2016] No. 127) (ٝ( ৌ [2016]127 ))”, the Company shall withhold and pay the individual income tax at the rate of 20% with respect to dividends received by the Mainland individual investors for investing in the H shares of the Company listed on the Hong Kong Stock Exchange through the Southbound Trading. In respect of the dividends for the investment of Mainland securities investment funds in the H shares of the Company listed on Hong Kong Stock Exchange through the Southbound Trading, the tax levied on dividends derived from such investment shall be ascertained by reference to the rules applicable to the treatment of individual income tax. The Company is not required to withhold and pay income tax on dividends derived by the Mainland enterprise investors under the Southbound Trading, and such enterprises shall report the income and make tax payment by themselves. The record date for entitlement to the Shareholders ’ rights and the relevant arrangements of dividend distribution for the Southbound Investors are the same as those for the Company ’s H share Shareholders.
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24 For H share Shareholders other than the Southbound Shareholders, the Company has appointed Computershare Hong Kong Trustees Limited as the receiving agent in Hong Kong (the “Receiving Agent”) and will pay to such Receiving Agent the 2026 Interim Dividend declared for payment to the H share Shareholders other than the Southbound Shareholders. The Receiving Agent will pay the 2026 Interim Dividend net of the applicable tax on the Payment Date. The relevant dividend warrants will be dispatched to H share Shareholders by ordinary post and the risk of errors involved in the postage will be borne by the H share Shareholders. For the Southbound Shareholders, the 2026 Interim Dividend net of the applicable tax will be paid by the Company to the Shanghai branch of China Securities Depository and Clearing Corporation Limited and the Shenzhen branch of China Securities Depository and Clearing Corporation Limited on the Payment Date. The Shanghai branch of China Securities Depository and Clearing Corporation Limited and the Shenzhen branch of China Securities Depository and Clearing Corporation Limited will pay the 2026 Interim Dividend net of the applicable tax to the Southbound Shareholders. The Company assumes no responsibility and disclaims all liabilities whatsoever in relation to the tax status or tax treatment of the H share Shareholders and for any claims arising from any delay in or inaccurate determination of the tax status or tax treatment of the H share Shareholders or any disputes relating to the tax withholding and payment mechanism or arrangements. Closure of Register of Members For the purpose of ascertaining the H share Shareholders ’ entitlement to the 2026 Interim Dividend, the H share ’s register of members of the Company will be closed. Details of such closure are set out below: Latest time to lodge transfer documents for registration 4:30 p.m. on 7 September 2026 Closure of register of members (both days inclusive) 8 September 2026 to 11 September 2026 Record date 11 September 2026 During the above closure period, no transfer of H shares will be registered. To be eligible to qualify for the 2026 Interim Dividend, all transfer documents, accompanied by the relevant certificates, must be lodged with the Company ’s H share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen ’s Road East, Wan Chai, Hong Kong, by no later than the aforementioned latest time. Publication of Interim Results Announcement and Interim Report This announcement is published on the Company ’s website at www.china-tower.com and the website of the Hong Kong Stock Exchange at www.hkexnews.hk. The 2026 interim report will be published on the website of the Company (www.china-tower.com) and the website of the Hong Kong Stock Exchange (www.hkexnews.hk), and will be made available to the Shareholders in due course.
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25 Forward Looking Statements The performance and the results of the operations of the Company contained in this announcement are historical in nature, and past performance is no guarantee of the future results of the Company. Any forward-looking statements and opinions contained within this announcement are based on current plans, estimates and projections, and therefore involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements and opinions. The Company, the Directors and the employees of the Company assume (a) no obligation to correct or update the forward-looking statements or opinions contained in this announcement; and (b) no liability in the event that any of the forward-looking statements or opinions do not materialise or turn out to be incorrect. By Order of the Board China Tower Corporation Limited Zhang Zhiyong Chairman Beijing, China, 11 August 2026 As at the date of this announcement, the Board of Directors of the Company comprises: Executive directors : Zhang Zhiyong (Chairman of the Board), Chen Li (General Manager) and Yin Wenkai Non-executive directors : Cheng Jianjun, Miao Shouye, Luan Xiaowei and Fang Xiaobing Independent non-executive directors : Pei Zhenjiang, Hu Zhanghong, Zhang Wei and Wen Bugao