Today, China Tower announced its mid-2024 financial results in Hong Kong. The financial report shows that as of June 30, 2024, China Tower achieved operating revenue of RMB 48.247 billion, an increase of 3.8% year-on-year. EBITDA was RMB 33.045 billion, an increase of 3.2% year-on-year, with an EBITDA margin of 68.5%. Profit was RMB 5.33 billion, an increase of 10.1% year-on-year. Net cash flow from operating activities was RMB 32.83 billion, and capital expenditure was RMB 13.729 billion.
Among these, the tower business achieved revenue of RMB 37.957 billion, an increase of 1.3% year-on-year. As of the end of June 2024, the number of tower sites reached 2.07 million, an increase of 24,000 compared to the end of the previous year. The number of tower tenants from telecom operators reached 3.493 million, an increase of 69,000 compared to the end of the previous year. The average number of tenants per tower site increased from 1.68 at the end of the previous year to 1.71, further enhancing the level of site sharing.
The indoor distribution business was a highlight, achieving revenue of RMB 4.164 billion in the first half, an increase of 21.6% year-on-year. By the end of June 2024, the total indoor distribution coverage area in buildings reached 11.54 billion square meters, an increase of 30.8% year-on-year. The total mileage of high-speed rail tunnels and metro public network coverage reached 26,385 kilometers, an increase of 19.2% year-on-year.
The "Two Wings" business achieved revenue of RMB 6.005 billion, accounting for 12.4% of total operating revenue, an increase of 0.9 percentage points from the same period last year. Among these, the smart connectivity business achieved revenue of RMB 3.982 billion, an increase of 17.6% year-on-year, with the tower video connectivity business achieving revenue of RMB 2.509 billion, accounting for 63.0% of the smart connectivity business revenue. The energy business achieved revenue of RMB 2.023 billion, an increase of 2.4% year-on-year, with the tower power exchange business achieving revenue of RMB 1.163 billion, accounting for 57.5% of the energy business revenue. As of June 30, 2024, the number of tower power exchange users was approximately 1.217 million, an increase of 72,000 compared to the end of last year.
China Tower Chairman Zhang Zhiyong stated that in the first half of the year, China Tower seized the development opportunities brought by the strategies of a strong network nation, digital China, and the "dual carbon" goals. The company worked cohesively to continuously strengthen its resource coordination and sharing capabilities, enhance its reform and innovation levels, and promote both qualitative and reasonable quantitative growth in its operations. In the second half of the year, China Tower will continue to maintain strategic focus, constantly enhance core competitiveness, and drive continuous value enhancement for the company, creating greater returns for shareholders, customers, and society.