China Telecom Corporation Limited 國電 728 2018 12 31 3,771.24 3.0% 3,504.34 5.9% EBITDA 1,042.07 2.0% EBITDA 29.7% 212.10 13.9% 0.26 0.125 2018 2017 8.7% 3.03 5,304 4G 2.42 6,039 4G 80% 291% 1.46 1,226 1 1
2018 5G 3,771 1 3,504 5.9% 15 7.2% 2 51.9% 6 EBITDA 3 1,042 2.0% 212 13.9% 0.262 749 15.5% 4 225 0.125 2018 2017 8.7% 1 2 ICT 3 EBITDA 4 EBITDA 2
2018 1,677 9.1% 3 5,304 44% 19.6% 4G 2.4 6,039 80% 3 4G DOU 5.5GB 22.4% 1,827 3.1% 1.46 1,226 66% 5 50% 6 DICT IDC 22.4% 85.9% 2 + + 1 4,300 1.6 5 DICT DICT 6 3
4G 4G 138 VoLTE NB-IoT SDN NFV SDN VoLTEIP (vims) 5G 5G 4G/5G 5G+4K 5G+VR 2019 (embb) 5G+ 4
DICT DICT DICT 5G 5G 7 65% 13 72% DICT 20% 1 5G 7 5
IT IT IT + + + 60% 15% AI 4.6 30% 6 6
DICT 5G 2018 Institutional Investor FinanceAsia 2009 2018 Asiamoney Corporate Governance Asia The Asset 2018 7 1 16.8% 7
5G AI 5G 5G 3.5GHz 5G 5G 5G (NSA) (SA) ToB/ToC 2019 3 19 8
2018 12 31 2018 2018 12 31 2018 2017 4 377,124 366,229 (75,493) (74,951) (116,062) (103,969) (59,422) (58,434) (59,736) (56,043) (37,697) (45,612) (348,410) (339,009) 28,714 27,220 5 (2,708) (3,291) 38 147 2,104 877 28,148 24,953 6 (6,810) (6,192) 21,338 18,761 9
2018 2017 (324) 82 (242) (400) 100 154 (259) (7) 7 147 (552) (95) (552) 21,243 18,209 21,210 18,617 128 144 21,338 18,761 21,115 18,065 128 144 21,243 18,209 7 0.26 0.23 80,932 80,932 10
2018 12 31 2018 2017 12 31 12 31 407,795 406,257 66,644 73,106 21,568 22,262 29,922 29,920 14,161 12,391 38,051 35,726 1,154 852 9 6,544 5,479 4,840 3,349 590,377 589,644 4,832 4,123 121 693 10 20,475 22,096 478 23,619 22,128 6,814 3,100 16,666 19,410 73,005 71,550 663,382 661,194 11
2018 2017 12 31 12 31 49,537 54,558 1,139 1,146 11 107,887 119,321 43,497 98,695 55,783 601 404 101 51 375 1,233 258,920 275,408 (185,915) (203,858) 404,462 385,786 44,852 48,596 115 26 1,454 1,828 9 13,138 8,010 804 629 60,363 59,089 319,283 334,497 80,932 80,932 262,137 244,935 343,069 325,867 1,030 830 344,099 326,697 663,382 661,194 12
1. 2. 9 15 22 2 4 4 9 40 2014 2016 28 9 15 2.1 15 15 15 18 11 15 2018 1 1 15 2018 1 1 18 13
4 15 2018 1 1 15 2,884 663 1,210 (1,066) 2018 1 1 3,691 2018 1 1 2017 12 31 15 2018 1 1 * (a) 3,349 1,210 4,559 (b) 22,096 (596) 21,500 (b, e) 633 23 656 (b) 22,128 (37) 22,091 (c) 98,695 (64,912) 33,783 (c, d, e) 65,699 (3,524) 62,175 (c) 1,233 (787) 446 (a, d, e) 8,010 1,066 9,076 244,935 3,691 248,626 * 9 14
(a) (b) (c) (d) (e) 15 9.40 6.33 15 649.12 7.87 15 22.24 15 5.27 15
2.2 9 9 9 (1) (2) (3) 9 2018 1 1 2018 1 1 2017 12 31 2018 1 1 39 9 2018 1 1 9 39 39 2017 12 31 1,154 22,096 22,128 5,479 8,010 244,935 830 15 (596) 656 (37) 1,066 3,691 9 (a) (1,154) 1,154 (b) (919) (1) 203 (716) (1) 2018 1 1 1,154 20,581 656 22,090 5,682 9,076 247,910 829 16
(a) 9 11.54 39 1.85 6.74 (b) 9 2018 1 1 9.20 2.03 2017 12 31 2018 1 1 39 2017 12 31 3,842 370 919 1 2018 1 1 4,761 371 17
2.3 2017 12 31 15 9 2018 1 1 1,154 (1,154) 1,154 1,154 5,479 203 5,682 3,349 1,210 4,559 579,662 579,662 589,644 1,210 203 591,057 22,096 (596) (919) 20,581 656 656 22,128 (37) (1) 22,090 27,326 27,326 71,550 23 (920) 70,653 661,194 1,233 (717) 661,710 18
2017 12 31 15 9 2018 1 1 98,695 (64,912) 33,783 62,175 62,175 1,233 (787) 446 175,480 175,480 275,408 (3,524) 271,884 (203,858) 3,547 (920) (201,231) 385,786 4,757 (717) 389,826 8,010 1,066 9,076 51,079 51,079 59,089 1,066 60,155 334,497 (2,458) 332,039 80,932 80,932 244,935 3,691 (716) 247,910 325,867 3,691 (716) 328,842 830 (1) 829 326,697 3,691 (717) 329,671 661,194 1,233 (717) 661,710 19
3. 4. 2018 12 31 2018 (i) 50,811 (ii) 190,871 (iii) 83,478 (iv) 20,211 (v) 27,450 372,821 (vi) 4,303 377,124 24,496 352,628 377,124 (i) (ii) (iii) 20
(iv) (v) (vi) 2017 12 31 2017 61,678 172,554 73,044 19,125 39,828 366,229 5. 2018 2017 3,278 3,913 * (185) (327) 3,093 3,586 (306) (429) 423 664 (502) (530) 2,708 3,291 * 3.8% 4.4% 3.9% 4.9% 21
6. 2018 2017 3,408 3,147 120 123 3,282 2,922 6,810 6,192 2018 2017 28,148 24,953 25% (i) 7,037 6,238 (i) (291) (108) (ii) (58) (82) (iii) 537 380 (iv) (319) (112) (v) (96) (124) 6,810 6,192 (i) 15% 25% (ii) 8% 35% (iii) (iv) (v) 22
7. 2018 2017 12 31 212.10 186.17 80,932,368,321 8. 2019 3 19 2018 12 31 0.125 86.29 2018 12 31 2018 5 28 2017 12 31 0.093512 0.115 75.68 2018 7 27 2017 5 23 2016 12 31 0.093043 0.105 75.30 2017 7 21 9. 2018 2017 2018 2017 2018 2017 12 31 12 31 12 31 12 31 12 31 12 31 1,925 1,626 1,925 1,626 4,580 3,782 (13,022) (7,789) (8,442) (4,007) 39 71 (29) (52) 10 19 (169) (169) (87) (87) 6,544 5,479 (13,138) (8,010) (6,594) (2,531) 23
2017 2018 12 31 12 31 1,626 203 96 1,925 (4,007) (1,066) (3,369) (8,442) 19 (9) 10 (169) 169 (169) 82 (87) (2,531) (863) (3,200) (6,594) 2017 2017 1 1 12 31 1,531 95 1,626 (1,006) (3,001) (4,007) 35 (16) 19 (269) 100 (169) 291 (2,822) (2,531) 24
10. 12 31 2018 2017 23,308 23,762 (i) 1,327 1,502 (ii) 10 5 510 669 25,155 25,938 (4,680) (3,842) 20,475 22,096 (i) (ii) 2018 12 31 2018 1 1 251.55 253.42 12 31 2018 2017 8,376 9,323 2,117 2,607 1,932 1,780 943 878 13,368 14,588 (2,898) (2,603) 10,470 11,985 25
12 31 2018 2017 3,318 4,421 2,300 1,973 3,994 2,644 2,175 2,312 11,787 11,350 (1,782) (1,239) 10,005 10,111 2018 12 31 25.03 2017 12 31 2017 12 31 19,623 1,518 955 2,473 22,096 26
11. 12 31 2018 2017 83,418 93,324 20,983 22,682 2,850 2,611 636 704 107,887 119,321 12 31 2018 2017 20,619 27,502 14,568 17,257 36,067 26,603 36,633 47,959 107,887 119,321 12. 2018 6 22 2019 1 8 50.00 35.00 7.50 7.50 70% 15% 15% 70% 27
2018 2018 3,771.24 2017 3.0% 8 3,504.34 2017 5.9% 3,484.10 2017 2.8% 212.10 2017 13.9% 0.26 EBITDA 9 1,042.07 2017 2.0% EBITDA 10 29.7% 2018 3,771.24 2017 3.0% 3,504.34 2017 5.9% 15 2017 7.2% 1,677.05 2017 9.1% 1,827.29 2017 3.1% 8 2018 188.36 2017 267.59 2018 56.59 2017 64.46 2018 21.95 2017 19.80 9 EBITDA EBITDA EBITDA EBITDA 10 EBITDA EBITDA 28
2017 2018 12 31 2018 2017 50,811 61,678-17.6% 190,871 172,554 10.6% 83,478 73,044 14.3% 20,211 19,125 5.7% 11 31,753 39,828-20.3% 377,124 366,229 3.0% 2018 OTT 508.11 2017 17.6% 13.5% 2018 1,908.71 2017 10.6% 50.6% 1,112.18 2017 22.4% 2018 1,226 1.46 742.62 2017 3.2% 11 2018 29
2018 834.78 2017 14.3% 22.1% IDC 2018 202.11 2017 5.7% 5.4% IP-VPN 2018 317.53 2017 20.3% 8.4% 2018 3,484.10 2017 2.8% 92.4% 2017 0.2 30
2017 2018 12 31 2018 2017 75,493 74,951 0.7% 116,062 103,969 11.6% 59,422 58,434 1.7% 59,736 56,043 6.6% 37,697 45,612-17.4% 348,410 339,009 2.8% 2018 754.93 2017 0.7% 2017 20.0% 2018 1,160.62 2017 11.6% 30.8% 2018 594.22 2017 1.7% 15.8% 507.94 2017 0.9% 86.28 2017 6.7% 31
2018 597.36 2017 6.6% 15.8% 2018 376.97 2017 17.4% 10.0% 2018 27.08 2017 17.7% 2018 0.79 25% 2018 68.10 24.2% 2018 212.10 2017 13.9% 2018 1 1 15 9 2 32
2018 2018 749.40 2017 15.5% 2018 29.39 2017 49.08 2017 2018 12 31 2018 2017 99,298 96,502 (85,954) (85,263) (16,283) (16,147) (2,939) (4,908) 2018 992.98 2017 2.9% 2018 859.54 2017 0.8% 2018 162.83 2017 0.8% 2018 1,859.15 2017 179.43 2018 12 31 1,506.93 2017 1,547.93 2018 166.66 64.0% 2017 81.6% 33
2018 2018 2017 6,611.94 6,633.82 0.3% 2017 1,043.77 957.44 12 2017 24.3% 21.8% 2017 2018 12 31 2018 2017 49,537 54,558 1,139 1,146 44,852 48,596 216 77 95,744 104,377 2018 957.44 2017 86.33 99.4% 2017 99.4% 0.4% 2017 0.4% 0.2% 2017 0.2% 99.8% 2017 99.5% 2018 12 31 2017 2018 27.9% 20.5% 9 12 34
2018 12 31 2018 12 31 2018 2018 5 28 2017 2018 2018 1 1 2018 12 31 35
1. 2019 5 29 2018 H 2019 4 29 2019 5 29 H H 2019 4 26 4 30 183 17 1712 1716 2019 5 29 H 2. 2018 12 31 0.125 86.29 2019 5 29 2019 6 11 2019 6 5 2019 6 11 H H 2019 6 4 4 30 183 17 1712 1716 H H 2019 7 26 36
2008 2019 6 11 H H 2018 10% [2011]348 H 10% 10% H 10% 10% H 10% 20% H 20% 20% 2019 6 11 H H H H 2019 6 4 H 37
[2014]81 [2016]127 H 20% H H H H 2018 12 31 (www.hkexnews.hk) (www.chinatelecom-h.com) 2019 3 19 38
1933 27 A 1934 21 E 20-F 39