CDMA 2013 1.56 1 1.86H
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2011 5 2012 5 2013 245,149 283,176 321,584 EBITDA 1 75,362 70,874 96,551 EBITDA 2 32.6% 27.4% 34.0% 3 16,494 14,949 17,545 49,584 53,748 79,992 4 20.3% 37.6% 39.7% 0.2038 0.1847 0.2168 0.085 0.085 0.095 4 3.165 3.276 3.432 1 EBITDA 2 EBITDAEBITDA 3 4 5 ()1 www.chinatelecom-h.com 4
245,149 283,176 321,584 75,362 70,874 96,551 32.6 27.4 34.0 2011 5 2012 5 2013 2011 5 2012 5 2013 2011 5 2012 5 2013 16,494 14,949 17,545 0.085 0.085 0.095 3.165 3.276 3.432 2011 5 2012 5 2013 2011 2012 2013 2011 5 2012 5 2013 5
2013 8
2013 4 7.0 6 8 YiChat 11 3G1 50% 12 LTE (TD-LTE) 1 9
10
2013 1 4G 2013 3,216 13.6% 2,84110.0% 50% 17517.4% 0.22 EBITDA 2 966EBITDA 3 34.0% 800 4 111 1 2 EBITDA 3 EBITDAEBITDA 4 EBITDA 11
12 0.0952013 201211.8% 2013 1,138 23% 1.862,5003G 13,400 56% 15% 708 6%1 1,000 (FTTH) 2,700 70% 30% 2013 30%
13 80% 3G 142% 3G 190MB 42% 88% 3GARPU 3G ARPU 33% 2013 1,331 226% 6,000 816 1,300 30% 70%
14 IT 38% FinanceAsia Institutional Investor
15 Euromoney 4G 4G IPv6 LTE FDD 4G 4G 3G 2014 3 19
551989 2005 30 51 1984 2008(DBA) 30 16
59 1983 19961998 20022003 (EMBA)2000 5 32 58 1982 1986 1988 2004 2000 5 32 50 1998 2001 17
56 30 50 (DBA) 28 50 18
50 EMBA 20 76 1959 66 Amex Resources Limited 2001 19
66 2004 2010 1976 19842003 3 19972000 64 2001 12004 91991 2001 1982 20
64 Fulbright 51 20 50 21
56 73 1963 40 55 48 1989 2006 (EMBA) 20 22
38 1997 2003 16 51 23
26
201120122013 2011 2012 2013 2013 2012 126.47 160.62 185.58 15.5% 3G 36.29 69.05 103.11 49.3% 76.81 90.12 100.10 11.1% 169.59 163.00 155.80-4.4% 407,765 509,229 603,616 18.5% 49,941 55,789 64,235 15.1% 3G KTB 23.60 72.30 175.10 142.2% 75.38 92.19 102.02 10.7% 206,371 172,175 148,690-13.6% 3G 27
20133G 2013 1.86 2,496 1,137.5122.6% 2013 3,215.84 13.6% 2,841.49 10.0% 47.0% 70% 2013 ARPU54.8 1.7% 3G 175.1KTB 142.2% 3G 190MB 28
2013 1,703.98 3.1% 2013 708.216.1% 1 998 2,7004Mbps 80%2013 7 itv ICT IDC 2013 342.7411.6%iTV ICT 2013 386.33 12.0%3.3 2013 2013 Young 29
30 1300 CDMA CDMA 334 3G 270 80.4%19 5S/5CS4 NOTE3 299 CDMA 2013 2012 185.58 160.62 15.5% 2013 2012 100.10 90.12 11.1% 2013 2012 155.8 163.0 4.4% 5.4 12.6 40.2 97.6 7.5 13.3 38.7 103.5
++ B2B 31
10 3G EVDO 3G 2013 2G/3G 2 4G 60LTE 4G 32
20Mbps90% 40%7.6 4Mbps91% ICTICT 2014 20144G 4G 4G4G 3G 3G itv IDC 33
2013 2013 3,215.842012 13.6% 1 2,941.16 201212.3% 175.452012 17.4%0.22 EBITDA 2 965.51EBITDA 3 34.0% 2013 2013 3,215.84 201213.6% 1,511.862012 28.3%1,703.98 20123.1% 4 68.1%0.9 1 2013 1 2 EBITDA EBITDA EBITDA EBITDA 3 EBITDAEBITDA 4 2013 374.35 34
20122013 12 31 2013 2012 38,633 43,369 (10.9%) 58,217 49,166 18.4% 99,394 87,662 13.4% 36,230 31,137 16.4% 25,233 23,181 8.9% 17,586 15,737 11.7% 46,291 32,924 40.6% 321,584 283,176 13.6% 2013 386.332012 433.69 10.9%12.0% 2013 2013 2,496 1.86 582.172012 491.6618.4% 18.1% 35
2013 993.94 2012 876.62 13.4% 30.9% 2013 1 708.2120126.1% 3G 279.62201240.7% 2013362.30 2012 311.37 16.4%11.3% 197.482012 17.2%iTV 15.3% 2013 252.332012 231.81 8.9%7.8% ICT 74.41 201210.3% 2013 175.862012 157.3711.7% 5.5% 3.83 2013462.91 2012 329.24 40.6%14.4% 374.352012 51.2% 36
2013 2,941.16201212.3% 91.5%20121.0 20122013 12 31 2013 2012 69,083 49,666 39.1% 53,102 65,979 (19.5%) 70,448 63,099 11.6% 46,723 42,857 9.0% 54,760 40,367 35.7% 294,116 261,968 12.3% 2013690.83 2012 496.6639.1% 21.5% 2012 2013 531.02 2012 659.79 19.5% 16.5% CDMA 37
2013 704.48 2012 630.99 11.6% 21.9% 255.19 201230.6% 364.9020124.5% 227.952012 4.8% 2.5% 2013467.23 2012 428.579.0% 14.6% 2012 0.5 2013547.60 2012 403.67 35.7%17.0% 352.27 52.5% 2013 51.532012 15.62 229.9% 20130.03 25% 2013 54.22 23.5% 2013 175.452012 149.49 17.4% 38
2013 2013 799.922012 537.48 48.8% 2012 2013139.602012 26.25 20122013 12 31 2013 2012 88,351 70,722 (107,948) (48,295) 5,637 (19,802) (13,960) 2,625 39
2013 883.512012 707.22 176.29 CDMA 2013 1,079.482012 482.95 596.53 2012 2013 56.372012 198.02 2013 1,473.152012 1,282.35190.80 200 2014 2013 12 31 1,576.942012 1,631.302013 160.70 94.3% 201297.2% 2013 20132012 5,452.915,432.39 2012998.08 1,103.77 201218.3% 20.3% 40
20122013 12 31 2013 2012 27,687 6,523 20,072 10,212 62,617 83,070 1 3 110,377 99,808 2013 1,103.77 2012 105.69 99.1% 2012 98.9% 0.5% 2012 0.6% 0.4% 20120.5% 43.3% 201237.5% 2013 12 31 2012 2014 1 1 2014 12 31 2015 1 1 2015 12 31 2016 1 1 2016 12 31 2017 1 1 2017 12 31 2018 1 1 2018 12 31 28,279 28,279 99,135 24,874 3,951 3,950 65,660 80 620 1 1 7,573 2,236 1,516 1,087 779 611 1,344 7,738 7,738 142,726 63,128 5,467 5,037 66,439 691 1,964 41
2013 12 31 2013 12 31 110185 2013 12 31 0.095 60.98 2014 5 29 H 2014 7 18 2008 2014 6 11H H 2013 10% 42
[2011]348 H 10% 10% H 10% 10% H 10%20% H 20% 20% 2014 6 11 HH H2014 6 5 H H H 43
55 2004 12 20 51 2004 10 20 59 2002 9 10 58 2002 9 10 50 2008 9 9 56 2004 10 20 50 2012 5 30 50 2013 6 21 50 2013 5 29 76 2008 9 9 66 2008 9 9 66 2005 9 9 64 2008 9 9 64 2005 9 9 51 2005 2 1 50 2012 2 1 44
2013 3 20 2013 5 29 2013 6 21 56 2012 10 16 73 2002 9 10 55 2013 8 19 48 2012 10 16 38 2012 10 16 51 2011 5 20 45
2013 8 19 2013 12 31 80,932,368,32180,932,368,321 1.00 2013 12 31 2013 12 31 2013 12 31 (%) 67,054,958,321 82.85 57,377,053,317 70.89 5,614,082,653 6.94 2,137,473,626 2.64 969,317,182 1.20 957,031,543 1.18 H 13,877,410,000 17.15 80,932,368,321 100.00 46
2013 12 31 336 5% 57,377,053,317 Commonwealth Bank of Australia JPMorgan Chase & Co. 5,614,082,653 2,080,867,924 1,536,081,879 32,826,934 1,157,450,630 Blackrock, Inc. 1,301,821,443 8,676,000 85.57% 70.89% 8.37% 6.94% H 14.99% 2.57% H 11.07% 1.90% 135,957,249 242,674,000 1,157,450,630 H 0.24% 0.04% H 8.34% 1.43% H 9.38% 1.61% H 0.06% 0.01% 2013 12 31 336 47
2013 12 31 XV 352 2013 29 2013 12 31 2013 12 31 2013 12 315 186187 16 48
2013 12 31 27 2013 12 31 89 2013 12 31 4 2013 12 31 2013 843.41 2013 12 31 21 2013 12 31 0.11 115 38 39 2013 12 315 30% 49
100% 2013 12 16 100% 2.61 1 2013 12 315 42.3% 2013 12 31 13.5% 5% 80% 2013 4 26 80% 11.95 1 6.70 50
2013 12 31 616 800 350 1,000 719 800 1 IT 1,136 1,300 IT 192 500 3,563 4,500 3,885 4,500 14,543 16,000 2,826 3,500 11,208 14,000 1 51
2002 9 10 2012 8 22 2015 12 31 30 52
2002 9 10 0.06 0.06 2012 8 22 2015 12 31 30 2006 8 30 2012 8 22 2015 12 31 30 53
IT 2006 8 30IT IT IT 2012 8 22IT 2015 12 31 30 IT 2006 8 30 (1) (2) (3) (4) 54
2012 8 22 2015 12 31 30 2006 8 30 (1) 1% (2) 3% 2012 8 22 2015 12 31 30 55
2006 8 30 50 200 2012 8 22 2015 12 3130 2006 8 30 56
2012 8 22 2015 12 31 30 2013 12 16 (1) (4) 2014 1 1 2015 12 31 30 14A 3000 740 2013 12 31 (2) (3) 57
2013 12 31 2013 12 31 1. 2. (i) (ii) 3. 1. 2. 3. 2013 64 2013 12 31 58
2013 12 31 2013 12 31 2013 5 29 2014 12 31 2014 5 29 2014 3 19 59
2013 3 13 2012 20122013 5 8 19 2013 2013 8 2013 3,215.84 13.6% 2,841.49 10.0% 60
50% EBITDA965.51 36.2% 175.45 17.4% 111.37 1 2 404 2013 2014 2014 3 19 61
5 2 3 4 1 10 11 12 15 13 6 7 8 9 14 1. 2013 2. 2013 3. 2013 4. Euromoney 2013 5. Euromoney 2013 6. 2013 7. 2013 8. 2013 9. 2013 10. The Asset 2013 11. Corporate Governance Asia 2013 12. Corporate Governance Asia 2013 13. (IR Magazine) 201350 14. (IR Magazine) 2013 15. 2012 2013ARC (LACP) Vision Awards 62 63
2013 (SEC) 2013 12 31 2013 Euromoney (FinanceAsia)2013 64
(Institutional Investor)2013 2013(IR Magazine) 50 The Asset 2013 Corporate Governance Asia Corporate Governance Asia 2013 65
20132012 2013 5 29 2012 2013 2002 2013 12 3113 7 1 5 2011 5 2014 14 12 66-76 11-15 10 8 6 55-65 6-10 4 2 44-54 1-5 0 66
2013 12 31 2013 8 67
2009 14 4 2013 4 4 1 68
2013 A B A B A B A B A B A B A B 2013 3 20 B 2013 5 29 A B A B A B A B A B A B A B 4 69
2013 2013 4 70
2013 4 20131 71
5%5% 10%10% 7 1 7 72
2013 4/4 1/1 4/4 0/1 4/4 1/1 2/4 0/1 3/4 1/1 4/4 0/1 2/4 1/1 * * 2/2 3/4 3/4 1/1 1/1 3/4 3/4 1/1 4/4 4/4 1/1 1/1 4/4 1/1 0/1 4/4 3/4 1/1 1/1 * 2013 3 202013 5 29 73
6 122013 8 19 2013 6 2013 2 2/2 2/2 2013 8 19 2/2 2013 8 19 2/2 2/2 2/2 74
2013 12 31 59.8 1.4 61.2 109 2012 2012 2013 5 29 2012 2013 2014 2013 75
IT 2013 ICT WIFI IDC 2003 COSO(1992) 76
MSS 2013 C2 2013 2014 77
COSO(1992) PCAOB 5 (1) (2)(3) (4) 2013 2013 100% 78
2 2013 2013 12 31 79
2004 EBITDA 3G 2013 80
2013 2013 1 2013 2013 1 2013 2013 3 2013 2013 5 2013 2013 5 2013 2013 5 2013 2013 5 2013 2013 5 2013 2013 5 2013 2013 6 2013 2013 6 Ji Asia 2013 2013 6 2013 2013 6 CIMB 2013 6 2013 2013 7 2013 2013 9 2013 9 2013 2013 9 2013 2013 10 2013 2013 11 2013 2013 11 2013 2013 11 2013 2013 11 2013 2013 11 2013 2013 11 2013 2013 11 2013 2013 11 2013 2013 12 2013 2013 12 2013 2013 12 Ji Asia 2013 2013 12 2014 81
(www.chinatelecom-h.com) excelrss html 2013 html 5 IR Global RankingsW3iNova Euromoney 82
10%10% 30 5%5% 108 38 ir@chinatelecom-h.com (852) 2877 9777 (852) 2877 0988 (www.chinatelecom-h.com) 83
303A 13 5 303A.02 2013 12 31 84
85
2013 2013 2016 33 2013 20 68 89
++ 18 276 90
2013306,545 49,113 16.0% 157,915 51.5% 97,264 31.7% 2,253 0.8% 306,545 100% 91
2013 60 200 87000 2013 2013 25 1214 25 50 979 24 80 10 97%14 92
3 70 4 1 60 10000 80% 93
17 2,200100 170 16 1,210 6 1 186 3 6 50 20134 2 1 502 20135 10 94
2013 IP IT 7 11B 699 95% IP IT/ ICT 385 A B 110 2013 1871.3 6.2% 9 8.2 TOP 2013 6,400 71.6% 11 2013 1,0003,400 95
2013 96
2013 97
2013 39 1425 98
2013 3G 3G 2013 20133G 3.543G 2011 3 (FTTH) 99
2013FTTH 8,400FTTH2,700 1 21 29 4Mbps 80% 2013 6,800 1,600 2013 11.86 2.751,300 42 100
2013 2013 3G 101
2013 2.7 3.6 10 4,300 2013 10000 2013 6.2% 102
8.2 2013 2,200 2013 55% 2830 1 4,000 6,0001,500 41%9 1.5240V 4002013 103
2013 2013 19382 1.7 7,700 2013 104
8 4,000200 2014 3G 105
110 185 109
2013 2012 12 31 12 31 4 374,341 373,781 5 44,157 32,500 25,007 25,759 6 29,917 29,918 7 8,045 9,214 9 1,106 1,016 10 1,026 616 11 2,927 2,922 19 3,930 4,190 490,456 479,916 12 6,523 5,928 312 1,505 13 20,022 18,782 14 7,569 6,331 2,287 2,730 15 16,070 30,099 52,783 65,375 543,239 545,291 118185 110
2013 2012 12 31 12 31 16 27,687 6,523 16 20,072 10,212 17 81,132 68,948 18 69,633 105,781 371 492 1 19 1,202 1,654 200,098 193,610 (147,315) (128,235) 343,141 351,681 16 62,617 83,070 3 19 1,229 1,791 11 631 717 64,477 85,581 264,575 279,191 20 80,932 80,932 21 196,809 184,207 277,741 265,139 923 961 278,664 266,100 543,239 545,291 118185 111
2013 2012 12 31 12 31 4 372,222 371,738 5 43,806 32,080 24,990 25,742 6 29,877 29,877 7 7,662 8,962 8 6,015 6,078 9 564 564 10 1,025 612 11 2,647 2,716 19 3,800 4,078 492,608 482,447 12 3,203 3,183 306 1,494 13 19,326 17,789 14 5,951 5,135 30 580 15 8,211 20,862 37,027 49,043 529,635 531,490 118185 112
2013 2012 12 31 12 31 16 27,578 6,476 16 20,072 10,212 17 78,199 64,043 18 65,473 102,657 201 291 1 19 1,201 1,651 192,725 185,330 (155,698) (136,287) 336,910 346,160 16 62,617 82,690 3 19 1,229 1,791 11 505 627 64,351 85,111 257,076 270,441 20 80,932 80,932 21 191,627 180,117 272,559 261,049 529,635 531,490 118185 113
2013 2012 22 321,584 283,176 (69,083) (49,666) 23 (53,102) (65,979) (70,448) (63,099) 24 (46,723) (42,857) 25 (54,760) (40,367) 26 (294,116) (261,968) 27,468 21,208 27 (5,153) (1,562) 670 93 103 78 23,088 19,817 28 (5,422) (4,753) 17,666 15,064 414 (228) (104) 57 (79) (2) 5 236 (173) 17,902 14,891 17,545 14,949 121 115 17,666 15,064 17,781 14,776 121 115 17,902 14,891 33 0.22 0.18 33 80,932 80,932 118185 114
2012 1 1 80,932 16,767 10,746 64,316 283 (818) 83,896 256,122 788 256,910 1 233 (45) (143) 45 45 2012 1 1 80,932 17,000 10,746 64,316 283 (863) 83,753 256,167 788 256,955 14,949 14,949 115 15,064 (171) (2) (173) (173) (171) (2) 14,949 14,776 115 14,891 249 249 131 380 (73) (73) 1 (48) (48) (48) 32 (5,625) (5,625) (5,625) 21 1,413 (1,413) (380) (380) (380) 2012 12 31 80,932 16,821 10,746 65,729 112 (865) 91,664 265,139 961 266,100 17,545 17,545 121 17,666 315 (79) 236 236 315 (79) 17,545 17,781 121 17,902 141 141 59 200 (74) (74) 1 (278) (278) (278) 32 (5,433) (5,433) (5,433) 21 1,663 (1,663) 1 380 11 391 (144) 247 2013 12 31 80,932 17,064 10,746 67,392 427 (944) 102,124 277,741 923 278,664 118185 115
2013 2012 (a) 88,351 70,722 (70,921) (50,071) (111) (133) 1,538 2,696 360 255 1 512 (116) (2,750) (2,730) 3,193 1,804 16 (14,269) (25,500) (107,948) (48,295) (2) 54,983 9,702 (44,053) (24,133) (5,433) (5,625) 1 (29) 1 (48) 142 331 5,637 (19,802) (13,960) 2,625 1 1 30,099 27,475 (69) (1) 12 31 16,070 30,099 118185 116
(a) 2013 2012 23,088 19,817 69,083 49,666 1,744 1,612 360 235 (670) (93) (103) (78) (361) (591) 5,511 2,154 3 (1) (1,021) (2,429) 97,634 70,292 (3,156) (2,124) (955) (1,185) (1,077) (1,045) 294 484 3,210 5,016 3,148 6,245 (1,014) (1,360) 98,084 76,323 358 587 (5,573) (2,200) 21 23 (4,539) (4,011) 88,351 70,722 118185 117
1. CDMA 683.171.00 118
1. 460.00 278.00 14.08 55.57 0.61 0.48 119
1. 80% 11.95 80% 12.48 736 150 1 111 18 222 64 8 722 120
1. 1,248 (722) 144 670 1,248 (736) 512 100% 2.61 2.7815 121
1. 283,073 103 283,176 15,040 24 15,064 545,072 219 545,291 279,042 149 279,191 266,030 70 266,100 122
1. 123
2. (a) 2(m) 40 (b) (a) (b) (c) 124
2. (b) 125
2. (c) 2(i) (d) (e) 2(o) 126
2. (f) (g) 2(o) 0.280.03 127
2. (g) 8 30 6 10 5 10 (h) 2070 (i) 2(o) (j) CDMA6 2(o) 128
2. (k) CDMA7 2(o) CDMA (l) 2(o) (m) 2(o) (n) 129
2. (o) (i) 130
2. (o) (ii) 131
2. (p) (i) (ii) (iii) (iv) (v) i) ii) iii) iv) v) vi) vii) 132
2. (p) (vi) (vii) (viii) (ix) (x) 133
2. (q) 364.90 349.05 227.95 217.54 (r) (s) 6.306.08 (t) 38 39 (u) (v) 134
2. (w) (x) (y) 135
2. (z) (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (a)(i) (aa) 136
3. 1 10 12 13 7 19 41 1 1 1 1 1(a) (b) 10 10 27 12 10 (a) (b) (c) 137
3. 12 12 12 13 13 7 19 19 19 138
4. 2012 1 1 86,309 654,201 24,715 765,225 1 37 9 46 2012 1 1 86,309 654,238 24,724 765,271 582 868 775 2,225 16 3,697 98,476 700 102,873 2,348 42,022 1,329 45,699 (414) (4,617) (448) (5,479) (1) 172 (171) 2012 12 31 92,521 791,159 26,909 910,589 560 1,367 955 2,882 2,926 58,424 1,494 62,844 (657) (14,915) (1,126) (16,698) 61 (175) 114 2013 12 31 95,411 835,860 28,346 959,617 2012 1 1 (32,696) (446,683) (16,942) (496,321) 1 (21) (4) (25) 2012 1 1 (32,696) (446,704) (16,946) (496,346) (3,810) (39,324) (2,162) (45,296) 258 4,162 414 4,834 (66) 66 2012 12 31 (36,248) (481,932) (18,628) (536,808) (4,776) (56,794) (2,294) (63,864) 540 13,819 1,037 15,396 (21) 44 (23) 2013 12 31 (40,505) (524,863) (19,908) (585,276) 2013 12 31 54,906 310,997 8,438 374,341 2012 12 31 56,273 309,227 8,281 373,781 139
4. 2012 1 1 85,750 651,808 23,444 761,002 567 795 918 2,280 16 3,697 98,476 700 102,873 2,285 41,808 1,303 45,396 (392) (4,629) (367) (5,388) (1) 225 (224) 2012 12 31 91,906 788,483 25,774 906,163 544 1,335 906 2,785 2,874 57,962 1,463 62,299 (630) (14,855) (958) (16,443) 60 (176) 116 2013 12 31 94,754 832,749 27,301 954,804 2012 1 1 (32,523) (445,397) (16,234) (494,154) (3,729) (39,097) (2,212) (45,038) 237 4,182 348 4,767 (119) 119 2012 12 31 (36,015) (480,431) (17,979) (534,425) (4,692) (56,556) (2,141) (63,389) 519 13,801 912 15,232 (21) 40 (19) 2013 12 31 (40,209) (523,146) (19,227) (582,582) 2013 12 31 54,545 309,603 8,074 372,222 2012 12 31 55,891 308,052 7,795 371,738 140
5. 2012 1 1 18,448 18,174 1 27 2012 1 1 18,475 18,174 51,862 51,395 16 9,177 9,177 (45,699) (45,396) (1,315) (1,270) 2012 12 31 32,500 32,080 77,364 76,814 (62,844) (62,299) (2,863) (2,789) 2013 12 31 44,157 43,806 6. 2013 2012 2013 2012 CDMA 29,917 29,918 29,877 29,877 CDMA 99.5%CDMA 438.00 2010 CDMA 34.71 2009 CDMA 141
6. CDMA 10.6%10.2% 1.5% 7. 2012 1 1 9,893 11,238 21,131 269 269 16 3,578 3,578 1,315 1,315 (67) (67) 2012 12 31 14,988 11,238 26,226 461 461 2,863 2,863 (221) (11,238) (11,459) 2013 12 31 18,091 18,091 2012 1 1 (6,110) (7,306) (13,416) (1,403) (2,248) (3,651) 55 55 2012 12 31 (7,458) (9,554) (17,012) (2,787) (1,684) (4,471) 199 11,238 11,437 2013 12 31 (10,046) (10,046) 2013 12 31 8,045 8,045 2012 12 31 7,530 1,684 9,214 142
7. 2012 1 1 9,561 11,238 20,799 179 179 16 3,578 3,578 1,270 1,270 (56) (56) 2012 12 31 14,532 11,238 25,770 327 327 2,789 2,789 (192) (11,238) (11,430) 2013 12 31 17,456 17,456 2012 1 1 (5,959) (7,306) (13,265) (1,345) (2,248) (3,593) 50 50 2012 12 31 (7,254) (9,554) (16,808) (2,729) (1,684) (4,413) 189 11,238 11,427 2013 12 31 (9,794) (9,794) 2013 12 31 7,662 7,662 2012 12 31 7,278 1,684 8,962 143
8. 2013 2012 6,015 6,078 2001 9 13 392 2000 2 25 0.58 2001 11 22 0.43 2007 8 15 350 2004 10 15 0.60 2005 7 1 500 2006 10 5 1 144
8. 2011 3 3 300 1984 5 5 91 2011 1 10 1,000,000 2012 5 16 5.00 2012 6 26 500,000 2012 7 9 63.00 2013 6 9 250 2006 3 2 1,615 2013 8 19 10 145
8. 51% 73% 9. 2013 2012 2013 2012 229 232 564 564 877 784 1,106 1,016 564 564 24% 146
9. 2013 2012 5,721 5,495 7,683 7,031 4,795 4,865 3,265 2,929 3,772 3,424 267 244 (1) 3 266 247 8 7 5,344 4,732 (1,733) (1,378) 24% 24% 867 805 10. 867 805 2013 2012 2013 2012 999 585 998 585 27 31 27 27 1,026 616 1,025 612 147
11. 2013 2012 2013 2012 2013 2012 1,071 1,028 1,071 1,028 1,431 1,279 (184) (266) 1,247 1,013 425 615 (270) (378) 155 237 (177) (73) (177) (73) 2,927 2,922 (631) (717) 2,296 2,205 2012 1 1 2012 12 31 1,011 19 (2) 1,028 720 293 1,013 352 (115) 237 (130) 57 (73) 1,953 254 (2) 2,205 2013 1 1 2013 12 31 1,028 43 1,071 1,013 238 (4) 1,247 237 (82) 155 (73) (104) (177) 2,205 95 (4) 2,296 148
11. 2013 2012 2013 2012 2013 2012 990 982 990 982 1,232 1,101 (149) (249) 1,083 852 425 615 (271) (378) 154 237 18 (85) (85) 18 2,647 2,716 (505) (627) 2,142 2,089 2012 1 1 2012 12 31 965 2 15 982 665 187 852 352 (115) 237 (39) 57 18 1,943 2 144 2,089 2013 1 1 2013 12 31 982 8 990 852 231 1,083 237 (83) 154 18 (103) (85) 2,089 53 2,142 149
12. 2013 2012 2013 2012 905 985 893 968 5,618 4,943 2,310 2,215 6,523 5,928 3,203 3,183 13. 2013 2012 2013 2012 21,293 19,650 19,454 18,130 (i) 391 627 181 289 536 529 527 526 1,306 805 22,220 20,806 21,468 19,750 (2,198) (2,024) (2,142) (1,961) 20,022 18,782 19,326 17,789 (i) 150
13. 2013 2012 2013 2012 2,024 1,942 1,961 1,873 1,740 1,624 1,721 1,605 (1,566) (1,542) (1,540) (1,517) 2,198 2,024 2,142 1,961 2013 2012 2013 2012 11,887 11,402 11,725 11,279 2,438 2,319 2,390 2,288 1,784 1,613 1,769 1,598 488 387 487 386 16,597 15,721 16,371 15,551 (2,122) (1,932) (2,105) (1,917) 14,475 13,789 14,266 13,634 2013 2012 2013 2012 2,436 1,953 2,448 1,817 1,169 1,575 1,010 1,186 1,302 984 1,054 780 716 573 585 416 5,623 5,085 5,097 4,199 (76) (92) (37) (44) 5,547 4,993 5,060 4,155 151
13. 2013 2012 2013 2012 17,839 16,854 17,190 15,893 1,206 1,261 1,184 1,245 977 667 952 651 2,183 1,928 2,136 1,896 20,022 18,782 19,326 17,789 30 14. 2013 2012 2013 2012 1,037 779 828 764 746 480 472 407 472 407 1,213 1,086 476 568 2,418 2,149 2,009 1,802 2,429 1,910 1,420 1,114 7,569 6,331 5,951 5,135 152
15. 2013 2012 2013 2012 14,639 22,492 8,105 17,614 1,431 7,607 106 3,248 16,070 30,099 8,211 20,862 16. 2013 2012 2013 2012 5,443 5,521 5,416 5,474 182 182 182 182 22,062 820 21,980 820 27,687 6,523 27,578 6,476 4.7% 5.5%4.7%5.5% 4.5% 6.0%4.5% 6.7% 4.5%4.5% 4.7% 153
16. 2013 2012 2013 2012 3.60% 7.04% 2020 10 160 10 160 1.00% 8.30% 2060 534 598 534 598 2.30% 2032 428 456 428 456 20 26 20 26 992 1,240 992 1,240 1 1 1 1 (i) 19,986 29,951 19,986 29,951 (ii) 61,710 61,710 61,710 61,710 380 82,689 93,282 82,689 92,902 (20,072) (10,212) (20,072) (10,212) 62,617 83,070 62,617 82,690 154
16. (i) 100.00 4.15% 100.00 4.61% (ii) 30 CDMA AAA AAA55AAA AAA5 4.83% 6.25% 0.03% 2013 2012 2013 2012 1 20,072 10,212 20,072 10,212 12 85 20,059 85 20,059 23 86 86 86 86 34 61,796 86 61,796 86 45 74 62,177 74 61,797 576 662 576 662 82,689 93,282 82,689 92,902 1,576.94 1,631.301,576.941,631.27 155
17. 2013 2012 2013 2012 66,115 56,353 60,213 49,065 13,905 11,557 13,276 10,968 1,112 1,038 1,110 1,038 3,600 2,972 81,132 68,948 78,199 64,043 2013 2012 2013 2012 19,349 18,467 15,370 13,588 16,178 17,793 15,968 17,770 15,396 15,885 15,161 15,931 30,209 16,803 31,700 16,754 81,132 68,948 78,199 64,043 156
18. 2013 2012 2013 2012 (i) 1,690 40,745 849 40,420 459 468 59 59 59 57 14,774 14,431 13,291 13,154 53,063 50,515 50,815 48,558 47 31 69,633 105,781 65,473 102,657 (i) 2.78 2.61 255.00 142.69 157
19. 2013 2012 2013 2012 3,445 4,805 3,442 4,803 484 773 484 769 484 773 484 769 (860) (1,233) (860) (1,233) (638) (900) (636) (897) 2,431 3,445 2,430 3,442 1,202 1,654 1,201 1,651 1,229 1,791 1,229 1,791 2,431 3,445 2,430 3,442 11.72 16.87 20. 2013 2012 67,054,958,3211.00 67,055 67,055 13,877,410,000 H1.00 13,877 13,877 80,932 80,932 H 158
21. (i) (iii) (ii) 2012 1 1 16,767 10,746 64,316 283 (818) 83,896 175,190 1 233 (45) (143) 45 2012 1 1 17,000 10,746 64,316 283 (863) 83,753 175,235 1 (48) (48) 249 249 (380) (380) 32 (5,625) (5,625) (iii) 1,413 (1,413) (171) (2) 14,949 14,776 2012 12 31 16,821 10,746 65,729 112 (865) 91,664 184,207 1 (278) (278) 380 11 391 141 141 32 (5,433) (5,433) (iii) 1,663 (1,663) 315 (79) 17,545 17,781 2013 12 31 17,064 10,746 67,392 427 (944) 102,124 196,809 159
21. (i) (iii) 2012 1 1 29,168 10,746 64,316 67,623 171,853 13,909 13,909 1 (20) (20) (iii) 1,413 (1,413) 32 (5,625) (5,625) 2012 12 31 29,148 10,746 65,729 74,494 180,117 16,943 16,943 (iii) 1,663 (1,663) 32 (5,433) (5,433) 2013 12 31 29,148 10,746 67,392 84,341 191,627 (i) (a) (b) 1 1 (ii) (iii) 10% 50% 16.6310% 14.1310% 25% 160
21. (iv) 843.41744.94 60.98 32 22. 2013 2012 (i) 38,633 43,369 (ii) 58,217 49,166 (iii) 99,394 87,662 (iv) 36,230 31,137 (v) 25,233 23,181 (vi) 17,586 15,737 (vii) 46,291 32,924 321,584 283,176 (i) (ii) (iii) (iv) (v) (vi) (vii) IT 161
23. 2013 2012 29,963 24,840 11,404 7,823 7,284 5,141 CDMA 25,546 4,451 2,629 24. 53,102 65,979 2013 2012 30,551 28,392 16,172 14,465 25. 46,723 42,857 2013 2012 (i) 15,916 14,129 (ii) 38,764 26,162 11 12 69 64 54,760 40,367 162
25. (i) (ii) 26. 2,941.16 2,619.680.60 0.010.900.06 27. 2013 2012 5,840 2,479 * (329) (325) 5,511 2,154 (361) (591) 61 47 (58) (48) 5,153 1,562 * 4.5% 5.8% 1.3% 6.2% 28. 2013 2012 5,590 4,900 31 50 (199) (197) 5,422 4,753 163
28. 2013 2012 23,088 19,817 25% (i) 5,772 4,954 (i) (216) (269) (ii) (31) (23) (iii) 428 539 (iv) (120) (162) (v) 4 155 (vi) (415) (441) 5,422 4,753 (i) (ii) (iii) (iv) (v) (vi) 15% 25% 12% 35% 15% 164
29. 1 350 1,148 67 1,565 343 1,105 66 1,514 298 1,031 64 1,393 305 1,031 64 1,400 298 1,020 63 1,381 306 1,019 64 1,389 298 550 68 916 2 2 167 167 200 200 399 399 200 200 200 200 297 393 63 753 3 66 75 21 162 3 133 380 42 555 157 397 59 613 96 308 52 456 100 100 1,266 2,947 8,457 693 13,363 1 20102012 2 2013 3 20 2013 5 29 3 2013 8 19 2013 8 19 4 165
29. 337 377 62 776 337 386 59 782 293 344 59 696 293 344 59 696 1 122 337 24 483 293 340 59 692 293 340 59 692 2 171 171 36 378 3 4 200 200 203 203 405 405 203 203 200 200 6 49 49 10 108 5 245 289 48 582 173 450 59 682 6 45 62 19 126 5 83 303 42 428 5 225 316 42 583 6 10 22 8 40 100 100 1,311 2,969 4,130 645 9,055 1 2012 3 20 2 2012 5 30 3 2012 8 22 4 2012 10 162013 3 20 5 2012 8 222012 8 22 6 2012 10 16 7 166
30. (a) 29 2013 2012 4,176 5,713 3,639 2,588 113 118 7,928 8,419 2013 2012 0 1,000,000 0 0 1,000,001 1,500,000 0 2 1,500,001 2,000,000 2 2 2,000,001 2,500,000 2 1 167
30. (b) 2013 2012 0 1,000,000 17 26 1,000,001 1,500,000 5 0 1,500,001 2,000,000 2 0 2,000,001 2,500,000 1 1 31. 166.33 141.34 32. 0.09560.98 0.0671350.08554.33 0.0695060.08556.25 52.35 168
33. 175.45149.4980,932,368,321 34. 2013 2012 2013 2012 1 2,236 2,133 1,964 1,995 12 1,516 1,202 1,319 1,118 23 1,087 881 988 819 34 779 688 718 636 45 611 553 581 505 1,344 1,489 1,294 1,372 7,573 6,946 6,864 6,445 60.57 294.34 169
34. 2013 2012 2013 2012 931 462 915 462 6,807 6,641 6,747 6,606 7,738 7,103 7,662 7,068 778 764 778 764 6,460 8,401 6,444 8,377 7,238 9,165 7,222 9,141 (a) (b) 170
35. (a) 13 9.995.859.98 5.85 171
35. (a) 1.0% 6.8% 1.0% 6.8% 2013 2012 82,689 82,002 93,282 92,931 2013 2012 82,689 82,002 92,902 92,551 172
35. (b) (i) 10% 13 (ii) 173
35. (b) (ii) 2013 1 1 2 2 5 5 27,687 28,279 28,279 82,689 99,135 24,874 3,951 69,690 620 81,132 81,132 81,132 69,633 69,633 69,633 1 1 1 261,142 278,180 203,919 3,951 69,690 620 2012 1 1 2 2 5 5 6,523 6,652 6,652 93,282 110,705 14,571 23,997 71,441 696 68,948 68,948 68,948 105,781 105,781 105,781 3 3 2 1 274,537 292,089 195,952 23,999 71,442 696 174
35. (b) (ii) 2013 1 1 2 2 5 5 27,578 28,168 28,168 82,689 99,135 24,874 3,951 69,690 620 78,199 78,199 78,199 65,473 65,473 65,473 1 1 1 253,940 270,976 196,715 3,951 69,690 620 2012 1 1 2 2 5 5 6,476 6,604 6,604 92,902 110,196 14,571 23,997 70,932 696 64,043 64,043 64,043 102,657 102,657 102,657 3 3 2 1 266,081 283,503 187,875 23,999 70,933 696 16 175
35. (b) (iii) 2013 2012 % % 4.7 26,807 5.4 5,877 4.5 20,979 4.4 31,572 47,786 37,449 5.5 880 5.5 646 6.3 61,710 4.8 61,710 62,590 62,356 110,376 99,805 43.3% 37.5% 176
35. (b) (iii) 2013 2012 % % 4.7 26,698 5.5 5,850 4.5 20,979 4.4 31,192 47,677 37,042 5.5 880 5.5 626 6.3 61,710 4.8 61,710 62,590 62,336 110,267 99,378 43.2% 37.3% 100 4.69 4.68 (iv) 177
35. (b) (iv) 94.3%97.2% 99.2%99.2%99.1% 98.9% 16 36. 20.3%18.3% 37. (a) 178
37. (a) 14A 2013 2012 (i) 3,563 3,029 (i) 3,885 2,685 (ii) 14,543 10,203 IT (iii) 192 370 IT (iii) 1,136 764 (iv) 2,826 2,652 (v) 11,208 9,541 (vi) 652 366 (vii) 616 570 (viii) 44 48 (viii) 394 414 * (ix) 3,912 24 CDMA* (x) 157 * (xi) 16 CDMA (xii) 25,546 CDMA (xiii) 2,519 (xiv) 87,210 (i) (ii) (iii) (iv) IT * 14A 14A.3114A.3314A.65 179
37. (a) (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (xiii) (xiv) 16 CDMACDMA CDMA CDMA 16 2013 2012 391 627 1,037 779 1,428 1,406 13,905 11,557 1,690 40,745 22,062 820 61,710 61,710 99,367 114,832 180
37. (a) 16 (b) 2013 2012 14,329 9,041 794 704 15,123 9,745 (c) 38 (d) 181
37. (d) 37(a) 38. 18% 20% 56.82 50.49 7.07 6.17 182
39. 1H H 9.167 4.76 33.3% 66.7% 100% 0.39 1.63 1.24 1.633.05 0.41 40. 2 183
40. 2(o) 184
41. 10 12 27 32 36 39 21 19 2010-2012 2011-2013 14 9 9 7 9 42. 1 43. 185
12 31 2013 2012 2011 2010 2009 38,633 43,369 49,770 62,499 78,432 58,217 49,166 38,628 28,906 20,027 99,394 87,662 74,994 63,991 51,569 17,586 15,737 14,321 12,442 11,520 107,754 87,242 67,338 51,634 46,733 98 497 1,151 321,584 283,176 245,149 219,969 209,432 69,083 49,666 51,241 52,231 52,812 53,102 65,979 52,940 47,493 43,749 70,448 63,099 48,765 42,153 40,526 46,723 42,857 39,204 35,564 32,888 54,760 40,367 28,878 19,113 17,452 294,116 261,968 221,028 196,554 187,427 27,468 21,208 24,121 23,415 22,005 (5,153) (1,562) (2,254) (3,601) (4,377) 670 93 40 328 791 103 78 99 131 101 23,088 19,817 22,006 20,273 18,520 (5,422) (4,753) (5,416) (4,846) (4,382) 17,666 15,064 16,590 15,427 14,138 414 (228) (205) 132 538 (104) 57 51 (48) (120) (79) (2) (105) (52) 6 5 (25) 236 (173) (259) 7 424 17,902 14,891 16,331 15,434 14,562 17,545 14,949 16,494 15,309 13,934 121 115 96 118 204 17,666 15,064 16,590 15,427 14,138 17,781 14,776 16,235 15,316 14,283 121 115 96 118 279 17,902 14,891 16,331 15,434 14,562 0.22 0.18 0.20 0.19 0.17 186
12 31 2013 2012 2011 2010 2009 374,341 373,781 268,925 272,532 283,605 44,157 32,500 18,475 14,449 11,582 71,958 73,635 72,218 78,367 83,909 18,357 32,829 29,279 27,890 35,310 34,426 32,546 30,434 27,470 25,714 543,239 545,291 419,331 420,708 440,120 200,098 193,610 127,397 127,012 143,536 64,477 85,581 34,979 47,482 59,323 264,575 279,191 162,376 174,494 202,859 277,741 265,139 256,167 245,718 236,413 923 961 788 496 848 278,664 266,100 256,955 246,214 237,261 543,239 545,291 419,331 420,708 440,120 187
H2002 11 15 2002 11 14(ADSs) 100 H 728 CHA 2013 H ADS 4.46 3.48 3.92 58.06 44.94 50.57 2013 12 31 80,932,368,321 2013 12 31 3,173 2002 11 152013 12 31 MSCI 600 500 400 300 200 (+170%) (+136%) MSCI (+67%) 100 0 MSCI 188
2013 12 31 80,932,368,32180,932,368,321 1.00 2013 12 31 67,054,958,321 82.85 57,377,053,317 70.89 5,614,082,653 6.94 2,137,473,626 2.64 969,317,182 1.20 957,031,543 1.18 H 13,877,410,000 17.15 80,932,368,321 100.00 H 2013 12 315%H H Commonwealth Bank of Australia 2,080,867,924 14.99 JPMorgan Chase & Co. 1,536,081,879 11.07 BlackRock, Inc. 1,301,821,443 9.38 189
2002 2003 5 16 2003 6 20 2003 7 10 0.00837* 2003 2004 4 1 2004 5 3 2004 5 20 0.065 2004 2005 4 21 2005 5 25 2005 6 23 0.065 2005 2006 4 20 2006 5 23 2006 6 15 0.075 2006 2007 4 26 2007 5 29 2007 6 15 0.085 2007 2008 4 28 2008 5 30 2008 6 16 0.085 2008 2009 4 23 2009 5 26 2009 6 30 0.085 2009 2010 4 22 2010 5 25 2010 6 30 0.085 2010 2011 4 18 2011 5 20 2011 6 30 0.085 2011 2012 6 5 2012 5 30 2012 7 20 0.085 2012 2013 6 4 2013 5 29 2013 7 19 0.085 2013 2014 6 4 2014 5 29 2014 7 18 0.095** * 0.0652002 ** 2014 5 29 http://www.chinatelecom-h.com 2014 4 30 2013 20-F 2013 1002012 5010,000 2013+852 2877 0988 www.chinatelecom-h.com 190
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