中國電信股份有限公司香港交易所股份代碼 : 728 紐約證券交易所股份代碼 : CHA 二零一四年年報 奮力前行傾心回報 Stay Hungry Stay Rich
堅持 變革創新
規模 追求 全球最大 CDMA 移動運營商 >1.8 億移動用戶 效益 全球最大固定電話運營商 >1.4 億 固定電話用戶 全球最大有線寬帶運營商 >1 億 有線寬帶用戶
力求客戶滿意
傾心 回報
為客戶提供稱心的服務 為員工搭建廣闊的舞臺 為社會貢獻進步的力量 為股東創造豐厚的回報
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11 728 CHA www.chinatelecom-h.com
2012 2013 2014 283,176 321,584 324,394 EBITDA 1 70,874 96,551 94,853 EBITDA 2 28.0% 34.6% 33.0% 3 14,949 17,545 17,680 53,748 79,992 76,889 4 37.6% 39.7% 36.8% 0.1847 0.2168 0.2185 0.085 0.095 0.095 4 3.276 3.432 3.573 1 EBITDA 2 EBITDA EBITDA 3 4 www.chinatelecom-h.com 12
EBITDA 1 EBITDA 2 321,584 324,394 96,551 94,853 28.0 34.6 33.0 283,176 70,874 2012 2013 2014 2012 2013 2014 2012 2013 2014 3 4 14,949 17,545 17,680 0.085 0.095 0.095 3.276 3.432 3.573 2012 2013 2014 2012 2013 2014 2012 2013 2014 13
2014 1 6 7 4G 56 8 4G 6.5 12 26 me 14
16 17
2014 4G 56 4G 4G(LTE FDD) 2014 4G 3,244 0.9% 1 2,874 3%2008 29%5 EBITDA 2 949EBITDA 3 33% 177 0.8%0.22 769 4 125 1 2 EBITDA 3 EBITDA EBITDA 4 EBITDA 18
2014 2014 6 20144G 3G 4G 4G 4G 4G 1,203 6% 4G 0.095 19
4 1.86 3G/4G 1,552 1.19 64% 2014 50Mbps 100Mbps me 735 4%1.07 685 (FTTH) 4,261 40% 13 800 4G 34150% 3G/4G 56% 3G/4G 227MB 19% 3G/4GARPU 3G/4G ARPU 40% 20
2014 3,5001.6 (ICT) (IDC) 44 2014 ICT 239 18% 21
2014 4G11% 22
26 2014 70O2O IT 23
2014 Institutional Investor FinanceAsia Euromoney APEC 4G 24
4G 4G 2015 3 18 25
561989 2005 52 1984 2008 26
59 1982 1986 1988 2004 51 1998 2001 27
57 51 28
46 67 2014 102004 2010 2013 3 1976 1984 2003 3 1997 2000 29
65 2001 1 2004 91991 2001 1982 65 Fulbright 30
65 (BlackRock China) 19942000 2010 2011 30 51 31
43 52 32
56 49 1989 2006 33
39 1997 2003 34
2012 2013 2014 2012 2013 2014 2014 2013 160.62 185.58 185.62 0.0% 3G/4G 69.05 103.11 118.63 15.1% 90.12 100.10 106.95 6.8% 163.00 155.80 143.56 7.9% 509,229 603,616 655,939 8.7% 55,789 64,235 64,583 0.5% KTB 72.3 175.1 273.2 56.0% 172,175 148,690 130,439 12.3% 40.8 133.1 352.0 164.5% 36
20144G KTB (1) (2) 2014 3G 4G 1.8562 4 1,202.68 5.7% 4G 800 2014 273KTB 56%227MB 2014 3,243.94 0.9% 2,873.79 3.1% 46.7% 29.1%4.8 37
FTTH itv ICT (3) 2014 1,727.83 1.4% 2014 335.87 10.4% 1.6 2014 734.85 3.8% 1.0695 685 2014 380.47 11.0% itv IT IDC 2014 38
4G 3G 4G 2014LTE 56 4G 4G 3G 4G 3G 4G 3G/4G 1.1863 64% ARPU 39
2014 me 4,261 8Mbps 45.7% 201318.8 305 4G100 40
80%700 OPPO VIVO O2O ++ 185.58 +0.02% 185.62 O2O 2013 2014 100.10 +6.84% 106.95 155.8 5.4 12.6-7.9% 143.6 0.4 11.4 40.2 40.9 97.6 90.9 2013 2014 2013 2014 41
2014 NFC 2014 42
201480% 70% 3G/4G 2014 1.27 7,400 中國國際通信展 2014 4G 56 4G 100 4G 4G 2G/3G 4G ITU 世界通信展 世界互聯網大會 43
3 20Mbps 90% FTTH46% 6 400G 2015 2014 2015 4G FDD 44
100 me 800 ICT IIT IDC 45
2014LTE 2014 3,243.942013 0.9% 1,516.1120130.3% 1,727.832013 1.4% 2014 2014 3,243.9420130.9% 1 2,873.79 3.1% 2,958.86 20130.6% 176.8020130.8% 0.22 EBITDA 2 948.5320131.8%, EBITDA 3 33.0% 1 2014 313.432013 374.35 2014 39.562013 35.64 2014 17.162013 17.34 2 EBITDA EBITDA EBITDA EBITDA 3 EBITDA EBITDA 46
2013 2014 12 31 2014 2013 33,587 38,633 (13.1%) 54,673 58,217 (6.1%) 112,431 99,394 13.1% 38,419 36,230 6.0% 26,939 25,233 6.8% 17,332 17,586 (1.4%) 41,013 46,291 (11.4%) 324,394 321,584 0.9% 2014 335.87 2013 386.33 13.1% 10.4% 2014 4G 546.73 2013 582.17 6.1% 16.9% 47
2014 1,124.312013 993.94 13.1% 34.7% me 2014 1.07 734.85 20133.8% 800 378.092013 35.2% 340.86 201348.8% 2014384.19 2013 362.30 6.0% 11.8% 184.28 11.8% IDCiTV 199.912013 1.2% 2014 269.392013 252.33 6.8% 8.3% 196.1910.3% IT 73.202013 1.6% 48
2014 173.322013 175.861.4% 5.3% 4.63 2014410.13 2013 462.91 11.4% 12.6% 313.43201316.3% 49
2014 2,958.8620130.6% 91.2% 20130.3 2013 2014 12 31 2014 2013 66,345 69,083 (4.0%) 68,651 53,102 29.3% 62,719 70,448 (11.0%) 50,653 46,723 8.4% 47,518 54,760 (13.2%) 295,886 294,116 0.6% 2014663.45 2013 690.834.0% 20.5% 2014 686.51 2013 531.02 29.3% 21.2% 3G 4G 50
2014 627.19 2013 704.48 11.0% 19.3% 283.672013 11.2% 261.22201328.4% 153.402013 32.7% 2.5% 2014 506.53 2013 467.238.4% 15.6% 2014475.18 2013 547.60 13.2% 14.6% 299.82 14.9% 2014 52.912013 51.53 2.7% 4.83% 6.25%AAA 50.05 2014 0.55 51
52 2014 6 25% 2014 54.98 23.6% 2014 176.802013 175.45 0.8% 2014 7 100 29.9029.9% 2014 2014 LTE 4G 2014 768.892013 799.923.9%
2014 43.702013 139.60 2013 2014 12 31 2014 2013 96,405 88,351 (81,708) (107,948) (10,327) 5,637 4,370 (13,960) 2014 964.052013 883.51 80.54 2014 817.082013 1,079.48 262.40 2014 103.272013 56.37 2014 1,467.822013 1,473.15 5.33 2014 12 31 1,304.882013 1,576.94 2014 204.36 93.1% 2013 94.3% 53
2014 20142013 5,432.395,612.742013 1,103.77 1,065.52 201320.3%19.0% 20132014 12 31 2014 2013 43,976 27,687 82 20,072 62,494 62,617 1 106,552 110,377 2014 1,065.522013 38.25 200 190 99.2% 2013 99.1% 0.5% 2013 0.5% 0.3% 2013 0.4%41.3% 2013 43.3% 2014 12 31 2013 2015 1 1 2015 12 31 2016 1 1 2016 12 31 2017 1 1 2017 12 31 2018 1 1 2018 12 31 2019 1 1 2019 12 31 44,133 44,133 72,517 3,243 3,243 64,953 77 77 924 9,139 2,635 1,921 1,389 1,021 678 1,495 7,165 7,165 132,954 57,176 5,164 66,342 1,098 755 2,419 54
56 2014 12 31 2014 12 31 120193 2014 12 31 0.095 60.85 2015 5 27 H H 2015 7 17 2008 2015 6 8H H 2014 10% [2011]348 H 10% 10% H 10% 10% H
10%20% H 20% 20% 2015 6 8 H H H2015 6 2 H H H H [2014]81 H 20% H H H H 57
56 2004 12 20 52 2004 10 20 59 2002 9 10 51 2008 9 9 57 2004 10 20 51 2012 5 30 46 2014 5 29 67 2005 9 9 65 2008 9 9 65 2005 9 9 65 2014 5 29 51 2013 6 21 43 2014 12 12 52 2005 2 1 2014 5 29 2014 5 29 2014 5 29 2014 12 12 2015 2 10 2015 2 17 58
56 2013 8 19 49 2012 10 16 39 2012 10 16 2014 5 29 2014 5 29 2015 2 18 2015 3 12 2015 5 272014 2014 12 31 80,932,368,32180,932,368,321 1.00 2014 12 31 2014 12 31 2014 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 59
2014 12 31 336 5% 57,377,053,317 5,614,082,653 JPMorgan Chase & Co. 1,792,139,463 Commonwealth Bank of Australia 25,638,482 1,128,625,161 1,380,231,874 BlackRock, Inc. 1,129,819,307 4,344,000 The Capital Group Companies Inc. Templeton Investment Counsel, LLC 971,875,000 694,547,094 85.57% 70.89% 8.37% 6.94% H 12.91% 2.21% 214,254,302 449,228,000 32,000 1,128,625,161 H 0.18% 0.03% H 8.13% 1.39% H 9.95% 1.71% H 8.14% 1.40% H 0.03% 0.01% H 7.00% 1.20% H 5.00% 0.86% 60
2014 12 31 336 2014 12 31 XV 352 2014 12 31 2014 12 31 2014 29 61
2014 12 31 5 194195 16 2014 12 31 27 2014 12 31 2014 932.24 2014 12 31 21 2014 12 31 0.23 2014 12 31 4 62
2014 12 31 89 125 38 39 2014 12 31 5 30% 2014 12 31 5 35.0% 2014 12 31 10.5% 5% 2014 2014 63
2014 12 31 246 900 346 1,000 734 1,100 1 IT 1,171 1,400 IT 167 600 3,729 5,000 3,089 5,000 15,478 16,000 2,885 3,800 11,549 15,000 366 800 1 64
2002 9 10 2012 8 22 2015 12 31 30 65
2002 9 10 0.06 0.06 2012 8 22 2015 12 31 30 2006 8 30 2012 8 22 2015 12 31 30 66
IT 2006 8 30IT IT IT 2012 8 22 IT 2015 12 31 30 IT 2006 8 30 (1) (2) (3) (4) 67
2012 8 22 2015 12 31 30 (1) 1% (2) 3% 2006 8 30 2012 8 22 2015 12 31 30 68
2006 8 30 50 200 2012 8 22 2015 12 3130 2006 8 30 69
2012 8 22 2015 12 31 30 (3) (4) 2013 12 16 2014 1 1 2015 12 31 30 14A (1) (2) 70
3000 740 2014 12 31 2014 12 31 2014 12 31 2014 12 31 1. 1. 2. (i) (ii) 3. 2. 3. 2014 7898 71
2014 12 31 2014 12 31 2013 5 29 2015 12 31 2015 5 27 2015 3 18 72
2014 3 2013 20132014 6 2014 5 29 2014 8 2014 ICT 4G 73
2014 3,244 0.9% 2,874 3% 29% 5 EBITDA949EBITDA 33% 177 0.8% 125 2 404 2014 1 74
2015 2015 3 18 75
www.chinatelecom-h.com/tc/ company/awards.php 76 77
2014 78
(SEC) 2014 12 31 79
2014 Euromoney (FinanceAsia)2014 (Institutional Investor)2014 2014 (IR Magazine) 50 The Asset 2014 Corporate Governance Asia Corporate Governance Asia2014 80
20142013 2014 5 29 2013 2014 2002 2014 12 31 12 7 1 4 2014 5 2017 81
2013 8 2014 12 31 12 10 8 6 4 2 0 82
2014 12 31 14 4 2014 4 4 1 14 2 83
2009 84
2014 12 31 2014 A B A B A B A B A B A B A B A B A B A B A B A B A B 2014 12 31 3 85
86 2014 2014 2014 12 31 3
87 2014 2014 12 31 3 2014 1 5%5% 10%10% 7 1 7
2014 4/4 1/1 4/4 1/1 4/4 1/1 4/4 1/1 3/4 1/1 3/4 0/1 4/4 1/1 * 1/3 * 1/1 * 1/1 1/1 1/1 * 1/1 1/1 4/4 4/4 1/1 1/1 1/1 3/4 1/1 1/1 3/4 4/4 1/1 1/1 1/1 * 3/3 3/3 1/1 * 2014 5 29 2014 5 29 88
2014 12 31 5 2 2014 2/2 * 1/1 1/2 2/2 2/2 2/2 * 2014 5 29 2014 12 31 66.0 6.0 72.0 89
119 2012 2012 2013 5 29 20122013 20132014 2015 2014 90
91 2014 C2 2014 2015 2003 COSO IT 2014 COSO2013
COSO PCAOB 5 (1) (2)(3) (4) 92
93 2014 2014 100% 2014
2014 12 31 2004 EBITDA 2014 94
95 2014 2014 1 2014 2014 1 CIMB 2014 4G 2014 1 2014 2014 1 2014 2014 3 2014 2014 3 2014 2014 4 2014 2014 5 2014 2014 5 2014 2014 5 2014 2014 5 2014 2014 5 2014 2014 5 2014 5 2014 2014 6 2014 2014 6 2014 2014 6 CIMB 2014 6 2014 2014 7 2014 2014 9 2014 2014 9 2014 2014 9 CIMB 2014 10 Jefferies 2014 11 2014 2014 11 2014 11 2014 2014 11 2014CEO 2014 11 2014 11 2014 2014 12 2014
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5%5% 10%10% 30 10838 ir@chinatelecom-h.com (852) 2877 9777 (852) 2877 0988 (www.chinatelecom-h.com) 97
303A 11 4 303A.02 2014 12 31 www.chinatelecom-h.com 98
2014 255 CEO 100
CDN WIFI 2014300,960 49,180 16.3% 154,456 51.3% 95,348 31.7% 1,976 0.7% 300,960 100.0% 20 60 100200 5,000 8 101
102 2014 32 100 2 71 1 13 640 54 50 10 100 1100 4 2,000 500 40 40 4013 363 48 40
2,000 2,500 1 13 103
104 2 13 7,000 EAP 10 600 100 6,700 14 1.6 2,900 4.6 58 4 140 2014 8 623 146 5,460 3,460 1,100
IP B416 B 11 675 2014 2013 A B 623 A B 180 2014 A B 0.6% 12 700 506 395 8427 CEO 8,000 27,000 21,000 TOP 800 1,10917 50245.3% 13 695 105
2014 106
95%
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110
4G 2014 4G 1004G 564G 19 78 2011 4 (FTTH) 2014FTTH 1.2 21 30 2011 1.07FTTH4,261 8Mbps 45.7% 111
20144,700 980 2014 2.4 5,000 6,000 APEC 112
2014 3G 4G 2014 7 4G 113
++ 2014 1 3,500 300 2014 2014 1.2 7,000 2014 2014 7*24 2,000 114
2014 1 13 CEO 8,000 27,000 21,000 115
2014 8 2014 1004,200 3.9 (DCN) (DDN) 2014 116
2015 117
120 193 119
2014 2013 12 31 12 31 4 372,876 374,341 5 53,181 44,157 24,410 25,007 6 29,917 29,917 7 8,984 8,045 9 4,106 1,106 10 972 1,026 11 3,232 2,927 19 4,053 3,930 501,731 490,456 12 4,225 6,523 1,360 312 13 21,562 20,022 14 10,581 7,569 1,379 2,287 15 20,436 16,070 59,543 52,783 561,274 543,239 128193 120
2014 2013 12 31 12 31 16 43,976 27,687 16 82 20,072 17 88,458 81,132 18 72,442 69,633 307 371 1 19 1,060 1,202 206,325 200,098 (146,782) (147,315) 354,949 343,141 16 62,918 62,617 19 798 1,229 11 1,125 631 64,841 64,477 271,166 264,575 20 80,932 80,932 21 208,251 196,809 289,183 277,741 925 923 290,108 278,664 561,274 543,239 128193 121
2014 2013 12 31 12 31 4 370,796 372,222 5 52,502 43,806 24,393 24,990 6 29,877 29,877 7 8,456 7,662 8 6,060 6,015 9 3,554 564 10 971 1,025 11 2,943 2,647 19 3,881 3,800 503,433 492,608 12 2,022 3,203 1,339 306 13 20,309 19,326 14 7,936 5,951 52 30 15 9,616 8,211 41,274 37,027 544,707 529,635 128193 122
2014 2013 12 31 12 31 16 43,835 27,578 16 82 20,072 17 85,291 78,199 18 66,423 65,473 190 201 1 19 1,055 1,201 196,876 192,725 (155,602) (155,698) 347,831 336,910 16 62,915 62,617 19 798 1,229 11 996 505 64,709 64,351 261,585 257,076 20 80,932 80,932 21 202,190 191,627 283,122 272,559 544,707 529,635 128193 123
2014 2013 22 324,394 321,584 (66,345) (69,083) 23 (68,651) (53,102) (62,719) (70,448) 24 (50,653) (46,723) 25 (47,518) (54,760) 26 (295,886) (294,116) 28,508 27,468 27 (5,291) (5,153) 6 670 34 103 23,257 23,088 28 (5,498) (5,422) 17,759 17,666 (54) 414 14 (104) 3 (79) (3) 5 (40) 236 17,719 17,902 17,680 17,545 79 121 17,759 17,666 17,640 17,781 79 121 17,719 17,902 33 0.22 0.22 33 80,932 80,932 128193 124
2013 1 1 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) 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 17,680 17,680 79 17,759 (43) 3 (40) (40) (43) 3 17,680 17,640 79 17,719 (77) (77) 32 (6,198) (6,198) (6,198) 21 1,680 (1,680) 2014 12 31 80,932 17,064 10,746 69,072 384 (941) 111,926 289,183 925 290,108 128193 125
2014 2013 (a) 96,405 88,351 (80,273) (70,921) (184) (111) (2,990) 710 1,538 121 360 512 (2,566) (2,750) 3,474 3,193 16 (14,269) (25,500) (81,708) (107,948) (1) (2) 53,022 54,983 (56,819) (44,053) (6,198) (5,433) (b) (278) (53) 142 (10,327) 5,637 4,370 (13,960) 1 1 16,070 30,099 (4) (69) 12 31 20,436 16,070 128193 126
(a) 2014 2013 23,257 23,088 66,345 69,083 2,084 1,744 151 360 (6) (670) (34) (103) (304) (361) 5,650 5,511 (55) 3 2,287 (1,021) 99,375 97,634 (3,594) (3,156) 2,280 (955) (2,359) (1,077) (2) 294 6,473 3,210 6,571 3,148 (573) (1,014) 108,171 98,084 305 358 (5,693) (5,573) 29 21 (6,407) (4,539) 96,405 88,351 (b) 100% 128193 127
1. CDMA 683.171.00 460.00 278.00 128
1. 14.08 55.57 0.61 0.48 80% 12.48 100% 2.78 129
1. 2. (a) 2(m) 130
2. (a) 40 (b) (a) (b) (c) 131
2. (b) (c) 2(i) 132
2. (d) (e) 2(o) (f) (g) 2(o) 0.180.28 133
2. (g) 8 30 6 10 5 10 (h) 20 70 (i) 2(o) (j) CDMA 6 2(o) 134
2. (k) CDMA7 2(o) CDMA (l) 2(o) (m) 2(o) (n) 135
2. (o) (i) 136
2. (o) (ii) 137
2. (p) (i) (ii) (iii) (iv) (v) i) ii) iii) 138
2. (p) iv) v) vi) vii) (vi) (vii) (viii) (ix) (x) 139
2. (p) (q) 261.22 364.90 153.40 227.95 (r) 140
2. (s) 6.076.30 (t) 38 39 (u) (v) (w) 141
2. (x) (y) (z) (a) (i) (ii) (iii) 142
2. (z) (b) (i) (ii) (iii) (iv) (v) (a) (vi) (a)(i) (aa) 143
3. 32 36 21 41 32 36 13 21 144
4. 2013 1 1 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 28,346 959,617 726 1,254 703 2,683 2,661 57,880 1,497 62,038 (642) (74,688) (1,670) (77,000) (2) 67 (65) 2014 12 31 98,154 820,373 28,811 947,338 2013 1 1 (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) (4,735) (55,687) (2,266) (62,688) 592 71,351 1,559 73,502 2 (7) 5 2014 12 31 (44,646) (509,206) (20,610) (574,462) 2014 12 31 53,508 311,167 8,201 372,876 2013 12 31 54,906 310,997 8,438 374,341 145
4. 2013 1 1 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 27,301 954,804 690 1,192 658 2,540 2,606 57,618 1,455 61,679 (610) (74,546) (1,475) (76,631) (2) 71 (69) 2014 12 31 97,438 817,084 27,870 942,392 2013 1 1 (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) (4,644) (55,413) (2,145) (62,202) 561 71,206 1,421 73,188 2 (7) 5 2014 12 31 (44,290) (507,360) (19,946) (571,596) 2014 12 31 53,148 309,724 7,924 370,796 2013 12 31 54,545 309,603 8,074 372,222 146
5. 2013 1 1 32,500 32,080 77,364 76,814 (62,844) (62,299) (2,863) (2,789) 2013 12 31 44,157 43,806 74,585 73,801 (62,038) (61,679) (3,523) (3,426) 2014 12 31 53,181 52,502 6. 2014 2013 2014 2013 CDMA 29,917 29,917 29,877 29,877 CDMA 99.5% CDMA438.00 2010CDMA 34.71 2009 CDMA 147
6. CDMA 10.3%10.6% 1.5% 7. 2013 1 1 14,988 11,238 26,226 461 461 2,863 2,863 (221) (11,238) (11,459) 2013 12 31 18,091 18,091 378 378 3,523 3,523 (239) (239) 2014 12 31 21,753 21,753 2013 1 1 (7,458) (9,554) (17,012) (2,787) (1,684) (4,471) 199 11,238 11,437 2013 12 31 (10,046) (10,046) (2,923) (2,923) 200 200 2014 12 31 (12,769) (12,769) 2014 12 31 8,984 8,984 2013 12 31 8,045 8,045 148
7. 2013 1 1 14,532 11,238 25,770 327 327 2,789 2,789 (192) (11,238) (11,430) 2013 12 31 17,456 17,456 245 245 3,426 3,426 (233) (233) 2014 12 31 20,894 20,894 2013 1 1 (7,254) (9,554) (16,808) (2,729) (1,684) (4,413) 189 11,238 11,427 2013 12 31 (9,794) (9,794) (2,841) (2,841) 197 197 2014 12 31 (12,438) (12,438) 2014 12 31 8,456 8,456 2013 12 31 7,662 7,662 8. 2014 2013 6,060 6,015 149
8. 2001 9 13 392 2000 2 25 1.68 2001 11 22 0.43 2007 8 15 350 2004 10 15 0.60 2005 7 1 500 2006 10 5 1 2011 3 3 300 1984 5 5 91 150
8. 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 2014 6 17 45 51% 73% 151
9. 2014 2013 2014 2013 3,219 229 3,554 564 887 877 4,106 1,106 3,554 564 29.9% 24.0% 152
9. 2014 9,676 454 244 (114) (114) 9,886 29.9% 2,956 2,956 153
9. 2014 2013 6,309 5,721 7,773 7,683 4,887 4,795 3,680 3,265 3,740 3,772 236 267 (1) 236 266 10 8 5,515 5,344 (1,738) (1,733) 24.0% 24.0% 906 867 10. 906 867 2014 2013 2014 2013 945 999 944 998 27 27 27 27 972 1,026 971 1,025 154
11. 2014 2013 2014 2013 2014 2013 1,156 1,071 1,156 1,071 1,788 1,431 (773) (184) 1,015 1,247 288 425 (189) (270) 99 155 (163) (177) (163) (177) 3,232 2,927 (1,125) (631) 2,107 2,296 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 2014 1 1 2014 12 31 1,071 85 1,156 1,247 (232) 1,015 155 (56) 99 (177) 14 (163) 2,296 (189) 2,107 155
11. 2014 2013 2014 2013 2014 2013 1,097 990 1,097 990 1,558 1,232 (736) (149) 822 1,083 288 425 (189) (271) 99 154 (71) (85) (71) (85) 2,943 2,647 (996) (505) 1,947 2,142 2013 1 1 2013 12 31 982 8 990 852 231 1,083 237 (83) 154 18 (103) (85) 2,089 53 2,142 2014 1 1 2014 12 31 990 107 1,097 1,083 (261) 822 154 (55) 99 (85) 14 (71) 2,142 (195) 1,947 156
12. 2014 2013 2014 2013 789 905 779 893 3,436 5,618 1,243 2,310 4,225 6,523 2,022 3,203 13. 2014 2013 2014 2013 22,853 21,293 20,456 19,454 (i) 329 391 135 181 858 536 848 527 1,273 1,306 24,040 22,220 22,712 21,468 (2,478) (2,198) (2,403) (2,142) 21,562 20,022 20,309 19,326 (i) 157
13. 2014 2013 2014 2013 2,198 2,024 2,142 1,961 2,075 1,740 2,039 1,721 (1,795) (1,566) (1,778) (1,540) 2,478 2,198 2,403 2,142 2014 2013 2014 2013 11,273 11,887 11,172 11,725 2,600 2,438 2,541 2,390 1,865 1,784 1,851 1,769 660 488 656 487 16,398 16,597 16,220 16,371 (2,355) (2,122) (2,336) (2,105) 14,043 14,475 13,884 14,266 2014 2013 2014 2013 3,012 2,436 2,809 2,448 1,679 1,169 1,449 1,010 1,924 1,302 1,446 1,054 1,027 716 788 585 7,642 5,623 6,492 5,097 (123) (76) (67) (37) 7,519 5,547 6,425 5,060 158
13. 2014 2013 2014 2013 19,408 17,839 18,214 17,190 1,356 1,206 1,330 1,184 798 977 765 952 2,154 2,183 2,095 2,136 21,562 20,022 20,309 19,326 30 14. 2014 2013 2014 2013 818 1,037 753 828 378 746 414 472 411 472 1,895 1,213 943 476 3,398 2,418 2,978 2,009 1,072 359 906 80 2,984 2,070 1,567 1,340 10,581 7,569 7,936 5,951 159
15. 2014 2013 2014 2013 18,660 14,639 9,509 8,105 1,776 1,431 107 106 20,436 16,070 9,616 8,211 16. 2014 2013 2014 2013 5,399 5,443 5,376 5,416 18,997 18,997 182 182 182 182 19,398 22,062 19,280 21,980 43,976 27,687 43,835 27,578 5.1% 4.7% 5.1%4.7% 4.5% 11.0%4.5% 6.0% 4.5% 6.0%4.5% 6.0%70.00 5.30% 60.00 5.55% 4.5%4.5% 160
16. 2014 2013 2014 2013 3.60% 7.04% 2020 10 10 10 10 1.00% 8.30% 2060 491 534 491 534 2.30% 2032 349 428 349 428 15 20 15 20 865 992 865 992 1 1 1 1 (i) 19,986 19,986 (ii) 61,710 61,710 61,710 61,710 424 421 63,000 82,689 62,997 82,689 (82) (20,072) (82) (20,072) 62,918 62,617 62,915 62,617 161
16. (i) (ii) 100.00 4.61% 30 CDMA AAA AAA 55AAA AAA 5 6.25% 5.11% 0.03% 2014 2013 2014 2013 1 82 20,072 82 20,072 1 2 82 85 82 85 2 3 61,792 86 61,792 86 3 4 71 61,796 71 61,796 4 5 71 74 71 74 902 576 899 576 63,000 82,689 62,997 82,689 1,304.88 1,576.941,304.881,576.94 162
17. 2014 2013 2014 2013 71,934 66,115 65,991 60,213 15,667 13,905 14,979 13,276 857 1,112 856 1,110 3,465 3,600 88,458 81,132 85,291 78,199 2014 2013 2014 2013 17,783 19,349 14,089 15,370 11,678 16,178 11,481 15,968 14,825 15,396 14,600 15,161 44,172 30,209 45,121 31,700 88,458 81,132 85,291 78,199 163
18. 2014 2013 2014 2013 1,043 1,690 847 849 282 459 72 59 72 59 17,242 14,774 13,850 13,291 54,014 53,063 51,372 50,815 71 47 72,442 69,633 66,423 65,473 19. 2014 2013 2014 2013 2,431 3,445 2,430 3,442 547 484 540 484 547 484 540 484 (586) (860) (586) (860) (534) (638) (531) (636) 1,858 2,431 1,853 2,430 1,060 1,202 1,055 1,201 798 1,229 798 1,229 1,858 2,431 1,853 2,430 8.18 11.72 164
20. 2014 2013 67,054,958,321 1.00 67,055 67,055 13,877,410,000 H1.00 13,877 13,877 80,932 80,932 H 21. (i) (iii) (ii) 2013 1 1 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 32 (6,198) (6,198) (iii) 1,680 (1,680) (43) 3 17,680 17,640 2014 12 31 17,064 10,746 69,072 384 (941) 111,926 208,251 165
21. (i) (iii) 2013 1 1 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 16,761 16,761 (iii) 1,680 (1,680) 32 (6,198) (6,198) 2014 12 31 29,148 10,746 69,072 93,224 202,190 (i) (a) (b) 1 1 (ii) 166
21. (iii) 10% 50% 16.8010% 16.6310% 25% (iv) 932.24843.41 60.85 32 22. 2014 2013 (i) 33,587 38,633 (ii) 54,673 58,217 (iii) 112,431 99,394 (iv) 38,419 36,230 (v) 26,939 25,233 (vi) 17,332 17,586 (vii) 41,013 46,291 324,394 321,584 167
22. 2014 6 13% [2014]432014 6 1 11%6% 2014 6 13% (i) (ii) (iii) (iv) (v) (vi) (vii) IT 23. 2014 2013 38,159 29,963 11,644 11,404 9,224 7,284 9,624 4,451 68,651 53,102 168
24. 2014 2013 32,855 30,551 17,798 16,172 50,653 46,723 25. 2014 2013 (i) 12,483 15,916 (ii) 33,836 38,764 23 11 (iii) 1,176 69 47,518 54,760 (i) (ii) (iii) 26. 2,958.86 2,941.16 0.62 0.060.60 0.01 169
27. 2014 2013 5,958 5,840 * (308) (329) 5,650 5,511 (304) (361) 21 61 (76) (58) 5,291 5,153 * 4.5% 6.0% 4.5% 5.8% 28. 2014 2013 5,237 5,590 58 31 203 (199) 5,498 5,422 170
28. 2014 2013 23,257 23,088 25% (i) 5,814 5,772 (i) (248) (216) (ii) (31) (31) (iii) 347 428 (iv) (243) (120) (v) 4 (vi) (141) (415) 5,498 5,422 (i) (ii) (iii) (iv) (v) (vi) 15% 25% 12% 35% 15% 171
29. 340 479 93 912 340 479 92 911 4 296 431 87 814 296 423 89 808 296 423 88 807 296 431 88 815 296 423 77 796 1 1 394 394 197 197 200 200 2 114 114 2 82 82 2 5 296 416 70 782 199 466 68 733 157 406 65 628 97 327 58 482 6 3 42 42 1,029 2,909 4,704 875 9,517 1 2014 5 29 2014 5 29 2 2014 5 292014 5 29 3 2014 5 29 4 2015 2 10 5 2015 2 18 6 2015 3 12 7 172
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 2010 2012 2 2013 3 20 2013 5 29 3 2013 8 19 2013 8 19 4 173
30. (a) 29 2014 2013 7,869 4,176 2,532 3,639 244 113 10,645 7,928 2014 2013 0 1,000,000 1,000,001 1,500,000 1,500,001 2,000,000 2 2 2,000,001 2,500,000 3 2 174
30. (b) 2014 2013 0 1,000,000 23 17 1,000,001 1,500,000 5 1,500,001 2,000,000 2 2,000,001 2,500,000 1 1 31. 168.01 166.33 32. 0.095 60.85 0.0765830.09561.98 0.0671350.08554.33 175
33. 176.80 175.4580,932,368,321 34. 2014 2013 2014 2013 1 2,635 2,236 2,457 1,964 1 2 1,921 1,516 1,764 1,319 2 3 1,389 1,087 1,271 988 3 4 1,021 779 960 718 4 5 678 611 647 581 1,495 1,344 1,475 1,294 9,139 7,573 8,574 6,864 77.79 60.57 176
34. 2014 2013 2014 2013 422 931 422 915 6,743 6,807 6,737 6,747 7,165 7,738 7,159 7,662 466 778 466 778 6,361 6,460 6,335 6,444 6,827 7,238 6,801 7,222 (a) (b) 177
35. (a) 13 9.459.999.44 9.98 178
35. (a) 1.0% 6.6% 1.0% 6.8% 2014 2013 63,000 63,043 82,689 82,002 2014 2013 62,997 63,040 82,689 82,002 179
35. (b) (i) 10% 13 (ii) 180
35. (b) (ii) 2014 1 1 2 2 5 5 43,976 44,133 44,133 63,000 72,517 3,243 3,243 65,107 924 88,458 88,458 88,458 72,442 72,442 72,442 267,876 277,550 208,276 3,243 65,107 924 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 69,690 620 181
35. (b) (ii) 2014 1 1 2 2 5 5 43,835 43,989 43,989 62,997 72,514 3,243 3,243 65,107 921 85,291 85,291 85,291 66,423 66,423 66,423 258,546 268,217 198,946 3,243 65,107 921 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 69,690 620 182
35. (b) (ii) 16 (iii) 2014 2013 % % 5.0 43,156 4.7 26,807 2.4 866 4.5 20,979 44,022 47,786 5.6 820 5.5 880 16 5.1 61,710 6.3 61,710 62,530 62,590 106,552 110,376 41.3% 43.3% 183
35. (b) (iii) 2014 2013 % % 5.0 43,015 4.7 26,698 2.4 866 4.5 20,979 43,881 47,677 5.6 820 5.5 880 5.1 61,710 6.3 61,710 62,530 62,590 106,411 110,267 41.2% 43.2% 100 4.69 4.69 184
35. (b) (iv) 93.1%94.3% 99.2%99.2% 99.2% 99.1% 16 36. 19.0%20.3% 185
37. (a) 14A 2014 2013 (i) 3,729 3,563 (i) 3,089 3,885 (ii) 15,478 14,543 IT (iii) 167 192 IT (iii) 1,171 1,136 (iv) 2,885 2,826 (v) 11,549 11,208 (vi) 39 46 (vi) 695 673 (vii) 246 616 (viii) 45 44 (viii) 391 394 (ix) 366 * (x) 4,431 3,912 CDMA* (xi) 193 157 * (xii) 22 25 * (xiii) 15 16 * 14A.31 14A.33 14A.65 186
37. (a) (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (xiii) IT 16 CDMACDMA 187
37. (a) 2014 2013 329 391 818 1,037 1,147 1,428 15,667 13,905 1,043 1,690 19,398 22,062 61,710 61,710 97,818 99,367 16 (b) 2014 2013 11,598 14,329 1,069 794 12,667 15,123 188
37. (c) 38 (d) 37(a) 189
38. 14% 22% 62.29 56.82 6.69 7.07 39. 1H H 9.167 4.76 33.3% 66.7% 100% 190
39. 1.30 0.39 2.54 1.246.09 1.83 3.05 0.41 40. 2 191
40. 2(o) 192
193 41. 19 2010-2012 2011-2013 2012-2014 14 1 11 16 38 1641 27 1028 10 12 28 15 9 15 6229 358 42.
12 31 2014 2013 2012 2011 2010 33,587 38,633 43,369 49,770 62,499 54,673 58,217 49,166 38,628 28,906 112,431 99,394 87,662 74,994 63,991 17,332 17,586 15,737 14,321 12,442 106,371 107,754 87,242 67,338 51,634 98 497 324,394 321,584 283,176 245,149 219,969 66,345 69,083 49,666 51,241 52,231 68,651 53,102 65,979 52,940 47,493 62,719 70,448 63,099 48,765 42,153 50,653 46,723 42,857 39,204 35,564 47,518 54,760 40,367 28,878 19,113 295,886 294,116 261,968 221,028 196,554 28,508 27,468 21,208 24,121 23,415 (5,291) (5,153) (1,562) (2,254) (3,601) 6 670 93 40 328 34 103 78 99 131 23,257 23,088 19,817 22,006 20,273 (5,498) (5,422) (4,753) (5,416) (4,846) 17,759 17,666 15,064 16,590 15,427 (54) 414 (228) (205) 132 14 (104) 57 51 (48) 3 (79) (2) (105) (52) (3) 5 (25) (40) 236 (173) (259) 7 17,719 17,902 14,891 16,331 15,434 17,680 17,545 14,949 16,494 15,309 79 121 115 96 118 17,759 17,666 15,064 16,590 15,427 17,640 17,781 14,776 16,235 15,316 79 121 115 96 118 17,719 17,902 14,891 16,331 15,434 0.22 0.22 0.18 0.20 0.19 194
12 31 2014 2013 2012 2011 2010 372,876 374,341 373,781 268,925 272,532 53,181 44,157 32,500 18,475 14,449 75,674 71,958 73,635 72,218 78,367 21,815 18,357 32,829 29,279 27,890 37,728 34,426 32,546 30,434 27,470 561,274 543,239 545,291 419,331 420,708 206,325 200,098 193,610 127,397 127,012 64,841 64,477 85,581 34,979 47,482 271,166 264,575 279,191 162,376 174,494 289,183 277,741 265,139 256,167 245,718 925 923 961 788 496 290,108 278,664 266,100 256,955 246,214 561,274 543,239 545,291 419,331 420,708 195
H 2002 11 15 2002 11 14(ADSs) 100 H 728 CHA 2014 H ADS 5.19 3.12 4.54 66.85 40.25 58.71 2014 12 31 80,932,368,321 2014 12 31 3,674 2002 11 152014 12 31 MSCI 600 500 400 300 200 (+213%) (+139%) MSCI (+58%) 100 0 MSCI 196
2014 12 31 80,932,368,32180,932,368,321 1.00 2014 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 2014 12 31 5%H H (%) JPMorgan Chase & Co. 1,792,139,463 12.91 Commonwealth Bank of Australia 1,380,231,874 9.95 BlackRock, Inc. 1,129,819,307 8.14 The Capital Group Companies Inc. 971,875,000 7.00 Templeton Investment Counsel, LLC 694,547,094 5.00 197
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 2014 2015 6 1 2015 5 27 2015 7 17 0.095** * 0.065 2002 ** 2015 5 27 http://www.chinatelecom-h.com 2015 4 30 2014 20-F 2014 100 2013 5015,000 2014 +852 2877 0988 www.chinatelecom-h.com 198
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