2024 Interim Results
China Telecom Corporation Limited

20 August 2024
www.chinatelecom-h.com

Forward-looking Statements

The development strategies, future business plans, prospects and other forward-looking statements in this document
do not constitute commitment by China Telecom Corporation Limited (the “Company”) to investors. Such forwardlooking statements are subject to known and unknown risks, uncertainties and other factors, which may cause theactual performance, financial condition or results of operations of the Company to be materially different from any
future performance, financial condition or results of operations implied by such forward-looking statements. In addition,
we do not intend to update these forward-looking statements. Investors are advised to pay attention to investment risks.

2024 Interim Results |2

Overview
Mr. Ke Ruiwen, Executive Director, Chairman & CEO
Business Review & Financial PerformanceSummary of Highlights
1

Operating results grew steadily and high-quality development maintained positive trend

2

Continued to strengthen sci-tech innovation and constructed “Xirang” intelligent computing capabilities

3

Promoted AI+ & Quantum+ and accelerated development of new quality productive forces

4

Fostered infrastructure upgrade with intelligent and green transformation

5

Reform and open-up deepened across the board further uplifting corporate vitality

6

Proactively fulfilled social responsibilities and further enhanced shareholder returns

2024 Interim Results |4Key Operating Results

RMB Mil

1H2023

1H2024

ChangeOperating Revenues

260,664

268,011

2.8%

Incl.: Service Revenues

235,977

246,235

4.3%

EBITDA

73,346

76,792

4.7%

Net Profit

20,153

21,812

8.2%

Net Profit Margin

8.5%

8.9%

0.4p.p.

EPS (RMB)

0.22

0.24

8.2%

ROE

4.6%

4.8%

0.2p.p.

0.14320.1671

16.7%

Interim DPS (RMB)

Notes:
1.Service Revenues = Operating Revenues – Sales of Mobile Terminals – Sales of Wireline Equipment – Other Non-service Revenues
2.EBITDA = Operating Revenues – Operating Expenses + Depreciation & Amortisation
3.Net Profit represents profit attributable to equity holders of the Company; Net Profit Margin=Net Profit/Service Revenues
4.Unless otherwise specified, all % and percentage point (p.p.) changes in this presentation are either 1H2024 vs 1H2023, or 2024.6.30 vs 2023.6.30; all figures are based on IFRS Accounting Standards

2024 Interim Results |5

High-quality Development Maintained Positive Trend
Revenue maintained favourable growthProfitability continued to enhance

Service revenues

Net profit

RMB Mil

RMB Mil

Growth outpaced industry
235,977

4.3%

29.2%

246,235
30.0%

ROE
Profit growth above revenue growth

1H2024

1H202455.2Bil

Gov’t admin. public cloud infrastructure No. 1

IaaS/IaaS+PaaS Top 3 in PRC

1H2023

Net profit margin

China Telecom Cloud maintained rapid growth
Revenue RMB

0.2p.p.

8.9%

1H2023

Industrial Digitalisation and % of service revenues

4.8%

4.6%

21,812

8.2%

20,1538.5%

1H2023

Shareholder returns continued to increase

22.4% of service revenues

1H2024

Expedited uplift of intelligent service capability
User satisfaction and service reputation

Edge continued to consolidate and enhance

Dedicated cloud service

No. 1 five times in a row
Desktop-as-a-Service (DaaS) No.1 in PRC

Smart service>75Mil times/mo average 13.4%

Upgrade of “Good Service as You Wish”

by launching convenience service
measuresNote: MIIT announced that telecommunications revenue grew by 3% year-on-year in the first half of the year

2024 Interim Results |6

Sci-tech Innovation Advanced to a New Level
Named Central Enterprises with Outstanding Sci-tech Innovation in 2023

O

Achievements in key core technology breakthroughs

Secondary development,
integration delivery

Provincial and municipal branches

China Telecom Digital Intelligence
Technology Company

SaaS

D

Professional
companies

PaaS
Large digitalised platform

Cloud

AI

Research
institutes
Quantum

Network

SecurityR

Cloud-network integration

Cloud Co.

Digital Government
Technology Co.

AI Co.

YikangTechnology Co.

Security Co.

Yizhi Education
Technology co.

Quantum Co.

Financial
Technology Co.

Research Institute+
Cloud Computing
Research InstituteTwo projects won
First Prize of National Science andTechnology Progress Award

Fundamental breakthroughs achieved in four root technical directions
Network
Led NTN int’l standards and built a series of satelliteground application demonstrations; launched 6G
distributed, intelligent and simple network architecture, as
well as 6G sci-tech innovation experimental apparatus

Cloud and cloud-network integration
Xirang platform achieved breakthroughs in managing andscheduling of 10,000-GPUs; completed industry’s 1stverification using existing network of >100km distributed
lossless intelligent computing interconnectionAI
Comprehensively planned for large speech, language,
visual and multimodal foundation models
1st among central enterprises to open source various
parameter-grade (1B, 10B, 1T) models

Quantum and security
PRC’s 1st carrier-grade managed security service platform;
Leading “Tianyan” quantum computing cloud platform

Continued to invest in strengthening R&D team

AI Research Institute
Quantum Research Institute

Approved source of original technologies of several cutting-edge technologies;
leading the innovation consortium for cloud computing, quantum
communications, and next-generation fibre network

R&D expense RMB4.66Bil 12.5%

No. of sci-tech experts and talents
under “flying geese paradigm”
exceeded 10k≈38,000 R&D personnel
15.3% vs. end-2023

Notes:
1. RDO: Fundamental research (R), applied technological research and development (D) and operational development (O)
2. The “Key Technology and Large-scale Application of the Next Generation Internet Source Address Verification Architecture SAVA” and “Key Technology and Engineering Application of the Fifth Generation Mobile Communications System (5G)”of China Telecom received the first prize of the National Science and Technology Progress Award 2023
3. R&D expense growth is calculated from R&D expense figures based on Chinese Accounting Standards (“CASs”)

2024 Interim Results |7

Construct Leading Integrated Intelligent Computing Service
Capability of “Xirang”
China Telecom intelligent computing cloud capability system

Capabilities of integrated intelligent computing platform “Xirang”

AI application
ecologies of
thousands ofindustries

SaaS

Compelling computing powernetwork scheduling capability

Large model ecology

MaaS
DaaS

Proprietary Xingchen
large modelOpen source
large models

Third-party commercial
large models

Data ecology
Proprietary dataset

Open source dataset• Managing and scheduling of a single
cluster with ten-thousand GPUs
• Heterogenous resource management• Topology aware scheduling

Third-party dataset

One-stop training andinference service capability

Integrated computing
network schedulingIntegrated training andinference

Integrated technologicalarchitecture

Integrated resource
management

Unified open platform
OpenAPI

Integrated intelligent computing platform “Xirang”

PaaS• Computing power gateway, computing
power plug-in, computing power and data
coordination• 22EFLOPS of computing power from 39
partners• 21EFLOPS of proprietary
intelligent computing power

High efficiency heterogenous
computing power• 3 steps to achieve training and inferenceof large models• Full-chain observable and checkpointing• Introduced 20 open-source and 4 closedsource large models

Abundant application cases• Public computing service: An AI lab in
Shanghai• Urban computing Internet: Applied in
multiple cities in PRC• Industrial computing Internet: Stateowned assets system, college
computing power alliance• Heterogenous computing: Provide
service to 34 industrial customers

Intelligent computing infrastructure

IaaS

Proprietary intelligent computing power
10,000-GPU cluster,“Two-Elastic-One-Optimised” AIDCInter-computing power network
High-speed, intelligent, elastic

Third-party intelligent computing power
Heterogenous and abundant variety

2024 Interim Results |8

Promoted “Xingchen” Large Foundation Model to Achieve
Further Breakthroughs in Innovation and Capabilities
Strengthen technological breakthroughs of “Xingchen” large foundation model
Xingchen large language, speech and multimodal models completed “dual recordation” of algorithms and services;in which large speech model was PRC’s 1st independent recordation

Large language model

Large speech model• Xingchen Software Factory: PRC’s 1stlarge model tool enabling end-toend generation of IT system,
enhancing software R&D efficiency
by >50%• Industry’s 1st large model tosupport code switching of Chinese& English as well as 40 dialects• Supports >200k object tags torealise natural language-driven
video retrieval of everything• Multimodal text-to-image
capability fully benchmarked withindustry’s first-tier models• Accurate reproduction of a
speaker’s timbre with just 5-10s of
the speaker’s voice• Support zero-shot cold-start rapid
deployment and online of >1,000
scenes in urban governance,industrial, security, etc.

• Broke through key technologies ofmultimodal agent to achieveinteractive comprehension andgeneration of text, image andvoices• To promote R&D of 1T parametermodel with MOE architecture basedon domestic 10,000-GPU cluster

Large visual model

Large multimodal model

To construct “Data Chain AI Network (DCAN)” data element capability system
Datasets••

Create high-quality data sets by gathering data from public,
industry, Internet and other fields, with large model corpus
data exceeding 350TB
Corporate data pool gathers 1.6PB daily, 33%

Xinghai data intelligent core platform••

Fully integrate AI capabilities and broke through technologies
such as large-scale parallel computing, multi-centre regional
collaboration, and high-performance privacy computing
capabilities
Listed in Handbook of Sci-tech Innovation Achievements andProducts of Central Enterprises“Lingze” 2.0 data element platform••

Develop four key capabilities, namely data rights registration,
data fusion computation, trusted data circulation, and highspeed data transmission network
Serves the public data operation and data infrastructure
construction of 22 provinces; supported “Data Element X”
competitions of 10 provinces

Note: MOE: Mixture-of-Expert, integration of multiple expert models to enable substantial enhancement of professional capabilities in various specific areas comparing with other model architectures

2024 Interim Results |9Thoroughly Commence AI+ to Empower Intelligentised
Development
Xingchen large models for industries

AI standardised products

32 large models for industries with 20 newly added, serving >7,600 customers

Systematic insight into
industry scenes, large modelof engineering constructionindustry

AI fully integrates into digitalplatform and customer
solutions

Digital governanceDigital livelihood

Digital economy

Cloud-side applications
serving>68Mil customers

Covers gov’t admin,
emergency, etc.

Covers education, healthcare,
culture, etc.

Covers industrial, automaker,
SMEs, etc.

AI cloud drive

4 industries, 12 scenes
Large model for emergency
Identify >180 hidden risks anddisaster scenes with anaccuracy of 95%

Business model innovationin ways such as standard
SaaS products, customer
platform customisation,
MaaS ecological aggregatedplatform

Example:Video aggregation
platform of the emergency
department of a province

5 industries, 12 scenes

Large model for
precision education
No. of students
awarded excellent grade inwriting 60%, time spent onmarking Chinese/English
writing 70%

Example: Writing markingof a fundamental
education group of aprovince

5 industries, 8 scenes

Large model for industrial
quality inspection
Supports ≈1,000 types oftemplate matching inspection
with >99% accuracy

Example: Quality
inspection of a screen
printing of an enterprisein a province

Device-side applications
serving>8Mil customers
AI cloud computer

AI security terminals
AI colour ringback tone
with video

AI smart speaker

AI communications
assistant(Launched in July)…

…

AI handset

Xingchen large foundation modelbase2024 Interim Results | 10

AI Empowers Internal Digital Transformation and UpgradeAI +empowerment

AI empowers cost reduction and efficiency enhancement
focusing on key resource areas, to carry forward source
governance and promote the application of large
models for internal use

10 large models for internal use to enhance quality and efficiency
Large model for network
Network failure handlingefficiency30%
Large model for R&D
Code writing efficiency 20%

Large model for CRM
Explore 5Mil potential valueenhancement touchpoints

Large model forcustomer service
Raw information editing
efficiency 30%

Large model for operation
Decision-making analysis
efficiency 20%

Large model forknowledge base
Efficiency of plan drafting
30%

Full coverage

Incentives and constraints

Expand the breadth and depth ofefficiency enhancement coverage andcarry out efficiency enhancement work
for all employees, all factors,
and all processes

Enhance the dual driver of assessment
and incentives, strengthen the traction ofassessment targets, and implement rigid
link with performance assessments

Costs
Selling expense
as a % of service revenues

10000 Hotline
cost

AI empowered network
electricity savings

0.8p.p.

18%≈500Mil kWh

Quality% of AI smart customer
service

AI-assisted cloud-network
maintenanceautomatic processing rate

% of fundamental
businesses subs
developed online

9.1p.p.

12p.p.

7.1p.p.

Efficiency
AI-assisted reduction of low
efficiency BTSs

Reduction of no. of lowefficiency outlets

FTTH port
utilisation rate

>8,000≈1,0000.9p.p.
2024 Interim Results | 11

Quantum+ to Forge Carrier-grade Security Capabilities
Enriching quantum industry ecosystem and building quantum security infrastructure to form differentiated edges of “Quantum+” application

Product

Call + Quantum

Network + Quantum

Cloud + Quantum

Platform + Quantum

Quantum-encrypted
messaging, quantumencrypted calls, encryptedintercom…

Quantum OTN dedicatedlines, quantum SD-WAN
dedicated lines…

Quantum security cloud,data security
in/between/on thecloud…

IT system, quantum
encryption of businesssystems…

Quantum Security Infrastructure

Capability

Technical system integrating QKD, PQC and classic cryptography
Quantum Key Distribution Network + Quantum Password Resource Pool + Quantum Password Management Platform

Ecosystem

Research-type
universities and highlevel sci-tech research
institutions

Industry leading
enterprises

Industrial Chain
Up/downstream
enterprises• Develop a product portfolio integrating quantum andfundamental/strategic emerging businesses• Series of quantum security products achieve scale
development• Completed quantum metropolitan network construction
in key cities such as Hefei, Xiongan, and Shanghai• Form a quantum security infrastructure construction
plan of “one network, one pool, one platform”• Strengthen cooperation among industry-academiaresearch, build joint laboratories• Cooperate in product R&D with industry leading
enterprises

Notes:
1. QKD: Quantum Key Distribution, which refers to the remote key distribution leveraging the physical properties of quantum such as indivisibility, non-replication, and uncertainty
2. PQC: Post-quantum cryptography, a research field in cryptography that specialises in encryption algorithms that can withstand quantum computers

2024 Interim Results | 12

Accelerate the Transformation and Upgrade of
Digital Information Infrastructure
CAPEX structure continuously optimised

Consolidated digital information infrastructure capability edges
Computing power continued tostrengthen

CAPEX structure
1H2024: RMB47.2Bil
2024E: CAPEX to service revenues to decrease to <20%Intelligent computing
10EFLOPS
90.9%

Fully upgrade to AIDC

Agile delivery of cabinets,
Continued to optimise latency circles withflexible cooling & power supply,
1ms within cities/
efficient use of energy
intra-region 5ms/inter-regions 20ms
Construct 400Gbps all-fibre high-speed
network supporting elastic bandwidth andtime slicing
Industry-exclusive of quantum- encrypted
dedicated line capability

Operating
Systems &Infrastructure
12%

Industrial Digitalisation

34%
5.6p.p.
Mobile Network
39%
Broadband
Network
15%

Computing power interconnection

Completed construction of PRC-leading all liquid-cooling pools with 10,000-GPUs in Beijing-Tianjin-Hebei and
Yangtze River Delta; deployed inferencing pools in 31 provinces
5G/4G
5G co-build co-share base stations
added >100k, reaching >1.31Mil
All-out promotion of 5G-A capability upgrade
Co-shared 4G base stations reached >2Mil

Gbps>9Mil 10G PON ports;
residential Gbps coverage in cities/towns reached 94%

Deploy 50G PON to support
10Gbps access demand in key scenes

Low band base stations reached 790k
2024 Interim Results | 13

All-round Promotion of Green Transformation andDevelopment
Guided by the “1248” green development model,
greenhouse gas emissions per unit of total volume of telecommunications services maintained double-digit decline yoy

Green cloud-network infrastructure
Coordinated green computing power and electricity to empower network greenness by AI
Green datacentre

Green electricity

12 newly added national
green datacentres,the largest
number in the industry

Externally purchased green
electricity with “integration of
trading of permit andelectricity” reached 960Mil
kWh, >200% yoy

AI empowered network greenness
AI managed 4.95Mil (>96%) sectors in 5G network, ≈1,800 facility rooms
14k BTSs undergone green modification, 280 facility buildings undergone green upgradeElectricity savings ≈500Mil kWh in 1H2024, expected annualised electricity savings >1Bil kWh

Green products & services
Create diversified green products and services focusing on areas
such as clean production, pollution control, andenvironmental protection
Government
carbon regulation

Enterprise carbon
management

Smart factory

Air pollution control

Solid waste
management

Pollution source
management

Benchmark cases widely applied
Green lighting: Industry’s 1st proprietary energy-saving
brain using AI to predict traffic patterns based on AIoT
platform, developed >150k users in 165 cities of 31
provinces, saved >6Mil kWh of electricity and reduce>1,700 tons of greenhouse gas emission

Note: “1248”: “1” strategic focus, namely green and low-carbon development is an integral part of the company’s “Cloudification and Digital Transformation” strategy; “2” two directions of improvement, namely to accelerate
green transformation for development internally and to form green production and lifestyle externally; “4” basic strategies, namely high-quality development, coordinated development, sustainable development, and innovative
development; “8” major green initiatives, namely construct new green cloud-network, create new green operations, build a new green ecology, strengthen new green empowerment, promote new green technologies, consolidate
new green support, develop new green energy, and creating new green value

2024 Interim Results | 14

Comprehensively Deepen Reform to Continuously
Enhance Corporate Vitality
Comprehensively deepen reform and promote high-quality development,
to facilitate the development of service-oriented, technology-oriented and secured enterprise
Deepen the reform of systems andmechanisms of sci-tech innovation• Establish national-grade sci-tech innovation platform• Optimise the RDO R&D system, establish professional research
institutes for cloud computing, AI, and quantum and others, andstrengthen research on cutting-edge technologies• Deepen the reform of sci-tech achievements transformation
mechanism and enhance the efficiency of sci-tech achievements
transformation

Deepen the reform of systems andmechanisms of strategic emerging businesses

Deepen the reform of systems andmechanisms of talent development• Continue to deepen market-oriented reform of verticalcompanies/vertical BGs to create high-quality industrial products
and platforms• Deepen reform of cloud, AI, quantum, satellite, IoVT and othercompanies with “one policy for one company” to enhance
supporting systems and mechanisms• Comprehensively promote the optimisation of the main processwith the cloud core platform as the hub, strengthen developmentof secondary development team• Strengthen layout of “flying geese paradigm” comprisingscientists, chief experts, senior experts and experts• Improve the authorization and delegation mechanism for expert
talents, strengthen talent service guarantee, and stimulate talent
vitality• Fully implement “1136” strategy of promoting corporate strength
through talents

Deepen reform of market-oriented operating mechanism

Promote all-round high-quality open-up• Equilibrate responsibilities, power and interests, equally emphasise on incentives and constraints,
and build a new operation responsibility system• Improve corporate governance capability of managers, promote innovative allocation of production
factors, and optimise assessment and incentive mechanisms• Improve the coordination mechanism between provincial branches and professional companies, aswell as that among professional companies, and form synergy for development• Deepen open-up in sci-tech innovation, business, talent, capital and other fields, and build a mutually
beneficial ecosystem; strengthen “integrating” and “being integrated” to further strengthen the role as
the service platform for digital transformation• Strengthen “integrating” and “being integrated” to further strengthen the role as the service platform
for digital transformation• Promote international cooperation and optimise international industrial cooperation layout

Rated Grade A in the assessment on key reform tasks performance by state-owned central enterprises for three consecutive years
Note: “1136” strategy of promoting corporate strength through talents: 1 talent principle, 1 talent plan, construction of 3 key talent teams, and 6 talent work mechanisms

2024 Interim Results | 15

Proactively Fulfill Social Responsibilities
Accredited with “Asia’s Best CSR” by Corporate Governance Asia for 5 consecutive years

Key communications assurance

Rural revitalisation and universal services

Successfully completed

AI empowers rural revitalisation andcommunications assurance tasks

promote deep integration offor multiple key events

agriculture and rural areas

Satellite communications anddrones efficiently assisted floodfighting and disaster relief

Continued to fulfill universal service
missions

Support social welfare and care for employees>90,000 “Caring Stations”
benefiting 8.42Mil person-times

Protect employee rights, create
professional development paths,
enhance incentive mechanism

2024 Interim Results | 16

Continued to Increase Shareholder Returns
DPS and payout ratio
RMB

16.7%

0.1671>70%

0.1432The Company attaches great importance to shareholders’ returns,
and strives to enhance profitability and cash flow generation capabilities

The Board decided to continueinterim dividend payout in 2024
Within 3 years from 2024,
the profit to be distributed in cash
will gradually increase to

65%

>75%
of the profit attributable to equity holdersof the Company for that year
1H2023

Payout ratio

1H20242024 Interim Results | 17

Seize Opportunities to Create Value
Expedite the building of a world-class enterpriseContinue to deeply implement the
Cloudification and Digital Transformation strategy

Further deepen comprehensive reforms

Thoroughly promote high-quality development

Continue to enhance corporate value

Strive to achieve in 2024

Full-year revenues
maintain favourable growthTechnological innovation
Large scale application of new generation
information technologies such as 5G and AI
drives and leads industrial innovation anddevelopment

EBITDA
maintain favourable growth

New business models, new industries, new patterns
Industry open-up and cross-sector integration
shape new businesses and prompt deep integration oflarge models and cloud

Net profit growthhigher than revenue growth

Digital life demandRich application scenes such as livelihood
services, new industrialisation, social
governance, etc.

Favourable policies
AI+ Action, construction of smart cities, etc.

2024 Interim Results | 18

Overview

Business Review & Financial Performance
Mr. Liang Baojun, President and COO

Summary of Operation and Revenues
RMB Mil

1H2023

1H2024

ChangeOperating Revenues

260,664

268,0112.8%

Service Revenues

235,977

246,235

4.3%

101,607105,217

3.6%

15,44018,087

17.1%

Wireline and Smart Family Service

62,024

63,993

3.2%

Broadband Access

43,76844,943

2.7%

Smart Family

9,315

10,65914.4%

Industrial Digitalisation

68,80273,7507.2%

24,687

21,776(11.8%)(235,156)(240,751)

2.4%

Operating Profit

25,50827,260

6.9%

Net Profit

20,153

21,812

8.2%

Mobile Communications Service
Mobile Value-added and Applications

Revenues from Sales of Goods and Others
Operating Expenses

2024 Interim Results | 20

Fundamental Businesses Innovation and Upgrade to
Enhance value
Revenue structure optimised with value enhancement driven by application innovations
Mobile communications service revenues

Wireline and Smart Family revenues

RMB Mil

RMB Mil

3.6%

105,217

101,607
15.2%

17.2%

3.2%

Mobile value-added and63,99362,02415.0%

applications revenues

16.7%

17.1%
1H2023

1H2024

1H2023

Mobie value-added and applications
revenues and % of service revenues

Smart Family revenues

14.4%

1H2024

Smart Family revenues and % of service revenues

Leverage “network + cloud + AI + applications” to drive dual enhancement in scale and value of fundamental businesses
Mobile subs

417Mil

5G network subs penetration

54.5%

China Telecom AI Cloud Drive subs

>37MilAI-upgraded platform with
CHBG integration and mutual promotion

Mobile ARPU

Broadband subs

46.3

193MilRMB

AI Ringback Tone with Video subs

>12MilInternet of Video Things (IoVT) subs

54%

Gbps subs penetration

27.3%

Broadband blended ARPU

48.3

RMB

FTTR subs >6Mil

Whole home intelligence 14.84Mil

7.2x

72.2%
No. of digital villages 36%

No. of smart communities

81%

Note: CHBG: Customer, Home, Business, Government

2024 Interim Results | 21

Industrial Digitalisation Achieved Deep Integration andExtensive Empowerment
Construct Industrial Digitalisation Capability System
Industrial Digitalisation revenue

No. of enterprise customers

as a % to service revenues

30.0% 0.8p.p.

11.9%

Scalable promotion of digital platforms
Municipal grassroots governance platform
Covers 31 provinces, >240 cities,>1,700 regions & counties
Large model for grassroots governance,
video AI algorithm application, etc.

All-domain tourism platform
Covers 90 cities in 24 provinces
Virtual tour guide, large model for smart customer service,cultural and tourism big data, etc.

Example: Social governance modernisation platform projectof a city, connecting dispute resolution processes acrossdifferent systems and handling efficiency 20%

Example: Smart tourism project of a city providing tourist
traffic forecast, management, diversion and guided tour;
tourists’ satisfaction rate increased to 90%

All-people health information platform
Covers >120 cities in 14 provinces

Industrial operating technology (OT) platform
Covers 23 cities in 18 provinces

AI large model for health consultation , healthcare big data,
data lake-data warehouse-integrated data storage

Industrial corporate digitalised diagnosis service, digital
factory applications, collaborative operations of multiple
systems and production lines in a factory, received “Best 10
Solution Award” in Digital China Summit 2024

Build new quality digital platforms
No. of platforms built>110 platforms covering 15 industries>40 platforms
reconstituted by AI

City smart hub platform “YiZhi”
Leveraging China Telecom Cloud “Xirang” computing power scheduling

Example: “Smart & Connected Information to Benefit the
Public” healthcare project of a city, consolidating the
medical data of the >3,800 institutions of the whole city

Example: Maintenance cost of a crystal factory
decreased by 20%

platform, Xinghe AI platform, IoT sensing platform and etc., to build “YiZhi”, acity smart hub IOC, and form a new foundation of smart city with unified
standard and open interface
2024 Interim Results | 22

China Telecom Cloud’s Leading Intelligent Computing Services
Development Gained Momentum
Market leadership position further strengthened
No. of China Telecom Cloud 2B customers

Public cloud revenue

4.55Mil 29.2%

26%

Market share

IaaS+PaaS

1.5p.p. IaaS1.4p.p.

Diversified use cases

Computing power management
Consolidated the general, intelligent and super computing
resources inside and outside an industrial park with the Xirang
platform, and coordinated, scheduled, monitord, and operated
the heterogeneous computing power resources of >1,000
PFLOPS from different cloud vendorsIntelligent computing project
Built a distributed computing power infrastructure integrating
cloud and AI, as well as training and inference, with cloudnetwork-edge-terminal coordination for a healthcare big data
and AI technology company, achieving the application of large
models for healthcare industry

Cloud hosting and other public cloud products
Built “X-Phama Cloud” digital foundation for a pharmaceuticalgroup to migrate its relevant business systems to cloud,serving 230k employees and completing digitaltransformation

Note: Source of market share: IDC

2024 Interim Results | 23

AI+ Market Promotion Achieved Prominent ResultsAI

Big data

No. of 2B customers

No. of 2C/2H customers

empowered in 1H2024

empowered

7,600>77MilLingze data element
platform
Served public data operation of

22 provinces and municipals

Xinghai data intelligencecore platform>150 projects

Xingchen •“Diting”, the AI agent
for customer service project of aprovince: 2024 China “Large
Model + Smart Customer
Service” TOP 10 Best PractiseCases

AI fabric inspection machine:
Production efficiency doubled,
achieving scale breakthrough inpromotion in industrial quality
inspection area, with contracts
secured with 18 textile
enterprises in Fujian, Zhejiang,
Guangdong, Shandong andother provinces

Large model for gov’t admin
hotline: Created a national
benchmark demonstration casefrom the inside out covering 15
business scenes based on theedge from actual experience of10000 hotline, resulting thecustomer’s smart gov’t admin
services efficiency to 30%

Ecological collaboration
on data>50 alliance members

Data product supermarket:
Capabilities of Lingze 2.0 platform
upgraded with scale promotion of
SaaS version; >2,000 data products
available integrating privacy
computing, blockchain and othertrusted and secure circulation
technologies

Big data project of a highway group:
Based on the integrated PaaS
foundation of multimodal data
(Telecom Data Platform, TDP) +integrated intelligent computing coreplatform, assisting customers tobuild a data resource management
platform, with development
efficiency 20%
Data Elements Industry Alliance
CTDIA 2024: Comprises local data
bureaus and enterprises tocommence ecological cooperation indata products, services, and corpora;aggregates data sets from 8
industries including education,
healthcare, transportation, housing
and construction, agriculture, andgov’t admin.

2024 Interim Results | 24

Security Products and Services Serving Extensively
Bestsellers continued to gain traction

Example cases widely replicated1Bil revenue-grade product
Cloud Dam anti-DDoS
No. of customers

36%

Enhance the effectiveness of threat detection andtimeliness of attack protection

Gartner
Top Service Providers Selection

100Mil revenue-grade producte-Surfing Security Brain
No. of customers

Empowering
products

Empowering
operation

Xingchen – ChangeWay
large model for Security

41%
100Mil revenue-grade productWebsite Security Expert
No. of customers• Yunmai Zero Trust (SASE): Deployed for a large
enterprise with >10,000 employees, enablinghighly efficient and secure work anytime,
anywhere

I

P

D

R

R

(Identification )(Protection)(Detection)(Response)(Recovery)• Cloud Dam Graded Protection Assistant:
Leveraged the cloud-network integrated security
foundation capability of security capability pools
covering 157 cities and reaching 65% ofcustomers of the entire network, serving >3,000
customers• e-Surfing Security Brain: Used by >10,000 medical
insurance institutions of a city, enabling secureaccess to provincial medical insurance
information platform

32%
Note: SASE: Secure Access Service Edge

2024 Interim Results | 25

New Generation Information and Communication Accelerated
Popularisation and Application
5G 2B

Satellite communications

Fully propel 5G penetration into
thousands of industries

Industry dedicated networks
widely replicatedNo. of industry application projects

No. of customers

Cumulative>36k

Cumulative contract amount≈34Bil

RMB

Cumulative
Industrial Internet>4,000>12k

Revenue

110%

Handset direct-to-satellite subs

67% vs end-2023
Jointly launched with a
automaker the world's
first flagship car model
equipped with Tiantong
satellite communications
function

General gov’t admin.

>3,000

Low altitude economy
Projects implemented in
Shenzhen, Jiangsu and other cities
Focus on scenes such as patrol & inspection,
logistics & transportation, passenger tourism, etc.

• Network: Carry out low-altitude intelligent
network verification and deployed in provinces
and municipals• Platform: Create low-altitude flight service andlow-altitude regulation platform• Cooperation: Continue to promote cooperationin technological innovations with laboratories

IoVT
Revenue46.4%
5G dedicated network for anenergy enterprise

Cross-region 5G backup networking for
an informatisation company

One 5G dedicated network
5 scenes: Data collection, mobile office, video
backhaul transmission, voice calls,
cluster scheduling

AI scheduling, autonomous networking; largescale deployment at 40 airports in 13 provinces

IoT
Subs

>88MilIoVT+ fire alert: Focus on community and park
management, providing video aggregation, smart
alert of electric vehicles, fire exit obstruction
identification, and debris accumulation
identification capabilities; electric vehicle
management projects secured with 58
communities in a city

Subs

>600

Mil

1Bil-grade
IoT network connectivity,
online sensing andcontrol

Passenger and cargo coordination of the world’s
largest single-building airport: Proprietary IoTsensing cloud platform and digital foundation
enable >20 applications such as real-timecoordination and decision-making, operation
situation prediction, passenger flow guidance,
etc., intelligently empowering operating efficiency

2024 Interim Results | 26

International Business Achieved Scale Development
International business grew rapidlyInternational business revenue

10%Strategic emerging businesses
made inroads

Construction of international cloudnetwork infrastructure strengthened
Granted with full-service international

Handset direct-to-satellite service

communications accesses

Successfully launched in

Kunming, Haikou

Hong Kong
China Telecom Cloud overseas revenue

No. of overseas POPs

172%

254
Overseas IoT connections

No. of international roaming users

136%

79%

No. of overseas IDC

272024 Interim Results | 27

Precise Cost Allocation to Promote High-quality Development
RMB Mil

1H2024

ChangeOperating Expenses

240,751

2.4%

Incl.

49,532

3.5%

Depreciation & Amortisation•

enhance resource efficiency, growth rate was lower than that of operating revenues by 0.4p.p.
•

80,131

Insisted in profitable investment, deepened co-building and co-sharing, D&A as a % of service
revenues 0.2p.p. yoy•
Network Operations & Support

Strengthened AI empowerment in cost reduction and efficiency enhancement, continued to

5.4%

Continued to enhance network quality and capability, promoted scale expansion of strategic

emerging businesses, strengthened precision management with digital AI measures, increased
resource utilisation efficiency•

Personnel

50,566

3.2%

SG&A

33,0900.8%

Other operating expenses

27,432(6.8%) •Continued recruitment of sci-tech and innovation talents, and to incentivise high-performanceteams, key operating units, lower-ranked and front-line employees•

Data + AI to drive marketing digitalisation and resource efficiency enhancement, SG&A as a % ofservice revenues 0.5p.p. yoy
Cost of mobile handset sales decreased

2024 Interim Results | 28

Financial Strength Enhanced
EBITDA

Equity attributable toshareholders

RMB Mil

RMB Mil

456,279

76,792
73,346442,926

4.7%

Sound capital structure supports
healthy corporate development
Debt-to-asset ratio

47.1%

3.0%
Corporate credit rating
maintained the highest

1H2023

1H20242023.122024.06

AAA

Note: Credit rating was provided by China Chengxin International Credit Rating Co., Ltd. on the Company’s credit rating of related debts in duration in May 2022

2024 Interim Results | 29

Thank You!
Most Outstanding Company Most Honored Companies
in China – Communication
Services Sector

Best Social
Responsibility Initiative

Asia’s Best CSRBest Corporate ESG
Strategy in China

For further information & enquiries,
please contact ourInvestor Relations Department at
ir@chinatelecom-h.com or visit www.chinatelecom-h.com

AppendicesAppendix 1: Extracted from Unaudited Condensed Consolidated Statement ofComprehensive Income for the Six-month Period Ended 30 June 2024
(IFRS Accounting Standards)
RMB Mil

1H2023

1H2024

ChangeOperating Revenues

260,664

268,0112.8%

Service Revenues

235,977

246,235

4.3%

Revenues from Sales of Goods and Others

24,687

21,776(11.8%)(235,156)(240,751)

2.4%

Operating Profit

25,50827,260

6.9%

Net Finance Costs

(483)

(250)

(48.2%)

Investment Income and Others, Share of Profits of Associates and Joint Ventures

1,155

1,229

6.4%

Profit Before Taxation

26,18028,239

7.9%

Income Tax(6,006)(6,273)

4.4%

Profit for the Period

20,174

21,966

8.9%

20,153

21,8128.2%

1H2023

1H2024

Change17,641

15,462(12.4%)

Operating Expenses

Equity Holders of the Company

Free Cash Flow

Notes:
1. Mobile service revenues in 1H2024 amounted to RMB114,574Mil, representing an increase of 4.3% year-on-year, wireline service revenues amounted to RMB131,661Mil, representing an increase of 4.4% year-on-year
2. Excluding the impact resulting from the application of IFRS 16, the tower usage fee in 1H2024 was RMB9,950Mil
3. Free Cash Flow = EBITDA – CAPEX – Income Tax Expenses – Depreciation Charge for Right-of-Use Assets Other than Land-Use-Rights (1H2024: RMB7,835Mil)

2024 Interim Results | 32

Appendix 2: Extracted from Unaudited Consolidated Income Statement
for the Six-month Period Ended 30 June 2024 (CASs)
RMB Mil

1H2023

1H2024

ChangeOperating Revenues

258,679

265,973

2.8%

Operating Costs

179,122

183,957

2.7%

847

918

8.4%

Selling Expenses

27,93327,568(1.3%)

General and Administrative Expenses

17,967

17,844(0.7%)

Research and Development Expenses

4,140

4,659

12.5%

483

250

(48.2%)

Asset and Credit Impairment Losses(2,689)(3,895)44.8%

Investment Income

1,129

1,237

9.6%

567

1,277

125.2%

Operating Profit

27,19429,396

8.1%

Net Non-operating Income and Expenses(1,014)(1,157)

14.1%

Profit before Taxation

26,18028,239

7.9%

Income Tax Expenses

6,006

6,273

4.4%

Net Profit

20,174

21,966

8.9%

20,153

21,812

8.2%

20,446

21,681

6.0%

Taxes and Surcharges

Finance Expenses

Gains on Disposal of Assets, Other Income and Losses from Changes in Fair Value

Equity Holders of the Company
Net Profit Attributable to Equity Holders of the Company excluding Extraordinary Gains and Losses

2024 Interim Results | 33

Appendix 3: Extracted from Unaudited Condensed Consolidated
Statement of Financial Position as at 30 June 2024 (IFRS Accounting Standards)

RMB Mil

2023.12.31

2024.6.30

Current Assets

167,863

199,920

Non-current Assets

667,951

671,071

835,814870,991

Current Liabilities

303,436

327,974

Non-current Liabilities

85,211

82,343

Total Liabilities

388,647

410,317

Total Equity

447,167

460,674442,926

456,279

Total Assets

Equity Attributable to Equity Holders of the Company

2024 Interim Results | 34

Appendix 4: Operating Figures
Selected Operating Metrics for the Period Ended 30 June 2024
Subscriber (Mil)2023.122024.6

ChangeMobile407.77416.859.08

318.66336.63

17.97

Wireline Broadband

190.16193.35

3.19

Access Lines in Service

101.0299.16(1.86)

IPTV

127.81128.490.68

IoT Connected Devices

526.74601.4374.69

1H2023

1H2024

Change

46.2

46.3

0.2%

33,49942,951

28.2%

48.2

48.3

0.2%

5G package

Mobile ARPU (RMB)

Handset Data Traffic (kTB)
Wireline Broadband Blended ARPU (RMB)

2024 Interim Results | 35