The telecommunications industry currently has 21 companies that have disclosed their 2025 half-year reports, collectively achieving growth in both revenue and net profit. Meanwhile, the number of companies announcing interim dividends has increased to 7.

According to Wind statistics, as of August 18, 21 out of 129 telecommunications companies under the Shenwan classification have released their 2025 half-year reports, with 18 companies achieving profitability. Compared to the same period in 2024, the number of profitable companies decreased by one. Overall, the 21 companies achieved year-over-year revenue growth, with total performance growth reaching 5.59%.

As the telecommunications industry maintains steady growth, Wasion Information and Dingtong Technology have also announced interim dividends, bringing the total number of companies declaring 2025 interim dividends to 7. At the company level, China Mobile currently leads in both 2025 half-year performance scale and dividend strength.

**China Mobile Reports Net Profit of 84.235 Billion Yuan** **Shi Jia Photonics Achieves 1712% Performance Growth**

According to Wind statistics, as of August 18, the 21 telecommunications companies collectively achieved operating revenue of 1,038.252 billion yuan, representing a 0.79% increase from 1,030.134 billion yuan in the same period last year and a 4.02% increase compared to the same period in 2023. Combined net profit attributable to shareholders reached 115.609 billion yuan, up 5.59% from 109.484 billion yuan in the same period last year and up 12.71% compared to the same period in 2023.

At the company level, China Mobile currently leads telecommunications companies in both revenue and net profit attributable to shareholders. The 2025 half-year report shows China Mobile achieved revenue of 543.769 billion yuan, down 0.5% year-over-year, and net profit attributable to shareholders of 84.235 billion yuan, up 5% year-over-year (see Table 1).

China Mobile Chairman Yang Jie stated in the half-year report that in the first half of 2025, the company's main business revenue reached 467 billion yuan, up 0.7% year-over-year. Among the CHBN segments (Consumer market (C), Home market (H), Business market (B), and New market (N)), HBN revenue accounted for 47.6% of main business revenue, up 2.6 percentage points year-over-year. Digital transformation revenue (including personal market new business revenue such as mobile cloud storage, home market smart home revenue, business market DICT revenue, IoT revenue, dedicated line revenue, and new market revenue excluding international basic business revenue) reached 156.9 billion yuan, up 6.6% year-over-year, accounting for 33.6% of main business revenue, up 1.9 percentage points year-over-year.

Yang Jie also noted that the company's EBITDA (operating profit + depreciation and amortization) was 186 billion yuan, up 2.0% year-over-year, with EBITDA accounting for 39.8% of main business revenue, up 0.5 percentage points year-over-year, maintaining profitability at the leading level among international first-tier operators. To better reward shareholders and share development results, the company decided to declare an interim dividend of HK$2.75 per share for 2025, up 5.8% year-over-year.

In terms of performance growth, Shi Jia Photonics showed remarkable performance improvement. According to the company's 2025 half-year report, the company achieved operating revenue of 993 million yuan in the first half, up 121.12% year-over-year, and net profit attributable to shareholders of 217 million yuan, up 1712% year-over-year. Looking at the company's three main business segments - optical chips and devices, indoor optical cables, and cable polymer materials - optical chips and devices product revenue reached 700 million yuan, up 190.92% year-over-year.

Additionally, Quectel Wireless, Dingtong Technology, Zhongguang Lightning Protection, and Taichen Optics also achieved double-digit growth.

**Interim Dividend "Team" Expands** **Wasion Information and Dingtong Technology Join**

Among the 21 telecommunications companies, 7 have announced 2025 interim dividends, compared to 5 companies in the same period last year, with two new additions: Wasion Information and Dingtong Technology.

The companies announcing dividends are China Mobile, China Telecom, China Unicom, Quectel Wireless, Wasion Information, Dingtong Technology, and GDS Holdings. Among these, China Mobile is the most generous, with dividend per share (pre-tax) reaching 2.5 yuan. Other companies have dividends per share below 1 yuan (see Table 2).

Looking at dividend per share growth, Quectel Wireless's 2025 interim dividend per share increased 111.54% year-over-year, China Unicom increased 15.95%, China Telecom increased 8.44%, and China Mobile increased 5.2%.

Notably, among the 8 telecommunications companies that received institutional research coverage between July 30 and August 15, 5 were companies announcing interim dividends, with Wasion Information, China Mobile, China Telecom, and Dingtong Technology receiving 5, 2, 2, and 2 research visits respectively.

According to Wasion Information's 2025 half-year report, the company achieved operating revenue of 1.368 billion yuan in the first half, up 11.88% year-over-year, and net profit attributable to shareholders of 305 million yuan, up 12.24% year-over-year. In the second quarter, the company achieved operating revenue of 813 million yuan, up 46.29% quarter-over-quarter, and net profit attributable to shareholders of 166 million yuan, up 18.92% quarter-over-quarter. Regarding orders on hand, the company signed new orders worth 1.627 billion yuan in the first half of 2025, up 8.31% year-over-year. As of June 30, 2025, contracts on hand totaled 3.956 billion yuan, up 12.63% year-over-year.

According to Wasion Information's "August 13-15 Investor Exchange Meeting Minutes," institutions were interested in the company's AI technology applications and dividend situation. Regarding dividends, Wasion Information stated: "Since listing, the company has cumulatively distributed cash dividends of 958 million yuan, while repurchasing and canceling approximately 200 million yuan worth of shares, totaling 1.16 billion yuan in cash distributions, far exceeding the IPO fundraising amount. The company plans to distribute its first interim dividend of 2.5 yuan per 10 shares. The proposed dividend and repurchase amount for the first half totaled 249 million yuan, accounting for 81.7% of first-half net profit. The company also commits to a baseline cash dividend payout ratio of 40% for the next five years, providing continuous returns to shareholders."

**QuantumCTek Reduces Losses** ***ST Jinglun's Loss Amount Slightly Increases**

The newly joined interim dividend company Wasion Information and Quectel Wireless, which significantly increased its dividend per share, both belong to the telecommunications terminal and accessories sub-industry. However, QuantumCTek and *ST Jinglun, which also belong to this industry, still reported losses in their 2025 interim reports.

Looking at the performance of QuantumCTek and *ST Jinglun, one company is reducing losses while the other shows slightly increased losses. QuantumCTek achieved operating revenue of 121 million yuan in the first half, up 74.54% year-over-year, and net profit attributable to shareholders of -23.79 million yuan, compared to -35.34 million yuan in the same period last year, reducing losses by 11.55 million yuan. *ST Jinglun achieved operating revenue of 82.66 million yuan in the first half, up 23.45% year-over-year, and net profit attributable to shareholders of -20.44 million yuan, compared to -20.11 million yuan in the same period last year, with losses increasing slightly by 334,200 yuan.

Besides performance differences, QuantumCTek and *ST Jinglun also showed significant differences in R&D expense growth. QuantumCTek's R&D expenses during the same period were 50.63 million yuan, up 33.23% year-over-year, while *ST Jinglun's R&D expenses in the first half of 2025 were 11.99 million yuan, down 18.58% year-over-year.

In its half-year report, QuantumCTek stated that operating revenue increased 74.54% year-over-year during the reporting period, mainly due to increased sales revenue from quantum computing, quantum communication, and quantum precision measurement businesses. Among these, quantum computing business sales revenue increased 283.92% year-over-year. The company's total profit and net profit attributable to shareholders showed reduced losses year-over-year, mainly due to increased operating revenue and government subsidies included in current profit and loss during the reporting period. Additionally, QuantumCTek disclosed that government subsidies included in current profit and loss totaled 22.81 million yuan in the first half of 2025, an increase of 12.96 million yuan compared to the same period last year.

*ST Jinglun disclosed that during the reporting period, the company signed a "Server Equipment Procurement Contract" with a data technology company for enterprise-level cloud server equipment integration, debugging, inspection, and delivery services, with a total amount of 230 million yuan. Monthly orders and deliveries began during the reporting period, with approximately 45 million yuan delivered during the period. This category of intelligent manufacturing products is expected to have a positive impact on the company's current year and future operating performance.

(Individual stocks mentioned in the article are for illustrative analysis only and do not constitute investment advice.)