On August 12, CHINA TOWER fell 3.24% in regular trading to HK$9.375, with turnover of HK$24.69 million. The decline came one day after the company released its H1 interim results, which revealed mixed signals despite headline profit growth.

CHINA TOWER reported H1 attributable profit of RMB 7.49 billion, up 30.1% year-over-year. However, multiple core metrics raised concerns: revenue fell 1.8% to RMB 48.69 billion; EBITDA dropped 11.6% to RMB 30.25 billion; and operating cash flow plunged by RMB 21.54 billion year-over-year to just RMB 7.14 billion, primarily due to extended customer payment cycles and increased bill-based settlements. The core tower business, which accounts for the bulk of revenue, saw income decline 6.7% to RMB 35.26 billion, while overall operator business revenue fell 5.0%.

Analysts had previously flagged that rising maintenance costs for aging tower upgrades were pressuring EBITDA, a trend management expects to stabilize by next year. The profit growth was largely driven by reduced depreciation rather than operational improvement.

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