Chunghwa Telecom Co Ltd (CHT) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to Chunghwa telecom conference call for the company's second quarter 2025 operating results. (Operator Instructions) And for your information, this conference call is now being broadcasted live over the Internet. A webcast replay will be available after the conference is finished. Please visit CHT IR website, www.cht.com.tw/ir under the IR Calendar section. And now I would like to turn the call over to Ms. Angela Tsai, Vice President of Financial Department. Thank you. Ms. Tsai, please go ahead.

女士們、先生們，午安。歡迎出席中華電信2025年第二季營運績效電話會議。（操作員指示）供您參考，本次電話會議現在正在透過網路現場直播。會議結束後將提供網路直播重播。請造訪 CHT IR 網站 www.cht.com.tw/ir 下的 IR 日曆部分。現在我想把電話轉給財務部副總裁 Angela Tsai 女士。謝謝。蔡小姐，請講。

Thank you. I'm Angela Tsai, Vice President of Financial Department for Chunghwa Telecom. Welcome to our second quarter 2025 results conference call. Joining me on the call today are our President, Rong-Shy Lin; and our Chief Financial Officer, Audrey Hsu.

謝謝。我是中華電信財務部副總經理蔡安琪。歡迎參加我們的 2025 年第二季業績電話會議。今天與我一起參加電話會議的還有我們的總裁 Rong-Shy Lin 和我們的財務長 Audrey Hsu。

During today's call, management will begin with the recent strategic achievements and provide an overview of our business in the second quarter, followed by a discussion of our segment performance and the financial results. After, we will move on to the question-and-answer portion of the call. On slide 2, please read our disclaimers and note concerning forward-looking statements.

在今天的電話會議上，管理層將首先介紹最近的策略成就，並概述我們第二季的業務，然後討論我們各部門的業績和財務表現。之後，我們將進入通話的問答部分。在第 2 張投影片上，請閱讀我們有關前瞻性陳述的免責聲明和說明。

Now I will turn the call over to President. President Lin, please go ahead.

現在我將把電話轉給總統。請林總先講。

Thank you, Angela, and hello, everyone. Welcome to our second quarter 2025 results conference call. We are pleased to report our exceptional financial results with revenue, operating income, net income and EPS exceeded the upper end of our forecast. For both the second quarter and the first half of the year, second quarter revenue achieved -- reached a 10 year high for the same period, fueled by the solid growth momentum of the core business and expanding ICT segment.

謝謝你，安吉拉，大家好。歡迎參加我們的 2025 年第二季業績電話會議。我們很高興地報告我們出色的財務業績，收入、營業收入、淨收入和每股收益都超出了我們預測的上限。無論從第二季或上半年來看，受核心業務強勁成長動能和ICT領域不斷擴大的推動，第二季營收均創下10年來同期新高。

Notably, ICT revenue also set a new record for any second quarter since 2021. These achievements underscore our strong commitment to innovation, operational excellence and delivering sustained value to our stakeholders. Meanwhile, I'll continue to execute our sea, land and sky strategy to enhance network resilience and seize future opportunities.

值得注意的是，ICT營收也創下了2021年以來第二季的新紀錄。這些成就凸顯了我們對創新、卓越營運和為利害關係人提供持續價值的堅定承諾。同時，我將繼續執行我們的海陸空策略，以增強網路彈性並抓住未來機會。

In July, we officially launched the Southeast Asia Japan Cable 2 as Stage 2, enhancing network performance across the Asia Pacific region and supporting the rapid growth of bandwidth-intensive applications such as AI and the cloud computing in addition to the previously announced investment in E2A, the Trans-Pacific undersea cable connecting Asia to North America.

7月，我們正式啟動東南亞日本海纜2號線的第二階段建設，除了先前宣布的投資連接亞洲和北美的跨太平洋海底光纜E2A之外，還將增強整個亞太地區的網路效能，並支援人工智慧和雲端運算等頻寬密集型應用的快速成長。

We announced to invest in new Asia United Gateway, AUG, East submarine cable in July, which connects the Asia and is expected to bring in revenue after its completion in 2029. In terms of our multi-orbit satellite business, in the second quarter, Chunghwa Telecom not only obtained the new exclusive commercial license for OneWeb LEO services, but also extend the satellite services to broader use, including the in-flight WiFi services for aviation industry and the applications for maritime industry.

我們在7月宣布投資新的亞洲聯合網關（AUG）東部海底電纜，該電纜連接亞洲，預計在2029年建成後帶來收入。在多軌道衛星業務方面，第二季中華電信不僅取得OneWeb LEO服務新獨家商用牌照，更將衛星服務拓展至更廣泛用途，包含航空業的機上WiFi服務，以及航海業的應用。

Moreover, for the land, we have partnered with NTT to successfully present the world's first cross-border co-performance conducted in both Taiwan and Osaka at the same time through IOWN, the all-photonics network at Expo 2025, demonstrating the ultra-low latency and its application. Notably, we are honored to receive the highest MSCI CSG rating of AAA in May, the only Taiwan telecom to be recognized with the highest rating, reflecting our strong performance in governance and data privacy and carbon management.

此外，在陸地方面，我們與NTT合作，於2025年世博會上，成功呈現全球首個全光子網路IOWN，於台灣與大阪同時進行跨國聯演，展示超低延遲及其應用。值得一提的是，我們很榮幸在五月獲得 MSCI CSG 最高評級 AAA，為唯一獲此最高評級的台灣電信業者，反映我們在公司治理、資料私隱及碳管理方面的出色表現。

We also earned the prestigious 2025 Taiwan Data Center Services Competitive Strategy Leadership Award from Frost & Sullivan, recognizing our AI-ready data center capability. In addition, our long-standing commitment to corporate governance was reaffirmed by the Taiwan Stock Exchange, which recognize us as one of the top 5% of listed companies.

我們還獲得了 Frost & Sullivan 頒發的享有盛譽的 2025 年台灣資料中心服務競爭策略領導獎，這是對我們 AI 就緒資料中心能力的認可。此外，我們對公司治理的長期承諾得到了台灣證券交易所的認可，並被認定為前 5% 的上市公司之一。

Now let's move on to the business overview of the second quarter of 2025. Please turn to page 5 to review our success in Taiwan mobile market. In the second quarter, we further strengthened our leadership position in Taiwan mobile market. According to the data from Taiwan's telecom regulator, our mobile market share rose to 40.7% as of June, reaching a new high. We also achieved the highest subscriber share among peers at 39.1%, driven by the continuing growth of postpaid subscribers. Both revenue and subscriber shares increased year-over-year, highlighting our solid and sustained growth momentum.

現在我們來看看2025年第二季的業務概況。請翻到第 5 頁回顧我們在台灣行動市場的成功。第二季度，我們進一步鞏固了在台灣行動市場的領導地位。根據台灣電信監管機構的數據，截至6月份，我國行動通訊市佔率已上升至40.7%，創下新高。受後付費用戶持續成長的推動，我們的用戶份額也達到了 39.1%，位居同業之首。營收和用戶份額均較去年同期成長，凸顯了我們穩健、持續的成長動能。

Our 5G market share reached 38.7%, maintaining our leading position in this segment, supported by robust network quality, the ongoing expansion of our subscriber base and continued 5G migration. Mobile service revenue grew approximately 2% year-over-year. Additionally, the average month fee increased by 38% as more users upgraded to 5G, helping stabilize mobile ARPU, which delivered a modest quarter-over-quarter increase in the second quarter.

我們的5G市佔率達到38.7%，並持續保持領先地位，這得益於強勁的網路品質、不斷擴大的用戶群以及持續的5G遷移。行動服務收入較去年同期成長約2%。此外，隨著更多用戶升級到 5G，平均月費上漲了 38%，有助於穩定行動 ARPU，第二季度行動 ARPU 環比小幅增長。

Let's move on to slide 6 for update of our outperforming Fixed Broadband business. In the second quarter, our Fixed Broadband revenue increased 1.8% year-over-year, driven by the success of our strategic bundled plan and our distinguished offering of symmetrical uplink and downlink speeds for service above 300 megabits per second. Fixed Broadband ARPU also rose approximately 2% on yields as well, representing an increase of TWD14 per month, an encouraging sign of value expansion.

讓我們前往投影片 6，了解我們表現優異的固定寬頻業務的最新情況。在第二季度，我們的固定寬頻收入年增 1.8%，這得益於我們的戰略捆綁計劃的成功以及我們為每秒 300 兆比特以上的服務提供的獨特的對稱上行和下行速度。固定寬頻ARPU也上漲了約2%，殖利率也增加了14新台幣/月，這是一個令人鼓舞的價值擴張跡象。

Our cross-tier upgrade promotions featuring bundled plans, such as MOD, WiFi and streaming services, continuing to perform well. Nearly 70% of adopters opted for plans with speed of 300 megabit per second and high, including 1 gigabit per second services.

我們的跨層升級促銷活動以捆綁計劃為特色，例如 MOD、WiFi 和串流媒體服務，繼續表現良好。近 70% 的用戶選擇了速度為每秒 300 兆位元及以上的套餐，其中包括每秒 1 千兆位元的服務。

As a result, the number of subscribers with speeds of 300 megabits per second and above increased by 14% year-over-year, while those with speeds of 1 gigabit per second subscription multiplied impressively. Building on this momentum, we will continue promoting strategic bundlings to support ARPU growth. We also plan to incentivize existing mobile subscriber to add fixed broadband services, further expanding our market share.

結果，網速300兆位元每秒及以上的用戶數量年增了14％，而網速1千兆位元每秒的用戶數量也大幅增加。在此勢頭的基礎上，我們將繼續推廣策略性捆綁，以支持 ARPU 成長。我們也計劃激勵現有行動用戶添加固定寬頻服務，進一步擴大我們的市場份額。

Slide 7 provides a deeper overview of highlights from our consumer application services. In the second quarter, we were pleased to see solid growth across all consumer service categories. Our multiple packaging, which integrates mobile, fixed broadband and WiFi services achieved impressive year-over-year growth of 26%, marking its 14th consecutive quarters of expansion. This momentum was largely driven by the successful launch of new fixed broadband promotion bundles in May.

幻燈片 7 更深入地概述了我們的消費者應用服務的亮點。第二季度，我們很高興看到所有消費者服務類別都實現了穩健成長。我們的多種套餐整合了行動、固定寬頻和 WiFi 服務，實現了令人印象深刻的 26% 的同比增長，這是其連續第 14 個季度實現擴張。這一勢頭很大程度上得益於五月成功推出的新固定寬頻促銷套餐。

Our video business also maintained its strong growth trajectory with total subscriptions increasing 6% and the revenues increased 5% on a year basis. This was fueled by the growth of Hami video subscribers, particularly among user seeking live sport content. Additionally, our exclusive investment in Taiwanese dramas and the broadcast of Korean variety shows has attracted a wider user base with a robust pipeline of new content scheduled for release.

我們的視訊業務也保持了強勁的成長軌跡，總訂閱量年增 6%，營收年增 5%。這是由哈密視訊訂閱用戶的成長所推動的，尤其是尋求體育直播內容的用戶。此外，我們對台灣電視劇的獨家投資和韓國綜藝節目的播出吸引了更廣泛的用戶群，並計劃推出大量新內容。

We are confident in accelerating user growth in the second half of this year. Meanwhile, our consumer cybersecurity services recorded a 20% year-over-year growth, contributing to steady revenue gains in line with our expectations. This performance was driven by our service offering to assist users and the families to block malicious link due to inappropriate content and manage Internet serving scheduling.

我們有信心在今年下半年加速用戶成長。同時，我們的消費者網路安全服務年增20%，貢獻了符合我們預期的穩定收入成長。這項業績得益於我們提供的服務，旨在幫助使用者和家庭阻止不適當內容的惡意連結並管理網路服務調度。

Slide 8 illustrated the key highlights in our enterprise ICT business. In the second quarter, we are excited by the strong performance of our enterprise ICT business. Group enterprise ICT revenue increased by 27% year-over-year with recurring ICT revenue also rising 25%. Both were encouraging results. Our core service pillars, including IDC, AIoT and cloud remained the primary revenue drivers, delivering robust year over year growth of 71% and 40%, respectively. Cybersecurity and 5G private networks also reported a healthy growth of 11% and 150%, respectively.

第 8 張投影片展示了我們企業 ICT 業務的重點亮點。在第二季度，我們對企業ICT業務的強勁表現感到興奮。集團企業ICT營收年增27%，經常性ICT收入也成長25%。兩個結果都令人鼓舞。我們的核心服務支柱，包括IDC、AIoT和雲，仍然是主要的收入驅動力，分別實現了71%和40%的強勁同比增長。網路安全和5G專網也分別實現了11%和150%的健康成長。

A close look show that demand from the financial and high-tech sectors continue to significantly contribute to the increase in IDC and cloud revenues. In the second quarter, IDC not only accounted for the largest share of absolute revenue growth, but also demonstrated strong future growth potential. Meanwhile, AIoT service saw a sharp revenue increase largely driven by projects related to the smart energy, smart surveillance, smart building and smart transportation.

仔細觀察就會發現，金融和高科技領域的需求持續顯著推動IDC和雲端收入的成長。第二季度，IDC不僅佔據了絕對收入成長的最大份額，而且展現出了強勁的未來成長潛力。同時，AIoT服務收入大幅成長，主要得益於智慧能源、智慧監控、智慧建築和智慧交通相關項目的推動。

Our 5G private network deployment for the National Culture Center and Exhibition Home delivered a year over year revenue increase at 1.5 times, while cybersecurity revenue rose 11% in response to growing market demand. Among the newly secured projects in the second quarter, the highlight was our deployment of building remote surveillance platform for correctional institution nationwide. This project integrated the IDC, cybersecurity, AIoT and VPN capabilities to support their smart surveillance operation.

我們為國家文化中心和展覽館部署的5G專網使收入年增1.5倍，而隨著市場需求的不斷增長，網路安全收入增加了11％。在第二季新獲得的項目中，亮點是我們部署在全國範圍內建造懲教機構的遠端監控平台。該專案整合了IDC、網路安全、AIoT和VPN功能，以支援其智慧監控營運。

We were also proud to share that our AIDC AI data center construction expertise continue to win recognition both domestically and internationally with new contract awards exceeding TWD1 billion during this quarter. Lastly, we signed a contract to assist the leading petrochemical companies to implement AI-powered image recognition and automatic optical inspection. This solution is expected to extend to other chemical related sectors, generating additional revenue opportunity going forward.

我們也自豪地分享，我們的AIDC AI數據中心建設專業知識繼續贏得國內外認可，本季新合約授予額超過10億新台幣。最後，我們簽署了一項合同，協助領先的石化公司實施人工智慧影像識別和自動光學檢測。該解決方案預計將擴展到其他化學相關領域，從而在未來創造額外的收入機會。

Slide 9 illustrated our international subsidiaries performance. In the second quarter, revenue from our international subsidiaries declined by 41% year-over-year, primarily due to the project-based fluctuations resulting from the onetime revenue recognition from the US and the Japan subsidiaries for the same period last year, excluding the higher base sector, their performance actually exceeded our internal expectations for the second quarter.

幻燈片 9 展示了我們的國際子公司的業績。第二季度，我們國際子公司的營收年減了41%，主要是因為去年同期美國和日本子公司一次性收入確認帶來的專案波動，除去基數較高的部門，他們的業績實際上超出了我們對第二季度的內部預期。

On the other hand, Southeast Asia market delivered double-digit revenue growth driven by the continued demand for the ICT services from high-tech companies. We are pleased to have secured ICT solution contracts in Vietnam and Singapore, which are expected to support continued growth in the region. While global market sentiment remained cautious amid ongoing uncertainty around tariffs and exchange rates, we continue to invest strategically for long-term growth in the United States, Japan and Southeast Asia. In particular, we are targeting overseas AIDC-related construction project for Taiwan-based high-tech firms leveraging our proven capabilities in both air-cooling and liquid-cooling solutions.

另一方面，受高科技公司對ICT服務的持續需求所推動，東南亞市場實現了兩位數的營收成長。我們很高興在越南和新加坡獲得了 ICT 解決方案合同，預計這將支持該地區的持續成長。儘管由於關稅和匯率的持續不確定性，全球市場情緒依然謹慎，但我們仍繼續對美國、日本和東南亞進行戰略投資，以實現長期成長。特別是，我們利用我們在空氣冷卻和液體冷卻解決方案方面的成熟能力，瞄準台灣高科技公司海外的 AIDC 相關建設項目。

Now let's move on to the performance summary of our three business groups. As mentioned in the beginning, our revenue and profit performance were all better than expected. In line with these results, in the second quarter, our CBG delivered a solid year-over-year increase of 4.8% in income before tax, driven by steady growth in both Mobile and Fixed Broadband ARPU. In addition to stable performance of our core service revenue, CBG also benefited from higher smartphone sales as consumer accelerated their purchase in anticipation of potential tariff fluctuation.

現在我們來看看我們三個業務集團的業績總結。如同開頭所提到的，我們的收入和利潤表現都比預期好。與這些結果一致，在第二季度，我們的 CBG 稅前收入年增 4.8%，這得益於行動和固定寬頻 ARPU 的穩定成長。除了核心服務收入表現穩定之外，由於消費者預期潛在的資費波動而加快購買速度，CBG 也受惠於智慧型手機銷售的成長。

Our EBGs exceeded expectations with strong ICT performance. Total revenue rose 12% , while ICT revenue grew even more significantly, up 37% year-over-year. As a result, EBG reported a robust 5.4% increase in income before tax during this quarter. In contrast, our IBG faced headwinds. Revenue and income before tax both declined year-over-year, primarily due to softening demand for international fixed voice services and the decline in international roaming services.

我們的 EBG 憑藉強勁的 ICT 表現超出了預期。總營收成長12%，其中ICT營收成長更為顯著，年增37%。因此，EBG 報告本季稅前收入強勁成長 5.4%。相較之下，我們的 IBG 卻面臨阻力。收入和稅前收入均較去年同期下降，主要原因是國際固定語音服務需求疲軟和國際漫遊服務的下降。

Now I would like to hand the call over to Audrey for financial updates.

現在我想把電話交給奧黛麗，讓她報告一下財務最新狀況。

Thank you, President. Good afternoon, everyone. It's my pleasure to present an overview of our financial results for the second quarter of 2025.

謝謝您，總統。大家下午好。我很高興向大家介紹我們 2025 年第二季的財務表現。

Let's turn to slide 12, income statement highlights. I will walk you through the key financial metrics for the second quarter of 2025. During the second quarter in 2025, revenue reached over TWD56 billion, making the fifth consecutive year of second quarter growth. This represents a 4.8% year-over-year increase of -- driven mainly -- this growth is mainly driven by the expansion of our ICT business and higher sales revenue.

讓我們翻到第 12 張投影片，損益表重點。我將向您介紹 2025 年第二季的關鍵財務指標。2025年第二季營收突破560億新台幣，連續第五年實現第二季成長。這比去年同期成長了 4.8%，主要得益於我們 ICT 業務的擴張和銷售收入的增加。

Income from operations and net income rose by 5.2% and 3.5% respectively, compared to the same period last year. This performance was supported by growth in our Internet Data Center business, steady increase in Mobile and stronger sales contribution from our subsidiary, Chunghwa Precision Test Tech. Earnings per share increased from TWD1.27 to TWD1.31, reflecting consistent profitability and effective cost control. EPS reached their highest levels in nine years for second quarter period, reflecting the continued strength of our core operations.

營業收入和淨收入分別比去年同期成長5.2%和3.5%。這項業績得益於我們的網路資料中心業務的成長、行動業務的穩定成長以及我們的子公司中華精測科技更強勁的銷售貢獻。每股收益由1.27新台幣增至1.31新台幣，反映持續獲利能力及有效的成本控制。第二季每股收益達到九年來的最高水平，反映出我們核心業務的持續強勁。

EBITDA also recorded modest gains during the quarter. EBITDA increased by 3.5% year-over-year, reaching TWD22.58 billion for this quarter. The growth reflects continued operational efficiency and healthy cash-generating ability across our core business. The EBITDA margin was 39.8%, remaining broadly stable compared to last year.

本季 EBITDA 也錄得小幅成長。本季EBITDA年增3.5%，達到新台幣225.8億元。這一成長反映了我們核心業務持續的營運效率和健康的現金產生能力。EBITDA利潤率為39.8%，與去年相比基本保持穩定。

So now looking at the first half of 2025 in column five to column eight. Revenue grew by 3.2% year-over-year, supported by momentum in our ICT business and strong performance of our subsidiary, Chunghwa Precision Test Tech, which contributed to overall sales growth. Income from operations and net income rose by 5.1% and 3.9%, respectively. These gains were driven by the ongoing growth of our IDC and cloud services, along with steady performance from our subsidiaries. Earnings per share for the first half totaled TWD2.57.

現在我們來看第五列到第八列的 2025 年上半年。營收年增 3.2%，這得益於我們 ICT 業務的強勁成長以及子公司中華精測的強勁表現，從而促進了整體銷售的成長。營業收入和淨收入分別成長5.1%和3.9%。這些成長得益於我們的 IDC 和雲端服務的持續成長，以及我們子公司的穩定表現。上半年每股盈餘為2.57新台幣。

EBITDA increased by 3.4% year-over-year to TWD45.11 billion. The EBITDA margin was 40.09%, broadly in line with the same period last year. This reflects stable operational efficiencies.

EBITDA較去年同期增加3.4%至451.1億新台幣。EBITDA利潤率為40.09%，與去年同期基本持平。這反映了穩定的營運效率。

Now let's turn to slide 13, balance sheet highlights. Total assets increased by 1.9% as of June 30, 2025, compared to the year-end 2024. This growth was primarily driven by an increase in other current monetary assets, which further strengthened our liquidity position. Property, plant and equipment declined by 1.7% as depreciation expense exceeded net additions of fixed assets during this quarter. This reflects our continued emphasis on capital discipline and asset efficiency. Total liabilities increased by 20.9%, primarily due to higher dividend payable in this quarter.

現在讓我們翻到第 13 張投影片，資產負債表重點。截至 2025 年 6 月 30 日，總資產較 2024 年底成長 1.9%。這一增長主要得益於其他流動貨幣資產的增加，這進一步增強了我們的流動性狀況。由於本季折舊費用超過了固定資產淨增加額，物業、廠房和設備下降了 1.7%。這反映了我們對資本紀律和資產效率的持續重視。總負債增加了20.9%，主要原因是本季應付股利增加。

Our current ratio remained above 100%. This highlights healthy short-term liquidity and financial flexibility. Our reported debt ratio stood at 30.28%, reflecting the impact of dividend payable recorded at the end of the second quarter. If we exclude the effect of dividend payable, the adjusted debt ratio would be 23.15%. This will show a slight decrease compared to the year-end 2024. In addition, net debt to EBITDA remains at zero. Taken together, these indicators highlight our solid financial position and prudent capital structure.

我們的流動比率仍維持在100%以上。這凸顯了健康的短期流動性和財務彈性。我們的報告負債比率為 30.28%，反映了第二季末記錄的應付股利的影響。若剔除應付股利的影響，調整後的負債比率為23.15%。與 2024 年底相比，這一數字將略有下降。此外，淨債務與 EBITDA 之比仍為零。綜合起來，這些指標凸顯了我們穩固的財務狀況和審慎的資本結構。

Moving to slide 14, cash flow summary. Cash flow from operating activities decreased by 0.2% year-over-year, primarily due to higher settlement of accounts payable in the first half of the quarter. Capital expenditures increased by 11.9% year-over-year, primarily due to the front-loaded deployment of 5G, 4G equipment in the first half of the year. While this resulted in temporary increase in CapEx, we continue to take a disciplined strategic approach to capital allocation and full year Mobile-related CapEx will remain on track to be lower than in 2024.

前往投影片 14，現金流量摘要。經營活動現金流量較去年同期下降0.2%，主要因為上半季應付帳款結算金額增加。資本支出較去年同期成長11.9%，主要由於上半年5G、4G設備前期部署。雖然這導致資本支出暫時增加，但我們仍將採取嚴謹的策略方針進行資本配置，全年移動相關的資本支出仍將低於 2024 年。

As a result of these factors, free cash flow declined by 6.8% year-over-year. This is in line with expectations given the investment timing. We continue to maintain a strong cash position and stable operating inflows, which provides a solid foundation to support business growth and shareholder returns.

由於這些因素，自由現金流較去年同期下降了 6.8%。考慮到投資時機，這符合預期。我們繼續保持強勁的現金狀況和穩定的經營流入，為支持業務成長和股東回報提供了堅實的基礎。

Now let's move to slide 15, performance relative to Q2 2025 guidance. During the second quarter of 2025, revenue exceeded our targets. Key performance measures, including income from operations, net income, EPS, EBITDA and EBITDA margin all came in above guidance by modest margins. For the first half of 2025, revenue also outperformed expectations. In addition, income from operations, net income, EBITDA and EBITDA margin all exceeded our internal forecast.

現在讓我們轉到第 15 張投影片，相對於 2025 年第二季指引的表現。2025 年第二季度，收入超出了我們的目標。關鍵績效指標，包括營業收入、淨收入、每股盈餘、息稅折舊攤銷前利潤及息稅折舊攤銷前利潤率均略高於預期。2025年上半年的收入也超乎預期。此外，營業收入、淨收入、EBITDA 和 EBITDA 利潤率均超出我們的內部預測。

These better-than-expected results were driven by the steady growth of our core business, enhanced profitability in our ICT and strong sales of mobile phones and related products and lower-than-expected operating costs, which reflects our ongoing efforts to streamline operations and maintain disciplined cost control.

這些優於預期的業績得益於我們核心業務的穩步增長、ICT 盈利能力的提高、手機及相關產品的強勁銷售以及低於預期的運營成本，這反映了我們為簡化運營和保持嚴格的成本控制所做的持續努力。

That concludes our financial results for the second quarter. We now open the floor for questions and welcome your insights. Thank you.

這就是我們第二季的財務表現。我們現在開始提問並歡迎您發表見解。謝謝。

(Operator Instructions) Ladies and gentlemen, if there are no further questions, I will turn it back over to President, Lin.

（操作員指示）女士們、先生們，如果沒有其他問題，我將把發言權交還給林總裁。

Okay. Thank you for your participation. See you. Bye-bye.

好的。感謝您的參與。再見。再見。

Thank you, President, Lin. And thank you, ladies and gentlemen, for your participation in Chunghwa Telecom's Company nference. There will be a webcast replay. Please visit www.cht.com.tw/ir under the IR Calendar section. You may now disconnect. Thank you again, and goodbye.

謝謝林總統。女士們、先生們，感謝各位出席中華電信公司年會。將會有網路直播重播。請造訪 www.cht.com.tw/ir 下的 IR 日曆部分。您現在可以斷開連線。再次感謝您，再見。