Chunghwa Telecom Co Ltd (CHT) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to Chunghwa Telecom conference call for the company's third quarter 2025 operating results. (Operator Instructions)

女士們、先生們，午安。歡迎參加中華電信2025年第三季經營業績電話會議。（操作說明）

When the briefing is finished, directions for submitting your questions will be given in the Q&A session. And for your information, this conference call is now being broadcasted live over the Internet. A webcast replay will be available within an hour after the conference is finished. Please visit CHT IR website, at www.cht.com.tw/ir under the IR Calendar section.

簡報結束後，問答環節將給予提交問題的說明。另外，請注意，本次電話會議正在透過網路進行現場直播。會議結束後一小時內即可觀看網路直播回放。請造訪 CHT 投資者關係網站 www.cht.com.tw/ir，在投資者關係日曆部分查看。

And now I would like to turn it over to Mr. Angela Tsai, Vice President of Financial Department. Thank you. Ms. Tsai, please begin.

現在我謹將麥克風交給財務部副總裁蔡安琪女士。謝謝。蔡女士，請開始。

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

謝謝。我是中華電信財務副總裁蔡安琪。歡迎參加我們2025年第三季業績電話會議。今天和我一起參加電話會議的有中華啤酒總裁林榮仕先生和財務長許女士。

During today's call, management will begin with sharing our vision, strategic achievements and provide an overview of our third quarter business results. This will be followed by a discussion of our segment performance and financial highlights. We will then open the floor for questions and answers.

在今天的電話會議上，管理層將首先分享我們的願景、策略成就，並概述我們第三季的業務成果。接下來將討論我們各業務板塊的業績表現和財務亮點。接下來我們將開放問答環節。

Please turn to slide 2 to review our disclaimers and forward-looking statement disclosures. Now without further delay, I will turn the call over to President. President Lin, please go ahead.

請翻到第 2 頁查看我們的免責聲明和前瞻性聲明揭露。現在，我不再贅述，將把電話交給總統。林總裁，請講。

Thank you, Angela, and hello, everyone. Welcome to our third quarter 2025 results conference call. Extending the outperforming results of this first half, we continue to beat the financial guidance in the third quarter. Our revenue, operating income, net income, and EPS are exceeded the upper end of our forecast. Third quarter revenue hit its highest level since 2017, reflecting the robust growth in our core business and expanding ICT service.

謝謝你，安吉拉，大家好。歡迎參加我們2025年第三季業績電話會議。延續上半年優異的業績，我們在第三季持續超越財務預期。我們的收入、營業收入、淨收入和每股盈餘都超過了我們預測的上限。第三季營收達到 2017 年以來的最高水平，反映出我們核心業務的強勁成長和 ICT 服務的不斷擴展。

ICT revenue alone set a new third quarter record, the highest since 2021. As Taiwan’s telecom market continues to develop healthily, we are confident in our full-year financial results and supported by our leadership across all business segments.

僅資訊通信技術（ICT）收入就創下了第三季新紀錄，為 2021 年以來的最高水準。隨著台灣電信市場的持續健康發展，我們對全年財務表現充滿信心，並得到各業務部門領導的支持。

For our mid-term to long-term development, we believe that group expansion and AI-related initiatives are critical, and we have taken proactive steps in these areas. We are pleased to see our cybersecurity subsidiary, Chunghwa Telecom Security, successfully complete its public listing in September with International Integrated Systems soon to follow in its upcoming IPO. Moreover, in October, we launched InventAI, a new subsidiary spun off from our research division, dedicated to monetizing AI innovations.

對於我們的中長期發展而言，我們認為集團擴張和人工智慧相關措施至關重要，並且我們已經在這些領域採取了積極措施。我們很高興看到我們的網路安全子公司中華電信安全公司於 9 月成功完成上市，國際整合系統公司也將很快進行 IPO。此外，10 月我們推出了 InventAI，這是我們研究部門分拆出來的新子公司，致力於將人工智慧創新貨幣化。

Our AI capabilities have received significant recognition and honors. On the global stage, our first well self-developed Vision Language Model technology secured first place in the transportation category at the global AI City Challenge, a prestigious international competition co-organized by NVIDIA and leading universities worldwide. This recognition was earned through our technology’s superior accuracy and predictive capabilities in analyzing highly complex traffic scenarios.

我們的人工智慧能力獲得了廣泛的認可和榮譽。在全球舞台上，我們自主研發的首個視覺語言模型技術在全球人工智慧城市挑戰賽的交通運輸類別中榮獲第一名。這項挑戰賽是由英偉達和世界頂尖大學共同舉辦的一項享有盛譽的國際賽事。這項認可源自於我們技術在分析高度複雜的交通場景方面所展現出的卓越準確性和預測能力。

In Taiwan, we hold the largest portfolio of AI-related patents in the industry, far ahead of our peers, serving as the solid basis for future development. We are proud of these achievements and remain committed to maintaining our competitive advantages.

在台灣，我們擁有業界最大的人工智慧相關專利組合，遠遠領先於同行，為未來的發展奠定了堅實的基礎。我們為這些成就感到自豪，並將繼續致力於保持我們的競爭優勢。

Our technology expertise and resilient networks have also created social value to benefit the public. In August, as Taiwan was suffering from catastrophic typhoons, we overcame challenges to deliver portable OneWeb equipment and restore communication in isolated areas affected by the blackout, demonstrating our commitment to social responsibility. Additionally, as we continue to invest in facilitating ESG practices, we completed the issuance of a TWD3.5 billion sustainability bond in the third quarter, to promote biodiversity, EV initiatives, and other environmental projects. This issuance reflects our action to integrate ecological conservation, decarbonization, and green finance to progress towards net-zero.

我們的技術專長和強大的網路也創造了社會價值，造福了大眾。8 月，台灣遭受毀滅性颱風襲擊，我們克服重重挑戰，向受停電影響的偏遠地區運送 OneWeb 便攜式設備，恢復通信，展現了我們對社會責任的承諾。此外，隨著我們繼續投資以促進 ESG 實踐，我們在第三季度完成了 35 億新台幣永續發展債券的發行，以促進生物多樣性、電動車計畫和其他環境項目。此次發行體現了我們為實現淨零排放目標而結合生態保護、脫碳和綠色金融的行動。

Now, let’s move on to the business overview of the third quarter of 2025. Please turn to page 5 to review our success in Taiwan’s mobile market. In the third quarter, we further strengthened our leadership position in Taiwan’s mobile market. According to data from our telecom regulator, our mobile revenue market share climbed to a new high of 40.8%, while our subscriber share among peers rose to 39.4%, representing an encouraging 1.6 percentage point year-over-year increase, mainly driven by continued growth in the postpaid subscribers. We are pleased with this solid growth momentum.

現在，讓我們來看看 2025 年第三季的業務概況。請翻到第 5 頁，了解我們在台灣行動市場的成功。第三季度，我們進一步鞏固了在台灣行動市場的領先地位。根據電信監管機構的數據，我們的行動收入市佔率攀升至 40.8% 的新高，而我們在同業中的用戶份額上升至 39.4%，年增 1.6 個百分點，這主要得益於後付費用戶的持續成長。我們對這種穩健的成長動能感到滿意。

Our 5G performance was equally impressive. Based on regulatory data, our 5G subscriber market share rose to 38.8%, maintaining our industry-leading position. The 5G penetration rate among our smartphone users further increased to 44.7% by the end of the third quarter, while the average monthly fee uplift from 5G migration remained robust at approximately 40%.

我們的5G性能同樣令人印象深刻。根據監管數據，我們的 5G 用戶市佔率上升至 38.8%，維持了業界領先地位。到第三季末，我們智慧型手機用戶的 5G 普及率進一步提高到 44.7%，而 5G 遷移帶來的平均月費成長保持強勁，約為 40%。

With the combined strength of our expanding subscriber base and growing 5G adoption, our mobile service revenue growth outpaced the industry, achieving a solid 3.3% year-over-year increase. Postpaid ARPU also grew 1.8% year-over-year. We expect this positive trajectory to continue, supported by Taiwan’s favorable mobile market landscape.

憑藉著不斷擴大的用戶群和日益普及的 5G 技術，我們的行動服務收入成長速度超過了行業平均水平，實現了 3.3% 的同比增長。後付費用戶平均收入也較去年同期成長了 1.8%。我們預計這一積極趨勢將持續下去，這得益於台灣良好的行動市場環境。

Let’s move on to slide 6 for our outperforming fixed broadband business update. In the third quarter, our fixed broadband revenue grew by 3.2% year over year, driven by continued high-speed of migration and the success of our HiNet 30th anniversary promotion package. Alongside our existing bundle plans that combine MOD, Wi-Fi, and streaming services, we are pleased to report that the number of subscribers choosing speeds of 300 megabits and above increased by about 14% year-over-year, while those opting for 500 megabits and above recorded double-digit growth, and 1 gigabit and above achieved multiple-fold expansion.

接下來請看第 6 張投影片，了解我們表現優異的固定寬頻業務最新進展。第三季度，在高速遷移持續推進和 HiNet 30 週年促銷活動成功的推動下，我們的固定寬頻營收年增 3.2%。除了我們現有的包含 MOD、Wi-Fi 和串流媒體服務的捆綁套餐計劃外，我們很高興地報告，選擇 300 兆比特及以上速度的用戶數量同比增長約 14%，選擇 500 兆比特及以上速度的用戶數量實現了兩位數的增長，而選擇 1 吉比特及以上速度的用戶數量實現了數倍的增長。

These higher-speed migrations contributed to stronger ARPU performance. In the third quarter, our fixed broadband ARPU rose 3% year-over-year, representing an increase of TWD23 per month, an encouraging sign of ongoing value expansion.

這些高速遷移有助於提高 ARPU 效能。第三季度，我們的固定寬頻ARPU年增3%，相當於每月增加23新台幣，這是一個令人鼓舞的持續價值擴張跡象。

Slide 7 provides a deeper overview of highlights from our consumer application services. In the third quarter, our multiple-play packages, integrating our mobile, fixed-broadband and Wi-Fi services, achieved impressive year-over-year growth of 22%, marking 15 consecutive quarters of expansion.

第 7 張投影片更詳細地概述了我們消費者應用服務的亮點。第三季度，我們整合了行動、固定寬頻和 Wi-Fi 服務的多業務套餐實現了令人矚目的同比增長 22%，連續 15 個季度實現成長。

In terms of our video services, subscriptions fluctuated in line with major sports broadcasts, declining year-over-year during the quarter, mainly due to the relatively high base from last year's Olympic Games broadcast. Excluding these event-driven variations, our video subscription and ARPU sustained its expected upward trend. Notably, we are proud to highlight the success of our drama investments in the third quarter; for example, The Outlaw Doctor won Best Asian Content in the Global OTT Awards in Busan and shone at the 60th Golden Bell Awards in Taiwan with multiple nominations and awards.

就我們的視訊服務而言，訂閱量隨重大體育賽事轉播而波動，本季同比下降，主要是由於去年奧運轉播的基數相對較高。排除這些事件驅動的波動，我們的影片訂閱和 ARPU 保持了預期的上升趨勢。值得一提的是，我們很自豪地強調我們在第三季對電視劇的投資取得了成功；例如，《俠盜醫生》在釜山舉行的全球OTT大獎中榮獲最佳亞洲內容獎，並在台灣舉行的第60屆金鐘獎上獲得多項提名和獎項。

With those wins, we will continue our content investment strategy to strengthen value for our subscribers. Meanwhile, our consumer cybersecurity services recorded 17% year-over-year growth, with the daily number of blocked malicious links per user more than doubling compared to the same period.

憑藉這些勝利，我們將繼續推行內容投資策略，以增強對訂閱用戶的價值。同時，我們的消費者網路安全服務年增 17%，每位用戶每天攔截的惡意連結數量比同期增加了一倍多。

Slide 8 illustrates the key highlights in our enterprise ICT business. We are pleased with the 14% year-over-year increase of our group’s ICT revenue in the third quarter, fueled by the emerging services expansion. Recurring ICT revenue also grew by 19%, supported by our continued commitment to public cloud inter-entity supply contracts in the government sector, which effectively contributed to the steady growth in cloud service recurring revenues.

第 8 張幻燈片展示了我們企業 ICT 業務的關鍵亮點。我們很高興看到集團第三季​​ ICT 營收年增 14%，這主要得益於新興服務的擴張。經常性 ICT 收入也成長了 19%，這得益於我們對政府部門公有雲實體間供應合約的持續投入，有效促進了雲端服務經常性收入的穩定成長。

Regarding core service pillars, IDC, cloud, and cybersecurity, remained key ICT revenue growth drivers, posting year-over-year growth of 34%, 24% and 19%, respectively, driven by the strong demands from financial and government-related sectors. In addition, big data services surged by 130% year-over-year, largely attributable to the national taxation system project.

在核心服務支柱方面，IDC、雲端運算和網路安全仍然是 ICT 收入成長的主要驅動力，分別實現了 34%、24% 和 19% 的同比增長，這主要得益於金融和政府相關行業的強勁需求。此外，大數據服務年增 130%，這主要歸功於國家稅收制度項目。

Among the newly secured projects during the quarter, we are glad to report the acquisition of our largest-ever network infrastructure project, both by scale and contract value, from a leading life insurance company in Taiwan. This project is expected to generate both one-time and recurring revenues. We also won a landmark project from Taipower to assist in building its largescale AMI big data analytics platform for smart grid management.

在本季度新獲得的項目中，我們很高興地宣布，我們從台灣一家領先的人壽保險公司收購了我們有史以來規模最大、合約金額最高的網路基礎設施項目。該項目預計將產生一次性收入和經常性收入。我們也贏得了台電的一個里程碑式項目，協助其建立用於智慧電網管理的大規模 AMI 大數據分析平台。

Lastly, leveraging our deep expertise in smart transportation, we secured a project to assist Taiwan Railway to develop a smart real-time fleet management solution powered by digital twin and 5G technologies, simulating train control cabin dashboards, enabling railway operating centers to proactively identify failing equipment and monitor dispatching vehicles, further enhancing operational efficiency and reducing maintenance costs.

最後，憑藉我們在智慧交通領域的深厚專業知識，我們獲得了一個項目，協助台灣鐵路開發由數位孿生和 5G 技術驅動的智慧即時車隊管理解決方案，模擬列車控制室儀錶盤，使鐵路運營中心能夠主動識別故障設備並監控調度車輛，從而進一步提高運營效率並降低維護成本。

Slide 9 illustrates the performance of our international subsidiaries. In the third quarter, our US subsidiary delivered outstanding results by achieving 70% year-over-year revenue growth, primarily fueled by AIDC construction projects for a Taiwan-based high-tech company in Texas. Together with the efforts of our Japan subsidiary, we anticipate securing additional related projects, strengthening our role in the global AI supply chain.

第 9 張投影片展示了我們國際子公司的業績。第三季度，我們的美國子公司取得了優異的業績，實現了 70% 的同比增長，這主要得益於 AIDC 為一家總部位於台灣的高科技公司在德克薩斯州提供的建設項目。結合我們日本子公司的努力，我們有望獲得更多相關項目，從而加強我們在全球人工智慧供應鏈中的地位。

Meanwhile, our South East Asia markets continue to thrive, with our Singapore and Vietnam subsidiaries actively delivering plant construction services that are expected to contribute to future revenue. Excitingly, this quarter, we successfully introduced our proprietary solutions to global markets. First, through cross-group collaboration, we introduced cybersecurity services from our newly listed subsidiary, Chunghwa Telecom Security, to overseas clients in Southeast Asia and Japan.

同時，我們的東南亞市場持續蓬勃發展，我們的新加坡和越南子公司積極提供工廠建設服務，預計這將有助於未來的收入成長。令人振奮的是，本季我們成功地將我們的專有解決方案推向了全球市場。首先，透過跨集團合作，我們將新上市子公司中華電信安全公司的網路安全服務引入東南亞和日本的海外客戶。

Furthermore, we launched our Smart Pole solution in Thailand, fully powered by our proprietary operations platform and integrated AI and IoT solutions. This solution delivers services including adaptive lighting control, localized digital signage in Thai, and traffic flow analytics. We placed particular emphasis on our AI capabilities, which enable seamless replication of our success to other markets in different languages.

此外，我們在泰國推出了智慧電線桿解決方案，該方案完全由我們專有的營運平台和整合的 AI 和 IoT 解決方案提供支援。此解決方案提供的服務包括自適應照明控制、泰語本地化數位看板和交通流量分析。我們特別重視人工智慧能力，這使得我們能夠將成功經驗無縫複製到其他市場，並支援不同的語言。

In addition, by supporting our allied nations in developing smart cities, we have leveraged our 5G private network and ICT capabilities to generate overseas smart city revenues from Paraguay and Eswatini. Last but not least, we are pleased to see the submarine cable, SJC2, has commenced operation and is contributing revenues, while another cable, Apricot, is expected to follow in the fourth quarter.

此外，透過支持我們的盟國發展智慧城市，我們利用我們的 5G 專用網路和 ICT 能力，從巴拉圭和史瓦濟蘭獲得了海外智慧城市收入。最後，我們很高興看到海底電纜 SJC2 已開始營運並產生收入，而另一條電纜 Apricot 預計將在第四季度投入營運。

Now, let’s move on to page 11 for the financial performance of our three business groups. In the third quarter, thanks to steady growth in mobile and fixed broadband services, plus the higher sales driven by iPhone demand, our CBG delivered a solid year-over-year increase of 2.2% in revenue. Additionally, last year’s elevated expenses related to content broadcasting rights contributed to the relative increase of 11.4% year-over-year in CBG’s income before tax, broadly supporting the group’s outperformance.

現在，讓我們翻到第 11 頁，看看我們三個業務集團的財務表現。第三季度，由於行動和固定寬頻服務的穩定成長，以及iPhone需求帶來的更高銷售額，我們的CBG實現了2.2%的年成長。此外，去年與內容廣播權相關的支出增加，使得 CBG 稅前收入年增 11.4%，從而在很大程度上支撐了該集團的優異業績。

Our EBG also performed well with strong ICT performance as revenue increased 7.4% year-over-year, while income before tax decreased mainly owing to reduced fixed voice revenue during the quarter, as well as a decline in sales margin to secure long-term end price contracts engagement.

我們的 EBG 也表現出色，ICT 業務表現強勁，營收年增 7.4%，而稅前利潤下降主要是由於本季度固定語音收入減少，以及為確保長期終端價格合約的簽訂而導致的銷售利潤率下降。

As for IBG, revenue declined by 1.9% and income before tax dropped by 19.7%, primarily due to softened demand for voice services. However, we saw robust growth in IBG’s ICT and mobile services, which rose 14% and 19% year-over-year, respectively, supported by clients global expansion and increased roaming revenue.

至於 IBG，由於語音服務需求疲軟，其收入下降了 1.9%，稅前利潤下降了 19.7%。然而，在客戶全球擴張和漫遊收入增加的支持下，IBG 的 ICT 和行動服務實現了強勁成長，分別較去年同期成長 14% 和 19%。

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，請她報告財務狀況。

Thank you, President. Good afternoon. Please turn with me to slide 12, income statement highlights, where I’ll cover our performance for the third quarter and first nine months of 2025.

謝謝您，總統先生。午安.請和我一起翻到第 12 頁投影片，損益表摘要，我將在那裡介紹我們 2025 年第三季和前九個月的業績。

The third quarter demonstrated strong execution and profitability. First, let’s look at the top line. Revenue reached TWD57.92 billion, achieving a significant milestone as the highest third-quarter revenue level in nine years. This represented a solid 4.2% increase compared to the same period last year. This growth was primarily fueled by the successful expansion of our ICT business and also robust sales growth, while our core telecom services maintained positive momentum.

第三季業績執行力強，獲利能力出色。首先，讓我們來看看頂行。營收達到新台幣579.2億元，創下九年來第三季營收最高紀錄，是重要的里程碑。與去年同期相比，這代表著4.2%的穩健成長。這一成長主要得益於我們資訊通信技術業務的成功擴張和強勁的銷售成長，同時我們的核心電信服務也保持了良好的發展勢頭。

Our strong operating performance is clearly reflected in our bottom line. income from operations rose by 6.4%, and net income increased 4.8% year-over-year. This performance was supported by steady growth across our mobile service and fixed broadband businesses, alongside the expansion of high-value services, including internet data center IDC and cloud services.

我們強勁的經營業績清楚地體現在我們的獲利結果中。營業收入較去年同期成長6.4%，淨收入較去年同期成長4.8%。這項業績得益於我們行動服務和固定寬頻業務的穩定成長，以及包括網路資料中心 (IDC) 和雲端服務在內的高價值服務的擴張。

As a result of this performance, earnings per share increased from TWD1.16 to TWD1.22. This reflects consistent profitability and marks the highest third-quarter EPS in eight years. This operational efficiency also resulted in a strong quarter for EBITDA, which recorded a 4.0% gain, reaching TWD22.11 billion for the quarter. The EBITDA margin of 38.17% was virtually in line with the 38.23% recorded in Q3 last year, demonstrating sustained cash generation.

受此業績提振，每股收益從新台幣1.16元增至新台幣1.22元。這反映出公司持續獲利，並創下八年來第三季每股收益最高紀錄。營運效率的提高也帶來了強勁的季度 EBITDA，年增 4.0%，達到 221.1 億新台幣。EBITDA 利潤率為 38.17%，與去年第三季的 38.23% 基本持平，顯示現金流持續充裕。

So moving now to our year-to-date performance through the first nine months. Please focus on columns five through seven for these results. Revenue grew by 3.5% year-over-year, supported by strong momentum in our ICT portfolio and the sales contribution from our subsidiary, Chunghwa Precision Test Tech. Reflecting this top-line strength, income from operations and net income rose 5.5% and 4.2%, respectively, primarily fueled by the continued expansion of ICT and cloud services, supported by sustained positive momentum from our core telecom businesses.

接下來，我們來看看今年前九個月的業績表現。請重點查看第五列到第七列的結果。營收年增 3.5%，這得益於我們 ICT 產品組合的強勁成長勢頭以及子公司中華精密測試技術有限公司的銷售貢獻。受營收強勁成長的推動，營業收入和淨收入分別成長了 5.5% 和 4.2%，這主要得益於 ICT 和雲端服務的持續擴張，以及核心電信業務的持續良好勢頭。

Year-to-date EPS stands at TWD3.79, compared to TWD3.64 last year. Furthermore, EBITDA increased 3.6% to a strong TWD67.22 billion. The EBITDA margin stood at 39.43%, broadly consistent with the prior year period. So in summary, these results highlight the dual strength of our stable core telecom foundation and our successful pivot into high-growth ICT services.

今年迄今的每股收益為新台幣3.79元，去年同期為新台幣3.64元。此外，EBITDA成長3.6%，達到強勁的672.2億新台幣。EBITDA利潤率為39.43%，與去年同期基本持平。總而言之，這些結果突顯了我們穩定的核心電信基礎和成功轉型至高成長的ICT服務的雙重優勢。

Now turning to slide 13 for balance sheet highlights. We will review our financial position as of September 30, 2025, relative to year-end 2024. Our balance sheet continues to reflect our strong commitment to capital discipline and financial flexibility.

現在請看第 13 張投影片，了解資產負債表要點。我們將截至 2025 年 9 月 30 日的財務狀況與 2024 年底的財務狀況進行比較。我們的資產負債表繼續反映了我們對資本紀律和財務靈活性的堅定承諾。

Total assets decreased by 4.0%, a reduction primarily stemming from the utilization of cash and other current monetary assets to meet a debt maturity obligation during the period. inaudible addition, property, plant, and equipment declined by 2.1%, as depreciation exceeded net additions, reflecting our continued focus on asset efficiency.

總資產減少4.0%，主要原因是本期動用現金和其他流動貨幣資產償還到期債務。此外，固定資產減少2.1%，原因是折舊超過淨增加，反映了我們對資產效率的持續關注。

Moving to the liability side, total obligations decreased significantly by 10.1%. This net reduction resulted from the repayment of a maturing debt obligation, and the subsequent partial refinancing through the issuance of our first-ever sustainability bond that incorporates biodiversity features. This reflects our commitment to ESG-based financing. As a result of this de-leveraging, our reported debt ratio stood at a healthy 23.91%, showing a slight decrease compared to year-end 2024.

從負債方面來看，總負債大幅下降了 10.1%。淨減少額是由於償還到期債務，以及隨後透過發行我們首支融入生物多樣性特徵的可持續發展債券進行的部分再融資所致。這體現了我們對基於環境、社會和治理（ESG）的融資的承諾。由於去槓桿化，我們報告的債務比率處於健康的 23.91%，與 2024 年底相比略有下降。

Regarding liquidity, our current ratio remained stable and above 100%, highlighting healthy short-term financial flexibility. Meanwhile, our net debt-to-EBITDA ratio stood at an exceptionally low 4.5%, which reflects our highly de-leveraged position and capacity to sustain our ongoing investment strategy within a balanced capital structure.

在流動性方面，我們的流動比率保持穩定且高於 100%，凸顯了良好的短期財務靈活性。同時，我們的淨負債與 EBITDA 比率處於極低的 4.5%，這反映了我們高度去槓桿化的狀況以及在平衡的資本結構內維持我們持續投資策略的能力。

Let's move to slide 14, cash flow summary. We will review our year-to-date performance through the first nine months of 2025. Cash flow from operating activities decreased by 8.6% year-over-year. This was driven primarily by the timing of settlement, specifically, increased payments for accounts payable and higher accounts receivable as of September 30.

讓我們來看第 14 張投影片，現金流量總結。我們將回顧截至 2025 年前九個月的業績。經營活動產生的現金流量較去年同期下降8.6%。這主要是由於結算時間的緣故，具體而言，截至 9 月 30 日，應付帳款的支付額增加，應收帳款也增加。

Capital expenditure rose 8% year-over-year, partly reflecting the timing of 5G 4G deployment, this year’s projects were front-loaded in the early months, whereas last year’s occurred later in the period. Some of this year’s payments also relate to projects booked last year, so the increase mainly reflects timing rather than higher investment activity.

資本支出年增 8%，部分原因是 5G 和 4G 部署的時間安排不同，今年的專案集中在年初幾個月，而去年的專案則發生在後期。今年的部分付款也與去年預定的項目有關，因此成長主要反映的是時間安排，而不是更高的投資活動。

On an accrual-based, CapEx has actually trended lower, and full-year mobile investment is expected to remain below 2024 levels, consistent with our disciplined approach to capital management. As a result of these factors, free cash flow declined by 16.5%to TWD28.19 billion year-over-year. This result is in line with expectations, given the short-term increase in working capital and the timing of our CapEx investment. We continue to maintain a strong cash position and stable operating inflows to support both business growth and shareholder returns.

以應計制計算，資本支出實際上呈下降趨勢，預計全年行動投資將低於 2024 年的水平，這與我們嚴謹的資本管理方法一致。受這些因素影響，自由現金流較去年同期下降16.5%至281.9億新台幣。考慮到營運資金的短期增加以及我們資本支出投資的時機，這一結果符合預期。我們繼續保持強勁的現金狀況和穩定的經營資金流入，以支持業務成長和股東回報。

Moving to slide 15, performance highlights and guidance, I will summarize our key achievements for the period. In quarter three 2025, the strength of our execution drove significant acceleration. We achieved record setting Q3 revenues and EPS, while our key profitability metric from income from operations, net income, and EBITDA, all performed strongly and met or exceeded our internal margin targets.

接下來是第 15 張投影片，業績亮點和指導，我將總結我們在此期間的主要成就。2025年第三季度，我們強大的執行力推動了顯著的成長加速。我們實現了創紀錄的第三季營收和每股盈餘，同時，我們的獲利能力關鍵指標——營業收入、淨收入和 EBITDA——均表現強勁，達到或超過了我們的內部利潤率目標。

For the full nine-month period, the cumulative results validate our strategy. All major metrics, including revenue, income from operations, net income, EPS, and EBITDA, performed above or on target for our full-year guidance. This success was powered by the sustained profitability of our ICT services and the reliability of our core telecom businesses. Crucially, revenue growth outpaced operating expenses, reflecting excellent operating leverage and efficiency.

九個月的累積結果驗證了我們的策略。所有主要指標，包括收入、營業利潤、淨利潤、每股收益和 EBITDA，均超過或達到我們全年預期目標。這項成功得益於我們資訊通訊技術服務的持續獲利能力和核心電信業務的可靠性。至關重要的是，收入成長超過了營運支出，這反映出卓越的營運槓桿和效率。

This concludes our review of financial performance for the third quarter and the first nine months of 2025. We are now happy to open the floor for your questions.

至此，我們對 2025 年第三季和前九個月的財務表現回顧就結束了。現在我們很高興開放提問環節，歡迎大家提問。

(Operator Instructions)

（操作說明）

Okay. We got one question from the dashboard. The question is that what is the driver of our international projects business? Okay. For international business, just as we mentioned, that in the international market, we found that Chunghwa can play a role in the global AI supply chain.

好的。我們從儀表板上收到一個問題。問題是，我們國際專案業務的驅動力是什麼？好的。對於國際業務而言，正如我們之前提到的，在國際市場上，我們發現中華科技可以在全球人工智慧供應鏈中發揮作用。

So actually, we see great potential of opportunities in the market in United States. So now our subsidiary in the United States, are doing the projects in Texas, in there stays that a lot in Taiwan high-tech company relocated there to do some plant construction, and most of them are play a very important role for the AI supply chain globally. And in the Japan markets, we also see similar opportunities in Japan, right?

所以實際上，我們看到了美國市場蘊藏著巨大的機會潛力。所以現在我們在美國的子公司正在德克薩斯州開展項目，那裡有很多台灣高科技公司搬遷到那裡進行工廠建設，其中大多數在全球人工智慧供應鏈中發揮著非常重要的作用。在日本市場，我們也看到了類似的機遇，對嗎？

And in addition to that, we also tried to introduce our self-development solutions to the global market. So for this quarter, our subsidiary, the CHT security, their cybersecurity services, we successfully introduced the services to Southeast Asian markets and in Japan, okay, with the collaboration of our subsidiaries in Singapore and in Japan.

除此之外，我們也嘗試將我們的自我提升解決方案推向全球市場。因此，本季度，我們的子公司 CHT Security 的網路安全服務已成功引入東南亞市場和日本市場，這得益於我們在新加坡和日本的子公司的合作。

For the Southeast Asia company, we also see the opportunities from the high tech. That's the main driver of the business growth in Southeast Asia company. And we also try to introduce the smart city-related projects there. So in the third quarter, we see that we successfully introduce our smart home there. What we want to notice that the smart home is mainly developed, and we introduced our in-house solutions, and we also collaborate with the partners to make -- to make it successful in Thailand. Okay.

對東南亞公司而言，我們也看到了高科技帶來的機會。這是該公司在東南亞業務成長的主要驅動力。我們也嘗試在那裡引入與智慧城市相關的項目。因此，在第三季度，我們看到我們成功地在那裡推出了我們的智慧家庭產品。我們想指出的是，智慧家庭主要由我們自主研發，我們推出了內部解決方案，我們也與合作夥伴合作，使其在泰國取得成功。好的。

(Operator Instructions)

（操作說明）

There seems to be no further questions at this moment. Please go ahead.

目前似乎沒有其他問題了。請繼續。

Okay, everyone, thank you very much for your participation. See you. Bye-bye.

好的，各位，非常感謝你們的參與。再見。再見。

Yes. Thank you, President Lin. And ladies and gentlemen, we thank you for your participation in Chunghwa Telecom's conference. There will be a webcast replay within an hour. Please visit CHT IR website, at www.cht.com.tw/ir under the IR calendar section. You may now disconnect. Thank you again, and goodbye.

是的。謝謝林校長。女士們、先生們，感謝各位參加中華電信的會議。一小時內將提供網路直播回放。請造訪 CHT IR 網站 www.cht.com.tw/ir，在 IR 日曆部分查看。您現在可以斷開連線了。再次感謝，再見。