[China Telecom: Net profit in the first three quarters fell 14.84% year-on-year] On October 22, China Telecom (601728.SH) announced that its operating income in the third quarter was 121.089 billion yuan, a year-on-year decrease of 3.01%; the net profit attributable to shareholders of listed companies was 6.620 billion yuan, a year-on-year decrease of 14.65%. In the first three quarters, operating income was 380.099 billion yuan, a year-on-year decrease of 3.59%; net profit attributable to shareholders of listed companies was 26.207 billion yuan, a year-on-year decrease of 14.84%. In the first three quarters of 2026, the company has fully implemented the cloud-to-digital-to-intelligence strategy, with stable operating performance, new development momentum, and improved business structure. The company adheres to Token management as the main line, accelerates the creation of a leading AI service provider, builds a new generation of communication networks and computing power networks in advance, and continues to upgrade the Star TokenHub platform. The daily volume of token calls has grown rapidly, promoting the accelerated implementation of "Smart Cloud City". The company has released the Star super intelligent TeleAgent to accelerate the popularization of AI applications, continue to expand the user scale, and continue to create new growth poles for corporate transformation and development. Xiaocai Note: The company’s Q3 net profit was 6.62 billion and Q2 net profit was 12.238 billion. Based on this calculation, Q3 net profit dropped 45% month-on-month.