香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINA MOBILE LIMITED 中國移動有限公司 （根據公司條例在香港註冊成立之有限公司） 股份代號：941（港幣櫃台）及 80941（人民幣櫃台） 2024年 首3季度業績 | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------| | | | | 2024 | 年 首 3 季 度 本 集 團 的 未 經 審 計 業 績 及 運 營 數 據： | | • | 營運收入為人民幣 7,915 億 元，同 比 增 長 2.0% ；其 中，通 信 服 務 收 入 為 人民幣 6,780 億 元，同 比 增 長 2.0% | | ...

(ii) 第二批（佔授出的股票期權的30%）將於授予日起36個月後的首個交易日開放行權；及 (iii) 第三批（佔授出的股票期權的30%）將於授予日起48個月後的首個交易日開放行權。 行權有效期自開放行權開始直至授予日起10年後結束。 截至2024年6月30日止六個月期間，行使股票期權的詳情如下： | --- | --- | --- | --- | |----------------------------------------|-------|------------------------------------------------------|-------------------------------| | 行使股票期權期間 行權價格 | | 緊接行權日 \n之前的加權 \n平均每股收盤價 \n港元 港元 | 行使股票期權 \n涉及普通股數目 | | 2024 年 1 月 2 日至 2024 年 6 月 28 日 | | 55.00 70.96 54,048,124 | | 二零二四年中期報告 53 其他資料 大股東及其他人士擁有股份和相關股份的權益及持有股份的淡倉 本公司獲告知，於本公司20 ...

外 证券研究报告 ＃industryId＃ 海外 TMT | --- | --- | --- | |--------------------|-------|--------------| | | | | | 市场数据日期 | | 2024/8/14 ＃ | | 收盘价（港元） | | 72.95 | | 总股本（亿股） | | 214.50 | | 流通股本（亿股） | | 205.47 | | 每股净资产（亿元） | | 13,795.44 | | 总资产（亿元） | | 20,216.07 | | 每股净资产 | | 64.31 | hongjiajun@xyzq.com.cn SAC：S0190519080002 SFC：BPL829 投资要点 sum事m件ar：y＃公司发布 2024 年半年报。2024 年上半年，公司实现营业收入约 5467.44 亿元，同比+3.02%；归母净利润 802.01 亿元，同比+5.29%；扣非归母净利润 730.38 亿元，同比+4.60%。2024Q2，公司实现营业收入 2830.37 亿元，同比+1.09%，环 比+7.33%；归母净利润 505.92 亿元，同 ...

Earnings and Dividends - Diluted earnings per share for the six months ended June 30, 2024, were calculated based on the company's profit attributable to shareholders of RMB 80,169 million, compared to RMB 76,070 million for the same period in 2023[3] - The company declared an interim dividend of HK$2.60 per share for the six months ended June 30, 2024[16] - Interim dividend declared at HKD 2.60 per share, a year-on-year increase of 7.0%[59] - The company decided to pay an interim dividend of HKD 2.60 per share for 2024, a year-on-year increase of 7.0%[63] - The company declared an interim dividend of HKD 2.600 per share (approximately RMB 2.373) for 2024, totaling RMB 50,882 million, up from HKD 2.430 per share (approximately RMB 2.240) in 2023[111] - The company's basic earnings per share increased to RMB 3.75 from RMB 3.56 in the previous period[80] - The company's diluted earnings per share increased to RMB 3.73 from RMB 3.56 in the previous period[80] - Basic earnings per share for the six months ended June 30, 2024 were calculated based on a profit attributable to shareholders of RMB 80,201 million, compared to RMB 76,173 million for the same period in 2023[110] - The company's profit attributable to shareholders for the six months ended June 30, 2024 was RMB 80,201 million, up from RMB 76,173 million in the same period in 2023[115] Financial Performance - Shareholder profit attributable was RMB 80.2 billion, a year-on-year increase of 5.3%[59] - The company's total comprehensive income attributable to shareholders increased to 81,735 from 77,826 in the previous period[86] - Operating revenue reached RMB 546.7 billion, a year-on-year increase of 3.0%, with communication service revenue at RMB 463.6 billion, up 2.5%[59] - The company's operating revenue for the first half of 2024 reached RMB 546.7 billion, a year-on-year increase of 3.0%, with communication service revenue at RMB 463.6 billion, up 2.5%[61] - Communication service revenue increased to RMB 463.589 billion, up 2.5% YoY[152] - Total operating revenue reached RMB 546.744 billion, a 3% increase from the previous year[152] - Operating profit rose to RMB 85.734 billion, reflecting a 6.8% growth YoY[152] - EBITDA was RMB 182.3 billion, with EBITDA to communication service revenue ratio at 39.3%[46] - Capital expenditure was RMB 64 billion, with free cash flow at RMB 67.4 billion[46] - Operating cash inflow decreased to RMB 131,377 million in H1 2024 from RMB 160,525 million in H1 2023[104] - Investment cash outflow increased to RMB 85,482 million in H1 2024 from RMB 59,255 million in H1 2023[104] - Financing cash outflow decreased to RMB 55,514 million in H1 2024 from RMB 63,766 million in H1 2023[104] - Net decrease in cash and cash equivalents was RMB 9,619 million in H1 2024 compared to a net increase of RMB 37,504 million in H1 2023[104] Assets and Liabilities - Accounts payable decreased to RMB 166,167 million as of June 30, 2024, from RMB 173,309 million as of December 31, 2023[8] - Accrued expenses increased to RMB 142,886 million as of June 30, 2024, from RMB 124,147 million as of December 31, 2023[8] - Total fixed assets decreased to RMB 680,172 million as of June 30, 2024, from RMB 714,663 million as of December 31, 2023[13] - Construction in progress increased to RMB 86,890 million as of June 30, 2024, from RMB 74,496 million as of December 31, 2023[13] - Total assets increased to RMB 2,021,607 million as of June 30, 2024, from RMB 1,992,657 million as of December 31, 2023[13] - The company's total liabilities decreased to 637,738 million from 646,672 million in the previous period[87] - The company's total equity increased to 1,383,869 million from 1,345,985 million in the previous period[87] - The company's total equity and liabilities increased to 2,021,607 million from 1,992,657 million in the previous period[87] - Total receivables increased to 84,342 million, up 53.68% from 54,881 million in the previous year[199] - Receivables over 91 days to one year surged to 38,392 million, an 88.72% increase from 20,342 million in the previous year[199] - Receivables over one year rose to 9,542 million, a 42.48% increase from 6,697 million in the previous year[199] Market and Customer Metrics - Mobile customer base exceeded 1 billion, with 5G network customers reaching 514 million; mobile ARPU was RMB 51.0[59] - Wired broadband customers reached 309 million, with home broadband customers at 272 million; home customer comprehensive ARPU was RMB 43.4[59] - Total connections exceeded 3.5 billion, with a net increase of 150 million[61] - The personal market revenue reached RMB 255.2 billion, with mobile customers surpassing 1 billion, a net increase of 9.26 million, and 5G network customers reaching 514 million, a net increase of 49 million[66] - The family market revenue reached RMB 69.8 billion, a year-on-year increase of 7.5%, with family broadband customers reaching 272 million, a net increase of 8.48 million[67] - The emerging market revenue reached RMB 26.6 billion, a year-on-year increase of 13.2%, with international business revenue at RMB 11.8 billion, up 16.3%[72] - The digital content revenue reached RMB 14.5 billion, a year-on-year increase of 11.3%, with cloud gaming monthly active users reaching 123 million[72] - The industrial chain financial business scale reached RMB 37.9 billion, a year-on-year increase of 72.1%, with the number of served enterprises up 55.5%[72] - The company's government and enterprise market revenue reached RMB 112 billion, a year-on-year increase of 7.3%, with the number of government and enterprise customers reaching 30.38 million, a net increase of 2.01 million[135] - Mobile Cloud revenue reached RMB 50.4 billion, a year-on-year increase of 19.3%, with IaaS+PaaS revenue share ranking among the top five in the industry[135] - The company signed over 40,000 5G industry commercial cases, driving 5G private network revenue to RMB 3.9 billion, a year-on-year increase of 53.7%[135] - AI-enabled products have reached 110 million customers in the first half of the year[144] Digital Transformation and Innovation - Digital transformation revenue reached RMB 147.1 billion, a year-on-year increase of 11.0%, accounting for 31.7% of communication service revenue[59] - The "Second Curve" digital transformation revenue reached RMB 147.1 billion, a year-on-year increase of 11.0%, accounting for 31.7% of communication service revenue[61] - DICT revenue reached RMB 65.2 billion, a year-on-year increase of 8.4%[52] - Personal digital revenue grew by 34.6% year-on-year, while family digital revenue increased by 4.5%[52] - The company expanded over 70 intelligent computing projects, with cumulative contract amounts exceeding RMB 2 billion[137] - The company's big data platform has accumulated over 2,000 PB of data resources, with data governance reaching the highest domestic level (DCMM Level 5)[137] - The company released the "Nine Heavens" AI base, which includes a 10,000-card intelligent computing cluster, a 100-billion multimodal large model, and an ecosystem platform integrating 100 major elements[140] - The company has released 17 self-developed "Nine Heavens" industry large models, accumulating 450 AI capabilities and empowering nearly 1,000 industry applications[140] - The company launched the industry's first full-scenario anti-fraud service product, building four lines of defense: intelligent fraud detection, intelligent early warning, smart home correlation, and insurance compensation[142] - The company has formed a core AI team of 2,000 people and launched the "Jiutian" AI Research Institute[143] - The company has deployed a large-scale intelligent computing center in Hohhot and initiated the construction of another in Harbin[143] - The company has released a fully self-developed multimodal large model with trillions of parameters and started training a 200-billion-parameter model[143] - The company has launched 20 industry applications, including AI inspection, AI auditing, and AI emergency response[144] - The company has established 34 R&D cooperation platforms and formed its first international cooperation entity[147] - The company has gathered over 1,300 upstream enterprises and more than 400 international operators and industry partners through its GTI international cooperation platform[147] - The company's general computing power reached 8.2 EFLOPS (FP32), and intelligent computing power reached 19.6 EFLOPS (FP16)[157] - The company's "N+X" multi-level intelligent computing layout has been established, with 13 intelligent computing center nodes operational in key regions[157] - The company's data transaction volume exceeded 100 million entries per month, supported by the Data Sharing and Services Network (DSSN)[157] - The company aims to enhance AI+ services by improving big data, computing power, and model supply capabilities[161] - The company has built the world's largest communication service data cluster, the Wutong Big Data Platform, with over 5 trillion tokens of high-quality data[172] - The company is accelerating the transformation from "+AI" to "AI+" to inject momentum into high-quality development[173] - The company is actively promoting the conversion of big data value and participating in the formulation of national high-quality data classification and grading standards[172] - The company is advancing the "BASIC6" innovation plan and upgrading the "One Body Five Rings" innovation system[171] - The company is implementing the "Two New Types" upgrade plan, the "AI+" action plan, and the "BASIC6" innovation plan to develop new productive forces[176] Network and Technology - The company achieved a high-throughput data transmission of over 5,000 kilometers with its proposed wide-area high-throughput protocol[74] - The company successfully built the world's first 800G+ hollow-core fiber test network, achieving a bidirectional transmission capacity of 128TB/s over 20 kilometers, with optical link latency reduced by over 30%[74] - 5G network investment totaled RMB 31.4 billion, with over 2.29 million 5G base stations deployed[157] - The company plans to expand 5G-A commercial deployment to over 300 cities by the end of the year[157] - The company has reduced network-related costs per 100 yuan of fixed assets by 3.5% and decreased 5G single-site energy consumption by 11.7%[144] Expenses and Costs - Maintenance support costs increased to 96,382 million, up 1.99% from 94,502 million in the previous year[197] - Energy usage fees rose slightly to 21,234 million, compared to 21,191 million in the previous year[197] - Tower usage fees decreased to 11,991 million, down 6.47% from 12,821 million in the previous year[197] - Circuit, network element, and other asset usage fees dropped to 9,579 million, a 6.72% decrease from 10,269 million in the previous year[197] - Other expenses fell to 3,496 million, a 26.29% decrease from 4,743 million in the previous year[197] - Total expenses for the period amounted to 142,682 million, slightly down from 143,526 million in the previous year[197] - Depreciation and amortization decreased by approximately RMB 9,535 million for the six months ended June 30, 2024 due to a change in the depreciation period of 5G wireless and related transmission equipment from 7 to 10 years[116] - Expected credit impairment losses rose to RMB 12,027 million in H1 2024 from RMB 7,501 million in H1 2023[109] - Interconnection expenses increased to RMB 14,214 million in H1 2024 from RMB 11,340 million in H1 2023[109] - Interest income decreased to RMB 2,980 million in H1 2024 from RMB 3,836 million in H1 2023[109] - Net gains from holding/disposal of financial assets rose to RMB 8,143 million in H1 2024 from RMB 7,537 million in H1 2023[109] Taxation and Financial Provisions - Corporate income tax provision for mainland China and other regions was RMB 22,506 million in H1 2024, slightly lower than RMB 23,588 million in H1 2023[93] - Hong Kong profits tax provision increased to RMB 347 million in H1 2024 from RMB 335 million in H1 2023[93] - The company will withhold and pay 10% corporate income tax on the 2024 interim dividend to Hong Kong Clearing[192] Share Repurchase and Equity - The company repurchased 2,377,000 Hong Kong-listed shares for a total of HKD 154,555,920.75 during the six months ended June 30, 2024[123] - The weighted average number of shares for the six months ended June 30, 2024, was 21,510,078,365, up from 21,397,822,194 in the same period in 2023[3] International Operations - The company's operating income and assets outside mainland China account for less than 5% of the group's total operating income and assets[167]

股 研 快 [ 票 23 April 2024 证 券 T a b I n f o 1 ] Equity Research 究 | --- | --- | --- | |-------------------------------------------------------|--------|------------------------------------| | | | | | | | | | [Table_Title] Flash Note: China Mobile (00941 HK) | 中文版 | Gin Yu 余劲同 (852) 2509 2113 | | 快讯： 中国移动 (00941 HK) Chinese version | | gin.yu@gtjas.com.hk | [Table_Summary] 2024年第一季度业绩超预期，降本增效持续推进 Flash Note 讯 我们维持目标价为 78.00 港元，维持投资评级为"买入"。中国移动（"公司"）具有高景气和高派息两个特点。我们 预计行业高景气将得到保持，同时公司的成本管控制和效率提升将增强其盈利能力，因此派息水平有望 ...

本 集 團 將 堅 持 穩 中 求 進、守 正 創 新，著 力 增 強 核 心 功 能、提 高 核 心 競 爭 力，加 快 培 育 壯 大 戰 略 性 新 興 產 業，加 快 形 成 新 質 生 產 力，高 水 平 建 設 世 界 一 流 信 息 服 務 科 技 創 新 公 司，為 廣 大 股 東、客 戶 持 續 創 造 更 大 價 值。 – 4 – 集團業績 中國移動有限公司（「本公司」）欣 然 宣 佈，本 公 司 及 各 附 屬 公 司（「本集團」）截 至 2024年3月31日止三個月期間按照國際財務報告準則編製的未經審計合併業績。 未經審計簡明合併綜合收益表 截 至2024年3月31日止三個月 （以 人 民 幣 列 示） | --- | --- | --- | |-------------------------------|-------------------------|----------------------| | | 截 至 3 月 31 \n2024 年 | 日止三個月 \n2023 年 | | | 百萬元 | 百萬元 | | 營運收入 | | 209,837 | | 通信服務收入 | ...

二零二三年年報 41 包容成長，與全社會共享發展成果。公司堅持人民至上，與社會共享發展紅利。深入實施「人才強企」工程，加快人才 能力轉型，切實將人才鍛造成為公司的核心競爭力。尊重和保護員工權益，深入實施「五小」暖心工程、「幸福1+1」、 員工困難幫扶等項目，為員工提供友善的工作環境。關注年長、殘障、少數民族等群體數字需求，4G網絡覆蓋全國 99.6%的行政村，5G網絡基本實現全國鄉鎮以上連續覆蓋，大型行政村、發達農村有效覆蓋，加速彌合數字鴻溝。鞏 固拓展脫貧攻堅成果，全面推進數智強農興農，建設超過39萬個數字鄉村達標村和15.59萬個智慧社區。深耕公益慈 善，持續深化運營「中國移動公益平台」，開展品牌慈善項目，積極支持志願服務。支撐區域協調發展，助力高質量共 建「一帶一路」，助力暢通國內國際雙循環相互促進的新發展格局。 綠色發展，助力綠色社會建設。公司高度重視應對氣候變化工作，堅定不移走生態優先、綠色低碳的發展道路。推進 「C2三能－中國移動碳達峰碳中和行動計劃」，加強綠色低碳技術攻關，引領5G基站節能降耗，提升數據中心能效水 準，建成極簡基站8.6萬個，5G新增單站能效同比提升9%，新建大型、超大型數據中心 ...

nfo1 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------|--------------------------------------------------------|--------------------------------------|------------------------|------------------------------------------|--------------------|---------------------------|--------------------|------------------------|----------------------|--------------------------| | [Table_ Year End Profit] 年结 12/31 | Turnover 收入 (RMB m) | Net Profit 股东净利 (RMB m) | ...

中国移动（0941） 更新报告 图表 3：中国移动营业利润率和净利润率 图表 4：中国移动 EBITDA 和 EBITDA 率（百万元） 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% 图表 5：中国移动年中派息情况和派息比率 图表 6：中国移动主要运营数据 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------|--------------------------------|-----------------------------|-------------------------------------------------------------------|-----------------------------|------------- ...

信 息 服 務 供 給 能 力 顯 著 增 強。產 品 方 面，我 們 著 力 打 造 硬 核 產 品，建 立 戰 略 主 推 產 品 和 戰 略 培 育 產 品「雙 清 單」，打 造 數 智 服 務「產 品 雁 陣」，形 成 億 級、十 億 級、百 億 級 收 入 的 產 品 體 系，取 得 良 好 實 效。公 眾 市 場 領 域，17項產品客戶規 模 過 億，其 中4項 產 品 客 戶 規 模 超 兩 億；雲 手 機 正 式 發 佈 商 用，基 於 算 力 覆 蓋 行 業 領 先 優 勢 的 特 色 功 能 和 用 戶 體 驗 獲 得 市 場 積 極 反 饋，截 至2023年12月 底，雲 手機客戶達到1,199萬 戶。政 企 市 場 領 域，6項 產 品 收 入 規 模 超 百 億，其 中 移 動 雲 全 場 景 觸 達 服 務 能 力 業 界 一 流，創 新 高 性 能 計 算 架 構COCA14、打 造 異 構 計 算 生 態，自 研 天 元 操 作 系 統、雲 主 機 等 重 點 產 品 核 心 性 能 業 界 領 先。面 向IoT終 端 提供視頻連接服務的中國移動視聯網15業 務 創 新 佈 局 ...