Core Points - The article highlights the volunteer efforts of China Mobile Jiangsu's Lianyungang branch in supporting local farmers during the autumn harvest season [1][3] - The initiative aims to bridge the gap between the company and the community by addressing the practical difficulties faced by farmers [3] Group 1: Volunteer Activities - Volunteers assisted an elderly farmer, Mr. Li, who was struggling to dry his soybeans due to a lack of labor at home [1] - The volunteers engaged with Mr. Li, teaching him how to use smartphones for communication and weather updates, ensuring he could fully grasp the technology [3] Group 2: Corporate Social Responsibility - The company plans to continue its commitment to social responsibility by organizing diverse volunteer activities based on community needs [3]

Core Viewpoint - China Mobile announced the appointment of Chen Zhongyue as the chairman of its parent company, China Mobile Communications Group Co., Ltd., effective October 28, 2025, while Yang Jie will no longer serve in this role [1] Group 1 - The announcement was made on October 29, 2023, regarding the leadership change within the parent company [1]

香港，2025 年 10 月 29 日 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。 母公司董事長變更 中國移動有限公司（「本公司」）董事會（「董事會」）宣佈，本公司於2025年10月 28 日接獲最終控股股東中國移動通信集團有限公司（「母公司」）的通知，陳忠岳先 生出任母公司董事長職務，楊杰先生不再擔任母公司董事長職務。 CHINA MOBILE LIMITED 如本公司董事會之組成或董事之角色和職能有任何後續變動，本公司將適時另行公告。 中國移動有限公司 承董事會命 中國移動有限公司 黃蕙蘭 公司秘書 （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） 於本公告之日，本公司董事會由楊杰先生、何飈先生、王利民先生和李榮華先生 擔任執行董事；由姚建華先生、楊强博士、李嘉士先生和梁高美懿女士擔任 獨立非執行董事。 ...

Core Insights - The "2025 China Broadcasting and Television Quality Creation Conference" was held in Beijing, showcasing significant achievements in micro-short dramas [1] - Migu's micro-short drama "Dali Village Superman" received the "2025 Annual Recommended Work" award, highlighting its focus on rural revitalization through sports [1] - The industry is facing challenges such as content homogenization, prompting regulatory bodies to encourage healthy development and diversity in micro-short dramas [8] Group 1: Awards and Recognitions - Migu's "Dali Village Superman" was recognized as a leading work in the micro-short drama category, emphasizing its narrative on youth returning to rural areas for entrepreneurship [1] - "The Drama is Bigger than the Sky" and "The Impostor at Sunset" were awarded in the "Beijing Audiovisual 'Chasing Light Plan' International Micro-Short Drama Competition" [1][3] - The director of "The Drama is Bigger than the Sky," Li Gen, was honored as an "Outstanding Director" [1] Group 2: Thematic Focus of Dramas - "Dali Village Superman" tells a story of contemporary youth revitalizing their hometown through sports, aligning with the broader theme of rural development [1] - "The Drama is Bigger than the Sky" centers on the preservation of traditional skills through the lens of the national intangible cultural heritage "Qin Opera" [3] - "The Impostor at Sunset" addresses the theme of anti-fraud, utilizing a suspenseful narrative to educate viewers about real-world scams [6] Group 3: Industry Trends and Strategies - Migu is committed to the "Micro-Short Drama+" strategy, integrating content with technology and innovation across various sectors such as cultural heritage and sports [10] - The company aims to create a diverse content ecosystem, responding to the call for high-quality development in the micro-short drama industry [10] - Migu's initiatives include the "Starry Light 3.0" plan, focusing on collaboration among platforms, production, and regulation to enhance content quality [8]

Core Insights - China Mobile has appointed its first "post-70s" chairman, Chen Zhongyue, succeeding Yang Jie, who served for six years [1] - Under Yang Jie's leadership, China Mobile's revenue grew from 745.917 billion yuan in 2019 to 1,040.759 billion yuan in 2024, marking a significant milestone of surpassing one trillion yuan [2] - The company is currently facing growth pressures, with a revenue increase of only 0.4% year-on-year for the first three quarters of 2025 [2] Financial Performance - During Yang Jie's tenure, net profit attributable to shareholders rose from 106.325 billion yuan to 138.37 billion yuan, indicating steady growth [2] - In the first half of 2025, China Mobile reported a revenue of 543.8 billion yuan, a decline of 0.5% year-on-year, marking its first negative revenue growth in six years [2] - The net profit for the same period increased by 5.0% to 84.2 billion yuan, but the growth rate has been slowing compared to previous years [2] Industry Trends - Yang Jie highlighted that traditional communication services are nearing saturation, with voice and SMS services experiencing negative growth [2] - New information services, particularly in artificial intelligence, are still in the developmental stage, with significant growth potential but currently small scale [3] - The telecommunications industry as a whole has seen a slowdown, with a reported revenue growth of only 0.9% in the first three quarters of 2025 [3] Leadership Transition - Chen Zhongyue, the new chairman, has a long history in the telecommunications sector, having previously served in various roles at China Telecom and China Unicom [4] - The industry is keenly observing how Chen will navigate China Mobile, which has surpassed one trillion yuan in revenue [4] - The position of chairman at China Unicom, previously held by Chen, remains unfilled following his transition to China Mobile [5]

Core Insights - The fourth China IPv6 Innovation Development Conference released the "China IPv6 Development Report (2025)", highlighting significant advancements in IPv6 development in China, with key indicators showing rapid growth and a positive development trend [1] Group 1: Key Development Indicators - As of September 2025, the number of active IPv6 users in China reached 865 million, a 294-fold increase from 2.93 million in 2017, with a user penetration rate of 77.02% [1] - The proportion of IPv6 traffic in total mobile and fixed network traffic reached 34.02%, with mobile network IPv6 traffic averaging 69.02%, a nearly 14-fold increase since the end of 2019 [1] - In February 2023, mobile network IPv6 traffic surpassed 50% for the first time, marking a historic shift where IPv6 traffic exceeded IPv4 traffic [1] Group 2: Network Infrastructure Upgrades - Major telecom companies in China have completed IPv6 upgrades across their backbone networks, metropolitan area networks, and 4G networks, with all new 5G networks and gigabit optical networks also supporting IPv6 [3] - By September 2025, the international IPv6 bandwidth of the three major telecom companies reached 11.32 Tbps, over 100 times the capacity in 2019 [3] Group 3: Application Infrastructure Improvements - All major telecom companies have completed IPv6 upgrades for their data centers and DNS, with over 95% of cloud products now supporting IPv6 [5] - The IPv6 support rate for major content delivery networks (CDN) reached 94.93% as of September 2025, with enhanced capabilities for IPv6 traffic acceleration [5] Group 4: Terminal Support Capabilities - All new mobile terminals since 2019 are configured to support both IPv4 and IPv6, with major smartphone brands enabling IPv6 by default [7] - As of September 2025, the IPv6 activation rate for home gateways reached 96.86%, and over 90% of home routers in use support IPv6 [7] Group 5: Expanding Application Depth and Breadth - Government websites and services have significantly improved their IPv6 support, with over 95% of county-level government portals now IPv6 compatible [9] - The IPv6 support rate for the top 200 apps and 100 commercial websites in China reached 97.33%, with an average IPv6 traffic share of 74.51% for these apps [9] Group 6: Technological Innovation and Standards - A comprehensive IPv6 evolution technology system has been established, with over 1,000 deployments across various sectors, including government, finance, and education [11] - By September 2025, China had published 138 IPv6 industry standards and initiated 52 national standards, enhancing the IPv6 standard system [12] Group 7: Security Enhancement - The management and supervision of IPv6 network security have improved, with over 3,000 malicious IPv6 address segments monitored and over 20,000 incidents of controlled IPv6 botnets addressed [14] - The release of national standards for IPv6 network security devices has led to comprehensive coverage of IPv6 functionalities in mainstream security products [15] Group 8: Pilot Demonstrations and Promotion - The central government has initiated pilot projects to enhance IPv6 deployment, with significant increases in IPv6 traffic in selected cities [16] - Various forums and promotional activities have been organized to raise awareness and acceptance of IPv6 across different sectors [17]

Core Viewpoint - The International Telecommunication Union (ITU) has officially released the global universal fast-charging standard L.1004, led by the China Academy of Information and Communications Technology (CAICT) in collaboration with Huawei, OPPO, and vivo, marking a significant milestone in mobile terminal charging solutions [1] Group 1 - The standard L.1004 is the first global universal fast-charging standard established by ITU [1] - China's independently developed fast-charging solution is the only case recommended in the "best practices" section of the standard [1]

Group 1: OpenAI and Microsoft Partnership - Microsoft and OpenAI have signed a new agreement to support the formation and capital restructuring of OpenAI Group PBC, with Microsoft holding approximately $135 billion in investment rights, equating to about 27% ownership in the profit-making entity [2] - OpenAI's non-profit foundation will continue to control the profit-making organization, with an estimated valuation of $130 billion [2] - OpenAI plans to purchase $250 billion worth of Microsoft Azure cloud services, resulting in Microsoft losing its preferential rights to provide computing services to OpenAI [2] Group 2: Nvidia's Investment in Nokia - Nvidia announced a $1 billion investment in Nokia at a subscription price of $6.01 per share, which will give Nvidia a 2.9% stake in Nokia [3] - The investment aims to accelerate AI-RAN innovation and facilitate the transition from 5G to 6G [3] - Both companies will collaborate on developing next-generation 6G mobile communication technology, with Nokia adapting its software for Nvidia's chips [3] Group 3: Xiaomi's Smart Appliance Factory - Xiaomi's smart appliance factory officially commenced production in Wuhan, marking the company's third large-scale smart factory [6] - The factory can produce a high-end air conditioner every 6.5 seconds, with 100% AI visual inspection for key components [6] - Xiaomi's "Panghuai Smart Manufacturing Platform" enables intelligent control of manufacturing equipment, achieving industry-leading efficiency and quality [6] Group 4: Strategic Developments in the Tech Sector - Xiaopeng Huitian signed a strategic cooperation agreement with the Dunhuang Municipal Government to launch the first low-altitude self-driving tourism route in Northwest China [7] - Baidu's AI glasses will begin pre-sales on November 1, featuring various AI capabilities and stylish designs [8] - Shanghai Xinyang has started construction on a project to produce 50,000 tons of key materials for integrated circuits, with an investment of 1.85 billion yuan [13] Group 5: Mergers and Acquisitions - Skyworks plans to merge with competitor Qorvo in a cash and stock transaction, with a combined valuation of approximately $22 billion [10] - The merger aims to enhance capabilities in high-performance RF, analog, and mixed-signal semiconductor sectors [11] - ChipLink Integration revealed progress in its SiC business, with samples sent to AI companies in Europe and the US, indicating a strong market presence [14]

Core Viewpoint - The company maintained stable revenue and good profit growth in the first three quarters of 2025, despite facing pressure in the personal market due to slowing traffic growth. The family market achieved good growth driven by gigabit upgrades and mobile family plans, while mobile cloud and 5G private network businesses continued to grow rapidly. With a continuous decline in capital expenditure, depreciation and amortization are expected to remain stable or decrease over the next three years. The company guides for steady revenue growth and good profit growth for the full year [1][6]. Financial Performance - In the first three quarters of 2025, the company's operating revenue was 794.7 billion yuan, a year-on-year increase of 0.4%. The main business revenue was 683.1 billion yuan, up 0.8%, and the net profit attributable to shareholders was 115.4 billion yuan, an increase of 4.0% [2][3]. - For Q3 2025, the operating revenue was 250.9 billion yuan, a year-on-year increase of 2.53%. The communication service revenue was 216.2 billion yuan, up 0.8%, and the net profit attributable to shareholders was 31.1 billion yuan, an increase of 1.43% [3]. Cash Flow - In the first three quarters of 2025, the net cash flow from operating activities was 161.0 billion yuan, a decrease of 28.13% year-on-year. For Q3 2025, the net cash flow from operating activities was 77.2 billion yuan, down 16.70% year-on-year. However, the decline in cash flow narrowed in Q3 as the company strengthened cash flow management [4]. Market Segments - In the personal market, as of September 30, 2025, the total number of mobile customers reached 1.009 billion, with 5G network customers at 622 million. In the first three quarters, mobile internet traffic grew by 8.3%, and mobile ARPU was 48.0 yuan, a decrease of 1.5 yuan year-on-year. Despite traffic growth, pricing pressure remains due to promotional activities and number portability [5]. - In the family market, as of September 30, 2025, the total number of fixed broadband customers reached 329 million, with a net increase of 14.2 million in the first three quarters. The comprehensive ARPU for family customers was 44.4 yuan [5]. Profitability Forecast - The company expects steady revenue growth and good profit growth for the full year. The forecast for net profit attributable to shareholders for 2025-2027 is 144.6 billion yuan, 149.8 billion yuan, and 154.8 billion yuan, corresponding to PE ratios of 15.88X, 15.33X, and 14.83X, respectively. The investment rating is maintained as "buy" [6].

Core Viewpoint - The approval for commercial trials of eSIM mobile services has been granted to China Unicom, China Mobile, and China Telecom, highlighting the technological advantages of eSIM cards such as card-free activation and seamless global roaming, which cater to diverse communication needs and present opportunities for domestic software and systems [1] Group 1 - eSIM technology is integrated into mobile chips, eliminating the need for physical SIM cards, thus enhancing convenience and flexibility for users [1] - The adoption of eSIM technology promotes the lightweight design of terminal devices and increases collaboration opportunities within the industry chain [1] - Currently, eSIM phones are utilized in the Internet of Things (IoT) sector, with plans for future expansion to more devices, providing innovative development space for China Mobile, Unicom, and Telecom [1]