Group 1 - On October 21, 2025, Alibaba-W (09988), SMIC (00981), and Pop Mart (09992) ranked as the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 6.587 billion, 4.678 billion, and 4.097 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Pop Mart (09992) also held the top three positions, with transaction amounts of 3.743 billion, 3.127 billion, and 1.800 billion respectively [1] Group 2 - In the Southbound Stock Connect, the top active trading companies included Alibaba-W (09988) with a transaction amount of 6.587 billion and a net buy of -0.133 billion, SMIC (00981) with 4.678 billion and a net buy of -51.9952 million, and Pop Mart (09992) with 4.097 billion and a net buy of +683 million [2] - For the Shenzhen-Hong Kong Stock Connect, the top active trading companies were Alibaba-W (09988) with a transaction amount of 3.743 billion and a net buy of -0.296 billion, SMIC (00981) with 3.127 billion and a net buy of +180 million, and Pop Mart (09992) with 1.800 billion and a net buy of +438 million [2]

Group 1 - Southbound funds recorded a net purchase of Hong Kong stocks amounting to 1.171 billion HKD today [1] - Notable net purchases include Pop Mart at 1.121 billion HKD, Xiaomi Group-W at 481 million HKD, and Hua Hong Semiconductor at 441 million HKD [1] - Southbound funds have sold Alibaba-W for three consecutive days, totaling a net sell of 4.329 billion HKD [1] Group 2 - Southbound funds ended an eight-day net selling streak for SMIC, with a net purchase of 128 million HKD [1] - The net selling of the Tracker Fund of Hong Kong reached 1.102 billion HKD [1] - Cumulatively, southbound funds have sold Alibaba for a total of 4.33685 billion HKD over the last three days [1]

Core Insights - The Hong Kong stock market saw a net inflow of 11.71 billion HKD from northbound trading on October 21, with a net buy of 25.24 billion HKD from the Shanghai Stock Connect and a net sell of 13.53 billion HKD from the Shenzhen Stock Connect [1] Group 1: Stock Performance - The most bought stocks included Pop Mart (09992), Xiaomi Group-W (01810), and Hua Hong Semiconductor (01347) [1] - The most sold stocks included the Tracker Fund of Hong Kong (02800), Alibaba Group-W (09988), and Innovent Biologics (01801) [1] Group 2: Individual Stock Details - Pop Mart (09992) received a net buy of 11.2 billion HKD, with projected revenue growth of 245%-250% year-on-year for Q3 2025 [4] - Xiaomi Group-W (01810) had a net buy of 4.81 billion HKD, with the company repurchasing 10.7 million shares at prices between 45.9 and 46.76 HKD [5] - Hua Hong Semiconductor (01347) saw a net buy of 4.29 billion HKD, supported by positive sentiment around the semiconductor sector driven by AI [5] - China Mobile (00941) received a net buy of 1.77 billion HKD, reporting Q3 service revenue of 216.2 billion HKD, a 0.8% year-on-year increase [5] - China Life (02628) had a net buy of 517.7 million HKD, with expected net profit growth of 50% to 70% year-on-year for the first three quarters [6] Group 3: Market Sentiment - The Tracker Fund of Hong Kong (02800) experienced a net sell of 11.02 billion HKD, attributed to increased market volatility and high valuations of global risk assets [6] - Tencent (00700), Innovent Biologics (01801), and Alibaba Group-W (09988) faced net sells of 318.7 million, 776.4 million, and 4.29 billion HKD respectively [7]

Group 1 - The core viewpoint of the report indicates that China Mobile's Q3 2025 revenue reached 794.7 billion yuan, showing a year-on-year growth of 0.4%, with a positive sequential growth compared to a -0.5% year-on-year decline in H1 2025 [1] - The company's profitability continues to improve, with an EBITDA margin of 33.4%, up by 0.2 percentage points year-on-year, and a net profit margin of 14.5%, up by 0.5 percentage points year-on-year [1] - Based on the latest closing prices, the expected dividend yield for China Mobile's Hong Kong stock in 2025 is 6.3%, while the expected yield for its A-shares is 4.6% [1] Group 2 - The optimistic scenario suggests that the introduction of direct satellite connectivity for mobile phones could increase the overall service revenue of the industry by 17% and net profit by 31% [1] - The company has announced an upgrade to its "AI+" action plan, aiming to double its overall investment in the AI sector by the end of 2028, establishing the largest intelligent computing infrastructure in the country, with a computing scale exceeding 100 EFLOPS, which is expected to significantly boost AI revenue [1] - The report maintains a "buy" rating for the company [1]

Core Insights - The company reported a revenue of 250.9 billion RMB for Q3, a year-on-year increase of 2.5%, and a net profit attributable to shareholders of 31.12 billion RMB, up 1.4% year-on-year [2] - For the first three quarters of 2025, the company achieved a total revenue of 794.67 billion RMB, reflecting a slight growth of 0.41%, with a net profit of 115.35 billion RMB, which is a 4.03% increase year-on-year [3] Financial Performance - The total revenue for Q3 was 250.9 billion RMB, with a total profit of 39.7 billion RMB, and a net profit attributable to shareholders of 31.1 billion RMB [4] - The EBITDA for the first three quarters was 265.4 billion RMB, showing a year-on-year increase of 0.9%, with an EBITDA margin remaining stable at 33.4% [5] - The net cash flow from operating activities for the first three quarters was 161 billion RMB, a significant decline of 28.1% compared to the previous year [5] Customer Metrics - The total number of mobile customers reached 1.009 billion, with 622 million 5G customers, indicating a net increase of 23 million in the 5G segment [5][6] - The number of wired broadband customers reached 329 million, with a net increase of 14.2 million in the first three quarters [6] Business Segments - The company’s mobile ARPU decreased to 48.0 RMB per user per month, down 3% from the previous quarter, while mobile internet traffic increased to 1.343 billion GB [7] - The company is focusing on new growth areas, including DICT and AI, with international business revenue showing rapid growth [7]

Core Viewpoint - China Mobile's Q3 2025 financial report shows modest growth in revenue and net profit, with a focus on expanding its customer base in mobile and broadband services while facing challenges in traditional mobile business profitability [1][3][4]. Financial Performance - For the first three quarters of 2025, China Mobile reported total revenue of 794.67 billion RMB, a year-on-year increase of 0.41%, and a net profit attributable to shareholders of 115.35 billion RMB, up 4.03% [1][4]. - In Q3 2025, the company achieved revenue of 250.9 billion RMB, reflecting a 2.5% year-on-year increase, while net profit was 31.12 billion RMB, up 1.4% [3][4]. - The EBITDA for the first three quarters was 265.4 billion RMB, a 0.9% increase, with an EBITDA margin of 33.4% [6]. Profitability Metrics - The gross margin for the first three quarters was 31.09%, an increase of 0.27 percentage points year-on-year, while the net margin was 14.52%, up 0.50 percentage points [5]. - In Q3, the gross margin decreased to 29.94%, down 0.88 percentage points year-on-year, and the net margin was 12.42%, a decline of 0.14 percentage points [5]. Customer Growth and Business Segments - China Mobile's total mobile customer base reached 1.009 billion, with 622 million 5G customers, adding 23 million in the quarter [6][7]. - The broadband segment showed strong performance, with a total of 329 million wired broadband customers, adding 14.2 million in the first three quarters [7]. - The average revenue per user (ARPU) for mobile services fell to 48.0 RMB per month, a decrease of 3% from the previous quarter [8]. Strategic Initiatives - The company is focusing on new growth areas, including DICT (Data, Information, Communication Technology) and AI, with significant growth in international business revenue [8]. - China Mobile is leveraging its "CHBN" strategy to integrate mobile, broadband, and applications, aiming to enhance user value and explore new revenue streams [7].

业绩简评 2025 年 10 月 20 日，公司发布 2025 年第三季度报告。2025 年 1- 3Q 实现营收 7946.66 亿元，同比+0.41%；实现归母净利润 1153.53 亿元，同比+4.0%。Q3 单季度实现营收 2508.97 亿元，同比+2.53%； 实现归母净利润 311.18 亿元，同比+1.43%。 经营分析 主营业务增长跑赢行业，EBITDA Margin 稳健：行业端国内 7 月/8 月电信主营业务收入分别同比-2.62%/+1.02%。3Q25 公司主营业 务收入达 2162 亿元，同比+0.8%，略跑赢行业。1-3Q25 公司 EBITDA 为 2654 亿元，同比增长 0.9%，EBITDAMargin 保持稳健，1-3Q25 的 EBITDA Margin 约为 33.4%，同比+0.2pct。公司经营现金流净 额同比下滑 28.1%，我们认为主要因公司支持产业链而加快付款 进度。 毛利率略有下滑，AI 与新兴业务驱动增长：公司 3Q25 毛利率 29.94%，同比-0.88pct，环比-6.09pct，短期承压，我们认为主要 系传统业务 ARPU 值下滑、新兴业务仍处 ...

瑞银：降中国移动目标价至100港元，第三季度展现韧性现金流。 ...

Core Viewpoint - UBS has slightly adjusted its forecasts for China Mobile post-earnings announcement, maintaining revenue estimates for 2025 to 2027 while reducing net profit estimates by 0% to 1% due to macroeconomic headwinds affecting profitability [1] Group 1: Financial Performance - China Mobile's Q3 service revenue reached 216.2 billion RMB, a year-on-year increase of 0.8%, aligning with market expectations [1] - EBITDA for Q3 decreased by 1.7% to 79.4 billion RMB, falling short of market expectations by 3% [1] - Net profit saw a slight year-on-year increase of 1.4%, primarily due to reduced depreciation and amortization expenses following peak capital expenditures, which partially offset rising operating costs [1] Group 2: Revenue Breakdown - The mobile ARPU for Q3 2025 declined by 2.5%, contributing to a 2% year-on-year decrease in mobile service revenue [1] - Total service revenue growth of 0.8% in Q3 was driven by a 6.1% increase in fixed-line revenue [1] Group 3: Cash Flow and Financial Health - Q3 operating cash flow was 77.2 billion RMB, a quarter-on-quarter increase of 47%, representing 36% of total service revenue, a recovery from 18% in the first half of 2025 [2] - Accounts payable decreased by 15.9 billion RMB over the first nine months, indicating China Mobile's support for upstream suppliers amid macroeconomic challenges [2] - UBS believes that, as indicated by management, China Mobile's cash flow should remain under control [2]

证券研究报告 中国移动 (600941 CH/941 HK) 港股通 经营稳步推进，AI 直接收入高速增长 华泰研究 季报点评 2025 年 10 月 21 日│中国内地/中国香港 通信运营 中国移动发布2025年前三季度业绩：公司营业收入同比增长0.4%至7946.7 亿元；归母净利润同比增长 4.0%至 1153.5 亿元，延续稳健增长态势。公司 单三季度营业收入同比增长2.5%至2509.0亿元，归母净利润同比增长1.4% 至 311.2 亿元。数智化时代，公司在"AI+"赛道迎来了更广阔的发展机遇， 网、云、端各项业务均有望受益，长期而言，我们看好公司作为全球电信运 营商龙头的经营韧性与竞争力，维持"买入"评级。 个人市场进一步深化存量客户运营，家庭市场保持量价齐升态势 个人市场方面，公司进一步加强细分市场拓展，深化存量经营、价值经营， 不断巩固市场根基，截至 9M25，公司移动客户数达到 10.09 亿户，移动 ARPU 为 48.0 元。家庭市场仍然表现优异，保持着量价齐升的态势，公司 有线宽带用户数达到 3.29 亿户，家庭客户综合 ARPU 同比增长 2.8%至 44.4 元，我们认为这得益于 ...