中国移动有限公司 自 2025 年 1 月 1 日 至 2025 年 12 月 31 日止期间财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2608866 号 中国移动有限公司全体股东： 一、审计意见 我们审计了后附的中国移动有限公司 (以下简称"中国移动") 财务报表，包括 2025 年 12 月 31 日的合并资产负债表，2025 年度的合并利润表、合并现金流量表、合并股东权益变动表 以及相关财务报表附注。 我们认为，后附的财务报表在所有重大 ...

中国移动有限公司 2025 年度内部控制审计报告 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2605840 号 中国移动有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了中国 移动有限公司 (以下简称"中国移动") 2025 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定，建立健全和 ...

关于中国移动有限公司 2025 年度非经营性资金占用及其他关联资金 往来情况的专项说明 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 关于中国移动有限公司 2025 年度非经营性资金占用及其他关联资金往来情况的专项说明 毕马威华振专字第 2601466 号 中国移动有限公司董事会： 我们接受委托，按照中国注册会计师审计准则审计了中国移动有限公司（以下简称 "中国移动"）2025 年度的财务报表，包括 2025 年 12 月 31 日的合并资产负债表，2025 年度的合并利润表、合并现 ...

26 March 2026 2025 Annual Results 1 Disclaimer This document does not constitute an offer or invitation to purchase or subscribe for any securities or relevant derivatives of China Mobile Limited (the "Company") or the rendering of any investment advice, and no part thereof shall be relied upon or taken as the basis of any contract, commitment or investment decision relating to such securities or relevant derivatives, and this document does not constitute a recommendation in respect of the securities or rel ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The communication sector rose by 1.96% in the 11th week of 2026, ranking first among major industries, and has increased by 6.8% since the beginning of the year, ranking seventh [2][5] - GTC 2026 sees NVIDIA's introduction of the "Five Cabinet" inference solution, leading to significant growth in Scale-out optical interconnects [6] - OFC 2026 anticipates exponential growth in the AI-driven optical communication industry, with leading companies accelerating capacity expansion and multiple technology paths such as CPO, NPO, OCS, and XPO being implemented [7][10] - Domestic cloud providers are adjusting AI service pricing due to surging AI demand and rising supply chain costs [9] Summary by Sections Market Performance - In the 11th week of 2026, the communication sector's performance was highlighted, with significant individual stock movements, including a 26.8% increase for Yuanjie Technology and a 15.5% decrease for Fenghuo Communication [5] GTC 2026 Developments - NVIDIA forecasts that orders for the Blackwell and Rubin platforms will reach $1 trillion by 2027, doubling the previous estimate of $500 billion for 2026 [6] - The hardware aspect includes the release of Groq 3 LPU chips and Groq 3 LPX inference cabinets, achieving a total cabinet computing power of 315 PFLOPS [6] OFC 2026 Projections - The optical communication industry is expected to grow exponentially, with AI optical communication's total addressable market (TAM) projected to increase from $18 billion to over $90 billion from 2025 to 2030, reflecting a CAGR of approximately 40% [7] - InP chip demand is expected to grow at a CAGR of 85% from 2026 to 2030, with significant capacity expansions planned by major players [7] Technology Advancements - The industry is on the brink of entering the single-channel 400G era, with companies like Zhongji Xuchuang and Xinyi Sheng launching new optical modules and products [8] Pricing Adjustments by Cloud Providers - Major cloud providers in China, including Tencent Cloud and Alibaba Cloud, have significantly raised prices for AI services, with increases ranging from 5% to 34% [9]

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。 本 公 司 同 時 籲 請 投 資 者 在 買 賣 本 公 司 證 券 時 務 須 小 心 謹 慎。 承董事會命 中國移動有限公司 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） 2025年四季度客戶數據 中國移動有限公司（「本公司」）董事會（「董事會」）宣 佈2025年四季度本公司及其 各附屬公司（「本集團」）的 客 戶 數 據，詳 情 如 下： | 單 位：萬 户 | 2025年四季度 | | --- | --- | | 移動業務 | | | 客戶總數 | 100,516.9 | | 本季度淨增客戶數 | -370.5 | | 本年累計淨增客戶數 | 85.4 | | 5G網絡客戶數 | 64,199.8 | | 有綫寬帶業務 | | ...

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。 本公告乃按照《公 司 條 例》（香 港 法 例 第622章）第632條 刊 發 的 通 告。 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） 暫停辦理香港股份過戶登記手續 及 關於代扣代繳境外非居民企業 2025年建議末期股息所得稅事項的公告 謹此提述中國移動有限公司（「本公司」）於2026年3月26日刊發的2025年年度業績 公 告。本 公 司 董 事 會（「董事會」）建議向本公司股東派發截至2025年12月31日止財 政年度之末期股息每股2.52港 元（未 扣 除 應 代 扣 代 繳 之 中 國 企 業 所 得 稅）（「2025 年末期股息」）。2025年末期股息須待本公司股東於2026年5月21日（星 期 四）召 開 的股東週年大會 ...

Financial Performance - Operating revenue reached RMB 1,050.2 billion, a year-on-year increase of 0.9%[3] - Main business revenue amounted to RMB 895.5 billion, growing by 0.7% year-on-year; cloud computing service revenue was RMB 89.8 billion, up 11.1%[3] - Operating profit reached RMB 148.9 billion, an increase of 4.4% year-on-year[3] - Shareholder profit attributable to the company was RMB 137.1 billion, a decrease of 0.9% year-on-year, but a 2.0% increase on a comparable basis[3] - EBITDA was RMB 338.9 billion, growing by 1.6% year-on-year, with an EBITDA margin of 32.3%, up 0.2 percentage points[3] - The company reported a net profit of RMB 137,264 million for the year ended December 31, 2025, slightly down from RMB 138,526 million in 2024[31] - Total comprehensive income for the year ended December 31, 2025, was RMB 135,477 million, a decrease of 4.1% from RMB 141,064 million in 2024[32] - Basic earnings per share for 2025 were RMB 6.35, a slight decrease from RMB 6.45 in 2024[32] - The diluted earnings per share for 2025 are RMB 137,095 million, compared to RMB 138,356 million in 2024, reflecting a decrease of 0.9%[48] Revenue Breakdown - Revenue from voice services decreased to RMB 66,633 million in 2025, down 6.9% from RMB 70,090 million in 2024[41] - Wireless internet services revenue declined to RMB 369,092 million, a decrease of 4.4% compared to RMB 385,936 million in 2024[41] - Revenue from fixed broadband services increased significantly to RMB 141,569 million, up 8.5% from RMB 130,192 million in 2024[41] - Application and information services revenue rose to RMB 258,761 million, an increase of 6.1% from RMB 243,774 million in 2024[41] Customer and Market Growth - Mobile customer base remained stable at 1.005 billion, with 5G network customers reaching 642 million, a net increase of 89.6 million, achieving a penetration rate of 63.9%[8] - The company achieved a rapid growth in international market revenue, reaching RMB 29.3 billion in 2025, representing a year-on-year increase of 28.5%[13] - The monthly active users of China Mobile's app reached 346 million, a year-on-year growth of 50.0%, with 5G network usage time increasing to 97.6%[14] - Enterprise customer revenue reached RMB 240.4 billion, a year-on-year increase of 6.1%, with a total of 36.17 million enterprise customers[12] Cost and Expenses - Total operating costs for 2025 were RMB 285,698 million, slightly higher than RMB 283,341 million in 2024, reflecting a marginal increase of 0.8%[42] - Maintenance support costs increased to RMB 194,549 million, up from RMB 191,045 million in 2024, indicating a growth of 2.6%[42] - Energy usage costs rose to RMB 43,931 million, an increase of 3.0% from RMB 42,654 million in 2024[42] - Total operating expenses for 2025 are projected at RMB 62,278 million, a decrease of 8.4% from RMB 67,979 million in 2024[43] Investments and Assets - Net cash inflow from operating activities for 2025 was RMB 232,919 million, down 26.2% from RMB 315,741 million in 2024[35] - Total assets as of December 31, 2025, increased to RMB 2,128,182 million, compared to RMB 2,108,127 million in 2024, reflecting a growth of 0.95%[34] - Total liabilities decreased to RMB 695,331 million in 2025 from RMB 711,588 million in 2024, a reduction of 2.3%[34] - The company's equity attributable to shareholders increased to RMB 1,428,475 million in 2025, up from RMB 1,392,032 million in 2024, representing a growth of 2.6%[34] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 2.52 per share, totaling HKD 5.27 per share for the year, a 3.5% increase year-on-year, with a payout ratio of 75%[3][7] - The proposed interim dividend for 2025 is HKD 2.750 per share, equivalent to approximately RMB 2.508, an increase from HKD 2.600 (RMB 2.373) in 2024[50] - The total proposed dividend for 2025 amounts to RMB 103,532 million, up from RMB 100,149 million in 2024, representing a growth of 2.4%[50] Strategic Initiatives and Future Outlook - The company aims to achieve stable revenue growth and a synchronized profit increase of 15% by 2030, targeting the establishment of a world-class technology service enterprise[28] - The company plans to enhance its core competitiveness by renewing communication services and accelerating computing services, focusing on quality improvement and reasonable growth[28] - The company plans to continue focusing on expanding its broadband services and enhancing application services to drive future growth[41] - The company anticipates significant development opportunities in the telecommunications sector driven by technological innovation and industrial transformation[26] Environmental and Social Governance - The company has been recognized for its ESG performance, receiving the "ESG Model Demonstration Base" title and being listed among the "Pioneers of ESG Listed Companies in China" for three consecutive years[25] - The company is committed to advancing its "Carbon Peak and Carbon Neutrality Action Plan," focusing on energy conservation, clean energy, and empowerment[23] - The company plans to reduce carbon emission intensity by 6.6% by 2025, contributing to a total carbon reduction of approximately 47 million tons for society[21] Corporate Governance and Compliance - The audit committee has reviewed the financial statements for the year ending December 31, 2025[60] - The company has fully complied with the Corporate Governance Code as per the Hong Kong Listing Rules for the year ending December 31, 2025[61] - The 2026 Annual General Meeting is scheduled for May 21, 2026, at the Grand Hyatt Hong Kong[62] Risks and Uncertainties - The company is facing uncertainties due to external environmental changes and the transition of traditional telecommunications business growth[26] - Forward-looking statements in the announcement involve known and unknown risks and uncertainties that may significantly affect the company's actual performance[69]

第 1 頁 共 2 頁 v 1.1.1 EF001 | （「香港股份」）之非居民企業持有人派發2025年末期股息時，需代扣代繳百分之十的 | | | --- | --- | | 企業所得稅，並以本公司為扣繳義務人。對於在2026年6月11日（星期四）（「股權登 | | | 記日」）名列本公司股東名冊的所有以非個人名義登記的香港股份持有人（包括香港中 | | | 央結算（代理人）有限公司（「香港結算」），其他企業代理人或受託人如證券公司、 | | | 銀行等，或其他組織及團體皆被視為非居民企業香港股份持有人），本公司將扣除百分 | | | 之十的企業所得稅後派發2025年末期股息；對於在股權登記日名列本公司股東名冊的所 | | | 有自然人香港股份持有人，本公司將不就2025年末期股息代扣代繳個人所得稅。 | | | 任何名列本公司股東名冊上的依法在中國境內成立或者依照外國（地區）法律成立但實 | | | 際管理機構在中國境內的居民企業（如《企業所得稅法》中所定義）之香港股份持有 | | | 人，如不希望本公司代扣代繳上述百分之十的企業所得稅，請在2026年6月8日（星期 | | | 一）下午4時30分前向香港 ...

Investment Rating - The report maintains an "Overweight" rating for the communication industry and communication equipment manufacturing sector [9]. Core Insights - The GTC and OFC conferences highlighted significant advancements in global computing power, particularly in optical modules, optical chips, CPO (Coherent Passive Optical), OCS (Optical Circuit Switching), and copper connections [2][12]. - Arista Networks introduced the 12.8T XPO optical module, which is expected to enhance optical communication demand significantly, with Lumentum forecasting a 50%+ increase in EML shipments by the end of 2026 [2][12]. - NVIDIA continues to push its CPO strategy, with Coherent indicating that CPO has entered mass production on the Scale-out side, while Scale-up is expected to ramp up by the end of 2027 [2][20]. - Lumentum signed multi-year, multi-billion-dollar contracts for OCS, indicating strong demand and a backlog of over $400 million, with a target of exceeding $1 billion in annual revenue by 2027 [29][30]. - NVIDIA supports the "optics and copper coexistence" strategy, emphasizing the continued importance of copper connections in data centers [32]. Summary by Sections Market Overview - The communication index rose by 2.10% last week, while the Shanghai Composite Index fell by 3.38% and the Shenzhen Component Index fell by 2.90% [12]. Key Companies and Dynamics - The report recommends focusing on the AI computing chain as the main investment line, with key companies including Zhongji Xuchuang, Wolong Huacai, Ruijie Networks, and others [3]. - The report also highlights core assets like China Mobile and China Telecom, and new productivity sectors such as commercial aerospace and low-altitude economy [3]. Optical Modules and Chips - Arista's XPO optical module supports high-density liquid cooling and is designed for AI scale-up, with a capacity of 12.8Tbps [13][16]. - Lumentum's optimistic outlook includes a projected CAGR of 85% for InP demand from 2025 to 2030 [16]. CPO Developments - NVIDIA's Spectrum-X CPO has entered full mass production, marking a significant milestone in optical interconnect technology [20][26]. OCS Contracts - Lumentum's new multi-year contracts for OCS are expected to drive significant revenue growth, with a CAGR of over 150% from 2025 to 2028 [29][30]. Copper Connections - NVIDIA's emphasis on the coexistence of optics and copper highlights the ongoing relevance of copper in data center architectures [32]. Recommended Stocks - The report lists several stocks with "Buy" ratings, including Wolong Huacai (002130 CH), China Telecom (601728 CH), and Zhongji Xuchuang (300308 CH), among others, with target prices reflecting strong growth potential [71][72].