600941，拟派息541.99亿元

Core Insights - China Mobile reported a total revenue of 543.8 billion RMB for the first half of 2025, with a 0.7% year-on-year increase in main business revenue to 467.0 billion RMB and a net profit attributable to shareholders of 84.2 billion RMB, reflecting a 5.0% growth [1][3] Financial Performance - Main business revenue breakdown shows a decline in voice services to 34.2 billion RMB, while wireless internet services decreased to 195.5 billion RMB, and broadband services increased to 68.6 billion RMB [2] - Total revenue for the first half of 2025 decreased by 0.5% compared to the same period in 2024, while main business revenue increased by 0.7% [3] - EBITDA for the first half of 2025 was 186.0 billion RMB, up 2.0% year-on-year, with an EBITDA margin of 34.2% [4] Business Segments - The personal market revenue reached 2,447 billion RMB, with mobile customers totaling 1.005 billion, including 599 million 5G customers [12] - The family market revenue grew by 7.4% to 750 billion RMB, with significant growth in gigabit broadband customers [12] - The enterprise market revenue was 1,182 billion RMB, reflecting a 5.6% increase, with cloud revenue reaching 561 billion RMB, up 11.3% [12] Digital Transformation and AI Initiatives - Digital transformation revenue reached 1,569 billion RMB, a 6.6% increase, accounting for 33.6% of communication service revenue [5] - The company is investing heavily in AI, with over 100 billion RMB spent last year and plans for further investment this year [11] - AI applications have seen significant growth, with active users of the Lingxi intelligent agent exceeding 60 million [10] Capital Expenditure and Future Outlook - Capital expenditure for the first half of 2025 was 584 billion RMB, focusing on new information infrastructure and service optimization [14] - The company plans to increase cash distributions to shareholders, with an interim dividend of 2.75 HKD per share, amounting to approximately 541.99 billion RMB [7][8]