智通财经网·2025-08-09 04:29Group 1 - The core viewpoint of the report indicates that despite weak revenue growth and declining cash flow for China Mobile in Q2, there are positive factors such as a projected 6% year-on-year increase in net profit for 2025 and stable dividend growth of 5.8% in the first half of 2025 [1] - The management acknowledges growth pressures due to saturated demand for traditional telecom services, a declining population, and intense competition from number portability, leading to weak user growth and a 3% year-on-year decline in average revenue per user (ARPU) for the first half of 2025 [2] - The company reported a significant decrease in operating cash flow by 36% year-on-year, dropping to 83.8 billion RMB, which resulted in a free cash flow reduction to 25.4 billion RMB [3] Group 2 - Management highlighted that AI-related revenue reached several billion RMB in the first half of 2025, a substantial increase from 1 billion RMB in 2024, although the overall contribution to total revenue and profit remains limited [2] - The company faces challenges with increasing accounts receivable, with overdue accounts exceeding 60 days rising to 68% of the total by the end of the first half of 2025, up from 58% at the end of 2024 [3] - Goldman Sachs maintains a buy rating on China Mobile but has adjusted the 12-month target price down to 93 HKD from 98 HKD, reflecting concerns over recent growth pressures [1]