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中国移动(0941.HK):经营业绩稳健增长 派息比率进一步提升
Ge Long Hui·2025-08-11 19:49

Core Insights - The company reported a revenue of 543.8 billion yuan for the first half of 2025, with service revenue at 467 billion yuan, showing a year-on-year growth of 0.7% [1] - The total number of connections reached 3.815 billion, marking an 8.9% year-on-year increase [1] - The company achieved a net profit attributable to shareholders of 84.2 billion yuan, reflecting a year-on-year growth of 5.0% [1] Revenue Breakdown - The personal market revenue was 244.7 billion yuan, down 4.1% year-on-year, while the mobile customer base reached 1.005 billion, with a net increase of 560,000 [1] - The family market revenue increased by 7.4% year-on-year to 75 billion yuan, with family broadband customers reaching 284 million, a net increase of 6.23 million [1] - The government and enterprise market revenue was 118.2 billion yuan, up 5.6% year-on-year, with the number of enterprise customers reaching 34.84 million, a net increase of 2.25 million [1] Emerging Business Growth - Emerging market revenue grew by 9.3% year-on-year to 29.1 billion yuan, with international business revenue at 14 billion yuan, up 18.4% [2] - Digital content revenue reached 14.9 billion yuan, while financial technology's industrial chain finance business scaled to 47.1 billion yuan, reflecting a year-on-year growth of 24.5% [2] - Investment income from strategic emerging industries amounted to 7.2 billion yuan, showing a year-on-year increase of 17% [2] Investment Outlook - The target price for the company has been raised to 116 Hong Kong dollars, maintaining a "buy" rating due to its strong brand value and profitability [3] - The company is expected to attract long-term funds, including insurance capital, due to its stable and sustainable revenue and profit growth [3] - The stable dividend policy and attractive dividend yield further enhance the company's investment appeal [3]