Mei Ri Jing Ji Xin Wen·2025-10-15 11:12Core Insights - The article highlights China Mobile's strategic shift towards building an "AI ecosystem" as part of its upgraded "AI+" action plan, aiming for comprehensive organizational, technological, and business model restructuring [1][4][16] - The company plans to establish a leading intelligent computing infrastructure by the end of 2028, with significant investments in AI, indicating a transformative growth trajectory in the AI sector [1][6][17] Transformation Drivers - China Mobile is accelerating its expansion into the digital economy due to stagnation in traditional communication services, with a reported revenue growth of only 1.40% year-on-year in Q1 2025 [3][4] - The shift to AI as a strategic priority reflects the necessity for telecom operators to seek new growth avenues amidst industry challenges [4][13] AI Ecosystem Construction - The upgraded "AI+" action plan includes the establishment of the "AI+ Ecosystem Alliance," focusing on resource sharing and collaborative value creation [6][8] - The ecosystem is structured in three layers: - Computing foundation layer with plans for a 100 EFLOPS AI computing cluster [6] - Capability platform layer with the upgraded "BASIC6" innovation plan [6] - Application scenario layer centered around the "Lingxi" intelligent agent, targeting a monthly active user base of 200 million [6][11] User and Partner Engagement - The "AI Bean" mechanism in the "Mobile Purchase" smart life mall enhances user loyalty and transforms ordinary users into ecosystem participants, generating valuable consumer behavior data [8][9] - The establishment of the Quantum Ecosystem Alliance and International Ecosystem Alliance has attracted over a hundred core partners, aiming to lead next-generation communication technology [8][9] Global Expansion and Infrastructure - China Mobile is replicating its successful domestic model internationally, providing a global digital service platform for Chinese enterprises and local partners through extensive overseas infrastructure [9][17] Technological Innovations - Innovative applications like multi-robot restaurants and outdoor companion robots serve as practical solutions for ecosystem partners, demonstrating the potential for cost reduction and efficiency improvements [11][17] Capital Market Perspective - The transition from traditional PE valuation to a focus on PS and ecosystem value reflects the market's recognition of China Mobile's transformation [13][16] - The company’s robust cash flow supports its AI investments while maintaining shareholder returns, positioning it for long-term value reconstruction [13][14] Future Outlook - As the user base and ecosystem partnerships grow, China Mobile is expected to achieve a significant transformation from "scale operation" to "ecosystem operation," leading to a historical shift in valuation from "pipeline" to "ecosystem" [17]