智通财经网·2025-10-23 06:42Core Viewpoint - Morgan Stanley reports that China Mobile's Q3 service revenue reached 216 billion RMB, reflecting a year-on-year growth of 0.8%, which is 0.7 percentage points higher than the firm's expectations [1] Financial Performance - EBITDA decreased by 1.7% year-on-year to 79 billion RMB, falling short of Morgan Stanley's expectations by 2.8 percentage points due to higher-than-expected operating expenses [1] - The service profit margin for China Mobile declined by 0.9 percentage points year-on-year to 36.8% [1] - Net profit increased by 1.4% year-on-year to 31 billion RMB, which was 1.2% lower than the firm's expectations, partially offset by better non-recurring items [1] Investment Rating - Morgan Stanley maintains an "Overweight" rating on China Mobile with a target price of 90 HKD [1]