香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINA MOBILE LIMITED 中國移動有限公司 （根據公司條例在香港註冊成立之有限公司） 股份代號：941（港幣櫃台）及 80941（人民幣櫃台） 海外監管公告 2025年年度報告摘要 本公告乃中國移動有限公司（「本公司」）根 據《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》第13.10B條 而 作 出。 茲提述本公司在上海證券交易所網站刊登的《中 國 移 動 有 限 公 司2025年年度報 告 摘 要》，僅 供 參 考。 承董事會命 中國移動有限公司 陳忠岳 董事長 香 港，2026 年3月26日 本 公 告 中 所 包 含 的 前 瞻 性 陳 述 不 構 成 亦 不 應 視 為 本 公 司 作 出 的 承 諾。這 些 前 瞻 性 陳 述 涉 及 已 知 和 未 知 的 風 險、不 確 定 性 以 及 其 他 ...

Market Overview - The three major indices experienced a brief rise in the morning but fell back throughout the day, with the ChiNext index dropping over 2%[1] - The Shanghai Composite Index closed down by 0.85% at 4049.91 points, the Shenzhen Component Index fell by 1.87% to 14039.73 points, and the ChiNext Index decreased by 2.29% to 3280.06 points[2] - The total trading volume in the two markets remained at 2.2 trillion yuan[2] Sector Performance - Most sectors declined, with non-bank financials, banks, and food & beverage leading the gains, while communication, electronics, and defense industries faced the largest losses[2] - Non-bank financials rose by 1.28%, banks increased by 0.85%, and food & beverage gained 0.55%[8] - The communication sector fell by 4.69%, electronics dropped by 2.97%, and defense industries decreased by 2.57%[8] Market Statistics - A total of 867 stocks rose, 81 remained flat, and 4,541 stocks declined, indicating a market breadth heavily favoring declines[6] - The number of stocks hitting the daily limit up was 52, while 15 stocks hit the limit down[6] - The total trading volume was 1.43 billion shares, with a total turnover of 22,078.61 billion yuan[6]

Core Viewpoint - The article discusses the sudden collapse of "Myriad Collection," a former industrial e-commerce platform, highlighting the rapid deterioration of its financial health and the impact on suppliers and employees [4][5][24]. Group 1: Collapse of Myriad Collection - Myriad Collection experienced a sudden financial crisis, leading to the closure of offices in multiple cities and the dismissal of over 200 employees [4][5]. - Suppliers reported being owed significant amounts, with total debts potentially exceeding 400 million [5][20]. - The company's downfall was attributed to a reliance on a "pass-through" business model, where it acted as an intermediary without holding inventory or managing logistics [19][20]. Group 2: Business Model and Financial Issues - Myriad Collection's business model involved securing large orders from state-owned enterprises and subcontracting fulfillment to smaller suppliers, creating a fragile financial structure [19][20]. - The company faced severe cash flow issues, with a significant portion of its revenue tied to a few large clients, making it vulnerable to payment delays [19][20]. - Reports indicated that 70% of Myriad Collection's revenue came from two major clients, and the loss of one key client in 2026 exacerbated its financial troubles [19][20]. Group 3: Investment and Market Response - Myriad Collection attracted substantial investment from top venture capital and private equity firms, raising billions but ultimately failing to deliver expected returns [12][15]. - The company attempted to boost its market presence through various promotional activities, including awards and new projects, but these efforts were seen as desperate measures in light of its financial struggles [15][22]. - The collapse serves as a cautionary tale for the industrial e-commerce sector, emphasizing the need for sustainable business practices rather than reliance on speculative growth [24][26].

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 15.36 CNY, based on a projected PS valuation of 6.5 times for 2026 [5][21]. Core Insights - The company is entering a critical growth phase with its new business, particularly the intelligent computing center, which is expected to generate stable revenue from long-term contracts with leading internet clients [2][21]. - The company provides enterprise-level solutions in big data, artificial intelligence, cloud computing, and industrial internet, positioning itself as a key IT support vendor for the digital transformation of major telecom operators [2][13]. Financial Summary - Total revenue is projected to grow from 2,383 million CNY in 2023 to 4,196 million CNY in 2027, with a compound annual growth rate (CAGR) of 26.6% from 2025 to 2027 [4][19]. - Net profit is expected to turn positive by 2024, reaching 29 million CNY, and further increasing to 282 million CNY by 2027 [4][19]. - The company’s gross margin is anticipated to improve from 30.7% in 2024 to 31.9% in 2027 [19]. Revenue Forecast by Sector - **Telecom Sector**: Revenue growth is expected to be 0% in 2025, followed by 30% in 2026 and 35% in 2027, with gross margins of 34.9%, 37.9%, and 38.9% respectively [13][16]. - **Financial Sector**: Revenue is projected to decline by 3% in 2025, then grow by 18% in 2026 and 20% in 2027, with gross margins of 18.2%, 21.2%, and 22.2% [14][16]. - **Industrial Sector**: Revenue is expected to decrease by 30% in 2025, followed by a 15% growth in both 2026 and 2027, with gross margins of 31.5%, 33.0%, and 34.0% [15][16]. - **Government Sector**: Revenue growth is forecasted at 25% annually from 2025 to 2027, with gross margins of 29.1%, 30.1%, and 30.6% [15][16]. Valuation Analysis - The report utilizes a PS valuation method, comparing the company to peers such as Hengwei Technology and UCloud, with an average PS of 8.3 times for 2026 [20][23]. - The company’s new business developments, particularly in the intelligent computing center, are expected to provide a stable revenue stream, justifying a conservative PS valuation of 6.5 times for 2026, leading to a reasonable valuation of 174.9 billion CNY [21][22].

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 15.36 CNY, based on a projected PS valuation of 6.5 times for 2026 [5][21]. Core Insights - The company is entering a critical growth phase with its new business, particularly the intelligent computing center, which is expected to generate stable revenue from long-term contracts with leading internet clients [2][21]. - The company provides enterprise-level solutions in big data, artificial intelligence, cloud computing, and industrial internet, positioning itself as a key IT support vendor for the digital transformation of major telecom operators [2][13]. - Revenue projections for 2025-2027 are estimated at 26.9 billion, 33.1 billion, and 42.0 billion CNY, respectively, with varying growth rates across different sectors [19][21]. Financial Summary - Total revenue for 2023 is projected at 2,383 million CNY, with a growth rate of 4.1%. The revenue is expected to increase to 2,793 million CNY in 2024, reflecting a growth of 17.2% [4][19]. - The net profit (attributable to the parent company) is forecasted to improve from a loss of 386 million CNY in 2023 to a profit of 29 million CNY in 2024, marking a significant turnaround [4][19]. - The company’s gross margin is expected to stabilize around 30.7% to 31.9% over the forecast period [19]. Revenue Breakdown by Sector - **Telecom Sector**: Expected revenue growth of 0%, 30%, and 35% for 2025-2027, with gross margins of 34.9%, 37.9%, and 38.9% respectively [13][16]. - **Financial Sector**: Anticipated revenue growth of -3%, 18%, and 20% for the same period, with gross margins of 18.2%, 21.2%, and 22.2% [14][16]. - **Industrial Sector**: Projected revenue growth of -30%, 15%, and 15%, with gross margins of 31.5%, 33.0%, and 34.0% [14][16]. - **Government Sector**: Expected revenue growth of 25% annually, with gross margins increasing from 29.1% to 30.6% [15][16].

Group 1 - Tesla established its wholly-owned vehicle manufacturing facility in Shanghai's Lingang New Area in 2018, achieving over 95% localization of components and delivering 947,000 vehicles in 2023 [2] - The introduction of Tesla was not merely for capacity expansion but aimed at validating the domestic automotive supplier system, leading to technological and capacity upgrades among local auto parts companies [2] - The operational model resembles "government-backed long-term industrial capital," trading initial land and tax incentives for advanced industrial clusters with high barriers to entry [2] Group 2 - In 2025, Shanghai introduced the "15 Measures for Attracting Investment," emphasizing the concept of "scenarios" to attract innovative enterprises globally [3] - The focus shifted from simple financial incentives to a systematic combination of "risk hedging" and "resource supply" to support emerging industries like AI and low-altitude economy [3] - Real business scenarios are being opened up by the government, allowing companies to refine technologies and validate business models in practical settings [4] Group 3 - Shanghai's "12 Measures for Artificial Intelligence" in 2025 included issuing 600 million yuan in computing power vouchers and establishing a platform for resource allocation, enabling companies to access computing power like electricity [4] - The approach has evolved into a complete "R&D—application—feedback to R&D" cycle, fostering a conducive environment for technology to thrive [6] - Local companies like Zhiyuan Robotics and Fourier Intelligence have found commercialization paths through repeated refinement in real scenarios [6] Group 4 - The "Oriental Hub" international business cooperation zone, set to be completed in 2025, aims to facilitate international business exchanges and resource aggregation [7] - The zone's innovative policies allow foreign individuals to enter without a visa, promoting offshore trade and service innovation [9] - Shanghai's investment strategy has shifted from short-term project returns to structural institutional innovation, enhancing regional competitiveness [9] Group 5 - Shanghai has been proactive in industrial internet initiatives since 2016, positioning itself as a leader in cutting-edge fields [10] - The city has seen significant investment in key projects, totaling over 1.26 trillion yuan in 2025, including major initiatives like the Toyota Lexus factory and the C919 aircraft project [12] - The focus is on creating high-energy industrial clusters and open core scenarios, allowing companies to thrive and lead global standards [12]

Core Insights - The article emphasizes the importance of efficiently navigating through a large volume of announcements to identify key investment opportunities and risks [1] Group 1: Selected Highlights - On March 3, a recommendation was made regarding a company involved in semiconductor and storage chip production for Meta's AI smart glasses, predicting a nearly tenfold year-on-year net profit growth for January-February. Following this, the stock of Baiwei Storage hit a 20% limit up on March 4, and continued to rise by 8.81% on March 5 and 9.31% on March 6, resulting in a cumulative increase of nearly 40% over three trading days [2] Group 2: Today's Overview - A company plans to invest 5.5 billion yuan in a high-frequency, high-speed printed circuit board project, focusing on PCB, chips, computing power, AI, industrial internet, and high-end manufacturing [3] - Another company intends to invest 3.5 billion yuan in the construction of perovskite stacked battery equipment, targeting the perovskite battery, HJT battery, photovoltaic, and advanced manufacturing sectors [3] - A third company aims to raise 5.8 billion yuan through a private placement to fund an 8×75MW back-pressure unit project, with a focus on photovoltaic, silicon-based anode batteries, silicon carbide, organic silicon, and graphite electrodes [3]

Group 1: Company Analysis - Andeli - Andeli's subsidiary successfully acquired high-quality machinery from Yantai Haisheng Fruit Industry for RMB 30.8857 million, expanding its production capacity from 20 to 22 production lines and increasing its production bases from 10 to 11 [3] - The acquisition is expected to add approximately 10,000 tons of concentrated juice production capacity annually, enhancing Andeli's market position in the concentrated juice industry [3][4] - The company has ongoing expansion plans, including new production facilities in Xinjiang and Shaanxi, indicating a strategic focus on increasing market share [4] Group 2: Industry Analysis - Electrical Equipment - The global data center market is projected to grow from USD 242.72 billion in 2024 to USD 584.86 billion by 2032, with a compound annual growth rate (CAGR) of 11.62%, driving demand for transformers and switches [5][6] - There is a significant backlog in transformer orders, with the U.S. expected to face a 30% shortfall in transformer demand by 2025, indicating a supply chain bottleneck [6][7] - China, contributing to 25% of global transformer exports, is well-positioned to benefit from the global shortage of transformers, as the U.S. and Europe increasingly rely on imports [7] Group 3: Company Analysis - Industrial Fulian - Industrial Fulian is positioned as a core supplier of AI computing infrastructure, benefiting from the global AI capital expenditure wave, with projected revenues of RMB 907.9 billion, RMB 1,471.8 billion, and RMB 1,837.2 billion for 2025-2027 [8][10] - The company is expected to maintain a high growth trajectory, with EPS estimates of RMB 1.78, RMB 2.90, and RMB 3.57 for the same period, supported by its strategic transition to high-end AI computing [8][10] - Industrial Fulian's collaboration with major cloud service providers and its comprehensive industry chain layout enhance its competitive edge in AI servers and high-speed switches [9]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, targeting a price of 72.57 CNY per share, based on a projected 25x PE for 2026 [5][11]. Core Insights - The company is positioned as a leading global supplier of AI computing infrastructure, benefiting from a strong manufacturing foundation and a comprehensive industry layout. The growth momentum is expected to strengthen with the global surge in AI capital expenditure and the ramp-up of new platforms like GB200/300 [2][11]. - The company has successfully transitioned from traditional OEM to a high-end AI computing leader, deeply binding with major global cloud service providers and achieving significant growth in AI servers, high-speed switches, and precision components [11][26]. - The dual drivers of AI servers and high-speed network devices are expected to create a clear growth engine, with substantial revenue increases anticipated in the cloud computing and communication network segments [11][15]. Financial Summary - Total revenue is projected to grow from 476.34 billion CNY in 2023 to 1,837.24 billion CNY by 2027, with a compound annual growth rate (CAGR) of 24.8% [4][17]. - Net profit attributable to shareholders is expected to rise from 21.04 billion CNY in 2023 to 70.98 billion CNY in 2027, reflecting a CAGR of 23.1% [4][22]. - Earnings per share (EPS) is forecasted to increase from 1.06 CNY in 2023 to 3.57 CNY in 2027 [4][22]. Revenue and Profitability Forecast - The cloud computing segment is anticipated to see revenue growth rates of 80%, 90%, and 30% from 2025 to 2027, with gross margins improving slightly [15][17]. - The communication and mobile network equipment segment is expected to maintain steady growth, with revenue growth rates of 15%, 14%, and 10% over the same period [16][17]. Valuation Analysis - The report employs both PE and PS valuation methods, concluding a reasonable valuation of 14,410 billion CNY for the company, corresponding to a target price of 72.57 CNY per share [18][22][24]. - The average PE of comparable companies is 27.2x, while the report conservatively assigns a 25x PE to the company for 2026 [22][25]. Strategic Transition - The company has established a complete industry chain covering "cloud, network, and edge," positioning itself as a core supplier in the AI infrastructure landscape [26][29]. - The strategic "2+2" layout aims to enhance core businesses while exploring new growth areas in semiconductors and robotics, ensuring long-term resilience [37][38].

Core Viewpoint - Jiangfeng Electronics has been awarded the "National Excellent Intelligent Factory" by the Ministry of Industry and Information Technology, recognizing its achievements in technological innovation and digital transformation [1] Group 1: Award Recognition - The award reflects local support for the company's commitment to independent innovation and empowering high-end manufacturing [1] Group 2: Smart Factory Features - Jiangfeng Electronics' smart factory focuses on ultra-pure metal sputtering targets and is built around the principles of "lean, digital, intelligent, and green" [1] - The factory integrates advanced automation systems such as stacker cranes, shuttle storage, automatic lifts, AGVs, RGVs, and CTU robots, along with new-generation information technologies like 5G, IoT, edge computing, AI, and industrial internet platforms [1] Group 3: Operational Efficiency - The company has established a smart production control platform and a collaborative management platform, enhancing the entire process quality traceability system [1] - This integration leads to transparent manufacturing processes, proactive quality control, agile warehousing and logistics, systematic process tracing, and precise operational decision-making [1]