Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][27] Core Views - The company achieved steady growth in operating performance in the first half of 2025, with revenue of 543.8 billion yuan (down 0.5% year-on-year) and a net profit of 84.2 billion yuan (up 5.0% year-on-year) [1][10] - The company plans to distribute an interim dividend of 2.75 HKD per share, representing a year-on-year increase of 5.8% [1][10] - The company is focusing on deepening value management across personal, family, and government-enterprise markets, with significant growth in 5G users and cloud services [2][14] Summary by Sections Financial Performance - In the first half of 2025, the company reported a communication service revenue of 467.0 billion yuan (up 0.7% year-on-year) and an EBITDA margin of 34.2% (up 0.9 percentage points year-on-year) [1][10] - The return on equity (ROE) increased to 6.1%, reflecting a stable performance [1][10] Market Segments - Personal market revenue reached 244.7 billion yuan, with mobile customers totaling 1.005 billion, including 599 million 5G users [2][14] - Family market revenue grew by 7.4% to 75.0 billion yuan, with significant increases in gigabit broadband customers [2][14] - Government-enterprise market revenue increased by 5.6% to 118.2 billion yuan, with a notable rise in mobile cloud revenue [2][14] AI and Innovation - The company is accelerating AI innovation and large-scale applications, with a total computing power of 61.3 EFLOPS and over 66,000 IDC racks in service [3][20] - The company signed 1,485 AI+DICT projects in the first half of the year, collaborating with various industries to enhance industrial development [3][20] Capital Expenditure and Shareholder Value - Capital expenditure in the first half of 2025 was 58.4 billion yuan, with a full-year plan of less than 151.2 billion yuan [3][15] - The company aims to increase the proportion of cash distributed to shareholders in 2025 compared to 2024, enhancing shareholder value [3][24]

Investment Rating - The report maintains a "Buy" rating for China Mobile, expecting the stock price to outperform the industry index by more than 15% in the next six months [4][15]. Core Views - China Mobile has demonstrated strong control over expenses, leading to impressive growth in non-recurring net profit. The company is expected to maintain its traditional business base while leveraging breakthroughs in government and enterprise sectors to drive growth [3][4]. - The company reported stable revenue in Q1 2025, with operating income at 263.8 billion yuan, flat year-on-year, and a net profit of 30.6 billion yuan, up 3.5% year-on-year. The non-recurring net profit grew by 10.8% year-on-year to 28.9 billion yuan [1][2]. Financial Performance Summary - **Revenue Growth**: Projected revenues for 2025-2027 are 1,084.47 billion yuan, 1,134.36 billion yuan, and 1,189.94 billion yuan, respectively, with growth rates of 4.2%, 4.6%, and 4.9% [1][3]. - **Net Profit**: Expected net profits for the same period are 146.06 billion yuan, 154.68 billion yuan, and 164.41 billion yuan, with year-on-year growth rates of 5.6%, 5.9%, and 6.3% [1][3]. - **Earnings Per Share (EPS)**: EPS is projected to be 6.77 yuan, 7.17 yuan, and 7.62 yuan for 2025, 2026, and 2027, respectively [1][3]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 17.5 in 2023 to 14.0 by 2027, while the price-to-book (P/B) ratio is projected to decline from 1.8 to 1.5 over the same period [1][3]. Business Segments Summary - **Mobile Services**: As of March 31, 2025, the total number of mobile customers reached 1.003 billion, with 5G customers at 578 million. The mobile average revenue per user (ARPU) was 46.9 yuan, and the data usage per user reached 16.1GB, up 8.0% year-on-year [2]. - **Fixed-line Services**: The company reported 320 million broadband customers, with a quarterly net increase of 5.48 million. The comprehensive ARPU for family customers was 40.8 yuan, reflecting a 2.3% year-on-year increase [2]. - **Government and Enterprise Business**: The revenue share from government and enterprise services has increased, driven by initiatives in AI and digital information technology [2].

Core Insights - China Mobile reported its Q1 2025 financial results, achieving operating revenue of 263.8 billion yuan, remaining flat year-on-year, and a net profit attributable to shareholders of 30.6 billion yuan, representing a 3.5% increase [1] - The company maintained a solid foundation in traditional business, with a total mobile customer base of 1.003 billion, including 578 million 5G network customers, and a mobile ARPU of 46.9 yuan [1] - The enterprise business revenue share has further increased, driven by the development of AI+DICT projects and the creation of standardized product solutions for the business market [1] Financial Performance - In Q1 2025, the company reported a non-GAAP net profit of 28.9 billion yuan, reflecting a 10.8% year-on-year growth [1] - Sales and management expenses were controlled well, with a decrease of 3.5% and 1.7% respectively, leading to a net profit margin increase of 0.4 percentage points to 11.6% [2] - The company forecasts revenue growth from 1,084.5 billion yuan in 2025 to 1,189.9 billion yuan in 2027, with net profit expected to rise from 146.1 billion yuan to 164.4 billion yuan over the same period [2] Customer Metrics - As of March 31, 2025, the company had 320 million fixed broadband customers, with a quarterly net increase of 5.48 million, and a total of 282 million household broadband customers, reflecting a net increase of 4.45 million [1] - The comprehensive ARPU for household customers was 40.8 yuan in Q1, showing a year-on-year growth of 2.3% [1] Strategic Initiatives - The company is focusing on leveraging new opportunities in information services and technology development, particularly in the enterprise sector, to enhance its market position [1] - The strategy includes replicating and scaling AI+DICT project standards and developing scenario-based product solutions for business clients [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company's performance in Q1 2025 met expectations, with EBITDA showing year-on-year growth. Traditional business remains stable, and the comprehensive ARPU for fixed-line services continues to grow positively. The government and enterprise market is gaining momentum, with strengthened cooperation with the internet sector, particularly a new strategic partnership with Alibaba [2][6][11]. - The operating cash flow showed a negative growth primarily due to the company accelerating payment processes, while accounts receivable growth has significantly slowed, marking the lowest growth rate among the three major operators [2][11]. Summary by Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 263.8 billion yuan, flat year-on-year, and a net profit attributable to shareholders of 30.6 billion yuan, up 3.5% year-on-year. EBITDA reached 80.7 billion yuan, reflecting a 3.4% increase [6][11]. - The company aims for steady revenue growth and good profit growth throughout the year, with projected net profits for 2025-2027 at 145.6 billion yuan, 153 billion yuan, and 160.5 billion yuan, respectively, corresponding to year-on-year growth rates of 5.2%, 5.1%, and 4.9% [11]. Business Segments - The traditional business remains robust, with the total number of mobile customers at 1.003 billion, a slight decrease of 936,000. The number of 5G network users reached 578 million, with a penetration rate of 58%. The mobile ARPU was 46.9 yuan, down 2.1% year-on-year. In the home market, the total number of broadband customers reached 320 million, with a quarterly net increase of 5.48 million [11]. - The government and enterprise market's revenue share has increased, with the company promoting AI+DICT project standardization and scale expansion. A strategic cooperation agreement was signed with Alibaba to enhance collaboration in digital infrastructure and AI services [11]. Cash Flow and Receivables - The net operating cash flow for Q1 2025 was 31.3 billion yuan, down 45% year-on-year, mainly due to the company accelerating payments to private and small enterprises. Accounts receivable grew by 16.5% year-on-year, but the growth rate is the lowest among the three operators, indicating improved control over receivables [11].

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年第一季度報告 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年第一季 度 報 告》，僅 供 參 考。 承董事會命 中國移動有限公司 楊 杰 董事長 香 港，2025年4月22日 前瞻性陳述 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 ...