Core Viewpoint - China Mobile Limited reported steady growth in its operational performance for the first three quarters of 2025, with a focus on strategic implementation and market expansion across various segments [6][8]. Financial Performance - For the first three quarters of 2025, the company's total revenue reached RMB 794.7 billion, representing a year-on-year increase of 0.4% [8]. - The main business revenue was RMB 683.1 billion, up by 0.8% year-on-year, while other business revenue decreased by 1.7% to RMB 111.5 billion [8]. - The net profit attributable to shareholders was RMB 115.4 billion, reflecting a 4.0% year-on-year growth, with a net profit margin of 14.5% [8]. - EBITDA for the period was RMB 265.4 billion, an increase of 0.9% year-on-year, with an EBITDA margin of 38.8% relative to main business revenue [8]. Customer Data - As of September 30, 2025, the total number of mobile customers reached 1.009 billion, with 5G network customers accounting for 622 million [7]. - The mobile average revenue per user (ARPU) was RMB 48.0, while the mobile data usage per user (DOU) increased by 8.1% to 17.0 GB [7]. - In the home market, the total number of broadband customers reached 329 million, with a net increase of 14.2 million in the first three quarters [7]. Strategic Initiatives - The company is focusing on enhancing its market presence through targeted strategies in personal, family, and enterprise markets, with an emphasis on AI and digital transformation [6][8]. - The "Mobile Love Home" brand is being leveraged to build a family-centered service ecosystem, promoting smart home services [7]. - The company aims to position itself as a world-class information service technology innovation company, emphasizing reform, innovation, and high-quality development [8].

Core Viewpoint - China Mobile reported a net profit increase of 4.0% year-on-year for the first three quarters of 2025, indicating stable financial performance despite a modest revenue growth of 0.4% [2][5]. Financial Performance - The company's operating revenue for the first three quarters reached 794.7 billion yuan, with a net profit attributable to shareholders of 115.4 billion yuan, resulting in a net profit margin of 14.5% [2]. - EBITDA for the same period was 265.4 billion yuan, reflecting a 0.9% year-on-year growth, with an EBITDA margin of 38.8% [2]. - In Q3 alone, revenue was 250.9 billion yuan, showing a 2.5% increase year-on-year, while net profit grew by 1.4% [2]. Shareholder Activity - Significant increases in shareholding were noted from insurance companies, with China Life increasing its stake by 5.549 million shares and Taiping Life by 2.449 million shares, elevating their rankings to sixth and seventh among major shareholders [2][3]. - Hong Kong Central Clearing Limited also increased its holdings by 2.179 million shares, while ICBC's SSE 50 ETF became a new top ten shareholder with 17.2312 million shares [3]. Business Segment Performance - In the personal market, China Mobile expanded its customer base to 1.009 billion, with 622 million 5G users. Mobile internet traffic grew by 8.3%, and the average revenue per user (ARPU) was 48.0 yuan [4]. - The family market saw a total of 329 million broadband customers, with a net addition of 14.2 million in the first three quarters, and a family customer ARPU of 44.4 yuan [4]. - In the government and enterprise market, the company focused on platform-based operations and reported strong growth in its DICT business, with significant increases in AI-related revenues [4]. Strategic Outlook - China Mobile aims to enhance its international business growth and leverage domestic and international market synergies, with a commitment to becoming a world-class information service and technology innovation company by 2025 [5]. - The company is implementing a comprehensive strategy that includes three major plans and three deepening initiatives to ensure steady growth and value creation for shareholders and customers [5].

Group 1 - China Mobile reported Q3 2025 revenue of 250.9 billion yuan, a year-on-year increase of 2.5%, and a net profit attributable to shareholders of 31.1 billion yuan, up 1.4% year-on-year [2] - For the first three quarters of 2025, China Mobile achieved revenue of 794.7 billion yuan, a 0.4% year-on-year growth, and a net profit of 115.4 billion yuan, reflecting a 4.0% increase year-on-year [2] - As of September 30, 2025, China Mobile's total mobile customers reached 1.009 billion, with 5G network customers at 622 million, and mobile internet traffic grew by 8.3% year-on-year [2] Group 2 - China Mobile announced the "AI+" action plan upgrade at the 2025 Global Partner Conference, aiming to double its investment in artificial intelligence by the end of 2028 and build the largest and most advanced intelligent computing infrastructure in China [3] - The plan includes exploring the construction of a 100,000-card intelligent computing cluster and achieving a domestic intelligent computing scale exceeding 100 EFLOPS [3] - The chief analyst from Huatai Securities indicated that the AI infrastructure and data centers are entering a new expansion cycle, with a clear path of "infrastructure first - application readiness" [4]

Core Viewpoint - The three major Chinese telecom operators have collectively announced the approval for commercial eSIM services, with Apple and OPPO launching eSIM-enabled devices, indicating a significant shift towards a "no-card revolution" in the industry [1][4][6]. Group 1: Industry Developments - China Mobile, China Unicom, and China Telecom have received official approval to launch eSIM services, marking a new phase in mobile technology [1]. - Apple will release the eSIM-enabled iPhone Air on October 22, while OPPO plans to introduce the Find X9 Pro with eSIM support [1][4]. - The rollout of eSIM technology is expected to face challenges in terms of operational rules and practical implementation, as indicated by varying responses from service staff regarding eSIM activation procedures [1][3]. Group 2: Market Response - Initial responses from telecom staff regarding eSIM services have been inconsistent, highlighting a lack of clarity and training on new procedures [3][4]. - Currently, the availability of eSIM devices is limited, with only a few models, primarily from Apple, being ready for market [5][6]. - OPPO's eSIM model is still undergoing approval processes, and other major brands like Huawei and Xiaomi have not yet launched eSIM-enabled smartphones [5][6]. Group 3: Future Trends - The global eSIM smartphone connection is projected to reach 1 billion by the end of 2025 and 6.9 billion by 2030, indicating a strong growth trajectory for eSIM technology [7]. - The advantages of eSIM, such as space-saving in devices and enhanced user flexibility, are clear, but the transition from traditional SIM cards will require significant adjustments in service models and regulations [6][7].

Core Viewpoint - The launch of eSIM technology by major Chinese telecom operators marks a significant shift in mobile connectivity, but practical implementation faces challenges in terms of service and operational rules [1][2][7]. Group 1: eSIM Launch and Initial Reactions - Major telecom operators in China, including China Mobile, China Unicom, and China Telecom, received approval for eSIM services and announced their launch on October 13 [1]. - Apple is set to release the iPhone Air with eSIM technology on October 22, while OPPO plans to introduce its Find X9 Pro model with eSIM support [1][3]. - Initial inquiries at telecom service centers reveal a lack of clarity and readiness regarding eSIM services, indicating that staff are still familiarizing themselves with the new technology [2][3]. Group 2: Challenges in Implementation - The current eSIM offerings are limited, with only a few models available for consumers, primarily the iPhone Air, while OPPO's eSIM model is expected to launch later [3][6]. - Operational challenges include the requirement for users to visit physical stores for eSIM activation, which complicates the user experience and slows down adoption [8]. - Experts suggest that telecom operators need to revise existing service models and regulations to facilitate smoother transitions to eSIM technology, including rules for number portability and cross-region service [8][9]. Group 3: Future Outlook - The potential for eSIM technology to revolutionize the mobile industry is evident, with predictions indicating that by the end of 2025, there will be 1 billion eSIM-enabled smartphones globally, increasing to 6.9 billion by 2030 [8]. - The advantages of eSIM, such as saving physical space in devices and enabling multiple numbers on a single chip, highlight its importance in the future of mobile technology [8][9].

Group 1 - The core viewpoint of the article highlights China Mobile's customer growth in both mobile and broadband services for Q3 2025 [1] Group 2 - China Mobile's total mobile business customers reached approximately 1.009 billion, with a net increase of 3.996 million customers in the quarter [1] - The number of 5G network customers is around 622 million [1] - The total number of fixed broadband customers is approximately 329 million, with a net increase of 5.537 million customers in the quarter [1]

Core Viewpoint - China Mobile's third-quarter performance shows signs of improvement, with a year-on-year revenue increase of 2.5% in Q3, although overall growth remains weak for the first three quarters, reflecting challenges in traditional business segments [1][2][3]. Financial Performance - For the first three quarters, total revenue reached 794.7 billion yuan, a slight increase of 0.4% year-on-year, while net profit attributable to shareholders was 115.4 billion yuan, up 4.0% [2][3]. - In Q3 alone, revenue was 250.9 billion yuan, marking a 2.5% year-on-year growth, indicating a sequential improvement [1][3]. - The net profit margin increased to 14.5%, up 0.5 percentage points year-on-year, reflecting enhanced profitability [2][3]. Profitability and Cost Management - EBITDA for the first three quarters was 265.4 billion yuan, a 0.9% increase year-on-year, but Q3 EBITDA margin fell to 31.7%, down 1.3 percentage points [2][4]. - Operating costs remained stable at 547.6 billion yuan, with effective cost control leading to reduced selling and administrative expenses [3][4]. Cash Flow and Financial Health - Operating cash flow for the first three quarters dropped significantly by 28.1% to 161.0 billion yuan, highlighting pressure on working capital management [2][4]. - Accounts receivable surged by 47% from the beginning of the year, reaching 111.5 billion yuan, indicating potential challenges in cash collection [4]. User Growth and Business Segments - The number of 5G network customers reached 622 million, with a net addition of 23 million in Q3, while total mobile customers stood at 1.009 billion [2][3]. - DICT (Data, Information, Communication Technology) and AI (Artificial Intelligence) businesses showed strong growth, with AI direct revenue experiencing rapid increases [1][5]. Strategic Focus and Future Outlook - The company is focusing on new growth areas amid traditional business pressures, with international business also showing rapid growth [5]. - Key areas to monitor include the stabilization of ARPU (Average Revenue Per User), balancing capital expenditure with cash flow, and the profitability of emerging businesses like DICT and AI [6].

Financial Performance - The company reported a total revenue of 794.7 billion yuan for the first three quarters, showing a slight year-on-year increase of 0.4% [1][3] - In Q3 alone, revenue reached 250.9 billion yuan, representing a year-on-year growth of 2.5%, indicating an improvement compared to the previous two quarters [1][3] - The net profit attributable to shareholders for the first three quarters was 115.4 billion yuan, up 4.0% year-on-year, with a net profit margin of 14.5%, an increase of 0.5 percentage points [1][3] Profitability - The EBITDA for the first three quarters was 265.4 billion yuan, reflecting a year-on-year increase of 0.9%, while the EBITDA margin remained stable at 33.4% [1][4] - However, the Q3 EBITDA margin decreased to 31.7%, down 1.3 percentage points year-on-year, indicating pressure on operating profit margins [4] Cash Flow - The operating cash flow for the first three quarters was 161.0 billion yuan, a significant decline of 28.1% compared to 224.1 billion yuan in the same period last year [5] - Accounts receivable surged from 75.7 billion yuan at the beginning of the year to 111.5 billion yuan, a 47% increase, which may be linked to the expansion of government and enterprise business [5][6] User Growth - The number of 5G network customers reached 622 million, with a net increase of 23 million; the total mobile customer base stood at 1.009 billion [1][3] - The broadband customer count was 329 million, with a net increase of 14.2 million [1] Business Highlights - The DICT (Data, Information, Communication Technology) business showed good growth, and AI direct revenue experienced rapid growth, although specific figures were not disclosed [7] - International business also performed well, with rapid revenue growth, leveraging high-level opening-up opportunities [7] Future Outlook - The company faces challenges with traditional business growth stagnating and cash flow pressures, but emerging businesses are showing initial vitality [8] - Key areas to monitor include the stabilization of ARPU (Average Revenue Per User), the balance between capital expenditure and cash flow, and the profitability of new businesses like DICT and AI [8]

Core Insights - China Mobile reported a revenue of RMB 794.7 billion for the first three quarters of 2025, reflecting a year-on-year growth of 0.4% [1] - The company's net profit attributable to shareholders reached RMB 115.4 billion, marking a 4.0% increase year-on-year [1] - The total number of mobile customers reached 1.009 billion, with 5G network customers accounting for 622 million [1] Segment Summaries Personal Market - The company focused on market segmentation and value management, implementing growth plans and upgrades [1] - Mobile data traffic increased by 8.3% year-on-year, with mobile data usage (DOU) reaching 17.0GB, up 8.1% [1] - The mobile ARPU (Average Revenue Per User) stood at RMB 48.0 [1] Home Market - The "Mobile Love Home" brand led the development of a family-centered integrated business model [2] - The total number of fixed broadband customers reached 329 million, with a net increase of 14.2 million in the first three quarters [2] - The comprehensive ARPU for home customers was RMB 44.4 [2] Government and Enterprise Market - The company enhanced its platform-based operational system and focused on refined operations for different customer segments [2] - The DICT (Data, Information, Communication Technology) business maintained good growth, with significant increases in AI-related revenue [2] Emerging Markets - The company capitalized on high-level opening opportunities and accelerated the growth of international business [2] - The integration of "content + technology + innovation" led to steady growth in key product customer scales [2]

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年第三季度報告 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年第三季 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10月20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 ...