8月7日，中国移动（600941）发布2025年中期业绩：营运收入达5438亿元，其中通信服务收入为4670亿 元，同比增长0.7％。总连接数达38.15亿，净增1.45亿。CHBN业务中，HBN收入占通信服务收入比为 47.6％，同比提升2.6个百分点。数字化转型收入达1569亿元，同比增长6.6％，占通信服务收入比为 33.6％，同比提升1.9个百分点。EBITDA近1860亿元，同比增长2.0％，EBITDA占通信服务收入比为 39.8％，同比提升0.5个百分点；净利润达842亿元，同比增长5.0％，盈利能力继续保持国际一流运营商 领先水平。 在基于规模的价值经营方面，中国移动坚持细分市场是基础，把存量经营、价值经营作为长期性、战略 性工作，大力加强产品供给、产品创新，持续深化CHBN全向发力、融合发展，稳步推进转型升级、动 能转换。 在个人市场方面，收入为2447亿元，移动客户达10.05亿户，净增56万户，其中5G网络客户达5.99亿 户，净增4691万户，渗透率为59.6％。移动ARPU49.5元，保持行业领先。 在家庭市场方面，收入为750亿元，同比增长7.4％。家庭宽带客户达2.84亿户，净增 ...

8月10日，中国移动发布2023年上半年业绩。2023年上半年，中国移动实现营业收入5307亿元，同比增 长6.8%，其中通信服务收入达到4522亿元，同比增长6.1%；归属于母公司股东的净利润为762亿元，同 比增长8.4%。上半年，中国移动个人、家庭、政企、新兴各项业务（简称CHBN）实现全面增长。 中国移动董事长杨杰表示："2023年上半年，面对宏观需求不足、外部环境复杂严峻等困难和挑战，公 司上下凝心聚力，牢牢把握数字经济蓬勃发展的宝贵机遇，深入推进改革创新，各方面工作取得新成 效，经营业绩表现良好，发展质量持续提升，为实现全年目标打下坚实基础。" 数字化转型带动作用显著 上半年，中国移动个人市场收入达到2594亿元，同比增长1.3%。移动客户达9.85亿户，净增1038万户， 其中5G套餐客户达到7.22亿户，净增1.08亿户。同时，移动客户价值和黏性持续提高，移动ARPU（每 用户平均收入）为52.4元，持续保持行业领先。 上半年，中国移动政企市场业务收入达到1044亿元，同比增长14.6%。政企客户数达到2430万家，净增 110万家。上半年，包括咪咕视频、云游戏等在内的新兴市场业务收入达到23 ...

Core Insights - China Mobile reported a revenue of 543.8 billion yuan for the first half of 2025, with a 0.7% year-on-year growth in main business revenue [1] - The company achieved a net profit of 84.2 billion yuan, reflecting a 5.0% increase compared to the previous year [1] - The digital transformation revenue reached 156.9 billion yuan, growing by 6.6% and accounting for 33.6% of main business revenue [1] Revenue Breakdown - Personal market revenue was 244.7 billion yuan, with a net addition of 560,000 mobile customers, totaling 1.005 billion [2] - The number of 5G network customers reached 599 million, with a penetration rate of 59.6% [2] - Family market revenue grew by 7.4% to 75 billion yuan, with 284 million family broadband customers [2] - Government and enterprise market revenue was 118.2 billion yuan, up 5.6%, with mobile cloud revenue at 56.1 billion yuan, increasing by 11.3% [2] Emerging Markets and Innovations - Emerging market revenue was 29.1 billion yuan, a 9.3% increase, with international business revenue at 14 billion yuan, growing by 18.4% [3] - The company launched the world's first 6G small-scale test network and led in the number of international standard projects for 5G-A and 6G [4] - Investment in 5G networks totaled 25.8 billion yuan, with over 2.599 million 5G base stations built [4] Future Outlook - The company aims to enhance its integration, operational, and transformation capabilities while accelerating AI-driven growth [4] - The monthly active users of the AI smart assistant reached 70 million [3]

Core Insights - China Mobile reported a mid-year operating revenue of RMB 543.8 billion for 2025, with a slight decline of 0.5% compared to the previous year [2][3] - The communication service revenue reached RMB 467 billion, showing a year-on-year growth of 0.7% [2][3] - The company achieved a net profit of RMB 84.2 billion, reflecting a 5.0% increase year-on-year, maintaining a leading position among international operators [2][3] Financial Performance - Operating revenue for 1H2024 was RMB 5467.44 billion, while for 1H2025 it was RMB 5437.69 billion, indicating a decrease of 0.5% [3] - EBITDA for 1H2025 was RMB 1859.58 billion, up 2.0% from RMB 1822.70 billion in 1H2024, with an EBITDA margin of 34.2%, an increase of 0.9 percentage points [3] - Basic earnings per share rose to RMB 3.90 in 1H2025, a 4.0% increase from RMB 3.75 in 1H2024 [3] Market Segments - The personal market generated revenue of RMB 244.7 billion, with mobile customers reaching 1.005 billion, a net increase of 560,000 [4] - The family market revenue was RMB 75 billion, growing by 7.4%, with broadband customers increasing to 284 million [4] - The enterprise market revenue reached RMB 118.2 billion, a 5.6% increase, with the number of enterprise customers growing to 34.84 million [4] Digital Transformation and Innovation - Digital transformation revenue amounted to RMB 156.9 billion, a 6.6% increase, accounting for 33.6% of communication service revenue [2][4] - The company is focusing on "AI+" initiatives, with significant growth in AI-related services and products, including a user base of over 60 million for its AI services [5] - The international business segment reported revenue of RMB 14 billion, an 18.4% increase, highlighting the company's strategy to leverage both domestic and international markets [5] Strategic Direction - The chairman emphasized the importance of digital transformation and strategic initiatives to navigate complex external challenges and enhance operational efficiency [4][6] - The company aims to build a world-class information service technology innovation company, focusing on creating greater value for shareholders and customers [6]

基于规模的价值经营持续深化 今年上半年，中国移动坚持细分市场是基础，把存量经营、价值经营作为长期性、战略性工作，大力加强产品供给、产品创新，持续深化CHBN全 向发力、融合发展，稳步推进转型升级、动能转换。 8月7日，中国移动公布2025年中期业绩：营运收入达5438亿元，其中通信服务收入为4670亿元，同比增长0.7%。总连接数达到38.15亿，净增1.45 亿。CHBN中，HBN收入占通信服务收入比达到47.6%，同比提升2.6个百分点。数字化转型收入达到人民币1569亿元，同比增长6.6%，占通信服务 收入比达到33.6%，同比提升1.9个百分点。EBITDA近1860亿元，同比增长2.0%，EBITDA占通信服务收入比为39.8%，同比提升0.5个百分点，净利 润达到842亿元，同比增长5.0%，盈利能力继续保持国际一流运营商领先水平。 中国移动董事长杨杰表示，2025年上半年，面对错综复杂的外部环境和诸多压力挑战，中国移动凝心聚力、攻坚克难，牢牢把握数智化转型重要机 遇，紧扣"一二二五"战略实施思路，全面推进"三大计划"，深化改革攻坚、创新突破，深化转型升级、动能转换，深化精细运营、精益管理，经营 ...

Core Viewpoint - China Mobile reported a revenue of 543.8 billion yuan for the first half of 2025, with a net profit of 84.2 billion yuan, reflecting a year-on-year growth of 5.0% [2] Financial Performance - The company's main business revenue reached 467 billion yuan, a slight increase of 0.7% year-on-year [2] - The interim dividend declared is 2.75 HKD per share, marking a 5.8% increase from the previous year [2] Revenue Structure Improvement - Personal market revenue was 244.7 billion yuan, with a mobile customer base of 1.005 billion, adding 560,000 new users [4] - 5G network customers reached 599 million, with a penetration rate of 59.6% [4] - Family market revenue grew by 7.4% to 75 billion yuan, with 284 million broadband customers [4] - Government and enterprise market revenue was 118.2 billion yuan, up 5.6% year-on-year [4] - Emerging market revenue increased by 9.3% to 29.1 billion yuan, with international business revenue growing by 18.4% [5] Capital Expenditure Focus - Capital expenditure for the first half of 2025 was 58.4 billion yuan, with a full-year plan of 151.2 billion yuan [6] - Investment in 5G networks totaled 25.8 billion yuan, with over 2.599 million 5G base stations opened [6] - The focus of capital expenditure is on computing power, particularly in AI, with plans to increase investment in this area [7] AI Development and Monetization - AI-related revenue has reached several billion yuan, with significant growth expected through commercialization [9] - The company has established various AI initiatives, including the creation of a large-scale intelligent computing center and a data annotation base [8] - AI projects signed in the first half of the year reached 1,485, with nearly 200 million customers using AI products [8]

本报记者 李乔宇 同期，中国移动实现家庭市场收入为750亿元，同比增长7.4%；家庭宽带客户达到2.84亿户，净增623万 户；家庭客户综合ARPU为44.4元，同比增长2.3%。 上半年，中国移动实现政企市场收入1182亿元，同比增长5.6%，政企客户数达到3484万家，净增225万 家。其中，中国移动移动云收入为561亿元，同比增长11.3%；5G专网收入快速增长，达到61亿元，同 比增长57.8%。 今年上半年，中国移动累计服务智能网联汽车超6900万辆，建成首个车路云一体化试点；商客套餐数达 到3695万套，净增1011万套；低空经济加速卡位，中移凌云平台全行业中标占比达到38%。 上半年，中国移动实现新兴市场收入为291亿元，同比增长9.3%。其中，国际业务收入达140亿元，同 比增长18.4%；数字内容收入为149亿元，咪咕视频AI智能观赛累计使用超1.98亿人次。 中国移动执行董事兼首席执行官何飚在当日盘后的业绩说明会上表示，今年上半年，中国移动全业务结 构性增收成效显著，通信连接业务焕新升级，巩固第一曲线；数智信息化业务做强做优做大，壮大第二 曲线。下半年中国移动将加快转型步伐，强化创新突破， ...

公司简称：中国移动 股票代码：600941 中国移动有限公司 重要提示 中国移动有限公司（"本公司"或"公司"）董事会及董事、高级管理人员保证半年度 报告内容的真实性、准确性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个 别和连带的法律责任。 本半年度报告已经公司 2025 年 8 月 7 日召开的董事会审议通过。本次会议应出席董事 本公司分别按照中国会计准则及国际财务报告会计准则/香港财务报告会计准则编制财 务报告。本公司按中国会计准则及国际财务报告会计准则/香港财务报告会计准则编制的 公司负责人何飚、主管会计工作负责人李荣华及会计机构负责人（会计主管人员）胡宇 霆声明：保证半年度报告中财务报告的真实、准确、完整。 本半年度报告载有若干涉及本公司未来计划、发展战略等事宜的前瞻性陈述，不构成公 司对投资者的实质承诺。该等前瞻性陈述涉及已知和未知的风险、不确定性及其他因素，而 相关因素可能导致本公司的实际表现、财务状况或经营业绩与前瞻性陈述中所暗示的有重大 出入，敬请投资者注意投资风险。 本公司不存在被控股股东及其他关联方非经营性占用资金的情形，不存在违反规定决策 程序对外提供担保的情形，亦不存在半数 ...

上半年，政企市场收入为人民币1,182亿元，同比增长5.6%。政企客户数达到3,484万家，净增225万 家。加速「由云向智」升级，移动云收入达到人民币561亿元，同比增长11.3%。5G垂直行业应用保持 领先，5G专网收入快速增长，达到人民币61亿元，同比增长57.8%。ToV车联网市场快速发展，累计服 务智能网联汽车超6,900万辆，建成首个车路云一体化试点。商客市场成效明显，商客套餐数达到3,695 万套，净增1,011万套。视联网业务加快拓展，视联网连接数增长20.9%，已实现8,938万路视频云端互 联。低空经济加速卡位，中移凌云平台10全行业中标占比达到38%。数联网抢占先机，作为国家数据流 通主流技术设施与实践方案，在7个试点城市快速布局。 为更好地回馈股东、共享发展成果，公司充分考虑盈利能力、现金流状况及未来发展需要，决定2025年 中期派息每股2.75港元，同比增长5.8%，2025年全年以现金方式分配的利润占当年股东应占利润8的比 例较2024年进一步提升，持续为股东创造更大价值。 格隆汇8月7日丨中国移动(00941.HK)公布2025年中期业绩，2025年上半年实现营运收入人民币5,4 ...

Core Insights - The article discusses the evolution of long video platforms, highlighting the challenges of sustaining growth while managing losses in a competitive environment [1] - It emphasizes the strategic partnership between Migu and Mango TV, showcasing how Migu leverages Mango's content to enhance its market presence [10][11] - The article raises questions about Migu's ability to transition from a content aggregator to a content creator in the long video space [22] Group 1: Market Dynamics - The long video industry has shifted from a focus on rapid user growth through heavy spending to a more sustainable model, facing increased pressure as overall internet growth slows [1] - Migu's partnership with Mango TV has been pivotal, with Migu investing 1.6 billion in Mango Media to secure a foothold in the market [10] - The collaboration aims to create a differentiated content ecosystem, but Migu faces challenges in consistently delivering high-quality content compared to competitors [11][12] Group 2: Content Strategy - Migu has successfully launched popular series like "Jinxiu Fanghua," achieving over 1.5 million reservations, indicating a growing user interest [1][10] - The platform is transitioning to a more diverse content strategy, focusing on original productions alongside sports content to attract a broader audience [15][20] - Migu's recent initiatives include signing a "blockbuster co-creation plan" with Mango TV and Hunan TV, aiming to enhance its content offerings [15][20] Group 3: User Engagement and Growth - Migu has implemented targeted marketing strategies to enhance user engagement, such as leveraging sports events to promote new series [18][20] - The platform's user base is expected to grow as it effectively integrates sports and entertainment content, creating a seamless viewing experience [20] - Despite the positive trends, Migu must navigate the challenges posed by the rising popularity of short-form content, which is rapidly gaining traction among users [24]