Core Insights - China Mobile reported operating revenue of 543.8 billion yuan for the first half of 2025, with communication service revenue reaching 467 billion yuan, a year-on-year increase of 0.7% [2] - The chairman of China Mobile, Yang Jie, highlighted that the traditional communication demand is nearing saturation and the demographic dividend is gradually diminishing, leading to a complex situation in the communication industry [2] - The implementation of the number portability policy, originally intended to enhance market competition and service quality, has deviated from its initial purpose and has evolved into a means of malicious competition [2] Industry Overview - The Ministry of Industry and Information Technology reported that the growth rate of the communication industry in the first half of this year was only 1%, significantly lower than GDP growth, contrasting sharply with previous years' rapid growth [3] - Malicious competition is consuming the development momentum of the industry, resulting in a state of stagnation in growth for the communication sector [3] - The original intention of the number portability policy was to promote healthy development in the communication industry and improve overall service quality; however, operators are urged to return to the policy's original goals and focus on enhancing their core competitiveness [3]