Group 1: Financial Performance - In the first half of 2025, China Mobile reported operating revenue of 543.769 billion yuan, a decrease of 0.5% year-on-year, and a net profit of 84.235 billion yuan, an increase of 5.0% [1] - China Telecom achieved operating revenue of 269.4 billion yuan, a year-on-year increase of 1.3%, and a net profit of 23 billion yuan, up 5.5% [1] - China Unicom's operating revenue was 200.202 billion yuan, reflecting a year-on-year growth of 1.5%, with a net profit of 6.349 billion yuan, an increase of 5.1% [1] Group 2: Dividend Distribution - China Mobile plans to distribute an interim dividend of 59.432 billion Hong Kong dollars, equivalent to approximately 54.199 billion yuan [1] - China Telecom intends to distribute a cash dividend of 0.1812 yuan per share, totaling around 16.581 billion yuan [1] - China Unicom plans to distribute approximately 3.477 billion yuan in dividends to shareholders [1] Group 3: AI Development - China Mobile's AI-related revenue reached several billion yuan, marking a significant growth phase since last year [2] - China Telecom reported intelligent revenue of 6.3 billion yuan, a year-on-year increase of 89.4% [2] - China Unicom is accelerating AI applications to enhance user experience and operational efficiency [2][3] Group 4: Capital Expenditure - China Mobile's capital expenditure for the first half of the year was 58.4 billion yuan, with a focus on computing power investments [4] - China Telecom completed capital expenditure of 34.2 billion yuan, with significant investments in mobile networks and digital industry [4] - China Unicom's capital expenditure was 20.2 billion yuan, a decrease of 15% year-on-year, with future investments expected to stabilize [5]

民生证券研报指出，中国移动上半年实现归母净利润842.35亿元，同比增长5.0%，公司经营业绩稳健， 各业务板块稳步发展。公司持续强化算力供给，当前总智算规模（FP16）达61.3EFLOPS，其中自建智 算规模（FP16）为33.3EFLOPS，对外服务IDC机架超66万架。大模型加速突破，全栈自主可控、行业 深度赋能、多模态领先、安全可信可靠的"九天"通专大模型矩阵全新升级到3.0，重点布局能源、交 通、新型工业化、医疗、教育等超50款行业大模型。打造多模型和智能体聚合服务引擎MoMA，实现大 小模型、不同模态、各类工具链与智能体的自主选择、最优匹配。大数据加速汇聚，打造超200款多模 态数据标注治理工具，建成覆盖32个行业、超3,500TB通用高质量数据集。"AI+"应用方面，上半年公 司AI+DICT签约项目达到1485个，联合能源、水利、农业等行业央企共建行业大模型，赋能新型工业 化。面向千家万户，推动全量产品和服务嵌入AI，"AI化产品"客户合计近2亿户。发布AI智能助理灵犀 智能体2.0，月活跃客户突破6,000万户。联合行业龙头企业，发布AI智能终端、智能机器人、智能网联 汽车等首批信息消费" ...