AI2H（AI to Home，AI智能家庭）不仅是技术进步的产物，更是信息通信业转型的战略选择。会上发 布的《AI智能家庭（AItoH）研究报告》提出，AI2H作为新一代智能家庭形态，引领家庭业务智能化演 进，正推动信息通信业转型。 当前，我国电信运营商已从增量驱动转向存量价值经营，在传统业务增长放缓的背景下，亟需通过智能 化、多元化的家庭服务开辟新增长空间。同时，用户对个性化、高品质、智能化服务的需求快速提升， 中国、日韩、欧洲等通信发达市场纷纷涌现AI家庭业务创新实践，国内三大运营商分别推出"移动爱 家""美好家""AI全融通"战略，在刚刚落幕的中国国际信息通信展览会期间，国内三大运营商就分别展 出了各自AI家庭服务的探索。海外运营商如韩国SKT、德国电信、法国电信等也在积极布局AI家庭业 务，形成了竞合并进的格局。 随着生成式人工智能加速演进，多模态融合、本地化推理等关键能力不断突破，AI技术在家庭场景的 应用不断深化，形成了以AI智能家庭为代表的新模式，成为数字经济增长的新热点。在中国信息通信 研究院、AIIA信息通信业AI创新推进委员会和世界超高清视频产业联盟联合主办的 "AI智胜未来大会暨 AI ...

Core Viewpoint - The launch of the "Mobile Love Home Plan" by China Mobile coincides with the 32nd International Family Day, emphasizing the brand's commitment to creating a smart and loving family environment through technology and community engagement [1][3]. Group 1: Brand and Ambassador - China Mobile's "Mobile Love Home" brand aims to become the preferred choice for family customers, with Olympic champion Guo Jingjing serving as the brand ambassador since 2024, embodying the values of family and care [1][3]. - Guo Jingjing's involvement highlights the alignment between her values of family and the brand's vision of a tech-enabled loving home, reinforcing the message of using technology to enhance family life [3]. Group 2: Mobile Love Home Plan Features - The "Mobile Love Home Plan" introduces a comprehensive service matrix centered around the "Love Family Circle," utilizing AI technology to connect family needs and provide integrated services for consumption management, family sharing, and emotional interaction [3][6]. - The plan includes a one-stop management feature through the China Mobile app, allowing primary account holders to manage family communication expenses efficiently, addressing the complexities of multiple accounts [5]. Group 3: Shared Services and Benefits - The plan offers shared services such as resource sharing for data and voice, family cloud albums, and smart home device integration, breaking down digital barriers among family members [6]. - China Mobile has introduced promotional packages including "Welcome Gifts," "Love Home Gifts," and "Gathering Gifts," enhancing family interaction and providing exclusive benefits for group activities [8].

Core Viewpoint - China Mobile is focusing on digital transformation and high-quality development, emphasizing its commitment to serving the public and enhancing digital life through innovative services and extensive network coverage [1][4]. Group 1: Service Commitment - China Mobile adheres to a people-centered development philosophy, aiming to provide satisfactory services and meet the public's demand for a better digital life [4]. - The company has built the world's largest 5G network with over 2.45 million base stations, achieving continuous coverage in towns and serving nearly 600 million users [4]. - China Mobile has gained the trust of 1 billion individual customers, 300 million family customers, and 30 million government and enterprise customers, achieving three "world firsts" in revenue, network scale, and user scale [4]. Group 2: New Initiatives - The company launched three major feedback plans targeting over 1 billion individual customers, nearly 300 million family customers, and over 400 million high-end customers [5]. - The feedback plans leverage the synergy of 5G and AI to enhance functionality, experience, and emotional value for customers [5]. - China Mobile aims to create better products and services through collaboration with partners, enhancing customer experience and fostering innovative business models [5]. Group 3: Future Outlook - Looking ahead, China Mobile plans to continuously improve network, product, and service quality, striving to provide enjoyable, intelligent, secure, and heartfelt services to customers [6].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a revenue of 263.8 billion yuan for Q1 2025, a slight increase of 0.02% year-on-year, with a net profit of 30.6 billion yuan, up 3.5% year-on-year [1]. - The company aims to achieve steady revenue growth and good profit growth in 2025, with specific targets for various business segments [4]. - The company is focusing on enhancing shareholder returns through increased dividend payouts, with a planned payout ratio of over 75% of net profit in the next three years [4]. Business Segment Summaries Personal Market - The company is building an operational system based on segmented markets and customer needs, with a total mobile customer base of 1.003 billion, including 578 million 5G users as of Q1 2025 [2]. - Mobile internet traffic increased by 7.7% year-on-year, with a mobile ARPU of 46.9 yuan, a decrease of 1 yuan compared to the previous quarter [2]. Family Market - The company is developing a family-centered integrated operation system, achieving a total of 320 million wired broadband customers, with a quarterly net increase of 5.48 million [2]. - The family customer ARPU reached 40.8 yuan, up 2.3% year-on-year [2]. Government and Enterprise Market - The company is leveraging new opportunities in information services and technology development, with an increasing revenue share from the government and enterprise market [3]. Emerging Markets - The company is accelerating the export of quality products and deepening the digital content sector, with an increasing revenue share from emerging markets [3]. Financial Forecasts and Investment Recommendations - The company is expected to achieve a net profit of 145.3 billion yuan in 2025, with a steady growth forecast for the following years [5]. - The company maintains a focus on customer-centric strategies and product innovation, which is expected to solidify its competitive advantages [5].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a revenue of 263.8 billion yuan for Q1 2025, a slight increase of 0.02% year-on-year, with a net profit of 30.6 billion yuan, up 3.5% year-on-year [1]. - The company aims to achieve steady revenue growth and good profit growth in 2025, with specific targets for various business segments [4]. - The company is focusing on enhancing shareholder returns with a dividend payout ratio of 73% for 2024 and plans to increase this to over 75% in the next three years [4]. Business Segment Summaries Personal Market - The company is building an operational system based on segmented markets and customer needs, with a total mobile customer base of 1.003 billion, including 578 million 5G users as of Q1 2025 [2]. - Mobile internet traffic increased by 7.7% year-on-year, with a mobile ARPU of 46.9 yuan, a decrease of 1 yuan compared to the previous quarter [2]. Family Market - The company is developing a family-centered integrated operation system, achieving a total of 320 million wired broadband customers, with a net increase of 5.48 million in the quarter [2]. - The comprehensive ARPU for family customers reached 40.8 yuan, an increase of 2.3% year-on-year [2]. Government and Enterprise Market - The company is leveraging new opportunities in information services and technology development, with an increasing revenue share from the government and enterprise market [3]. Emerging Markets - The company is accelerating the export of quality products and deepening its presence in the digital content sector, with an increasing revenue share from emerging markets [3]. Financial Forecasts and Investment Recommendations - The company is expected to achieve a net profit of 145.3 billion yuan in 2025, with a steady growth forecast for the following years [5]. - The company maintains a focus on customer-centric strategies and product innovation, which is expected to solidify its competitive advantages [5].

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 2024年年度報告 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2024年年度報 告》，僅 供 參 考。 香 港，2025年3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 及 其 他 因 素，而 這 些 因 素 可 能 導 致 本 ...