近期中国移动（600941）发布2025年中报，证券之星财报模型分析如下： 营收与利润 根据中国移动（600941）发布的2025年中报，截至报告期末，公司营业总收入为5437.69亿元，同比下 降0.54%。尽管营收略有下降，但归母净利润达到了842.35亿元，同比上升5.03%。扣非净利润为783.66 亿元，同比上升7.29%。这表明公司在控制成本和提高盈利能力方面取得了一定成效。 从单季度数据来看，第二季度营业总收入为2800.09亿元，同比下降1.07%，但归母净利润为536.04亿 元，同比上升5.95%。扣非净利润为494.51亿元，同比上升5.35%。 盈利能力 本报告期内，中国移动的盈利能力有所提升。毛利率为31.62%，同比增加了2.61%；净利率为15.5%， 同比增加了5.58%。三费（销售费用、管理费用、财务费用）占营收比为10.0%，同比下降了1.68%，显 示出公司在费用控制方面的改进。 主营业务收入构成 在主营业务收入方面，无线上网业务收入为1954.89亿元，占总收入的35.95%；应用及信息服务收入为 1366.74亿元，占总收入的25.13%；有线宽带业务收入为685.6 ...

运营商行业的"老大哥"中国移动正面临增长焦虑。 8月7日，中国移动（600941.SH 、00941.HK）披露2025年上半年业绩：期内实现营收5438亿元，同比下滑0.5%，这一数据创下其近六年来首次营收 负增长纪录；归母净利润同比增长5.0%至842亿元，但增长乏力的态势已然凸显——该增速较2024年同期的5.29%、2023年的8.39% 以及2022年的 19.87%，呈现出持续放缓的趋势。 在当晚的业绩说明会上，除了谈及市场竞争，宏观经济形势等影响，中国移动董事长杨杰还表示，当前传统通信需求渐趋饱和，人口红利渐趋消退， 话音、短信这几年持续负增长，流量基本处于一个平稳的增长区，简单的连接型通信需求业务确实日趋饱和。与此同时，新型信息服务还在培养发展之 中，特别是人工智能，可能是今后几年科技发展最重要的一次变革，业务增长也很快，但是规模体量还是比较小，人工智能要发挥更大的作用，还需要时 间去培养，给公司带来收入增长，利润增长，还需要时间。 据工信部最新统计数据，2025年上半年全国电信业务收入累计达9055亿元，同比增速仅为1%，较去年同期3%的增幅大幅收窄，这一数据也印证了整 个通信行业正步入低速 ...

Core Viewpoint - Zhejiang Xiangyuan Cultural Tourism Co., Ltd. (hereinafter referred to as "the Company") has responded to the Shanghai Stock Exchange's inquiry regarding its 2024 annual report, focusing on its business relationships with Shandong Meiheng and Shandong Rongrun, including sales figures and operational details [1][2]. Business Operations and Relationships - The Company has engaged in cloud communication business with Shandong Meiheng and Shandong Rongrun since 2019, with a gradual shift towards cultural tourism as its main business post-restructuring in 2022 [3][4]. - Sales figures for the cloud communication business from 2019 to 2024 show a decline in revenue contribution, with total revenue of 30.56 million yuan in 2024, accounting for 1.70% of the Company's total revenue [3][4]. - The Company’s main supplier, Shandong Rongrun, had a prepayment amount of 1.523 million yuan, while Shandong Meiheng was identified as a major customer with sales of 30.56 million yuan in 2024 [1][4]. Business Model and Processes - The cloud communication business model involves establishing a messaging platform that aggregates various SMS suppliers' capabilities, ensuring timely and efficient message delivery [5][6]. - The Company actively sought partnerships with major telecom operators and leveraged its existing resources to develop its cloud communication services, leading to a successful collaboration with Shandong Rongrun and Shandong Meiheng [5][6]. - The procurement process involves prepayment for SMS services, with a unit price of 0.02 yuan per SMS for a total of 100 million SMS purchased from Shandong Rongrun [10][11]. Financial Performance - The financial performance of the cloud communication business has shown fluctuations, with net profits ranging from -11.89 million yuan in 2020 to 33.53 million yuan in 2023, indicating a challenging yet evolving business landscape [3][4]. - The Company reported a total of 5.555 million yuan in revenue from its top five customers in the cloud communication sector for 2022, with Shandong Meiheng accounting for 50.25% of the total revenue [14][15]. Customer and Supplier Dynamics - The Company has established a clear distinction between its customers and suppliers, with Shandong Meiheng being a non-related party, ensuring transparency in its business dealings [14][15]. - The Company’s procurement strategy includes maintaining a stable SMS inventory through prepayments, which helps mitigate risks associated with supply chain disruptions [16][17].