（YoY+24.5%）。股权投资方面，围绕战略性新兴产业、未来产业关键领域进行投资布局，按权益法核 算的投资收益达到72 亿元（YoY+17%）。 提升目标价116 港元，买入评级：中国移动作为全球用户规模最大的运营商，品牌价值已跃升至全球运 营商前四，盈利能力稳居全球行业前列。展望未来，美联储降息与国内降准趋势渐明，叠加国内十年期 国债收益率持续下行，全球或将步入"资产荒"时代。在此背景下，中国移动凭借稳定可持续的收入、利 润及经营现金流增长，有望成为包括险资在内的长期资金重点配置标的。同时，公司稳定的派息政策与 可观的分红回报率，将进一步增强其投资吸引力。综合考虑盈利稳健性与分红优势，我们将公司估值中 枢上调至2025 年归母净利润的16 倍PE，对应目标价116 港元，并维持"买入"评级。 风险提示：公司分红派息、移动和固网宽带ARPU 提升不及预期、行业竞争加剧。 （YoY+11.3%）。5G 垂直行业应用保持领先，5G 专网收入达61亿元（YoY+57.8%），累计服务智能网 联汽车超6900 万辆。 持续推动创新拓展，新兴业务实现良好增长：上半年，新兴市场收入为291 亿元（YoY+9.3%）。其 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's net profit growth exceeded expectations, with a 5.0% year-on-year increase in net profit for the first half of 2025, driven by stable growth in core business and effective cost management [1][2] - The company is focusing on profitable and cash-generating revenue streams, leading to a robust EBITDA growth of 2.0% year-on-year, with an EBITDA margin of 34.2% [1] - The company anticipates steady revenue growth for the full year, supported by resilient demand in its core business and effective capital expenditure management [2] Summary by Sections Main Business Performance - In the first half of 2025, the company achieved operating revenue of 543.769 billion yuan, a slight decrease of 0.5% year-on-year, with core business revenue at 466.989 billion yuan, up 0.7% [1] - The company has actively abandoned inefficient businesses, resulting in a stable growth in core business revenue [1] Personal Market - The personal market revenue for the first half of 2025 was 244.727 billion yuan, down 4.1% year-on-year, but the mobile user base increased slightly by 560,000 to 1.005 billion [3] - The company expects a gradual recovery in personal market revenue in the second half of the year due to improved competitive conditions [3] Family Market - The family market revenue grew by 7.4% year-on-year to 74.989 billion yuan, with broadband connection revenue increasing by 9.3% [4] - The company reported a net increase of 6.23 million family broadband users, reaching a total of 284 million [4] Government and Enterprise Market - The government and enterprise market revenue rose by 5.6% year-on-year to 118.196 billion yuan, with mobile cloud revenue growing by 11.3% [5] - The company is enhancing its capabilities to meet customer demands and is focusing on quality control to avoid excessive bad debts [5] Emerging Markets - The emerging markets segment reported a revenue of 29.077 billion yuan, a year-on-year increase of 9.3%, with international business revenue growing by 18.4% [6][10] - The company is leveraging its global strategy to enhance its international business capabilities [6] Cost Management and Capital Expenditure - The company effectively managed costs, with a 0.1% year-on-year increase in core business costs, while capital expenditure decreased by 8.8% to 58.4 billion yuan [11] - The company expects full-year capital expenditure to be lower than the initial guidance of 151.2 billion yuan [11] Cash Flow and Shareholder Returns - The company's operating cash flow decreased by 36.2% year-on-year, but is expected to improve in the second half of the year as projects are completed [12] - The company announced an interim dividend of 2.75 HKD per share, a 5.8% increase year-on-year, indicating a commitment to enhancing shareholder returns [13] Earnings Forecast and Valuation - The company forecasts revenue growth rates of 2.0% for 2025 and 2026, with net profit growth rates of 5.0% for the same period [14]

证券研究报告 | 2025年08月08日 中国移动（600941.SH） 优于大市 2025 年上半年净利润同比增长 5%，中期派息同比增长 5.8% 2025 年上半年公司经营业绩稳健增长。2025 年上半年，公司实现营收 5438 亿元（同比-0.5%），通信服务收入达 4670 亿元（同比+0,7%）。归母净利 润 842 亿元（同比+5.0%）。净资产收益率（ROE 摊薄）同比稳定提升 0.1pct 至 6.1%，EBITDA 率同比提升 0.9pct 至 34.2%。公司决定 2025 年中期派息每 股 2.75 港元，同比增长 5.8%。 价值经营持续深化。（1）个人市场上半年收入 2447 亿元。移动客户达 10.05 亿户，净增56万户，其中5G用户达5.99亿户，净增4691 万户，渗透率59.6%。 移动 ARPU 保持行业领先，为人民币 49.5 元。（2）家庭市场上半年收入为 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， 其中千兆家庭宽带客户达到 1.09 亿户，同比增长 19.4%，FTTR 客户达到 1840 万户，同比增长 264%。家 ...

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 2025年半年度報告摘要 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2025年半年度 報 告 摘 要》，僅 供 參 考。 承董事會命 中國移動有限公司 楊 杰 董事長 香 港，2025年8月7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 ...