Investment Rating - The report maintains a "Buy-A" rating for China Mobile (600941.SH) [1] Core Views - The transition from old to new growth drivers is putting short-term pressure on growth, but the company maintains a high dividend value [1] - The company achieved a revenue of 543.8 billion yuan in H1 2025, a year-on-year decrease of 0.5%, with a net profit of 84.2 billion yuan, up 5.0% year-on-year [4][12] Summary by Sections C+H Segment - In the personal market, revenue was 244.7 billion yuan, down 4.1% year-on-year, with a total mobile customer base of 1.005 billion, net adding 560,000 users [5] - The number of 5G network customers reached 599 million, with a penetration rate of 59.6% [5] - The family market revenue grew by 7.4% year-on-year to 75 billion yuan, with 328 million total broadband customers [5] B+N Segment - The government and enterprise market revenue was 118.2 billion yuan, up 5.6% year-on-year, with a total of 34.84 million enterprise customers [7] - The mobile cloud revenue reached 56.1 billion yuan, up 11.3% year-on-year, and 5G vertical industry applications are leading the market [7] Capital Expenditure and Growth - The company completed capital expenditures of 58.4 billion yuan in H1 2025, with 25.8 billion yuan invested in 5G networks [10] - The company aims for a capital expenditure of 151.2 billion yuan for the full year, a decrease of 7.8% year-on-year [10] Dividend and Profitability - The company paid a dividend of 2.75 HKD per share in H1 2025, an increase of 5.8% year-on-year [11] - The forecast for net profit from 2025 to 2027 is 146.3 billion yuan, 154.9 billion yuan, and 163.9 billion yuan, respectively, with a corresponding EPS of 6.78, 7.18, and 7.59 yuan [12][14]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company has achieved a double-digit growth in net profit excluding non-recurring items, with a 10.3% year-on-year increase in the first half of 2025 [1] - The business structure continues to optimize, with steady progress in connected communications and enhanced capabilities in computing networks [2] - The company is focused on shareholder returns, proposing a mid-term dividend of 0.1112 yuan per share, a 16% increase year-on-year [4] - The company is expected to maintain a good growth momentum, with projected net profits of 9.73 billion, 10.42 billion, and 11.01 billion yuan for 2025, 2026, and 2027 respectively [5] Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 200.2 billion yuan, a 1.5% increase year-on-year, and a net profit attributable to shareholders of 6.35 billion yuan, up 5.1% [1] - The net profit excluding non-recurring items reached 5.58 billion yuan, reflecting a 10.3% growth [1] Business Segments - The connected communications segment generated revenue of 131.9 billion yuan in the first half of 2025, with a user base exceeding 1.2 billion [2] - The computing network segment's revenue reached 45.4 billion yuan, accounting for 26% of total revenue, with significant growth in cloud services and data centers [2] - International business revenue grew by 11% to 6.8 billion yuan, with strategic emerging industries contributing 86% to total revenue [2] Network Development - The company has made significant progress in network construction, with capital expenditures of 20.2 billion yuan, a 15% decrease year-on-year [3] - The data center's resource utilization rate exceeded 70%, and the company is advancing its computing infrastructure with a total capacity of 2,650 MW [3] Shareholder Returns - The company is committed to sharing development dividends with shareholders, proposing a mid-term dividend of 0.1112 yuan per share, which is a 16% increase from the previous year [4] Profit Forecast - The company is expected to maintain a strong growth trajectory, with net profit forecasts of 9.73 billion, 10.42 billion, and 11.01 billion yuan for 2025, 2026, and 2027 respectively [5]

Group 1 - The company reported a revenue of 200.2 billion RMB in the first half of 2025, representing a year-on-year growth of 1.5%, and a total profit of 17.8 billion RMB, up 5.1% year-on-year [1] - The board proposed a mid-term dividend of 0.2841 RMB per share (before tax), which is a 14.5% increase compared to the previous year, indicating a continuous enhancement in shareholder returns [1] - The connected communication business showed steady progress, with revenue of 131.9 billion RMB, a 0.4% year-on-year increase, and a user base exceeding 1.2 billion, with a net increase of over 11 million mobile and broadband users [1] Group 2 - The computing network intelligence business generated revenue of 45.4 billion RMB, growing by 4.3% year-on-year, and accounted for 26% of the main business revenue [2] - Cloud revenue reached 37.6 billion RMB, an 18.6% increase year-on-year, while data center revenue was 14.4 billion RMB, up 9.4% year-on-year [2] - The company has established partnerships with over 600 global operators and 1,000 industry partners, expanding its international market presence [2] Group 3 - Capital expenditure decreased by 15% year-on-year, indicating effective cost control, while the net cash flow from operating activities was 29.0 billion RMB, with free cash flow growing by 63.1% to 8.78 billion RMB [3] - The comprehensive gross profit margin improved by 0.5 percentage points, reflecting enhanced profitability [3] - The company maintains a "buy" rating with profit forecasts for 2025-2027 at 21.7 billion, 23.2 billion, and 25.1 billion RMB, corresponding to PE ratios of 13X, 12X, and 11X [3]

Core Insights - The company reported a revenue of 543.8 billion yuan for the first half of 2025, with service revenue at 467 billion yuan, showing a year-on-year growth of 0.7% [1] - The total number of connections reached 3.815 billion, marking an 8.9% year-on-year increase [1] - The company achieved a net profit attributable to shareholders of 84.2 billion yuan, reflecting a year-on-year growth of 5.0% [1] Revenue Breakdown - The personal market revenue was 244.7 billion yuan, down 4.1% year-on-year, while the mobile customer base reached 1.005 billion, with a net increase of 560,000 [1] - The family market revenue increased by 7.4% year-on-year to 75 billion yuan, with family broadband customers reaching 284 million, a net increase of 6.23 million [1] - The government and enterprise market revenue was 118.2 billion yuan, up 5.6% year-on-year, with the number of enterprise customers reaching 34.84 million, a net increase of 2.25 million [1] Emerging Business Growth - Emerging market revenue grew by 9.3% year-on-year to 29.1 billion yuan, with international business revenue at 14 billion yuan, up 18.4% [2] - Digital content revenue reached 14.9 billion yuan, while financial technology's industrial chain finance business scaled to 47.1 billion yuan, reflecting a year-on-year growth of 24.5% [2] - Investment income from strategic emerging industries amounted to 7.2 billion yuan, showing a year-on-year increase of 17% [2] Investment Outlook - The target price for the company has been raised to 116 Hong Kong dollars, maintaining a "buy" rating due to its strong brand value and profitability [3] - The company is expected to attract long-term funds, including insurance capital, due to its stable and sustainable revenue and profit growth [3] - The stable dividend policy and attractive dividend yield further enhance the company's investment appeal [3]

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]

公司规划，2025 年全年以现金方式分配的利润占当年股东应占利润的比例较2024 年进一步提升，持续 为股东创造更大价值。 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%。家庭客户综合ARPU 达44.4 元，同比增长2.3%。（3）政企 市场 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][27] Core Views - The company achieved steady growth in operating performance in the first half of 2025, with revenue of 543.8 billion yuan (down 0.5% year-on-year) and a net profit of 84.2 billion yuan (up 5.0% year-on-year) [1][10] - The company plans to distribute an interim dividend of 2.75 HKD per share, representing a year-on-year increase of 5.8% [1][10] - The company is focusing on deepening value management across personal, family, and government-enterprise markets, with significant growth in 5G users and cloud services [2][14] Summary by Sections Financial Performance - In the first half of 2025, the company reported a communication service revenue of 467.0 billion yuan (up 0.7% year-on-year) and an EBITDA margin of 34.2% (up 0.9 percentage points year-on-year) [1][10] - The return on equity (ROE) increased to 6.1%, reflecting a stable performance [1][10] Market Segments - Personal market revenue reached 244.7 billion yuan, with mobile customers totaling 1.005 billion, including 599 million 5G users [2][14] - Family market revenue grew by 7.4% to 75.0 billion yuan, with significant increases in gigabit broadband customers [2][14] - Government-enterprise market revenue increased by 5.6% to 118.2 billion yuan, with a notable rise in mobile cloud revenue [2][14] AI and Innovation - The company is accelerating AI innovation and large-scale applications, with a total computing power of 61.3 EFLOPS and over 66,000 IDC racks in service [3][20] - The company signed 1,485 AI+DICT projects in the first half of the year, collaborating with various industries to enhance industrial development [3][20] Capital Expenditure and Shareholder Value - Capital expenditure in the first half of 2025 was 58.4 billion yuan, with a full-year plan of less than 151.2 billion yuan [3][15] - The company aims to increase the proportion of cash distributed to shareholders in 2025 compared to 2024, enhancing shareholder value [3][24]

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 ...

公司简称：中国移动 股票代码：600941 中国移动有限公司 重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及 未来发展规划，投资者应当到上海交易所网站（www.sse.com.cn）、香港联合交易所网站 （www.hkexnews.hk）及公司官网（www.chinamobileltd.com）仔细阅读半年度报告全文。 公司本次董事会会议应出席董事 8 人，实际出席董事 8 人。 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 本公司分别按照中国会计准则及国际财务报告会计准则/香港财务报告会计准则编制 财务报告。本公司按中国会计准则及国际财务报告会计准则/香港财务报告会计准则编制的 为更好地回馈股东、共享发展成果，公司充分考虑盈利能力、现金流状况及未来发展 需要，决定 2025 年中期派息每股 2.75 港元，同比增长 5.8%，2025 年全年以现金方式分配 的利润占当年股东应占利润的比例较 2024 年进一步提升，持续为股东创造更大价值。经 公司 2025 年 8 月 7 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a steady revenue growth of 3.1% year-on-year, reaching 1,040.8 billion yuan in 2024, with a net profit of 138.4 billion yuan, reflecting a 5.0% increase [1][6]. - The digital transformation efforts have shown significant results, with digital transformation revenue growing by 9.9% to 278.8 billion yuan, accounting for 31.3% of the main business revenue [2][6]. - The company aims to enhance shareholder returns with a dividend payout ratio of 73% and plans to increase cash distributions to over 75% of net profit in the next three years [5][6]. Financial Performance Summary - **Revenue**: 2024 revenue reached 1,040.8 billion yuan, a 3.1% increase from the previous year [1][11]. - **Net Profit**: The net profit attributable to shareholders was 138.4 billion yuan, up 5.0% year-on-year [1][11]. - **Free Cash Flow**: Free cash flow increased by 22.9% to 151.7 billion yuan [1]. Business Segment Performance - **Personal Market**: Revenue of 483.7 billion yuan, with mobile customers exceeding 1 billion, and 5G network customers reaching 552 million [2][3]. - **Home Market**: Revenue of 143.1 billion yuan, with broadband customers growing to 278 million, including 99 million gigabit broadband customers [3]. - **Government and Enterprise Market**: Revenue of 209.1 billion yuan, with significant growth in mobile cloud services [3]. - **Emerging Markets**: Revenue of 53.6 billion yuan, with international business revenue of 22.8 billion yuan [3]. Capital Expenditure and Infrastructure Development - The company completed capital expenditures of 164 billion yuan in 2024, focusing on 5G networks and computing power [4]. - The company has established over 2.4 million 5G base stations and aims to enhance its computing power network significantly [4]. Future Outlook - The company targets steady revenue growth and profit increases for 2025, with specific goals for customer growth across various segments [5][6]. - The projected net profit for 2025 is estimated at 145.3 billion yuan, with continued growth expected in subsequent years [6][11].