Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a steady growth in operating performance with a revenue of 543.8 billion yuan for the first half of 2025, a 0.7% year-on-year increase in main business revenue, and a net profit of 84.2 billion yuan, reflecting a 5.0% year-on-year growth [1]. - The company aims to enhance shareholder returns, with an interim dividend of 2.75 HKD per share, a 5.8% increase compared to the previous year [5]. - The company is focused on digital transformation, with digital revenue reaching 156.9 billion yuan, a 6.6% year-on-year increase, accounting for 33.6% of main business revenue [2]. Summary by Sections Business Performance - The personal market revenue decreased by 4.1% to 244.7 billion yuan, while the family market revenue increased by 7.4% to 75 billion yuan, with broadband revenue growing by 9.3% [2]. - The enterprise market revenue grew by 5.6% to 118.2 billion yuan, with a notable increase in mobile cloud revenue by 11.3% [3]. - Emerging markets generated 29.1 billion yuan in revenue, a 9.3% increase, with international business revenue growing by 18.4% [3]. Capital Expenditure - The company completed capital expenditures of 58.4 billion yuan in the first half of 2025, with a focus on 5G network investments [4]. - The total number of 5G base stations exceeded 2.599 million, with a net increase of 187,000 in the first half of 2025 [4]. Financial Forecast - The company expects a steady growth in revenue and profit for the full year of 2025, with net profit projections of 145.3 billion yuan, 152.5 billion yuan, and 160 billion yuan for 2025, 2026, and 2027 respectively [6].

Core Viewpoint - China Mobile reported a steady growth in its mid-year performance for 2025, with a focus on digital transformation and strategic initiatives to enhance operational efficiency and service quality [5][15]. Financial Performance - Operating revenue reached RMB 543.8 billion, with communication service revenue at RMB 467 billion, a year-on-year increase of 0.7% [3]. - EBITDA was nearly RMB 186 billion, up 2.0% year-on-year, with a margin of 39.8% [3]. - Net profit reached RMB 84.2 billion, reflecting a 5.0% year-on-year growth [3]. Market Segments Personal Market - Personal market revenue was RMB 244.7 billion, with mobile customers totaling 1.005 billion, a net increase of 560,000 [7]. - 5G network customers reached 599 million, with a penetration rate of 59.6% [7]. - Family market revenue was RMB 75 billion, growing 7.4% year-on-year, with broadband customers at 284 million [7]. Government and Enterprise Market - Government and enterprise market revenue was RMB 118.2 billion, a 5.6% increase year-on-year [8]. - The number of enterprise customers reached 34.84 million, with a net increase of 2.25 million [8]. - Mobile cloud revenue was RMB 56.1 billion, up 11.3% year-on-year [8]. Emerging Markets - Emerging market revenue was RMB 29.1 billion, growing 9.3% year-on-year [9]. - International business revenue reached RMB 14 billion, an 18.4% increase [9]. - Financial technology business scale reached RMB 47.1 billion, reflecting a 24.5% growth [9]. Strategic Initiatives - The company is advancing its "three major plans" to enhance digital transformation and operational efficiency [5][10]. - Significant investments in new infrastructure, with capital expenditure of RMB 58.4 billion and over 2.59 million 5G base stations built [10]. - The "AI+" initiative is driving innovation, with over 60 million active users of AI services [14]. Innovation and Development - The company is focusing on building a robust AI ecosystem, with the launch of the "AI+" community and over 50 industry-specific AI models [14]. - Continuous improvement in service quality and customer experience through new service initiatives and commitments [10].