Core Viewpoint - China Mobile's 2025 interim report shows stable operating performance with a focus on AI+ initiatives, leading to a buy rating from Minsheng Securities [1][5]. Financial Performance - In the first half of 2025, China Mobile achieved revenue of 543.77 billion yuan, a year-on-year decrease of 0.5%, while net profit attributable to shareholders was 84.24 billion yuan, an increase of 5.0% [2]. - The company's net profit excluding non-recurring items reached 78.37 billion yuan, up 7.3% year-on-year [2]. Business Segments - Personal Market: Revenue of 244.73 billion yuan, down 4.1%, accounting for 52.4% of main business income; 5G network customers reached 599 million with a penetration rate of 59.6% [3]. - Home Market: Revenue of 74.99 billion yuan, up 7.4%, accounting for 16.1% of main business income; broadband revenue was 55.94 billion yuan, up 9.3% [3]. - Government and Enterprise Market: Revenue of 118.2 billion yuan, up 5.6%, accounting for 25.3% of main business income; mobile cloud revenue reached 56.1 billion yuan, up 11.3% [3]. - Emerging Markets: Revenue of 29.08 billion yuan, up 9.3%, accounting for 6.2% of main business income [3]. Dividend and Capital Expenditure - The interim dividend for 2025 is set at 2.75 HKD per share, an increase of 5.8% [3]. - Capital expenditure for the first half of 2025 was 58.4 billion yuan, with a full-year plan not exceeding 151.2 billion yuan [3]. AI+ Initiatives - China Mobile is enhancing its AI capabilities, with total computing power reaching 61.3 EFLOPS, and self-built computing power at 33.3 EFLOPS [4]. - The company has signed 1,485 AI+DICT projects and is collaborating with state-owned enterprises to develop industry-specific models [4]. - The AI intelligent assistant "Lingxi" has over 60 million monthly active users [4]. Investment Outlook - Projected net profits for 2025, 2026, and 2027 are 145.84 billion yuan, 153.95 billion yuan, and 162.68 billion yuan, respectively, with corresponding P/E ratios of 16x, 15x, and 15x [5].

Core Viewpoint - China Mobile reported a revenue of 543.8 billion yuan for the first half of 2025, with a net profit of 84.2 billion yuan, reflecting a year-on-year growth of 5.0% [2] Financial Performance - The company's main business revenue reached 467 billion yuan, a slight increase of 0.7% year-on-year [2] - The interim dividend declared is 2.75 HKD per share, marking a 5.8% increase from the previous year [2] Revenue Structure Improvement - Personal market revenue was 244.7 billion yuan, with a mobile customer base of 1.005 billion, adding 560,000 new users [4] - 5G network customers reached 599 million, with a penetration rate of 59.6% [4] - Family market revenue grew by 7.4% to 75 billion yuan, with 284 million broadband customers [4] - Government and enterprise market revenue was 118.2 billion yuan, up 5.6% year-on-year [4] - Emerging market revenue increased by 9.3% to 29.1 billion yuan, with international business revenue growing by 18.4% [5] Capital Expenditure Focus - Capital expenditure for the first half of 2025 was 58.4 billion yuan, with a full-year plan of 151.2 billion yuan [6] - Investment in 5G networks totaled 25.8 billion yuan, with over 2.599 million 5G base stations opened [6] - The focus of capital expenditure is on computing power, particularly in AI, with plans to increase investment in this area [7] AI Development and Monetization - AI-related revenue has reached several billion yuan, with significant growth expected through commercialization [9] - The company has established various AI initiatives, including the creation of a large-scale intelligent computing center and a data annotation base [8] - AI projects signed in the first half of the year reached 1,485, with nearly 200 million customers using AI products [8]