Group 1: Financial Performance - The company's net profit for the first half of the year reached 80.2 billion CNY, a year-on-year increase of 5.3% [4] - Return on Assets (ROA) was 8.0%, up by 0.2 percentage points year-on-year; Return on Equity (ROE) was 11.8%, up by 0.3 percentage points year-on-year [4] - Operating cash inflow for the first half of the year was 131.4 billion CNY, with free cash flow at 67.4 billion CNY [5] Group 2: Capital Market Support - The company aims to increase cash distributions to shareholders to over 75% of the profit attributable to shareholders within three years starting from 2024 [2] - The company has implemented measures to stabilize the capital market, including enhancing investor communication and improving information disclosure quality [2] Group 3: Stock Option Plan - The company approved a stock option incentive plan in May 2020, granting 306 million shares in the first round and 608 million shares in the second round [3] - The stock options will be exercised in three batches, with 40% available after 24 months, 30% after 36 months, and the remaining 30% after 48 months [3] Group 4: Future Capital Expenditure - Capital expenditure peaked between 2020 and 2022, with a projected reduction to 173 billion CNY this year, accounting for 20% of revenue [5] - The company expects capital expenditure to continue to decline over the next two years [5] Group 5: Accounts Receivable Management - The company plans to strengthen project management and customer credit classification to control accounts receivable [8] - The overall accounts receivable and credit impairment have increased but remain manageable [8] Group 6: AI and Technology Initiatives - The company has launched several initiatives, including the "AI+" action plan, to enhance AI capabilities and integrate new technologies [4] - The total computing power reached 8.2 EFLOPS (FP32) and intelligent computing power reached 19.6 EFLOPS (FP16) in the first half of the year [9]

股票代码：600941 股票简称：中国移动 公告编号：2024-030 中国移动有限公司 2024年8月客户数据公告 中国移动有限公司（以下简称"本公司"或"公司"）公布 2024 年 8 月的客 户数据，详情如下： | 单位：万户 | 2024 | 年 月 8 | | | | --- | --- | --- | --- | --- | | 移动业务 | | | | | | 客户总数 | | | 100,154.5 | | | 本月净增客户数 | | | | 73.0 | | 本年累计净增客户数 | | | | 1,054.5 | | 5G 网络客户数 | | | | 53,352.2 | | 有线宽带业务 | | | | | | 客户总数 | | | | 31,061.0 | | 本月净增客户数 | | | | 140.5 | | 本年累计净增客户数 | | | | 1,236.4 | 本公司谨此提醒投资者，上述客户数据为内部统计数据，并不代表公司对未 来经营情况的任何明示或默示的预测或保证，投资者应注意不恰当依赖或使用上 述数据可能造成的投资风险。 特此公告。 中国移动有限公司 2024年9月20日 1 ...

Group 1: Financial Performance - The company achieved a 3.0% increase in operating revenue and a 5.3% increase in net profit in the first half of the year, although revenue growth has slowed down due to external environmental changes and a transition period between old and new growth drivers [3][4] - The EBITDA for the first half of the year was 182.3 billion CNY, with an EBITDA margin of 33.3%, indicating a slight decline of 0.6% [5][6] - The company aims to maintain stable ARPU (Average Revenue Per User) throughout the year, with a slight decline observed in the first half due to market saturation and customer base changes [6][7] Group 2: Strategic Initiatives - The company plans to implement three major actions in the second half of the year: upgrading to new information infrastructure, launching the "AI+" action plan, and advancing the "BASIC6" innovation plan [4][5] - The "AI+" action plan aims to enhance AI capabilities and integrate them into various market applications, with a focus on achieving scale effects in AI technology [4][8] - The "BASIC6" plan emphasizes technological innovation in big data, AI, security, and 6G, aiming to drive growth in these sectors [4][10] Group 3: Market Development - The mobile cloud business has shown significant growth, with revenue increasing from 1.9 billion CNY in 2019 to 83.3 billion CNY in 2023, reflecting a 19% year-on-year growth in the first half of the year [7][8] - The company is focusing on developing a smart home ecosystem and enhancing customer engagement through innovative product offerings [7][9] - The company is also exploring new market opportunities through the deployment of 5G services and applications, particularly in remote areas [12] Group 4: Talent and Innovation - The company has implemented various talent development programs, resulting in the appointment of 2 chief scientists and over 5,500 provincial experts to strengthen its innovation capabilities [10][11] - The company is actively pursuing AI applications across different sectors, with a focus on integrating AI technology into its operations and services [10][11] - The establishment of the Hong Kong Innovation Research Institute aims to attract overseas talent to support the company's transformation [11] Group 5: Cash Flow Management - The company reported a net cash inflow from operating activities of 131.4 billion CNY and a free cash flow of 67.4 billion CNY in the first half of the year, maintaining a healthy cash flow position [12][13] - The increase in accounts receivable is attributed to slower payment speeds in government and enterprise businesses, which typically have longer credit cycles [12][13] - The company plans to enhance accounts receivable management through improved project management and customer credit assessments [13]

Financial Performance - In the first half of the year, the company's net profit reached 802 billion RMB, a year-on-year increase of 5.3% [3] - ROA was 8.0%, up by 0.2 percentage points, and ROE was 11.8%, up by 0.3 percentage points, indicating continuous improvement in profitability [3] - EBITDA experienced a slight decline due to the combined effects of operating profit growth and depreciation, with a 6.4% decrease in depreciation expenses [3] Market Dynamics - The number of mobile customers surpassed 1 billion, with 5G network customers increasing by approximately 49 million in the first half of the year [5] - The mobile ARPU saw a slight decline attributed to market saturation, a shift towards lower-tier plans, and a slowdown in traffic growth [4][5] - The mobile communication market is transitioning, with a mobile penetration rate of 125 per 100 people [4] Cloud Business Development - Mobile cloud revenue grew from 1.9 billion RMB in 2019 to 83.3 billion RMB in 2023, maintaining rapid growth [5] - The company is shifting from scale-based growth to value-based growth, focusing on efficiency and capability enhancement [5][6] Artificial Intelligence Initiatives - The company has developed a core AI team of approximately 2,000 people and has created the "Jiutian" series of general models [7][8] - Currently, there are 450 AI capabilities in use, with 55,000 digital employees deployed [8] - The company is focusing on AI applications across various industries, leveraging its AI models for commercial purposes [7][8] Capital Expenditure and Shareholder Returns - Capital expenditure peaked between 2020 and 2022, with a projected reduction in spending to 173 billion RMB this year, representing less than 20% of revenue [9][10] - The company has maintained a high dividend payout ratio, with a mid-2024 interim dividend of 2.60 HKD per share, a 7.0% increase year-on-year [10]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2024年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國移動有限公司 | | | 呈交日期: | 2024年9月4日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.0 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00941 | | 說明 | 於香港聯交所上市的股份（「香港股份」） | | | | | | 多櫃檯證券代號 | 80941 | RMB | 說明 | 香港股份 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | ...

重要内容提示： 每股分配比例 A 股中期每股现金红利人民币 2.3789 元（含税） 相关日期 股票代码：600941 股票简称：中国移动 公告编号：2024-029 中国移动有限公司 2024 年中期利润分派 A 股实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/8/30 | － | 2024/9/2 | 2024/9/2 | 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 中国移动有限公司（以下简称"公司"或"本公司"）2024 年 5 月 22 日的 2024 年股东周年大会通过了授权公司董事会决定公司 2024 年中期利润分配的议案。公 司 2024 年中期利润分配方案已经公司于 2024 年 8 月 8 日召开的 2024 年第八次董 事会审议通过。 二、分配方案 1. 发放年度：2024 年中期 2. 分派对象： 截至股 ...

[Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅（ % ） | -7.1 | 3.6 | 9.6 | | 相对涨幅（ % ） 资料来源：海通证券研究所 | -1.3 | 8.5 | 19.3 | 事件：公司发布 24 年半年报，24H1 实现收入 5467.44 亿元（同比+3%）， 归母净利润 802.01 亿元（同比+5.3%），毛利率 30.81%（同比+2pct）。单季 度来看，24Q2 实现收入 2830.37 亿元（同比+1.1%），归母净利润 505.92 亿元（同比+5.2%），毛利率 35.13%（同比+2.4pct）。 智算规模超预期提升，大模型持续推进。24H1 智算规模高速建设，提升 9.5EFLOPS 达到 19.6EFLOPS，已超年初 17EFLOPS 目标。"AI+"行动取 得突破，万卡级智算集群分别落 ...

股票代码：600941 股票简称：中国移动 公告编号：2024-028 中国移动有限公司 本公司谨此提醒投资者，上述客户数据为内部统计数据，并不代表公司对未 来经营情况的任何明示或默示的预测或保证，投资者应注意不恰当依赖或使用上 述数据可能造成的投资风险。 特此公告。 中国移动有限公司 2024年8月20日 1 2024年7月客户数据公告 中国移动有限公司（以下简称"本公司"或"公司"）公布 2024 年 7 月的客 户数据，详情如下： | 单位：万户 | 2024 | 年 7 月 | | | | --- | --- | --- | --- | --- | | 移动业务 | | | | | | 客户总数 | | | 100,081.5 | | | 本月净增客户数 | | | | 55.9 | | 本年累计净增客户数 | | | | 981.5 | | 网络客户数 5G | | | | 52,795.6 | | 有线宽带业务 | | | | | | 客户总数 | | | | 30,920.5 | | 本月净增客户数 | | | | 3.3 | | 本年累计净增客户数 | | | | 1,095.9 | ...

| --- | --- | |-------------------------------|--------| | | | | 基础数据： 2024 年 6 月 30 日 | | | 每股净资产（元）： | 62.89 | | 每股资本公积（元）： | -14.06 | | 每股未分配利润（元）： | 55.08 | 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 2024H1，公司家庭市场收入 698.35 亿元，同比+7.5%，占主营业务收入 比 15.1%。其中，家庭宽带收入 511.60 亿元，同比 9.0%；智慧家庭收入 180.66 资料来源：最闻 亿元，同比 4.5%。家庭宽带客户 2.72 亿户，净增 848 万户；千兆宽带客户 9125 万户，同比+51.2%；FTTR 客户 505 万户，同比+296.4%。家庭客户综 分析师： 合 ARPU 为 43.4 元，同比+0.2%。家庭市场收入稳步增长主要由于用户数增 加（全年目标净增 1800 万），千兆宽带渗透、FTTR 客户发展、智家+内容用 户增长驱动家庭用户 ARPU 值保持稳定。 证券 ...

Investment Rating - The report maintains an "Outperform" rating for China Mobile (600941 SH) [8][11][42] Core Views - China Mobile's revenue growth slowed in Q2 2024, with mobile ARPU declining from RMB 52 4 in H1 2023 to RMB 51 in H1 2024 [14][15][30] - The company's H1 2024 net profit grew by 5 29% YoY, exceeding revenue growth due to reduced depreciation and amortization and effective cost control [30][35] - China Mobile plans to stabilize ARPU through personalized operations for to C customers, home market expansion, and new business deployments like 5G and AI [30] - The company is investing heavily in computing power networks, with general computing power reaching 8 2 EFLOPS (FP32) and AI computing power at 19 6 EFLOPS (FP16) in H1 2024 [31] - China Mobile increased its interim dividend to HKD 2 60 per share, up 7 0% YoY, with plans to further raise the dividend payout ratio [31] Financial Performance - H1 2024 revenue reached RMB 547 billion, up 3 02% YoY, with Q2 revenue growing 1 09% YoY to RMB 283 billion [30] - H1 2024 net profit attributable to shareholders was RMB 80 2 billion, up 5 29% YoY [30] - Operating cash flow in H1 2024 was RMB 131 4 billion, down 18% YoY due to increased receivables from government and enterprise business [9][50] - The company's capital expenditure in H1 2024 was RMB 64 billion, focusing on computing network construction [31] Valuation and Forecasts - Revenue is projected to grow 7 0% in 2024, 6 1% in 2025, and 5 5% in 2026 [42] - Net profit attributable to shareholders is expected to increase by 6 9% in 2024, 5 3% in 2025, and 5 3% in 2026 [42] - The A share PE ratio is forecasted at 16x for 2024, 15x for 2025, and 14x for 2026, with a PB ratio of 1 6x for 2024 [42] - The H share PE ratio is projected at 12x for 2024, 11x for 2025, and 10x for 2026, with a PB ratio of 1 0x for 2024 [42] Industry Comparison - China Mobile (600941 SH) has a higher valuation compared to peers, with a 2024E PE of 15 5x and PB of 1 6x [24] - China Telecom (601728 SH) and China Unicom (600050 SH) have lower valuations, with 2024E PEs of 15 9x and 15 5x respectively [24] - The Hong Kong-listed counterparts of these companies generally have lower valuations than their A share counterparts [24]