In the first half of 2025, the Company recorded operating revenue of RMB543.8 billion, of which telecommunications services revenue was RMB467.0 billion, representing year-on-year growth of 0.7%. The total number of connections³ reached 3,815 million, with a net addition of 145 million. In the CHBN⁴ markets, HBN revenue accounted for 47.6% of telecommunications services revenue, an increase of 2.6 percentage points year-on-year. Digital transformation revenue⁵ reached RMB156.9 billion, a year-on-year increase of 6.6%, and contributing 33.6% of telecommunications services revenue, an increase of 1.9 percentage points compared to the same period last year.

Profit attributable to equity shareholders was RMB84.2 billion, an increase of 5.0% year-on-year. EBITDA⁶ was RMB186.0 billion, an increase of 2.0% year-on-year. It accounted for 39.8% of telecommunications services revenue, an increase of 0.5 percentage points year-on-year. Our profitability maintained its leading position among top-tier global telecommunications operators. Net cash generated from operating activities was RMB83.8 billion, while free cash flow totaled RMB25.5 billion.

To create higher returns for our shareholders and share the results of our growth, after giving full consideration to the Company’s profitability, cash flow generation and future development needs, the Company has decided to pay HK$2.75 per share⁷ for the 2025 interim dividend, representing an increase of 5.8% year-on-year. For the full year of 2025, profit to be distributed in cash as a percentage of the profit attributable to equity shareholders of the Company⁸ will further increase from that of 2024. The Company will continue to create more value for shareholders.

We remained committed to our market segment-based approach, focusing on customer retention and value generation as our long-term strategic priorities, while strengthening our product offerings and innovation capabilities. We furthered our CHBN strategy and drove integrated development. These efforts have supported steady business transformation and upgrades, and given rise to new growth momentum.

“Customer” Market: Holistic Management of Existing and New Customers with Refined Operations
We have taken telecommunications services as our entry point to accelerate the transformation toward information services. By launching initiatives such as the Tenure Loyalty Program and the GoTone Upgrade Plan, we continuously strengthened our user base. Our focus has shifted from scale-driven operations based on SIM cards to value-driven operations based on customers and households. As we move forward, we remained committed to discovering, satisfying and creating customer needs, and ultimately guiding market trends. We strove to provide our users with diverse benefits, including practical functional utility, enhanced user experience and meaningful emotional resonance. Our “Customer” market remained generally stable, with revenue reaching RMB244.7 billion in the first half of 2025. Mobile customers reached 1.005 billion, with a net addition of 0.56 million customers. Of these, 5G network customers reached 599 million, with a net increase of 46.91 million, representing 59.6% of the overall customer base. Mobile ARPU (average revenue per user per month) continued to be industry-leading at RMB49.5.

“Home” Market: Brand-Driven Smart Home Upgrades
We focused on establishing a new integrated operating system centered around the family, strengthening the China Mobile Aijia (AI Home) brand leadership. By leveraging AI as a core enabler, we accelerated smart home upgrades, expanding the deployment of “gigabit + FTTR (fiber to the room)” solutions, and created a comprehensive digital intelligence home experience. As a result, our “Home” market maintained favorable growth. Revenue for the first half of 2025 was RMB75.0 billion, a year-on-year increase of 7.4%. The number of household broadband customers reached 284 million, or a net increase of 6.23 million customers. Of these, gigabit broadband customers reached 109 million, a year-on-year increase of 19.4%. FTTR customers reached 18.40 million, a year-on-year increase of 264%. Household customer blended ARPU increased by 2.3% year-on-year to RMB44.4.

“Business” Market: Balanced Growth in Scale and Quality with Deep Cultivation of Vertical Industries
We accelerated the upgrades of our “Business” market systems, further strengthening the “Four Independents” and “Three Core Capabilities”⁹ to drive greater revenue contribution from standardized products. At the same time, we improved the efficiency and returns of ICT projects and advanced the transition toward a highly-efficient, open, platform-based operating system. Our “Business” market continued its favorable growth in the first half of 2025, generating revenue of RMB118.2 billion, a 5.6% year-on-year increase. Our corporate customer base reached 34.84 million, a net increase of 2.25 million. Thanks to our efforts to accelerate the “from cloud to intelligence” upgrade, China Mobile Cloud revenue reached RMB56.1 billion, a year-on-year increase of 11.3%. We maintained a leading position in 5G applications for vertical industry sectors, and our 5G dedicated network revenue maintained rapid growth, increasing by 57.8% year-on-year to RMB6.1 billion.

The “To V” market experienced rapid growth. We have cumulatively served over 69 million smart connected vehicles and established the first integrated “vehicle-road-cloud” pilot project. Our commercial customer market delivered notable results, with the number of commercial customer packages reaching 36.95 million, a net increase of 10.11 million packages. Our Visual Internet business has seen accelerated growth, with connections increasing by 20.9%, achieving cloud-based interconnection for 89.38 million video streams. We continued to strengthen our position in the low-altitude economy. The China Mobile Link-Cloud platform¹⁰ achieved a 38% bid-winning share in the industry. We have capitalized on early entry opportunities in Data Switching Service Network (DSSN). As a mainstream technical facility and implementation plan for national data circulation, it has been rapidly deployed in seven pilot cities.

“New” Market: Innovation and Breakthroughs with Increased Contribution
We focused on innovative expansion in four major areas: international business, digital content, FinTech and equity investment, maintaining favorable growth in the “New” market. In the first half of 2025, “New” market revenue was RMB29.1 billion, a year-on-year increase of 9.3%. In terms of international business, we have unleashed further synergies between the domestic and international markets, and accelerated the export of high-quality products and solutions. International business revenue reached RMB14.0 billion in the first half of 2025, a year-on-year increase of 18.4%. In terms of digital content, we continued to deepen the integration of content, technology and innovative convergence. In the first half of 2025, digital content revenue reached RMB14.9 billion, with MIGU AI Smart Match accumulating more than 198 million views. In terms of FinTech, we built a “communications + finance” product portfolio, the business scale of industrial chain finance amounted to RMB47.1 billion in the first half of 2025, a year-on-year increase of 24.5%. In terms of equity investment, we focused on strategic emerging industries and key areas of future industries. Income from investments accounted for using the equity method reached RMB7.2 billion, representing a year-on-year increase of 17.0%.

The Company comprehensively upgraded the “Two New Elements”, consolidating our leadership and enhancing quality of our offerings.

Ongoing improvement of smart digitalization infrastructure. Our “dual gigabit” network maintained a leading position. We spared no effort to reinforce our leading advantage in the 5G network, investing RMB25.8 billion in the first half of 2025 and cumulatively put into operation more than 2.599 million 5G base stations, a net increase of 0.187 million stations. We became the first operator globally to achieve 100% cloud integration of our core network. We have built more than 0.732 million RedCap¹¹ stations, not only providing continuous coverage to counties and cities nationwide but also effectively expanding coverage in townships, villages and indoor areas. We proactively fostered technological innovation and applications including sensing and communication integration and passive IoT. We deployed our gigabit broadband capabilities in a precise manner. At the end of June 2025, our gigabit coverage reached 500 million households. Our computility network continued to lead the industry. We actively implemented the national Eastern Data and Western Computing project, forging a nationwide computility network with all-round leadership in technology and scale. Our self-built computility capacity has reached 33.3 EFLOPS (FP16). We systematically built out an all-in-one computility optical network while continuing to optimize the “1-5-20ms” three-tier low-latency computility service circle. Our data centers covered all national hub nodes, with more than 0.66 million IDC racks for external deployment. Our integration platform provided more support to empower society. We provide standardized, versatile capability services for seamless assembly and flexible deployment. In the first half of 2025, we launched more than 1,300 capabilities on the platform, with the total number of deployments reaching 803.5 billion times. We have built the Wutong Big Data Platform with a cumulative data scale exceeding 2,000 PB. In the first half of 2025, the platform achieved more than 110 billion deployments.

Continuous optimization of smart info-service spectrum. Our service offerings saw a significant boost. Responding to economic and social development trends, we have expanded our portfolio of premium, diverse and technology-driven information services. This approach allowed us to guide, create and satisfy sophisticated market demands. To support digital life, we had 17 products with a customer base exceeding 100 million. To support industrial revitalization, we have cumulatively launched over 50,000 5G industry commercial cases, covering 86 out of 97 major categories of national economy. To provide smart city services, we have successfully built benchmark projects in several provinces and cities, signing nearly 1,300 projects in the first half of 2025. Our service quality and efficiency continued to improve. We introduced the “Three Ones”¹² service initiatives and launched ten service commitments. Additionally, we have established a service supervision platform and accelerated the development of an advanced smart service assurance system. This system covered all customers, business lines, processes and scenarios, ensuring effective protection of customer rights and customer service excellence. Our brand building efforts persisted. We furthered the building and operation the “1+4+4” strategic brand system¹³. The launch of the revamped “515 China Mobile Aijia Day” and the corporate-facing brand “China Mobile Smart Enterprises” continued to raise our brand impact. China Mobile was selected by a renowned global brand data and analytics organization among the world’s top 100 brands, with brand value reaching USD41.3 billion, a year-on-year increase of 33.1%¹⁴. Our channel transformation continued to advance. We focused on establishing the China Mobile APP as the main platform for existing customer operations and customer interactions. The number of monthly active customers recorded by the APP has exceeded 270 million, a year-on-year increase of 49.8%. We furthered our pan-terminal, omni-channel platform-based operations, forming an alliance throughout the terminal industrial chain, attracting more than 0.2 million channel partners.

The Company has fully leveraged its role as the main driver of enterprise innovation. Centered around the “BASIC6” sci-tech innovation initiative, we have built strong innovation capabilities, profoundly empowering both the “Two New Elements” upgrade and the “AI+” initiative. These efforts are driving the transformation toward becoming a world-class information services and sci-tech innovation enterprise.

Enhanced sci-tech innovation system. Optimized the “Unified Five Rings”¹⁵. We established China Mobile Jiutian Artificial Intelligence Technology (Beijing) Company Limited (Jiutian AI Research Institute), the Embodied AI Industry Innovation Center, the Artificial Intelligence Security and Governance Research Institute, and the AI + New Industrialization Innovation Institute. Advanced the construction of the “Four Sharing” platforms (shared R&D management, shared R&D platforms, shared integration platforms, and shared technology stacks). The initiative helped support the implementation of China Mobile’s distinctive IPD (Integrated Product Development) R&D system. Enhanced outcome transformation mechanism. We stepped up efforts to transform research outcomes by upgrading the Golden Harvest system, a dual-drive mechanism synchronizing scientific innovation with industrial advancement. Internally, we focused on cost reduction and efficiency improvements, accelerating the conversion of technology into capabilities and promoting the application and adoption of shared capabilities. Externally, we focused on empowerment by digital intelligence. We did this by accelerating the integration of capabilities into products, and promoting the efficient transition from technology to products and from products to industry.

Robust sci-tech innovation outcomes. In terms of tackling critical and core technologies, we built the world’s first small-scale 6G trial network. Our intelligent, primitive-concise and endogenous 6G prototype system was selected as a major technological achievement at the 2025 Zhongguancun Forum Annual Conference, and our computility-network brain boasted industry-leading business deployment capability. We proposed an innovative four-layer architecture for cloud intelligence computing and published the Cloud Intelligence Computing Technology White Paper. Our 3D true-to-life video has achieved global large-scale commercial use on small screens for the first time during CBA events, offering a 360-degree immersive viewing experience. In terms of international standards and high-value patent reserves, we are at the forefront among global operators in the number of 5G-A and 6G international standard projects. We served as the chair of 3GPP RAN1 and were ranked among the global leaders in 6G patents. We have also incorporated the basic framework of data circulation and smart agent-related content into the ITU-T¹⁶ international standards research areas. We spearheaded the formation of the next-generation Internet core protocol (SRv6), with the core standard officially released by the IETF¹⁷, establishing it as the foundational standard for global large-scale deployment. We received one gold award from the China Patent Awards and maintained a leading position among global operators with over 18,000 valid patents.

Accelerated development of frontier technologies. In the field of low-altitude intelligent networks, we have established a technology system for low-altitude intelligent networks that integrates communication, sensing, control and navigation. We deployed 5G-A 4.9GHz integrated communication and sensing base stations to meet the operational needs of low-altitude logistics, low-altitude surveillance and others. In the field of artificial intelligence, we launched the VLA¹⁸ embodied intelligence large model, completing pilot tests with trillion-parameter-level large models. Our Jiutian large model and smart agents ranked among the top on international authoritative lists such as MVBench and AndroidWorld. In the field of new industrialization, the Jiutian industrial large model was ranked sixth on the 2025 global TOP 50 list for industrial large-models. In the field of quantum technology, we pioneered the integrated communication-quantum technology, with the total scale of our quantum-computing cloud platform surpassing 1,200 qubits, leading the industry.

In the field of AI, we positioned ourselves as a provider, aggregator, and operator. With accelerated pace in AI innovation and scale application, AI direct revenue achieved very rapid growth in the first half of 2025.

Rapidly strengthened “AI+” core capabilities. Expanded hyper-scale computility capacity. Our two mega 10,000-GPU intelligent computing centers have been operating efficiently in Hohhot and Harbin. Complementing this, we have developed a world-leading “Computing Network AI Brain”, which has been deployed across multiple national nodes including Wuhu, delivering total intelligent computility¹⁹ of 61.3 EFLOPS (FP16). Accelerated breakthroughs in large models. Our Jiutian general-purpose and specialized large model matrix has undergone a significant upgrade to version 3.0, characterized by full-stack autonomy and control, deep industry empowerment, leading multimodal capabilities, and a commitment to security, trustworthiness and reliability. We have deployed over 50 industry large models targeting sectors including energy, transportation, new industrialization, healthcare and education. Complementing this, we have developed the Mixture of Models and Agents (MoMA), which enables users to autonomously select and optimally match models of varying scales, modalities, toolchains, and smart agents. This innovation effectively addresses customer demands for AI solutions that combine affordability, peak performance and superior user experience. Expedited big data aggregation. We developed over 200 multimodal data annotation and management tools, establishing high-quality general-purpose datasets exceeding 3,500TB across 32 industries, and supported the construction of national data annotation bases in Baoding and Changsha.

Further promoted “AI+” ecosystem convergence. Launched the AI innovation community. We have harnessed the strength of central state-owned enterprises and the industrial chain to create an innovative open-source platform for artificial intelligence that is accessible to society at large. This initiative has aggregated more than 200 general-purpose and vertical-industry large models, covering nearly 160 high-quality datasets across 13 industry categories. The first phase included 40 strategically valuable scenarios from 16 industries represented by central state-owned enterprises. Constructed an intelligent joint innovation platform. We have established three major bases focused on AI training, evaluation and industry innovation, and formed the International AI for Science Union to accelerate cross-industry and cross-disciplinary innovation. Strengthened planning of industrial investment. We have enhanced industry-investment collaborative models such as “Industrial Chain Leader” funds and direct investments, building a united fleet of AI capabilities. This initiative aims to facilitate the alignment of supply and demand among invested enterprises and promote collaborative capability development.

Innovative “AI+” applications proliferated. Empowering every industry. To build a robust AI+DICT service system across different sectors, we have signed 1,485 AI+DICT projects in the first half of 2025. We lined up with central state-owned enterprises in industry sectors including energy, water conservancy and agriculture to jointly develop industry-specific large models, empowering the further development of new industrialization and driving digital intelligence transformation across sectors. Reaching every household. By embedding AI into all products and services, our customer base for “AI-powered products” was near to 200 million, while the number of monthly active users of our newly-released AI intelligent assistant, Lingxi smart agent 2.0, has exceeded 60 million. In collaboration with leading enterprises in various industries, we launched the first batch of new information consumption revamped products represented by AI-powered smart devices, smart robots and intelligent connected vehicles (the “new trio”). Covering every community. We comprehensively upgraded the city super-brain with a focus on public safety, emergency response, community services and other social governance needs. The city super-brain supported more than 4,800 smart city and digital village projects.

Meanwhile, we systematically optimized our organizational structure with the establishment of a digital intelligence department to promote the development of AI talent and deep integration of AI into all areas of operations and management. In terms of AI+ network operations, eight high-value scenarios have reached an advanced level (L4) of smart autonomy. In terms of AI+ R&D and design, we have advanced the deployment of AI smart agents across R&D domains, conducting pilot R&D of large model intelligent coding assistants in five of our subsidiaries. In terms of AI+ sales and marketing, we expanded the application of the “augmented intelligent customer service” large model, driving a 5.7 percentage points increase in the delivery of “AI+ services” from the end of 2024. In terms of AI+ business operations management, “AI+” covered hundreds of scenarios spanning office, human resources, finance, audit, supply chain and others. We deployed 70,000 digital employees, cumulatively reducing workload by 7 million person-days.

We continued to extend reforms and promote innovative management practices, effectively stimulating internal motivation, innovation vitality and development potential.

Implemented substantive enterprise reforms. Mechanism reforms progressed with greater depth. We furthered reforms across the board and the implementation of multiple key reform measures in an orderly manner. We strengthened organizational support for strategic key accounts and commercial customers, and improved the organizational frameworks for digital intelligence and artificial intelligence initiatives. Governance mechanism reforms in our subsidiaries continued to progress, resulting in more robust institutional systems. We continued to optimize the team structure with an aim to enhance the competency of our workforce. We also continued to improve the market-oriented employment mechanism. Continuously enhanced management using scientific approaches. We optimized the collaborative mechanism by ensuring the headquarters, regional companies and specialized teams each performed their respective roles in overall strategy setting and operations management, driving market development and enhancing competency. The headquarters’ role in strategy-setting and operations management was further strengthened, along with the ability to implement strategies. We enhanced precision and efficient management practices, weaving precision, refinement and efficiency across the full process. We implemented special initiatives to improve quality and efficiency of every key element including cost, capital and assets. Ground-level reforms showed positive results. We focused on dual drivers of technological innovation and market-oriented reforms, and continued to implement the “Scientific Reform Action” and “Double Hundred Action” for subsidiaries. We have also strengthened our SSDI (specialized, sophisticated, distinctive and innovative) talent development scheme. To date, a total of nine enterprises have been designated the SSDI title at or above the provincial level. We built and strengthened a research special zone system comprising the sci-tech special zone, key sci-tech teams and a reserve pool, with new mechanisms and models implemented in research management, talent cultivation and innovation incentives.

Deeper and broader open cooperation. In terms of strengthening strategic cooperation, the Company actively established and cultivated closer strategic partnerships with various levels of government, enterprises and universities, promoting cross-sector synergies in information services and contributing to the development of new quality productive forces. In terms of enhancing capital cooperation, we increased efforts to devise investment plans in strategic emerging industries and future industries such as AI, integrated space-air-ground networks, computility network and quantum computing, consistently increasing the synergy between industry and investment. In terms of innovation cooperation, we further advanced the “Joint Innovation+” plan, promoting the integration of industry, academia, research and application. 5G and next-generation mobile communications, along with the computility network innovation consortia, operated with high efficiency. We have also continuously enhanced a collaborative R&D management platform to promote the export of capabilities. In terms of strengthening industrial cooperation, we improved the effectiveness of the role of chain leaders to drive integration, launched the “Strong Industrial Chain Initiative” to continuously enhance industrial leadership and resilience, and create high-quality industrial clusters. We also continued to capitalize on the GTI international cooperation platform, bringing together 424 international operators and industry partners.

The Company adhered to the principles of integrity, transparency, openness and efficiency, strictly complying with regulatory requirements for listed companies, ensuring high standards of corporate governance. We effectively safeguarded shareholders’ legal rights, maintained efficient operations of the board of directors, and optimized the investor relations function to continuously increase market recognition. We persistently strengthened our legal compliance in business operations, building a more robust compliance management, enabling us to enhance our ability to lawfully manage our operations and compliance system. Reinforcing the going-through supervision, we built on comprehensive coverage and prioritized key domains to enhance risk early-warning capabilities and strengthen risk control effectiveness, ensuring the Company’s sustainable and healthy development.

We place great emphasis on sustainable development and adheres to the principle of “Sincerity and Fulfillment, Self-Realization and Empowerment”. By fully utilizing our corporate expertise, we continued to make contributions in areas including playing a leadership role in offering new information services, empowering a better digital-intelligent future, supporting regional coordinated development, nurturing digital talent, advancing rural revitalization with digital intelligence, practicing green and low-carbon operations, strengthening network security defenses, preventing telecommunications network frauds, assisting in emergency rescue and disaster relief, and supporting public welfare and charity. Our contributions have received widespread public acclaim. In February 2025, China Mobile was awarded the title of “ESG Model Demonstration Base” by the China Media Group and China Enterprise Reform and Development Society.

Currently, the Company is at an important juncture impacted by a period during which we are faced with strategic opportunities, intensive reforms and shifting growth drivers. Despite the pressures and challenges, we are presented with ample room for development. On the one hand, industry transformation pressure is increasing. Demographic dividend is rapidly diminishing and the demand for traditional communications is reaching saturation. Market competition has intensified. While new businesses are being cultivated, it is crucial to expedite the transformation from old to new growth drivers. On the other hand, the digital intelligence era presents broader opportunities. AI is evolving rapidly, with technology evolution and industrial application progressing in tandem. This is quickly reshaping human life, production and governance. Carbon-silicon symbiosis is fostering new development momentum, offering vast prospects for industry growth. First, “silicon-based” entities with AI-powered smart devices, intelligent connected vehicles and smart robots at the forefront will proliferate, promoting exponential growth in network connection scale. Second, the digital space and the real world will deeply integrate, greatly stimulating the demand for computility, data, and other common needs across society. Third, a large-scale innovation ecosystem with profound human-AI collaboration will rapidly take shape, giving birth to more hardware-software integration and diverse new products and applications, and opening up new markets of the smart economy with enormous scale.

In the face of both opportunities and challenges, our approach will involve fully, accurately and comprehensively implementing the new development philosophy. Strengthening confidence and maintaining a clear focus are essential, along with upholding integrity and forging innovation. We will seek progress while maintaining stability by closely adhering to the “1-2-2-5” strategy and fully implementing the “Three Major Programs” and the “Three Key Furtherance”²⁰. We will robustly manage business development with precision and diligence, continuously driving improvements in operational efficiency, growth potential and development value. A strong emphasis will be placed on elevating service quality and effectiveness, fulfilling our commitments with sincerity, and shaping a differentiated competitive advantage through customer satisfaction. Additionally, we will amplify our reform and accelerate breakthroughs in technological innovation, and further enhance our three key transformation capabilities across consolidation, integration and operations management. We will fully implement the “Artificial Intelligence Plus (AI+)” initiative to rapidly unleash the scale effect of AI+, nurturing new drivers for transformation and development. Our overarching objective is to build a world-class information services and sci-tech innovation enterprise at a high standard, thereby creating greater value for our shareholders and customers.

Finally, on behalf of the Board, I would like to take this opportunity to extend my sincere thanks to all shareholders, customers and the public for their continued support and assistance, and to all employees for their hard work and dedication.