Our operating revenue for 2024 reached RMB1,040.8 billion, representing year-on-year growth of 3.1%. Of this, telecommunications services revenue accounted for RMB889.5 billion, a year-on-year increase of 3.0%. The total number of connections reached 3,670 million, with a net addition of 316 million connections. With regard to the CHBN markets, revenue from the HBN markets accounted for 45.6% of telecommunications services revenue, an increase of 2.4 percentage points year-on-year. Digital transformation revenue reached RMB278.8 billion, an increase of 9.9% year-on-year, and its contribution to telecommunications services revenue reached 31.3%, an increase of 1.9 percentage points from the previous year. Profit attributable to equity shareholders was RMB138.4 billion, an increase of 5.0% year-on-year, with earnings per share of RMB6.45. EBITDA was RMB333.7 billion, accounting for 37.5% of telecommunications services revenue. Our profitability maintained its leading position among top-tier global telecommunications operators. Capital expenditure totaled RMB164.0 billion, accounting for 18.4% of telecommunications services revenue, a decrease of 2.5 percentage points year-on-year. Free cash flow was RMB151.7 billion, an increase of 22.9% year-on-year.

We have reinforced the development strategy of “connectivity + application + benefits + hardware”, persistently refining the management approach to existing customers through service integration, value creation, and the improvement of customer experience. In the meantime, we have expanded our business based on market segmentation and customers’ use cases. We worked to transform the revenue growth driver of the “Customer” market to AI+ information services, maintaining stable development of this market. In 2024, “Customer” market revenue reached RMB483.7 billion and mobile customers exceeded 1.0 billion, representing a net increase of 13.32 million. Of these, 5G network customers reached 552 million, with a net increase of 88 million, representing 55.0% of the overall customer base. Personal China Mobile Cloud Drive revenue reached RMB8.9 billion, a year-on-year increase of 12.6%; revenue from integrated-benefit products reached RMB26.8 billion, a year-on-year increase of 19.7%. The number of monthly active customers using our 5G New Calling across all platforms reached 150 million, of which smart application subscribers amounted to 34.75 million. Mobile ARPU (average revenue per user per month) continued to be industry-leading at RMB48.5.

Our smart home ecosystem, launched under the China Mobile Aijia (AI Home) brand, has been focused on “full gigabit + cloud life”. We actively promoted the upgrade of connection to “gigabit + FTTR (fiber to the room)” and of AI+ smart home applications and smart home services. These initiatives have helped the “Home” market achieve favourable growth. In 2024, “Home” market revenue reached RMB143.1 billion, a year-on-year increase of 8.5%. The number of household broadband customers reached an industry-leading 278 million, representing a net increase of 14.05 million customers. Of these, gigabit broadband customers reached 99 million, a year-on-year increase of 25.0%. FTTR customers reached 10.63 million, a year-on-year increase of 376%. AI+ Mobile Home Security customers reached 12.80 million. Household customer blended ARPU increased by 1.6% year-on-year to RMB43.8.

The integrated scale expansion of “network + cloud + DICT (data, information and communication technology)” has helped us forge new “AI + DICT” capabilities, accelerating the construction of an operating system for standardized, product-driven, and platform-based solutions. We have vigorously explored high-value commercial customers and achieved favourable growth in the “Business” market. In 2024, “Business” market revenue reached RMB209.1 billion, a year-on-year increase of 8.8%. Our corporate customer base grew by 4.22 million to reach 32.59 million. The proportion of contracts won in open tenders amounted to an industry leading 16.6%. We launched 99 standardized, product-driven, and platform-based solutions that incorporate our proprietary capabilities. We strove to become a top-tier cloud services provider by embarking on the cloud to intelligence transformation. China Mobile Cloud revenue reached RMB100.4 billion, a year-on-year increase of 20.4%. The scale of IaaS+PaaS (infrastructure as a service + platform as a service) revenue maintained its top-five position in the industry while 5G applications for vertical sectors also maintained an industry-leading position, scaling up significantly in smart cities, smart factories, smart parks, smart campuses and other segments. We won more than 700 large-scale 5G DICT projects, each with a commercial value of more than RMB10 million. 5G dedicated network revenue reached RMB8.7 billion, a year-on-year increase of 61.0%. In the “To V” market, we have achieved significant breakthroughs. With a net increase of 14.43 million factory-installed IoV connections, our total number of connections reached 65.06 million. We established channel partnerships with 25 leading car manufacturers, fast strengthening our presence in the field of “vehicle-road-cloud integration” and we made good progress in collaborative benchmark projects in pilot cities. In the commercial customer segment, we achieved initial success through enriching the “dedicated line+” one-stop integrated products and lightweight solutions. Our commercial packages for small and medium-sized enterprises grew to 26.84 million, with a net increase of 21.40 million sets. As the low-altitude economy quickly takes shape, we have released the “Four Engines and Two Wings” capability system, creating 50 benchmark applications to support the scale growth of the sector.

We focused on innovative expansion in four major areas: international business, digital content, FinTech, and equity investment, achieving favourable growth in the “New” market. In 2024, “New” market revenue reached RMB53.6 billion, a year-on-year increase of 8.7%. In terms of international business, we unleashed further synergies between the domestic and international markets, sped up the export of high-quality products and solutions to support the “Belt and Road” initiative, and upgraded overseas digital infrastructure while continuing to strengthen our international ecosystem cooperation. In 2024, international business revenue reached RMB22.8 billion, a year-on-year increase of 10.2%. In terms of digital content, we stepped up our efforts in digital-intelligence creation and new quality content operations, while refining our core products such as MIGU Video. Digital content revenue reached RMB30.3 billion for the year, a year-on-year increase of 8.2%. MIGU Video’s monthly active customers across all platforms reached 520 million, with MIGU AI Smart Match accumulating 160 million views. In terms of FinTech, we created a “communications + finance” integrated ecosystem, achieving a business scale throughout the industry value chain of RMB116.5 billion, a year-on-year increase of 52%. Our “and-Wallet” monthly active customers grew by 40.7% year-on-year to 124 million. In terms of equity investment, we focused on strategic emerging industries and key areas of future industries, further enhancing the role of capital as a link and enabler.

Total capital expenditure for the Company in 2024 totaled approximately RMB164.0 billion. We expect total capital expenditure for 2025 to be approximately RMB151.2 billion, primarily for areas such as optimizing connectivity infrastructure, upgrading computility infrastructure, building out long-term infrastructure, supporting CHBN sci-tech innovation, and enhancing customer satisfaction. The funds required will mainly come from operating cash flow.

The Board of Directors recommends a dividend payout ratio of 73% for the full year of 2024. It also recommends a final dividend payment of HK$2.49 per share for the year ended 31 December 2024. Together with the interim dividend already paid, total dividend for the full year of 2024 amounted to HK$5.09 per share, an increase of 5.4% year-on-year.

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, in the three-year period from 2024, the profit to be distributed in cash for each year will gradually increase to above 75% of the profit attributable to equity shareholders of the Company for that year. The Company will strive to create more value for shareholders.

We will fully, accurately and comprehensively implement the new development paradigm, strengthen confidence, maintain a clear focus, uphold integrity and forge innovation. We will seek progress while maintaining stability by closely adhering to the “1-2-2-5” strategic implementation plan and put the “Three Major Programs” into full practice. In addition, we will further reform and drive innovation, transformation and the cultivation of new growth drivers. We will continue to refine operations and implement precise management. Adhering to a customer-centric philosophy, existing customer and value operations based on market segmentation will become our strategic and long-term mission. We will strengthen the “Two New Elements” and expand the scale effect of “AI+” while vigorously promoting the deep integration of technological and industry innovations, and striving for breakthroughs in the “BASIC6” sci-tech innovation initiative. We will implement supply-side reforms to support high-quality development, alongside other reforms in innovation, systems, and mechanisms. We will advance all these measures in a practical and effective manner, weaving precision, refinement, and efficiency across the full process of operations and management, and empowering management and performance improvement with digital intelligence. We will reinforce the new paradigm of high-quality development and be committed to becoming a world-class information services and sci-tech innovation enterprise, and creating greater value for our shareholders and customers.