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 connections reached 3,815 million, with a net addition of 145 million. In the CHBN markets, HBN revenue accounted for 47.6% of telecommunications services revenue, an increase of 2.6 percentage points year-on-year. Digital transformation revenue 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. EBITDA 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.

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.

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.

We accelerated the upgrades of our “Business” market systems, further strengthening the “Four Independents” and “Three Core Capabilities” 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 platform 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.

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%.

We adopted a systematic approach to developing smart digitalization infrastructure centering around 5G, computility network and integration platform. In the first half of 2025, we spent an overall CAPEX of RMB58.4 billion. For full-year 2024, we expect total capital expenditure to be within RMB151.2 billion, which will be funded mainly from cash flow from operating activities.

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 share for the 2024 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 Company will further increase from that of 2024. The Company will continue to create more value for shareholders.

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”. 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.