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1 2025 Interim Results 7 August 2025
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2 Disclaimer This document does not constitute an offer or invitation to purchase or subscribe for any securities or relevant derivatives of China Mobile Limited (the “Company”) or the rendering of any investment advice, and no part thereof shall be relied upon or taken as the basis of any contract, commitment or investment decision relating to such securities or relevant derivatives, and this document does not constitute a recommendation in respect of the securities or relevant derivatives of the Company. In addition, the forward-looking statements contained in this document relating to the Company’s future plans, development strategies and other matters do not constitute, and should not be construed as, commitments by the Company. Investors are advised to pay attention to the investment risks. Unless otherwise stated, the financial data contained in this document have been prepared in accordance with IFRS Accounting Standards (“IFRSs”). For detailed financial statements of the Company prepared in accordance with IFRSs, please refer to the Company’s disclosure document published on the website of The Stock Exchange of Hong Kong Limited.
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3 Management Present Mr. YANG Jie Executive Director & Chairman Mr. WANG Limin Executive Director Mr. HE Biao Executive Director & CEO Mr. LI Ronghua Executive Director & CFO Mr. ZHANG Dong Mr. CHEN Huaida Vice President Vice President
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4 Agenda Overall Results 01 Operating Performance 02 Financial Performance 03
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5 Overall Results Mr. YANG Jie Executive Director & Chairman 01
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6 Performance Highlights Stable and healthy growth in operating performance1 Continuous improvement of development quality2 Key results achieved in “Three Major Programs”3 Reform efficacy fully unleashed4 Increasing returns to shareholders5 All-out efforts to become “world-class”6
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7 (RMB Mil) 1H2024 1H2025 Change YoY Operating revenue 546,744 543,769 -0.5% of which: telecommunications services revenue 463,589 466,989 0.7% EBITDA 182,270 185,958 2.0% EBITDA margin 33.3% 34.2% 0.9pp Net profit 80,201 84,235 5.0% Net profit margin 14.7% 15.5% 0.8pp Basic earnings per share (RMB) 3.75 3.90 4.0% Key Performance Indicators Unless otherwise specified, 1. Telecommunications services revenue = operating revenue - revenue from sales of products and others; revenue from sales of products and others mainly comprises sales of terminal products such as handsets 2. EBITDA = profit from operations + depreciation and amortization; net profit refers to profit attributable to equity shareholders of the Company Notes:
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8 Stable and Healthy Growth in Operating Performance Total number of connections Digital transformation revenue Brand value EBITDA marginTelecommunications services revenue Net profit 1. Digital transformation revenue includes the revenues from new businesses in the “Customer” market (China Mobile Cloud Drive and others); the revenues from smart home businesses in the “Home” market; the revenues from DICT, IoT and dedicated lines businesses in the “Business” market; and the revenue in the “New” market (excluding revenue from international basic business) 2. The total number of connections includes connections from mobile phones, wireline broadband, IoT cards, home devices and industry devices 3. According to BrandZ Top 100 Most Valuable Global Brands 2025 report released by Kantar Group, China Mobile’s brand value reached USD41.3 billion, representing a year-on-year increase of 33.1% Notes: %0.7467.0RMB Bil %6.6156.9RMB Bil %5.084.2RMB Bil %33.141.3USD Bil pp0.9%34.2 %8.93.815 Bil connections 33.6% of telecommunications revenue
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9 Mil 17.00New-add Commercial customers Retail revenue 40.4 % Young customers Continuous Improvement of Development Quality Note: Mid-to-high-end customer value retention and expansion rate = 1 + the cumulative revenue growth rate of customers with a monthly individual customer value of over RMB50 Strong commitment to market segment-based approach Inbound international roaming customers To C Senior Young … To H Senior care households … To B Strategic key accounts Commercial customers To N International sector … %> 102 2.3% Launched premium, diverse and technology-driven products that comprehensively enhance practical functional utility, user experience and emotional resonance Supporting social governance FTTR Customers 264 % Activity rate of benefit customers 16.9pp China Mobile Cloud Revenue 11.3% Bid-winning percentage of China Mobile Link-Cloud Platform in the industry Low-altitude economy 38 % Smart city signed contracts Customer retention and value generation as long-term strategic priorities GoTone Upgrade Plan Tenure Loyalty Program China Mobile Aijia (AI Home) Plan Mobile customers Strengthening product offerings and innovation Mid-to-high-end customer value retention and expansion rate Household customer blended ARPU Products with over 100 Mil customers AI+DICT signed contracts Supporting industrial revitalizationSupporting digital life 1,485 projects ~ 1,300 projects 17 products > 1.0 Bil 14.6% Pop Culture Card Mango Card EcoCard … Bil 56.1RMB
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10 Comprehensive “Two New Elements” Upgrades Ongoing improvement of smart digitalization infrastructure Leadership in computility network 1H2025 Actual CAPEX 151.2 FY2025 Budget CAPEX-to-revenue ratio continues to decrease Leadership in “Dual Gigabit” network Empowerment of integration platform > 2.599 5G base stations commissioned (cumulative) 500Mil Households with gigabit broadband coverage Capabilities launched > 1,300items Deployments in 1H2025 803.5Bil times IDC racks available for external use Of which, self-built intelligent computility (FP16) EFLOPS33.3 4.1 RedCap > 732K Deployments in 1H2025 > 110.0Bil times RMB 61.358.4RMB Bil > 660K units < 400G inter-provincial backbone OTN Urban area 1ms - Provincial area 5ms - National level 20ms Total intelligent computility (FP16) Enhanced perception of computility optical networks The first operator globally to achieve 100% cloud integration of core network Continuous coverage to counties and cities nationwide Bil Mil EFLOPS EFLOPS Note: Total intelligent computility includes both the company's self-built intelligent computility and rented intelligent computility
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11 Furthered platform-based operations of the pan-terminal, omni-channel alliance Comprehensive “Two New Elements” Upgrades Continuous optimization of smart info-service spectrum One set of customer service commitments One service supervision platform One all-encompassing service system Launched the “Three Ones” service initiatives Transparent pricing with clear admin procedures Plan changes completed within time guarantee … Handling all requests Processing requests at full-speed Monitoring the entire process China Mobile APP Service Supervision Zone 10080 Hotline Service Supervision Mini Program … Accelerating the construction of a digital- intelligent service excellence assurance system All customers Focused on establishing the China Mobile APP as the main platform for existing customer operations and customer interactions Monthly active APP customers Mil> 270 Furthered the building and operation the “1+4+4” strategic brand system Launched the revamped “515 China Mobile Aijia Day" Launched “China Mobile Smart Enterprises” corporate-facing brand Continued to step up brand building efforts Continued to advance marketing channel transformation Company brand Customer brands Product brands Hassle-free service cancellation All business lines All processes All scenarios Continued to enhance service quality and efficiency Channel partners K partners> 200 %49.8
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12 “BASIC6” Sci-tech Innovation Initiative Broke New Ground in Innovation Established a technology system for low-altitude intelligence networks that integrates communication, sensing, control and navigation Jiutian industrial large model Ranked 6th on the 2025 global TOP 50 list for industrial large models Quantum computing cloud platform surpassed 1,200 qubits, leading the industry • Established China Mobile Jiutian Artificial Intelligence Technology (Beijing) Company Limited (Jiutian AI Research Institute) • Founded the Embodied AI Industry Innovation Center • Set up the Artificial Intelligence Security and Governance Research Institute • Started the AI + New Industrialization Innovation Institute 3D true-to-life, immersive video achieved global large-scale commercial use on small screens for the first time during CBA events Spearheaded the formation of the next-generation Internet core protocol (SRv6), with the core standard RFC9800 officially released by the IETF Has become the fundamental standard for global SRv6 large-scale deployment Completed pilot tests with trillion-parameter-level large models Launched the VLA embodied intelligence large model Enhanced sci-tech innovation system Optimized the "Unified Five Rings" layout Advanced the construction of the “Four Sharing” platforms Enhanced outcome transformation mechanism Robust sci-tech innovation outcomes Accelerated development of frontier technologies Tackling critical and core technologies International standards and high-value patent reserves Total number of valid patents patents > 18K Built the world’s first small-scale 6G trial network Led among global operators in the number of 5G-A and 6G international standard projects Low-altitude intelligence networks • Supported the implementation of China Mobile’s distinctive IPD (Integrated Product Development) R&D system Shared R&D management, shared R&D platforms, shared integration platforms, shared technology stacks Internally, focused on cost reduction and efficiency improvement Externally, focused on empowerment by digital intelligence • Stepped up efforts to transform research outcomes by upgrading the Golden Harvest system, a dual-drive mechanism synchronizing scientific innovation with industrial advancement Artificial intelligence New industrialization Quantum technology Note: “BASIC6” stands for B-Big data, A-AI, S-Security, I-Integration platform, C-Computility network, 6-6G; “Unified Five Rings” refers to the technological innovation system comprising the Inner Ring (Research Institute), Middle Ring (Specialized Companies), Outer Ring (Provincial Companies, Regional Research and Development Institutions), Cooperation Ring (University, Enterprise Joint Ventures), and Overseas Ring (Overseas Research Institutions, International Organizations, etc.); IETF stands for the Internet Engineering Task Force
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13 “N” Industry large models Fast-tracking “AI+” Initiative with Composure “1” General-purpose large Model Launched the AI innovation community Built an intelligent joint innovation platform Strengthened planning of industrial investment • Lined up with central SOEs in industry sectors including energy, water conservancy and agriculture to jointly develop industry-specific large models to build a robust AI+DICT service system • Released AI intelligent assistant, Lingxi smart agent 2.0 • Upgraded “city super-brain”, supporting 4,800+ smart cities and digital village projects • Launched the first batch of the "New Trio" new information consumption revamped products Built a united fleet of AI capabilities Base for trainingCreated an innovative open-source platform for AI that is accessible to society at large Developed the Mixture of Models and Agents (MoMA) Very Rapid growth AI+DICT signed contracts 1,485projects Total number of customers of “AI-powered products” ~ 200 Mil AI intelligent assistant Lingxi smart agent > 60 Monthly active customers AI direct revenue As an Operator: Deepening AI application innovation Empowering every industry Reaching every household Covering every community As a Provider: Strengthening the foundation for AI development As an Aggregator: Facilitating AI integration and collaboration Note: AI direct revenue refers to the revenue directly generated from providing customers with integrated intelligent computing resources and platforms that leverage computility infrastructure and artificial intelligence technologies, supporting customers’ massive data and algorithmic model analysis, training and inference operations. It also includes the revenue directly generated from AI standard products, AI industry applications and model service capabilities Mil Public security Emergency response Community services … Full-stack autonomous use Industry empowerment Multimodal Secure and trustworthy Covering 50+ industry large models Enables users to autonomously select and optimally match models of varying scales, modalities, toolchains, and smart agents International AI for Science Union (AI4S) Base for industry innovation Base for evaluation
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14 Reform Efficacy Fully Unleashed Mechanism reforms progressed with greater depth Prosperous and thriving digital intelligent ecosystem • Strengthened strategic corporation • Strengthened capital partnerships Continuously enhancing management using scientific approaches Ground-level reforms showed positive results • Continued to implement the “Scientific Reform Action” and “Double Hundred Action” for subsidiaries • Optimized SSDI (specialized, sophisticated, distinctive and innovative) “selection, training, assessment and exit” training scheme • Strengthened the research special zone system comprising a sci-tech special zone, key sci-tech teams and a reserve pool • Furthered reforms across the board in an orderly manner • Enhanced organizational support and organizational systems • Continuously refined market-oriented employment mechanism • Strengthened innovation collaborations • Strengthened industry synergiesStrategic key accounts & commercial customers • Optimized the collaborative mechanism between headquarters, regional companies and specialized teams • Upgraded precision and efficient management across the entire process • Further implemented projects for quality and efficiency improvements Digital intelligence AI
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15 ESG Performance Won Wide Acclaim Solid social responsibility fulfilment Remarkable results of corporate governance • Focused on promoting inclusive digital development and continued to advance rural revitalization, supporting regional coordinated development • Strengthened cybersecurity by combating telecom network frauds • Ensured robust communication support for major events, emergency rescue and disaster relief operations • Launched charity initiatives such as “Blue Dream” and “Caring Action” • Effectively safeguarded shareholders’ legal rights, maintained efficient Board operations and optimized investor relations management • Continuously enhanced the ability to lawfully manage operations and compliance systems • Reinforced going-through supervision to better risk early-warning capabilities and strengthen risk control effectiveness “Five-star Excellence” Highest evaluation “China ESG Listed Companies Pioneer 100” List ESG Model Demonstration Base • Practised green and low-carbon operations, advanced initiatives such as “Green Wireless”, “Green Intelligent Computility”, “Green Intelligent Optical Networks” and “Green Intelligent Buildings”, actively introduced renewable energy to reduce carbon emissions • Utilized digital-intelligent technologies to empower society in energy conservation and carbon reduction, injecting strong momentum into ecological protection Comprehensive progress on green development
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16 1H2024 1H2025 (HK$) Dividend per share 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 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 Company will further increase from that of 2024. The Company will continue to create more value for shareholders. 2025 Dividend Policy Increasing Returns to Shareholders 1. Dividends on A shares will be paid in RMB in the amount of RMB2.5025 per share, applying an exchange rate of HK$1 to RMB0.909988, which is equal to the average of the mid-prices of HK$ to RMB as announced by the People’s Bank of China during the one week before the day on which the Board declared the interim dividend 2. The basis of profit distribution of the Company is the profit attributable to equity shareholders under IFRSs Notes: 2.60 2.75 5.8%
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17 All-out Efforts to Become “World-class” Period of shifting growth driversPeriod of strategic opportunities Period of intensive reforms Challenges OpportunitiesIndustry transformation pressure is intensifying Demand for traditional communications is reaching saturation The digital intelligent era presents broader opportunities “Silicon-based” entities will proliferate, promoting exponential growth in network connection scale The digital space and the real world will deeply integrate, greatly stimulating the demand for computility, data, and other common needs across society A large-scale innovation ecosystem with profound human-AI collaboration will open up new markets of the smart economy with enormous scale Corporate value enhancement priorities for 2H2025 Manage business development with precision & diligence Scale up AI+ applicationsAmplify reform and innovation initiatives Focusing on retaining existing business, acquiring new business and enhancing value Enhancing "precise, refined and efficient" management capabilities Deepening reform implementation Accelerating innovation breakthroughs Strengthening AI+ capabilities system Advancing the company’s digital intelligent transformation Expanding AI+ application scenarios Closely adhering to the “1-2-2-5” strategy and fully implementing the “Three Major Programs” and the “Three Key Furtherance” Note: “Three Major Programs” refers to “Two new elements” upgrade (smart digitalization infrastructure and smart info-service spectrum), “BASIC6” Sci-Tech Innovation Initiative (B-Big data, A-AI, S-Security, I-Integration platform, C-Computility network, 6-6G), “AI+” Initiative; “Three Key Furtherance” refers to furthering reform efforts with breakthroughs in innovation, furthering transformation and upgrade with a shift of growth drivers, and furthering refined operations with precise and efficient management Focus on elevating service quality and effectiveness Fulfilling commitments with sincerity to cultivate a positive reputation Building service advantages and forging core competitive advantages Leading high-quality industry development Enhancing transformation capabilities Urgent need to expedite transformation from old to new growth drivers Intensifying market competition
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18 Operating Performance02 Mr. HE Biao Executive Director & CEO
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19 (RMB Mil) 1H2025 Change YoY As % of Telecommunications services revenue Operating revenue 543,769 -0.5% - Telecommunications services revenue 466,989 0.7% 100.0% C：“Customer” market revenue 244,727 -4.1% 52.4% H：“Home” market revenue 74,989 7.4% 16.1% of which: home broadband 55,936 9.3% 12.0% smart home 18,504 2.4% 4.0% B：“Business” market revenue 118,196 5.6% 25.3% N： “New” market revenue 29,077 9.3% 6.2% of which: international business 13,972 18.4% 3.0% digital content 14,937 3.0% 3.2% Composition of CHBN Revenues
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20 Initial positive outcomes in structural revenue growth driven by integration of all business lines %8.8 %26.6 %6.7 Orderly advancement of structural transformation of operating models %49.8 %23.9 Follow the “1-2-2-5” strategy, expedite the building of a new framework for high-quality development; give a steadfast focus on market segment-based approach, customer retention and value generation; strengthen product offerings and innovation capabilities; structural growth transformation showing favorable trends %15.4%54.2 5.3 > 200pp16.9 Accelerated Structural Growth Driven by Market Development Structural revenue growth buoyed by strengthened interconnectedness among diverse market customer groups"One Integration" Shift in development approaches: Integrated operations with dual-focus on customer retention and acquisition More refined and efficient segment market operations Seamless integration of market systems: Expand market reach and segment customer groups as thoroughly as possible Ensure a comprehensive range of services and maximize product sales as far as feasible Manage costs, enhance value and evaluate performance as fully as possible "Three Shifts" “Four Transformations” AI-powered products & services Customer integration Platform-based operationsRefined and efficient marketing Shift in growth drivers: Foster product innovation and develop AI-powered products and services Shift in operating models: Strive to build efficient, open and centralized operating platforms Senior customers Elderly healthcare revenue %16.9 Strategic key accounts Transportation sector revenue Commercial customers revenue Revamped and upgraded telecom services to bolster the 1st growth curve Optimized digital intelligent information services to strengthen the 2nd growth curve 5 product types 9 product types Fixed connection revenue IoT connection revenue Government and industry application information services revenue IoT information services revenue Monthly active users China Mobile APP platform Activity rate of customers with benefit products Customer benefits platform Channel partners Pan-terminal, omni- channel alliance K partners Home IoT platform Device connections Government and enterprise customer operating platform Penetration rate of standardized products subscribed by strategic key accounts 17.1 % pp Household customers Gigabit broadband customers revenue 18.9%
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21 46.91 1H2024 1H2025 “Customer” Market Holistic management of existing and new customers with refined operations Consolidating scale foundation Tenure Loyalty Program GoTone Upgrade Plan Deepening integrated operations Integrated customer management Integrated operations with “Home” and “Business” markets Integrated benefits management Enhancing product value Developed the AI+ product family Innovated product-stacking sales model “Connectivity + application + benefits + terminals” Mobile-broadband integration rate Mobile ARPU user/month49.5 5G network customers > 95% Monthly active users of China Mobile Cloud Drive 208 Strengthened product offerings for targeted market segments RMB AI intelligent assistant Lingxi smart agent Use of personalized intelligence services 8.6Mil % Mil (RMB Mil) “Customer” market revenue 255,179 244,727 Mobile customers 1,005 560KMil > 1 Bil times
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22 “Home” Market Brand-driven smart home upgrades Strengthening the China Mobile Aijia (AI Home) brand leadership Accelerated comprehensive AI+ smart home upgrades Smart Warm Safe China Mobile Aijia (AI Home) plan Building new integrated growth pathways Centered on households and utilized the smart home platform as a foundation to drive comprehensive upgrades Implemented an integrated home business system based on home clouds, created "People-Car-Home" integrated living scenarios, continuously enhancing “home” customer value 1H2024 1H2025 74,989 69,835 7.4% Household customer blended ARPU 44.4 2.3 Household broadband customers Mil284 Mil6.23 Gigabit household broadband customers 19.4109 FTTR customers 18.40 264 Mobile HD Mil210 Customers Built the home smart agent and accelerated the upgrade of traditional services Redefined product usage experiences and expanded new smart home offerings % % user/monthRMB % (RMB Mil) “Home” market revenue Mil Mil AI intelligent assistant Lingxi smart agent Use of home intelligence services > 800 Mil times Mil1.22
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23 “Business” Market Balanced growth in scale and quality with deep cultivation of vertical industries Refining customer management Advancing “three-pronged” conversions 1H2024 1H2025 24.2% 25.3% “Business” market revenue/ telecom services revenue 111,969 5.6% 118,196 Percentage of open bid won in the industry 1.1 Corporate customers Mil34.84 2.25 PP17.7 5G dedicated network 6.1 Revenue 57.8 Visual Internet 20.9 Cumulative number of smart connected vehicles served Signed contracts AI industry models Enhancing self-reliant capabilities Frontline sales capability Solution capability Integrated delivery capability VS Y2024 RMB % % % “Business” market revenue (RMB Mil) Self-reliant R&D Self-reliant integration Self-reliant delivery Self-reliant operations & maintenance projects> 130 Revenue China Mobile cloud 11.3 % Mil Bil Retail Dining … Strategic key accounts: Commercial customers: 15 segmented industries 6 general scenarios Manufacturing Internet Transportation … 89.38 Mil connections > 69 Mil vehicles connections Standardized: Standardization for rapid replication Product-driven: One-click ordering for convenient transactions Platform-based: Aggregated capabilities with packaged deployment 4.24 Mil vehicles
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24 “New” Market Innovation and breakthroughs with increased contribution International business Digital content Fintech Built a “communications + finance” product portfolio Enhanced industry chain finance ecology Equity investment 1H2024 1H2025 (RMB Mil) “New” market revenue 29,077 26,606 9.3% Of which, international business revenue Number of overseas Chinese enterprises served Income from investments accounted for using the equity method 7.2Bil 17.0RMB Unleashed synergies between domestic and international markets Accelerated the export of high-quality products and solutions Strengthened digital intelligent cultural creation and new- quality content operations Deepened the integration of “content, technology and innovative convergence” Focused on strategic emerging and future industries Fully assumed the role of utilizing capital as a link and enabler MIGU Video Cumulative views by AI Smart Match > 198 Mil views Industry chain finance Business scale 24.5% % Bil14.0 18.4RMB % digital content revenue Bil14.9 3.0RMB % 23.3% VS Y2024
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25 Continuous Improvement of Value-oriented Operation Capabilities Brand services Digital intelligent operations Precision and efficient management Built a new framework for brand services High-value scenarios achieving L4 advanced autonomy8 Weaved “Precision, refinement and efficiency” throughout the entire management process Fully improved efficiency, effectiveness and productivity of all resource factors Human resource factor Financial resource factor Asset resource factor Data resource factor Technical resource factor Ecosystem resource factor All-factor integration End-to-end closed-loop management Multi-level penetration Organization- wide implementation End-to-end process control Full-project coverage Leading position among global operators in terms of profitability 4 Action plans All-encompassing service system Protection of customer rights Brand operations Telling Good Stories of China Mobile Brand Service Master Plan Brand value Top 4 2 positions 2.3 PP One-time resolution rate for customer issues Create a first-class service benchmark Built a new framework for precision and efficient managementBuilt a new framework for digital intelligent operations Full domain capability sharing End-to-end data empowerment Full-scenario intelligence integration End-to-end process optimization and control Four areas of autonomous control: Core business needs analysis Core system architecture Core digital-intelligent models Core R&D Built a “Four Sharing” sci-tech innovation platform AI + Network operations AI + R&D design AI + Sales and marketing Developed marketing and customer service large models AI + Business management Developed specialized models for: Office Finance Auditing Supply chain Among global operators Optimized digital intelligence organizational structure and formulated a digital transformation plan Enhanced quality, efficiency, benefits, innovation, customer experience, and security 1 Top-level, master strategic design + 4 Build a customer satisfaction-focused service enterprise
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26 Strive to Achieve 2025 Full-year Targets • Focus on accelerating business transformation to achieve breakthroughs in revenue growth and value enhancement • Focus on consolidating efforts to fulfill commitments and enhance core practices to create differentiated service advantages • Focus on translating innovation into tangible business outcomes to enhance the effectiveness of the “Three Major Programs” • Focus on implementing “Three Precisions” management to improve efficiency, benefits and effectiveness of use of resources • Focus on extending reforms to invigorate organizational vitality and enhance collective strength Strive to achieve stable and healthy growth in revenue and favorable growth in profitMajor plans for 2H2025 C “Customer” market revenue Stabilize and recovering 5G network customers Net addition of over 70Mil H “Home” market revenue Favorable growth Gigabit broadband customers Net addition of over 18Mil B “Business” market revenue Favorable growth Corporate customers Net addition of 4.3Mil N “New” market revenue Rapid growth International business revenue Rapid growth AI direct revenue Very rapid growth AI intelligent assistant Lingxi smart agent monthly active customers 70Mil
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27 Financial Performance Mr. LI Ronghua Executive Director & CFO 03
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28 Financial Highlights (RMB Mil) 1H2024 1H2025 Change YoY Operating revenue 546,744 543,769 -0.5% Telecommunications services revenue 463,589 466,989 0.7% Sales of products and other revenue 83,155 76,780 -7.7% Operating expenses 461,010 453,224 -1.7% Profit from operations 85,734 90,545 5.6% Interest and other income 11,123 9,192 -17.4% Income from investments accounted for using the equity method 6,150 7,197 17.0% EBITDA 182,270 185,958 2.0% Net profit 80,201 84,235 5.0%
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29 Revenue Overview: Operating revenue growth rate decelerated; operating revenue structure continued to improve Breakdown of revenue of telecommunications services (as % of telecommunications services revenue) 47.6%45.0% HBN as a percentage of services revenue 2.6pp 1H2024 1H2025 33.6%31.7% Digital transformation revenue as a percentage of telecommunications services revenue 1.9pp 7.8% 7.3% 3.5% 3.4% 44.2% 41.9% 13.6% 14.7% 27.9% 29.3% 3.0% 3.4% 1H2024 1H2025 Voice SMS & MMS Wireless data traffic Wireline broadband Applications & information services Others • Growth of traditional businesses slowed down, transformation of growth drivers progressed steadily, and revenue structure continued to improve 1H2024 1H2025
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30 (RMB Mil) 1H2024 1H2025 Change YoY Major reasons / remarks Operating expenses 461,010 453,224 -1.7% Network operation and support expenses 142,682 139,882 -2.0% Depreciation and amortization 96,536 95,413 -1.2% Employee benefit and related expenses 75,052 77,393 3.1% Selling expenses 29,222 28,784 -1.5% Cost of products sold 81,520 74,730 -8.3% Other operating expenses 35,998 37,022 2.8% Cost Overview: Cost growth rate was lower than revenue growth rate; precision and efficient management yielded notable results • In-depth implementation of the sci-tech and innovation-driven strategy; ongoing efforts to increase incentives for scientific and technological personnel and key persons with excellent performance • Due to shifts in marketing cycles, we further optimized the allocation structure of online and offline resources and strengthened precision marketing • In addition to ongoing investments related to transformation, we strictly controlled outsourcing expenditures, internalized core capabilities, and enhanced the sharing and reuse of in-house resources • Decrease in sales of mobile terminals • Increase in interconnection expenses • In recent years, capital expenditures have remained stable with a slight decline, and we adhered to precision investment and optimized investment structures • We advanced precision and efficient management initiatives by strengthening source control, promoting centralized management, shifting business models, deepening AI empowerment, and ensuring comprehensive and rigorous cost management across all domains
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31 Profit Overview: Profit maintained favorable growth, with ongoing industry-leading profitability (RMB Mil) 1H2024 1H2025 84,235 80,201 3.75 3.90 Basic earnings per share (RMB) Net profit 5.0% (RMB Mil) 1H2024 1H2025 34.2% 185,958 182,270 39.3% 39.8% 33.3% EBITDA margin EBITDA / telecommunications services revenue EBITDA 2.0%
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32 1H2024 1H2025 1H2024 1H2025 Cashflow Overview: Net operating cash flow decreased; cash flow remained healthy and sufficient Net cash generated from operating activities Cash & bank deposits 83,832 Mil 251,578 Mil 528,970528,089 Cash inflow from operating activities (RMB Mil) 0.2% 445,138 396,712 Cash outflow from operating activities (RMB Mil) Free cash flow 25,460 Mil RMB RMB RMB 12.2%
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33 Capital Structure Overview: Maintained stable and healthy S&P, Moody’s: Corporate credit ratings are equivalent to China’s sovereign ratings (RMB Mil) 2024.12.31 2025.06.30 Shareholder’s equity 1,392,032 1,429,671 Interest-bearing debt — — Total book capitalization 1,392,032 1,429,671 2024 1H2025 32.6%33.8% Liabilities-to-assets ratio -1.2pp
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34 Continuously Enhance Value Creation Capabilities and Build a New Framework of High-quality Development Strengthen quality and efficiency improvement Explore new revenue sources, consistently aiming for revenue that generates profit and profit that generates cash flow Reduce costs and increase efficiency by strengthening classified control, coordinated control, and technological cost reduction Consolidate the upward and positive trend of business development Enhance precision and efficient management practices "Precise, refinement, and efficiency" Enhance the efficiency, benefits and effectiveness of holistic management Solidify the foundation of core competitiveness Strengthen risk prevention & control Strengthen penetrating supervision and improve risk prevention and control mechanisms Enhance comprehensive and digital-intelligent risk management capabilities Ensure sustainable and healthy operations
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35 Q & A For more information, please contact: Investor Relations Department: ir@chinamobilehk.com Or visit the company’s website: www.chinamobileltd.com
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36 Extracts from Unaudited Consolidated Statement of Comprehensive Income for the Six Months Ended 30 June 2025 – Appendix I (RMB Mil) 1H2024 1H2025 Operating revenue 546,744 543,769 Revenue from telecommunications services 463,589 466,989 of which: Voice services 36,275 34,195 SMS & MMS 16,225 16,111 Wireless data traffic 205,064 195,489 Wireline broadband 62,971 68,568 Applications and information services 129,005 136,674 Others 14,049 15,952 Revenue from sales of products and others 83,155 76,780 Operating expenses 461,010 453,224 Network operation and support expenses 142,682 139,882 Depreciation and amortization 96,536 95,413 Employee benefit and related expenses 75,052 77,393 (RMB Mil) 1H2024 1H2025 Selling expenses 29,222 28,784 Cost of products sold 81,520 74,730 Other operating expenses 35,998 37,022 Profit from operations 85,734 90,545 Other gains 1,814 1,823 Interest and other income 11,123 9,192 Finance costs (1,672) (1,684) Income from investments accounted for using the equity method 6,150 7,197 Taxation (22,892) (22,800) Profit for the period 80,257 84,273 Equity shareholders of the Company 80,201 84,235 Non-controlling interests 56 38
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37 Extracts from Unaudited Consolidated Balance Sheet as at 30 June 2025 – Appendix II (RMB Mil) 2024.12.31 2025.06.30 Current assets 568,559 544,774 Non-current assets 1,539,568 1,582,966 Total assets 2,108,127 2,127,740 Current liabilities 633,018 616,424 Non-current liabilities 78,570 77,122 Total liabilities 711,588 693,546 Total equity 1,396,539 1,434,194