China Mobile : 2024 Annual Results Presentation(HK Shares)

2024 Annual Results

20 March 2025

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Management Present

Mr. YANG Jie	Executive Director & Chairman
Mr. HE Biao	Executive Director & CEO
Mr. WANG Limin	Executive Director
Mr. LI Huidi	Vice President
Mr. LI Ronghua	Executive Director & CFO
Mr. ZHANG Dong	Vice President
Mr. CHEN Huaida	Vice President

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Agenda

01 02 03

Overall	Operating	Financial
Results	Performance	Performance

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01	Overall Results

Mr. YANG Jie

Executive Director & Chairman

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Performance Highlights

1

2

3

4

5

6

Favourable operating performance

Significant business transformation achievements

Key results achieved in "Three Major Programs"

Reforms fully unleashed vitality

Increasing returns to shareholders

All-out efforts to become "world-class"

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Key Performance Indicators

(RMB Mil)	2023	2024	Change YoY
Operating revenue	1,009,309	1,040,759	3.1%
of which: telecommunications	863,514	889,468	3.0%
services revenue
EBITDA	341,478	333,691	-2.3%
EBITDA margin	33.8%	32.1%	-1.7pp
Net profit	131,766	138,373	5.0%
Net profit margin	13.1%	13.3%	0.2pp
Basic earnings per share (RMB)	6.16	6.45	4.7%

Notes: 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 amortisation; net profit refers to profit attributable to equity shareholders of the Company

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Favourable Operating Performance

Revenue:

Achieved stable and healthy growth

Operating revenue	Stable and healthy growth
(RMB Mil)	on a trillion-scale base

1,009,309	1,040,759
	3.1%
2023	2024

Services revenue

(RMB Mil)

863,514	889,468
	3.0%
2023	2024

Profit:

Hit a new record high

Net profit	Continued to maintain
(RMB Mil)	favourable growth

138,373

131,766

125,459

5.0%

5.0%

2022 2023 2024

Net profit as % of services revenue

15.3%	15.6%
2023	2024

Value:

Effectually realised

Total market capitalisation

Leading position

amongst global operators

Brand value

Rankings of

internationally-renowned brands

Global Top 100

Industry Leader

Note: China Mobile has been selected for the 19th consecutive year in the "BRANDZ™ Top 100 Most Valuable Global Brands" released by Kantar, ranking 63rd in the world

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Significant Business Transformation Achievements

Continuously consolidated fundamental advantages

Number of connections

Effectively stimulating growth drivers

Digital transformation revenue

		2022		2023		2024
(Bil)

(RMB Bil)

% of services revenue

3.35 3.67

2.94

Mobile customers surpassed 1 bil

Wireline broadband customers surpassed 300 mil

+9.9%
278.8	31.3%
253.8

1.25 1.29 1.32

1.69

2.07 2.35

1.9 PP

Total connections

Connections (people)

Connections (things)

Network	Customer
scale	satisfaction
Global leading operator	Industry top-tier

2023

2024

"Customer" market	"Home" market
digitalisation revenue	digitalisation revenue
20.9%	4.4%

• Built the world's largest 5G and gigabit broadband networks

• Satisfaction with key products significantly improved
• Satisfaction with touchpoints and network quality remained high

"Business" market	"New" market
digitalisation revenue	digitalisation revenue
9.4%	5.7%

Notes: 1.	Total connections = connections (people)+ connections (things). Connections (people) include connections from mobile phones and wireline broadband; connections (things) include connections
	from IoT cards, home devices and industry devices
2.	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	9
	"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)

Remarkable Progress in "Two New Elements" Upgrade

Ongoing improvement of smart digitalisation infrastructure

CAPEX

(RMB Bil)		CAPEX-to-services revenue ratio

185.2		180.3		164.0
22.8%	-1.9pp	20.9%	-2.5pp	18.4%
2022		2023		2024

5G

Gigabit

Integration

Platform

> 2.40Mil

467K

5G base stations

Put into use (accumulative)

Built the world's first large scale commercial 5G-A network,

with RedCap (Reduced Capability) coverage in all cities nationwide

• Accelerated the evolution of network infrastructures to support space-air-ground integration, and promoted deep integration of aviation Internet, satellite Internet and ground networks

Households with gigabit	480 Mil	90Mil
broadband coverage
Capabilities launched	1,348 items	Accumulative	777.6 Bil times
	deployments

• Built the world's largest data cluster for communications services

Computility network

Consistently optimised

deployment of "N+X" intelligent computility

Self-built	29.2 EFLOPS
intelligent computility (FP16)	19.1 EFLOPS

Systematically constructed computility optical network

400G backbone OTN

"Top 10 mega-projects of China's Central SOEs in 2024"

• Fully connected the 400G links between the eight major national

Comprehensively upgraded

AIDC

AIDC

High-powered High-load-capacity Liquid-cooled Green-operation

• The first batch of 13 intelligent computing centre nodes in regions including Beijing- Tianjin-Hebei,Yangtze River Delta, Guangdong-Hong Kong-MacaoGreater Bay Area, Chengdu-Chongqingcommenced operation

Mega-scale intelligent

computing centres with 10K- level processor capacity in Hohhot and Harbin commenced operation

hubs and between the hub nodes and surrounding areas, with a

network-wide computility scheduling capacity of over 30PB, and

deployed the OXC2.0 technology

IPv6+ backbone network

"2024 World Internet Conference Awards for Pioneering Science

•	Computility network featuring the
	"4+N+31+X" hierarchical layout
•	Data centres covering all national hub

• Achieved integration of general-purpose computing, intelligent computing, supercomputing and quantum computing into the network, with third-partycomputing power exceeding 30 EFLOPS (FP16)

and Technology"

• The largest in the world, with over 600Tbps inter-provincial bandwidth and a 27% reduction in network latency

nodes

Note: N (national and regional intelligent computing centres) + X (localised and customised edge intelligent computing nodes); 4 (hot spots) + N (central nodes) + 31 (provincial nodes) + X (peripheral nodes)

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