Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited
take no responsibility for the contents of this announcement, make no representation as toits accuracy or completeness and expressly disclaim any liability whatsoever for any loss
howsoever arising from or in reliance upon the whole or any part of the contents of thisannouncement.

CHINA MOBILE LIMITED
中國移動有限公司(Incorporated in Hong Kong with limited liability under the Companies Ordinance)

Stock Codes: 941 (HKD Counter) and 80941 (RMB Counter)2024 INTERIM RESULTS•

Operating revenue was RMB546.7 billion, up by 3.0% year-on-year; of which,revenue from telecommunications services was RMB463.6 billion, up by 2.5%
year-on-year•

D i g i t a l t r a n s f o r m a t i o n r e v e n u e r e a c h e d R M B147.1 b i l l i o n , u p b y 11.0%
year-on-year, contributing 31.7% of telecommunications services revenue•

Profit attributable to equity shareholders was RMB80.2 billion, up by 5.3%
year-on-year•

Total number of mobile customers exceeded 1 billion; of which, number of
5G network customers was 514 million; mobile ARPU reached RMB51.0•

Total number of wireline broadband customers was 309 million; of which, number ofhousehold broadband customers was 272 million; household customer blended ARPU
reached RMB43.4•

Payment of an interim dividend of HK$2.60 per share was declared, up by 7.0% yearon-year–1–CHAIRMAN’S STATEMENT
Dear Shareholders,
In the first half of 2024, despite various challenges faced by the Company with a complex
external environment, we worked closely together and forged ahead with determination as astrong team to seize the important opportunities brought by developing new quality productive
forces to the information services industry. We relentlessly pursued the “1-2-2-5”1 strategy,
collectively fostered the “Two New Elements” featuring smart digitalization infrastructure andsmart info-service spectrum, and robustly implemented the “BASIC6”2 and “AI+” initiatives.
Thanks to these concerted efforts, we have significantly strengthened our capability to supply
information services. Our business operations and development maintained stable progresswith an upward momentum, and our efficiency and effectiveness saw ongoing growth. We
achieved significant digital-intelligent transformation, marking new milestones on our journeyto high-quality development. These results were truly hard-earned.
2024 Interim Results
In the first half of 2024, our operating revenue was RMB546.7 billion, with a growth of 3.0%
year-on-year. Of this, our telecommunications services revenue accounted for RMB463.6
billion, an increase of 2.5% year-on-year. Total connections3 surpassed 3.50 billion, with a
net addition of 150 million. In the CHBN4 markets, HBN revenue accounted for 45.0% of
telecommunications services revenue, an increase of 2.3 percentage points year-on-year. Our
digital transformation revenue5, as the “second curve” of revenue growth, reached RMB147.1
billion, an increase of 11.0% year-on-year. It accounted for 31.7% of telecommunications
services revenue and represented an increase of 2.4 percentage points year-on-year.

1

Anchoring ourselves to “one single position” of a leading innovator in digital technology and information
services; speeding up the “two changes”, which are the shift from quantitative leadership based on scale toqualitative leadership with a focus on improving effectiveness and efficiency, and the shift from deliveringbusiness results in the short-to-mid-term to achieving value growth in the mid-to-long-term. We willcollectively foster the “Two New Elements”: systematically building smart digitalization infrastructure
centered on 5G, Computility Network (CN) and the integration platform, and developing smart infoservice spectrum of connectivity, computility and capability. We will proactively unleash the “fivebenefits” through innovation, customer recognition, reforms, talent and the ecosystem.

2

BASIC6 stands for: B-Big data, A-AI, S-Security, I-Integration platform, C-Computility network, 6-6G.

3

The total number of connections includes the connections of mobile phones, wireline broadband, IoT
cards, home devices and industry devices.

4

CHBN refers to the “Customer” market (C), the “Home” market (H), the “Business” market (B), and the“New” market (N).

5

Digital transformation revenue includes the revenues from new businesses from the “Customer” market(China Mobile Cloud Drive and others); the revenues from smart home businesses from the “Home”
market; the revenues from DICT, IoT and dedicated lines businesses from the “Business” market; and therevenue from the “New” market (excluding revenue from international basic business).

–2–

Profit attributable to equity shareholders was RMB80.2 billion, an increase of 5.3% yearon-year, and earnings per share were RMB3.75. EBITDA6 was RMB182.3 billion, and as apercentage of telecommunications services revenue, was 39.3%. Annualized return on equity(ROE) increased by 0.3 percentage points year-on-year to 11.8%, and we maintained industryleading profitability among top-tier global telecommunications operators. Capital expenditure
totaled RMB64.0 billion. Free cash flow amounted to RMB67.4 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$2.60 per share7 for the 2024 interim
dividend, representing an increase of 7.0% year-on-year. For the full year of 2024, profit to
be distributed in cash as a percentage of the profit attributable to equity shareholders of theCompany8 will further increase from that of 2023. The Company will continue to create morevalue for shareholders.

6

EBITDA = profit from operations + depreciation and amortization.

7

Dividends on A shares will be paid in RMB in the amount of RMB2.3789 per share, applying an exchange
rate of HK$1 to RMB0.914962, which is equal to the average of the mid-prices of HK$ to RMB asannounced by the People’s Bank of China during the one week before the day on which the Board declared
the interim dividend.

8

The basis of profit distribution of the Company is the profit attributable to equity shareholders under IFRS
Accounting Standards.

–3–

Value-oriented Operations Continued to Progress with Emphasis on Strategy
We broke into new areas in the information services market, continued to advance scale-based
and value-oriented operations and drive the comprehensive and integrated development of our
CHBN markets in a well-coordinated manner, further consolidating our competitive edge.
“Customer” Market: Integrated Operations to Fortify Business Foundation
We continued to integrate data access, applications and customer benefits. 5G customers
represented a growing share of our overall customer base as a result of unleashing thesynergies of CHBN markets, together with our redoubled efforts to strengthen value retentionof mid-to-high-end customers and deepen the innovation of scenario-based operations. Our“Customer” market maintained stable, with revenue reaching RMB255.2 billion in the firsthalf of 2024. Mobile customers exceeded one billion, with a net addition of 9.26 million
customers. Of which, our 5G network customer base reached 514 million, representing a
net addition of 49 million and accounting for 51.4% of the overall customer base. Revenue
from personal China Mobile Cloud Drive increased by 47.7% year-on-year to RMB4.8
billion. The number of customers for integrated-benefit products9 reached 315 million, withthe corresponding revenue of RMB14.0 billion, up by 37.2% year-on-year. The number ofcustomers using our 5G New Calling over high-definition video reached 129 million, of
which, smart application subscribers amounted to 11.82 million. Our M-zone Mango Card
products recorded total sales volume of 21.55 million, demonstrating its popularity among
young customers. Mobile ARPU (average revenue per user per month) maintained a leading
position in the industry and amounted to RMB51.0.
“Home” Market: Extended Services with Greater Value
We pursued the development of a smart home ecosystem featuring full-gigabit network. With
China Mobile Aijia (AI Home) brand as the guiding force, we have strengthened the upgradeof our existing customers and the integration of different operations, and actively created new
growth drivers such as FTTR (Fiber to the Room) and HDICT (home data, information andcommunications technology, collectively “home informatization solutions”). As a result, our“Home” market generated favorable growth, with revenue for the first half of 2024 reaching
RMB69.8 billion, an increase of 7.5% year-on-year. The number of household broadband
customers reached 272 million, or a net increase of 8.48 million customers, maintaining ourindustry leadership. Gigabit broadband customers accounted for 33.5% of our householdbroadband customer base, an increase of 3.5 percentage points from the end of 2023. Mobile
HD customers reached 208 million, with the corresponding revenue reaching RMB15.1 billion,
up by 5.7% year-on-year. The numbers of smart home network and home security customers
were 152 million and 58.64 million respectively. FTTR customers surged by 296.4% year-onyear to 5.05 million, and HDICT solutions attracted 35.52 million customers, an increase of
70.1% year-on-year. Household customer blended ARPU reached RMB43.4, representing an
increase of 0.2% year-on-year.

9This refers to the number of normal on-net customers who have subscribed to our benefit products,
including benefit-only package products, telecommunications + benefit package products and paid
members of our benefit superstore. Duplicate customers within the benefit business are removed.

–4–

“Business” Market: Deep Cultivation of the Industry with Enhancements to Scale and Quality
We advanced the integrated development of our network, cloud and DICT (data, informationand communications technology), built innovative “AI+DICT” service capabilities,
proactively established an operation system that is standardized and product-driven for
effective management of platform-based solutions, and tapped into high-value areas of ourcorporate customer base. In the first half of 2024, our “Business” market revenue maintained
favorable growth and reached RMB112.0 billion, up by 7.3% year-on-year. Our corporate
customer base reached 30.38 million, a net increase of 2.01 million. Our share of contracts
won in open tenders amounted to an industry-leading 18.4%. We successfully developed“standardized, product-driven and platform-based” solutions that cater to 30 businesssegments, cultivating 58 core capabilities and expanding over 500 projects. China Mobile
Cloud maintained its position as a top-tier cloud services provider, and fully leveraged thisadvantage and competencies in the integration between cloud on the one hand and network,
data, intelligence, edge computing and security on the other. China Mobile Cloud revenue
reached RMB50.4 billion, an increase of 19.3% year-on-year. Within this, the revenue market
share of IaaS+ PaaS sat comfortably in the industry top five. We maintained leadership in 5G
applications for vertical industry sectors, signed an accumulative figure of more than 40,000
agreements for 5G commercial projects, and achieved remarkable scaled development acrossmultiple sectors including smart cities, smart factories, smart parks, and smart campuses,
which helped generate 5G dedicated network revenue of RMB3.9 billion, an increase of 53.7%
year-on-year.
Our Internet of Vehicles (IoV) market in the “To V” market obtained breakthroughs in scale.
The net increase of IoV factory-installed connections reached 7.29 million, accumulating to
57.91 million. The usage of 5G+ Beidou high-precision positioning reached 1.7 trillion times.
We enriched the “people-car-home” service offering and entered channel partnerships with10 top-tier car makers. We also participated in the “vehicle-road-cloud integration” pilots incities. In the “To G” market, alongside a deepened market expansion, we have accumulated
digital government capabilities and released the Jiutian massive-computing large model v3.0
for public administration. We have also deeply participated in the construction and operationof multiple key digital cities at the provincial and municipal levels, delivering exemplary
benchmark projects. For the first half of 2024, accumulated contract value exceeded 12.6
billion, an increase of 13.8% year-on-year. We tapped into the growth potential of thecorporate market, making efforts to build a “terminal, network, cloud, data” product system.
We developed 15.80 million corporate packages targeting specifically at SMEs, a net increaseof 10.75 million. We actively explored new business opportunities by accelerating deploymentof the planning and competencies for the low-altitude economy, aviation Internet and airground business.

–5–

“New” Market: Increased Contribution with Scaled Development
Thanks to larger business scale, higher effectiveness and better brand building, our “New”
business witnessed rapid growth. Revenue from our “New” market reached RMB26.6 billion
in the first half of 2024, an increase of 13.2% year-on-year. In terms of international business,
we deepened the synergies between international and domestic markets. We increased theexport of high-quality product capabilities and 5G solutions to overseas markets to serve theconstruction of the “Belt and Road”, while upgrading our digital infrastructure overseas andfurther strengthening our international ties. In the first half of 2024, our international businessrevenue reached RMB11.8 billion, an increase of 16.3% year-on-year. In terms of equity
investment, we focused our strategy in areas such as strategic emerging industry clusters,
future strategic industries, and digital transformation of industries, amplifying the role ofcapital in connecting and empowering the industry value chain. In terms of digital content,
we strengthened our “content, technology and integrated innovation” operating model,
refining core products such as MIGU Video while developing core atomic-level capabilities
for digital products including digital humans in the metaverse, XR+ naked eye 3D display
and digital space. Digital content revenue reached RMB14.5 billion in the first half of 2024,
or growth of 11.3% year-on-year. The number of monthly active users for our cloud games
across all platforms reached an industry leading 123 million. In terms of FinTech, we took fulladvantage of the role of finance in empowering and promoting business growth throughout
the industry value chain, achieving a business scale of RMB37.9 billion in the first half of2024, an increase of 72.1% year-on-year, and serving 55.5% more enterprises. We created an
all-in-one digital consumption portal across all platforms, driving growth in monthly active
customers of “and-Wallet” transactions by 15.8% year-on-year.
We placed customers at the heart of our business and spared no effort in developing new
digital services for all scenarios across multiple modes and sectors, ensuring rapid and steadydevelopment of digital transformation. In the first half of 2024, the digitalization revenues
from our “Customer”, “Home” and “Business” markets grew by 34.6%, 4.5% and 7.9% yearon-year respectively. Of which, DICT revenue increased by 8.4% year-on-year to RMB65.2
billion. Meanwhile, “New” market digitalization revenue increased by 9.7% year-on-year.

–6–

Accelerated the Advancement of the “Two New Elements” with Upgrades on Smart
Digitalization Infrastructure and Smart Info-service Spectrum
We took on the responsibility of being a leading force behind China’s leapfrog developmentof science and technology, making active contributions to the building of “Cyberpower” and“Digital China”. We have continuously strengthened the foundation of digital-intelligent
foundation.
Continued to optimize our smart digitalization infrastructure. We built upon ourleadership in dual gigabit network to create a competitive edge in 5G network and deepen the
co-construction and cooperation with China Broadcasting Network Corporation Limited. In
the first half of 2024, our investments in 5G network totaled RMB31.4 billion. Accumulatively
to the end of June 2024, we have brought into use more than 2.29 million 5G base stations,
including 705,000 700MHz 5G base stations. We spearheaded the scaled deployment of
5G-A technology with a focus on enhancing capabilities in areas including RedCap, 3CC(3 Component Carriers), and integrated sensing and communications. The commercial
deployment of 5G-A is already in place in more than 280 cities and will be expanded to morethan 300 cities within the year. We built out our gigabit broadband capabilities with precise
scenarios in mind. As of the end of June 2024, our gigabit platform capability is available in
100% in urban areas across the country and over 97% in villages. Our gigabit network has
covered 438 million households. In the meantime, the Company is accelerating the upgrade of
the network infrastructure to space-air-ground integration, promoting the deep integration ofaviation Internet and satellite Internet with the ground network. We pioneered the deploymentof our computility network with leading technology at scale, proactively implementing thenational strategy of Eastern Data and Western Computing. We have laid the groundwork
to establish a nationwide computility network that is unparalleled in both technologicalcapabilities and scale, and continued to improve general computility, achieving a capacity of
8.2 EFLOPS (FP32). We accelerated the development of intelligent computility, achieving acapacity of 19.6 EFLOPS (FP16). We continued to optimize our “N+X”10 multi-layer and fullcoverage deployment of intelligent computility capability. The first batch of 13 intelligent
computing center nodes in Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong
Kong-Macao Greater Bay Area, Chengdu-Chongqing have been put into operation. We haveestablished the world’s first 400G full backbone OTN with both the largest scale and widest
coverage, and continuously developed the “1-5-20ms” three-tier low latency ranges. We havealso fully achieved a smart backbone network based on IPv6. Applications of the integration
platform achieved remarkable results. Leveraging the “AaaS+” Action Plan with the launchof both “capabilities superstore” and the centralized sharing model to accelerate the supply
of intelligent capabilities, we had included nearly 1,100 integration platform capabilities,
which were deployed a total of 319.7 billion times for the first half of 2024. We upgraded andimproved the Data Switching Service Network (DSSN) as the infrastructure for the circulationof data elements, and this was implemented in six provinces and across eight industries, andDSSN recorded an average of over 100 million monthly data transactions.

10

It refers to: N (national, regional intelligent computing centers) + X (localized and customized edge
intelligent computing nodes).

–7–

Continued to optimize our smart info-service spectrum. In terms of product offerings, wehave intensified our focus on bringing outstanding products to market and this has yieldedfavorable results. In the mass market, 17 of our products each had a user base in excess of 100
million. Of them, the number of users of eight products exceeded 200 million. In the “Business”
market, the revenue from 6 products exceeded RMB10 billion each. In the computility
network market, we have developed more than 70 intelligent computility projects with anaccumulative contract value surpassing RMB2 billion. While service touchpoint capability of
China Mobile Cloud across all platforms occupied a leading position in the industry, the corefunctional performance of our key products, including COCA11 2.0 heterogeneous computing
architecture and our in-house developed DPU chips, was also at the forefront in the domestic
market. In the big data market, we leveraged Wutong Big Data platform to accumulate
more than 2,000PB of data resources, and elevated our data governance ability to China’s
highest rating of DCMM Level 5, achieving a total of 100 billion times of data deployment
throughout the year with extensive applications in various fields including data governance,
emergency management, and smart cultural tourism. In the Visual Internet market12, we were
the first operator to release technical standards, service standards and white papers for VisualInternet. We have released the Visual Internet large model. For the first half of 2024, ourVisual Internet products have accumulated 70.30 million video-cloud connections, following
a net addition of 10.19 million video connections. In the security business market, we built
out the product system of “network, cloud, DICT+security”, generating accumulative revenueof RMB2.1 billion for the first half of 2024. In terms of services, we continued to optimize
service management covering every aspect and process of service and involving every memberof staff, and maintained industry-leading customer satisfaction. We maintained an edge interms of customer satisfaction with our mobile network quality, while that with householdbroadband network quality increased substantially for two consecutive years. As the initialdeveloper and adopter of large models for customer service, we deepened the applications ofvideo customer service based on communications networks and the Internet, with an averagemonthly service volume exceeding 148 million. In terms of brand management, with afocus on our goal of a world-class outstanding brand, we adhered to the principles of “highquality, premium proposition, high-end image” and adopted the “brand-first approach” topromote the construction and operation of “1+4+4” strategic brand system13. China Mobile
occupied a prominent position in the Brand Finance Most Valuable Chinese Brands 2024
list. We continued to enhance our brand value and occupied a leading position among global
telecommunications operators.

11

COCA stands for Compute on Chip Architecture.

12

China Mobile Visual Internet is a smart digitalization infrastructure specializing in video connection
services. Using video IoT terminals as the medium, it converges connection, capabilities and services on avideo-connected platform.

13“1+4+4” strategic brand system refers to: “China Mobile” as the corporate brand; GoTone, M-zone, Easy
Own and China Mobile Aijia (AI Home) as four customer brands; and MIGU Video, China Mobile Cloud,Wutong Big Data and Jiutian as four product brands.

–8–

Proprietary Innovation Drove Achievement of BASIC6 Initiatives
Assuming a principle role in fostering innovation, we upgraded the “Unified Five Rings”14technology and innovation framework, striving to promote the BASIC6 Initiatives. We
bolstered our efforts in nurturing emerging and future strategic industries to drive innovation
continuously.
Systematic planning of 5G-A/6G research and development. We played an active rolein the freezing of the 5G R18 standards and maintained our leading status among global
operators in the number of related technical proposals and projects we led. We first proposed
the 5G-A integrated sensing and communications technology system, and built the 5G-A
integrated sensing and communications pilot platform. We developed the industry-leading“China Mobile Link-Cloud” UAV intelligent management and control platform. We also
developed a new product “e-Lark” based on the networked passive IoT technology solutions
we had proposed. We successfully sent two air-ground experimental satellites – China Mobile
01 satellite and Xinghe verification satellite 15 – into Low Earth orbit, establishing an airground experimental foundation, and completing the world’s first IoT-NTN laboratory proofof real-time voice by direct connection between mobile phone and High Earth orbit satellite.
We have also released the experimental foundation 1.0 for the R&D of 6G communicating,sensing, computing and intelligent integration. The number of 6G patents, papers and other
innovative achievements placed us among the top-tier global operators in this field.
Ongoing leadership in computility network development. The “Computility Network
Key Technology” Working Group was established in the internationally-acclaimed Internet
Engineering Task Force (IETF), helping our proprietary integrated CN technology to
be globally recognized. We achieved breakthroughs in proprietary technologies such as
Computility Routing, Computility Native, and fully-deployed Ethernet, with major innovations
in areas such as our in-house developed server DPU intelligent computility accelerationengine and intelligent computility cross-architecture migration software. We led and proposeda wide-area high-throughput protocol to achieve high throughput data transmission of over
5,000 kilometers, constructed the world’s first 800G+ hollow-core optical fiber test network
capable of 20-kilometer two-way 128TB/s ultra-large data transmission with optical linklatency reduced by over 30%. We also released the world’s first computility router. Our Brainof Computility Network integrates general computing, intelligent computing, super computing
and quantum computing, namely the Yangtze River Delta Hub Wuhu Cluster Computility
Public Service Platform was launched as a national-level hub node for the first time.

14

The “Unified Five Rings” refers to our technology and innovation system that consists of five rings: theinner ring (major research institutes), the mid-ring (specialized companies facilitating industry researchcollaboration), the outer ring (provincial companies and regional innovation institutes), the partnership
ring (tertiary institutes and enterprise partners), and the overseas ring (overseas R&D institutes andinternational organizations).

15

China Mobile 01 satellite carries a base station that supports 5G air-ground communications technology.
It is the world’s first integrated terrestrial and celestial signal processing system capable of verifying 5G
air-ground evolutionary technology. Designed with 6G concepts, Xinghe verification satellite deploys theindustry-first satellite core network capable of in-orbit operation, making it the world’s first verification
satellite to validate 6G architecture.

–9–Breakthroughs in artificial intelligence innovation at an accelerated pace. We released
the Jiutian artificial intelligence foundation comprising 10,000-card intelligent computing
clusters, 100 billion-parameter multi-modal large models, and an eco-platform that brings
together hundreds of major elements, constantly improving our large model spectrum. We
invested every effort to build a “1+N” system of general and industry-specific 100 billionparameter large models. Through the “in-house development + ecosystem cooperation”
approach, we have deployed high-performance industry-specific large models in 40 subsectors including network, customer service, healthcare, public administration, industry,transportation and finance. In the first half of 2024, we have released 17 self-developed
Jiutian industry-specific large models, accumulating 450 AI capabilities and empowering
nearly 1,000 industry applications. Among all AI large models developed by Chinese StateOwned Enterprises, the Jiutian foundation large model has become the first to have obtained“double filings” from the Chinese government for the provision of generative AI services anddomestic deep synthesis service algorithms. It has also received the highest-level A-grade
security certification from the China Software Testing Center.
Value conversion of big data actively promoted. We progressed the setting of data
standards, and actively participated in the compilation of national standards for theclassification and grading of high-quality data sets, and for the format of AI data sets. We
created a uniform “data catalog” for data standardization, sharing and reuse. We launched our
Wutong Big Data platform, the world’s largest communications service data cluster, building
a high-quality data set with over five trillion tokens by our autonomous data cleaning andprecise data labeling. We actively advanced innovations in data technology and connectedwith partners throughout the industry chain to intensify efforts in key technologies suchas data lake-warehouse integration, data fabric, and distributed computing to improve theprocessing efficiency of massive, multi-source, and heterogeneous data.
Improved empowerment from the integration platform. We worked with members of
the AaaS+ technology alliance to formulate industry standards such as modular platforms inorder to promote the interoperability of the integration platform among different ecosystems.
We achieved breakthroughs in key technologies for the integration platform, explored AIbased intelligent assembly and automated orchestration technologies, delved into metaversebased capability operation and interaction technologies, and drove the rapid conversion oftechnological innovations into products and markets. We promoted the integrated innovationof “capabilities + integration”, accelerated the standardized governance of capabilities, andrapidly upgraded the open sharing of the integration platform capabilities to be flexible,
convenient, efficient, and secure.

– 10 –Strengthened network and information security. We launched the first full-scenario
fraud prevention service in the information and communications industry. Currently undertrial in various locations, the service builds four layers of defense including intelligent
fraud detection, intelligent early warning, smart home connect and insurance compensation.
We released China Mobile’s AI security white paper to build a new generation of security
foundation for AI infrastructure. We launched a quantum encrypted handset to further help
protect customer information security.
The Company achieved remarkable results in technological innovation. We led the “5thGeneration Mobile Communications System (5G) Key Technologies and Engineering
Applications” and the project won the first-class award of the State Scientific andTechnological Progress Award. China Mobile was also named as the top-ranked enterpriseon the inaugural list of 2023 outstanding enterprises leading in science and technology
innovation, released by the State-owned Assets Supervision and Administration Commission(SASAC) of the State Council.
Seized Opportunities to Implement “AI+” Initiatives and Achieved Encouraging Initial
Results
We fully embraced the era of AI by speeding up the transition from “+AI” to “AI+” in orderto fuel high-quality development.
Ongoing enhancements to “AI+” capability. We forged a team of top AI talent, establishedthe Jiutian AI Research Institute with a 2,000-strong core team and are building a new
AI infrastructure. The hyper-scale Hohhot Intelligent Computing Center has commenced
operations. Meanwhile, the hyper-scale Harbin Intelligent Computing Center has commenced
construction. We strengthened our high-quality AI core competencies, launching full-stack
proprietary and controllable 100 billion-parameter multi-modal large models, alongside
starting the trials of the 200 billion-parameter multi-modal large model and conducting initialresearch into trillion-parameter large model technology. We created an AI industry ecosystem,
actively expanding our Jiutian ecosystem platform to include more industry players andopening large model training bases, evaluation bases, and industrial innovation bases toprovide one-stop industry integration services such as model training and inference, and AI+
native application incubation to society.

– 11 –Steady progress in “AI+” application innovation. In the business market, we strove to build
an “AI+DICT” product system and launched COMPASS 16 capabilities, becoming the firstin the industry to provide integrated services covering network, computility, models, tools,
and applications. We launched 20 industry applications such as AI invigilation, AI quality
inspection, AI audit, AI first aid, AI agricultural technology question and answer, and AI
training and inference integrated machines, and developed intelligent products such as AI
office assistant, AI video surveillance and AI digital twin. We accelerated the monetization of
our AI capabilities and achieved breakthrough by winning the bid for an AI project of a large
state-owned enterprise. For the mass market, we built an AI product portfolio, carrying out
fully developed AI+ upgrades for strategic products such as Video Ring Back Tone (RBT), 5G
New Calling, China Mobile Cloud Drive, mobile HD, and cloud computers by building in new
AI functions and enhancing their innovative digital-intelligent features. We nurtured diverse
smart applications with a clear focus on the eight AI+ areas: new communications, new office,new content, smart home, Visual Internet, Internet of Things, security, and hardware. We havealso accelerated the research and development of new AI products such as home robots. In
the first half of the year, the total number of customers for AI-powered products reached 110
million. At the same time, we promoted the smart upgrading of operations and management
internally, and achieved visible results through bettering management and empowerment andenhancing cost-effectiveness. Network-related cost per RMB100 of fixed assets decreased by
3.5% year-on-year, and energy consumption of a single 5G station decreased by 11.7% yearon-year. We deployed 55,000 digital employees, accumulatively reducing workload by 1.54
million man-days.
Going forward, we will further refine our AI development approach and expand the scale of
AI+ initiatives. We will enhance our service capabilities of general computility, big data, andlarge models to consolidate the foundation for “AI+” development. At the same time, we will
enrich the “AI+” service model to promote the innovative adoption of AI in a broader range
and at a deeper level, helping all sectors to become smarter, more digitalized and connected.

16

COMPASS stands for Computility (CO), Large Models (M), Products (P), Applications (A), Solutions (S),Services (S).

– 12 –

Stimulated Development Momentum to Promote Collaboration and Collective Success
We continued to deepen reforms and improve management quality, at the same time as
expanding our circles of “relatives”, “friends” and ecosystem. By doing so, our organic
growth vitality increased significantly alongside a thriving ecosystem.
Comprehensively extended enterprise reforms. We advanced enterprise reforms in greater
depth and breadth. We promoted the establishment of boards of directors in our subsidiaries
as far as practicable, resulting in a more robust system and mechanism. We enhanced ourdiverse and structured talent pool while achieving breakthroughs in building a strategic
leadership pipeline by building a stronger high-level expert force and attracting outstanding,specialized and coveted talent to join us. We sped up our pace to upgrade our workforce,
driving staff transformations from traditional to digital-intelligent, from single-skilled
to multi-skilled, and from back-end to front-end. We also formulated incentive policies
taking into consideration strategies of optimization and allocation of resources, business
transformation and technological innovation in order to ensure better and more comprehensive
incentive mechanisms in the mid- to long-term. By adopting scientific approaches, we
continuously strengthened our management system by ensuring the headquarters, regional
companies and specialized teams performed their respective roles in overall strategy-setting
and management, driving market development, and enhancing competency. We strengthened
the headquarters’ “strategy + operation” role in management and control, particularly intechnological innovation and internal coordination. We further implemented all-factor budget
control and strengthened full-process and closed-loop management of assets, resulting inconsistent improvements in quality management. Frontline reforms have generated notable
results. Results of the national technology company development program and the Doublehundred Action have been highly recognized by SASAC of the State Council, and three of our
subsidiaries were named as “Benchmark” enterprises and five as “Outstanding” enterprises.
We have built a three-tiered management system comprising technological research special
zones, key research teams and a research pipeline. Leveraging Jiutian as a benchmark,we have developed 15 technological research special zones, and supported our subsidiary
XinSheng Tech to complete A+ strategic investment round. China Mobile’s reforms has beenhighly recognized and received grade A result for three consecutive years from the evaluationof SASAC of the State Council.

– 13 –

Comprehensively extended open collaboration. With the aim of fostering more extensive
strategic collaboration, we strengthened strategic partnerships with governments at all levels,
enterprises and tertiary institutes, driving cross-disciplinary collaboration in information
services to support further innovations in the digital economy. Through capital investment planand promoting sector-investment synergy, we mapped our investment in strategic emerging
sectors and future industries such as AI, air-ground integrated network, basic softwareand advanced manufacturing. We strengthened innovation cooperation by enhancing joint
innovation and forming innovation alliances in 5G and computility network to establish highquality and synergistic innovation platforms. We also stepped up new joint R&D by further
implementing the Joint Innovation Plus scheme and partnering with leading enterprises, andtertiary and sci-tech research institutes to advance the integrated innovation of industry,
academia, research and application. We have accumulatively built 34 joint R&D initiatives
and formed the first international joint R&D project. We have also promoted innovation
regionally and in overseas by setting up an innovation research institute in Hong Kong and aplatform for the coordination, research and management of export capabilities. Drawing on
our leadership in the industry chain, we continued to foster ecosystem collaboration. We haveattracted more than 1,300 companies to become links in the chain. Leveraging our subsidiarychains, we deepened partnerships with enterprises of different sizes across vertical industry
sectors and persistently enhanced our leadership and the industry’s resilience, which resulted
in the formation of high-quality industry clusters. We also continued to strengthen the Global
TD-LTE Initiative (GTI) international cooperation platform, gathering more than 400 global
operators and industry partners.
Steadfast Enhancements to ESG Management Quality
To ensure high-quality corporate governance, we adhered to principles of integrity,transparency, openness and efficiency and fully complied with all applicable listing rules
and regulations governing listed companies. We actively responded to global sustainable
development initiatives and strengthened ESG strategy implementation and performancesupervision. We continued to improve our corporate governance and decision-making
mechanisms and optimize the top-down design and operating mechanism of compliancemanagement. This helped the Company modernize its governance system and governancecapabilities to support the Company’s continuing reform and development. We enhanced
our internal control and supervision across-the-board with a particular focus on key businessareas to strengthen risk prevention and mitigation. By improving risk detection capabilities
and strengthening risk prevention and control, we safeguarded the healthy and sustainable
development of the company.
We fully utilize our corporate expertise, empowering industries with digital intelligence todrive comprehensive economic and social development. We serve individuals and families,
enabling them to create a better digital life. We expand our global vision, deepening andpromoting win-win international cooperation. We continued to make extensive contributions
in areas including supporting regional coordinated development, advancing digital-intelligent
village revitalization, practicing green and low-carbon operations, carrying out public welfare
and charity, and assisting in emergency rescue and disaster relief. Our overall performance has
been rated as the highest “Five-star Excellence” in the “2024 China ESG Listed Companies
Pioneer 100” list. We focused on cultivating all-round talent and value talent as the mostimportant asset for driving innovation and development. We provide effective training and an
enabling workplace for outstanding talent, and strive to promote collaborative growth between
our employees and our organization.
– 14 –

Future Outlook
The evolving external environment has introduced growing adverse impacts, while effective
demand has persistently remained inadequate. Our business transformation is clouded by thetransitional phase between old and new growth drivers, introducing an element of uncertainty.
Meanwhile, the macroeconomic outlook continues to improve. The development of newquality productive forces not only propels the pervasive integration of next-generation
information technology across the entirety of economic and social domains, but also ushers
in a new digital-intelligent era characterized by the deep integration of information andenergy at an accelerating pace. Data, computility and AI have become the new engine fortechnological innovations. Information technology and its deep integration with the realand financial economies have given rise to emerging industries. “Internet+”, “5G+” and“AI+” have identified a new pathway for information technology to be integrated into all
aspects of the economy, society and everyday life, which will profoundly revolutionize theway people work and live, as well as upending the model of social governance, presenting
unprecedented opportunities for the information and communications sector. Especially inrecent times, we have seen accelerated breakthroughs in the application of new generation
information technologies represented by AI, computility networks, big data and blockchain.
Promoting economic and social transformation from “+AI” towards “AI+”, this phenomenon
has empowered individuals, families, communities and professionals, facilitated the integrated
innovation of emerging technologies, further deepened the integration of multi-domain
intelligence applications, and opened up a vast blue-ocean of opportunities.
Faced with the new business landscape and opportunities, we will fully, accurately andcomprehensively align with the new development paradigm. We will pursue stable progress
while forging ahead with a steadfast focus on integrity and innovation. We will enhancecore functions, strengthen core competencies and fully implement the “1-2-2-5” strategy,
further deepening reforms to bolster our organic growth momentum, innovative vitality anddevelopment potential. We will also strive to promote the “Two New Elements” with smart
digitalization infrastructure and smart info-service spectrum, while making all-out efforts on“AI+” and “BASIC6” initiatives. By doing so, we will develop new quality productive forcesat an accelerated pace, promote digital-intelligent transformation and high-quality growth.
As we establish ourselves as a world-class information services and sci-tech innovationenterprise, we will consistently create greater value for our shareholders and customers.
Acknowledgement
On behalf of the Board, I would like to sincerely express my heartfelt gratitude for the supportof our shareholders, customers and the public, and for the dedication and contribution of ouremployees.

Yang Jie
ChairmanHong Kong, 8 August 2024

– 15 –

GROUP RESULTS
China Mobile Limited (the “Company”) is pleased to announce the unaudited consolidated
results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June
2024.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVEINCOMEfor the six months ended 30 June 2024
(Expressed in Renminbi (“RMB”))

Note
Operating revenue
Revenue from telecommunications services
Revenue from sales of products and others

Operating expenses
Network operation and support expenses
Depreciation and amortisation
Employee benefit and related expenses
Selling expenses
Cost of products sold
Other operating expenses

5

6

7

Profit from operations
Other gains
Interest and other income
Finance costs
Income from investments accounted for using
the equity method

8

Profit before taxation
Taxation

9

PROFIT FOR THE PERIOD– 16 –

Six months ended 30 June
2024
2023
MillionMillion463,589
83,155452,238
78,481

546,744

530,719

142,682
96,53675,052
29,222
81,52035,998

143,526
103,170
70,433
26,83577,332
29,136

461,010450,432

85,73480,287

1,814
11,123(1,672)

4,003
11,373(1,938)

6,150

4,953

103,149

98,678(22,892)(22,439)

80,257

76,239UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVEINCOME (CONTINUED)
for the six months ended 30 June 2024
(Expressed in RMB)

Note
Other comprehensive income for the period,
net of tax:
Items that will not be subsequently
reclassified to profit or loss
Changes in the fair value of financial
assets measured at fair value throughother comprehensive income
Share of other comprehensive income/(loss)of investments accounted for using theequity method

Six months ended 30 June
2024
2023
MillionMillion

(6)

(7)

3

(93)

136
677

–
1,219

735

534

TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

81,802

77,892

Profit attributable to:Equity shareholders of the Company
Non-controlling interests

80,201
56

76,17366

PROFIT FOR THE PERIOD

80,257

76,239Total comprehensive income attributable to:Equity shareholders of the Company
Non-controlling interests

81,73567

77,82666

TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

81,802

77,892Items that may be subsequently reclassified
to profit or loss
Changes in the fair value of financial
assets measured at fair value throughother comprehensive income
Currency translation differences
Share of other comprehensive incomeof investments accounted for using
the equity method

Earnings per share – Basic10(a)RMB3.75

RMB3.56

Earnings per share – Diluted

10(b)RMB3.73

RMB3.56

Details of dividends to the equity shareholders of the Company are set out in note 11.

– 17 –UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
as at 30 June 2024
(Expressed in RMB)

Note
AssetsNon-current assets
Property, plant and equipment
Construction in progress
Right-of-use assets
Land use rights
Goodwill
Development expenditure
Other intangible assets
Investments accounted for using the equity method
Deferred tax assets
Financial assets measured at fair value throughother comprehensive income
Financial assets measured at fair value throughprofit or loss
Other financial assets measured at amortised cost
Bank deposits
Other non-current assets

Current assets
Inventories
Contract assets
Accounts receivable
Other receivables
Bills receivable
Prepayments
Prepaid income tax
Other non-financial assets
Financial assets measured at fair value throughprofit or loss
Other financial assets measured at amortised cost
Bank deposits
Cash and cash equivalents

Total assets– 18 –

12

13

As at
30 June2024
Million

As at
31 December
2023
Million680,172
94,862
86,89014,65035,301
2,319
31,972
185,01347,891

714,663
74,496
94,753
14,87735,301
2,279
32,720181,715
47,337

6,083

3,518

176,712
5,625
75,49544,439185,621
5,628
55,387
46,2581,487,424

1,494,553

12,616
20,726
84,342
15,901
696
8,096
507
22,72812,026
19,40754,881
12,342
1,205
7,516
809
23,108176,336
19,34440,818132,073

156,018
32,02037,213
141,559

534,183

498,104

2,021,607

1,992,657

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (CONTINUED)
as at 30 June 2024
(Expressed in RMB)
As at
30 June2024
Million

As at
31 December
2023
Million309,053
14,66945,40874,746
61,94914,98233,448297,456
26,52066,19379,03538,201
15,98535,175554,255

558,565

62,222
9,245

67,759
9,281

6,417
3,742
1,857

6,408
3,077
1,582

83,483

88,107

Total liabilities

637,738

646,672

EquityShare capital
Reserves

457,903
921,641455,001
886,731

1,379,544

1,341,732

4,325

4,253

Total equity

1,383,869

1,345,985

Total equity and liabilities

2,021,607

1,992,657

NoteEquity and liabilities
Liabilities
Current liabilities
Accounts payable and accrued expenses
Bills payable
Contract liabilities
Receipts in advance
Other payables
Income tax payable
Lease liabilities

14

Non-current liabilities
Lease liabilities
Deferred revenue
Defined benefit plan and other employee
benefit liabilities
Deferred tax liabilities
Other non-current liabilities

Total equity attributable to equity shareholdersof the Company
Non-controlling interests– 19 –UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 30 June 2024
(Expressed in RMB)
Six months ended 30 June
2024
2023
MillionMillionNet cash generated from operating activities

131,377

160,525

Net cash used in investing activities(85,482)(59,255)

Net cash used in financing activities(55,514)(63,766)

Net (decrease)/increase in cash and cash equivalents(9,619)37,504

Cash and cash equivalents, beginning of period

141,559

167,106

Effect of changes in foreign exchange rate

133

318

Cash and cash equivalents, end of period

132,073

204,928– 20 –NOTES:(Expressed in RMB unless otherwise indicated)
1

General Information
China Mobile Limited (the “Company”) was incorporated in the Hong Kong Special Administrative
Region (“Hong Kong”) of the People’s Republic of China (the “PRC”) on 3 September 1997. The
principal activities of the Company and its subsidiaries (together referred to as the “Group”) are theprovision of telecommunications and information related services in the mainland of China and in Hong
Kong (for the purpose of preparing the unaudited condensed consolidated interim financial information,
the mainland of China refers to the PRC excluding Hong Kong, Macau Special Administrative Region of
the PRC and Taiwan). The Company’s immediate holding company is China Mobile Hong Kong (BVI)
Limited (incorporated in the British Virgin Islands), and the Company’s ultimate holding company is
China Mobile Communications Group Co., Ltd. (“CMCC”, incorporated in the mainland of China). The
address of the Company’s registered office is 60th Floor, The Centre, 99 Queen’s Road Central, HongKong.
The ordinary shares of the Company have been listed on The Stock Exchange of Hong Kong Limited (the“HKEX”) since 23 October 1997.
On 5 January 2022, the Company completed the initial public offering of ordinary shares subscribed forand traded in RMB (the “RMB Shares”), which were listed on the Shanghai Stock Exchange (the “SHEX”).

– 21 –

2

Basis of Preparation
The unaudited condensed consolidated interim financial information for the six months ended 30 June
2024 has been prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim
financial reporting”, issued by the International Accounting Standards Board (“IASB”), and Hong
Kong Accounting Standard (“HKAS”) 34, “Interim financial reporting”, issued by HKICPA, which areconsistent, and the applicable disclosure requirements of the Rules Governing the Listing of Securities (the“Listing Rules”) on HKEX.
The preparation of the unaudited condensed consolidated interim financial information in conformity
with IAS/HKAS 34 requires management to make judgements, estimates and assumptions that affect theapplication of policies and reported amounts of assets and liabilities, income and expenses on a year-todate basis. Actual results may differ from these estimates.
The unaudited condensed consolidated interim financial information should be read in conjunction with
the Company’s annual financial statements for the year ended 31 December 2023. The Group’s policies
on financial risk management were set out in the financial statements included in the Company’s 2023
Annual Report and there have been no significant changes in these policies for the six months ended 30
June 2024.
No events and transactions that are significant to the changes in financial position and performance of theGroup since the release of the annual financial statements for the year ended 31 December 2023 should be
included in the Group’s unaudited condensed consolidated interim financial information. The unauditedcondensed consolidated interim financial information does not include all of the information required fora full set of financial statements prepared in accordance with IFRS Accounting Standards (“IFRSs”) or
Hong Kong Financial Reporting Standards (“HKFRSs”).
The Group’s condensed consolidated interim financial information is unaudited, but has been reviewed
by the Company’s Audit Committee. The condensed consolidated interim financial information has also
been reviewed by the Company’s independent auditor, KPMG, in accordance with Hong Kong Standard
on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent
Auditor of the Entity”, issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”).
KPMG’s unmodified independent review report to the board of directors is included in the 2024 interim
report.
The financial information relating to the year ended 31 December 2023, that is included in the unauditedcondensed consolidated interim financial information for the six months ended 30 June 2024 ascomparative information, does not constitute the Company’s statutory annual consolidated financial
statements for that year but is derived from those financial statements. Further information relating tothese statutory financial statements required to be disclosed in accordance with section 436 of the Hong
Kong Companies Ordinance (Cap. 622) is as follows:
The Company has delivered the financial statements for the year ended 31 December 2023 to the Registrarof Companies as required by section 662(3) of, and Part 3 of Schedule 6 to, the Hong Kong Companies
Ordinance (Cap. 622).
The Company’s auditor has reported on those financial statements. The auditor’s report was unqualified;
did not include a reference to any matters to which the auditor drew attention by way of emphasis without
qualifying its report; and did not contain a statement under sections 406(2), 407(2) or (3) of the Hong
Kong Companies Ordinance (Cap. 622).

– 22 –

3

Material Accounting Policies
Except as described below, the accounting policies applied in the preparation of this unaudited condensed
consolidated interim financial information are consistent with those used in the preparation of the annual
financial statements for the year ended 31 December 2023.
The following new or amended IFRSs/HKFRSs are mandatory for the first time for the Group’s financial
year beginning on 1 January 2024 and are applicable for the Group:••••

Amendments to IAS/HKAS 1, Presentation of financial statements: Classification of liabilities as
current or non-current (2020 amendments)
Amendments to IAS/HKAS 1, Presentation of financial statements: Non-current liabilities withcovenants (2022 amendments)
Amendments to IFRS/HKFRS 16, Leases: Lease liability in a sale and leaseback
Amendments to IAS/HKAS 7, Statement of cash flows and IFRS/HKFRS 7, Financial instruments:
Disclosures – Supplier finance arrangements

The adoption of the above new or amended IFRSs/HKFRSs did not have any significant impact on theGroup’s unaudited condensed consolidated interim financial information.
The Group has not applied any new standard or interpretation that is not yet effective for the current
accounting period. The management is assessing the impact of such standards and will adopt the relevant
standards in the subsequent periods as required.
4

Segment Reporting
An operating segment is a component of the Group that engages in business activities from which theGroup may earn revenue and incur expenses, and is identified on the basis of the internal financial reportsthat are provided to and regularly reviewed by the Group’s Chief Operating Decision Maker (the “CODM”)
in order to allocate resource and assess performance of the segment. The CODM has been identified as
the Executive Directors of the Company. For the periods presented, the Group as a whole is an operating
segment since the Group is only engaged in telecommunications and information related services. No
geographical information has been disclosed as the majority of the Group’s operating activities arecarried out in the mainland of China. The Group’s assets located and operating revenue derived from
activities outside of the mainland of China are less than 5% of the Group’s assets and operating revenue,
respectively.

– 23 –

5

Operating Revenue
Six months ended 30 June
2024
2023
MillionMillionRevenue from telecommunications services
Voice services
SMS & MMS services
Wireless data traffic services
Wireline broadband services
Applications and information services
Others

Revenue from sales of products and others

36,275
16,225205,064
62,971129,005
14,04937,91916,152
211,780
58,065
116,358
11,964

463,589452,238

83,15578,481

546,744

530,719

The majority of the Group’s operating revenue is from contracts with customers, and the remaining is notmaterial.

– 24 –

6

Network Operation and Support Expenses

Note
Maintenance, operation support and related expenses
Power and utilities expenses
Charges for use of tower assets
Charges for use of lines and network assets and other assets
Others(i)(ii)

Six months ended 30 June
2024
2023
MillionMillion96,382
21,234
11,991
9,579
3,496

94,502
21,191
12,821
10,2694,743

142,682

143,526

Note:(i)

Charges for use of tower assets include the non-lease components charges (maintenance, certain
ancillary facilities usage and related support services) for use of telecommunications towers andvariable lease payments not based on an index or a rate, which are recorded in profit or loss as
incurred.

(ii)

Charges for use of lines and network assets and other assets mainly include the non-lease
components charges and the lease components charges for lease contracts that are exempted fromrecognition of right-of-use assets and lease liabilities, such as short-term lease payments, lease
payments of low-value assets and variable lease payments not based on an index or a rate, which
are recorded in profit or loss as incurred.

– 25 –

7

Other Operating Expenses
Six months ended 30 June
2024
2023
MillionMillionInterconnection
Expected credit impairment losses
Net loss on disposal and write-off of property,
plant and equipment and other intangible assets
Co-research and development expenses
Taxes and surcharges
Others8

14,214
12,027

11,340
7,501

12
2,005
1,778
5,962

169
2,234
1,474
6,418

35,99829,136

Interest and Other Income
Six months ended 30 June
2024
2023
MillionMillionInterest income
Net gains on hold/disposal of financial assets– 26 –

2,980
8,143

3,836
7,537

11,123

11,373

9

Taxation

Note

Six months ended 30 June
2024
2023
MillionMillionCurrent tax
Provision for enterprise income tax in the mainland of
China and other countries and regions on theestimated assessable profits for the period
Provision for Hong Kong profits tax on theestimated assessable profits for the period(i)22,506

23,588

(ii)

347

335

22,85323,92339(1,484)22,892

22,439Deferred tax
Origination and reversal of temporary differences, net

Note:
(i)

The provision for enterprise income tax in the mainland of China and other countries and regions
has been calculated on the estimated assessable profits for the period at the rates of taxation
prevailing in the regions in which the Group operates. The Company’s subsidiaries operate mainlyin the mainland of China. The provision for the PRC enterprise income tax is based on the statutory
tax rate of 25% (for the six months ended 30 June 2023: 25%) on the estimated assessable profits
determined in accordance with the relevant income tax rules and regulations of the PRC for the six
months ended 30 June 2024. Certain subsidiaries of the Company entitle to the preferential tax rateof 15% (for the six months ended 30 June 2023: 15%), and certain research and development costsof the Company’s PRC subsidiaries are qualified for 100% (for the six months ended 30 June 2023:
100%) additional deduction for tax purpose.

(ii)

The provision for Hong Kong profits tax is calculated at 16.5% (for the six months ended 30 June
2023: 16.5%) of the estimated assessable profits for the six months ended 30 June 2024.

(iii)

Pursuant to the “Notice regarding Matters on Determination of Tax Residence Status of Chinesecontrolled Offshore Incorporated Enterprises under Rules of Effective Management” issued by SAT
in 2009 (“2009 Notice”), the Company is qualified as a PRC offshore-registered resident enterprise.
Accordingly, the dividend income of the Company from its subsidiaries in the PRC is exemptedfrom PRC enterprise income tax.

– 27 –

10

Earnings Per Share(a)

Basic earnings per share
The calculation of basic earnings per share for the six months ended 30 June 2024 is based on the
profit attributable to equity shareholders of the Company of RMB80,201 million (for the six months
ended 30 June 2023: RMB76,173 million) and the weighted average number of 21,407,141,693
shares in issue during the period (for the six months ended 30 June 2023: 21,368,063,583 shares).

(b)

Diluted earnings per share
For the six months ended 30 June 2024 and 2023, the Group has considered the impact from thefollowing factors when calculating diluted earnings per share:(i)Convertible bonds issued by an associate of the Group (“CB”) that were outstanding during
the periods;(ii)

Share options issued by the Company that were outstanding during the periods;

Both two factors had dilutive effects for the six months ended 30 June 2024 and 2023. In particular,(i) the assumed conversion of the CB would have decreased the profit attributable to equity
shareholders of the Company, and (ii) to the extent that the performance conditions would havebeen satisfied if the end of the period were the end of the performance period, the exercise price ofthe relevant share options were below the average market price of the Company’s ordinary shareson the HKEX during the periods those share options were outstanding.
For the six months ended 30 June 2024, the calculation of diluted earnings per share is based on the
profit attributable to equity shareholders of the Company of RMB80,169 million (for the six months
ended 30 June 2023: RMB76,070 million) and the weighted average number of 21,510,078,365
shares (for the six months ended 30 June 2023: 21,397,822,194 shares), after adjusting for the effectof all dilutive potential ordinary shares during the period.
(i)Profit attributable to ordinary equity shareholders of the Company (diluted)
Six months ended 30 June
2024
2023
MillionMillionProfit attributable to equity shareholders of the Company
used in calculating basic earnings per share
Add: changes in share of profit of the associate
Less: fair value gain and interest income relating to the CB
held by the Group, net of tax
Profit attributable to equity shareholders of the Company
used in calculating diluted earnings per share(ii)

80,201
146

76,173
113

(178)

(216)

80,16976,070Weighted average number of ordinary shares (diluted)
Six months ended 30 June
2024
2023
Weighted average number of ordinary shares in issueduring the period
Effect of deemed issue of shares under share option
schemeWeighted average number of ordinary shares (diluted)
during the period– 28 –

21,407,141,693

21,368,063,583

102,936,672

29,758,611

21,510,078,365

21,397,822,194

11

Dividends(a)Dividends attributable to the period
Six months ended 30 June
2024
2023
MillionMillionOrdinary interim dividend declared after the balance sheet dateof HK$2.600 (equivalent to approximately RMB2.373) (2023:
HK$2.430 (equivalent to approximately RMB2.240)) per share

50,88247,887

The proposed/approved ordinary interim dividend/ordinary final dividend per share, which isdeclared in Hong Kong dollar, is translated into RMB for disclosure with reference to the exchange
rate announced by the State Administration of Foreign Exchange in the PRC on 28 June 2024 and29 December 2023 (2023: 30 June 2023 and 30 December 2022), respectively.
As the proposed ordinary interim dividend in Hong Kong dollar was declared after the balance
sheet date, such dividend is not recognised as liability as at 30 June 2024. In case of any change inthe total number of issued shares of the Company between the date of approval for these financial
statements and the record date for the implementation of the 2024 interim dividend, the Company
intends to keep the amount of dividend per share unchanged and adjust the total amount of profit
distribution accordingly.
In accordance with the 2009 Notice and the PRC enterprise income tax law, the Company isrequired to withhold enterprise income tax equal to 10% of any dividend, when it is distributed
to non-resident enterprise shareholders whose names appeared on the Company’s register ofmembers for shares listed on the HKEX, as at the record date for such dividend, and who were notindividuals.
(b)

Dividends attributable to the previous financial year, approved and paid during the period
Six months ended 30 June
2024
2023
MillionMillionOrdinary final dividend in respect of the previous financial year,
approved and paid during the period, of HK$2.400(equivalent to approximately RMB2.175) (2023: HK$2.210(equivalent to approximately RMB1.974)) per share– 29 –

46,924

43,414

12

Property, plant and equipment
On 21 March 2024, the Board of Directors of the Company approved to change the depreciable life of 5G
wireless assets and related transmission equipment. At the end of 2023, the IMT-2030 (6G) Promotion
Group formally proposed that the 6G standard shall be established in 2025 with commercialization
expected in 2030. It was also clearly stated that 5G network investments shall be reused in 6G network
infrastructure to the maximum extent, and therefore it is expected that 5G and 6G networks will coexist after commercialization of 6G and 5G equipment will have a relatively long life cycle. After fullconsideration of technology, business and other factors and detailed assessment of the state of use of
relevant assets, and also with reference to the practices of other telecommunications operators, the Boardof Directors of the Company resolved and approved an adjustment of the depreciable life of the 5G
wireless assets and related transmission equipment from 7 years to 10 years with effect from 1 January2024, which the Company considers to be a more objective and fair reflection of the expected useful lifeof such type of assets and their actual state of use. The aforesaid change in accounting estimates havebeen made using the prospective application method. The depreciation and amortisation for the six months
ended 30 June 2024 decreased by approximately RMB9,535 million as a result of the aforesaid change inaccounting estimates (for the six months ended 30 June 2023: NA).

13

Accounts Receivable
Aging analysis of accounts receivable, net of loss allowance is as follows:
As at
30 June2024
Million

As at
31 December
2023
Million

21,2477,331
7,830
38,392
9,542

16,3506,283
5,209
20,342
6,697

84,34254,881

Base on invoice date:Within 30 days
31–60 days
61–90 days
91 days – 1 year
Over 1 year

The accounts receivable of the Group are primarily comprised of receivables due from customers andother telecommunications operators. Accounts receivable from customers are spread among an extensive
number of customers and the majority of the receivables from individual customers are due for payment
within one month from the date of billing. For corporate customers, the credit period grants by the Group isbased on the service contract terms, normally not exceeding 1 year.

– 30 –

14

Accounts Payable and Accrued Expenses

Accounts payable
Accrued expenses

As at
30 June2024
Million

As at
31 December
2023
Million

166,167
142,886

173,309124,147

309,053

297,456

This item primarily includes payables and accrued items for purchases of network expansion, maintenanceand support expenses and interconnection expenses, etc.
The aging analysis of accounts payable is as follows:
As at
30 June2024
Million

As at
31 December
2023
Million80,46445,567
40,136

105,895
28,732
38,682

166,167

173,309

Base on invoice date:Within 180 days
181 days – 1 year
Over 1 year

All of the accounts payable are expected to be settled within one year or are repayable on demand.

– 31 –

15

Capital Commitments
The Group’s capital expenditure contracted for as at the balance sheet dates but not provided for in theunaudited condensed consolidated interim financial information were as follows:

Land and buildings
Telecommunications equipment and others

16

As at
30 June2024
Million

As at
31 December
2023
Million

2,631
26,882

2,829
20,066

29,51322,895

Events After the Reporting Period
After the balance sheet date, the Board of Directors proposed an ordinary interim dividend. Further details
are disclosed in note 11.

– 32 –

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIESThe Company bought back a total of 2,377,000 shares in the Company listed on the Main
Board of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”,
and such shares, the “Hong Kong Shares”) on the Hong Kong Stock Exchange for an
aggregate price of HK$154,555,920.75 (excluding expenses) during the six months ended 30
June 2024 and such Hong Kong Shares bought back were cancelled, details of which are as
follows:

Date of buy-back

15 January 2024
16 January 2024
17 January 2024
18 January 2024
19 January 2024
22 January 2024
23 January 2024
24 January 2024

Number ofHong Kong
Shares boughtback

738,000
180,000
379,500
353,000
303,000
231,500
155,000
37,0002,377,000

Price paid per
Hong Kong Share
HighestLowest
HK$
HK$
65.90
66.45
65.45
65.30
65.70
63.90
64.50
64.50

64.95
65.50
64.50
64.10
64.90
63.05
63.30
63.80

Aggregate
price paid
(excluding
expenses)HK$
48,356,416.80
11,942,352.00
24,624,730.35
22,843,724.30
19,783,263.90
14,707,935.80
9,922,697.00
2,374,800.60
154,555,920.75

The Board of Directors of the Company (the “Board”) believes that such buy-backs ofHong Kong Shares would benefit the Company and its shareholders, and would lead to an
enhancement of the net value of the Company and its assets and/or its earnings per share.
Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold orredeemed any of the Company’s listed securities during the six months ended 30 June 2024.
AUDIT COMMITTEE
The Audit Committee reviewed with management the Group’s unaudited condensed
consolidated interim financial information for the six months ended 30 June 2024 and theaccounting principles and practices adopted by the Group, and discussed auditing, internal
control, financial report and other matters.
COMPLIANCE WITH THE CODE PROVISIONS OF THE CORPORATE
GOVERNANCE CODE
For the six months ended 30 June 2024, the Company complied with all the code provisions
under Part 2 of the Corporate Governance Code as set out in Appendix C1 to the Rules
Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “HongKong Listing Rules”).

– 33 –

COMPLIANCE WITH THE MODEL CODE
The Company has adopted the Model Code for Securities Transactions by Directors of Listed
Issuers (the “Model Code”) as set out in Appendix C3 to the Hong Kong Listing Rules toregulate the directors’ securities transactions. All directors have confirmed, following specificenquiry by the Company, that they had complied with the required standard set out in the
Model Code throughout the period from 1 January 2024 to 30 June 2024.
CLOSURE OF REGISTER OF MEMBERS FOR HONG KONG SHARESThe Board declared an interim dividend of HK$2.60 per share (before withholding andpayment of PRC enterprise income tax) for the six months ended 30 June 2024 (the “2024Interim Dividend”) to the shareholders of the Company.
The register of members of the Company for the Hong Kong Shares will be closed from
Wednesday, 4 September 2024 to Friday, 6 September 2024 (both days inclusive) for the
purpose of ascertaining entitlement of holders of Hong Kong Shares to the 2024 Interim
Dividend. In order to qualify for the 2024 Interim Dividend, all transfers of Hong Kong
Shares accompanied by the relevant share certificates must be lodged with the Company’s
Hong Kong share registrar, Hong Kong Registrars Limited, at Shops 1712-1716, 17th Floor,
Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong not later than 4:30 p.m. on
Tuesday, 3 September 2024. The 2024 Interim Dividend will be paid on or about Tuesday, 24
September 2024 to those holders of Hong Kong Shares on the register of members on Friday,
6 September 2024 (the “Record Date”).
WITHHOLDING AND PAYMENT OF ENTERPRISE INCOME TAX FOR NONRESIDENT ENTERPRISES IN RESPECT OF 2024 INTERIM DIVIDEND
Pursuant to the “Enterprise Income Tax Law of the People’s Republic of China” (the“Enterprise Income Tax Law”), the “Detailed Rules for the Implementation of the Enterprise
Income Tax Law of the People’s Republic of China” and the “Notice regarding Matters
on Determination of Tax Residence Status of Chinese-controlled Offshore Incorporated
Enterprises under Rules of Effective Management”, the Company is required to withhold andpay 10 per cent. enterprise income tax on the distribution of the 2024 Interim Dividend to nonresident enterprise holders of Hong Kong Shares. The withholding and payment obligation
lies with the Company. In respect of all holders of Hong Kong Shares whose names appear on
the Company’s register of members as at the Record Date who are not individuals (including
HKSCC Nominees Limited (“HKSCC”), other corporate nominees or trustees such as
securities companies and banks, and other entities or organizations, which are all considered as
non-resident enterprise holders of Hong Kong Shares), the Company will distribute the 2024
Interim Dividend after deducting enterprise income tax of 10 per cent.. The Company will notwithhold and pay the individual income tax in respect of the 2024 Interim Dividend payable
to any natural person holders of Hong Kong Shares whose names appear on the Company’s
register of members as at the Record Date.

– 34 –

If any resident enterprise (as defined in the Enterprise Income Tax Law) holder of Hong Kong
Shares listed on the Company’s register of members which is duly incorporated in the PRC orunder the laws of a foreign country (or a region) but with a PRC-based de facto management
body, does not desire to have the Company withhold and pay the said 10 per cent. enterpriseincome tax, it shall lodge with Hong Kong Registrars Limited documents from its governing
tax authority confirming that the Company is not required to withhold and pay enterpriseincome tax in respect of the dividend to which it is entitled not later than 4:30 p.m. on
Tuesday, 3 September 2024.
Investors who invest in Hong Kong Shares through the Shanghai Stock Exchange or theShenzhen Stock Exchange (the Shanghai-Hong Kong Stock Connect or the Shenzhen-Hong
Kong Stock Connect investors), whether natural persons or enterprises, are investors who
hold Hong Kong Shares through HKSCC, and in accordance with the above requirements, theCompany will pay to HKSCC the amount of the 2024 Interim Dividend after withholding for
payment the 10 per cent. enterprise income tax.
Investors should read this announcement carefully. If anyone would like to change the identityof the holders of Hong Kong Shares in the register of members, please enquire about therelevant procedures with the nominees or trustees. The Company will withhold for payment of
the enterprise income tax for non-resident enterprise holders of Hong Kong Shares strictly inaccordance with the relevant laws and requirements of the relevant government departments
and adhere strictly to the information set out in the Company’s register of members on
the Record Date. The Company assumes no liability whatsoever in respect of and will notentertain any claims arising from any delay in, or inaccurate determination of, the status of theholders of Hong Kong Shares or any disputes over the mechanism of withholding and payment
of enterprise income tax.
PUBLICATION OF 2024 INTERIM RESULTS AND 2024 INTERIM REPORTThis announcement is published on the HKEXnews website of the Hong Kong Stock Exchange
at http://www.hkexnews.hk and the website of the Company at http://www.chinamobileltd.com.
The 2024 Interim Report will be available on the aforesaid websites and be despatched toholders of Hong Kong Shares who have requested to receive printed copies.
FORWARD-LOOKING STATEMENTS
Forward-looking statements contained in this announcement do not constitute and should
not be viewed as commitments made by the Company. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors, which may cause the actual
performance, financial condition or results of operations of the Company to be materiallydifferent from those implied by such forward-looking statements. In addition, the Company
does not intend to update such forward-looking statements. Investors are cautioned not tounduly rely on such forward-looking statements.
As at the date of this announcement, the Board of Directors of the Company comprises
Mr. Yang Jie, Mr. He Biao, Mr. Li Pizheng and Mr. Li Ronghua as executive directors;
and Mr. Stephen Yiu Kin Wah, Dr. Yang Qiang, Mr. Carmelo Lee Ka Sze andMrs. Margaret Leung Ko May Yee as independent non-executive directors.

– 35 –