China Mobile Limited Class A · SSE:600941
China Mobile Limited Class A — H1 2026 Earnings Presentation
37 slides from China Mobile Limited Class A's earnings presentation, Aug 13, 2026
Slide 1: 2026 Interim Results
2026 Interim Results 13 August 2026 1
Slide 2: Disclaimer
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, c
Slide 3: Management Present
Management Present Mr. CHEN Zhongyue Executive Director & Chairman Mr. CHEN Yangfan Executive Director & CEO Mr. LI Ronghua Executive Director & CFO Mr. ZHANG Dong Vice President Mr. CHEN Huaida Vice President 3
Slide 4: Agenda
Agenda 01 02 03 Overall Operating Financial Results Performance Performance 4
Slide 5: Overall Results
01 Overall Results Mr. CHEN Zhongyue Executive Director & Chairman 5
Slide 6: Performance Highlights
Performance Highlights 1 Demonstrating resilience in business operations and development 2 Continuously enhancing network capabilities 3 Fostering innovation in management systems and practices 4 Fully safeguarding shareholder returns 66
Slide 7: Key Performance Indicators
Key Performance Indicators (RMB Mil) 1H2025 1H2026 Change YoY Operating revenue 543,769 538,035 -1.1% of which: principal business revenue 466,989 452,663 -3.1% other business revenue 76,780 85,372 11.2% Net Profit 84,235 78,934 -6.3% Net profit margin 15.5% 14.7% -0.8pp EBITDA 185,958 173,626 -6.6%
Slide 8: Demonstrating Resilience in Business Operations and Development
Demonstrating Resilience in Business Operations and Development Operating revenue Net Profit Free Cash Flow (RMB Mil) (RMB Mil) (RMB Mil) * Achieved growth * Achieved growth on a comparable basis on a comparable basis 53,869 543,769 538,035 84,235 78,934 -1.1% +111.6% 25,460 -6.3% 1H2025 1H2026 1H20
Slide 9: Communications Services Navigating a Period of Business Pressure
Communications Services Navigating a Period of Business Pressure Customer base remained solid Revenue from communications services Mobile Integrated broadband IoT card (RMB Mil) customers network customers connections 1,011 Mil 337 Mil 1,511 Mil 5.88 Mil 7.70 Mil 29.58 Mil 371,690 350,424 -5.7% Data
Slide 10: Computing Services Demonstrated Strong Growth Momentum
Computing Services Demonstrated Strong Growth Momentum Data Centers Data center Cumulative AIDC Revenue from computing services (RMB Mil) revenue 13.2 % contracted capacity 7 GW Of which: Of which: 5 GW As a percentage of 486.1 % newly contracted capacity principal business revenue AIDC revenue in 1
Slide 11: AI Services Continued to Build Capability and Momentum
AI services Continued to Build Capability and Momentum Data algorithms Digital & intelligent culture Revenue from AI services (RMB Mil) Revenue from Data algorithm As a percentage of revenue 6.9 % digital & intelligent culture services 12.5 % principal business revenue 12.8 % Of which: MIGU Video: J
Slide 12: Continuously Enhancing Network Capabilities
Continuously Enhancing Network Capabilities Coordinating and optimizing resource allocation R&D expenditure (RMB Bil) Communication 37.9 Bil Capital expenditure networks 13.8 RMB (RMB Bil) 13.0 -9.8 % +6.5% 58.4 61.0 Computing 15.6 Bil +4.5% networks RMB 1H2025 1H2026 Note: R&D investment includes b
Slide 13: Continuously Enhancing Network Capabilities
Continuously Enhancing Network Capabilities Comprehensively upgrading digital and intelligent infrastructure Maintaining leadership in Ongoing efforts to strengthen Fostering innovation and exploration in communication networks computing networks AI networks 2.94 Mil 5G base stations Total intellige
Slide 14: Fostering Innovation in Management Systems and Practices
Fostering Innovation in Management Systems and Practices Organizational optimization Digital and intelligent empowerment Established Token Office AI-enabled production and operations Driving full-stack token innovation Network construction & maintenance, R&D and design, marketing & services, integra
Slide 15: ESG Performance Widely Recognized
ESG Performance Widely Recognized Deepen green development Fulfill social responsibility Better corporate governance • Building autonomous networks with L4-level • Further promoting universal telecommunications • Strengthening legal compliance in business capabilities conducive to wireless energy sa
Slide 16: Fully Safeguarding Shareholder Returns
Fully Safeguarding Shareholder Returns Dividend policy To align with the Company’s RMB-denominated accounting system while Dividend per share accommodating the currency needs of different investors’ accounts, the (RMB) Company has further optimized its shareholder return arrangements. Starting from
Slide 17: Strive to Build a World-Class Sci-tech Service Enterprise
Strive to Build a World-Class Sci-tech Service Enterprise Strengthening network foundation Driving full-stack innovation Accelerating capability building Sharpen technological foresight Deepen market insight Strengthen industry collaboration Become a world-class sci-tech service enterprise Vision In
Slide 18: Operating Performance
02 Operating Performance Mr. CHEN Yangfan Executive Director & CEO 18
Slide 19: Steadfast Efforts to Enhance Customer Management
Steadfast Efforts to Enhance Customer Management Mass customer group: Government & enterprise customer group: full-fledged operations quality and capacity enhancements “Retain customers” “Boost usage” “Stabilize value” Key accounts Commercial customers Natural person Data operations AI-upgrade servi
Slide 20: Steady Progress in Product Innovation
Steady Progress in Product Innovation Strengthening mechanisms Innovation delivering tangible results Accelerating upgrades & promotion Accelerating development of of communications services autonomous agents across all domains Continuously • Putting customer needs first Contacts optimizing Monthly
Slide 21: Token Operations Gaining Momentum
Token Operations Gaining Momentum Advancing full-stack token innovation, striving to become a leading mobile intelligent service provider Conversation & chat Content creation Use cases for Code development Smart customer service … Use cases for … government & Learning & education Travel planning mas
Slide 22: Accelerated Expansion in International Market
Accelerated Expansion in International Market Revenue from Deploying network resources on a global scale international market (RMB Mil) 18,173 Global POP 13,972 points 463 17 +30.1% International transmission capacity 437 Tbps 31 Tbps 1H2025 1H2026 Mass customer segment: Government and enterprise cu
Slide 23: Consistently Strengthening Brand Services
Consistently Strengthening Brand Services Service level scaled new heights Brand development progressed further Driving service excellence Corporate brand Embed service standards across all business lines and Building a robust the entire value chain service system Product design, Process architectur
Slide 24: Strive to Achieve Full-year Targets for 2026
Strive to Achieve Full-year Targets for 2026 More proactive More pragmatic and prudent More efficient and thorough business operations management execution Focus on strengthening network Strive to achieve foundation stable and healthy revenue growth, Focus on strengthening, optimizing coordinated pr
Slide 25: Financial Performance
03 Financial Performance Mr. LI Ronghua Executive Director & CFO 25
Slide 26: Key Financial Highlights
Key Financial Highlights (RMB Mil) 1H2025 1H2026 Change YoY Operating revenue 543,769 538,035 -1.1% Principal business revenue 466,989 452,663 -3.1% Other business revenue 76,780 85,372 11.2% Operating expenses 453,224 459,779 1.4% Other gains 1,823 2,140 17.4% Interest and other income 9,192 12,534
Slide 27: Revenue Overview: Basic Communications Businesses Faced Headwinds
Revenue Overview: Basic Communications Businesses Faced Headwinds, amid a Gradually Shifting Growth Momentum Contribution to principal business Contribution to principal business revenue growth by financial statements items revenue growth by businesses -4.5pp 0.7pp 1.9pp -0.4pp -0.7pp -0.1pp -3.1% -
Slide 28: Cost Overview: Cost Control under Pressure
Cost Overview: Cost Control under Pressure, while Continuously Enhancing Lean and Quality Management Initiatives (RMB Mil) 1H2025 1H2026 Change YoY Major reasons / remarks • We continued to deepen lean and quality management, implemented differentiated measures, and strengthened cost Operating expen
Slide 29: Profit Overview: Net Profit Declined Slightly
Profit Overview: Net Profit Declined Slightly, while Maintaining Industry-leading Profitability Net profit * Achieved growth EBITDA (RMB Mil) on a comparable basis (RMB Mil) 185,958 173,626 84,235 78,934 -6.6% -6.3% 39.8% 38.4% 34.2% 32.3% 1H2025 1H2026 1H2025 1H2026 EBITDA margin EBITDA / principal
Slide 30: Cashflow Overview: Remained Healthy and Sufficient
Cashflow Overview: Remained Healthy and Sufficient Net cash generated from operating activities Free cash flow (RMB Mil) (RMB Mil) 114,854 53,869 83,832 +37.0% 25,460 +111.6% 1H2025 1H2026 1H2025 1H2026 Note: Free cash flow = net cash generated from operating activities – capital expenditure incurre
Slide 31: Capital Structure Overview: Maintained Stable and Healthy
Capital Structure Overview: Maintained Stable and Healthy Liabilities-to-assets ratio 32.6% 32.2% -0.4pp S&P, Moody’s: Corporate credit ratings are equivalent to China’s sovereign ratings 1H2025 1H2026 31
Slide 32: Promote High-quality and Sustainable Development
Promote High-quality and Sustainable Development Advance quality-driven efficiency improvement Advance lean and quality Advance risk prevention and control management Boost revenue generation: consistently pursue profitable Advance penetrating oversight revenue and cash-flow-generating profits Advan
Slide 33: Q&A
Q&A For more information, please contact: Investor Relations Department: ir@chinamobilehk.com Or visit the company’s website: www.chinamobileltd.com 33
Slide 34: Appendix I: Extracts from Unaudited Consolidated Statement of Comprehensive Income
Appendix I: Extracts from Unaudited Consolidated Statement of Comprehensive Income for the Six Months Ended 30 June 2026 (IFRSs) (RMB Mil) 1H2025 1H2026 (RMB Mil) 1H2025 1H2026 Operating revenue 543,769 538,035 Profit from operations 90,545 78,256 Revenue from principal businesses 466,989 452,663 Ot
Slide 35: Appendix II: Extracts from Unaudited Consolidated Income Statement
Appendix II: Extracts from Unaudited Consolidated Income Statement for the Six Months Ended 30 June 2026 (CASs) (RMB Mil) 1H2025 1H2026 (RMB Mil) 1H2025 1H2026 Operating revenue 543,769 538,035 Operating profit 106,295 97,943 Operating costs 371,851 379,250 Profit before tax 107,073 99,084 Selling e
Slide 36: Appendix III: Extracts from Unaudited Consolidated Balance Sheet (IFRSs)
Appendix III: Extracts from Unaudited Consolidated Balance Sheet as at 30 June 2026 (IFRSs) (RMB Mil) 2025.12.31 2026.06.30 Current assets 497,646 545,922 Non-current assets 1,630,536 1,610,882 Total assets 2,128,182 2,156,804 Current liabilities 613,560 620,846 Non-current liabilities 81,771 74,705
Slide 37: Appendix IV: Extracts from Unaudited Consolidated Balance Sheet (CASs)
Appendix IV: Extracts from Unaudited Consolidated Balance Sheet as at 30 June 2026 (CASs) (RMB Mil) 2025.12.31 2026.06.30 Current assets 497,646 545,922 Non-current assets 1,595,236 1,575,582 Total assets 2,092,882 2,121,504 Current liabilities 613,560 620,846 Non-current liabilities 81,771 74,705 T