China Mobile Quick Interpretation: The company's operations remained stable this quarter, with revenue and profit maintaining low single-digit growth. Among various expenses, selling expenses and depreciation & amortization expenses have declined, while employee expenses remained stable.
The company's business is mainly divided into two parts: communication services and product sales & others. Communication services revenue remained flat this quarter, with growth primarily driven by product sales & others.
The number of mobile users increased by approximately 4 million quarter-on-quarter, reaching 1.009 billion, maintaining its position as the largest mobile operator in China. Behind China Mobile's 'stable' performance, the market is more focused on capital expenditure and dividend repurchase situations.
① In terms of capital expenditure, the company spent RMB 41.6 billion this quarter, a decrease of RMB 1.8 billion year-on-year, continuing the trend of capital expenditure reduction;
② Dividend situation: The company distributed dividends of RMB 54 billion this quarter, with a dividend payout ratio maintained above 70%.
Overall, the investment in China Mobile is more focused on its stable performance and high dividend characteristics, and this financial report once again confirms the company's investment logic. With stable operations, the reduction in capital expenditure is conducive to enhancing the company's profitability. A high dividend payout ratio will continue to attract investors who prefer high dividends. For more detailed information, please follow Dolphin Research's subsequent specific commentary. $CHINA MOBILE(00941.HK) $China Mobile(600941.SH)
