According to a report published by UBS, China Mobile's second-quarter service revenue fell 4.8% year on year to 233 billion yuan, EBITDA fell 7.9% year on year to 97 billion yuan, and net profit fell 7.5% year on year to 50 billion yuan, 1% to 9% lower than UBS and market expectations, mainly affected by VAT adjustments and macroeconomic headwinds. Cloud and AI-related businesses performed well. Data center revenue increased 13.2% year over year, and cloud computing service revenue increased 18% year over year. The cumulative AIDC contract capacity reached 7GW, of which 5GW was added in the first half of the year. The interim dividend was 2.51 yuan per share, the same as the previous year. UBS believes this indicates a stable dividend for the whole year. UBS fine-tuned the forecast and extended the valuation model for six months. The target price was raised from HK$81 to HK$83, maintaining a “neutral” rating. It believes that the current price corresponds to the 2026 predicted dividend rate of about 6% to 7%, which can support the stock price.

According to a report published by UBS, China Mobile's second-quarter service revenue fell 4.8% year on year to 233 billion yuan, EBITDA fell 7.9% year on year to 97 billion yuan, and net profit fell 7.5% year on year to 50 billion yuan, 1% to 9% lower than UBS and market expectations, mainly affected by VAT adjustments and macroeconomic headwinds. Cloud and AI-related businesses performed well. Data center revenue increased 13.2% year over year, and cloud computing service revenue increased 18% year over year. The cumulative AIDC contract capacity reached 7GW, of which 5GW was added in the first half of the year. The interim dividend was 2.51 yuan per share, the same as the previous year. UBS believes this indicates a stable dividend for the whole year. UBS fine-tuned the forecast and extended the valuation model for six months. The target price was raised from HK$81 to HK$83, maintaining a “neutral” rating. It believes that the current price corresponds to the 2026 predicted dividend rate of about 6% to 7%, which can support the stock price.