China Mobile ’s net profit in the first half of the year is 70.3 billion yuan.

Image source: Daily Economic News (Data Map)

On the afternoon of August 11, China Mobile (SH600941, a stock price of 6135 yuan, a market value of 1.31 trillion yuan) disclosed the performance in the first half of 2022. During the reporting period, China Mobile's operating revenue was 496.9 billion yuan, an increase of 12.0%year -on -year, and the net profit of the mother -in -law was 70.3 billion yuan, an increase of 18.9%year -on -year. After excluding the impact of the residual value rate of the same period last year Essence

In the first half of the year, the proportion of China Mobile's personal market in communications service revenue dropped to 60%, and digital transformation revenue increased by 39.2%year -on -year to 110.8 billion yuan. According to the introduction of China Mobile Chairman Yang Jie at the phone on the evening of the 11th, it is expected that the digital transformation business will remain rapidly throughout the year.

It is worth mentioning that when talking about whether some businesses will be split and listed, Yang Jie revealed that it is not easy to say which business has a clear timetable and roadmap, but some businesses have been promoting the corresponding reforms. "Our company that is doing the Internet of Things related businesses is undergoing employee shareholding reform. If the conditions are available, there will also be some measures to split listings."

Digital transformation income grows rapidly

According to the financial report data, after the impact of the residual value rate adjustment in the same period of the previous year, China Mobile's net profit in the first half of the year increased by 7.3%. However, Yang Jie also proposed that from the perspective of the year, after removing the above factors, the net profit growth rate in 2022 will not be as high as the first half of the year.

From the perspective of operation, of the 496.9 billion yuan revenue, the revenue of communication services was 426.4 billion yuan, which is still the main component of revenue, and other business revenue was 70.5 billion yuan.

Looking at the revenue of communication services, in the first half of 2020 to 2022, the income ratio of the personal market accounting for communication services was reduced from 68.6%to 60%; the proportion of CHBN (family market, government and enterprise market, emerging market) was from 2020 31.4%increased to 40%.

Image source: China Mobile Conference Speech Material

Even if the proportion declines, the revenue of the personal market still accounts for the "big head" of total revenue. In the first half of the year, China Mobile's personal market revenue was 256.1 billion yuan, a year -on -year increase of 0.2%, which slowed down compared with the same period last year. From the perspective of mobile user growth, the 5G dividend continued. In the first half of the year, mobile customers were 970 million, with a net increase of 12.96 million. Among them, the number of 5G package customers was 511 million households, with a net increase of 124 million.

It is worth mentioning that China Mobile's digital transformation business in the first half of the year (including new personal market business, mobile cloud disk, etc., the family market smart home value -added business, government -enterprise market DICT, Internet of Things, special lines, emerging markets and other income) develop rapidly, The income increased by 39%year -on -year. Yang Jie said that digital transformation is a very clear part of the company's strategic development and the main driving force for the company's development. It is expected that the business will remain rapidly in 2022.

The conditions are available for spin -off and listing

In terms of government -enterprise market, China Mobile's government -enterprise market revenue in the first half of the year was 91.1 billion yuan, an increase of 24.6%year -on -year. At the same time, the development of China Mobile's cloud business in the first half of the year was also relatively bright, with revenue of 23.4 billion yuan, an increase of 103.6%year -on -year.

Zhao Dachun, deputy general manager of China Mobile, said in the telephone meeting that under the rare opportunity of the state -owned enterprise and the cloud, the company seized the opportunity to carry out special actions in the first half of the year, expanding the number of central enterprises and state -owned enterprises to reach about 1,400. During the process, the central enterprise Shangyun and state -owned enterprise Shangyun will continue to be an important opportunity to expand the industry.

It is worth mentioning that when talking about whether some businesses will be split and listed, Yang Jie revealed that the company is open in this regard. It is hard to say which business has a clear timetable and roadmap, but Some businesses have been promoting corresponding reforms. "For example, we are a company that is a IoT chip. At present, the reform of employees holding shares is being carried out. If the conditions are available, we will also carry out some measures to split listings."

再回到财报，5G相关业务方面，业内此前就曾有5G ARPU值（每用户平均收入）是否已经见顶的讨论，从数据上看，2022年上半年中国移动5G ARPU值为85.0元，同比Fall 4.4%.

In this regard, Jian Qin, deputy general manager of China Mobile, said that the decline in the 5G ARPU value is mainly due to some of the ARPU value of some and low -end levels moving towards 5G, but the ARPU value increased before and after the 5G package. Yang Jie also pointed out: "5G ARPUs must decline with the expansion of scale, but through more users to move 5G, the ARPU value of China Mobile can continue to grow."

As for the 5G new call just released in the first half of the year, Jian Qin said in a question from the reporter of "Daily Economic News" that 5G new calls are the upgrade of the original call technology. The current number of users has decreased, and the number of users is currently 58 million. "In the future, we will continue to promote the construction of a new 5G new call platform, and promote the new 5G calls, especially the terminal adaptation of the terminal, and optimistic about the business prospect."

According to Jian Qin, the focus of 5G message business is to B applications, such as bank services in political enterprise affairs.According to him, China Mobile ’s 5G news day users currently have 16 million users and 2135 online applications. In the future, it will accelerate the support of the terminal.Daily Economic News

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