$China Mobile(600941.SH) Quick Interpretation: The financial report remains robust. The company's revenue this quarter is flat year-on-year, while profit growth is mainly influenced by the improvement in gross profit margin and the decline in expense ratio. The current number of users has exceeded 1 billion, with 5G users reaching 578 million.

The personal market is the company's foundation, contributing more than half of the overall revenue. Affected by the decline in average tariffs, Dolphin Research estimates that the company's personal communication business revenue will decline by 1% year-on-year this quarter. The ability to maintain overall revenue is mainly due to the growth in the communication business in the household and government-enterprise markets.

While the performance remains stable, the market's focus on the company is mainly on capital expenditure and dividend buyback situations. The company's capital expenditure this quarter is approximately 36.4 billion yuan, a year-on-year increase of 5.5%. Looking at the full-year guidance, the company expects capital expenditure of 151.2 billion yuan in 2025, a year-on-year decline of 7.8%. Although capital expenditure increased in the first quarter, the overall trend for the year is still a contraction, which will help alleviate pressure on the company's expenses and enhance profit performance. As for dividends, the company typically pays them in the second and third quarters, and Dolphin Research believes the company will continue to maintain a high dividend payout ratio.

Although there are minor flaws in this performance, it remains overall robust. With the contraction of capital expenditure, profits are expected to continue to be released. In the current unstable market environment, with "steady" profits and a high dividend payout ratio, China Mobile will be one of the good choices in terms of the dividend logic.