1 THE CORE VALUE OF CHINA MOBILE Responsibility makes perfection About the Cover Over the years, China Mobile has never rested on its laurels and has

China Mobile (Hong Kong) Limited ANNUAL REPORT 2005 Stock code: 941

1 THE CORE VALUE OF CHINA MOBILE Responsibility makes perfection About the Cover Over the years, China Mobile has never rested on its laurels and has never ceased its efforts in innovation and development. The continuing growth of the Chinese economy presents the telecommunications industry opportunities as vast as the wide, blue ocean. With Responsibility makes perfection as its guideline, China Mobile will fulfil its responsibilities, strive for pre-eminence and bring itself to ever new heights. To be a World-Class Enterprise and the Mobile Information Expert.

02 03 04 05 06 11 14 18 26 32 38 40 54 57 58 59 61 62 63 65 122 130 132 01

243,041 192,381 26.3% EBITDA 133,338 106,832 24.8% EBITDA 54.9% 55.5% 53,549 41,749 28.3% 2.71 2.12 27.8% 0.45 0.20 0.57 0.46 1.02 0.66 54.5% 243,041 203,993 19.1% EBITDA 133,338 112,646 18.4% EBITDA 54.9% 55.2% 53,549 42,952 24.7% 243,041 EBITDA 133,338 192,381 106,832 2004 2005 2004 2005 41,749 53,549 2.12 2.71 1.02 0.66 39% 33% 2004 2005 2004 2005 2004 2005 02

500 2000 A-/ A2/ 99,104 2.46665.6% GSM 203 GPRS98 BVI75.07% 24.93% 03

2005 11 10 Fit Best Limited 2005 12 29 2004 11 5 2000 11 13 11 3 68.65 6.92005 125 10 4 Vodafone Group Plc. Vodafone Group Plc. 25 7 1 2003 1 22 80 2002 10 28 80 6 28 6 9 6 5 Aspire Holdings Limited 1999 11 12 11 2 206 2004 7 1 1998 6 4 2001 6 18 502001 10 23 1997 10 22 23 42 9 3 04

Julian Michael Horn-Smith 99 60 852 3121 8888 852 2511 9092 www.chinamobilehk.com 941 CHL CUSIP16941M109 183 17 1712 1716 101 Barclay Street, 22/F New York, NY 10286 USA 1 888 269 2377 20-F 20-F 99 60 101 Barclay Street, 22/F New York, NY 10286 USA 05

( 06

57 28 47 30 46 24 50 EMBA 26 54 26 07

48 23 42 23 49 EMBA 49 28 08

Julian Michael Horn-Smith,57 Julian Vodafone Holding GmbH Verizon WirelessSmiths Group Plc. Lloyds TSB Group Plc. Prince of Wales International Business Leaders Forum (IBLF) Julian Bath University 2004 59 City e-solutions Limited TOM 26 58 1967 1999 JP 56 Kader Holdings Company Limited 09

10

2,430.4126.3% EBITDA 1,333.38 24.8% 535.49 28.3% EBITDA 54.9% 22.0% 2.71 27.8% 20% WAP EBITDA 19.1% 18.4% 24.7% 501.87 20.6% 15.5% 5.1 11

GSM 203 GPRS 98 404 99.68% 500 67642000 128 A- / A2/ 12

3G 3G 0.57 0.451.02 0.6654.5% 39% 42% 3G3G 13

1. 2005 350 2006 42% 3G 2005 2004 36.6% MOU 297335 20.6% 2006 1400 3. 2005 2006 2. 20051.02 39%2004 54.5% 200536.6% 2006-2008 833 780 7603G 2005 200454.5%2006 14

2005 GSM 60% 7% 16% 7% 2006 GSM 56% 9% 16% 9% IM Push Mail 5. 3G 2005 2G 900034 2G 3G 3G2G 4. 2006? WAP 15

24,665.2 20.7%9,031.2 36.6%20,668.2 31.8%2,496.144.6 501.8758.6 20.6 5.1 18

2005 2004 246.7 204.3 42.4 38.2 903.1 660.9 MOU/ / 335 297 ARPU/ / (1) 90 92 249.6 172.6 2005 2004 (2) 61.3 59.9 MOU/ / 589 517 ARPU/ / 185 167 2005 2004 (2) 185.4 144.4 MOU/ / 241 194 ARPU/ / 55 56 (1) (2) 19

MOU 20.7% 246.7 36.6% 903.1 517 589 204.3 144.4 185.4 660.9 294.9 475.0 297 194 335 241 59.9 61.3 366.0 428.1 2004.12 2005.12 2004 2005 2004 2005 24,665.2 6,131.1 18,534.1 4,236.0 350 65.6% 30.3% 111 27 39.9 20 300 1000 20

31.8% 206.7 44.6% 249.6 156.8 172.6 2004.12 2005.12 2004 2005 9,031.2 36.6% MOU 335 29712.9%MOU 589MOU 241 ARPU 90921.5% ARPU 185 ARPU 55 ARPU 501.87 58.6 20.6 246.71 83.8 2,496.1WAP 34.23WAP 35.70 IVR 3 21

75%0.86 22

71.5 83.3 78.0 76.0 2005 2006 2007 2008 2005 2006-2008 99.0% 0.8% 98.6 3.02 715 833780760 GSM 3G 81.6% GSM203 GPRS 98106 214 3G 23

2,430.41 26.3% EBITDA1,333.38 535.4924.8% 28.3% EBITDA 54.9% 22.0% 2.7127.8% EBITDA 19.1% 18.4% 24.7% * 26

2005 2004 % 243,041 203,993 19.1 181,765 163,334 11.3 50,187 31,651 58.6 11,089 9,008 23.1 169,355 142,600 18.8 3,224 4,199 (23.2) 15,309 12,705 20.5 56,368 47,910 17.7 14,200 10,910 30.1 80,254 66,876 20.0 73,686 61,393 20.0 3,284 3,343 (1.8) 53,549 42,952 24.7 EBITDA 133,338 112,646 18.4 2005 2004 % 121,076 79,909 51.5 299,951 288,843 3.8 421,027 368,752 14.2 109,954 97,666 12.6 37,966 37,682 0.8 147,920 135,348 9.3 283 243 16.4 272,824 233,161 17.0 2005 2004 % 131,709 103,779 26.9 (87,116) (73,302) 18.8 (25,173) (24,457) 2.9 27

19.1% 243,041 58.6% 50,187 203,993 31,651 20.6% 15.5% 2004 2005 2004 2005 2,430.41 19.1% 501.87 20% 1,693.55 18.8% EBITDA 1,333.3818.4% EBITDA 54.9% 535.4924.7% 2.7127.8% 1,317.09602.56 2,430.41 19.1% 28

EBITDA 69.9% 2.1% 6.2% 69.7% 1.4% 6.3% 18.4% 133,338 23.5% 23.2% 112,646 0.1% 5.2% 32.8% 0.6% 5.2% 33.0% 55.2% 54.9% 2004 2005 2004 2005 EBITDA 353 9,031.22 36.6% 12.8% 18.8%69.7% 0.2 62.9 1.9% 0.188 13.1% ARPU 501.8758.6% 20.6%15.5%5.1 32.2423.2% 1.4% 371.22 74.0%WAP 153.0920.5% 6.3% 1,693.55 563.68 17.7%23.2% 0.3 29

30 0.072 0.0622.3 29.4% 142.00 5.8% 5.2% 99,104 289,777,500 32 802.5420.0% 33.0% 1.22% 0.06 60.56 EBITDA EBITDA54.9% 22.0% 736.86 EBITDA 1,333.3818.4% 535.4924.7%2.71 27.8% 1,317.09 602.56 1,063.86 95.3% 0.6% 4.1%

6.9 12.2%379.72 85.85 37.8% 62.2%75.5% 3.19% 58 BBB+/ A-/ A3/ A2/ 0.57 0.45 1.020.66 54.5% 39% 42% 31

EBITDA 404 32

14 302 404 404 BVI75.07% 24.93% 33

() Julian Michael Horn-Smith 7 9 88 Julian Michael Horn-Smith Gavin Darby 34

35 ( ) ; 404 ( ) ( )

20-F, 10 2005 2004 59 129 (1) 0.6 (2) 6 (2) (1) (2) 36

20-F 303A.03 303A.03 303A.11 303A.04 /, 303A.01 303A.10 37

Universum Communications Universum Communications 38

3G3G (MIS) MIS MIS 39

30% 11% 37% 5% 1718 58121 0.57 0.451.020.6654.5% 39% 40

32,286,971 20,127,742 14 3332 29 33 Julian Michael Horn-Smith () J. Brian Clark () 41

97 101 79 1,026,250 411,000 XV 180,000 325,000 260,000 1,170,0001,172,0001,219,000 1,170,000 42

() 13.51(2) 352 ( ) ( ) () / () 43

10%10% 82,141,250 0.41% 1,624,889,1958.19% () 1%1 (i) (ii) 80% (i) (ii) (iii) 289,777,500 ( )() 44

600,000 600,000 2004 12 21 26.75 ( ) 970,000 2005 11 8 34.87 320,000 240,000 2004 10 28 80,000 22.75 780,000 2005 11 8 34.87 320,000 192,000 2004 10 28 128,000 22.75 780,000 2005 11 8 34.87 200,000 100,000 2002 7 3 100,000 22.85 320,000 192,000 2004 10 28 128,000 22.75 780,000 2005 11 8 34.87 320,000 192,000 2004 10 28 128,000 22.75 780,000 2005 11 8 34.87 320,000 192,000 2004 10 28 128,000 22.75 780,000 2005 11 8 34.87 1,000,000 1,000,000 1999 11 26 33.91 166,000 166,000 2000 4 25 45.04 90,000 45,000 2001 6 22 45,000 32.10 180,000 90,000 2002 7 3 90,000 22.85 320,000 192,000 2004 10 28 128,000 22.75 780,000 2005 11 8 34.87 45

1,000,000 1,000,000 1999 11 26 33.91 180,000 180,000 2000 4 25 45.04 100,000 50,000 2001 6 22 50,000 32.10 190,000 95,000 2002 7 3 95,000 22.85 270,000 162,000 2004 10 28 108,000 22.75 270,000 2005 11 8 34.87 1,170,000 1,170,000 2000 4 25 45.04 95,000 47,500 2001 6 22 47,500 32.10 180,000 90,000 2002 7 3 90,000 22.85 260,000 156,000 2004 10 28 104,000 22.75 270,000 2005 11 8 34.87 Julian Michael Horn-Smith 400,000 2005 11 8 34.87 400,000 2005 11 8 34.87 400,000 2005 11 8 34.87 400,000 2005 11 8 34.87 26,854,000 26,092,000 2000 4 25 762,000 45.04 72,204,000 52,390,750 2001 6 22 683,000 19,130,250 32.10 118,408,500 75,570,000 2002 7 3 556,750 42,281,750 22.85 285,743,500* 213,121,500 2004 10 28 1,274,500 71,596,500 22.75 281,578,500 2005 11 8 346,000 63,000 34.87 662,694,250 ( (a)) * 285,992,500 249,000 (a) 3.34% (b) 34.3 46

(c) 50% 50% 50% 50% 50% 50% 50% 50% 40% 30% 30% 40% 30% 30% 40% 30% 30% 2005 8 11 2005 12 30 32.10 37.23 618,655,275 19,272,750 2005 1 3 2005 12 29 22.85 28.79 974,706,738 42,656,750 2005 1 3 2005 12 30 22.75 36.12 1,650,023,375 72,528,500 2005 12 23 2005 12 29 34.87 38.61 2,196,810 63,000 47

ASPIRE HOLDINGS LIMITED( ASPIRE ) Aspire ( Aspire) Aspire AspireAspireAspire ( Aspire)Aspire AspireAspire AspireAspire( Aspire) AspireAspire Aspire10% 10% AspireAspire 93,964,582 Aspire 10% Aspire() Aspire 1% Aspire1.00 Aspire Aspire (i) 0.298 (ii) Aspire/ AspireAspire()Aspire Aspire20% Aspire 10%(i) (ii)0.182 AspireAspire 48

Aspire (a) 50% (i) (Aspire ) Aspire ( )( ) Aspire (ii) Aspire (b) 50% 50% AspireAspire Aspire Aspire * 2,800,000 2,800,000 2003 2 18 ( 2) 0.182 500,000 2004 5 28 ( 4) 0.298 Aspire * 11,545,000 9,705,000 2003 2 18 ( 3) 1,840,000 0.298 730,000 720,000 2003 4 18 ( 3) 10,000 0.298 2,810,000 2,540,000 2003 9 16 ( 3) 270,000 0.298 2,470,000 1,970,000 2004 3 18 ( 3) 500,000 0.298 1,115,000 595,000 2004 5 28 ( 3 4) 20,000 0.298 18,830,000( 1) 49

* AspireAspire (1) Aspire 2% (2) (a) 50% (i) (ii) Aspire (b) 50% 50% (3) (a), 50% (i) () (ii) Aspire (b) 50% 50% (4) Aspire Aspire Aspire Aspire Aspire (i) Aspire (ii) Aspire ) (iii) 50

5% (i) 14,890,116,842 75.07% (ii) 14,890,116,842 75.07% (iii) (BVI)BVI 14,890,116,842 75.07% (BVI) (BVI) 336 5% 34 (1) Aspire 3%/ 51

(2) 8 (3) 25 1 Aspire 23 (i) (ii) (iii) (a) (b) 5152 (c) (d) 52

29 130131 31 53

88 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (1) (2) (3) 54

( ) (i) (ii)(iii) ( ) ( ) (1) (2) (3) ( ) ( ) China Mobile (Hong Kong) Limited (( )) China Mobile Limited ( ) 55

( ) ( ) 369960 ( ) ( ) ( ) 3 ( ) ( ) ( ) ( )0.57 ( ) 183 17 1712 1716 ( ) ( ) 56

58121 141 57

2005 2004 3 156,710 128,534 25,055 24,760 61,276 39,087 243,041 192,381 3,224 3,861 15,309 12,072 56,368 44,186 7(b) 14,200 9,972 4 80,254 62,811 169,355 132,902 73,686 59,479 16 (1,930) 5 3,284 3,167 6 1,025 900 1,615 1,014 7(a) (1,346) (1,679) 7 78,264 60,951 10(a) (24,675) (19,180) 53,589 41,771 53,549 41,749 40 22 53,589 41,771 12(a) 9,259 4,175 12(a) 11,767 9,614 21,026 13,789 13(a) 2.71 2.12 13(b) 2.70 2.12 65121 58

2005 2004 14(a) 216,505 212,459 15 34,201 30,510 7,243 6,333 16 35,300 35,300 18 19 77 77 20 6,625 4,068 21 96 299,951 288,843 22 2,365 2,499 23 6,603 6,553 24 1,911 1,879 3,583 2,974 25 63 356 10(c) 165 235 41,925 20,264 26 64,461 45,149 121,076 79,909 27 41,931 35,036 1,359 1,676 28 16,975 12,936 40,007 32,549 25 269 459 25 96 98 29(a) 8,180 30 68 68 10(c) 9,249 6,664 109,954 97,666 11,122 (17,757) 311,073 271,086 59

2005 2004 311,073 271,086 29(a) (36,545) (36,633) 28 (1,324) (944) 20 (97) (105) (37,966) (37,682) 273,107 233,404 33(a) 2,116 2,102 270,708 231,059 272,824 233,161 283 243 273,107 233,404 65121 60

2005 2004 14(b) 3 3 17 469,993 468,469 21 96 469,996 468,568 17 9,023 4,171 13 8 134 718 26 4,551 2,137 13,721 7,034 24 36 25 96 98 29(b) 5,725 120 5,859 13,601 1,175 483,597 469,743 17 (12,912) (13,000) 29(b) (23,633) (23,633) (36,545) (36,633) 447,052 433,110 33(b) 2,116 2,102 444,936 431,008 447,052 433,110 65121 61

2005 2004 1 1 33 233,161 198,803 33 243 182 233,404 198,985 2 33 233,404 198,985 33 33 1 1 33 233,437 198,985 2 42,004 22 42,026 2 (255) 2004 33 53,589 41,771 2004 53,589 41,771 53,549 41,749 40 22 53,589 41,771 33 (18,894) (8,349) 33 14 3 33 3,408 700 2004 33 1,553 255 33 39 4,975 997 12 31 273,107 233,404 255 (255) 65121 62

2005 2004 78,264 60,951 56,368 44,186 169 134 1,930 411 535 5,645 5,900 2,968 2,273 47 (1,615) (1,014) 1,346 1,679 (51) (84) 1,553 255 108 24 145,166 116,816 134 (106) (3,037) (2,082) 134 377 (609) (555) 896 293 662 2,303 2,707 11 4,419 2,724 7,670 6,365 (4,661) (190) (1,257) 156,294 121,886 (24,585) (18,107) 131,709 103,779 63

2005 2004 131,709 103,779 (12,238) (66,027) (58,367) (1,079) (776) 132 93 (21,661) (3,037) 1,468 939 51 84 (87,116) (73,302) 3,422 703 (5,611) (4,978) (2,455) (9,783) (10) (1,635) (2,040) (18,894) (8,349) (25,173) (24,457) 19,420 6,020 45,149 39,129 (108) 26 64,461 45,149 28,176,000,000 23,584,000,000 1,332,000,000 1,660,000,000 65121 64

1 (a) 2 (b) 41 (c) 65

1 (c) 1(i) (d) 1(e) 1(i) (e) 1(i) 66

1 (f) 1(i) (g) 1(i) 8 35 7 10 4 18 (h) (i) (ii) 1(g) 1(i) 67

1 (h) (iii) (i) (i) (ii) (i) 68

1 (i) (ii) (ii) (iii) (j) 1(i) (k) (l) 1(i) 1(i) 69

1 (m) (n) (o) (p) (q) 70

1 (r) (i) (ii) (iii) (iv) (v) SIM (s) 71

1 (s) (t) (u) (i) 72

1 (u) (i) (ii) (iii) (v) 73

1 (w) (x) (y) 10% 10% 2 1 42) (a) 33 74

2 (a) (i) 2004 2 1 17 2004 2(f) 2(d) 2(e) 192,381 192,381 (3,861 ) (3,861 ) (12,072 ) (12,072 ) (44,320 ) 134 134 (44,186 ) (9,717 ) (255 ) (255 ) (9,972 ) (62,677 ) (134 ) (134 ) (62,811 ) (132,647 ) (255 ) (255 ) (132,902 ) 59,734 (255 ) (255 ) 59,479 1,472 1,472 61,206 (255 ) (255 ) 60,951 (19,180 ) (19,180 ) (22 ) 22 22 42,004 (255 ) 22 (233 ) 41,771 42,004 (255 ) (255 ) 41,749 22 22 22 42,004 (255 ) 22 (233 ) 41,771 2.14 (0.02) (0.02) 2.12 2.13 (0.01) (0.01) 2.12 2,041 134 134 2,175 75

2 (a) (i) 2004 2 1 17 2004 2(f) 2(d) 2(e) 218,063 (5,604 ) (5,604 ) 212,459 31,239 (729 ) (729 ) 30,510 6,333 6,333 6,333 39,541 39,541 288,843 288,843 (17,757 ) (17,757 ) 271,086 271,086 (37,682 ) (37,682 ) (243 ) 243 243 233,161 243 243 233,404 2,102 2,102 (295,665 ) 255 255 (295,410 ) 417,628 417,628 109,096 (255 ) (255 ) 108,841 233,161 233,161 243 243 243 233,161 243 243 233,404 (ii) 2004 2 2004 2(f) 432,863 247 433,110 2,102 2,102 255 255 375,351 375,351 55,410 (8) 55,402 432,863 247 433,110 76

2 (b) (i) 2 3 17 39 2(f) 2(c) 2(e) 2(g) 169 169 (1,553) (1,553) (169) (169) (1,553) (1,553) (1,553) (1,553) 2,001 2,001 32 32 (41) (41) (1,553) 2,001 (9) 439 (1,553) 2,001 (9) 439 (1,553) 2,001 (9) 439 (1,553) 2,001 (9) 439 (0.08) 0.10 0.02 (0.08) 0.10 0.02 (12) (12) (29) (29) 32 32 (169) (169) 77

2 (b) (i) 2 3 17 39 2(f) 2(c) 2(e) 2(g) (5,922) (5,922) (1,321) (1,321) 7,243 7,243 2,001 2,001 (64) (64) 2,001 (64) 1,937 2,001 (64) 1,937 88 88 88 88 2,001 24 2,025 553 553 1,255 1,255 (1,808) 2,001 24 217 2,001 24 2,025 2,001 24 2,025 78

2 (b) (i) 17 39 2(e) 2(g) 2005 12 31 33 33 33 33 2 2(f) 1,553 1,553 79

2 (b) (ii) 2 32 39 2(f) 2(g) (64) (64) 1,771 1,771 1,771 (64) 1,707 1,771 (64) 1,707 88 88 88 88 1,771 24 1,795 553 553 1,255 1,255 (37) 24 (13) 1,771 24 1,795 39 2(g) 2005 12 31 33 2 2(f) 1,553 80

2 (c) 3 36 3 36 1(e) 3 3 (d) 127 127 1(c) (e) 17 17 1(h) 81

2 (e) 17 (f) 2 2 1(u) 2 2 53 32 (g) 32 39 32391(f) 1(n) 1(o) 39 (h) 24 241(x) 20 82

3 3% 4 5 SIM 2005 2004 SIM 6,524 6,035 SIM (3,240) (2,868) 3,284 3,167 6 2005 2004 (130) 21 177 232 526 352 452 295 1,025 900 83

7 2005 2004 (a) 5 38 211 5 647 508 330 528 517 135 129 1,348 1,695 (2) (16) 1,346 1,679 3.45% 5.75% 3.45% 5.75% 2005 2004 (b) 886 771 1,553 255 11,761 8,946 14,200 9,972 2005 2004 (c) 1,930 47 56,368 44,186 2,968 2,273 4 29 411 535 5,645 5,900 61 63 75 1 6 2,727 2,175 3,224 3,861 1,430 1,204 (51) (84) 84

8 161 2005 180 1,172 660 4,264 258 6,534 180 960 540 2,080 210 3,970 180 960 540 2,080 210 3,970 180 960 540 2,080 212 3,972 180 960 540 2,080 220 3,980 180 960 540 2,080 226 3,986 180 960 540 2,080 161 3,921 180 854 520 1,371 190 3,115 180 920 640 1,331 299 3,370 505 395 900 440 395 835 440 395 835 J. Brian Clark 34 34 Julian Michael Horn-Smith 146 395 541 3,185 8,706 5,060 21,026 1,986 39,963 321(u) 16,370,000 9 (a) 8 (b) 8 2,000,0012,500,000 2004 1,454 393 155 104 2,106 85

10 (a) 2005 2004 27,487 20,145 (247) (357) 27,240 19,788 20 (2,565) (608) 24,675 19,180 (i) (ii) 33% 30% 15% (b) 2005 2004 78,264 60,951 25,827 20,114 (24) (26) 711 635 180 217 (1,801) (1,390) 123 166 (1) (13) (247) (357) (93) (166) 24,675 19,180 (c) 2005 2004 27,487 20,145 99 98 490 (18,502) (14,304) 12 31 9,084 6,429 165 235 9,249 6,664 86

11 797,000,000 1,081,000,000 2005 2004 (797) (1,081) 28,625 25,978 33(b) 27,828 24,897 12 (a) 2005 2004 0.45 0.4720040.200.21 9,259 4,175 0.57 0.5920040.460.49 11,767 9,614 21,026 13,789 1 =1.0403 (b) 2005 2004 0.460.49 20040.200.21 9,635 4,174 87

13 (a) 53,549,000,000 41,749,000,000 19,738,229,49519,673,185,236 (i) 2005 2004 1 1 19,700,639,399 19,671,653,899 32 37,590,096 1,531,337 12 31 19,738,229,495 19,673,185,236 (b) 53,684,000,000 41,878,000,00019,892,163,02219,774,092,867 (i) 2005 2004 53,549 41,749 135 129 53,684 41,878 (ii) 2005 2004 12 31 19,738,229,495 19,673,185,236 32 77,510,206 9,749,094 76,423,321 91,158,537 12 31 19,892,163,022 19,774,092,867 88

14 (a) 2004 1 1 20,223 233,026 11,600 264,849 5,425 30,203 1,679 37,307 298 1,578 1,064 2,940 6,951 52,256 259 59,466 (97) (2,324) (160) (2,581) (17) (23,708) (383) (24,108) 2004 12 31 32,783 291,031 14,059 337,873 2005 1 1 32,783 291,031 14,059 337,873 328 1,657 906 2,891 4,477 58,691 543 63,711 (57) (2,160) (223) (2,440) (45) (37,360) (505) (37,910) 2005 12 31 37,486 311,859 14,780 364,125 2004 1 1 2,052 90,981 4,639 97,672 170 3,341 212 3,723 1,402 41,157 1,627 44,186 (23) (1,828) (108) (1,959) (10) (17,876) (322) (18,208) 2004 12 31 3,591 115,775 6,048 125,414 2005 1 1 3,591 115,775 6,048 125,414 1,920 51,915 2,533 56,368 (21) (1,703) (173) (1,897) (31) (31,880) (354) (32,265) 2005 12 31 5,459 134,107 8,054 147,620 2005 12 31 32,027 177,752 6,726 216,505 2004 12 31 29,192 175,256 8,011 212,459 89

14 (b) 2004 1 1 7 2 2004 12 31 9 2005 1 1 9 1 2005 12 31 10 2004 1 1 5 1 2004 12 31 6 2005 1 1 6 1 2005 12 31 7 2005 12 31 3 2004 12 31 3 (c) 2005 2004 633 723 31,242 28,293 152 176 32,027 29,192 90

15 2005 2004 1 1 30,510 27,789 3,806 67,400 58,365 (63,711) (59,466) 2 16 12 31 34,201 30,510 16 2004 1 1 37,159 2,857 2004 12 31 40,016 2005 1 1 40,016 (4,716) 2005 12 31 35,300 2004 1 1 2,786 1,930 2004 12 31 4,716 2005 1 1 4,716 2005 1 1 (4,716) 2005 12 31 2005 12 31 35,300 2004 12 31 35,300 2(c) 3 91

16 36 14 1% 11% 17 2005 2004 468,222 468,222 32 1,771 247 469,993 468,469 2 2(f)1,771,000,000 247,000,000 29(e) 92

17 1(c) * 100% 5,594,840,700 100% * 2,117,790,000 (BVI) 11 100% 100% * 2,800,000,000 (BVI) 11 100% 100% * 5,247,480,000 (BVI) 11 100% 100% * 4,367,733,641 (BVI) 11 100% 100% * 643,000,000 (BVI) 11 100% 100% * 6,124,696,053 93

17 (BVI) 11 100% 100% * 6,038,667,706 (BVI) 11 100% 100% * 2,151,035,483 (BVI) 11 100% 100% * 4,314,668,600 (BVI) 11 100% 100% * 5,140,126,680 (BVI) 11 100% 100% * 6,341,851,146 (BVI) 11 100% 100% * 2,340,750,100 (BVI) 11 100% 100% * 4,099,495,494 94

17 (BVI) 11 100% 100% * 2,932,824,234 (BVI) 11 100% 100% * 3,029,645,401 (BVI) 11 100% 100% * 7,483,625,572 (BVI) 11 100% 100% * 3,961,279,556 (BVI) 11 100% 100% * 4,015,668,593 (BVI) 11 100% 100% * 3,171,267,431 95

17 (BVI) 11 100% 100% * 2,773,448,313 (BVI) 11 100% BVI 100% * 2,862,621,870 (BVI) 11 100% BVI 100% * 3,277,579,314 (BVI) 11 100% BVI 100% * 4,500,508,035 (BVI) 11 100% BVI 100% * 2,541,981,749 (BVI) 11 100% BVI 100% * 4,137,130,733 96

17 (BVI) 11 100% BVI 100% * 848,643,686 (BVI) 11 100% BVI 100% * 1,702,599,589 (BVI) 11 100% BVI 100% * 902,564,911 (BVI) 11 100% BVI 100% * 740,447,232 (BVI) 11 100% BVI 100% * 2,581,599,600 11 100% (BVI) BVI 97

17 * 100% 160,232,500 (BVI) 11 100% BVI * 100% 1,641,848,326 * 30,000,000 100% 7,633,000 100% * Aspire Holdings 66.41% Limited 93,964,583 Aspire (BVI) Limited 1,000 100% 10,000,000 100% * 5,000,000 100% * 5,000,000 100% * 98

17 3,800,000 51% GSM 900/1800 Advanced Roaming & 2 100% Clearing House Limited Fit Best Limited 1 100% * 18 2005 2004 China Motion United 30% Telecom Limited 30% 99

19 2005 2004 2004 77 77 20 2005 2005 1 1 12 31 30 (21) 9 2,226 1,739 3,965 42 (42) 876 804 1,680 894 77 971 4,068 2,557 6,625 (105) 8 (97) 3,963 2,565 6,528 2004 2004 1 1 12 31 23 7 30 1,025 1,201 2,226 69 (69) 479 (437) 42 367 115 394 876 1,300 78 (484) 894 3,263 193 612 4,068 (97) (4) (4) (105) 3,166 189 608 3,963 100

20 2005 2004 6,625 4,068 (97) (105) 12 31 6,528 3,963 21 2005 2004 1 1 96 143 (96) (47) 12 31 96 22 SIM 23 2005 2004 30 5,269 5,339 31 60 697 666 61 90 637 548 6,603 6,553 24 101

25 34 29 26 2005 2004 2005 2004 11,069 7,100 4,381 2,074 53,392 38,049 170 63 64,461 45,149 4,551 2,137 2005 2004 2005 2004 4,101 1,169 4,021 1,108 70 154 45 115 27 2005 2004 1 27,493 22,815 23 4,599 3,119 46 3,675 2,773 79 1,448 2,465 1012 4,716 3,864 41,931 35,036 102

28 2005 2004 1 1 13,880 10,164 992 105,407 83,375 (100,988) (80,651) 12 31 18,299 13,880 (16,975) (12,936) 1,324 944 29 (a) 2005 2004 (c) 315 315 (c) 2,140 2,140 (d) 5,725 5,725 (e) 12,912 12,912 13,000 13,000 (f) 23,633 23,633 23,633 23,633 36,545 36,545 8,180 36,633 44,813 2,140,000,000 3.45% (b) 2005 2004 (d) 5,725 5,725 (f) 23,633 23,633 23,633 23,633 23,633 23,633 5,725 23,633 29,358 103

29 (c) 2005 12 31 1 29(a) 12 2004 12 31 1 29(a) 315 315 12 315 315 29(a) (d) (i) 100% 690,000,000 2.25% 100% (ii) (1)(2) 59.04 (iii) (e) (i) 5,000,000,000 100% (ii) 3,000,000,000 5,000,000,000 3.5% 4.5% 100% 104

29 (f) 9,976,000,00013,657,000,000 LIBOR 2.595% 3.801% 3.801% 30 2005 2004 1 68 3 71 68 3 71 31 (a) (b) 5%20,000 105

32 10%10% 1.00 (i) (ii) 80% (i) (ii) (iii) 106

32 (a) 2005 2004 1999 11 26 2,000,000 2,000,000 50% 8 50%3 2000 4 25 1,516,000 1,516,000 50%2 7 50%5 2001 6 22 142,500 285,000 50%2 6 50%5 2002 7 3 375,000 750,000 50%2 10 50%5 2004 10 28 1,518,000 2,450,000 40%1 10 30%2 30%3 2004 12 21 600,000 600,000 40%1 10 30%2 30%3 2005 11 8 7,790,000 40%1 10 30%2 30%3 2000 4 25 26,092,000 26,854,000 50%2 7 50%5 2001 6 22 52,390,750 72,204,000 50%2 6 50%5 2002 7 3 75,570,000 118,408,500 50%2 10 50%5 107

32 (a) 2005 2004 2004 10 28 213,121,500 285,992,500 40%1 10 30%2 30%3 2005 11 8 281,578,500 40%1 10 30%2 30%3 662,694,250 511,060,000 (b) 2005 2004 1 1 25.39 511,060,000 28.31 258,964,000 34.87 289,777,500 22.76 290,425,000 24.13 (134,521,000) 22.85 (28,985,500) 30.38 (3,622,250) 32.75 (9,343,500) 12 31 29.76 662,694,250 25.39 511,060,000 12 31 31.19 94,537,550 28.85 112,008,750 34.2026.37 22.7545.04 8.17.9 108

32 (c) 2005 2004 10.28 7.06 34.50 22.76 34.87 22.76 24.6% 28.0% 10 10 2.6% 2.8% 4.5% 4.1% 109

33 (a) 2004 1 1 2,099 374,579 (295,665 ) 72 32,686 85,032 198,803 182 198,985 12(b) (4,174 ) (4,174 ) (4,174 ) 12(a) (4,175 ) (4,175 ) (4,175 ) 32 3 700 703 703 32 255 255 255 41,749 41,749 22 41,771 9,591 (9,591 ) 39 39 2004 12 31 2,102 375,279 (295,410 ) 72 42,277 108,841 233,161 243 233,404 2005 1 1 2,102 375,279 (295,665 ) 72 42,277 109,096 233,161 243 233,404 2 255 (255) 2,102 375,279 (295,410 ) 72 42,277 108,841 233,161 243 233,404 39 33 33 33 2,102 375,279 (295,410 ) 72 42,277 108,874 233,194 243 233,437 12(b) (9,635 ) (9,635 ) (9,635 ) 12(a) (9,259 ) (9,259 ) (9,259 ) 32, 33(c)(ii) 14 3,961 (553 ) 3,422 3,422 32 1,553 1,553 1,553 53,549 53,549 40 53,589 11,118 (11,118) 2005 12 31 2,116 379,240 (294,410 ) 72 53,395 132,411 272,824 283 273,107 110

33 (b) 2004 1 1 2,099 374,579 72 38,854 415,604 12(b) (4,174) (4,174) 12(a) (4,175) (4,175) 32 3 700 703 32 255 255 24,897 24,897 2004 12 31 2,102 375,279 255 72 55,402 433,110 2005 1 1 2,102 375,279 72 55,410 432,863 2 255 (8) 247 2,102 375,279 255 72 55,402 433,110 39 33 33 2,102 375,279 255 72 55,435 433,143 12(b) (9,635) (9,635) 12(a) (9,259) (9,259) 32, 33(c)(ii) 14 3,961 (553) 3,422 32 1,553 1,553 27,828 27,828 2005 12 31 2,116 379,240 1,255 72 64,369 447,052 64,441,000,000 55,474,000,000 111

33 (c) (i) 2005 2004 30,000,000,000 0.1 3,000 3,000 2005 2004 1 1 19,700,639,399 1,970 2,102 19,671,653,899 1,967 2,099 32 134,521,000 14 14 28,985,500 3 3 12 31 19,835,160,399 1,984 2,116 19,700,639,399 1,970 2,102 (ii) 134,521,000 3,246,000,000 3,422,000,000 13,500,000 14,000,0003,232,500,000 3,408,000,000521,000,000 553,000,000 1(u)(ii) (d) (i) 48B (ii) 1(u)(ii) 295,665,000,000 (iii) 112

33 (d) (iii) 10% 50% 10% 25% 24,035,000,000 18,394,000,000 29,325,000,000 23,646,000,000 31,000,000 102,000,000 4,000,000 135,000,000 34 (a) (i) 589 (ii) 1,866 (iii) 647 113

34 (a) (i) (ii) (iii) (BVI) (i) 2,438 (ii) 2,117 (iii) 132 (iv) 303 (v) 281 (vi) 22 (vii) 81 (viii) 287 (ix) 148 (x) 142 (x) 155 (xi) 25 (xii) 54 (xiii) 645 (i) (ii) (iii) (iv) (v) (vi) 114

34 (a) (vii) (viii) (ix) (x) (xi) (xii) (xiii) (BVI) (b) BVI BVI BVI BVI BVI BVI BVI BVI BVI BVI BVI BVI BVI 3,650,000,000 30,210,000,000 BVI BVI BVI BVI BVI BVI BVI BVIBVIBVI BVI BVI (c) 8 35 115

35 2005 2004 6,196 4,208 13,588 10,016 3,054 3,385 36 (a) (b) (c) 29 116

36 (d) (e) 2005 2004 2,455 2,431 5,725 5,666 12,912 13,685 13,000 12,119 5,725 5,666 117

37 (a) 2005 2004 2005 2004 1,478 1,249 3,575 2,354 5,053 3,603 10,389 10,370 43,899 30,640 54,288 41,010 11,867 11,619 47,474 32,994 59,341 44,613 (b) 2005 12 31 1 1,506 1,477 546 3,529 6 15 3,509 998 1,068 5,575 1 5 1,053 298 104 1,455 6,068 2,773 1,718 10,559 7 2004 12 31 1 1,220 1,945 454 3,619 2 15 2,693 920 1,387 5,000 5 1,122 225 117 1,464 5,035 3,090 1,958 10,083 2 118

37 (c) Fit Best Limited 4.55 743,641,019 3,383,600,000 3,520,000,000 1.00 484484 504 38 (a) (i)741,294,601 (ii)310, 3,378,900,000 3,515,000,000 99.86% (b) 12(a) 39 2 40 41 16 32 36 119

41 120

42 (IFRIC)4 2006 1 1 4 2006 1 1 19 2006 1 1 21 2006 1 1 39 2006 1 1 2005 1 2006 1 1 27 2006 1 1 3 2006 1 1 7 2007 1 1 1 2007 1 1 2005 2005 1 273 121

(a) 20 3 36 (b) (c) 122

(c), (d) (e) 12 123

(e) (f) 2 123 123 123 123 (g) 48 (Staff Accounting Bulletin) 101 101101 00 21 00 21104 10400 21 104 104 (h) 124

2005 2005 2004 2003 6,635 53,549 41,749 35,556 1,587 (1,358) (13) (106) (116) (96) (101) (818) (448) 4,075 12 98 68 (91) 184 1,485 169 (192) 1 6 109 659 11 86 86 86 1,930 1,850 25 204 (73) (969) 6,754 54,504 45,061 39,520 0.34 2.76 2.29 2.01 0.34 2.75 2.29 2.01 * 1.71 13.81 11.45 10.05 * 1.70 13.73 11.43 10.03 * 5 125

2005 2005 2004 33,806 272,824 233,161 20 158 264 (665) (5,370) (5,370) 876 7,069 7,887 (266) (2,144) (2,242) 17 142 (57) (207) (1,674) (1,674) 207 1,674 1,674 (6) (14) (114) (200) (4,374) (35,300) (35,300) (2) (13) (18) 29,398 237,252 198,119 1 8.0702 126

12 31 2005 2005 2004 2003 19,418 156,710 136,876 125,702 3,105 25,055 26,458 24,067 1 7 252 1,173 7,593 61,280 40,678 29,339 30,117 243,052 204,264 180,281 55,422 47,050 41,861 (3,137) (25,315) (21,357) (24,757) (6,867) (55,422) (47,050) (41,861) (10,889) (87,878) (74,596) (56,984) (20,893) (168,615) (143,003) (123,602) 9,224 74,437 61,261 56,679 407 3,284 3,343 2,667 62 499 949 527 200 1,615 1,032 860 (167) (1,346) (1,738) (2,213) 9,726 78,489 64,847 58,520 (2,967) (23,945) (19,764) (19,009) 6,759 54,544 45,083 39,511 (5) (40) (22) 9 6,754 54,504 45,061 39,520 0.34 2.76 2.29 2.01 0.34 2.75 2.29 2.01 * 1.71 13.81 11.45 10.05 * 1.70 13.73 11.43 10.03 * 5 127

12 31 2005 2005 2004 7,988 64,461 45,149 5,195 41,925 20,264 799 6,446 6,447 233 1,888 1,835 20 165 235 330 2,660 1,843 293 2,365 2,499 444 3,583 2,974 8 63 356 22 180 150 15,332 123,736 81,752 27,058 218,362 215,240 4,238 34,201 30,510 632 5,099 4,091 10 77 77 513 4,143 2,232 101 47,783 385,618 334,003 4,945 39,908 33,005 169 1,359 1,676 8,180 8 68 68 1,146 9,249 6,664 269 2,172 2,208 4,939 39,858 32,372 12 96 98 33 269 459 2,104 16,975 12,936 13,625 109,954 97,666 128

12 31 2005 2005 2004 1,600 12,912 13,000 2,929 23,633 23,633 178 1,438 1,155 18 146 187 18,350 148,083 135,641 35 283 243 29,398 237,252 198,119 47,783 385,618 334,003 129

2005 2004 2003 2002 2001 156,710 128,534 111,027 93,272 73,458 25,055 24,760 20,666 16,901 14,085 711 61,276 39,087 26,911 18,388 12,077 243,041 192,381 158,604 128,561 100,331 3,224 3,861 4,914 5,287 5,005 15,309 12,072 12,868 12,975 13,055 2 56,368 44,186 36,488 26,725 17,597 2 14,200 9,972 7,700 6,757 5,325 2 80,254 62,811 43,431 28,021 18,337 169,355 132,902 105,401 79,765 59,319 2 73,686 59,479 53,203 48,796 41,012 (1,930) (1,850) (936) 3,284 3,167 2,464 1,686 1,594 1,025 900 434 571 (6) 1,615 1,014 807 713 857 (1,346) (1,679) (2,099) (1,852) (1,740) 78,264 60,951 52,959 48,978 41,717 4 (24,675) (19,180) (17,412) (16,375) (13,763) 53,589 41,771 35,547 32,603 27,954 53,549 41,749 35,556 32,601 27,955 40 22 (9) 2 (1) 53,589 41,771 35,547 32,603 27,954 130

2005 2004 2003 2002 2001 2 216,505 212,459 167,177 161,355 103,076 2 34,201 30,510 27,789 22,524 19,581 2 7,243 6,333 5,008 4,543 2,532 2 35,300 35,300 34,373 36,223 16 16 16 77 77 77 77 77 4 6,625 4,068 3,263 4,991 2,680 96 143 190 180 11,122 (17,757) (8,693) (4,012) 8,096 311,073 271,086 229,153 225,907 136,238 (36,545) (36,633) (29,383) (51,524) (21,591) (812) (1,324) (944) (688) (869) (820) 4 (97) (105) (97) (58) 273,107 233,404 198,985 173,456 113,015 (1) (2) 2 22 (3) 30 (4) 12 131

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China Mobile (Hong Kong) Limited 60/F., The Center 99 Queen s Road Central Hong Kong Tel: (852) 3121 8888 Fax: (852) 3121 8809 Website: www.chinamobilehk.com 99 60 (852) 3121 8888 (852) 3121 8809 www.chinamobilehk.com