1. China Mobile Limited
60/F., The Center
99 Queen’s Road Central
Hong Kong
Tel: (852) 3121 8888
Fax: (852) 3121 8809
Website: www.chinamobileltd.com
Annual Report 2008

3. CONTENTS
China Mobile Limited 2008 Annual Report
2 Corporate Information
3 Chairman’s Statement
5 Management Discussion and Analysis
7 Corporate Governance Report
14 Audit Committee Report
16 Director’s Report
29 Independent Auditors Report
31 Consolidated Income Statement
32 Consolidated Balance Sheet
34 Consolidated Statement of Changes in Equity
35 Consolidated Cash Flow Statement
37 Notes to the Consolidated Financial Statements
72 Financial Summary
73 Properties held for Investment

4. CHINA MOBILE LIMITED 2008 Annual Report
Finanical Highlights Finanical Highlights
OPERATING PERFORMANCE TURNOVER BREAKDOWN TURNOVER ANALYSIS BY GEOGRAPHICAL
HK$”000
SEGMENTS
Unit: RMB million
350 120%
The NWDSH Adjustments
300 78.7
The Company Group (Note 1) Consolidated 100%
32.1% 28.6%
33.5%
21.5
Item HK$’000 HK$’000 HK$’000 HK$’000
250
10.7 80%
Investments in NWDSH and its
21.4%
200
subsidiaries (“WDSH Group”) 88 0,500 — (880,500) — 29.4% 29.1%
60%
Other (liabilities)/assets net (54,020) 911,249 — 857,229
150 1.3%
230.5 270.3 260.8
Net assets 826,480 911,249 (880,500) 857,229 13.9%
40% 0.0% 0.0%
100 3%
21.5% 18.7% 10.2%
Share capital 6,095 — — 6,095
20%
Capital reserve — 397,683 (60,115) 337,568 1.9%
50 2.0%
9.4% 23.2%
10.5%
Contributed surplus 820,385 — (820,385) —
4.5% 7.4%
Statutory reserve — 11,360 — 11,360 0 0%
03/2005 03/2006 03/2007 03/2008 03/2005 03/2006 03/2007 03/2008
826,480 911,249 (880,500) 857,229
CDM Turnover Retail Turnover CDM
Europe America China Hong Kong Africa Other Asia-Pacific regions
OPERATING PERFORMANCE Retail
Unit: RMB million
The NWDSH Adjustments REVENUE PROFIT FOR THE YEAR BASIC EARNINGS PER
The Company Group (Note 1) Consolidated SHARE
Item HK$’000 HK$’000 HK$’000 HK$’000 HK$ (million) HK$ (million) HK$ (cent)
350
339,480 80,000 8
Investments in NWDSH and its 73,488
subsidiaries (“WDSH Group”) 88 0,500 — (880,500) — 0.070
300 291,739 70,000 7
Other (liabilities)/assets net (54,020) 911,249 — 857,229 0.056
60,000 6
250 241,210
52,773
Net assets 826,480 911,249 (880,500) 857,229 50,000 5
200
41,697
40,000 4
Share capital 6,095 — — 6,095 150
30,000 3
Capital reserve — 397,683 (60,115) 337,568
100
Contributed surplus 820,385 — (820,385) — 20,000 2
Statutory reserve — 11,360 — 11,360 50 0.098
10,000 1
826,480 911,249 (880,500) 857,229
0 0 0
2005 2006 2007 2008 2005 2006 2007 2008 2005 2006 2007 2008
4 5

5. CHINA MOBILE LIMITED 2008 Annual Report
In 2007, the steady growth of China’s economy and the boom in demand for
telecommunications services continued to create a prosperous environment
for the Group. Leveraging our premium network, strong brand recognition,
economies of scale and a refined and effective approach to management, we
have made positive business progress, delivering remarkable financial results
and favorable profitability.
6 7

6. CHINA MOBILE LIMITED 2008 Annual Report
Chairman’s Statement
Dear Shareholders,
In 2007, the steay growth employee benefit expense increased by 14.4% from HK$128.8
million in FY2006 to HK$147.4 million in FY2007. This increase was primarily due to
increase in wages and salaries and other employment benefits as a result of recognising
a full year’s operations of certain stores opened in last year and new stores openings
in current year under review. Employee benefit expense as a percentage to revenue
decreased by 2.2% in FY2007 primarily due to improved operating efficiency.
Depreciation and amortisation expense increased by 19.8% from HK$81.4 million in FY2006 to HK$97.5
million in FY2007. This increase was primarily due to increase in depreciation and amortisation as a result of
recognising a full year’s operations of certain stores opened in last year and new stores openings in current
year under review. Depreciation and amortisation expense as a percentage to revenue decreased by 1.0% in
FY2007 primarily due to strong performance of revenue.
Operating lease rental expense increased by 14.1% from HK$234.7 million in FY2006 to HK$267.7 million in
FY2007, primarily due to the effect of recognising a full year’s operations of certain stores opened in last year
and new stores openings in current year under review. Operating lease rental expense as a percentage to
revenue decreased by 4.0% in FY2007 mainly as a result of operating leverage of the expense.
Depreciation and amortisation expense increased by 19.8% from HK$81.4 million in FY2006 to HK$97.5
million in FY2007. This increase was primarily due to increase in depreciation and amortisation as a result of
recognising a full year’s operations of certain stores..
OTHER OPERATING EXPENSES
Depreciation and amortisation expense increased by 19.8% from HK$81.4 million in FY2006 to HK$97.5
million in FY2007. This increase was primarily due to increase in depreciation and amortisation as a result of
recognising a full year’s operations of certain stores opened in last year and new stores openings in current
year under review. Depreciation and amortisation expense as a percentage to revenue decreased by 1.0% in
FY2007 primarily due to strong performance of revenue.
Operating Lease Rental Expense
Wang Jianzhou
Chairman and Chief Executive Officer
Operating lease rental expense increased by
14.1% from HK$234.7 million in FY2006 to
HK$267.7 million in FY2007, primarily due to
the effect of recognising a full year’s operations
of certain stores opened in last year and new
stores openings in current year under review.
10 11

7. In 2007, the Group maintained the three driving forces of its business —
new customers, new business and new voice usage. Subscriber base further
expanded, voice usage volume continued to be effectively stimulated and the
contribution of value-added business to revenue continued to increase.
11

8. CHINA MOBILE LIMITED 2008 Annual Report
Business Review Business Review
Depreciation and amortisation expense increased by 19.8% from HK$81.4 million in FY2006 to HK$97.5 OTHER OPERATING EXPENSES (continued)
million in FY2007. This increase was primarily due to increase in depreciation and amortisation as a result of
recognising a full year’s operations of certain stores opened in last year and new stores openings in current Depreciation and amortisation expense increased by 19.8% from HK$81.4 million in FY2006 to HK$97.5
year under review. Depreciation and amortisation expense as a percentage to revenue decreased by 1.0% in million in FY2007. This increase was primarily due to increase in depreciation and amortisation as a result of
FY2007 primarily due to strong performance of revenue.Operating lease rental expense increased by 14.1% recognising a full year’s operations of certain stores opened in last year and new stores openings in current
from HK$234.7 million in FY2006 to HK$267.7 million in FY2007, primarily due to the effect of recognising a full year under review. Depreciation and amortisation expense as a percentage to revenue decreased by 1.0% in
year’s operations of certain stores opened in last year and new stores openings in current year under review. FY2007 primarily due to strong performance of revenue.
Operating lease rental expense as a percentage to revenue decreased by 4.0% in FY2007 mainly as a result of
operating leverage of the expense. Operating Lease Rental Expense
OTHER OPERATING EXPENSES Operating lease rental expense increased by 14.1% from HK$234.7 million in FY2006 to HK$267.7 million in
FY2007, primarily due to the effect of recognising a full year’s operations of certain stores opened in last year
Other operating expenses increased by 23.8% from HK$149.8 million in FY2006 to HK$185.5 million in and new stores openings in current year under review. Operating lease rental expense as a percentage to
FY2007. This increase was primarily due to a HK$13.7 million increase in water and electricity expenses revenue decreased by 4.0% in FY2007 mainly as a result of operating leverage of the expense.
relating primarily to the newly opened stores and the effect of recognising a full year’s operations of certain
stores in current year, a HK$6.4 million increase in promotion, advertising and related expenses. Other OTHER OPERATING EXPENSES
operating expenses as a percentage to revenue decreased by 1.1% in FY2007 Depreciation and amortisation
expense increased by 19.8% from HK$81.4 million in FY2006 to HK$97.5 million in FY2007. This increase was Other operating expenses increased by 23.8% from HK$149.8 million in FY2006 to HK$185.5 million in FY2007.
primarily due to increase in depreciation and amortisation as a result of recognising a full year’s operations This increase was primarily due to a HK$13.7 million increase in water and electricity expenses relating
of certain stores opened in last year and new stores openings in current year under review. Depreciation primarily to the newly opened stores and the effect of recognising a full year’s operations of certain stores
and amortisation expense as a percentage to revenue decreased by 1.0% in FY2007 primarily due to strong in current year, a HK$6.4 million increase in promotion, advertising and related expenses. Other operating
REVENUE PROFIT FOR THE YEAR BASIC EARNINGS PER
SHARE
HK$ (million) HK$ (million) HK$ (cent)
350
339,480 80,000 8
73,488
0.070
300 291,739 70,000 7
0.056
60,000 6
250 241,210
52,773
50,000 5
200
41,697
40,000 4
150
30,000 3
100
20,000 2
50 0.098
10,000 1
0 0 0
2005 2006 2007 2008 2005 2006 2007 2008 2005 2006 2007 2008
12 13

9. CHINA MOBILE LIMITED 2008 Annual Report
The Group maintained the three driving forces of its
business — new customers, new business and
new voice usage. Subscriber base further expanded,
voice usage volume continued to be effectively
stimulated and the contribution of value-added
business.
14 15

10. CHINA MOBILE LIMITED 2008 Annual Report
Financial Review Financial Review
Depreciation and amortisation expense increased by 19.8% from HK$81.4 million in FY2006 to HK$97.5 OTHER OPERATING EXPENSES (continued)
million in FY2007. This increase was primarily due to increase in depreciation and amortisation as a result of
recognising a full year’s operations of certain stores opened in last year and new stores openings in current Depreciation and amortisation expense increased by 19.8% from HK$81.4 million in FY2006 to HK$97.5
year under review. Depreciation and amortisation expense as a percentage to revenue decreased by 1.0% in million in FY2007. This increase was primarily due to increase in depreciation and amortisation as a result of
FY2007 primarily due to strong performance of revenue.Operating lease rental expense increased by 14.1% recognising a full year’s operations of certain stores opened in last year and new stores openings in current
from HK$234.7 million in FY2006 to HK$267.7 million in FY2007, primarily due to the effect of recognising a full year under review. Depreciation and amortisation expense as a percentage to revenue decreased by 1.0% in
year’s operations of certain stores opened in last year and new stores openings in current year under review. FY2007 primarily due to strong performance of revenue.
Operating lease rental expense as a percentage to revenue decreased by 4.0% in FY2007 mainly as a result of
operating leverage of the expense. Operating Lease Rental Expense
Operating lease rental expense increased by 14.1% from HK$234.7 million in FY2006 to HK$267.7 million in
1 GENERAL INFORMATION AND GROUP REORGANISATION (continued)
FY2007, primarily due to the effect of recognising a full year’s operations of certain stores opened in last year
and new stores openings in current year under review. Operating lease rental expense as a percentage to
1.2 Group reorganisation (continued)
revenue decreased by 4.0% in FY2007 mainly as a result of operating leverage of the expense.
The consolidated balance sheet as at 30 June 2007:
OTHER OPERATING EXPENSES
The NWDSH Adjustments
Other operating expenses increased by 23.8% from HK$149.8 million in FY2006 to HK$185.5 million in FY2007.
The Company Group (Note 1) Consolidated
This increase was primarily due to a HK$13.7 million increase in water and electricity expenses relating
HK$’000 HK$’000 HK$’000 HK$’000
primarily to the newly opened stores and the effect of recognising a full year’s operations of certain stores
in current year, a HK$6.4 million increase in promotion, advertising and related expenses. Other operating
Investments in NWDSH and its
subsidiaries (“WDSH Group”) 88 0,500 — (880,500) —
Other (liabilities)/assets net (54,020) 911,249 — 857,229
Net assets 826,480 911,249 (880,500) 857,229
Share capital 6,095 — — 6,095
REVENUE PROFIT FOR THE YEAR BASIC EARNINGS PER
Capital reserve — 397,683 (60,115) 337,568
SHARE
HK$ (million) HK$ (million) HK$ (cent)
Contributed surplus 820,385 — (820,385) — 350
Statutory reserve — 11,360 — 11,360 339,480 80,000 8
73,488
Retained earnings — 484,526 — 484,526 0.070
300 291,739 70,000 7
Exchange reserve — 17,680 — 17,680
0.056
60,000 6
250 241,210
52,773
826,480 911,249 (880,500) 857,229 50,000 5
200
41,697
40,000 4
Note: 150
30,000 3
(1) The above adjustments represent: (i) the elimination of investment cost of the Company in its subsidiaries against the
100
contributed surplus which is reclassified into the component of reserves of the NWDSH Group on consolidation; and (ii) the 20,000 2
reduction of capital reserve by the nominal value of share capital issued by the Company to acquire the subsidiaries comprising
50 0.098
the Group amounting to HK$6,095,000. 10,000 1
0 0 0
2005 2006 2007 2008 2005 2006 2007 2008 2005 2006 2007 2008
16 17

11. CHINA MOBILE LIMITED 2008 Annual Report
Notes to the Financial Statements
(Expressed in Renminbi)
Notes to the Financial Statements
1 GENERAL INFORMATION AND GROUP REORGANISATION 1 GENERAL INFORMATION AND GROUP REORGANISATION (continued)
1.1 Group reorganisation 1.2 Group reorganisation (continued)
ABC123 (Hong Kong) Company Limited (the “Company”) was incorporated in the Cayman Islands on 25 January The consolidated balance sheet as at 30 June 2007:
2007 as an exempted company with limited liability under the Companies Law, (Cap. 22) of the Cayman Islands.
The address of its registered office is Century Yard, Cricket Square, Hutchins Drive, P.O. Box 2681, Grand The NWDSH Adjustments
Cayman KY1-1111, Cayman Islands. The Company Group (Note 1) Consolidated
HK$’000 HK$’000 HK$’000 HK$’000
The Company and its subsidiaries (together, the “Group”) are engaged in department store
operations in Mainland China. The Company’s shares were listed on the Main Board of The Stock Investments in NWDSH and its
Exchange of Hong Kong Limited (the “Stock Exchange”) on 12 July 2007 (Note 30). subsidiaries (“WDSH Group”) 88 0,500 — (880,500) —
Other (liabilities)/assets net (54,020) 911,249 — 857,229
These consolidated financial statements are presented in thousands of units of Hong Kong dollars
(“HK$’000”), unless otherwise stated. These consolidated financial statements have been approved Net assets 826,480 911,249 (880,500) 857,229
for issue by the Board of Directors on 10 October 2007.
Share capital 6,095 — — 6,095
1.2 Group reorganisation Capital reserve — 397,683 (60,115) 337,568
Contributed surplus 820,385 — (820,385) —
In the preparation for the initial public offering of the shares of the Company on the Stock Exchange, Statutory reserve — 11,360 — 11,360
the Group underwent a group reorganisation (the “Reorganisation”). The Company acquired the Retained earnings — 484,526 — 484,526
entire issued share capital of New World Department Stores (Holdings) Limited (“NWDSH”) through Exchange reserve — 17,680 — 17,680
a share swap pursuant to an agreement dated 7 June 2007 and became the holding company of the
companies comprising the Group. As part of the Reorganisation, as at 1 January 2007, the Group 826,480 911,249 (880,500) 857,229
disposed of two subsidiaries, namely Ningbo New World Trendy Department Store Co., Ltd. and
Yunnan New World Department Store Co., Ltd. to Solar Leader Limited, a related company of the Note:
Group, at a consideration of RMB2.
(1) The above adjustments represent: (i) the elimination of investment cost of the Company in its subsidiaries against the
contributed surplus which is reclassified into the component of reserves of the NWDSH Group on consolidation; and (ii) the
These consolidated financial statements have been prepared using the principles of merger reduction of capital reserve by the nominal value of share capital issued by the Company to acquire the subsidiaries comprising
the Group amounting to HK$6,095,000.
accounting, as prescribed in Hong Kong Accounting Guideline 5 “Merger Accounting for Common
Control Combinations” issued by the Hong Kong Institute of Certified Public Accountants
(“HKICPA”) and presented the results of the Group as if the structure of the Group resulting from the
Reorganisation had been in existence throughout the year. Comparative figures for the year ended
30 June 2006 have been prepared on the same basis.
The following is a reconciliation of the effect arising from the common control combination on the
consolidated balance sheet. The following is a reconciliation of the effect arising from the common
control combination on the consolidated balance sheet The following is a reconciliation of the effect
arising from the common control combination on the consolidated balance sheet. The following is a
reconciliation of the effect arising from the common control combination on the
18 19