[Citi: China Mobile's third-quarter performance was slightly worse than expected, maintaining a "buy" rating] On October 21, Citi released a research report stating that China Mobile's third-quarter operating income was 242.3 billion yuan, a year-on-year decrease of 3.4%, 1.0% lower than the bank's expectations, and 2.4% lower than market expectations. Net profit was 27.3 billion yuan, a year-on-year decrease of 12.4%, which was 3.2% and 5.9% lower than the bank and market expectations respectively. EBITDA was 73.9 billion yuan, 1.3% and 3.7% lower than the bank and market expectations respectively, with an EBITDA profit margin of 30.5%. Although the number of mobile users, 5G and broadband business customers maintained steady growth, the continued weakness in telecommunications business revenue and the continued impact of cost pressures resulted in limited profit margin expansion, and the overall performance was slightly lower than expected. Citigroup maintains a "buy" rating for China Mobile, with a target price of HK$97 for H shares and 118 yuan for A shares.