The document is the annual report of China Mobile Limited for 2008. It includes information such as the company address and contact details, financial highlights for 2008, statements from the chairman and management discussion and analysis, and consolidated financial statements. It provides an overview of the company's financial and operating performance for 2008, noting that subscriber numbers and voice usage increased while contributions from value-added businesses also rose.

1. ChinaMobileLimited
60/F., The Center
99 Queen’s Road Central
Hong Kong
Tel: (852) 3121 8888
Fax: (852) 3121 8809
Website: www.chinamobileltd.com
AnnualReport2008

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CONTENTS
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
China Mobile Limited 2008 Annual Report

4. 4
CHINA MOBILE LIMITED 2008 Annual Report
5
Finanical HighlightsFinanical Highlights
OPERATING PERFORMANCE
Unit: RMB million
The Company
The NWDSH
Group
Adjustments
(Note 1) Consolidated
Item HK$’000 HK$’000 HK$’000 HK$’000
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
Capital reserve — 397,683 (60,115) 337,568
Contributed surplus 820,385 — (820,385) —
Statutory reserve — 11,360 — 11,360
826,480 911,249 (880,500) 857,229
OPERATING PERFORMANCE
Unit: RMB million
The Company
The NWDSH
Group
Adjustments
(Note 1) Consolidated
Item HK$’000 HK$’000 HK$’000 HK$’000
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
Capital reserve — 397,683 (60,115) 337,568
Contributed surplus 820,385 — (820,385) —
Statutory reserve — 11,360 — 11,360
826,480 911,249 (880,500) 857,229
TURNOVER BREAKDOWN TURNOVER ANALYSIS BY GEOGRAPHICAL
SEGMENTS
0
50
100
150
200
250
300
350
HK$”000
03/200803/200703/200603/2005
230.5 270.3 260.8
78.7
21.5
10.7
CDM Turnover Retail Turnover
0%
20%
40%
60%
80%
100%
120%
03/200803/200703/200603/2005
29.4%
4.5% 7.4%
9.4%
1.9%
18.7%
10.5%
2.0%
21.5%
0.0% 0.0%
29.1%
33.5%
28.6%
21.4%
1.3%
13.9%
3%
10.2%
23.2%
32.1%
Europe
Retail
America China Hong Kong Africa Other Asia-Pacific regions
CDM
0
50
100
150
200
250
300
350
HK$ (million)
2008200720062005
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
HK$ (million)
2008200720062005
241,210
41,697
52,773
73,488
0
1
2
3
4
5
6
7
8
HK$ (cent)
2008200720062005
0.056
0.070
0.098
339,480
291,739
REVENUE PROFIT FOR THE YEAR BASIC EARNINGS PER
SHARE

5. 6
CHINA MOBILE LIMITED 2008 Annual Report
7
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. 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
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.
Chairman’s Statement
10
CHINA MOBILE LIMITED 2008 Annual Report
11
Wang Jianzhou
Chairman and Chief Executive Officer

7. 11
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.

8. Business Review
OTHER OPERATING EXPENSES (continued)
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
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.
OTHER OPERATING EXPENSES
Other operating expenses increased by 23.8% from HK$149.8 million in FY2006 to HK$185.5 million in FY2007.
This increase was primarily due to a HK$13.7 million increase in water and electricity expenses 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 operating
Business Review
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.
OTHER OPERATING EXPENSES
Other operating expenses increased by 23.8% from HK$149.8 million in FY2006 to HK$185.5 million in
FY2007. This increase was primarily due to a HK$13.7 million increase in water and electricity expenses
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
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$97.5 million in FY2007. This increase was
primarily due to increase in depreciation and amortisation as a result of recognising a full year’s operations
of certain stores opened in last year and new stores openings in current year under review. Depreciation
and amortisation expense as a percentage to revenue decreased by 1.0% in FY2007 primarily due to strong
0
50
100
150
200
250
300
350
HK$ (million)
2008200720062005
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
HK$ (million)
2008200720062005
241,210
41,697
52,773
73,488
0
1
2
3
4
5
6
7
8
HK$ (cent)
2008200720062005
0.056
0.070
0.098
339,480
291,739
REVENUE PROFIT FOR THE YEAR BASIC EARNINGS PER
SHARE
12
CHINA MOBILE LIMITED 2008 Annual Report
13

9. 14
CHINA MOBILE LIMITED 2008 Annual Report
15
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.

10. Financial Review
OTHER OPERATING EXPENSES (continued)
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
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.
OTHER OPERATING EXPENSES
Other operating expenses increased by 23.8% from HK$149.8 million in FY2006 to HK$185.5 million in FY2007.
This increase was primarily due to a HK$13.7 million increase in water and electricity expenses 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 operating
Financial Review
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$267.7 million in FY2007, primarily due to the effect of recognising a full
year’s operations of certain stores opened in last year and new stores openings in current year under review.
Operating lease rental expense as a percentage to revenue decreased by 4.0% in FY2007 mainly as a result of
operating leverage of the expense.
0
50
100
150
200
250
300
350
HK$ (million)
2008200720062005
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
HK$ (million)
2008200720062005
241,210
41,697
52,773
73,488
0
1
2
3
4
5
6
7
8
HK$ (cent)
2008200720062005
0.056
0.070
0.098
339,480
291,739
REVENUE PROFIT FOR THE YEAR BASIC EARNINGS PER
SHARE
1716
CHINA MOBILE LIMITED 2008 Annual Report
1 GENERAL INFORMATION AND GROUP REORGANISATION (continued)
1.2 Group reorganisation (continued)
The consolidated balance sheet as at 30 June 2007:
The Company
The NWDSH
Group
Adjustments
(Note 1) Consolidated
HK$’000 HK$’000 HK$’000 HK$’000
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
Capital reserve — 397,683 (60,115) 337,568
Contributed surplus 820,385 — (820,385) —
Statutory reserve — 11,360 — 11,360
Retained earnings — 484,526 — 484,526
Exchange reserve — 17,680 — 17,680
826,480 911,249 (880,500) 857,229
Note:
(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
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.

11. Notes to the Financial Statements(Expressed in Renminbi)
18
CHINA MOBILE LIMITED 2008 Annual Report
Notes to the Financial Statements
19
1 GENERAL INFORMATION AND GROUP REORGANISATION
1.1 Group reorganisation
ABC123 (Hong Kong) Company Limited (the “Company”) was incorporated in the Cayman Islands on 25 January
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
Cayman KY1-1111, Cayman Islands.
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
Exchange of Hong Kong Limited (the “Stock Exchange”) on 12 July 2007 (Note 30).
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
for issue by the Board of Directors on 10 October 2007.
1.2 Group reorganisation
In the preparation for the initial public offering of the shares of the Company on the Stock Exchange,
the Group underwent a group reorganisation (the “Reorganisation”). The Company acquired the
entire issued share capital of New World Department Stores (Holdings) Limited (“NWDSH”) through
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
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
Group, at a consideration of RMB2.
These consolidated financial statements have been prepared using the principles of merger
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
1 GENERAL INFORMATION AND GROUP REORGANISATION (continued)
1.2 Group reorganisation (continued)
The consolidated balance sheet as at 30 June 2007:
The Company
The NWDSH
Group
Adjustments
(Note 1) Consolidated
HK$’000 HK$’000 HK$’000 HK$’000
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
Capital reserve — 397,683 (60,115) 337,568
Contributed surplus 820,385 — (820,385) —
Statutory reserve — 11,360 — 11,360
Retained earnings — 484,526 — 484,526
Exchange reserve — 17,680 — 17,680
826,480 911,249 (880,500) 857,229
Note:
(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
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.
(Expressed in Renminbi)