China Mobile's revenue is expected to grow steadily by 2025, with computing power service revenue approaching 90 billion yuan.

If you’re trading stocks, just look at the reports by Golden Qilin analyst teams—authoritative, professional, timely, comprehensive. Help you uncover high-potential theme opportunities!

（Source: NetEase Intelligent）

On March 26, China Mobile Co., Ltd. announced its 2025 annual financial and operating performance. According to the financial report, the company’s full-year operating revenue grew steadily, but profit attributable to shareholders decreased slightly year over year. While its basic communications services remain solid, emerging businesses such as computing power and intelligent services recorded significant growth, becoming a new engine for development.

Steady performance in revenue and profit; payout ratio up slightly

In 2025, China Mobile’s operating revenue reached RMB 1,050.2 billion, up 0.9%; main business revenue was RMB 895.5 billion, up 0.7%. Of this, revenue from communications services accounted for 79.8%, while revenue from computing power and intelligent services increased by 1.4 percentage points to 20.2%. Operating profit increased 4.4% year over year to RMB 148.9 billion. Profit attributable to shareholders was RMB 137.1 billion, down 0.9% year over year; on a comparable basis, it achieved 2.0% growth. EBITDA was RMB 338.9 billion, and the EBITDA margin was 32.3%. Capital expenditures fell 8.0% year over year, and free cash flow remained healthy at RMB 82.0 billion.

The board of directors recommended a final dividend of HK$2.52 per share. Together with the interim dividend already paid, the company’s total dividend for 2025 will be HK$5.27 per share, with a full-year payout ratio of 75%. It is understood that, to better reward shareholders, the company’s planned payout ratio for 2026 will remain stable and move slightly higher.

Core business structure optimized; strong growth in emerging momentum

Facing challenges from the external environment, China Mobile said that in 2025 its business development showed progress with stability, with comprehensive upgrades to its operating capabilities, and it completed the wrap-up of its “14th Five-Year Plan.”

In communications services, the company’s core base remained stable. The total number of mobile customers reached 1.005 billion, of which 642 million were 5G network customers, for a penetration rate of 63.9%. Broadband customer scale hit a new high at 329 million, with network revenue up 7.1% year over year. However, total communications services revenue was RMB 714.9 billion, down 1.0% year over year.

Computing power services became an important growth driver, with rapid revenue growth. It is understood that the company strengthened its service capabilities of “AIDC + network + computing power + operations and maintenance,” and increased the influence of its mobile cloud brand. Benefiting from explosive growth in intelligent computing demand, intelligent computing service revenue’s growth rate reached 279%, becoming the first engine. It drove computing power services revenue up 11.1% year over year to RMB 89.8 billion.

In the intelligent services sector, the company achieved innovative breakthroughs, with revenue showing strong growth. The company deepened and implemented the “Artificial Intelligence+” initiative, upgraded the “Jiutian” foundational large model, and launched more than 100 AI+ products and solutions. According to information, intelligent services revenue increased 5.3% year over year to RMB 90.8 billion.

Government and enterprise as well as international market performance stood out; infrastructure kept strengthening

In customer operations, the company promoted integration between public and government/enterprise customer segments, with a fixed-broadband integration rate of as high as 96.5%. The number of government and enterprise customers net increased by 3.58 million. Revenue from the government/enterprise segment grew 6.1% year over year, performing better than the public customer segment. In the international market, the company promoted high-quality capabilities going overseas. In 2025, international market revenue reached RMB 29.3 billion, up sharply 28.5% year over year.

In networks and infrastructure, the company continued to maintain leading advantages. According to information, the total number of its 5G base stations exceeded 2.77 million, achieving continuous coverage nationwide in townships and above. In the computing power network, the total scale of intelligent computing reached 92.5 EFLOPS, and it built a three-tier computing power latency ring. The IDC standard racks available for external service have exceeded 1.5 million racks. (Cui Yuxian)

A huge amount of information and precise analysis—everything is available in the Sina Finance APP