China Mobile's revenue exceeded 1 trillion yuan last year: communication service income decreased by 1%, while computing power income grew by 10%.

Ask AI · How will the decline in capital expenditures but a surge in compute capacity investments affect the future strategy?

China Mobile’s revenue last year exceeded 1 trillion yuan, and its net profit fell by 0.9%.

On March 26, China Mobile (600941.SH, 0941.HK) released its 2025 annual report. Revenue was 1.05 trillion yuan, up 0.9% year over year; operating revenue from main business reached 895.5 billion yuan, up 0.7% year over year. The share of communication services revenue in operating revenue from main business was 79.8%. Revenue from compute power services and intelligent services accounted for 20.2% of operating revenue from main business, up 1.4 percentage points year over year.

China Mobile’s operating profit for 2025 was 148.9 billion yuan, up 4.4%. Profit attributable to shareholders was 137.1 billion yuan, down 0.9% year over year; profit under the same basis increased 2.0% year over year; earnings per share were 6.35 yuan. EBITDA was 338.9 billion yuan, up 1.6%. The EBITDA margin was 32.3%, up 0.2 percentage points year over year.

For 2025, China Mobile’s capital expenditures were 150.9 billion yuan, down 8.0% year over year, while free cash flow was 82.0 billion yuan. In capital expenditures, investment in compute power networks and intelligent networks grew by 62.4% and 19.8%, respectively. Among the three networks, the share of investment in compute power networks and intelligent networks exceeded 37%.

By business segment, communication services are China Mobile’s core business. The number of mobile customers is stable at 1.005 billion accounts; 5G network customers reached 642 million, a net increase of 89.6 million accounts, with a penetration rate of 63.9%. Broadband customers reached 329 million, a net increase of 9.99 million, and broadband network revenue grew 7.1% year over year. In its financial report, China Mobile pointed out that the company received the operating license for satellite mobile communication business, and satellite communication has entered a commercialization and operational stage. In 2025, communication services revenue was 714.9 billion yuan, down 1% year over year.

China Mobile considers compute power services an important growth engine for high-quality development. The financial report shows that data center revenue grew 8.7% year over year. Of this, AIDC revenue grew 35.4% year over year. Benefiting from the rapid growth in demand for intelligent computing, intelligent computing services became the first engine, with growth reaching 279%, driving cloud computing services revenue to grow 13.9% year over year. Monthly active users for cloud drives reached 210 million accounts, and cloud video customers exceeded 86.70 million. In 2025, compute power services revenue rapidly grew to 89.8 billion yuan, up 11.1% year over year.

Intelligent services are China Mobile’s strategic high ground to win future competition. China Mobile upgraded its Jiutian foundational large model 3.0 and launched over 100 AI+ products and application solution offerings, as well as 29 vertical intelligent agents. It also independently built high-quality datasets totaling 3500TB. Revenue from data and algorithms grew 12.6% year over year, and revenue from digital intelligence culture grew 13.3% year over year. It focuses on deploying more than 50 self-developed industry large models. Together with industry leaders in energy, water conservancy, agriculture, and others, it co-builds industry large models to empower and help new-type industrialization go deeper and become more solid. In 2025, intelligent services revenue achieved solid growth, up 5.3% to 90.8 billion yuan.

In terms of integrating and connecting the two categories of customer groups, China Mobile’s Global Link customers reached 200 million accounts, a net increase of 41.9 million accounts; gigabit broadband customers reached 110 million accounts, a net increase of 97 million accounts; revenue from public customer segments was 655.1 billion yuan, down 1.2% year over year. Government and enterprise customers reached 36.17 million accounts, a net increase of 3.58 million accounts; revenue from government and enterprise customer segments reached 240.4 billion yuan, up 6.1% year over year. In rapid international expansion, 2025 international market revenue grew 28.5% year over year to 29.3 billion yuan.

The financial report shows that China Mobile’s 5G network base stations exceeded 2.77 million, achieving continuous coverage across areas above towns nationwide. It was the first globally to introduce intelligent 5G-A core networks. Gigabit network coverage reached 530 million households, and pilot projects for ten-gigabit optical networks are being actively advanced.

China Mobile’s board of directors recommended paying to all shareholders a final dividend of HK$2.52 per share for the year ended December 31, 2025, together with the interim dividend already paid. Total dividends for 2025 amounted to HK$5.27 per share, up 3.5% year over year. The interim dividend plus the final dividend totaled 103.532 billion yuan.

According to Great Wisdom VIP, as of the close on March 26, China Mobile’s A-shares rose 0.02%, to 93.87 yuan per share.