China Mobile (00941) released annual results, with a shareholder profit of 137.095 billion yuan, a decrease of 0.9% year-on-year.

China Mobile (00941) released its annual performance report for the year ending December 31, 2025, with the group achieving operating revenue of RMB 1,050.187 billion (the same unit below), an increase of 0.9% year-on-year; the profit attributable to shareholders was RMB 137.095 billion, a decrease of 0.9% year-on-year; basic earnings per share were RMB 6.35, and a final dividend of HKD 2.52 per share is proposed.

The foundation of communication services is solid. Communication services are the company’s core operations, and the company insists on integrated development and refined operations. The mobile customer base remains stable, reaching 1.005 billion; 5G network subscribers reached 642 million, with a net increase of 89.6 million, resulting in a penetration rate of 63.9%. Broadband connections reached a new high of 329 million, with a net increase of 9.99 million, and broadband network revenue grew by 7.1% year-on-year. The number of IoT card connections reached 1.48 billion, with the AIoT platform becoming the world’s largest connection management platform. The company received a license for satellite mobile communication business, marking the commercialization stage of satellite communication. Communication service revenue for 2025 is expected to reach RMB 714.9 billion, a decrease of 1.0% year-on-year.

Computing power services are accelerating. Computing power services are an important growth engine for the company’s high-quality development, as the company strengthens AIDC resource supply and reserves, significantly enhancing its “AIDC + network + computing power + operations” service capabilities, and the mobile cloud brand is more prominent. Data center revenue grew by 8.7% year-on-year, with AIDC revenue increasing by 35.4% year-on-year. Thanks to the rapid growth in intelligent computing demand, intelligent computing services have become the primary engine, with a growth rate of 279%, driving cloud computing service revenue to grow by 13.9% year-on-year. Monthly active users of cloud storage reached 210 million, and cloud video customers exceeded 86.7 million. Computing power service revenue is expected to grow rapidly in 2025, reaching RMB 89.8 billion, an increase of 11.1% year-on-year.

Innovations in intelligent services have made breakthroughs. Intelligent services are the company’s high ground for winning future competition, as the company deepens the implementation of the “Artificial Intelligence +” initiative, playing an innovative guiding role in scenarios of digital life, digital production, and digital governance. The upgrade of the Jiutian Foundation Model 3.0 has led to the launch of over 100 AI+ products and application solutions, and 29 vertical intelligent agents, independently creating high-quality datasets of 3,500 TB, with data algorithm revenue growing by 12.6% year-on-year, and digital culture revenue growing by 13.3% year-on-year. The company focuses on developing over 50 self-developed industry models, collaborating with leading companies in energy, water conservancy, and agriculture to jointly build industry models, empowering the deep and practical advancement of new industrialization. Revenue from intelligent services is expected to grow well in 2025, reaching RMB 90.8 billion, an increase of 5.3% year-on-year.

The integration of two customer groups is seamless. The company continues to promote the integration of the public and enterprise “two customer groups,” with a mobile-broadband integration rate of 96.5%. In the enterprise customer group, the number of member customers exceeds 200 million, with a net increase of 9.35 million. For the public customer group, the focus is on stabilizing existing customers, increasing usage, and enhancing value, with global communication customers reaching 200 million, a net increase of 4.19 million; gigabit broadband customers reached 110 million, with a net increase of 9.7 million; revenue from the public customer group reached RMB 655.1 billion, a decrease of 1.2% year-on-year. For the enterprise customer group, the company is accelerating upgrades to the enterprise market system, focusing on strengthening capabilities, expanding scale, and enhancing quality and efficiency, with the number of enterprise customers reaching 36.17 million, a net increase of 3.58 million, and revenue from the enterprise customer group reaching RMB 240.4 billion, an increase of 6.1% year-on-year.

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