China Mobile (00941) reported operating revenue of RMB 1,050.20 billion for 2025, a year-on-year increase of 0.9%. Revenue from principal businesses reached RMB 895.53 billion, up 0.7%, driven by double-digit expansion in computing services and sustained growth in AI offerings.

Profit from operations rose 4.4% to RMB 148.93 billion, while profit attributable to equity shareholders slipped 0.9% to RMB 137.10 billion; on a comparable basis (excluding tax methodology changes) profit grew 2.0%. EBITDA climbed 1.6% to RMB 338.90 billion, lifting the EBITDA margin by 0.2 percentage points to 32.3%.

Segment performance • Communications services revenue fell 1.0% to RMB 714.90 billion amid pricing pressure. • Computing services became the fastest-growing pillar, advancing 11.1% to RMB 89.80 billion on strong demand for intelligent computing and cloud products. • AI services delivered RMB 90.80 billion, a 5.3% increase supported by new “AI+” solutions and the Jiutian 3.0 large model. • International market revenue surged 28.5% to RMB 29.30 billion, aided by the consolidation of Hong Kong Broadband and “Belt and Road” projects.

Operational metrics • Mobile subscribers totaled 1.005 billion; 5G users grew by 89.60 million to 642 million (63.9% of mobile base). • Integrated broadband customers rose 9.99 million to 329 million, with broadband revenue up 7.1%. • IoT card connections hit 1.48 billion, maintaining the world’s largest AIoT platform. • 5G base stations exceeded 2.77 million, and intelligent computing capacity reached 92.5 EFLOPS.

Cash flow & capex Capital expenditure declined 8.0% to RMB 150.90 billion, supporting free cash flow of RMB 82.00 billion.

Dividends The Board proposed a final dividend of HK$2.52 per share, taking full-year dividends to HK$5.27 per share, up 3.5% year-on-year and representing a 75% payout ratio. Management targets a “stable-to-rising” payout ratio for 2026.

Policy update China’s Ministry of Finance and State Taxation Administration will reclassify certain data, SMS/MMS and broadband services from value-added to basic telecommunications effective 1 January 2026, raising their VAT rate from 6% to 9% and creating additional revenue and profit uncertainty.

Outlook For the first year of the 15th Five-Year Plan, the company will continue to “revitalize” communications services, “accelerate” computing services and “upgrade” AI services while controlling capex and advancing network innovation, aiming for “stable and healthy” revenue and coordinated profit growth on a comparable basis.