CLSA released a research report indicating that while China Mobile (00941) delivered weak annual results, its performance still surpassed that of its industry counterparts. Total revenue for the last year increased by 0.7% year-on-year to 895.5 billion yuan, while EBIT rose by 4.4% to 148.9 billion yuan. Mobile service revenue declined, but cloud revenue continued its growth trajectory, increasing by 13% compared to the previous year. Operating expenses were tightly controlled, with depreciation costs remaining largely flat and capital expenditure being reduced. The firm maintained its target price of HK$86 and an "Outperform" rating. The report cited China Mobile's management, which anticipates a further 9.5% reduction in capital expenditure by 2026. This is expected to support profit growth and help achieve a 7% yield, positioning the company at the top among its peers. CLSA has lowered its net profit forecasts for the company by 3% for both the current and the following year.