China Mobile (00941) rose nearly 3%, with shares up 2.2% to HK$83.6 at the time of writing, generating a turnover of HK$2.171 billion. On April 20, the company reported its first-quarter 2026 results, posting an operating revenue of RMB 266.5 billion, a 1.0% increase year-on-year. Of this, main business revenue amounted to RMB 219.9 billion, down 1.1% year-on-year, while other business revenue reached RMB 46.6 billion, up 12.7% year-on-year. Profit attributable to equity shareholders was RMB 29.3 billion, a decline of 4.2% year-on-year, with a profit margin of 11.0%. EBITDA stood at RMB 76.7 billion, down 5.0% year-on-year, representing 34.9% of main business revenue.

UBS noted that China Mobile's first-quarter 2026 results were largely in line with expectations, primarily impacted by value-added tax adjustments, though partly offset by improvements in operational efficiency. The bank indicated that the company's operating cash flow remained stable compared to the fourth quarter of last year and surged 128% year-on-year, mainly due to extended payable days leading to improved working capital. Management maintained its guidance for stable and healthy revenue growth and expects profit to grow in a coordinated manner after excluding the impact of VAT adjustments.