China Mobile's revenue exceeded 1 trillion yuan last year, with intelligent computing services growing by 279%

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（Source: Securities Times）

Securities Times Reporter Liu Canbang

On the evening of March 26, China Mobile released its 2025 annual report. In 2025, the company’s operating revenue reached 1,050.2 billion yuan, up 0.9% year-over-year; main business revenue was 895.5 billion yuan, up 0.7%; communication services accounted for 79.8% of main business revenue; computing power services and intelligent services made up 20.2%, an increase of 1.4 percentage points year-over-year.

In 2025, China Mobile’s operating profit hit 148.9 billion yuan, up 4.4%; net profit attributable to shareholders was 137.1 billion yuan, with earnings per share of 6.35 yuan. Capital expenditure was 150.9 billion yuan, down 8.0%. Free cash flow remained healthy at 82 billion yuan.

The board of China Mobile recommends a dividend of HKD 2.52 per share, bringing the total annual dividend for 2025, including the interim dividend already paid, to HKD 5.27 per share, a 3.5% increase. The payout ratio for the full year is 75%. The company states that considering profitability, cash flow, and future development needs, the dividend payout ratio in 2026 will gradually increase.

Communication services are China Mobile’s core business. The company’s mobile customers reached 1.005 billion; 5G network customers totaled 642 million, a net increase of 89.6 million, with a penetration rate of 63.9%. Broadband internet customers hit a new high of 329 million, a net increase of 9.99 million, with broadband revenue up 7.1% year-over-year. IoT SIM connections reached 1.48 billion, and the AIoT platform has become the world’s largest connection management platform. The company obtained a satellite mobile communication operating license, marking the start of commercial satellite communication operations. In 2025, communication service revenue was 714.9 billion yuan, down 1.0% year-over-year.

Computing power services are a key growth driver for China Mobile’s high-quality development. The company strengthened AIDC resource supply and reserves, with data center revenue up 8.7% YoY, including AIDC revenue up 35.4%. Driven by rapid growth in intelligent computing demand, intelligent computing services became the primary growth engine, with a 279% increase, boosting cloud computing revenue by 13.9% YoY. Monthly active cloud storage customers reached 210 million, and cloud video customers exceeded 86.7 million. In 2025, revenue from computing power services grew rapidly to 89.8 billion yuan, an 11.1% increase.

Smart services are China Mobile’s strategic high ground for future competition. The company deepened the “AI+” initiative, playing an innovative role in digital life, digital production, and digital governance scenarios. Upgrading the Jiutian Foundation Large Model to version 3.0, launching over 100 AI+ products and application solutions, 29 vertical intelligent agents, and independently building a high-quality dataset of 3,500TB. Revenue from data algorithms increased by 12.6%, and digital culture revenue grew by 13.3%. The company focused on developing over 50 self-developed industry large models, collaborating with industry leaders in energy, water conservancy, agriculture, and other sectors to build industry-specific models, advancing new industrialization. In 2025, smart service revenue reached 90.8 billion yuan, up 5.3% YoY.

Additionally, China Mobile continues to enhance the integration of domestic and international markets, serving thousands of Chinese enterprises’ cross-border development. The global data center partnership exceeds 1,300, and the “Partnership Plan” covers over 3 billion global users. The company successfully acquired Hong Kong Broadband Network. International market revenue grew rapidly to 29.3 billion yuan, a 28.5% increase.

According to the annual report, China Mobile’s operational capabilities were comprehensively upgraded in 2025. Over 2.77 million 5G base stations were deployed, achieving nationwide coverage above towns and villages, and pioneering the intelligentization of 5G-A core networks globally. Gigabit network coverage reached 530 million households, with pilot projects for 10-gigabit optical networks actively advancing. The total intelligent computing power reached 92.5 EFLOPS (FP16), supporting full-range computing from hundreds to tens of thousands of cards.

In product offerings, China Mobile seized the opportunity of accelerated digital transformation in society and the economy, continuously expanding product layout and innovation, with notable achievements. The company successfully developed 13 products with annual revenues exceeding 100 billion yuan, and 17 products serving over 100 million customers. Its AI assistant Lingxi has over 100 million monthly active users.

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