業績會第一現場

was live · ·

China Mobile Full-Year 2025 Results Live Broadcast

[AI Key Points Summary]

Financial Performance

- Operating revenue of 1,050.2 billion yuan in 2025, a year-on-year increase of 0.9%; operating profit of 148.9 billion yuan, a year-on-year increase of 4.4%; net profit of 137.1 billion yuan, an increase of 2% under the same criteria

- EBITDA margin increased by 0.2 percentage points to reach 32.3%, maintaining profitability at the leading level among world-class operators

- Computing power service revenue reached 89.8 billion yuan, a year-on-year increase of 11.1%, accounting for 10% of total revenue; intelligent service revenue reached 90.8 billion yuan, a year-on-year increase of 5.3%

- Free cash flow of 82 billion yuan, net cash inflow from operating activities of 232.9 billion yuan, international market revenue reaching 29.3 billion yuan, a year-on-year increase of 28.5%

Business Progress

- Mobile customers reached 1.01 billion, broadband customers reached 330 million, IoT card connections reached 1.48 billion, and satellite communications achieved commercial operation

- Over 2.77 million 5G base stations, total computing capacity reached 925,000 PFLOPS, with more than 1.5 million standard IDC racks for external services

- Upgraded the Jiutian foundational large model, launched over a hundred AI-enhanced products and application solutions, as well as more than fifty industry-specific large models

- Successfully acquired Hong Kong Broadband, established Jiutian Artificial Intelligence Company, and set up a computing power office to coordinate the planning of the computing power network

Guidance for next quarter’s performance

- Achieve steady revenue growth and profit growth on a comparable basis by 2026

- Capital expenditure on communication networks will decrease somewhat, while communication service revenue will achieve steady growth

- Capital expenditure on computing power networks and intelligent networks will increase significantly, with revenue from computing power services and intelligent services expected to grow rapidly

- The dividend payout ratio will remain stable with an upward trend by 2026, with confidence in achieving rapid growth in free cash flow

Opportunity

- Rapid expansion in international markets, serving hundreds of millions of mobile customers roaming globally, and supporting tens of thousands of Chinese enterprises in cross-border development

- Computing power services will focus on data centers, cloud computing services, and cloud-based applications to seize new opportunities for demand growth

- Intelligent services will be deeply integrated into living, production, and governance scenarios, achieving innovative breakthroughs

- Promoting transformation capabilities through digitalization, with over 1.4 trillion total middleware calls and more than 80,000 active digital employees

[AI Conference Record]

Event host Huang Huilan

Good evening, investors and analysts. I am Huang Huilan, the event host for tonight. Welcome to China Mobile Limited's full-year 2025 earnings release conference. In addition to participants at the venue, some investors are joining via live stream on the Shanghai Stock Exchange’s Roadshow Center or by phone. Everyone is warmly welcomed.

Now, let me introduce the company's management attending tonight's earnings release conference: Chen Junyue, Executive Director and Chairman; Wang Lingmin, Executive Director; Li Huidi, Vice General Manager; Li Ronghua, Executive Director and Chief Financial Officer; and Zhang Dong, Vice General Manager. Now, let's invite Chairman Chen Junyue to present the overall performance of the company for 2025.

Chairman Chen Junyue

Ladies and gentlemen, good evening, and welcome to China Mobile's 2025 annual earnings release conference. I will first provide an overview of the company’s overall performance for 2025, followed by Mr. Li Ronghua who will discuss the financial results.

In 2025, despite a complex external environment and numerous challenges, the company achieved positive outcomes in various areas. First, business development progressed steadily. Second, operational capabilities were comprehensively upgraded. Third, innovation and reform yielded significant results. Fourth, shareholder returns continued to improve. Fifth, we accelerated efforts to build a world-class company. The materials include key performance indicators for 2025 for your reference.

First, the company’s business development made steady progress. In 2025, operating revenue reached 1,050.2 billion yuan, a year-on-year increase of 0.9%; operating profit was 148.9 billion yuan, up 4.4% year-on-year; net profit amounted to 137.1 billion yuan, growing by 2% on a comparable basis. EBITDA margin improved by 0.2 percentage points to 32.3%, maintaining a leading level among global top-tier operators.

Next, let me report on the company’s business development across three core sectors: communications, computing power, and intelligence. In 2025, the company maintained a solid foundation in communication services, generating revenue of 714.9 billion yuan, a decrease of 1% year-on-year. The number of mobile subscribers reached 1.01 billion, broadband subscribers hit 330 million, IoT connections totaled 1.48 billion, and satellite communications achieved commercial operations.

Computing power services represent a key growth driver for the company’s high-quality development. In 2025, this segment accelerated, with revenue reaching 89.8 billion yuan, a year-on-year increase of 11.1%, accounting for 10% of total revenue, up by 0.9 percentage points. Data center revenue grew by 8.7%, with AIDC revenue increasing by 35.4%. Cloud computing revenue rose by 13.9%, with compute-related revenue growing by 279%. Applications such as cloud storage, cloud video, and cloud PCs achieved large-scale promotion, further enhancing the Mobile Cloud brand.

Intelligent services are the company’s strategic high ground for future competition. In 2025, the segment achieved innovative breakthroughs, generating revenue of 90.8 billion yuan, a year-on-year increase of 5.3%, representing 10.2% of total revenue, up by 0.5 percentage points. We upgraded the foundational Jiutian large model and launched more than a hundred AI-enhanced products and application solutions, along with over fifty industry-specific large models. Revenue from data algorithms and digital culture experienced rapid growth.

The company continues to promote integration between two customer groups: individual consumers and enterprises. The convergence rate of mobile and broadband services reached 96.5%. Among enterprise customers, membership exceeded 200 million, with a net increase of 9.35 million users. For individual consumers, the focus has been on stabilizing the existing base, increasing usage, and enhancing value. The number of Global Pass customers reached 200 million, and gigabit broadband customers hit 110 million, generating revenue of 655.1 billion yuan. For enterprise customers, the emphasis has been on strengthening capabilities, expanding scale, and delivering high-quality results. The company serves 3.58 million enterprise clients, generating revenue of 240.4 billion yuan.

The company continues to enhance its integrated development in both domestic and international markets. The international market expanded rapidly, serving hundreds of millions of roaming mobile customers globally and supporting tens of thousands of Chinese enterprises in their cross-border development. The successful acquisition of Hong Kong Broadband further strengthened our presence. In 2025, international market revenue reached 29.3 billion yuan, a year-on-year increase of 28.5%.

The company is committed to building a large-scale service system, with ten service commitments effectively implemented, elevating the service level to new heights. The monthly active users of the China Mobile app reached 346 million, marking a 55% year-over-year increase. The duration of 5G network usage has risen to 97.6%. The Global Access and Mobile Home customer brands have been refreshed, and a business customer brand for smart enterprises has been created, ranking among the top in brand value globally among operators.

Secondly, the company's operational capabilities have been comprehensively upgraded. By 2025, capital expenditure amounted to 150.9 billion yuan, an 8% decrease year-over-year. Investment structure continued to be optimized, with infrastructure being further consolidated. There are over 2.77 million 5G base stations, and the company was the first globally to introduce intelligent 5G-A core networks. Gigabit network coverage extended to 530 million households and businesses, maintaining its leading position in communication networks.

The total computing capacity reached 925,000 PFLOPS, with a backbone 400G OTN network built and covering nearly all regions nationwide. Over 1.5 million standard IDC racks are available for external services, accelerating the layout of the computing power network. A multi-model and agent aggregation service engine named MOMA was developed, enhancing data networking and deepening the integrated application of 5G and industrial internet, with continuous acceleration in intelligent network innovation.

The company has continuously increased efforts in product innovation, significantly enhancing supply capabilities. Communication services primarily focus on refreshing formats around mobile communications, broadband networks, cellular IoT, and satellite connectivity. Computing power services focus on seizing new demand growth opportunities related to data centers, cloud computing services, and applications. Intelligent services are deeply integrated into life, production, and governance scenarios, encompassing data algorithms, collective intelligence, digital culture, digital e-commerce, and industry-specific digital services.

The company successfully developed 13 products each generating revenue exceeding 10 billion yuan and 17 products with more than 100 million customers. The Lingxi intelligent agent surpassed 100 million monthly active users.

Thirdly, the company's reform and innovation achievements were remarkable. Continuous investment in innovation strengthened technological capabilities, with ongoing breakthroughs in network innovations. Core 5G technology patents won the Gold Award for Chinese patents, and the number of 6G international standard proposals ranked among the top tier globally among operators. The launch of Computing Network Brain 3.0 led to the implementation of eight national, hub-level, and regional platforms. The 'Nine Heavens' large model topped the OpenCompass list, while the 'Nine Heavens Industrial Large Model' was selected for the 2025 global list.

Expansion in emerging fields accelerated, with the quantum computing platform completing full-stack quantum computing access. The total physical qubit size reached 2,001 qubits, fully covering the five mainstream technology routes.

Significant progress was achieved in reforms and management innovation. Reforms boosted vitality by establishing a computing office to coordinate the computing power network and promote major projects. The creation of the 'Nine Heavens Artificial Intelligence Company' centralized the company's IT, data technology, and AI capabilities. Incentives attracted talent, making the team structure better suited to the development needs of new productivity, earning recognition as one of the top ten best employers in China for 2025.

Digital transformation capabilities were promoted through central platform calls exceeding 1.4 trillion times and over 80,000 active digital employees. Lean management improved efficiency across all factors, with operating expenses growing at a slower rate than revenue.

The company actively fulfilled its corporate ESG responsibilities, advancing green development comprehensively and demonstrating social responsibility pragmatically. Corporate governance has proven highly effective. For three consecutive years, it received the highest five-star-plus rating, was included in the top 100 ESG pioneer companies in China, awarded the ESG Model Demonstration Base title, and gained widespread acclaim for its ESG performance.

The board recommends a final dividend of HKD 2.52 per share for the fiscal year ending December 31, 2025 to be distributed to all shareholders. Including the interim dividend already paid, the total dividend for 2025 amounts to HKD 5.27 per share, representing a year-on-year increase of 3.52%. The payout ratio for 2025 is 75%. To better reward shareholders and share development outcomes, the company has fully considered profitability, cash flow conditions, and future development needs, and the payout ratio for 2026 will steadily increase.

Looking ahead, the company will anchor its vision of becoming a world-class technology services enterprise, adhering to three core businesses: communication services, computing power services, and intelligent services, while committing to network infrastructure strengthening and full-stack innovation. By 2030, the company aims to essentially become a world-class technology services enterprise, and by 2035, to fully achieve this status, becoming a globally leading communications operator, computing power operator, and intelligent services operator.

The year 2026 marks the beginning of the 15th Five-Year Plan, during which the company will focus on improving quality and efficiency, as well as enhancing core competitiveness. It will revamp communication services, accelerate computing power services, and enhance intelligent services; deepen network infrastructure strengthening, digital capability enhancement, and brand strengthening; advance technological innovation, develop new productivity, invest better in networks, faster in minds, and stronger in people.

This page outlines the company's key operating targets for 2026. Facing various uncertainties, the company will remain confident in its development and strive to break new ground, achieving steady revenue growth and synchronized profit growth. Capital expenditures for the communication network will decrease somewhat, while communication service revenue will achieve stable growth; capital expenditures for computing power and intelligent networks will significantly increase, with computing power and intelligent services revenue experiencing rapid growth.

That concludes my presentation. Next, Mr. Li Ronghua will introduce the company's financial performance. Thank you all.

Mr. Li Ronghua

Thank you, Chairman Chen, and welcome to all investors. Now, I will introduce the company's financial performance for 2025.

In 2025, the company's overall financial performance remained stable, with operating revenue reaching 1,050.2 billion yuan, representing a year-on-year increase of 0.9%. Of this, core business revenue amounted to 895.5 billion yuan, up 0.7% year-on-year, while other business revenue, including mobile terminal sales, reached 154.7 billion yuan, a year-on-year increase of 2.2%.

The company achieved good results in operational management, with operating expenses increasing by 0.3% year-on-year. Due to the impact of tax allocation on package income, other gains decreased by 108.6% year-on-year. Affected by market interest rates, interest and other income fell by 20.4% year-on-year. Thanks to improved performance of invested enterprises, investment income calculated using the equity method increased by 12.2% year-on-year.

As a result, the company achieved a net profit of 137.1 billion yuan, representing a year-on-year decrease of 0.9%, but an increase of 2% on a comparable basis.

From the revenue structure of the financial statements, growth in mobile communication services such as voice and short messaging has slowed somewhat, while the proportion of revenue from fixed broadband, applications, information services, computing power services, and intelligent services continues to increase, with steady progress in the transformation of growth drivers.

The company has focused on strengthening cost control, with the annual cost increase being 0.6 percentage points lower than the revenue increase. On the basis of ensuring investment in transformation, the company strictly controlled outsourcing expenses and enhanced the application of its own capabilities. Network operation and support costs amounted to 285.7 billion yuan, increasing by 0.8%; capital expenditures remained stable with a slight decrease, depreciation and amortization reached 190 billion yuan, dropping by 0.6%.

The company continued to increase incentives for core personnel at the grassroots level, with employee compensation and related costs reaching 154.1 billion yuan, an increase of 1.4%. The company increased investments in existing operations, customer service, and marketing resources, with sales expenses amounting to 56.2 billion yuan, growing by 3%.

The company strengthened the classified management of operational accounts, reinforced internal R&D capabilities, strictly controlled administrative expenses, and reduced other operating expenses by 8.4% to 62.3 billion yuan.

The company maintained a leading profitability, with operating profit reaching 148.9 billion yuan, a year-on-year increase of 4.4%. EBITDA reached 338.9 billion yuan, up 1.6% year-on-year, and the EBITDA ratio was 32.3%, improving by 0.2 percentage points year-on-year.

The value contribution from the company's equity investments continued to rise, with investment income calculated using the equity method reaching 12.5 billion yuan in 2025, a year-on-year increase of 12.2%. The successful acquisition of Hong Kong Broadband has continuously strengthened the company's industrial layout in areas such as data centers, quantum technology, and low-altitude economy, effectively leveraging capital.

The company's cash flow remains healthy and abundant, with net cash inflow from operating activities reaching 232.9 billion yuan and free cash flow at 82 billion yuan. Although there was a year-on-year decline, there was significant improvement in the second half compared to the first half. In 2026, the company is confident in achieving rapid growth in free cash flow.

The company's capital structure remains robust, and its corporate credit rating continues to be at the sovereign level. In 2026, the company will adhere to a steady and progressive approach, further strengthening business management, enhancing quality and efficiency, reinforcing risk prevention and control, and ensuring high-quality and sustainable development.

This concludes our introduction and analysis of the company's performance in 2025. We are now happy to answer any questions you may have. Thank you all.

More details:CHINA MOBILE IR

Note: The above content is generated by an AI language model based on publicly available data and third-party automatic subtitles. The content does not represent any position of Futu, nor does it constitute any investment advice. Futu Group makes no express or implied guarantees or statements regarding the accuracy, timeliness, or completeness of the above content.

138K Views