China Mobile (941) Q2 2025 earnings summary

Executive summary

• Operating revenue for 1H2025 was RMB543.8 billion, with telecommunications services revenue at RMB467.0 billion, up 0.7% year-over-year.

• Net profit attributable to equity shareholders rose 5.0% year-over-year to RMB84.2 billion, with EBITDA up 2.0% to RMB186.0 billion and an EBITDA margin of 34.2%.

• Interim dividend declared at HK$2.75 per share, up 5.8% year-over-year.

• Digital transformation revenue grew 6.6% to RMB156.9 billion, now comprising over one-third of services revenue.

• Mobile customers totaled 1.005 billion, with 5G network customers at 599 million and wireline broadband customers at 323 million.

Financial highlights

• Operating revenue was RMB543.8 billion, down 0.5% year-over-year, while telecom services revenue increased 0.7% to RMB467.0 billion.

• EBITDA margin improved to 34.2%, up 0.9 percentage points year-over-year.

• Net profit margin attributable to equity shareholders rose to 15.5%, and basic EPS increased to RMB3.90.

• Free cash flow was RMB25.5 billion, and net cash from operating activities was RMB83.8 billion.

• Capital expenditure for 1H2025 was RMB58.4 billion, representing 12.5% of telecom services revenue.

Outlook and guidance

• The company will increase cash distribution as a percentage of attributable profit for 2025.

• Focus remains on quality, efficiency, risk prevention, and sustainable development, with accelerated digital intelligence transformation and AI+ initiatives.

• Targets rapid growth in AI direct revenue, international business, and net addition of over 70 million 5G network customers.