China Mobile (941) Q4 2025 earnings summary

Executive summary

• 2025 operating revenue rose 0.9% to RMB1,050.2 billion; operating profit increased 4.4% to RMB148.9 billion.

• Net profit was RMB137.1 billion, down 0.9% year over year, but up 2.0% on a comparable basis.

• Computing and AI services expanded as traditional communications growth slowed, shifting growth drivers toward technology services.

• 2026 priorities include stable, healthy revenue growth, comparable profit growth, and greater investment in computing and AI networks.

• The 2025 dividend was HK$5.27 per share, up 3.5%, with a 75% payout ratio.

Financial highlights

• Principal business revenue was RMB895.5 billion, up 0.7%; other business revenue was RMB154.7 billion, up 2.2%.

• Operating expenses rose 0.3% year over year; operating costs grew 0.6 percentage points slower than revenue.

• EBITDA reached RMB338.9 billion, up 1.6%; EBITDA margin was 32.3%, up 0.2 percentage points.

• Basic EPS was RMB6.35 and diluted EPS was RMB6.30; net profit margin was 13.1%, down 0.2 percentage points.

• Interest and other income declined 20.4%; equity-method investment income rose 12.2% to RMB12.5 billion.

Outlook and guidance

• 2026 targets stable and healthy revenue growth and coordinated profit growth on a comparable basis.

• Communications service revenue is expected to grow steadily, while communications network CapEx is expected to decline.

• 2026 CapEx is planned at RMB136.6 billion, down 9.5% year over year; over 37% of network investment is allocated to computing and AI.

• Computing and AI network investment is expected to rise significantly, with rapid revenue growth targeted in both businesses.

• The 2026 dividend payout ratio is expected to remain stable or rise; rapid free cash flow growth is targeted.