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

Securities Times reporter Liu Canbang

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

In 2025, China Mobile’s operating profit reached 148.9 billion yuan, a year-on-year increase of 4.4%; profit attributable to shareholders was 137.1 billion yuan, with earnings per share of 6.35 yuan. Capital expenditure was 150.9 billion yuan, a year-on-year decrease of 8.0%. Free cash flow was 82.0 billion yuan, remaining healthy and abundant.

China Mobile’s board of directors proposed a dividend of 2.52 Hong Kong dollars per share for all shareholders. Together with the interim dividend already distributed, the total dividend for 2025 amounts to 5.27 Hong Kong dollars per share, a year-on-year increase of 3.5%. The annual payout ratio for 2025 is 75%. The company stated that taking into account profitability, cash flow conditions, and future development needs, the payout ratio for 2026 will be stable with a potential increase.

Communication services are the foundation of China Mobile’s operations, with mobile customers reaching 1.005 billion; 5G network customers reached 642 million, with a net increase of 89.6 million, and a penetration rate of 63.9%. Broadband internet customers reached a new high of 329 million, with a net increase of 9.99 million, and broadband network revenue grew by 7.1% year-on-year. The number of IoT card connections reached 1.48 billion, and the AIoT platform became the world’s largest connection management platform. The company was granted a license for satellite mobile communication business, marking the entry into the commercialization stage of satellite communication. In 2025, communication service revenue amounted to 714.9 billion yuan, a year-on-year decrease of 1.0%.

Computing power services are an important growth engine for China Mobile’s high-quality development. The company strengthened the supply and reserve of AIDC resources, with data center revenue increasing by 8.7% year-on-year, of which AIDC revenue grew by 35.4% year-on-year. Thanks to the rapid growth of intelligent computing demand, intelligent computing services became the primary growth engine, with a growth rate of 279%, driving cloud computing service revenue up 13.9% year-on-year. The number of monthly active customers for cloud storage reached 210 million, and cloud video customers exceeded 86.7 million. In 2025, computing power service revenue grew rapidly, reaching 89.8 billion yuan, a year-on-year increase of 11.1%.

Intelligent services are a strategic high ground for China Mobile to win future competition. The company deepened the implementation of the “Artificial Intelligence +” initiative, playing an innovative leading role in scenarios of smart living, smart production, and smart governance. The company upgraded the Jiutian Basic Model 3.0, launched over 100 AI+ products and application solutions, and developed 29 industry-specific intelligent agents, creating a high-quality dataset of 3,500 TB. Revenue from data algorithms increased by 12.6% year-on-year, and revenue from smart culture grew by 13.3% year-on-year. The company is focusing on developing over 50 self-developed industry large models, collaborating with leading companies in energy, water conservancy, and agriculture to build industry large models, empowering new industrialization to deepen and solidify. In 2025, revenue from intelligent services showed good growth, reaching 90.8 billion yuan, a year-on-year increase of 5.3%.

In addition, China Mobile continues to enhance the synergistic effects of the domestic and international “two markets,” serving thousands of Chinese-funded enterprises in their multinational development, with over 1,300 global cooperation data centers, and the “Hand-in-Hand Plan” covering over 3 billion global users, successfully acquiring Hong Kong Broadband. In 2025, international market revenue grew rapidly, reaching 29.3 billion yuan, a year-on-year increase of 28.5%.

According to the annual report, in 2025, China Mobile’s operational capabilities were comprehensively upgraded. On one hand, the number of 5G network base stations exceeded 2.77 million, achieving continuous coverage in towns and above nationwide, and being the first in the world to introduce intelligent 5G-A core network. Gigabit network coverage reached 530 million households, and the ten-gigabit optical network pilot was actively promoted. In addition, the total computing power scale of intelligent computing reached 92.5 EFLOPS (FP16), achieving full specification computing capabilities from hundreds to tens of thousands of cards.

In terms of product supply, China Mobile seizes the opportunity of the accelerated digital transformation of the economy and society, continuously increasing product layout and innovation efforts, achieving positive results. The company successfully created 13 products with revenues of over 10 billion, and 17 products with over 100 million customers, with the AI smart assistant Lingxi intelligent agent having over 100 million monthly active customers.

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