China Mobile Q1–Q3 2025 results and they matter if you follow Chinese telecom, 5G adoption, or network monetization trends.
Here’s a clean, data-driven breakdown that keeps every original figure and adds clear, actionable insight for investors, founders, techies, and marketers.
Overview (2025.10.20)
On the evening of October 20, 2025, China Mobile (Zhongguó Yídòng 中国移动) announced its operating results for the first nine months of 2025.
The group reported modest year‑on‑year growth across revenue and core profit metrics, alongside continued expansion of its 5G and fixed broadband customer bases.
Key figures (first nine months of 2025)
- Operating revenue: ¥7,947 亿元 RMB (≈ ¥794.7 billion RMB / $109.6 billion USD).
- Telecom services (通信服务 Tōngxìn Fúwù) revenue: ¥6,831 亿元 RMB (≈ ¥683.1 billion RMB / $94.3 billion USD).
- EBITDA: ¥2,654 亿元 RMB (≈ ¥265.4 billion RMB / $36.6 billion USD).
- Profit attributable to shareholders: ¥1,154 亿元 RMB (≈ ¥115.4 billion RMB / $15.9 billion USD), up 4.0% year‑on‑year.
- Mobile subscribers: 10.09 亿户 (≈ 1.009 billion users).
- 5G subscribers: 6.22 亿户 (≈ 622 million users).
- Fixed broadband subscribers: 3.29 亿户 (≈ 329 million users).
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Quick math that matters
- Revenue growth was roughly 0.4% YoY for the group, while telecom services revenue rose ≈ 0.8% YoY.
- EBITDA margin (EBITDA ÷ Operating revenue) ≈ 33.4% based on reported figures.
- Attributable profit margin (Shareholders’ profit ÷ Operating revenue) ≈ 14.5%.
- 5G penetration inside the mobile base: 622M / 1,009M ≈ 61.7%.
- Fixed broadband penetration relative to mobile: 329M / 1,009M ≈ 32.6%.
What this means — short and practical
The growth profile is steady, not explosive.
Revenue and telecom services both ticked up by less than 1% YoY, signaling limited top‑line momentum while costs and capital intensity remain relevant.
EBITDA and shareholders’ profit posted small positive growth, which implies stable operating cash generation and disciplined cost control.
The real story is network adoption: 5G users now exceed 600 million, which confirms the ongoing consumer shift to next‑gen mobile services and higher‑value plans.
Fixed broadband at 329 million subscribers keeps China Mobile strong in home and enterprise access, which matters for bundled services and ARPU (average revenue per user) upside.
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Why investors and founders should care
- Investors: Margins remain healthy (EBITDA ≈ 33.4%, profit margin ≈ 14.5%), which is attractive in a capital‑intensive industry that’s also scaling 5G.
- Founders / Startups: The 622M 5G base is a large, addressable market for apps, cloud gaming, AR/VR, IoT platforms, and edge compute services.
- Product & Marketing teams: Bundles that combine mobile 5G + fixed broadband have a powerful cross‑sell play given the 32.6% broadband-to-mobile ratio.
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Where to watch next (risks & catalysts)
- Top‑line pressure: Sub‑1% revenue growth means China Mobile needs new monetization levers to accelerate ARPU improvement.
- Competition: Other carriers and tech firms pushing fixed + mobile bundles and cloud services could compress margins or force faster innovation.
- Capex vs. returns: Continued 5G expansion demands capital; watch capex guidance and free cash generation as the company balances growth versus shareholder returns.
- Monetization of 5G: The critical strategic question is how quickly higher‑value 5G services translate into meaningful ARPU increases.
Practical takeaways
- Stable income, growth challenge: China Mobile delivered stable cash flows and modest profit growth, but top‑line momentum is weak.
- Scale advantage: 1.009 billion mobile subs is a moat that powers distribution and platform plays.
- 5G as the growth engine: With ~622M 5G users, the company has the user base to monetize premium services across consumer and enterprise segments.
Methodology note
All RMB figures from the announcement were listed in 亿元 (100 million yuan).
USD conversions above use an exchange rate of 1 USD ≈ 7.25 CNY and are rounded to one decimal place.
Amounts are approximate and provided for reader convenience.
References
- China Mobile: First Three Quarters Shareholders’ Profit 1154亿元, YoY +4% – Jiemian News
- 中国移动：前三季度股东应占利润1154亿元 同比增长4% – 东方财富
- Investor Relations / Press Releases – China Mobile Limited
China Mobile Q1–Q3 2025 results show a company with huge scale, steady cash generation, and a 5G base that creates optionality — now it’s about turning that scale into faster revenue and ARPU growth.
