China Mobile (600941.SH, 0941.HK) announced its full-year 2025 results on March 26. The annual report indicates the company's operating revenue reached 10,502 billion yuan, a year-on-year increase of 0.9%. Primary business revenue amounted to 8,955 billion yuan, up 0.7% compared to the previous year. Communication services accounted for 79.8% of primary business revenue, while computing power services and intelligent services represented 20.2%, an increase of 1.4 percentage points.
In terms of operational development, communication services remain the company's foundational business. China Mobile's mobile customer base remains stable at 1.005 billion users. Its 5G network customers reached 642 million, with a net addition of 89.6 million users, representing a penetration rate of 63.9%. Broadband internet customers totaled 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, making its AIoT platform the world's largest connection management platform. Having obtained a satellite mobile communication business license, China Mobile has entered the commercial operation phase for satellite communication. Revenue from communication services in 2025 was 714.9 billion yuan, a slight decrease of 1.0%.
Computing power services serve as a major growth driver for China Mobile's high-quality development. The company strengthened its AIDC resource supply and reserves, significantly enhancing its service capabilities in "AIDC + network + computing power + operations." Data center revenue increased by 8.7% year-on-year, with AIDC revenue surging 35.4%. Benefiting from rapidly growing demand for AI computing, intelligent computing services became the primary engine for growth, soaring 279% and driving cloud computing service revenue up by 13.9%. Cloud drive monthly active users reached 210 million, while cloud video customers exceeded 86.7 million. Revenue from computing power services in 2025 grew rapidly to 89.8 billion yuan, an 11.1% increase year-on-year.
Concurrently, intelligent services are viewed by China Mobile as a strategic high ground for future competitiveness. The company deepened its implementation of the "AI+" initiative, playing an innovative leading role in digital-intelligent lifestyle, production, and governance scenarios. It upgraded its Jiutian foundation model to version 3.0, launched over 100 AI+ products and application solutions, and introduced 29 vertical-specific intelligent agents. It independently developed a high-quality dataset of 3,500 TB. Revenue from data algorithms increased by 12.6%, and digital-intelligent culture revenue grew by 13.3% year-on-year. The company focused on developing over 50 self-developed industry-specific large models and collaborated with leaders in sectors like energy, water conservancy, and agriculture to build industry models, empowering the deepening and solid advancement of new industrialization. Intelligent service revenue for China Mobile in 2025 was 90.8 billion yuan, a 5.3% increase.
Regarding operational capabilities, China Mobile accelerated the deployment of its computing power network. Total AI computing scale reached 92.5 EFLOPS (FP16), achieving full-specification computing capability from hundreds to over ten thousand cards. It improved its three-tier computing power latency circle: 1 millisecond within metropolitan areas, 5 milliseconds within provinces, and 20 milliseconds nationwide. The 400G OTN inter-provincial backbone network now essentially covers the entire country, with externally serviced IDC standard racks exceeding 1.5 million. The company pursued intelligent network integration and innovation, focusing on building an intelligent, platform-based infrastructure centered on capability supply, characterized by ubiquitous connectivity and scenario-based services. It developed the MoMA multi-model and intelligent agent aggregation service engine, strengthened its MaaS and intelligent agent platforms, upgraded the data circulation infrastructure "Data Interconnection Network," and deepened integrated "5G+Industrial Internet" applications.
In product supply, China Mobile concentrated on computing power services, strengthening the Mobile Cloud brand, enhancing AIDC resource supply, and building intelligent cloud services to achieve intelligent scheduling and service for diverse computing network resources including general computing, AI computing, supercomputing, and quantum computing. For intelligent services, the company leveraged its Jiutian AI capabilities, focusing on digital-intelligent lifestyle scenarios, integrating into digital-intelligent production scenarios, and expanding into digital-intelligent governance scenarios. Currently, China Mobile has developed 13 products with revenue exceeding 10 billion yuan and 17 products with over 100 million customers. Its AI smart assistant Lingxi Intelligent Agent boasts over 100 million monthly active users.
At the beginning of the 15th Five-Year Plan period, China Mobile stated it will continue to strengthen, optimize, and expand its communication, computing power, and intelligent services, driving effective qualitative improvement and reasonable quantitative growth.
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