China Mobile Ltd Stock: 2025 Earnings Show Resilient Revenue Growth Amid Profit Dip and Dividend Increase

China Mobile Ltd (ISIN: HK0941009539) reported 2025 full-year results today, with operating revenue up 0.9% to RMB 1,050.187 billion on the Hong Kong Stock Exchange (HKEX) in HKD, but net profit down 0.9% to RMB 137.095 billion. The company raised its final dividend to HK$2.52 per share, signaling confidence despite customer base challenges.

China Mobile Ltd released its 2025 annual results on March 26, 2026, highlighting steady revenue growth in China's vast telecommunications market while facing profitability pressures and a slight decline in mobile subscribers.

As of: 26.03.2026

By Elena Vasquez, Senior Financial Editor at NorthStar Market Insights: China Mobile Ltd dominates China's telecom sector with its massive 5G network and customer base, offering North American investors exposure to Asia's digital transformation.

2025 Financial Performance Overview

China Mobile Ltd, listed on the Hong Kong Stock Exchange under ticker 00941.HK and ISIN HK0941009539, posted operating revenue of RMB 1,050.187 billion for the full year 2025, marking a 0.9% increase year-over-year.

Net profit for the period came in at RMB 137.095 billion, reflecting a 0.9% decline from 2024 levels, which fell short of some analyst estimates around 137.10 billion yuan.

EBITDA rose 1.6% to RMB 338.931 billion, with the margin improving slightly to 32.3%.

Basic earnings per share stood at RMB 6.35, down 1.6% from RMB 6.45 in the prior year.

Dividend Policy and Shareholder Returns

The board declared a final dividend of HK$2.52 per share, up from HK$2.49 the previous year, bringing the full-year total dividend to HK$5.27, a 3.5% increase.

This payout corresponds to a dividend payout ratio of approximately 75% for the year, aligning with forecasts from multiple brokers.

For North American investors trading HKEX-listed shares in HKD, this enhances the stock's appeal as a yield play in the telecom sector.

The consistent dividend growth underscores China Mobile's commitment to returning capital amid competitive pressures.

Customer Metrics and 5G Progress

In the fourth quarter of 2025, China Mobile's total mobile customers stood at approximately 1.005 billion, reflecting a net decrease of 3.705 million quarter-over-quarter.

For the full year, the company added a net 854,000 mobile customers.

On a positive note, 5G network customers reached 642 million for the year, highlighting strong adoption of advanced network technologies.

This positions China Mobile as a leader in China's 5G rollout, critical for future data services and IoT applications.

Business Model and Market Position

China Mobile Ltd operates as one of the world's largest telecommunications providers, primarily serving mainland China with mobile, broadband, and enterprise solutions.

Its integrated model spans wireless, wireline, and digital services, benefiting from economies of scale in a market of over 1 billion potential users.

The company's dominance in mobile subscriptions provides a stable revenue base, supplemented by growing 5G and cloud computing segments.

Competition from China Unicom and China Telecom remains intense, but China Mobile's network scale and spectrum holdings offer a competitive edge.

Relevance for North American Investors

North American investors gain indirect exposure to China's digital economy through China Mobile Ltd shares on HKEX in HKD, accessible via many brokerages.

The stock's high dividend yield, bolstered by the recent increase to HK$5.27 annually, appeals to income-focused portfolios seeking emerging market telecom stability.

With 5G customer growth to 642 million, the company aligns with global trends in connectivity, potentially benefiting from U.S.-China tech supply chains indirectly.

Trading at levels around 77.50 HKD recently, it offers value in a sector with defensive qualities during economic uncertainty.

Risks and Open Questions

A key risk is the net loss of 3.705 million mobile customers in Q4 2025, signaling potential churn amid price competition and economic slowdowns in China.

Profitability dipped 0.9% despite revenue gains, raising questions on cost controls and margin sustainability in a saturated market.

Geopolitical tensions could impact investor sentiment toward Chinese ADRs and HK-listed stocks, affecting liquidity for North American holders.

Investors should monitor Q1 2026 customer additions, 5G ARPU growth, and dividend sustainability. Regulatory changes in telecom spectrum or data privacy also warrant attention.

Overall, while the 2025 results show resilience, sustained customer growth and profit recovery will be pivotal.

Disclaimer: Not investment advice. Stocks are volatile financial instruments.