Core Viewpoint - China Mobile reported its Q3 2025 financial results, showing modest growth in both revenue and net profit compared to the previous year [1] Financial Performance - In Q3 2025, the company achieved an operating revenue of 250.9 billion yuan, representing a year-on-year increase of 2.5% [1] - The net profit for Q3 2025 was 31.1 billion yuan, reflecting a year-on-year growth of 1.4% [1] - For the first three quarters of 2025, the total operating revenue reached 794.7 billion yuan, which is a 0.4% increase year-on-year [1] - The net profit for the first three quarters was 115.4 billion yuan, showing a year-on-year growth of 4% [1] - The basic earnings per share for the first three quarters stood at 5.34 yuan [1]

公司简称：中国移动 股票代码：600941 中国移动有限公司 2025年第三季度报告 2025 年第三季度报告 重要提示 本报告中数据若出现合计值与各分项数值之和尾数不符的情况，均为四舍五入所致。 主要财务数据 主要会计数据 | | | | | 由2025年1月1日 | 由2024年1月1日 | | | --- | --- | --- | --- | --- | --- | --- | | | 由2025年7月1日 | 由2024年7月1日 | | 至2025年9月30日 | 至2024年9月30日 | | | | 至2025年9月30日 | 至2024年9月30日 | | 期间／ | 期间／ | | | （单位：人民币亿元） | 期间 | 期间 | 变化 | 于2025年9月30日 | 于2024年12月31日 | 变化 | | 营业收入 | 2,509 | 2,447 | 2.5% | 7,947 | 7,915 | 0.4% | | 其中：主营业务收入 | 2,162 | 2,145 | 0.8% | 6,831 | 6,780 | 0.8% | | 其他业务收入 | 347 | 303 | 14.8% ...

特此公告。 2025年第三季度客户数据公告 中国移动有限公司（以下简称"本公司"或"公司"）公布 2025 年第三季度 的客户数据，详情如下： | 单位：万户 | 2025 年第三季度 | | --- | --- | | 移动业务 | | | 客户总数 | 100,887.4 | | 本季度净增客户数 | 399.6 | | 本年累计净增客户数 | 455.9 | | 网络客户数 5G | 62,235.3 | | 有线宽带业务 | | | 客户总数 | 32,876.6 | | 本季度净增客户数 | 553.7 | | 本年累计净增客户数 | 1,419.6 | 本公司谨此提醒投资者，上述客户数据为内部统计数据，并不代表公司对未 来经营情况的任何明示或默示的预测或保证，投资者应注意不恰当依赖或使用上 述数据可能造成的投资风险。 股票代码：600941 股票简称：中国移动 公告编号：2025-025 中国移动有限公司 中国移动有限公司 2025年10月20日 1 ...

Core Viewpoint - China Mobile reported its Q3 2025 results, showing modest growth in both revenue and net profit for the first three quarters and the third quarter alone [1] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 794.7 billion yuan, representing a year-on-year increase of 0.4% [1] - The net profit attributable to shareholders for the same period was 115.4 billion yuan, reflecting a year-on-year growth of 4.0% [1] - In Q3 2025, the company's revenue reached 250.9 billion yuan, marking a year-on-year increase of 2.5% [1] - The net profit attributable to shareholders in Q3 was 31.1 billion yuan, which is a year-on-year growth of 1.4% [1]

Core Insights - eSIM technology is entering a new commercial phase in China, with major telecom operators officially launching eSIM services for mobile phones, marking a significant shift in the industry [2][3] - The adoption of eSIM is expected to expand beyond mobile phones into various sectors, including consumer electronics and the Internet of Things (IoT), driven by technological advancements and policy support [3][4] Industry Developments - Apple has announced the launch of the iPhone Air, the first eSIM-only phone in China, set to be released on October 22 [2] - Domestic brands like OPPO and vivo are quickly following suit, with OPPO already launching an eSIM-compatible model and others expected to release their versions soon [2][3] - eSIM technology is anticipated to enhance device capabilities, such as waterproofing and shock resistance, while also allowing for multiple SIM profiles [3] Market Performance - eSIM concept stocks have shown strong performance, with an average increase of 42.42% year-to-date, significantly outperforming the Shanghai Composite Index [5] - Six stocks in the eSIM sector have seen gains exceeding 50%, including Hengbao Co., Dongxin Peace, and Meige Intelligent [5] - Despite the overall positive trend, some stocks have experienced significant pullbacks, with several dropping over 30% from their year-to-date highs [8] Company Strategies - Several A-share companies are actively investing in eSIM technology, including Unisoc, which has launched multiple eSIM products, and Eastcompeace, which has developed an embedded operating system for eSIM management [4] - Megmeet has established a mature eSIM solution and is producing large volumes of 4G/5G chips, while Chutianlong has received product approval from China Unicom for its eSIM offerings [4] Future Projections - GSMA Intelligence forecasts that by the end of 2025, global eSIM smartphone connections will reach 1 billion, and by 2030, this number is expected to rise to 6.9 billion, representing 76% of total smartphone connections [3]

Core Viewpoint - China Mobile reported a slight increase in operational revenue for the first three quarters of 2025, indicating stable growth in a competitive telecommunications market [1] Financial Performance - The group's operational revenue reached RMB 794.7 billion, representing a year-on-year growth of 0.4% [1] - Communication service revenue amounted to RMB 683.1 billion, with a year-on-year increase of 0.8% [1] - EBITDA was recorded at RMB 265.4 billion, showing a year-on-year growth of 0.9% [1] - Shareholder profit attributable to the company was RMB 115.4 billion, reflecting a year-on-year increase of 4.0% [1] Customer Metrics - The total number of mobile customers reached 1.009 billion, with 5G network customers accounting for 622 million [1] - The number of fixed broadband customers stood at 329 million [1]

Core Insights - China Mobile reported a net profit of 115.4 billion RMB for the first three quarters, representing a year-on-year growth of 4% [1] - The company's operating revenue for the same period reached 794.7 billion RMB, showing a slight increase of 0.4% year-on-year [1] - Communication service revenue amounted to 683.1 billion RMB, with a year-on-year growth of 0.8% [1] - Revenue from product sales and other services declined to 111.5 billion RMB, reflecting a year-on-year decrease of 1.7% [1]

中国移动前三个月净利润1,154亿元人民币，同比增长4%。 ...

除手机外，蜂窝物联网也是eSIM应用的另一个主战场，而且是发展更为迅速的一个领域。目前，eSIM已广泛应用于 智能穿戴、智能表计、车联网、工业互联网等领域，为物联网各类场景网络接入提供便捷手段。从用户视角看，物联 网eSIM需求更强烈，对场景的支持更加明显。本次在对手机eSIM启动全面商用，支持eSIM整个产业链加速完善，客 观上也推动物联网eSIM进一步发展。 物联网eSIM对用户的价值明显 近期，针对eSIM的宣传较多，对于eSIM基本概念已有大量普及。eSIM作为蜂窝通信设备用户身份识别模块新的形 态，相对于实体Sim卡有多重显著优势，一个看得见的优势是支持取消卡槽，为各类终端节省出一定空间，为设备的 小型化设计、散热等带来实实在在的好处；另外，传统Sim卡依赖金属触点，在频繁震动、高温高湿、盐雾等恶劣场 景下，容易造成Sim卡接触不良或氧化，从而导致通信中断，而eSIM作为嵌入式的模组，在这方面可靠性大大提升。 除了这些显而易见的好处外，eSIM还有诸多隐形优势，节约供应链物流成本较为典型，因为无需实体Sim卡，可以大 大简化卡片的制作、包装、物流、库存等环节，节约相关厂商成本。用户也可以获得"无感" ...

Core Insights - China Mobile reported its unaudited performance and operational data for the first three quarters of 2025, showing a revenue of RMB 794.7 billion, a year-on-year increase of 0.4% [1] - The company's communication service revenue reached RMB 683.1 billion, growing by 0.8% year-on-year [1] - Shareholder profit stood at RMB 115.4 billion, reflecting a 4.0% increase compared to the previous year [1] Group Performance - The total number of mobile customers reached 1.009 billion, with 622 million being 5G network customers [1] - The number of fixed broadband customers was 329 million [1] - Mobile internet traffic increased by 8.3% year-on-year, with mobile data usage (DOU) reaching 17.0 GB, up by 8.1% [1] - The mobile ARPU (Average Revenue Per User) was RMB 48.0 [1] Personal Market - The company focused on expanding its segmented market and enhancing value management, implementing growth plans for customer retention and service upgrades [1] - The mobile customer base grew to 1.009 billion, with 5G customers at 622 million [1] Family Market - China Mobile emphasized the "Mobile Love Home" brand, creating a family-centered integrated business model [2] - The total number of fixed broadband customers reached 329 million, with a net increase of 14.2 million in the first three quarters [2] - The family broadband customer count was 288 million, with a net increase of 9.76 million [2] - The comprehensive ARPU for family customers was RMB 44.4 [2] Government and Enterprise Market - The company strengthened its platform-based operational system and refined its customer management for both government and enterprise sectors [2] - The DICT (Data, Information, Communication Technology) business revenue showed good growth, with AI-related income experiencing rapid increases [2] Emerging Markets - China Mobile is actively leveraging high-level opening opportunities to foster international business growth [2] - The company is deepening its "content + technology + integrated innovation" operations, achieving steady growth in key product customer scales [2]