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中国移动面临“天花板”:流量红利消退,下一步怎么办?
Guo Ji Jin Rong Bao·2025-08-08 11:32

Core Viewpoint - China Mobile is experiencing growth anxiety, with its first revenue decline in nearly six years, indicating challenges in traditional communication demand and market saturation [1][2]. Financial Performance - In the first half of 2025, China Mobile reported revenue of 543.8 billion yuan, a year-on-year decrease of 0.5%, marking its first negative revenue growth in six years [1]. - The net profit attributable to shareholders increased by 5.0% to 84.2 billion yuan, but the growth rate has been consistently slowing compared to previous years [1]. - The overall telecom industry in China saw a revenue of 905.5 billion yuan in the first half of 2025, with a growth rate of only 1%, significantly down from 3% in the previous year [2]. Business Segment Analysis - The wireless internet business, which constitutes 36% of total revenue, generated 195.5 billion yuan but saw a decline of 4.7% year-on-year, indicating a peak in data traffic growth [2]. - Traditional communication services are declining, with voice service revenue at 34.2 billion yuan (down 5.7%) and short message service revenue at 16.1 billion yuan (down 0.7%) [3]. - In contrast, the wired broadband business grew by 8.9% to 68.6 billion yuan, and application and information services increased by 5.9% to 136.7 billion yuan [2][3]. Market Dynamics - The personal market revenue decreased by 4.1% to 244.7 billion yuan, despite a total mobile customer base exceeding 1 billion, with a net increase of only 560,000 customers [3]. - The family market, centered on fixed broadband, achieved 75 billion yuan in revenue, growing by 7.4%, although the growth rate has slowed compared to the previous year [4]. - The enterprise business, including cloud computing and ICT, generated 118.2 billion yuan, with a growth rate of 5.6%, down from 7.3% in the previous year [4]. Strategic Outlook - China Mobile is at a critical juncture, facing pressures and challenges while also having significant development opportunities [4]. - The company anticipates a surge in network connections driven by AI smart terminals and other technologies, which could lead to exponential growth in demand [4]. - The integration of digital and physical spaces is expected to stimulate societal demand for computing power and data, creating new economic opportunities [4].