Guo Ji Jin Rong Bao·2025-08-08 11:34Core 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%, while net profit increased by 5.0% to 84.2 billion yuan, showing a slowdown in growth compared to previous years [1][2]. - The telecommunications industry in China saw a cumulative 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 accounts for 36% of total revenue, generated 195.5 billion yuan, down 4.7% year-on-year, indicating a peak in data traffic growth [2][3]. - 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][4]. 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, saw revenue of 75 billion yuan, growing by 7.4%, while enterprise business revenue reached 118.2 billion yuan, up 5.6% [4]. Strategic Outlook - China Mobile is in a critical phase of strategic opportunities, reform challenges, and energy transition, facing pressures but also having significant development potential [4]. - The company anticipates a surge in network connections driven by AI smart terminals and other technologies, alongside a deep integration of digital and real-world spaces [4].