Shang Hai Zheng Quan Bao·2025-10-20 18:07Core Viewpoint - China Mobile reported a net profit increase of 4.0% year-on-year for the first three quarters of 2025, indicating stable financial performance despite a modest revenue growth of 0.4% [2][5]. Financial Performance - The company's operating revenue for the first three quarters reached 794.7 billion yuan, with a net profit attributable to shareholders of 115.4 billion yuan, resulting in a net profit margin of 14.5% [2]. - EBITDA for the same period was 265.4 billion yuan, reflecting a 0.9% year-on-year growth, with an EBITDA margin of 38.8% [2]. - In Q3 alone, revenue was 250.9 billion yuan, showing a 2.5% increase year-on-year, while net profit grew by 1.4% [2]. Shareholder Activity - Significant increases in shareholding were noted from insurance companies, with China Life increasing its stake by 5.549 million shares and Taiping Life by 2.449 million shares, elevating their rankings to sixth and seventh among major shareholders [2][3]. - Hong Kong Central Clearing Limited also increased its holdings by 2.179 million shares, while ICBC's SSE 50 ETF became a new top ten shareholder with 17.2312 million shares [3]. Business Segment Performance - In the personal market, China Mobile expanded its customer base to 1.009 billion, with 622 million 5G users. Mobile internet traffic grew by 8.3%, and the average revenue per user (ARPU) was 48.0 yuan [4]. - The family market saw a total of 329 million broadband customers, with a net addition of 14.2 million in the first three quarters, and a family customer ARPU of 44.4 yuan [4]. - In the government and enterprise market, the company focused on platform-based operations and reported strong growth in its DICT business, with significant increases in AI-related revenues [4]. Strategic Outlook - China Mobile aims to enhance its international business growth and leverage domestic and international market synergies, with a commitment to becoming a world-class information service and technology innovation company by 2025 [5]. - The company is implementing a comprehensive strategy that includes three major plans and three deepening initiatives to ensure steady growth and value creation for shareholders and customers [5].