智通财经网·2025-10-21 08:18Core Viewpoint - UBS has slightly adjusted its forecasts for China Mobile post-earnings announcement, maintaining revenue estimates for 2025 to 2027 while reducing net profit estimates by 0% to 1% due to macroeconomic headwinds affecting profitability [1] Group 1: Financial Performance - China Mobile's Q3 service revenue reached 216.2 billion RMB, a year-on-year increase of 0.8%, aligning with market expectations [1] - EBITDA for Q3 decreased by 1.7% to 79.4 billion RMB, falling short of market expectations by 3% [1] - Net profit saw a slight year-on-year increase of 1.4%, primarily due to reduced depreciation and amortization expenses following peak capital expenditures, which partially offset rising operating costs [1] Group 2: Revenue Breakdown - The mobile ARPU for Q3 2025 declined by 2.5%, contributing to a 2% year-on-year decrease in mobile service revenue [1] - Total service revenue growth of 0.8% in Q3 was driven by a 6.1% increase in fixed-line revenue [1] Group 3: Cash Flow and Financial Health - Q3 operating cash flow was 77.2 billion RMB, a quarter-on-quarter increase of 47%, representing 36% of total service revenue, a recovery from 18% in the first half of 2025 [2] - Accounts payable decreased by 15.9 billion RMB over the first nine months, indicating China Mobile's support for upstream suppliers amid macroeconomic challenges [2] - UBS believes that, as indicated by management, China Mobile's cash flow should remain under control [2]