Xin Lang Cai Jing·2025-12-15 13:34Core Insights - China Mobile disclosed an annual procurement exceeding 530 billion yuan, with over 17,000 signed suppliers, indicating a shrinking market [1][20] - The capital expenditure (CAPEX) trend shows a decline from 92 billion yuan in H1 2022 to 58.4 billion yuan in H1 2025, a decrease of over 30% [4][22] - The CAPEX for H1 2025 is projected to account for 51.8% of the total investment by the three major operators [4][9] Procurement Scale - Annual procurement amount exceeds 530 billion yuan, with over 17,000 suppliers [1][20] - The supplier classification includes 10 strategic suppliers, 14 core suppliers, and 299 excellent (A-level) suppliers [1][20] CAPEX Trends - CAPEX is expected to decrease from 151.2 billion yuan in 2024 to 138.5 billion yuan in 2025, a decline of 8.5% [4][22] - Despite the overall decline, CAPEX remains a significant portion of the three operators' total investment [4][22] Supplier Classification - The core suppliers list includes notable companies such as Haiguang Information, HiSilicon, and Feiteng, indicating a push towards a self-controlled supply chain [5][23] - Strategic suppliers like FiberHome are recognized for their deep collaboration with China Mobile, emphasizing future technological advancements [5][24] Investment Logic - China Mobile plans to invest 37.3 billion yuan in computing power, representing 25% of its capital expenditure, with no upper limit on investment based on market demand [6][25] - The focus on computing power investment reflects its importance as a core competitive weapon for the future [6][25] Domestic Supply Chain Acceleration - The supplier classification highlights a clear trend towards domestic suppliers, with many core suppliers being key players in the domestic innovation industry [7][25] - The domestic AI chip's procurement success indicates strong support for local manufacturing [6][27] Industry Restructuring - The classification system aims to reshape the entire industry chain, focusing on technology, security, and efficiency [11][28] - Companies in the "strategic" tier will collaborate with China Mobile on cutting-edge technologies like 6G and AI [11][29] Future Game Rules - The emphasis on specialization means companies with technical advantages in niche areas will be favored [12][30] - Stricter domestic requirements will continue to strengthen, favoring local suppliers [13][30] - Innovation capabilities will become a critical criterion for companies aiming for the "strategic" tier [14][30] Survival Guide for Suppliers - Suppliers aiming for a larger share in the existing market should strive to meet the standards of core suppliers [15][31] - Those looking to capitalize on new market opportunities should focus on becoming strategic suppliers in emerging technologies [16][31] - Enhancing domestic capabilities will be essential for suppliers seeking international support [17][31]