China Mobile stands as a cornerstone of the global telecommunications industry, driving unparalleled connectivity and technological innovation across the world’s largest customer base. As the leading information and communications technology (ICT) services provider, China Mobile is at the forefront of the “AI+” era, leveraging 5G, artificial intelligence (AI), cloud computing, and Internet of Things (IoT) solutions to transform industries, households, and economies. This comprehensive post explores China Mobile’s Whether you’re an investor, technology enthusiast, or industry observer, this deep dive into China Mobile’s operations offers valuable insights into its role as a global telecom powerhouse.
Company Profile: A Global Leader in ICT and Innovation
China Mobile Limited is the preeminent ICT services provider in mainland China and Hong Kong, renowned for operating the world’s largest mobile network and serving an unmatched customer base. Established on September 3, 1997, in Hong Kong, the company has grown into a global titan, employing approximately 455,405 people as of December 31, 2024. Its mobile customer base surpassed the 1 billion milestone in June 2024, reaching 1.004 billion, while its wireline broadband customers totaled 315 million. With a staggering 3.67 billion total connections—including mobile phones, broadband, IoT, home devices, and industry devices—China Mobile is a leader in connectivity scale and scope.
The company’s operations span all 31 provinces, autonomous regions, and directly-administered municipalities in mainland China, as well as the Hong Kong Special Administrative Region (SAR). In 2024, China Mobile generated operating revenue of RMB1,040.8 billion, a 3.1% increase from 2023, with telecommunications services contributing RMB889.5 billion (85.5% of total revenue). Its business model is structured around the “CHBN” framework—Customer (C), Home (H), Business (B), and New (N) markets—delivering a wide array of services, including voice, data, broadband, dedicated lines, Internet Data Centers (IDC), cloud computing, IoT, and AI-driven solutions.
China Mobile’s ultimate controlling shareholder is China Mobile Communications Group Co., Ltd. (CMCC), which holds a 69.40% stake in the company as of December 31, 2024, with the remaining 30.60% owned by public investors. The company’s financial stability is underscored by corporate credit ratings equivalent to China’s sovereign ratings: A+/Stable from Standard & Poor’s and A1/Negative from Moody’s. Globally recognized, China Mobile ranks among the Forbes Global 2,000, Fortune Global 500, and BrandZ Top 100 Most Valuable Global Brands (position 63 in 2024). Its commitment to innovation is evident in its “1-2-2-5” strategy, which focuses on building a world-class information services and sci-tech innovation enterprise through smart infrastructure, integrated services, and technological advancements.
The company’s success is driven by its ability to adapt to the digital intelligence era, characterized by high-quality data, high-performance computing, and sophisticated AI algorithms. By integrating these elements, China Mobile is not only a telecommunications provider but also a catalyst for industrial transformation, empowering sectors such as healthcare, education, manufacturing, and smart cities. Its focus on customer-centric operations, value-oriented growth, and technological leadership positions it as a model for global telecom excellence.
Company History: A Legacy of Connectivity and Innovation
Keywords: China Mobile history, telecommunications evolution, 5G pioneer, global telecom expansion, IPO milestones, AI transformation, low-altitude economy
China Mobile’s journey from a regional telecom provider to a global leader is a testament to its vision and adaptability. Incorporated in Hong Kong on September 3, 1997, the company quickly established itself as a major player by listing on the New York Stock Exchange (NYSE) and the Hong Kong Stock Exchange (HKEX) on October 22 and 23, 1997, respectively. Its inclusion in the Hang Seng Index on January 27, 1998, marked its emergence as a financial powerhouse. The company’s delisting from the NYSE on May 18, 2021, reflected strategic shifts, but its listing of RMB ordinary shares (A Shares) on the Shanghai Stock Exchange (SSE) on January 5, 2022, and the addition of an RMB counter on the HKEX on June 19, 2023, expanded its investor reach.
Over the years, China Mobile has been a pioneer in telecommunications technology. In the early 2000s, it solidified its dominance in 2G and 3G networks, laying the groundwork for its leadership in 4G and 5G. The company’s 2024 milestones highlight its relentless pursuit of innovation:
- February 2024: Launched two air-ground experimental satellites equipped with satellite-borne base stations and core network equipment, enhancing connectivity in remote and aerial environments.
- March 2024: Deployed the world’s first 400G all-optical inter-provincial backbone network, enabling ultra-high-speed data transmission.
- March 2024: Initiated the world’s first 5G-Advanced (5G-A) commercial deployment, setting a new standard for mobile connectivity.
- April 2024: Secured dual filing for its Jutian large model, the first central state-owned enterprise-developed AI model for generative AI and deep synthesis services.
- June 2024: Surpassed 1 billion mobile customers, a historic milestone, and won two First Prize awards in The State Scientific and Technological Progress Award for its 5G innovations.
- July 2024: Recognized on the “China ESG Listed Companies Pioneer 100 List” with the highest evaluation, reflecting its commitment to sustainability.
- September 2024: Completed the China Mobile Intelligent Computing Center in Harbin, the largest single-cluster intelligent computing center among domestic telecom operators.
- October 2024: Unveiled the “Four Engines and Two Wings” capability system to support the low-altitude economy, targeting drone and aerial technology applications.
These achievements build on decades of technological leadership, from establishing the world’s largest 4G network to pioneering 5G and AI innovations. China Mobile’s focus on the “AI+” era, combined with its strategic investments in satellite communications, intelligent computing, and low-altitude technologies, positions it to shape the future of global connectivity.
Products and Services: Comprehensive Solutions for a Connected World
Keywords: China Mobile services, 5G technology, broadband solutions, cloud computing, IoT applications, smart home ecosystem, digital transformation, enterprise ICT
China Mobile’s product and service portfolio is designed to meet the diverse needs of individual consumers, households, businesses, and emerging markets. Structured around the CHBN framework, the company offers a wide range of telecommunications and ICT solutions, underpinned by its world-class network infrastructure. Below is a detailed overview of its offerings:
- Customer Market (C):
- Voice and Data Services: Comprehensive mobile plans, including 5G packages with high-speed data, voice, and SMS. In 2024, the mobile customer base reached 1.004 billion, with 552 million 5G network customers (55% penetration).
- 5G New Calling: A smart communication platform with 150 million monthly active users and 34.75 million smart application subscribers, offering advanced features like AI-enhanced calls and multimedia messaging.
- Integrated-Benefit Products: Value-added services generating RMB26.8 billion in 2024, a 19.7% year-on-year increase, including loyalty programs and bundled offerings.
- China Mobile Cloud Drive: A personal cloud storage solution with RMB8.9 billion in revenue, up 12.6% from 2023, providing secure data storage and sharing.
- Home Market (H):
- Wireline Broadband: High-speed internet services for households, serving 315 million customers in 2024, with a focus on fiber-optic connectivity.
- Smart Home Ecosystem: Integrated solutions for home automation, including smart devices, IoT-enabled appliances, and content services, enhancing user convenience and connectivity.
- Business Market (B):
- Dedicated Lines: High-capacity, secure connectivity solutions for enterprises, supporting critical operations.
- Internet Data Centers (IDC): Scalable data center services for businesses, ensuring robust data management and storage.
- Cloud Computing: Comprehensive cloud solutions, including infrastructure-as-a-service (IaaS) and platform-as-a-service (PaaS), driving digital transformation for enterprises.
- System Integration and ICT Services: Tailored solutions for industries like healthcare, education, and manufacturing, integrating AI, big data, and connectivity.
- New Market (N):
- Internet of Things (IoT): IoT solutions for smart cities, agriculture, and logistics, with millions of connected devices driving efficiency and innovation.
- AI-Driven Applications: Powered by the Jutian large model, these include generative AI tools and deep synthesis services for various industries.
- Low-Altitude Economy Solutions: Technologies for drone operations and aerial connectivity, supported by the “Four Engines and Two Wings” system.
China Mobile’s services are supported by its advanced infrastructure, including the 400G all-optical backbone network and the Harbin Intelligent Computing Center, ensuring high-speed, reliable, and secure connectivity. The company’s focus on digital transformation revenue, which reached RMB278.8 billion in 2024 (31.3% of telecom services revenue), underscores its shift toward innovative, value-added services.
Brand Details: A Symbol of Trust and Innovation
Keywords: China Mobile brand, global brand value, BrandZ ranking, telecom branding, customer trust, AI branding, 5G branding
The China Mobile brand is a global icon, recognized for its reliability, innovation, and scale. Ranked 63 in the BrandZ Top 100 Most Valuable Global Brands 2024, the brand reflects China Mobile’s ability to deliver cutting-edge technology and customer-centric services. Its brand portfolio includes:
- China Mobile: The core brand, encompassing mobile, broadband, and ICT services, known for its world-class network and customer reach.
- China Mobile Cloud Drive: A personal cloud storage platform, generating RMB8.9 billion in 2024, offering secure and accessible data solutions.
- Jutian Large Model: A flagship AI brand, recognized as the first central state-owned enterprise-developed model with dual filing for generative AI and deep synthesis services.
- 5G New Calling: A smart communication brand with 150 million monthly active users, delivering AI-enhanced calling and multimedia features.
- Smart Home Ecosystem: A brand focused on home connectivity and automation, integrating broadband, IoT, and smart devices.
China Mobile’s brand strength is driven by its commitment to customer satisfaction, technological leadership, and global recognition. Its focus on “AI+” and 5G branding positions it as a forward-thinking leader in the telecom and tech industries.
Board of Directors: Strategic Leadership for a Digital Future
Keywords: China Mobile board, corporate governance, executive directors, independent directors, leadership profiles, telecom leadership, sustainability governance
China Mobile’s Board of Directors combines experienced executives and independent experts to ensure strategic oversight and robust governance. Below is a detailed list of the board members as of 2024, along with their roles and backgrounds:
- Mr. YANG Jie (Executive Director & Chairman): Age 62, joined in March 2019. As Chairman of CMCC and China Mobile Communication Co., Ltd. (CMC), he oversees overall management. With a doctorate degree and professor-level senior engineer status, Yang has extensive experience in telecom management, having served as president and chairman of China Telecommunications Corporation.
- Mr. HE Biao (Executive Director & CEO): Age 53, joined in April 2024. Leads operations and serves on the Sustainability Committee. A doctorate holder, He has held senior roles at China Unicom, including chairman of China Unicom Online Information Technology. His expertise in ICT drives China Mobile’s operational strategy.
- Mr. WANG Limin (Executive Director): Age 56, joined in January 2025. Oversees human resources and corporate culture, with a master’s degree. Previously served in senior roles at the Supreme People’s Procuratorate and China Huaneng Group, bringing expertise in organizational management.
- Mr. LI Ronghua (Executive Director & CFO): Age 59, joined in October 2020. Manages finance, internal audit, and securities, also serving on the Sustainability Committee. With a master’s degree, Li previously chaired State Grid Yingda Co., Ltd., and was a senior executive at State Grid Corporation of China.
- Mr. YIU Kin Wah Stephen (Independent Non-Executive Director): Age 64, joined in March 2017. Chairs the Audit and Remuneration Committees and serves on the Nomination Committee. A former KPMG partner and current Chairman of the Hong Kong Insurance Authority, Yiu holds a master’s in business administration from the University of Warwick.
- Dr. YANG Qiang (Independent Non-Executive Director): Age 63, joined in May 2018. Chairs the Nomination Committee and serves on the Audit and Remuneration Committees. A leading AI expert, Yang is a professor emeritus at HKUST and co-founder of Beijing Fourth Paradigm Technology, with a doctorate in computer science.
- Mr. LEE Ka Sze Carmelo (Independent Non-Executive Director): Age 64, joined in May 2022. Serves on the Audit, Nomination, Remuneration, and Sustainability Committees. A qualified solicitor in multiple jurisdictions, Lee holds a Bachelor’s in Laws from The University of Hong Kong.
- Mrs. LEUNG KO May Yee Margaret (Independent Non-Executive Director): Age 72, joined in May 2022. Chairs the Sustainability Committee and serves on other key committees. With a Bachelor’s in Economics from The University of Hong Kong, Leung is a former senior executive at HSBC and Hang Seng Bank, bringing financial and governance expertise.
The board’s diverse expertise in telecommunications, AI, finance, and governance ensures China Mobile’s strategic alignment with global trends and sustainability goals.
Subsidiaries and Associates: A Strategic Ecosystem
Keywords: China Mobile subsidiaries, telecom associates, ownership structure, strategic partnerships, IoT solutions, financial technology
China Mobile’s extensive network of subsidiaries and associates enhances its ability to deliver integrated solutions across telecommunications, technology, and financial services. Below is a detailed list of key subsidiaries and associates, with ownership details:
- China Mobile International Limited: 100% owned, focuses on global expansion of telecom and ICT services.
- China Mobile Communication Co., Ltd. (CMC): 100% owned, manages core telecom operations across mainland China and Hong Kong.
- Aspire Holdings Ltd.: 100% owned, supports innovation and technology development initiatives.
- China Mobile Group Design Institute Co., Ltd.: 100% owned, provides network planning and design services.
- China Mobile Group Device Co., Ltd.: 100% owned, specializes in device manufacturing and distribution.
- China Mobile Online Services Co., Ltd.: 100% owned, delivers digital and online services, including e-commerce and content platforms.
- China Mobile Financial Technology Co., Ltd.: 100% owned, offers fintech solutions, including mobile payments and financial services.
- China Mobile IoT Company Limited: 100% owned, develops IoT solutions for smart cities, agriculture, and logistics.
- China Mobile (Suzhou) Company Limited: 100% owned, focuses on software and technology development.
- China Mobile Investment Holdings Co., Ltd.: 100% owned, manages investment activities and strategic partnerships.
- China Tower (Associate): Partial ownership, provides tower infrastructure services, with related costs of RMB40,376 million in 2024.
- SPD Bank (Associate): Partial ownership, supports financial services with RMB66,705 million in cash and deposits and RMB28,156 million in financial assets at FVPL in 2024.
These entities enable China Mobile to offer a seamless ecosystem of services, from connectivity to financial technology and IoT applications, strengthening its market leadership.
Geographical Reach and Revenue Breakup
Keywords: China Mobile geography, revenue distribution, mainland China telecom, Hong Kong operations, global telecom market, regional expansion
China Mobile’s operations cover all 31 provinces, autonomous regions, and directly-administered municipalities in mainland China, as well as Hong Kong SAR. Its geographical reach is unparalleled, serving urban and rural areas with advanced network infrastructure. In 2024, the company’s operating revenue totaled RMB1,040,759 million, broken down as follows:
- Telecommunications Services: RMB889,468 million (85.5% of total revenue).
- Sales of Products and Others: RMB151,291 million (14.5% of total revenue).
- CHBN Market Breakdown:
- Customer Market: RMB483,700 million (46.5% of total revenue).
- Home, Business, and New Markets (HBN): RMB405,768 million (39% of total revenue, 45.6% of telecom services revenue).
- Digital Transformation Revenue: RMB278,800 million (26.8% of total revenue, 31.3% of telecom services revenue).
While mainland China accounts for the vast majority of revenue, Hong Kong contributes through international services and the China Mobile International Limited subsidiary. The company’s focus on digital transformation and 5G penetration ensures balanced growth across regions, with urban centers driving high-speed connectivity demand and rural areas benefiting from expanded coverage.
Financial Performance: Consolidated Statements
Keywords: China Mobile financials, consolidated P&L, balance sheet, cash flow, telecom profitability, financial stability, dividend policy
China Mobile’s financial performance in 2024 reflects its operational efficiency and market leadership. Below are the consolidated financial statements, presented in tables for clarity.
Consolidated Statement of Comprehensive Income (RMB Million)
| Item | 2024 | 2023 |
|---|---|---|
| Operating Revenue | 1,040,759 | 1,009,309 |
| Revenue from Telecommunications Services | 889,468 | 863,514 |
| Revenue from Sales of Products and Others | 151,291 | 145,795 |
| Operating Expenses | 898,169 | 874,963 |
| Network Operation and Support Expenses | 283,341 | 268,895 |
| Depreciation and Amortization | 191,101 | 207,132 |
| Employee Benefit and Related Expenses | 151,944 | 144,333 |
| Selling Expenses | 54,564 | 52,477 |
| Cost of Products Sold | 149,240 | 142,807 |
| Other Operating Expenses | 67,979 | 59,319 |
| Profit from Operations | 142,590 | 134,346 |
| Other Gains | 4,970 | 9,823 |
| Interest and Other Income | 23,005 | 21,134 |
| Finance Costs | (3,273) | (3,730) |
| Income from Investments (Equity Method) | 11,097 | 8,958 |
| Profit Before Taxation | 178,389 | 170,531 |
| Taxation | (39,863) | (38,596) |
| Profit for the Year | 138,526 | 131,935 |
| Profit Attributable to Equity Shareholders | 138,373 | 131,766 |
Consolidated Balance Sheet (RMB Million)
| Item | 2024 | 2023 |
|---|---|---|
| Total Assets | 2,108,127 | 1,992,657 |
| Property, Plant and Equipment | 714 Lasso494 | 714,863 |
| Right-of-Use Assets | 80,625 | 94,753 |
| Goodwill | 35,301 | 35,301 |
| Investments (Equity Method) | 198,563 | 181,715 |
| Financial Assets at FVPL | 209,422 | 185,621 |
| Bank Deposits | 54,413 | 55,387 |
| Current Assets | 568,559 | 498,104 |
| Total Liabilities | 711,588 | 646,672 |
| Current Liabilities | 633,018 | 558,565 |
| Lease Liabilities | 55,930 | 67,759 |
| Total Equity | 1,396,539 | 1,345,985 |
Consolidated Statement of Cash Flows (Summary, RMB Million)
| Item | 2024 | 2023 |
|---|---|---|
| Free Cash Flow | 151,700 | 123,400 |
| Capital Expenditure | (164,000) | (180,300) |
China Mobile’s financial metrics highlight its profitability (13.1% margin) and capital efficiency, with a liabilities-to-assets ratio of 33.8%. The company’s dividend policy, with a 73% payout ratio in 2024 (HK$5.09 per share), reflects its commitment to shareholder value, with plans to increase this to above 75% by 2026.
Shareholding Details: A Balanced Ownership Structure
Keywords: China Mobile shareholding, CMCC ownership, public investors, HKEX listing, SSE listing, shareholder value
As of December 31, 2024, China Mobile’s share capital consists of 21,517,317,437 ordinary shares, listed on the HKEX (stock codes: 941 for HKD, 80941 for RMB) and SSE (600941). The shareholding structure is:
- CMCC: 69.40% (including 0.20% directly held), reflecting state-backed control.
- Public Investors: 30.60%, with 20,614,549,570 shares on the HKEX and 902,767,867 on the SSE.
This structure balances state ownership with public investment, ensuring financial stability and market accessibility.
Investment Details: Strategic and Passive Investments
Keywords: China Mobile investments, passive investments, financial assets, equity method, wealth management products
China Mobile’s investment portfolio includes strategic stakes in associates and passive financial assets, generating significant returns. Key investments include:
- China Tower (Associate): Provides tower infrastructure, with related costs of RMB40,376 million in 2024.
- SPD Bank (Associate): Supports financial services, with RMB66,705 million in cash and deposits and RMB28,156 million in financial assets at FVPL.
- Financial Assets at FVPL: RMB209,422 million, including wealth management products (WMPs) and monetary funds totaling RMB351,076 million.
- Other Financial Assets at Amortized Cost: RMB7,331 million, including PRC treasury bonds and debt instruments.
These investments yielded RMB22,422 million in interest and other income in 2024, with an average interest rate of 3.50%, bolstering China Mobile’s financial resilience.
Future Investment Plans: Driving the “AI+” Era
Keywords: China Mobile future plans, 5G expansion, AI development, intelligent computing, low-altitude economy, 6G research
China Mobile’s future strategy is guided by its “1-2-2-5” framework, aiming to establish a world-class ICT and sci-tech innovation enterprise. Key investment plans include:
- 5G and 6G Development: Expanding 5G-A networks and investing in 6G research to maintain technological leadership.
- AI and Intelligent Computing: Scaling the Harbin Intelligent Computing Center and enhancing the Jutian large model for broader AI applications.
- Low-Altitude Economy: Developing the “Four Engines and Two Wings” system for drone and aerial technology solutions.
- Capital Expenditure: Committed RMB25,669 million for 2025, including RMB2,674 million for land and buildings and RMB22,995 million for telecom equipment.
These initiatives position China Mobile to lead the global transition to the “AI+” era, driving innovation and economic growth.
Conclusion
China Mobile’s dominance in telecommunications, coupled with its strategic focus on 5G, AI, and digital transformation, makes it a global leader in the ICT industry. With a robust financial foundation, innovative services, and a forward-looking investment strategy, the company is poised to shape the future of connectivity and technology.
