---
title: "HSBC Research lowers China Mobile's target price to 95 yuan, maintains \"Buy\" rating"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/280953540.md"
description: "HSBC Research has lowered the target price for China Mobile to 95 yuan, maintaining a \"Buy\" rating. The report pointed out that although revenue and EBITDA in the fourth quarter of last year slightly exceeded expectations, net profit fell short of expectations due to one-off value-added tax impacts. Full-year service revenue grew by 0.7%, while communication service revenue declined by 1%. Computing service revenue increased by 11.1%, and artificial intelligence service revenue grew by 5.3%. Capital expenditure decreased by 8%, and management expects capital expenditure to decline by another 9.5% in 2026"
datetime: "2026-03-30T04:09:35.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/280953540.md)
  - [en](https://longbridge.com/en/news/280953540.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/280953540.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/280953540.md) | [繁體中文](https://longbridge.com/zh-HK/news/280953540.md)


# HSBC Research lowers China Mobile's target price to 95 yuan, maintains "Buy" rating

HSBC Global Research published a report indicating that China Mobile (00941.HK) had slightly higher-than-expected revenue and EBITDA in the fourth quarter of last year, but net profit fell short of expectations due to a one-time value-added tax impact. Full-year service revenue grew 0.7% year-on-year, while communication service revenue declined by 1%, mainly due to a 3.5% drop in average revenue per user (ARPU), reflecting macro pressures and a high penetration rate of 5G. Computing service revenue increased by 11.1% year-on-year, benefiting from data center and cloud computing businesses growing by 9% and 14%, respectively. Artificial intelligence service revenue rose by 5.3% year-on-year to RMB 91 billion (same below). Last year's capital expenditure decreased by 8% year-on-year to RMB 150.9 billion, in line with guidance. Management expects capital expenditure to decline by 9.5% year-on-year in 2026, with computing-related capital expenditure increasing by 62% year-on-year.

The research team has lowered its profit forecast for China Mobile, reducing the target price for H shares from HKD 98 to HKD 95, and the target price for China Mobile A shares (600941.SH) from RMB 120 to RMB 112, maintaining a "Buy" rating for both H shares and A shares

### Related Stocks

- [China Mobile (600941.CN)](https://longbridge.com/en/quote/600941.CN.md)
- [CHINA MOBILE (00941.HK)](https://longbridge.com/en/quote/00941.HK.md)

## Related News & Research

- [China Mobile flirts with record dividend yield](https://longbridge.com/en/news/280987132.md)
- [China Mobile Limited Reports Earnings Results for the Full Year Ended December 31, 2025](https://longbridge.com/en/news/280669872.md)
- [IPO Weekly Weigh-in: SpaceX IPO concerns?](https://longbridge.com/en/news/281370456.md)
- [Comms Group Performance Rights Lapse Reduces Potential Equity Dilution](https://longbridge.com/en/news/280578645.md)
- [05:56 ETMoving Tech Innovations übernimmt das Tech-Startup Automicle für den Ausbau offener Mobilitätsnetzwerke in Europa](https://longbridge.com/en/news/280994546.md)