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China Mobile flirts with record dividend yield

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CHINA MOBILE

China Mobile

China Mobile flirts with record dividend yield

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UBS lowered the target prices for China Telecom and China Unicom, believing that the dividend growth potential for telecom stocks is limited. The report pointed out that the performance of the three major telecom operators in the mainland fell short of expectations in the fourth quarter of last year, affected by the macro economy and AI investments, with net profit growth below expectations. It is expected that this year will still be challenging, with value-added tax policies and transformation pressures affecting traditional telecom businesses. UBS has lowered the net profit forecasts for the three major telecom operators by 10% to 20%, maintaining a neutral rating, with China Mobile H shares as the top pick

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CHINA TELECOM

China Unicom

CHINA UNICOM

UBS lowers target prices for China Telecom and China Unicom, expects limited dividend growth for telecom stocks

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Huatai Securities has lowered the target price for China Mobile to HKD 94.4, maintaining a "Buy" rating. The report indicates that China Mobile's operating revenue is expected to grow by 0.9% to CNY 105.02 billion in 2025, while net profit attributable to the parent company is projected to decline by 0.9% to CNY 137.1 billion. The company plans to distribute a dividend of HKD 5.27 for the fiscal year 2025, with a payout ratio increasing to 75%. Net profit attributable to the parent company is expected to be CNY 130.2 billion, CNY 134.2 billion, and CNY 138.4 billion for 2026 to 2028, respectively. Huatai Securities is optimistic about the company's long-term growth potential and has adjusted the valuation premium

Harvest CNI Communication ETF

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Huatai Securities lowers China Mobile's target price to 94.4 yuan, maintains "Buy" rating

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

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

China's three major telecom operators are shifting their capital expenditure focus towards computing power amid slowing revenue growth. China Mobile plans to reduce overall spending by 9.5% to CNY136.6 billion, with a 62.4% increase in computing network investment. China United Network Communications aims for 35% of its capital expenditure to be on computing power, while China Telecommunications Corp. allocated about 25% of its CNY80.4 billion expenditure to computing infrastructure. Despite slow revenue growth, these firms are enhancing their computing capacities significantly.

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China’s Big Three Telcos Shift Spending Focus to Computing Power Amid AI Boom

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0327 | Dolphin Research Focus: 🐬 Macro/Industry. Trump said on Thu, Mar 26 on social media that, at Iran's request, planned strikes on Iran's energy facilities would be pushed back 10 days to 8pm ET on Apr 6.He had earlier moved the 48-hour ultimatum issued on Mar 21 out by five days to Mar 27. Iran denied making a direct request, saying there had only been indirect information exchanges, per today's headlines.Given the current setup, a substantive agreement before Apr 6 looks unlikely. Even after the extension, military escalation could still resume, and the geopolitical risk premium has not fully cleared...

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China Mobile's 5G Users Reach 642 Million in Q4 2025

China Mobile's 5G Users Reach 642 Million in Q4 2025

China Mobile announced last year's performance, with service revenue growth of 0.5%, EBITDA growth of 1.8%, and a profit margin increase to 34.6%. The annual dividend is HKD 5.27 per share, an increase of 3.5%. Revenue is expected to grow steadily by 2026, with capital expenditure decreasing by 9.5%. The target price is 85 yuan, with a dividend yield of 8.5 cents. Last year's net profit was 137.095 billion yuan, with operating revenue close to 10.502 trillion yuan, and main business revenue growth of 0.7%

The article "After the Performance" summarizes the latest target prices and views from brokerages on China Mobile's announced performance

Morgan Stanley released a report stating that China Mobile's service revenue in the fourth quarter of last year increased by 0.5% year-on-year, EBITDA grew by 1.8%, but net profit fell by 30%. It is expected that this year's communication business revenue will grow steadily, while computing power and artificial intelligence businesses will grow rapidly. Capital expenditure is expected to decrease by 9.5%, with communication-related capital expenditure down by 20%. The company's goal is to become a leader in data generation, transmission, and application in the era of artificial intelligence, maintaining a "market perform" rating on China Mobile, with a target price of HKD 85

Morgan Stanley expects China Mobile's traditional business to grow steadily, with a target price of 85 yuan

China Mobile's Profit Edges Down in 2025

China Mobile's Profit Edges Down in 2025

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The Hong Kong stock market opened lower in the morning, with the Hang Seng Index dropping 87 points to 24,768 points. Several blue-chip companies announced their earnings, with China Mobile's annual net profit slightly declining by 0.9%, and its stock price opening flat; Meituan reported a loss of 14.025 billion RMB, with its stock price opening down 0.6%; BYD's stock price rose by 2.7%. Overall market performance was affected by the decline in US stocks and international situations

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"Hong Kong Stocks" The Hang Seng Index opened 87 points lower, China Mobile remained stable, and BYD rose against the trend

China Mobile Limited Reports Earnings Results for the Full Year Ended December 31, 2025

China Mobile Limited Reports Earnings Results for the Full Year Ended December 31, 2025

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Financial Analysis

China Mobile (600941.SH/00941.HK) released its 2025 annual report and Q4 results (to Dec 2025) after hours in Hong Kong on Mar 26, 2026. Key takeaway (1) operating metrics: revenue saw a slight uptick, while OP continued to trend higher.$CHINA MOBILE(00941.HK) reported Q4 2025 revenue of RMB 255.5bn, up 2.5% YoY. Telecom service revenue edged higher YoY this quarter, while product sales and related businesses grew about 14% YoY for the second straight quarter...

China Mobile: Tax Revamp Hit, Div. Still Intact?

China Mobile 4Q25 First Take: Results were broadly in line with expectations, with revenue growth driven mainly by product sales while the core connectivity business posted a modest increase. Profit pulled back sharply on swings in other gains, while OP rose 8% YoY. By segment: 1) Data traffic kept the 'price cuts to drive usage' strategy, with Avg. unit price down 13% in H2 and mobile subs continuing to edge up. 2) Broadband grew around 8% in H2, with both subs and ARPU moving higher. 3) In other lines such as info services and product sales, growth was mainly driven by compute power services. Beyond the steady operating metrics, the market is focused on the following. Key watch items are: a) Capex: Quarterly capex was RMB 39.8bn, roughly flat YoY. Management guides 2026 capex at RMB 136.6bn, down 9.5% YoY. Within that, the company plans to trim communications network capex and keep increasing spend on the compute network (Approx. RMB 37.8bn). b) Dividend: The company typically pays in Q2/Q3. Total dividends for 2025 are around RMB 103.4bn, implying a payout ratio above 70%. Overall, China Mobile’s operating trends remained stable this quarter, while the decline in net profit was mainly due to other gains/losses. From 2026, a VAT policy change will reclassify data, SMS and MMS from 'value-added telecom services' to 'basic telecom services', lifting VAT from 6% to 9%. With peak 5G investment behind, capex is on a downward trend and ROE is steadily improving, with the payout ratio staying above 70%. The higher VAT will weigh on near-term earnings, but over the medium to long term it remains a high-dividend pick. For more details, follow Dolphin Research. $CHINA MOBILE(00941.HK) $China Mobile(600941.SH)

0326 | Dolphin Research Focus: 🐬 Macro/Industry 1) Data show U.S. import prices rose 1.3% MoM in Feb, beating the 0.5% consensus and marking the biggest increase since 2022, driven by higher fuel and rising import costs for AI-related semiconductors and computers. The print signals a clear pickup in imported inflation, with signs of a second leg up, and higher import costs are likely to pass through to consumer prices. On the same day, Fed Governor Michael Barr said rates will stay on hold until there is sustained progress toward 2% inflation...

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SpaceX IPO Push: Latest Update; GOOGL Unveils AI Memory-Compression Game-Changer | Daily News Recap

0202 | Dolphin Research Focus: 🐬 Macro/Industry 1) International precious metals have sold off sharply since the weekend, with gold and silver down materially on a hawkish Fed chair nominee, a stronger USD and higher UST yields, concentrated profit-taking, and deleveraging by levered funds. The violent swings highlight fragile risk sentiment; near term, the market likely chops in a consolidation range with elevated vol risk.2) EV startups posted their first Jan delivery prints with wide divergence in YoY growth, and Leapmotor led the pack with 32,059 units. ...

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Gold and silver slump, cooling the market; BABA's Qwen adds RMB 3 bn for Lunar New Year | Daily News Recap

1021 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. U.S. President Trump and Australian Prime Minister Albanese signed a critical minerals agreement at the White House. The core of the agreement includes each party investing $1 billion within six months to support mining and processing projects, establishing a price floor mechanism, and introducing indirect participation from Japan. The focus is on resources such as rare earths, gallium, and graphite, aiming to counter China's influence in the rare metals sector. This move is a key step for the West in restructuring the resource supply chain, attempting to break China's dominant advantage in the smelting and processing stages. However, Australia's shortcomings in processing technology and high costs are difficult to resolve in the short term...

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Game Boosts Bilibili's Surge; Amazon AWS Services Experience Major Outage | Today's Important News Recap

China Mobile (600941.SH/00941.HK) released its financial report for the third quarter of 2025 (ending September 2025) after the Hong Kong stock market closed on the evening of October 20, 2025, Beijing time. Key points are as follows: 1. Operating data: Revenue &amp; profit remain stable. $CHINA MOBILE(00941.HK) reported a total revenue of RMB 250.9 billion for the third quarter of 2025, an increase of 2.5% year-on-year. The company's telecommunications business saw a slight year-on-year increase this quarter, with revenue growth mainly driven by product sales and other businesses...

China Mobile: Steady as a 'ballast', the cash cow doesn't 'drop the chain'!

China Mobile Quick Interpretation: The company's operations remained stable this quarter, with revenue and profit maintaining low single-digit growth. Among various expenses, selling expenses and depreciation &amp; amortization expenses have declined, while employee expenses remained stable. The company's business is mainly divided into two parts: communication services and product sales &amp; others. Communication services revenue remained flat this quarter, with growth primarily driven by product sales &amp; others. The number of mobile users increased by approximately 4 million quarter-on-quarter, reaching 1.009 billion, maintaining its position as the largest mobile operator in China. Behind China Mobile's 'stable' performance, the market is more focused on capital expenditure and dividend repurchase situations. ① In terms of capital expenditure, the company spent RMB 41.6 billion this quarter, a decrease of RMB 1.8 billion year-on-year, continuing the trend of capital expenditure reduction;② Dividend situation: The company distributed dividends of RMB 54 billion this quarter, with a dividend payout ratio maintained above 70%. Overall, the investment in China Mobile is more focused on its stable performance and high dividend characteristics, and this financial report once again confirms the company's investment logic. With stable operations, the reduction in capital expenditure is conducive to enhancing the company's profitability. A high dividend payout ratio will continue to attract investors who prefer high dividends. For more detailed information, please follow Dolphin Research's subsequent specific commentary. $CHINA MOBILE(00941.HK) $China Mobile(600941.SH)

1020 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. In the latest interview, Trump continued to release signals of easing and hinted that the door is still open. Additionally, according to media reports, the Trump administration is quietly relaxing several tariff policies. This statement temporarily alleviated market concerns about the escalation of trade friction and is expected to boost risk asset sentiment. However, caution is needed regarding the repetitiveness of his strategy, and subsequent developments need to be observed for detailed implementation and continuity of execution. 2. Data released by the National Bureau of Statistics shows that the domestic gross domestic product for the first three quarters of 2025 was 101.5 trillion yuan, calculated at constant prices...

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Nvidia's Blackwell chip is about to be mass-produced in the United States; tariff easing signals continue to be released | Today's important news review

UB#C MOBRC2810B(60743.HK)

UB#C MOBRC2810B Stock Performance Chart

China Mobile flirts with record dividend yield

UBS lowers target prices for China Telecom and China Unicom, expects limited dividend growth for telecom stocks

Huatai Securities lowers China Mobile's target price to 94.4 yuan, maintains "Buy" rating

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

China’s Big Three Telcos Shift Spending Focus to Computing Power Amid AI Boom