China Mobile's Q1 net profit increased by 3.5% year-on-year, with 5G network customers reaching 578 million | Financial Report Insights

China Mobile achieved operating revenue of 263.8 billion yuan in the first quarter, flat compared to last year, with communication service revenue of 222.4 billion yuan, a year-on-year increase of 1.4%. Excluding non-recurring gains and losses, net profit increased significantly by 10.8% year-on-year. The number of 5G network customers continued to grow rapidly, reaching 578 million, an increase of 26 million from the previous quarter.

On the 22nd, China Mobile announced its financial report for the first quarter of 2025:

• Revenue: Operating revenue of 263.8 billion yuan, unchanged from the same period last year. Among them, communication service revenue was 222.4 billion yuan, a year-on-year increase of 1.40%; other business revenue was 41.4 billion yuan, a year-on-year decrease of 6.8%.
• Net Profit: Net profit attributable to shareholders of the parent company was 30.6 billion yuan, a year-on-year increase of 3.5%.
• Excluding Non-recurring Gains and Losses: Net profit after excluding non-recurring gains and losses was 28.9 billion yuan, a year-on-year increase of 10.8%.
• EBITDA: 80.7 billion yuan, a year-on-year increase of 3.4%, with EBITDA margin rising from 29.6% in the same period last year to 30.6%.

Core Business Progress:

• Mobile Business: Total customers reached 1.003 billion, with 5G network customers reaching 578 million, and mobile ARPU increased to 46.9 yuan.
• Home Business: Wired broadband customers reached 320 million, with a net increase of 5.48 million in the quarter, and the comprehensive ARPU for home customers increased by 2.3% year-on-year to 40.8 yuan.
• The proportion of revenue from the government and enterprise market further increased, and the proportion of revenue from emerging markets continued to grow.

Steady Growth in Profitability and 5G Customers

In terms of mobile business, although the total number of customers slightly decreased from the previous quarter (1.003 billion, a decrease of 940,000), the number of 5G network customers continued to grow rapidly, reaching 578 million, an increase of 26 million from the previous quarter. Mobile internet traffic increased by 7.7% year-on-year, and mobile internet DOU reached 16.1GB, a year-on-year increase of 8.0%. The mobile ARPU value was 46.9 yuan, an increase of 1.6 yuan from the previous quarter, indicating a continuous enhancement in user value.

The home market became the biggest highlight in the first quarter, with the total number of wired broadband customers reaching 320 million, a net increase of 5.48 million in the quarter, far exceeding the previous quarter's 970,000. Among them, home broadband customers reached 282 million, with a net increase of 4.45 million in the quarter. The comprehensive ARPU for home customers was 40.8 yuan, a year-on-year increase of 2.3%, reflecting the effectiveness of the company's deep cultivation strategy in the home market.

In the government and enterprise market, China Mobile continued to focus on the standard replication and scale expansion of AI + DICT projects, accelerating the creation of scenario-based standard product solutions for the business customer market. Data shows that the proportion of revenue from the government and enterprise market further increased in the first quarter, reflecting the company's ongoing deepening strategy of transforming into a digital service provider In the first quarter of 2025, our company closely adhered to the implementation approach of the "1-2-2-5" strategy, comprehensively promoted the upgrade of the "two new types," the "BASIC6" scientific and technological innovation, and the "AI+" action three major plans, effectively fulfilling the three major tasks of supporting digital life, production, and governance, achieving steady growth in operating performance