China Mobile Limited

0941.HK · HKSE

Company research

China Mobile Limited (0941.HK) is the world's largest telecommunications operator by subscriber base, providing comprehensive communication, computing, and AI services across Mainland China and Hong Kong, with over 1 billion mobile subscribers and a market capitalisation exceeding HKD 1.6 trillion. The company operates across four key segments — Consumer, Home, Business, and New Markets — offering mobile voice and data, fixed-line broadband, cloud computing, Internet of Things (IoT), and digital transformation services, with total operating revenue reaching approximately RMB 1.04 trillion in FY2024. As the operator of the world's largest 5G network, China Mobile has strategically pivoted toward high-growth digital infrastructure and AI-driven services, with digital transformation revenue growing 9.9% year-on-year to RMB 278.8 billion, representing over 31% of communication service revenue. Incorporated in 1997 and headquartered in Central, Hong Kong, the company is listed on both the Hong Kong Stock Exchange (H-shares: 941) and the Shanghai Stock Exchange (A-shares: 600941), and operates as a subsidiary of China Mobile Hong Kong (BVI) Limited under the ultimate control of China Mobile Communications Group Co., Ltd.

Research reports

DBS Bank (Hong Kong) Limited – DBS Group Research · July 25, 2025China Mobile – Defensive play with attractive yield

DBS views China Mobile as a defensive, income-generating play, emphasizing its dominant 5G and broadband subscriber base, fast-growing digital transformation (cloud and IDC) revenues, and plans to raise its dividend payout ratio while sustaining a strong net cash position and an attractive ~6% dividend yield. The report maintains a BUY rating with a HKD110 12‑month target price based on a 15x FY25F P/E multiple and highlights mobile price wars and telecom policy changes (e.g., tariff cuts, management reshuffles) as key downside risks.