China Mobile Ltd
China Mobile Ltd provides wired telecommunications services, generating revenue primarily through mobile and fixed-line subscriptions, data services, and value-added offerings.
Business. China Mobile Ltd (0941.HK) is an integrated telecommunications services provider operating within the Technology sector. The company primarily engages in wired telecommunications services and generates revenue through a subscription-based model. It is listed on the Hong Kong Stock Exchange under the ticker 0941.HK. Specific details regarding operating segments, headquarters location, and geographic revenue mix are not provided in the available data.
Analyst recommendations
13 analysts · consensus BuyAt a glance
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- Macro
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-07-08 · AU
- Rate decisionBank of Canada rate decision (press conf.)2026-07-15 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-07-16 · EU
- Rate decisionBank of Japan rate decision (press conf.)2026-07-16 · JP
- Rate decisionFederal Reserve rate decision (press conf.)2026-07-29 · US
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
China Mobile Ltd (0941.HK) is an integrated telecommunications services provider operating within the Technology sector. The company primarily engages in wired telecommunications services and generates revenue through a subscription-based model. It is listed on the Hong Kong Stock Exchange under the ticker 0941.HK. Specific details regarding operating segments, headquarters location, and geographic revenue mix are not provided in the available data.
China Mobile maintains a strong liquidity position, with cash and equivalents amounting to CNY 132.07 billion, and a free cash flow of CNY 60.04 billion. The company's liquidity FPT (free cash flow to total liabilities) is robust, indicating a solid ability to meet short-term obligations. The current ratio of 0.96 suggests that the company's current assets are nearly equal to its current liabilities, which is typical for a capital-intensive industry like telecommunications.
In terms of profitability, China Mobile's return on equity (ROE) of 3.67% and return on assets (ROA) of 2.5% are below the industry median for integrated telecommunications services. This suggests that the company is not generating returns as efficiently as its peers, which may be due to high capital expenditures and competitive pricing pressures in the market.
The company's revenue is primarily concentrated in China, with a significant portion derived from mobile and fixed-line services. There is no material diversification into international markets or other business segments, which increases its exposure to domestic economic and regulatory risks.
China Mobile's growth trajectory is expected to remain stable, with revenue growth projected to be in line with the industry average. The company's capital expenditures of CNY 73.46 billion reflect ongoing investments in network infrastructure and 5G expansion, which are critical for maintaining its market leadership and supporting future growth.
The company's risk profile is characterized by low liquidity and dilution risks. There are no immediate filing-based liquidity or dilution flags, and the debt-to-equity ratio of 0.08 indicates a conservative capital structure. However, the company's high capital expenditures may lead to increased debt in the future, which could affect its financial flexibility.
Recent events, including regulatory changes and increased competition, have been disclosed in the company's filings. These factors may impact the company's future performance and strategic direction. The company has also been investing in digital transformation and new services to drive growth and improve customer retention.
- China Mobile has a strong liquidity position with significant cash reserves and positive free cash flow.
- The company's profitability metrics are below industry medians, indicating potential inefficiencies in capital utilization.
- Revenue is heavily concentrated in China and within wired telecommunications services, increasing exposure to domestic risks.
- Growth is expected to be stable, supported by ongoing investments in 5G and network infrastructure.
- The company's conservative capital structure and low liquidity and dilution risks provide a stable financial foundation.
Bull / Bear case
Generated · model-assistedFree cash flow surged 329.4% year-over-year to CNY 327.2 billion in FY2026, demonstrating exceptional cash generation capability.
Operating income grew 4.4% year-over-year to CNY 148.9 billion in FY2026, indicating strong underlying operational profitability expansion.
Analysts project 13.9% upside to a mean price target of HKD 92.29, reflecting positive market sentiment on the stock.
Debt-to-equity ratio of 0.08 is well below the cohort median of 0.47, signaling a conservative and resilient capital structure.
Net income declined 0.9% year-over-year to CNY 137.1 billion in FY2026, suggesting a potential peak in earnings growth.
Revenue growth slowed significantly to just 0.9% year-over-year in FY2026, indicating maturing market dynamics and limited top-line expansion.
Return on equity of 3.7% trails the cohort median of 4.8%, suggesting less efficient capital utilization compared to peers.
Capital expenditure intensity is in the bottom quartile of the cohort, potentially limiting future infrastructure investment capacity.
In focus — financials by report
Free cash flow +97,3% YoY.
- ▍Free cash flow +97,3% YoY
Revenue ¥250.90B, +2,5% YoY; Operating income −1,0% YoY.
- ▍Revenue ¥250.90B, +2,5% YoY
- ▍Operating income −1,0% YoY
- ▍Net income +1,4% YoY
- ▍Free cash flow −16,1% YoY
- ▍Net margin 12.4%
Revenue ¥280.01B, −1,1% YoY; Operating income +3,4% YoY.
- ▍Revenue ¥280.01B, −1,1% YoY
- ▍Operating income +3,4% YoY
- ▍Net income +6,0% YoY
- ▍Free cash flow +3,2% YoY
- ▍Net margin 19.1%
Revenue ¥263.76B; Operating income ¥32.77B.
- ▍Revenue ¥263.76B
- ▍Operating income ¥32.77B
- ▍Net margin 11.6%
Revenue ¥249.30B; Operating income ¥23.69B.
- ▍Revenue ¥249.30B
- ▍Operating income ¥23.69B
- ▍Net margin 11.0%
Revenue ¥244.71B; Operating income ¥33.17B.
- ▍Revenue ¥244.71B
- ▍Operating income ¥33.17B
- ▍Net margin 12.5%
Revenue ¥283.04B; Operating income ¥55.87B.
- ▍Revenue ¥283.04B
- ▍Operating income ¥55.87B
- ▍Net margin 17.9%
Revenue ¥1.05T, +0,9% YoY; Operating income +4,5% YoY.
- ▍Revenue ¥1.05T, +0,9% YoY
- ▍Operating income +4,5% YoY
- ▍Net income −0,9% YoY
- ▍Free cash flow +329,4% YoY
- ▍Net margin 13.1%
Revenue ¥1.04T, +3,1% YoY; Operating income +6,1% YoY.
- ▍Revenue ¥1.04T, +3,1% YoY
- ▍Operating income +6,1% YoY
- ▍Net income +5,0% YoY
- ▍Free cash flow +14,5% YoY
- ▍Net margin 13.3%
Revenue ¥1.01T, +7,7% YoY; Operating income +4,1% YoY.
- ▍Revenue ¥1.01T, +7,7% YoY
- ▍Operating income +4,1% YoY
- ▍Net income +5,0% YoY
- ▍Free cash flow +50,7% YoY
- ▍Net margin 13.1%
Revenue ¥937.26B, +10,5% YoY; Operating income +9,4% YoY.
- ▍Revenue ¥937.26B, +10,5% YoY
- ▍Operating income +9,4% YoY
- ▍Net income +8,0% YoY
- ▍Free cash flow +9,7% YoY
- ▍Net margin 13.4%
Revenue ¥848.26B; Operating income ¥117.96B.
- ▍Revenue ¥848.26B
- ▍Operating income ¥117.96B
- ▍Net margin 13.7%
Valuation TTM
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | 6,37 |
| Revenue | —no estimate | —no estimate | 1,06T CNY |
| Operating income | —no estimate | —no estimate | 150,9B CNY |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- No immediate filing-based liquidity or dilution flags were detected.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
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- Consensus estimates
- ESG data
- Dilution Ratio(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Capex To Revenuecapital_expenditure / revenue
- Return On Equitynet_income / total_equity
- Debt To Equity(short_term_debt + long_term_debt) / total_equity
- Cash Conversion Ratiooperating_cash_flow / net_income
- China Mobile Ltd Market data — financials · 2026-05-26
- China Mobile Ltd Market data — analyst estimates · 2026-05-26
- China Mobile Ltd Market data — ESG · 2026-05-26
Ownership & reference
Leadership
- Biao HeChief Executive Officer, Executive Director
- Zhongyue ChenExecutive Chairman of the Board