The three major telecommunications operators maintained revenue growth last year, with total planned dividends exceeding 130 billion yuan for the entire year.

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On the evening of March 26, China Mobile Limited (hereinafter referred to as "China Mobile") disclosed its 2025 annual report. With this, the 2025 annual reports of China Mobile, China United Network Communications Group Co., Ltd. (hereinafter referred to as "China Unicom"), and China Telecom Corporation Limited (hereinafter referred to as "China Telecom") have all been disclosed.

According to the announcement, in 2025, all three major telecom operators achieved steady growth in operating revenue and decided to distribute substantial dividends. Among them, China Mobile plans to declare a final dividend of approximately 49.266 billion yuan for the end of 2025, with a total planned dividend distribution of approximately 103.532 billion yuan for the year. China Telecom plans to distribute a final dividend of 8.309 billion yuan, with a total planned dividend distribution of approximately 24.890 billion yuan for the year; China Unicom plans to distribute a final dividend of approximately 1.635 billion yuan, with a total planned dividend distribution of approximately 5.112 billion yuan for the year. Based on this calculation, the three major telecom operators plan to distribute a total of 59.21 billion yuan in final dividends for 2025, with total dividends planned for the year exceeding 130 billion yuan.

Increasing Investment in Computing Power

In 2025, China Mobile achieved operating revenue of 1,050.187 billion yuan, a year-on-year increase of 0.9%; achieved a total profit of 175.608 billion yuan, a year-on-year decrease of 1.6%; and achieved a net profit attributable to shareholders of the parent company of 137.095 billion yuan, a year-on-year decrease of 0.9%. In 2025, China Telecom achieved operating revenue of 523.925 billion yuan, a year-on-year increase of 0.1%; total profit of 42.68 billion yuan, a year-on-year increase of 1.2%; achieved a net profit attributable to shareholders of listed companies of 33.185 billion yuan, a year-on-year increase of 0.5%. During the same period, China Unicom achieved operating revenue of 392.223 billion yuan, a year-on-year increase of 0.7%; total profit of 25.303 billion yuan, a year-on-year increase of 0.8%; and achieved a net profit attributable to the parent company of 9.127 billion yuan, a year-on-year increase of 1.1%.

From a specific business perspective, the revenue structure of the three major telecom operators continues to optimize, with the proportion of emerging businesses continuously increasing.

The announcement shows that computing power services are an important growth engine for the high-quality development of China Mobile. In 2025, China Mobile's data center revenue increased by 8.7% year-on-year, with AIDC revenue increasing by 35.4% year-on-year. Thanks to the rapid growth in demand for intelligent computing, China Mobile's intelligent computing services became the primary engine, with a growth rate of 279%, driving the revenue of cloud computing services up by 13.9% year-on-year. In 2025, China Mobile's computing power service revenue grew rapidly, reaching 89.8 billion yuan, a year-on-year increase of 11.1%.

In 2025, China Telecom's strategic emerging industry business continued to maintain rapid growth, with Tianyi Cloud revenue reaching 120.7 billion yuan, its public cloud IaaS market share rising to second place domestically, and IaaS + PaaS market share ranking among the top three in the country; AIDC revenue reached 34.5 billion yuan, security revenue reached 16.6 billion yuan, and intelligent revenue reached 12.3 billion yuan; Internet video revenue increased by 31.2% year-on-year, quantum revenue increased by 65.4% year-on-year, and satellite revenue increased by 30.7% year-on-year.

In 2025, the revenue from strategic emerging industries of China Unicom accounted for over 86%, with computing power business revenue accounting for over 15%, an increase of 1.1 percentage points compared to the previous year; artificial intelligence revenue increased by more than 140% year-on-year; and international business revenue was 13.6 billion yuan, a year-on-year increase of over 9%.

Officials from the three major operators all indicated at the performance briefing that they will continue to increase investment in computing power in 2026.

China Mobile's Chairman Chen Zhongyue stated that in 2025, China Mobile's capital expenditure was 150.9 billion yuan, a year-on-year decrease of 8.0%. In 2026, China Mobile plans to control capital expenditure at around 136.6 billion yuan, a year-on-year decrease of 9.5%. Specifically, capital expenditure for China Mobile's communication network will decrease by 20.3%, controlled at around 79.2 billion yuan; capital expenditure for computing power networks will increase year-on-year by 62.4% to 37.8 billion yuan; and capital expenditure for intelligent networks will increase year-on-year by 19.8% to 8.9 billion yuan.

China Telecom's Chairman Ke Ruiwen stated that in 2026, China Telecom will continue to optimize capital expenditure, with an annual investment plan of 73 billion yuan, of which investment in computing infrastructure will be 25.5 billion yuan, a year-on-year increase of 26%, accounting for 35% of total investment.

China Unicom's Chairman Dong Xin also stated that in 2026, China Unicom will strictly control capital expenditure at around 50 billion yuan, with computing power investment accounting for more than 35%. In the long term, the proportion of computing power investment in China Unicom's capital expenditure will continue to increase.

Clearly Define the Next Steps

2026 is the first year of the "14th Five-Year Plan", and all three major telecom operators have clearly defined their work objectives in the 2025 annual reports.

Specifically, China Mobile's communication services will ensure steady progress in revenue during the "14th Five-Year Plan" period; computing power services aim to double revenue by the end of the "14th Five-Year Plan"; and intelligent services aim to double revenue by the end of the "14th Five-Year Plan". China Mobile strives to become a world-class technology service enterprise by 2030, and to fully establish itself as a world-class technology service enterprise by 2035, becoming a globally leading telecom operator, computing operator, and intelligent operator.

Chen Zhongyue stated at the performance briefing that looking ahead, China Mobile will anchor the vision of being a "world-class technology service enterprise," adhering to its three main businesses of "communication services, computing power services, and intelligent services," and committing to strengthening its network foundation and full-stack innovation.

China Telecom stated that in 2026, the company will seize development strategic opportunities, fully implement the cloud migration, digital transformation, and intelligent benefits strategy, continuously deepen the "five-in-one" intelligent cloud system, aim to become a leading AI service provider, use Token services as the mainline of operation, strengthen original innovation and key core technology breakthroughs, create high-quality digital and intelligent products and services, and accelerate the promotion of intelligent and comprehensive digital information infrastructure construction upgrades.

China Unicom stated that in 2026, the company will focus on the core tracks of "connection," "computing power," "services," and "security." It will enhance the competitiveness of Unicom Cloud, accelerate the construction of a "smart body + Token + AI cloud" computing operation model, and expedite the comprehensive intelligent upgrade of the cloud; actively expand service innovation, focus on building the second growth curve, and continuously promote the scale development of Unicom Cloud Disk, Cloud Smart Phones, Unicom Home Security, Unicom Ultra HD, Smart Home, and other cloud smart products, driving Unicom's smart body to achieve innovative breakthroughs.





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