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China's largest mobile and broadband carrier, serving the majority of the country's wireless subscribers.
China's largest mobile and broadband carrier, serving the majority of the country's wireless subscribers.
Earns mainly from monthly subscriber fees for mobile and home broadband under government-guided tariffs, with enterprise cloud and data contracts a growing extra. The state-owned China Mobile Communications Group controls it. These Hong Kong shares and the Shanghai ones listed in 2022 are the same company.
In one line: China's Verizon, at a much bigger scale.
Moat: wide (scale, regulatory licence, installed base). Largest spectrum holder and subscriber base in China with state-backed licence protection from new entrants.
Headquarters: Beijing, China · Founded: 1997 · Employees: 461,345
Size China Mobile (0941.HK) is a Hong Kong Communication Services company (Specialty Telecommunications) with a market value of $227B, the 8th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$81.10 on 6 Nov 2026.
Performance Over six months the shares fell 2.0%, against -7.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 4.2% over the last twelve months (peer median +3.7%); the operating margin is 18.7% (peer median 11.6%).
Valuation It trades at 11.3× forward earnings against a peer median of 19.4× (5th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -16% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.7 points above its cost of capital (5.3% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$1.18T | HK$1.14T | HK$1.13T | HK$1.12T | HK$1.09T |
| Revenue growth | — | +1% | +1% | +2% | — |
| Gross profit | HK$283B | HK$257B | HK$257B | HK$245B | HK$242B |
| EBITDA | HK$435B | HK$368B | HK$362B | HK$378B | HK$384B |
| Net income | HK$146B | HK$149B | HK$150B | HK$146B | HK$146B |
| Free cash flow | HK$135B | HK$95.8B | HK$187B | HK$149B | HK$133B |
| Capital expenditure | HK$162B | HK$170B | HK$169B | HK$200B | HK$220B |
| Total debt | HK$115B | HK$113B | HK$94.1B | HK$113B | HK$126B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| China Mobile 0941.HK | $227B | -2% | +4% | 19% | 11.3× | -16.3% |
| China Telecom 0728.HK | $89.4B | -14% | +1% | 6% | 12.3× | -17.0% |
| China Unicom 0762.HK | $21.3B | -26% | +4% | 2% | 8.2× | -8.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0941.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.6% | +0.7% | 6th highest of 21 |
| 6-month return | -2.0% | -7.7% | 9th highest of 20 |
| Distance from 52-week high | -6.0% | -23.0% | 2nd highest of 21 |
| Revenue growth (TTM) | +4.2% | +3.7% | 10th highest of 21 |
| Operating margin | 18.7% | 11.6% | 7th highest of 21 |
| Forward P/E | 11.3× | 19.4× | 5th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -16.3% | 7.7% | least demanding of 15 |
| Growth delivered (Del g) | +5.7% | +2.4% | 6th highest of 15 |
| Hurdle (Req g minus delivered) | -22.0 pp | -0.4 pp | least demanding of 15 |
| ROIC minus cost of capital | +7.7 pp | -0.6 pp | highest of 21 |
| EV / EBITDA | 3.5× | 8.3× | cheapest of 16 |
| Net debt / EBITDA | -0.6× | 2.7× | 3rd least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Mobile 0941.HK | Hong Kong | $227B | -2% | +4% | 19% | 11.3× | -16.3% | +5.7% |
| Softbank 9984.T | Japan | $128B | -32% | +9% | -5% | 18.5× | n/a | n/a |
| Ntt 9432.T | Japan | $86.6B | +5% | +8% | 12% | 12.7× | n/a | n/a |
| Space Exploration Technologies SPCX | United States | $1.82T | n/a | +33% | -11% | 38.4× | n/a | n/a |
| EchoStar ECHO | United States | $27.5B | -26% | -20% | 11% | 25.5× | n/a | n/a |
| Telefonica TEF.MC | Spain | $21.4B | -16% | -11% | 5% | 10.8× | 11.7% | -4.0% |
| China Tower 0788.HK | Hong Kong | $20.2B | -18% | +4% | 20% | 9.7× | -1.0% | +3.6% |
| Telia TELIA.ST | Sweden | $19.2B | 0% | 0% | 18% | 21.1× | -1.1% | -1.9% |
| China Satellite Communications 601698.SS | China | $13.9B | -40% | -2% | 10% | n/a | 40.0% | -0.3% |
| AST SpaceMobile ASTS | United States | $12.6B | -57% | +2,257% | -410% | n/a | n/a | n/a |
| Infrastrutture Wireless Italiane INW.MI | Italy | $7.39B | +1% | +1% | 53% | 19.4× | 8.2% | +10.2% |
| ASR Microelectronics 688220.SS | China | $6.56B | +6% | +28% | 1% | 170.1× | n/a | n/a |
| 1&1 1U1.DE | Germany | $5.79B | +7% | +8% | 3% | 34.4× | 12.5% | +1.8% |
| Iridium Communications IRDM | United States | $4.68B | +6% | +4% | 19% | 64.8× | 21.0% | +8.4% |
| PLDT, Inc. Sponsored ADR PHI | United States | $3.88B | -11% | -2% | 22% | 8.7× | -2.9% | +0.8% |
| freenet FNTN.DE | Germany | $3.06B | -7% | +10% | 14% | 11.4× | -11.3% | -1.1% |
| Helios Towers HTWS.L | United Kingdom | $3.05B | -8% | +6% | 36% | 30.1× | 13.4% | +15.0% |
| U-NEXT 9418.T | Japan | $2.04B | +17% | +20% | 6% | 17.6× | 0.4% | +17.7% |
| StarHub CC3.SI | Singapore | $1.41B | +4% | -8% | 5% | 48.0× | 7.2% | +3.0% |
| CITIC Telecom International 1883.HK | Hong Kong | $1.14B | -14% | 0% | 12% | 9.2× | -10.5% | +1.4% |
| Guomai Technologies 002093.SZ | China | $1.08B | -14% | +3% | 24% | n/a | 11.7% | +6.5% |