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China's largest mobile and fixed-line telecom operator, providing wireless, broadband, cloud and enterprise digital services nationwide.
China's largest mobile and fixed-line telecom operator, providing wireless, broadband, cloud and enterprise digital services nationwide.
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 Shanghai shares, listed in 2022, are the same company as the Hong Kong shares.
In one line: China's Verizon.
Moat: wide (scale, regulatory licence, installed base). State-backed spectrum licence and nationwide network scale give it China's largest subscriber base.
Headquarters: Beijing, China · Founded: 1997 · Employees: 461,345
Size China Mobile (600941.SS) is a China Communication Services company (Specialty Telecommunications) with a market value of $230B, the 8th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥103.49 on 6 Nov 2026.
Performance Over six months the shares gained 7.1%, against -7.7% for the median peer and -16.4% for the China market (cap-weighted) — 3rd highest of 20 in its peer set.
Growth Revenue fell 0.8% over the last twelve months (peer median +3.7%); the operating margin is 18.6% (peer median 11.6%).
Valuation It trades at 17.1× forward earnings against a peer median of 19.4× (7th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.0 points above its cost of capital (5.0% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.04T | CN¥1.05T | CN¥1.04T | CN¥1.01T | CN¥937B |
| Revenue growth | — | +1% | +3% | +8% | — |
| Gross profit | CN¥249B | CN¥237B | CN¥237B | CN¥221B | CN¥208B |
| EBITDA | CN¥382B | CN¥339B | CN¥334B | CN¥342B | CN¥330B |
| Net income | CN¥128B | CN¥137B | CN¥138B | CN¥132B | CN¥125B |
| Free cash flow | CN¥118B | CN¥88.4B | CN¥172B | CN¥134B | CN¥115B |
| Capital expenditure | CN¥141B | CN¥157B | CN¥156B | CN¥181B | CN¥190B |
| Total debt | CN¥98.6B | CN¥101B | CN¥88.4B | CN¥103B | CN¥113B |
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 600941.SS | $230B | +7% | -1% | 19% | 17.1× | -12.6% |
| China Telecom 601728.SS | $88.5B | +15% | -4% | 6% | 21.8× | -16.6% |
| China United Network Communications 600050.SS | $20.4B | -1% | 0% | 2% | 17.9× | -14.9% |
| China Tower 0788.HK | $20.2B | -18% | +4% | 20% | 9.7× | -1.0% |
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 | 600941.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.7% | +0.7% | 5th highest of 21 |
| 6-month return | +7.1% | -7.7% | 3rd highest of 20 |
| Distance from 52-week high | -5.6% | -23.0% | 2nd highest of 21 |
| Revenue growth (TTM) | -0.8% | +3.7% | 6th lowest of 21 |
| Operating margin | 18.6% | 11.6% | 7th highest of 21 |
| Forward P/E | 17.1× | 19.4× | 7th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -12.6% | 7.7% | least demanding of 15 |
| Growth delivered (Del g) | +6.5% | +2.4% | 6th highest of 15 |
| Hurdle (Req g minus delivered) | -19.0 pp | -0.4 pp | least demanding of 15 |
| ROIC minus cost of capital | +7.0 pp | -0.6 pp | 2nd highest of 21 |
| EV / EBITDA | 3.4× | 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 600941.SS | China | $230B | +7% | -1% | 19% | 17.1× | -12.6% | +6.5% |
| 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% |