China Mobile, China Telecom, China Unicom revenue stalled in 2025

China Mobile, China Telecom, and China Unicom reported flat or declining service revenue in 2025 as they reduced infrastructure spending. Their 5G subscriber penetration rates each topped 60% in 2025, with China Mobile ending the year at 642 million 5G network customers, or 64% of its mobile base.

China Mobile's telecom service revenue fell 1% to CNY714.9 billion, while operating revenue rose 0.9% to CNY1.1 trillion after computing services sales increased 11.1% to CNY89.8 billion. China Telecom's service revenue was flat at CNY485.4 billion and China Unicom's was flat at CNY392.2 billion. Net profit rose 1.9% to CNY31.3 billion at China Telecom and 1% to CNY20.8 billion at China Unicom, while China Mobile's net profit fell 0.9% to CNY137.1 billion. Capital expenditure fell 8% to CNY150.9 billion at China Mobile, 14% to CNY80.4 billion at China Telecom, and 11.7% to CNY54.2 billion at China Unicom. China Telecom forecast capex of CNY73 billion in 2026, and China Unicom forecast CNY50 billion, with 35% allocated to computing power expansion.

The results show China's largest mobile operators shifting spending as 5G adoption matures. China Mobile added nearly 90 million 5G users in 2025 to reach 642 million, China Telecom's 5G users rose 20% to 302 million, and China Unicom ended 2025 with 232.2 million after adding 28.4 million since it began reporting 5G network figures in March. China Telecom was the only operator to disclose ARPU, which fell 1.1% to about CNY45.1. Separately, China Tower reported revenue up 2.7% to CNY100.4 billion and net profit up 8.4% to CNY65.8 billion.