🏢 公司Newsroom00941Doubao · 实盘不做把握 6/10不做原因:风险收益比不佳
北京时间·🕒 发布 19:18:50·⟳ 抓取 19:24:42回填·⚡ 决策 10-20 19:28:40 +9m50s·6.9 天前
中国移动前三季营收7803亿元同比降1.8%、归母净利1062亿元同比降7.9%，Q3单季净利降12.2%但扣非仅微降0.2%
名义利润降幅扩大至双位数，但Q3扣非净利仅同比-0.2%，表观-12.2%主要受去年同期投资收益等高基数影响；盈利下滑趋势自中报起已连续三个季度被市场知晓，股价仍处52周高位附近（仅低3.6%）、日波动约0.5%、PE约11.5倍且派息率稳中有升，属低波高息防御股。对预期内延续性业绩，做空无强催化、向上有股息支撑，做多无新增利好，风险收益均不足。
📄 原文00941↗ 原文
Announcement with respect to Results for the First Three Quarters of 2026
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 中国移动有限公司（00941.HK）
风险收益不足：Q3扣非净利仅-0.2%、现金流增长、派息稳中有升，表观-12.2%为高基数所致；利润下滑中报已是明牌，股价处52周高位附近的低波高息防御股，做空无强催化且有股息支撑，做多无新增利好，双向无edge
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
中国移动前三季营收-1.8%、归母净利-7.9%，Q3表观净利-12.2%但扣非仅-0.2%，降势自中报已连续三季度被消化；低波高息防御股在52周高位附近，多空均无预期差，故回避。
消息传播链
- 节点
- 节点
关键理由
- Q3扣非净利同比仅-0.2%、经营现金流同比增约15%，核心盈利实质走平而非崩塌，表观双位数下滑由非经营性高基数造成
- 利润下滑自8月中报起已是明牌（中报即营利双降、连续三季度走低），股价仍接近52周高点，说明市场已按温和下滑+高股息定价
主要风险
- 若卖方原预期Q3扣非正增长，则-0.2%仍可能构成小幅下修，次日存在1-2%低开的情绪性反应
- 主营业务收入-3.7%、IoT连接净增放缓，若云/算力（其他业务+9.9%）增速回落，估值支撑将减弱
反向证据
- 做空前查反向 · 来源 web · 日期 2026-10-20 · 影响 weakens
Q3扣非仅-0.2%、经营现金流1853亿同比增约15%、其他业务收入+9.9%、派息率稳中有升，削弱做空逻辑
检索:中国移动 三季报 扣非 现金流 派息 增长 亮点 原文 ↗ - 做空前查反向 · 来源 query_modeling_kb · 日期 2026-10-20 · 影响 weakens
行情显示PE 11.5倍、距52周高点仅-3.6%、20日日波动约0.46%，低波防御股做空赔率差
检索:中国移动 股价 位置 估值 52周高点 波动率 - 做多前查反向 · 来源 web · 日期 2026-08-24 · 影响 weakens
主营业务收入前三季-3.7%，受增值税税目调整、传统通信服务收缩影响，无新增正向surprise，不支持做多
检索:中国移动 主业收入下滑 ARPU 增值税 通信服务收缩 利空 原文 ↗
先例如何影响了这次决策
对本次决策的影响:先例缺失不改变AVOID结论：决策依据是扣非走平+趋势已知+低波高息防御属性，而非短期反应幅度
方向:未做事件研究定价：本结论基于预期差不足的定性判断，不依赖涨跌幅先例
涨幅量级:无可用于校准的高相似对齐先例；中国移动日波动约0.46%，即便财报后低开通常仅1-3%量级，扣除股息预期后做空空间有限
形态:未检索
工具执行结果 · 成功 3 · 降级 0 · 失败 1 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 13 ms
{"result": "search_processed_events:agent query=`china mobile 941 first three quarters 2026 results profit decline | 中国移动 2026年前三季度业绩 营收 净利润 同比下降 | 中国移动 季度业绩 0941 1062亿`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整)，返回 0 条候选。未命中只表示这些 agent query 表达式没有召回候选，不能据此证明消息首发或不是重复；按当前事件继续正常研判。"} - stock_quote 成功 stock_tools HTTP · 68 ms
{ - kb_search 失败 stock_tools HTTP · 67 ms
kb_search 服务暂不可用；这不是一条知识库命中。 - web_search 成功 doubao_search · 1,702 ms
豆包搜索结果（原始查询:中国移动 2026 前三季度 净利润 同比下降 分析师 预期；API SearchType:web）
原文全文
展开原文 · 25,140 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited
take no responsibility for the contents of this announcement, make no representation as to
its accuracy or completeness and expressly disclaim any liability whatsoever for any loss
howsoever arising from or in reliance upon the whole or any part of the contents of this
announcement.
CHINA MOBILE LIMITED
中國移動有限公司
(Incorporated in Hong Kong with limited liability under the Companies Ordinance)
Stock Codes: 941 (HKD Counter) and 80941 (RMB Counter)
RESULTS FOR THE FIRST THREE QUARTERS OF 2026
The unaudited results and performance indicators of the Group for the first three
quarters of 2026:
• Operating revenue was RMB780.3 billion, down by 1.8% year-on-year
• Profit attributable to equity shareholders was RMB106.2 billion, down by 7.9% year-
on-year
• Mobile customers totaled 1,014 million, with a net addition of 8.89 million
• Integrated broadband network customers totaled 342 million, with a net addition of
13.05 million
–1–
SELECTED UNAUDITED KEY PERFORMANCE INDICATORS
Financial Data
For the period from For the period from
1 January 2026 to 1 January 2025 to
30 September 2026 30 September 2025 Change
Operating Revenue (RMB Billion) 780.3 794.7 -1.8%
Of which, Revenue from
Principal Businesses (RMB Billion) 657.7 683.1 -3.7%
Other Businesses (RMB Billion) 122.6 111.5 9.9%
EBITDA1 (RMB Billion) 247.5 265.4 -6.7%
EBITDA Margin2 31.7% 33.4%
Profit before Taxation (RMB Billion) 133.5 146.8 -9.1%
Profit Attributable to
Equity Shareholders (RMB Billion) 106.2 115.4 -7.9%
Margin of Profit Attributable to
Equity Shareholders 13.6% 14.5%
1
EBITDA = profit from operations + depreciation and amortization
2
EBITDA margin = EBITDA/operating revenue
Operating Data
As at As at
30 September 2026/ 30 June 2026/
For the period from For the period from
1 January 2026 to 1 January 2026 to
30 September 2026 30 June 2026
Mobile Communications
Mobile Customers (Million) 1,014 1,011
Net Additional Customers (Million) 8.89 5.88
Of which: 5G Network Customers (Million) 702 687
Broadband Networks
Integrated Broadband Network1 Customers (Million) 342 337
Net Additional Customers (Million) 13.05 7.70
Cellular IoT
IoT Card Connections (Million) 1,497 1,511
Net Additions (Million) 15.03 29.58
1
Integrated broadband network includes household broadband, enterprise broadband, dedicated Internet
lines and dedicated data lines
–2–
In the first three quarters of 2026, the Group continued to advance its “network-based full-
stack innovation” strategy, channeling its efforts into strengthening, optimizing and expanding
communications services, computing services and AI services. It achieved generally stable
operating results.
In the first three quarters of 2026, the Group’s operating revenue decreased by 1.8% year-on-
year to RMB780.3 billion. Of which, revenue from principal businesses decreased by 3.7%
year-on-year to RMB657.7 billion. Revenue from other businesses increased by 9.9% year-on-
year to RMB122.6 billion.
Profit attributable to equity shareholders decreased by 7.9% year-on-year to RMB106.2 billion
in the first three quarters. Margin of profit attributable to equity shareholders was 13.6%.
EBITDA decreased by 6.7% year-on-year to RMB247.5 billion, with EBITDA as a percentage
of principal business revenue standing at 37.6%.
The Group will continue to accelerate its transformation from a communications operator
into a technology services enterprise. It will advance the integrated deployment of
communications, computing and AI networks, and strengthen integrated innovation across
communications, computing and AI services. It will also reinforce its strategic positioning
in AI, accelerate expansion in the computing market, and consolidate the foundation of
communications services. By making every effort to improve quality and efficiency and
continuously enhancing its core competitiveness, the Group will build a leading technology
services enterprise to high standards, thereby creating greater value for its shareholders and
customers.
–3–
GROUP RESULTS
China Mobile Limited (the “Company”) is pleased to announce the unaudited consolidated
results of the Company and its subsidiaries (the “Group”) for the nine months ended 30
September 2026, which have been prepared in accordance with International Financial
Reporting Standards.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
for the nine months ended 30 September 2026
(Expressed in Renminbi (“RMB”))
Nine months
ended 30 September
2026 2025
Million Million
Operating revenue
Revenue from principal businesses 657,709 683,146
Revenue from other businesses 122,586 111,520
780,295 794,666
Operating expenses
Network operation and support expenses 200,819 205,132
Depreciation and amortization 141,816 142,024
Employee benefit and related expenses 114,754 117,200
Selling expenses 40,789 41,014
Cost of products sold 120,942 109,466
Other operating expenses 55,485 56,458
674,605 671,294
Profit from operations 105,690 123,372
Other gains 3,340 2,313
Interest and other income 15,625 13,361
Finance costs (2,548) (2,574)
Income from investments accounted for using
the equity method 11,364 10,326
Profit before taxation 133,471 146,798
Taxation (27,146) (31,375)
PROFIT FOR THE PERIOD 106,325 115,423
–4–
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME (CONTINUED)
for the nine months ended 30 September 2026
(Expressed in RMB)
Nine months
ended 30 September
2026 2025
Million Million
Other comprehensive income for the period, net of tax:
Items that will not be subsequently reclassified
to profit or loss
Changes in the fair value of financial assets measured at
fair value through other comprehensive income (971) 315
Share of other comprehensive income of investments
accounted for using the equity method 7 25
Items that may be subsequently reclassified
to profit or loss
Changes in the fair value of financial assets measured at
fair value through other comprehensive income (59) (285)
Currency translation differences (3,136) (311)
Share of other comprehensive income/(loss) of
investments accounted for using the equity method 200 (580)
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD 102,366 114,587
Profit attributable to:
Equity shareholders of the Company 106,198 115,353
Non-controlling interests 127 70
PROFIT FOR THE PERIOD 106,325 115,423
Total comprehensive income attributable to:
Equity shareholders of the Company 102,211 114,557
Non-controlling interests 155 30
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD 102,366 114,587
Earnings per share – Basic RMB4.90 RMB5.34
Earnings per share – Diluted RMB4.86 RMB5.31
–5–
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
as at 30 September 2026
(Expressed in RMB)
As at As at
30 September 31 December
2026 2025
Million Million
Assets
Non-current assets
Property, plant and equipment 653,805 707,116
Construction in progress 97,597 61,845
Right-of-use assets 70,965 77,662
Land use rights 13,662 14,006
Goodwill 39,069 39,264
Development expenditure 3,113 3,610
Other intangible assets 41,989 45,742
Investments accounted for using the equity method 220,829 214,353
Deferred tax assets 56,262 52,097
Financial assets measured at fair value through
other comprehensive income 48,543 32,388
Financial assets measured at fair value through
profit or loss 248,473 254,897
Other financial assets measured at amortized cost 6,934 7,040
Bank deposits 34,426 61,685
Other non-current assets 68,329 58,831
1,603,996 1,630,536
Current assets
Inventories 16,156 16,613
Contract assets 21,702 20,178
Accounts receivable 122,043 99,762
Other receivables 15,792 15,887
Bills receivable 862 1,177
Prepayments 10,317 7,755
Prepaid income tax 668 381
Other non-financial assets 22,354 24,135
Financial assets measured at fair value through
other comprehensive income 1,387 690
Financial assets measured at fair value through
profit or loss 132,237 134,550
Other financial assets measured at amortized cost 5,317 5,424
Bank deposits 98,634 73,827
Cash and cash equivalents 97,659 97,267
545,128 497,646
Total assets 2,149,124 2,128,182
–6–
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (CONTINUED)
as at 30 September 2026
(Expressed in RMB)
As at As at
30 September 31 December
2026 2025
Million Million
Equity and liabilities
Liabilities
Current liabilities
Accounts payable and accrued expenses 315,663 334,099
Bills payable 19,728 17,202
Contract liabilities 42,909 49,615
Receipts in advance 79,617 83,206
Other payables 121,060 74,299
Income tax payable 13,123 12,632
Lease liabilities 42,507 42,507
634,607 613,560
Non-current liabilities
Bank and other borrowings 9,240 9,748
Lease liabilities 46,823 48,942
Deferred revenue 9,310 9,144
Defined benefit plan and other employee benefit liabilities* 6,615 6,643
Deferred tax liabilities 3,917 4,881
Other non-current liabilities 2,846 2,413
78,751 81,771
Total liabilities 713,358 695,331
Equity
Share capital 470,946 468,445
Reserves 960,344 960,030
Total equity attributable to equity shareholders of
the Company 1,431,290 1,428,475
Non-controlling interests 4,476 4,376
Total equity 1,435,766 1,432,851
Total equity and liabilities 2,149,124 2,128,182
* The Group engaged an independent qualified actuary, Towers Watson Management Consulting (Shenzhen)
Co., Ltd. (a corporate member of the China Association of Actuaries), to calculate the Group’s obligation
for this defined benefit plan, and such obligation was recognised as liability.
–7–
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the nine months ended 30 September 2026
(Expressed in RMB)
Nine months ended
30 September
2026 2025
Million Million
Operating activities
Profit before taxation 133,471 146,798
Adjustments for:
– Depreciation and amortization 141,816 142,024
– Interest and other income (15,625) (13,361)
– Finance costs 2,548 2,574
– Income from investments accounted for using
the equity method (11,364) (10,326)
– Others 16,690 18,835
Operating cash flows before changes in working capital 267,536 286,544
Changes in working capital
– Decrease/(increase) in inventories 333 (2,008)
– (Increase)/decrease in contract assets (4,127) 1,435
– Increase in accounts receivable (38,581) (54,116)
– Decrease in accounts payable and accrued expenses (11,773) (15,865)
– Decrease in contract liabilities (6,706) (14,335)
– Others 9,845 (3,928)
Cash generated from operations 216,527 197,727
Tax paid
– The mainland of China and other countries and
regions’ enterprise income tax paid (30,946) (36,488)
– Hong Kong profits tax paid (291) (192)
Net cash generated from operating activities 185,290 161,047
–8–
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(CONTINUED)
for the nine months ended 30 September 2026
(Expressed in RMB)
Nine months ended
30 September
2026 2025
Million Million
Investing activities
Payment for property, plant and equipment,
other intangible assets and non-current assets (103,293) (117,115)
Proceeds from disposal and write-off of property,
plant and equipment and non-current assets 688 462
Placement of term deposits (45,725) (57,565)
Proceeds from withdrawal of term deposits 47,396 59,875
Decrease in the statutory deposit reserves by
China Mobile Finance 1,425 1,034
Payment for the purchase of other financial assets measured
at amortized cost (28,332) (54,236)
Proceeds from disposal of other financial assets measured
at amortized cost 28,442 59,396
Interest and other finance income received 8,099 7,851
Proceeds from partial disposal of investments accounted
for using the equity method 59 121
Payment for the purchase of investments accounted for
using the equity method – (144)
Dividends received from investments accounted for using
the equity method 4,650 4,059
Payment for the purchase of financial assets measured at
fair value through profit or loss (34,644) (58,835)
Proceeds from disposal of financial assets measured at
fair value through profit or loss 50,607 32,838
Payment for the purchase of financial assets measured at
fair value through other comprehensive income (23,408) (16,183)
Proceeds from disposal of financial assets measured at
fair value through other comprehensive income 4,549 972
Acquisition of subsidiary, net of cash acquired (18) (4,371)
Net cash used in investing activities (89,505) (141,841)
–9–
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(CONTINUED)
for the nine months ended 30 September 2026
(Expressed in RMB)
Nine months ended
30 September
2026 2025
Million Million
Financing activities
Proceeds received from exercise of share options 2,303 5,304
Dividends paid to the Company’s equity shareholders (101,977) (103,410)
Dividends paid to non-controlling shareholders of
subsidiaries (144) (43)
Interest paid (401) (320)
Net receipts of short-term deposits placed by CMCC Group 27,811 25,681
Repayment of principal and interest of lease liabilities (21,950) (15,358)
Others (36) (515)
Net cash used in financing activities (94,394) (88,661)
Net increase/(decrease) in cash and cash equivalents 1,391 (69,455)
Cash and cash equivalents, beginning of period 97,267 167,309
Effect of changes in foreign exchange rate (999) (235)
Cash and cash equivalents, end of period 97,659 97,619
– 10 –
The Board wishes to remind investors that the above results and performance indicators are
based on the Group’s unaudited management accounts. Investors are cautioned not to unduly
rely on such data.
In the meantime, investors are advised to exercise caution in dealing in the securities of
the Company.
By Order of the Board
China Mobile Limited
Chen Zhongyue
Chairman
Hong Kong, 20 October 2026
FORWARD-LOOKING STATEMENTS
Forward-looking statements contained in this announcement do not constitute and should
not be viewed as commitments made by the Company. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors, which may cause the actual
performance, financial condition or results of operations of the Company to be materially
different from those implied by such forward-looking statements. In addition, the Company
does not intend to update such forward-looking statements. Investors are cautioned not to
unduly rely on such forward-looking statements.
As at the date of this announcement, the Board of Directors of the Company comprises
Mr. Chen Zhongyue, Mr. Chen Yangfan and Mr. Li Ronghua as executive directors;
and Mr. Yiu Kin Wah Stephen, Dr. Yang Qiang, Mr. Lee Ka Sze Carmelo and
Mrs. Leung Ko May Yee Margaret as independent non-executive directors.
– 11 –
take no responsibility for the contents of this announcement, make no representation as to
its accuracy or completeness and expressly disclaim any liability whatsoever for any loss
howsoever arising from or in reliance upon the whole or any part of the contents of this
announcement.
CHINA MOBILE LIMITED
中國移動有限公司
(Incorporated in Hong Kong with limited liability under the Companies Ordinance)
Stock Codes: 941 (HKD Counter) and 80941 (RMB Counter)
RESULTS FOR THE FIRST THREE QUARTERS OF 2026
The unaudited results and performance indicators of the Group for the first three
quarters of 2026:
• Operating revenue was RMB780.3 billion, down by 1.8% year-on-year
• Profit attributable to equity shareholders was RMB106.2 billion, down by 7.9% year-
on-year
• Mobile customers totaled 1,014 million, with a net addition of 8.89 million
• Integrated broadband network customers totaled 342 million, with a net addition of
13.05 million
–1–
SELECTED UNAUDITED KEY PERFORMANCE INDICATORS
Financial Data
For the period from For the period from
1 January 2026 to 1 January 2025 to
30 September 2026 30 September 2025 Change
Operating Revenue (RMB Billion) 780.3 794.7 -1.8%
Of which, Revenue from
Principal Businesses (RMB Billion) 657.7 683.1 -3.7%
Other Businesses (RMB Billion) 122.6 111.5 9.9%
EBITDA1 (RMB Billion) 247.5 265.4 -6.7%
EBITDA Margin2 31.7% 33.4%
Profit before Taxation (RMB Billion) 133.5 146.8 -9.1%
Profit Attributable to
Equity Shareholders (RMB Billion) 106.2 115.4 -7.9%
Margin of Profit Attributable to
Equity Shareholders 13.6% 14.5%
1
EBITDA = profit from operations + depreciation and amortization
2
EBITDA margin = EBITDA/operating revenue
Operating Data
As at As at
30 September 2026/ 30 June 2026/
For the period from For the period from
1 January 2026 to 1 January 2026 to
30 September 2026 30 June 2026
Mobile Communications
Mobile Customers (Million) 1,014 1,011
Net Additional Customers (Million) 8.89 5.88
Of which: 5G Network Customers (Million) 702 687
Broadband Networks
Integrated Broadband Network1 Customers (Million) 342 337
Net Additional Customers (Million) 13.05 7.70
Cellular IoT
IoT Card Connections (Million) 1,497 1,511
Net Additions (Million) 15.03 29.58
1
Integrated broadband network includes household broadband, enterprise broadband, dedicated Internet
lines and dedicated data lines
–2–
In the first three quarters of 2026, the Group continued to advance its “network-based full-
stack innovation” strategy, channeling its efforts into strengthening, optimizing and expanding
communications services, computing services and AI services. It achieved generally stable
operating results.
In the first three quarters of 2026, the Group’s operating revenue decreased by 1.8% year-on-
year to RMB780.3 billion. Of which, revenue from principal businesses decreased by 3.7%
year-on-year to RMB657.7 billion. Revenue from other businesses increased by 9.9% year-on-
year to RMB122.6 billion.
Profit attributable to equity shareholders decreased by 7.9% year-on-year to RMB106.2 billion
in the first three quarters. Margin of profit attributable to equity shareholders was 13.6%.
EBITDA decreased by 6.7% year-on-year to RMB247.5 billion, with EBITDA as a percentage
of principal business revenue standing at 37.6%.
The Group will continue to accelerate its transformation from a communications operator
into a technology services enterprise. It will advance the integrated deployment of
communications, computing and AI networks, and strengthen integrated innovation across
communications, computing and AI services. It will also reinforce its strategic positioning
in AI, accelerate expansion in the computing market, and consolidate the foundation of
communications services. By making every effort to improve quality and efficiency and
continuously enhancing its core competitiveness, the Group will build a leading technology
services enterprise to high standards, thereby creating greater value for its shareholders and
customers.
–3–
GROUP RESULTS
China Mobile Limited (the “Company”) is pleased to announce the unaudited consolidated
results of the Company and its subsidiaries (the “Group”) for the nine months ended 30
September 2026, which have been prepared in accordance with International Financial
Reporting Standards.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
for the nine months ended 30 September 2026
(Expressed in Renminbi (“RMB”))
Nine months
ended 30 September
2026 2025
Million Million
Operating revenue
Revenue from principal businesses 657,709 683,146
Revenue from other businesses 122,586 111,520
780,295 794,666
Operating expenses
Network operation and support expenses 200,819 205,132
Depreciation and amortization 141,816 142,024
Employee benefit and related expenses 114,754 117,200
Selling expenses 40,789 41,014
Cost of products sold 120,942 109,466
Other operating expenses 55,485 56,458
674,605 671,294
Profit from operations 105,690 123,372
Other gains 3,340 2,313
Interest and other income 15,625 13,361
Finance costs (2,548) (2,574)
Income from investments accounted for using
the equity method 11,364 10,326
Profit before taxation 133,471 146,798
Taxation (27,146) (31,375)
PROFIT FOR THE PERIOD 106,325 115,423
–4–
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME (CONTINUED)
for the nine months ended 30 September 2026
(Expressed in RMB)
Nine months
ended 30 September
2026 2025
Million Million
Other comprehensive income for the period, net of tax:
Items that will not be subsequently reclassified
to profit or loss
Changes in the fair value of financial assets measured at
fair value through other comprehensive income (971) 315
Share of other comprehensive income of investments
accounted for using the equity method 7 25
Items that may be subsequently reclassified
to profit or loss
Changes in the fair value of financial assets measured at
fair value through other comprehensive income (59) (285)
Currency translation differences (3,136) (311)
Share of other comprehensive income/(loss) of
investments accounted for using the equity method 200 (580)
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD 102,366 114,587
Profit attributable to:
Equity shareholders of the Company 106,198 115,353
Non-controlling interests 127 70
PROFIT FOR THE PERIOD 106,325 115,423
Total comprehensive income attributable to:
Equity shareholders of the Company 102,211 114,557
Non-controlling interests 155 30
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD 102,366 114,587
Earnings per share – Basic RMB4.90 RMB5.34
Earnings per share – Diluted RMB4.86 RMB5.31
–5–
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
as at 30 September 2026
(Expressed in RMB)
As at As at
30 September 31 December
2026 2025
Million Million
Assets
Non-current assets
Property, plant and equipment 653,805 707,116
Construction in progress 97,597 61,845
Right-of-use assets 70,965 77,662
Land use rights 13,662 14,006
Goodwill 39,069 39,264
Development expenditure 3,113 3,610
Other intangible assets 41,989 45,742
Investments accounted for using the equity method 220,829 214,353
Deferred tax assets 56,262 52,097
Financial assets measured at fair value through
other comprehensive income 48,543 32,388
Financial assets measured at fair value through
profit or loss 248,473 254,897
Other financial assets measured at amortized cost 6,934 7,040
Bank deposits 34,426 61,685
Other non-current assets 68,329 58,831
1,603,996 1,630,536
Current assets
Inventories 16,156 16,613
Contract assets 21,702 20,178
Accounts receivable 122,043 99,762
Other receivables 15,792 15,887
Bills receivable 862 1,177
Prepayments 10,317 7,755
Prepaid income tax 668 381
Other non-financial assets 22,354 24,135
Financial assets measured at fair value through
other comprehensive income 1,387 690
Financial assets measured at fair value through
profit or loss 132,237 134,550
Other financial assets measured at amortized cost 5,317 5,424
Bank deposits 98,634 73,827
Cash and cash equivalents 97,659 97,267
545,128 497,646
Total assets 2,149,124 2,128,182
–6–
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (CONTINUED)
as at 30 September 2026
(Expressed in RMB)
As at As at
30 September 31 December
2026 2025
Million Million
Equity and liabilities
Liabilities
Current liabilities
Accounts payable and accrued expenses 315,663 334,099
Bills payable 19,728 17,202
Contract liabilities 42,909 49,615
Receipts in advance 79,617 83,206
Other payables 121,060 74,299
Income tax payable 13,123 12,632
Lease liabilities 42,507 42,507
634,607 613,560
Non-current liabilities
Bank and other borrowings 9,240 9,748
Lease liabilities 46,823 48,942
Deferred revenue 9,310 9,144
Defined benefit plan and other employee benefit liabilities* 6,615 6,643
Deferred tax liabilities 3,917 4,881
Other non-current liabilities 2,846 2,413
78,751 81,771
Total liabilities 713,358 695,331
Equity
Share capital 470,946 468,445
Reserves 960,344 960,030
Total equity attributable to equity shareholders of
the Company 1,431,290 1,428,475
Non-controlling interests 4,476 4,376
Total equity 1,435,766 1,432,851
Total equity and liabilities 2,149,124 2,128,182
* The Group engaged an independent qualified actuary, Towers Watson Management Consulting (Shenzhen)
Co., Ltd. (a corporate member of the China Association of Actuaries), to calculate the Group’s obligation
for this defined benefit plan, and such obligation was recognised as liability.
–7–
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the nine months ended 30 September 2026
(Expressed in RMB)
Nine months ended
30 September
2026 2025
Million Million
Operating activities
Profit before taxation 133,471 146,798
Adjustments for:
– Depreciation and amortization 141,816 142,024
– Interest and other income (15,625) (13,361)
– Finance costs 2,548 2,574
– Income from investments accounted for using
the equity method (11,364) (10,326)
– Others 16,690 18,835
Operating cash flows before changes in working capital 267,536 286,544
Changes in working capital
– Decrease/(increase) in inventories 333 (2,008)
– (Increase)/decrease in contract assets (4,127) 1,435
– Increase in accounts receivable (38,581) (54,116)
– Decrease in accounts payable and accrued expenses (11,773) (15,865)
– Decrease in contract liabilities (6,706) (14,335)
– Others 9,845 (3,928)
Cash generated from operations 216,527 197,727
Tax paid
– The mainland of China and other countries and
regions’ enterprise income tax paid (30,946) (36,488)
– Hong Kong profits tax paid (291) (192)
Net cash generated from operating activities 185,290 161,047
–8–
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(CONTINUED)
for the nine months ended 30 September 2026
(Expressed in RMB)
Nine months ended
30 September
2026 2025
Million Million
Investing activities
Payment for property, plant and equipment,
other intangible assets and non-current assets (103,293) (117,115)
Proceeds from disposal and write-off of property,
plant and equipment and non-current assets 688 462
Placement of term deposits (45,725) (57,565)
Proceeds from withdrawal of term deposits 47,396 59,875
Decrease in the statutory deposit reserves by
China Mobile Finance 1,425 1,034
Payment for the purchase of other financial assets measured
at amortized cost (28,332) (54,236)
Proceeds from disposal of other financial assets measured
at amortized cost 28,442 59,396
Interest and other finance income received 8,099 7,851
Proceeds from partial disposal of investments accounted
for using the equity method 59 121
Payment for the purchase of investments accounted for
using the equity method – (144)
Dividends received from investments accounted for using
the equity method 4,650 4,059
Payment for the purchase of financial assets measured at
fair value through profit or loss (34,644) (58,835)
Proceeds from disposal of financial assets measured at
fair value through profit or loss 50,607 32,838
Payment for the purchase of financial assets measured at
fair value through other comprehensive income (23,408) (16,183)
Proceeds from disposal of financial assets measured at
fair value through other comprehensive income 4,549 972
Acquisition of subsidiary, net of cash acquired (18) (4,371)
Net cash used in investing activities (89,505) (141,841)
–9–
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(CONTINUED)
for the nine months ended 30 September 2026
(Expressed in RMB)
Nine months ended
30 September
2026 2025
Million Million
Financing activities
Proceeds received from exercise of share options 2,303 5,304
Dividends paid to the Company’s equity shareholders (101,977) (103,410)
Dividends paid to non-controlling shareholders of
subsidiaries (144) (43)
Interest paid (401) (320)
Net receipts of short-term deposits placed by CMCC Group 27,811 25,681
Repayment of principal and interest of lease liabilities (21,950) (15,358)
Others (36) (515)
Net cash used in financing activities (94,394) (88,661)
Net increase/(decrease) in cash and cash equivalents 1,391 (69,455)
Cash and cash equivalents, beginning of period 97,267 167,309
Effect of changes in foreign exchange rate (999) (235)
Cash and cash equivalents, end of period 97,659 97,619
– 10 –
The Board wishes to remind investors that the above results and performance indicators are
based on the Group’s unaudited management accounts. Investors are cautioned not to unduly
rely on such data.
In the meantime, investors are advised to exercise caution in dealing in the securities of
the Company.
By Order of the Board
China Mobile Limited
Chen Zhongyue
Chairman
Hong Kong, 20 October 2026
FORWARD-LOOKING STATEMENTS
Forward-looking statements contained in this announcement do not constitute and should
not be viewed as commitments made by the Company. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors, which may cause the actual
performance, financial condition or results of operations of the Company to be materially
different from those implied by such forward-looking statements. In addition, the Company
does not intend to update such forward-looking statements. Investors are cautioned not to
unduly rely on such forward-looking statements.
As at the date of this announcement, the Board of Directors of the Company comprises
Mr. Chen Zhongyue, Mr. Chen Yangfan and Mr. Li Ronghua as executive directors;
and Mr. Yiu Kin Wah Stephen, Dr. Yang Qiang, Mr. Lee Ka Sze Carmelo and
Mrs. Leung Ko May Yee Margaret as independent non-executive directors.
– 11 –
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