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China Mobile Ltd.

Company Background

China Mobile is China's largest telecommunications company. It commands slightly more than 60% of the domestic mobile phone market, where some 1.3 billion people use handsets.

The company also boasts the largest number of subscribers in the world. Backed by its strong brand power and excellent name recognition, China Mobile far eclipses such rivals as China Telecom and China Unicom in scale.

Its parent company is state-owned behemoth China Mobile Communications Corp., which was created in 2000 by spinning off the mobile telecommunications division of the former posts and telecommunications ministry. China Mobile, a core unit of CMCC, is listed on the domestic stock market. Slightly more than 70% of its outstanding shares are owned by the asset-management arm of CMCC.

Because it is a large state-owned company, China Mobile acts in step with government policy. In late 2013, it was the first company in China to introduce the TD-LTE fourth-generation mobile communications format, developed mainly by local companies. China Mobile is leading the efforts to promote the standard at home, spending huge sums to set up new base stations and introduce handsets compatible with the 4G service.

An important issue facing China Mobile is how to deal with the expected slowdown in the home market, which is thought to be near saturation. The company is therefore targeting overseas markets, and has invested in a major telecommunications unit of Thai conglomerate Charoen Pokphand Group. China Mobile is trying to promote the TD-LTE format abroad by allying with local telecommunications equipment makers.

Business Summary

China Mobile Ltd. operates as an investment holding company, which engages in the provision of telecommunications and other related services in Mainland China. The firm offers communications services in all 31 provinces, autonomous regions and directly-administered municipalities throughout Mainland China and in Hong Kong Special Administrative Region. Its Internet Protocol based core network is capable of supporting the GSM, TD-SCDMA, TD-LTE, and LTE FDD networks. The company was founded on September 3, 1997 and is headquartered in Hong Kong.

Financial Highlights

Dec 2022 HKDUSD
Gross Profit241,577.47M30,850.88M
Operating income151,163.69M19,304.50M
Income before tax176,624.91M22,556.05M
Net income145,893.53M18,631.47M
Diluted EPS6.820.87
Dividends Per Share4.410.56
Total Assets2,173.10B278,426.57M
Total liabilities711,946.12M91,217.25M
Total equity1,456.58B186,623.12M
Operating cash flow347,195.89M44,338.98M
Currency in HKDCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 872,728.12M 845,807.57M 863,075.16M 1,022.32B 1,089.91B
Gross Profit 419,691.09M 216,769.67M 255,054.79M 284,517.76M 241,577.47M
Operating income 145,267.34M 131,602.34M 131,939.58M 149,981.27M 151,163.69M
Income before tax 182,281.53M 146,833.11M 146,101.48M 169,540.64M 176,624.91M
Net income 139,506.16M 120,921.98M 121,175.72M 139,728.54M 145,893.53M
EBITDA 327,855.65M 338,902.68M 325,665.44M 382,641.21M 383,828.88M
Diluted EPS 6.81 5.87 5.91 6.82 6.82
Dividends Per Share 3.21 3.25 3.29 4.06 4.41
Total Assets 1,751.48B 1,822.46B 2,006.79B 2,209.25B 2,173.10B
Total liabilities 547,486.60M 583,851.98M 672,260.38M 761,541.57M 711,946.12M
Total equity 1,200.11B 1,234.67B 1,320.34B 1,432.50B 1,456.58B
Operating cash flow 258,815.01M 296,239.08M 365,338.55M 400,210.78M 347,195.89M
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 111,352.22M 107,949.73M 111,278.45M 131,525.95M 139,189.01M
Gross Profit 53,548.79M 27,666.13M 32,884.85M 36,604.10M 30,850.88M
Operating income 18,534.80M 16,796.30M 17,011.30M 19,295.56M 19,304.50M
Income before tax 23,257.47M 18,740.19M 18,837.23M 21,811.93M 22,556.05M
Net income 17,799.72M 15,433.17M 15,623.49M 17,976.51M 18,631.47M
EBITDA 41,831.42M 43,253.87M 41,988.86M 49,227.99M 49,017.23M
Diluted EPS 0.86 0.74 0.76 0.87 0.87
Dividends Per Share 0.41 0.41 0.42 0.52 0.56
Total Assets 223,707.71M 233,894.65M 258,812.51M 283,371.70M 278,426.57M
Total liabilities 69,927.46M 74,931.59M 86,700.20M 97,679.87M 91,217.25M
Total equity 153,284.44M 158,458.30M 170,282.88M 183,741.68M 186,623.12M
Operating cash flow 33,022.45M 37,808.75M 47,104.02M 51,488.37M 44,338.98M

Valuation Measures

Dec 2022
Operating margin13.86%
Profit margin13.38%

Key executives

  • Chief Executive Officer & Executive Director: Xin Dong
  • Chief Financial Officer & Executive Director: Rong Hua Li
  • Vice President: Qin Jian
  • Vice President: Da Chun Zhao
  • Vice President & Deputy General Manager: Tong Qing Gao


  • China State-Owned Assets Supervision & Admn Commission (72.7%)
  • State Street Global Advisors Asia Ltd. (0.3%)
  • China Merchants Fund Management Co., Ltd. (0.2%)
  • Foresight Fund Management Co., Ltd. (0.1%)
  • Hang Seng Investment Management Ltd. (0.1%)
  • Orient Securities Asset Management Co. Ltd. (0.0%)
  • Invesco Great Wall Fund Management Co. Ltd. (Invt Mgmt) (0.0%)
  • E Fund Management Co., Ltd. (0.0%)
  • China Southern Asset Management Co., Ltd. (0.0%)
  • China Asset Management Co., Ltd. (0.0%)

Contact Details

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Last Updated on 30 May, 2023

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