China Mobile released its interim results for the first half of 2026 on the evening of August 13. The report showed revenue of 538 billion yuan, down 1.1% year on year, and net profit of 78.9 billion yuan, a decline of 6.3%.
At the subsequent earnings call, management said that while the company's communications services faced some near-term pressure during the period, its computing-power services saw strong growth, intelligent services gained momentum, and international expansion accelerated. Meanwhile, cash flow grew rapidly, and the underlying business fundamentals showed positive signs, with a clear shift toward new growth drivers and an improving business mix—further cementing the foundation for high-quality development. Overall, the first-half performance came in line with expectations, demonstrating strong resilience and vitality.
Among the major provincial subsidiaries, Guangdong Mobile—the undisputed heavyweight—reported revenue of 60.77 billion yuan for the half year, down 4.2% year on year, and net profit of 17.045 billion yuan, a 10.7% drop, weighing heavily on the group's overall results.
The second-largest, Zhejiang Mobile, fared slightly better, with revenue of 38.28 billion yuan (down 4%) and net profit of 7.94 billion yuan (down 6.4%).
It is worth noting that one significant factor behind China Mobile's first-half net profit decline was an increase in the VAT rate from 6% to 9%. Excluding that impact, the company's net profit actually registered positive growth on a comparable basis.