# China Mobile (0941.HK)

Canonical: https://gigainvestors.com/s/0941.HK

Analysis as of: 2026-10-16T07:33:32.677Z. Financial observations: FY1997–FY2025.

Listing currency: HKD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 81.00 per share; close as of 2026-10-15.

Estimated value: low HKD 109.74 per share, central HKD 135.23 per share, high HKD 155.16 per share. Buy at or below the central value HKD 135.23 per share. Valuation as of 2026-10-16T07:33:32.677Z; scenarios are not confidence intervals.

Expected annual return: 15.8% at the stated quote. About 15.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.18×

- FY2017: 0.18×

- FY2018: 0.17×

- FY2019: 0.16×

- FY2020: 0.16×

- FY2021: 0.15×

- FY2022: 0.14×

- FY2023: 0.14×

- FY2024: 0.15×

- FY2025: 0.15×

### moat: fail

- ROIC median below threshold

- Recent gross margin fell 4.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 12.9%

- ROIC, second-lowest year: 10.5%

- Typical minus recent gross margin: 4.6 pp

- Typical gross margin (annual median): 62.9%

- Recent gross margin (lower of latest and 3-year median): 58.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 24.6%

- ROIC including acquisitions, ten-year median: 12.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 19.8%

- FY2017: 21.7%

- FY2018: 14.6%

- FY2019: 12.7%

- FY2020: 13.1%

- FY2021: 13.0%

- FY2022: 10.1%

- FY2023: 10.7%

- FY2024: 11.8%

- FY2025: 10.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 663B

- Net income, five-year total: CNY 649B

- Return on incremental invested capital: 23.2%

- Working capital / revenue, annual change: 1.9 pp

- Working capital / revenue, change between three-year averages: 14.6 pp

- Working capital / revenue, final three-year average: -11.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.90×

- FY2022: 0.90×

- FY2023: 1.04×

- FY2024: 1.13×

- FY2025: 1.11×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 19.8% vs 10.7%

- Per-share earnings: 5.31 to 6.33 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.6%

- Ordinary dilution, 5-year annual growth: 1.1%

- Market cap gain: CNY 73B

- Cumulative retained earnings: CNY 301B

- Diluted shares, 10-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: 1.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.2%

- Per-share value change: CNY 1.02

- Per-share value, starting three-year median: CNY 5.31

- Per-share value, ending three-year median: CNY 6.33

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.0%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 16B

- Cumulative net income, 10 years: CNY 1.20T

- ROIC, first three-year median: 19.8%

- ROIC, last three-year median: 10.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 5.31

- FY2017: CNY 5.58

- FY2018: CNY 5.75

- FY2019: CNY 5.21

- FY2020: CNY 5.27

- FY2021: CNY 5.67

- FY2022: CNY 5.88

- FY2023: CNY 6.15

- FY2024: CNY 6.42

- FY2025: CNY 6.33

### accounting: pass

- Sloan accruals: -4.5%

- Receivables to sales index (DSRI): 1.31×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.70×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.5%

- FY2017: -8.6%

- FY2018: -5.8%

- FY2019: -8.7%

- FY2020: -11.6%

- FY2021: -10.8%

- FY2022: -8.0%

- FY2023: -8.6%

- FY2024: -8.4%

- FY2025: -4.5%

## Holders

## Price story

Price needs cash profits to shrink 4% a year for ten years · sales +0.9%

Story as of 2026-10-16T09:59:56.626Z; price observation 2026-10-15.

Price needs cash profits to shrink 4% a year for ten years

### Sales · FY2024–2025

sales +0.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 708B 

- FY2017: CNY 741B 

- FY2018: CNY 737B 

- FY2019: CNY 746B 

- FY2020: CNY 768B 

- FY2021: CNY 848B 

- FY2022: CNY 937B 

- FY2023: CNY 1.01T 

- FY2024: CNY 1.04T 

- FY2025: CNY 1.05T 

### Gross margin · FY2025

gross margin 58.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 79.1% 

- FY2017: 80.9% 

- FY2018: 81.8% 

- FY2019: 66.7% 

- FY2020: 63.6% 

- FY2021: 62.1% 

- FY2022: 59.8% 

- FY2023: 59.2% 

- FY2024: 58.4% 

- FY2025: 58.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are CNY 1.1 trillion.

- Source: https://eodhd.com/api/fundamentals/CTM.DU.json#2025-12-31 (filed 2026-10-16T07:33:32.677Z); FY2025: revenue 1050187000000; grossProfit 611497000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0941.HK: China Mobile Limited provides communication, computing, and AI services in Mainland China and Hong Kong. It offers communications services, including mobile communications, broadband networks, cellular IoT, and satellite Internet; computing services comprising data centers, cloud computing services, and cloud computing applications; and AI services, such as data algorithms, embodied intelligence, digital intelligence culture, digital intelligence e-commerce, and industry digital intelligence services. The company was formerly known as China Mobile (Hong Kong) Limited and changed its name to China Mobile Limited in May 2006. The company was incorporated in 1997 and is based in Central, Hong Kong. China Mobile Limited operates as a subsidiary of China Mobile Hong Kong (BVI) Limited.

### Why customers stay

Margins ranged from 58.2% to 59.2% during 2023–25; it earns 12.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/CTM.DU.json#2023-12-31 (filed 2026-10-16T07:33:32.677Z); FY2023: grossProfit / revenue = 59.2%.

- Source: https://eodhd.com/api/fundamentals/CTM.DU.json#2024-12-31 (filed 2026-10-16T07:33:32.677Z); FY2024: grossProfit / revenue = 58.4%.

- Source: https://eodhd.com/api/fundamentals/CTM.DU.json#2025-12-31 (filed 2026-10-16T07:33:32.677Z); FY2025: grossProfit / revenue = 58.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.677Z); 10-year return on capital observations [[2016,0.19812951789205396],[2017,0.21716671499358922],[2018,0.1456704937937749],[2019,0.1269957254262247],[2020,0.13128984474735467],[2021,0.13041542099152034],[2022,0.10112955082286469],[2023,0.10688065710720784],[2024,0.11787724323995043],[2025,0.10512606600841441]]; median 0.12870557320887252. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 2.1% of cash earnings; earns 23.2% on new investment.

- Source: https://eodhd.com/api/fundamentals/CTM.DU.json#2016-12-31 (filed 2026-10-16T07:33:32.677Z); FY2016: growth capex 38114760649.75409; upkeep 152650239350.2459; owner earnings 95122760649.75409. Growth capex / owner earnings = 0.4006902279686163.

- Source: https://eodhd.com/api/fundamentals/CTM.DU.json#2017-12-31 (filed 2026-10-16T07:33:32.677Z); FY2017: growth capex 31447278376.6239; upkeep 162795721623.3761; owner earnings 102224278376.6239. Growth capex / owner earnings = 0.30763023105688264.

- Source: https://eodhd.com/api/fundamentals/CTM.DU.json#2018-12-31 (filed 2026-10-16T07:33:32.677Z); FY2018: growth capex 0; upkeep 195164000000; owner earnings 77238000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CTM.DU.json#2019-12-31 (filed 2026-10-16T07:33:32.677Z); FY2019: growth capex 9265138174.914581; upkeep 195699861825.08542; owner earnings 78898538174.91458. Growth capex / owner earnings = 0.11743104991849378.

- Source: https://eodhd.com/api/fundamentals/CTM.DU.json#2020-12-31 (filed 2026-10-16T07:33:32.677Z); FY2020: growth capex 18048000000; upkeep 172401000000; owner earnings 94516400000. Growth capex / owner earnings = 0.19095098839989674.

- Source: https://eodhd.com/api/fundamentals/CTM.DU.json#2021-12-31 (filed 2026-10-16T07:33:32.677Z); FY2021: growth capex 14266000000; upkeep 193045000000; owner earnings 104751800000. Growth capex / owner earnings = 0.13618859055405252.

- Source: https://eodhd.com/api/fundamentals/CTM.DU.json#2022-12-31 (filed 2026-10-16T07:33:32.677Z); FY2022: growth capex 0; upkeep 189588000000; cash acquisitions 0; owner earnings 113416000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CTM.DU.json#2023-12-31 (filed 2026-10-16T07:33:32.677Z); FY2023: growth capex 0; upkeep 181263000000; cash acquisitions 0; owner earnings 137048200000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CTM.DU.json#2024-12-31 (filed 2026-10-16T07:33:32.677Z); FY2024: growth capex 0; upkeep 155979000000; cash acquisitions 8787000000; owner earnings 155806600000. Growth capex plus acquisitions / owner earnings = 0.056396840698661035.

- Source: https://eodhd.com/api/fundamentals/CTM.DU.json#2025-12-31 (filed 2026-10-16T07:33:32.677Z); FY2025: growth capex 0; upkeep 156951000000; cash acquisitions 3147000000; owner earnings 151853200000. Growth capex plus acquisitions / owner earnings = 0.02072396235311472.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.677Z); Incremental return on capital 0.23230359649173932, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.677Z); Dividend observations: [[2016,46991000000],[2017,106036000000],[2018,59930000000],[2019,53265000000],[2020,59726000000],[2021,57585000000],[2022,86837000000],[2023,91088000000],[2024,97458000000],[2025,103410000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 71.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0941.HK SharesStats.PercentInsiders = 71.611 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 4% yearly over ten years; actual growth was 5.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.677Z); Ten-year compound average after fade. Initial solved rate -0.0693442388083419. Price 81; FX 1.1727222788982186; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.266620891372439 → FY2025 7.015752363723301. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2016-10: HKD 88.85 per share

- 2016-11: HKD 84.65 per share

- 2016-12: HKD 82.20 per share

- 2017-01: HKD 87.85 per share

- 2017-02: HKD 85.60 per share

- 2017-03: HKD 85.05 per share

- 2017-04: HKD 82.95 per share

- 2017-05: HKD 86.45 per share

- 2017-06: HKD 82.85 per share

- 2017-07: HKD 83.75 per share

- 2017-08: HKD 83.00 per share

- 2017-09: HKD 79.15 per share

- 2017-10: HKD 78.35 per share

- 2017-11: HKD 79.25 per share

- 2017-12: HKD 79.25 per share

- 2018-01: HKD 82.60 per share

- 2018-02: HKD 73.40 per share

- 2018-03: HKD 71.95 per share

- 2018-04: HKD 75.20 per share

- 2018-05: HKD 70.00 per share

- 2018-06: HKD 69.70 per share

- 2018-07: HKD 70.80 per share

- 2018-08: HKD 73.80 per share

- 2018-09: HKD 77.15 per share

- 2018-10: HKD 73.30 per share

- 2018-11: HKD 77.65 per share

- 2018-12: HKD 75.35 per share

- 2019-01: HKD 82.30 per share

- 2019-02: HKD 82.60 per share

- 2019-03: HKD 80.00 per share

- 2019-04: HKD 74.75 per share

- 2019-05: HKD 68.45 per share

- 2019-06: HKD 71.15 per share

- 2019-07: HKD 66.75 per share

- 2019-08: HKD 64.95 per share

- 2019-09: HKD 64.85 per share

- 2019-10: HKD 63.80 per share

- 2019-11: HKD 59.00 per share

- 2019-12: HKD 65.50 per share

- 2020-01: HKD 64.20 per share

- 2020-02: HKD 61.30 per share

- 2020-03: HKD 57.65 per share

- 2020-04: HKD 62.45 per share

- 2020-05: HKD 54.10 per share

- 2020-06: HKD 52.30 per share

- 2020-07: HKD 53.10 per share

- 2020-08: HKD 54.15 per share

- 2020-09: HKD 49.45 per share

- 2020-10: HKD 47.15 per share

- 2020-11: HKD 46.40 per share

- 2020-12: HKD 44.20 per share

- 2021-01: HKD 47.30 per share

- 2021-02: HKD 53.70 per share

- 2021-03: HKD 50.95 per share

- 2021-04: HKD 52.00 per share

- 2021-05: HKD 48.40 per share

- 2021-06: HKD 48.55 per share

- 2021-07: HKD 47.85 per share

- 2021-08: HKD 47.15 per share

- 2021-09: HKD 46.95 per share

- 2021-10: HKD 48.25 per share

- 2021-11: HKD 46.60 per share

- 2021-12: HKD 46.80 per share

- 2022-01: HKD 52.50 per share

- 2022-02: HKD 52.80 per share

- 2022-03: HKD 54.15 per share

- 2022-04: HKD 52.40 per share

- 2022-05: HKD 50.65 per share

- 2022-06: HKD 49.00 per share

- 2022-07: HKD 49.65 per share

- 2022-08: HKD 52.60 per share

- 2022-09: HKD 49.90 per share

- 2022-10: HKD 47.25 per share

- 2022-11: HKD 51.75 per share

- 2022-12: HKD 51.75 per share

- 2023-01: HKD 56.20 per share

- 2023-02: HKD 58.80 per share

- 2023-03: HKD 63.60 per share

- 2023-04: HKD 67.65 per share

- 2023-05: HKD 63.65 per share

- 2023-06: HKD 64.05 per share

- 2023-07: HKD 64.10 per share

- 2023-08: HKD 67.10 per share

- 2023-09: HKD 65.70 per share

- 2023-10: HKD 61.95 per share

- 2023-11: HKD 63.30 per share

- 2023-12: HKD 64.80 per share

- 2024-01: HKD 66.45 per share

- 2024-02: HKD 65.80 per share

- 2024-03: HKD 66.90 per share

- 2024-04: HKD 69.90 per share

- 2024-05: HKD 75.10 per share

- 2024-06: HKD 77.00 per share

- 2024-07: HKD 72.60 per share

- 2024-08: HKD 76.20 per share

- 2024-09: HKD 73.45 per share

- 2024-10: HKD 71.45 per share

- 2024-11: HKD 72.30 per share

- 2024-12: HKD 76.60 per share

- 2025-01: HKD 75.70 per share

- 2025-02: HKD 79.00 per share

- 2025-03: HKD 83.80 per share

- 2025-04: HKD 81.05 per share

- 2025-05: HKD 88.00 per share

- 2025-06: HKD 87.10 per share

- 2025-07: HKD 86.10 per share

- 2025-08: HKD 89.45 per share

- 2025-09: HKD 84.50 per share

- 2025-10: HKD 85.25 per share

- 2025-11: HKD 87.30 per share

- 2025-12: HKD 81.70 per share

- 2026-01: HKD 79.80 per share

- 2026-02: HKD 79.30 per share

- 2026-03: HKD 79.15 per share

- 2026-04: HKD 84.60 per share

- 2026-05: HKD 85.15 per share

- 2026-06: HKD 76.15 per share

- 2026-07: HKD 83.65 per share

- 2026-08: HKD 79.25 per share

- 2026-09: HKD 79.45 per share

- 2026-10: HKD 81.00 per share

## Annual estimated value (HKD per share)

- FY2016: low HKD 90.67 per share, central HKD 107.18 per share, high HKD 120.86 per share

- FY2017: low HKD 91.17 per share, central HKD 104.09 per share, high HKD 116.97 per share

- FY2018: low HKD 83.83 per share, central HKD 92.14 per share, high HKD 103.21 per share

- FY2019: low HKD 84.30 per share, central HKD 92.71 per share, high HKD 103.92 per share

- FY2020: low HKD 86.26 per share, central HKD 94.42 per share, high HKD 105.28 per share

- FY2021: low HKD 93.01 per share, central HKD 102.02 per share, high HKD 114.01 per share

- FY2022: low HKD 86.06 per share, central HKD 95.45 per share, high HKD 107.95 per share

- FY2023: low HKD 94.59 per share, central HKD 106.74 per share, high HKD 121.03 per share

- FY2024: low HKD 104.53 per share, central HKD 125.50 per share, high HKD 142.99 per share

- FY2025: low HKD 109.66 per share, central HKD 135.48 per share, high HKD 155.65 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.