China Mobile Communications Group Co., Ltd. (China Mobile) recently released its full-year results for 2024, reporting an operating revenue of 1.04 trillion yuan ($0.14 trillion), a year-on-year increase of 3.1 percent.
Revenue from telecommunications services reached 889.5 billion yuan, up 3 percent year-on-year. The total number of connections reached 3.67 billion, with a net increase of 316 million. Revenue from digital transformation services grew by 9.9 percent year-on-year to 278.8 billion yuan, accounting for 31.3 percent of telecommunications service revenue—an increase of 1.9 percentage points compared to the previous year.
Personal market: Strengthening AI-driven services
China Mobile advanced AI-powered information services, with personal market revenue of 483.7 billion yuan. The company’s mobile customer base exceeded 1 billion, with a net increase of 13.32 million users. Among them, 5G network users reached 552 million, a net increase of 88 million, with a penetration rate of 55.0 percent. The number of users and revenue from emerging products, such as mobile cloud storage, value-added services and 5G New Calling, grew rapidly.
Home market: Accelerating smart home ecosystem development
China Mobile focused on building an intelligent home ecosystem. The company advanced network upgrades with “Gigabit + FTTR”, AI-driven smart home applications and improved home services. Revenue from the home market reached 143.1 billion yuan, an 8.5 percent increase year-on-year. Broadband customers reached 278 million, with a net increase of 14.05 million.
Enterprise market: Expanding value-driven solutions
China Mobile accelerated the establishment of its standardized, productized, and platform-based enterprise solution system, driving strong business growth. The enterprise market revenue reached 209.1 billion yuan, up 8.8 percent year-on-year. The number of enterprise customers grew to 32.59 million, with a net increase of 4.22 million. Revenue from China Mobile Cloud surged by 20.4 percent to 100.4 billion yuan, while 5G private network revenue grew 61 percent to 8.7 billion yuan. The low-altitude economy gained momentum, with the launch of 50 benchmark applications.
Emerging markets: Strengthening international business and digital finance
China Mobile continued to expand into international business, digital content, financial technology and equity investment, achieving rapid growth in emerging markets. Revenue in this sector reached 53.6 billion yuan, an 8.7 percent increase year-on-year. International business revenue rose by 10.2 percent to 22.8 billion yuan, while digital content revenue increased by 8.2 percent to 30.3 billion yuan. The scale of industrial chain financial services reached 116.5 billion yuan, a 52 percent increase. Monthly active users of China Mobile’s payment service reached 124 million, up 40.7 percent year-on-year. The company also strengthened its role in strategic emerging industries and future-focused sectors through capital investment and empowerment.
Three strategic initiatives driving transformation
China Mobile made solid progress in its “two new types” upgrade (next-generation information infrastructure and new information service system), BASIC6 technology innovation, and AI+ initiatives, delivering strong operational performance and remarkable transformation results.
In 2024, the company’s capital expenditure reached 164 billion yuan, with over 2.4 million 5G base stations deployed and gigabit broadband coverage expanding to 480 million households. Intelligent computing power reached 29.2 EFLOPS, while the company’s capability platform expanded to offer 1,348 capabilities, achieving 7.776 trillion API calls.
The new information services system continues to be optimized, 17 public market products have surpassed 100 million customers, while six products in the government and enterprise market have exceeded 10 billion yuan in revenue. Mobile Cloud remains a leading player in China’s cloud services market, expanding intelligent computing services to over 370 projects. Additionally, 50 demonstration applications in the low-altitude economy have been established, alongside the launch of the Beidou satellite messaging service.
The proportion of “AI+ services” continues to rise. The China Mobile App’s monthly active users reached 230 million, a 46.9 percent year-on-year increase.
China Mobile also made significant strides in technology innovation and talent development. The company’s total valid patents exceeded 17,000, while more than 48,000 5G industry applications were developed. It played a key role in positioning the “Internet of Numbers” as a mainstream technology for national data circulation infrastructure.
The company accelerated its AI+ transformation. It has developed 40 AI industry models and launching 24 AI+ products. AI-driven services expanded to 190 million customers, with the introduction of the Lingxi AI Assistant to enhance services.
China Mobile is accelerating the deployment of AI-powered smart terminals, intelligent connected vehicles and robotics, creating an ecosystem that seamlessly integrates AI with daily life.
(Executive editor: Wang Ruoting)
