Credit Brief — China Mobile Limited (中国移动)
600941.SH · Shanghai Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Controlling shareholder: 中国移动集团公司
- Actual controller: 中国移动通信集团有限公司（“中国移动集团公司”）
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 223,483.0 | 178,772.0 | 242,275.0 | 171,094.0 | — |
| Trading financial assets | 108,303.0 | 156,018.0 | 153,194.0 | 134,550.0 | — |
| Accounts receivable | 42,757.0 | 54,881.0 | 75,741.0 | 99,762.0 | — |
| Other receivables | 29,163.0 | 44,362.0 | 16,511.0 | 15,887.0 | — |
| Inventories | 11,696.0 | 12,026.0 | 11,229.0 | 16,613.0 | — |
| Long-term equity investments | 175,649.0 | 181,715.0 | 198,563.0 | 214,353.0 | — |
| Fixed assets | 716,511.0 | 714,663.0 | 714,494.0 | 707,116.0 | — |
| Construction in progress | 69,776.0 | 74,496.0 | 74,271.0 | 61,845.0 | — |
| Intangible assets | 46,509.0 | 47,597.0 | 50,804.0 | 59,748.0 | — |
| Total assets | 1,900,238.0 | 1,957,357.0 | 2,072,827.0 | 2,092,882.0 | — |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Notes payable | 14,759.0 | 26,520.0 | 40,843.0 | 17,202.0 | — |
| Accounts payable | 271,306.0 | 297,456.0 | 354,341.0 | 334,099.0 | — |
| Contract liabilities | 75,255.0 | 66,193.0 | 54,964.0 | 49,615.0 | — |
| Other payables | 35,286.0 | 26,673.0 | 41,329.0 | 61,613.0 | — |
| Current portion of non-current liabilities | 30,919.0 | 35,175.0 | 32,512.0 | 42,507.0 | — |
| Long-term borrowings | — | — | 0.0 | 9,748.0 | — |
| Total liabilities | 634,115.0 | 646,672.0 | 711,588.0 | 695,331.0 | — |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 453,504.0 | 455,001.0 | 461,838.0 | 468,445.0 | — |
| Capital reserve | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Retained earnings | 1,107,120.0 | 1,147,798.0 | 1,188,577.0 | 1,222,270.0 | — |
| Equity attributable to owners of the parent | 1,262,048.0 | 1,306,432.0 | 1,356,732.0 | 1,393,175.0 | — |
| Minority interests | 4,075.0 | 4,253.0 | 4,507.0 | 4,376.0 | — |
| Total equity | 1,266,123.0 | 1,310,685.0 | 1,361,239.0 | 1,397,551.0 | — |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 937,259.0 | 1,009,309.0 | 1,040,759.0 | 1,050,187.0 | — |
| Cost of sales | 676,863.0 | 724,358.0 | 738,772.0 | 747,016.0 | — |
| Selling expenses | 49,592.0 | 52,477.0 | 54,564.0 | 56,184.0 | — |
| Administrative expenses | 54,533.0 | 56,025.0 | 56,937.0 | 55,821.0 | — |
| Finance costs | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Investment income | 13,181.0 | 9,886.0 | 14,657.0 | 15,531.0 | — |
| Operating profit | 161,306.0 | 168,117.0 | 176,284.0 | 178,444.0 | — |
| Profit before tax | 162,872.0 | 170,531.0 | 178,389.0 | 175,608.0 | — |
| Net profit | 125,594.0 | 131,935.0 | 138,526.0 | 137,264.0 | — |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 0.86x | 0.89x | 0.90x | 0.81x | — |
| Quick ratio | 0.83x | 0.87x | 0.88x | 0.78x | — |
| Debt-to-asset ratio | 33.4% | 33.0% | 34.3% | 33.2% | — |
| Total debt / EBITDA | 0.14x | 0.16x | 0.14x | 0.23x | — |
| EBITDA interest coverage | 93.43x | 60.77x | 71.56x | 63.37x | — |
| Gross margin | 27.8% | 28.2% | 29.0% | 28.9% | — |
| Net margin | 13.4% | 13.1% | 13.3% | 13.1% | — |
| Return on equity (ROE) | 9.9% | 10.1% | 10.2% | 9.8% | — |
| Revenue growth | — | 7.7% | 3.1% | 0.9% | — |
| Net profit growth | — | 5.0% | 5.0% | -0.9% | — |
| Receivable days | 17 | 20 | 27 | 35 | — |
| Operating CF / net profit | 2.24x | 2.30x | 2.28x | 1.70x | — |
| Free cash flow | 280,750.0 | 303,780.0 | 315,741.0 | 232,919.0 | 0.0 |
Mechanical risk flags
- ⚠ Current ratio: 0.81 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.78 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.33 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2024 · Same item across different source documents: 16,511.0 vs 27,817.0 CNY mn (deviation 40.64%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 11,306.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 39,526.0 vs 28,220.0 CNY mn (deviation 28.6%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 11,306.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
5 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 现金及现金等价物净增加额 vs 货币资金变动; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 171,094.0 | 2025年年度报告.pdf | 86 | 货币资金 | 171094.0 (百万元) |
| Total assets | 2025 | 2,092,882.0 | 2025年年度报告.pdf | 86 | 资产总计 | 2092882.0 (百万元) |
| Accounts receivable | 2025 | 99,762.0 | 2025年年度报告.pdf | 86 | 应收账款 | 99762.0 (百万元) |
| Fixed assets | 2025 | 707,116.0 | 2025年年度报告.pdf | 86 | 固定资产 | 707116.0 (百万元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.