China Mobile vs China Unicom stock: the numbers side by side (October 2026)
How do China Mobile and China Unicom compare?
| China Mobile 0941.HK | China Unicom 0762.HK | |
|---|---|---|
| Revenue growth | 0.9%2025 | 0.7%2025 |
| Free cash flow | 41,421RMB millions · 2025 | 9,150RMB millions · 2025 |
| Free cash flow yield | 2.8%Today (Oct 12, 2026) | 6.8%Today (Oct 30, 2026) |
| Dividend yield | 6.6%Today (Oct 12, 2026) | 9.4%Today (Oct 30, 2026) |
| P/E, next 12 months | 10.9xToday (Oct 12, 2026) | 6.2xToday (Oct 30, 2026) |
| Weighted price forecast, about 1 year | 79.44 (+6 %)October 2027 | 8.17 (+65 %)October 2027 |
| Weighted price forecast, about 3 years | 79.18 (+20 %)October 2029 | 10.46 (+126 %)October 2029 |
Who leads on what?
| Leads | The lead is | |
|---|---|---|
| Revenue growth | China Mobile | The higher figure |
| Free cash flow | China Mobile | The higher figure |
| Free cash flow yield | China Unicom | The higher figure |
| Dividend yield | China Unicom | The higher figure |
| P/E, next 12 months | China Unicom | The lower figure |
| Weighted price forecast, about 1 year | China Unicom | The higher weighted return |
| Weighted price forecast, about 3 years | China Unicom | The higher weighted return |
What does each company do?
China Mobile Limited (0941.HK) sells mobile service, home broadband, enterprise connectivity and digital services to individuals, households, companies and public bodies.
China Mobile (0941.HK), from our memo of October 12, 2026 · China Mobile stock forecast
China Unicom sells mobile, broadband and fixed-line services to households.
China Unicom (0762.HK), from our memo of October 30, 2026 · China Unicom stock forecast
How big are China Mobile and China Unicom?
China Mobile reported revenue of RMB 271,557 million in the reported period to June 2026, and China Unicom reported RMB 93,283 million in the reported period to September 2026.
How fast are China Mobile and China Unicom growing, and what did their latest results show?
Revenue at China Mobile grew 0.9% in 2025, and revenue at China Unicom grew 0.7% in 2025.
June-quarter revenue was RMB271,557 million, down 3.0% from a year earlier. Operating income fell 14.7% to RMB49,282 million, and attributable profit declined 7.5% to RMB49,592 million. Operating margin fell from about 20.6% to 18.1%, showing how a network’s costs do not fall automatically when revenue does.
China Mobile (0941.HK), from our memo of October 12, 2026 · China Mobile earnings
For the quarter ended September 2026, revenue was RMB93.3 billion, compared with RMB92.8 billion a year earlier. Shareholder profit fell from RMB5.5 billion to RMB3.8 billion, a decline of about 31%.
China Unicom (0762.HK), from our memo of October 30, 2026 · China Unicom earnings
How much cash do China Mobile and China Unicom generate, and where does it go?
At China Mobile, free cash flow came to RMB 41,421 million in 2025; at China Unicom, it came to RMB 9,150 million in 2025. The dividend yield stood at 6.6% on October 12, 2026 for China Mobile and 9.4% on October 30, 2026 for China Unicom.
Free cash flow means cash remaining after investment, but the definition matters. Deducting capital spending, lease payments and interest from 2025 operating cash flow leaves RMB41,421 million. China Mobile’s own measure was RMB82,041 million because it uses a different investment definition and does not separately deduct those payments.
China Mobile (0941.HK), from our memo of October 12, 2026 · China Mobile stock forecast
Unicom defines free cash flow as operating cash flow less its own capital-expenditure measure, producing RMB36.0 billion in 2025. A stricter view deducts the RMB67.6 billion actually paid for assets and lease payments of RMB13.4 billion. That leaves RMB9.2 billion before recognising the economic cost of stock-based pay, and RMB9.0 billion after it.
China Unicom (0762.HK), from our memo of October 30, 2026 · China Unicom stock forecast
What does an investor pay for China Mobile and China Unicom today?
China Mobile traded at 10.9x the next 12 months’ earnings on October 12, 2026; China Unicom traded at 6.2x the next 12 months’ earnings on October 30, 2026. At China Mobile, the free cash flow yield was 2.8% on October 12, 2026; at China Unicom, it was 6.8% on October 30, 2026.
The dividend yield is therefore the most tempting figure and the one requiring the most checking. China Unicom paid a final dividend for 2025 but declared no interim dividend for the six months ended June 2026. A final payment may still be declared, but the quoted annual yield may rely on an earlier dividend or an assumed future payment.
China Unicom (0762.HK), from our memo of October 30, 2026 · China Unicom dividend