en.Wedoany.com Report on Mar 28th, Recently, the 2025 annual reports of the three major telecom operators have been successively released. Overall, the main performance indicators of the operators remain at high levels, but the trend of weak growth in traditional communication services has not significantly improved. Structural revenue growth from computing power services, innovative businesses, and international operations has become the main highlight driving performance. The annual reports show that in 2025, the three major operators continued to prioritize investment in computing power in terms of basic resource allocation, with computing power-related investments becoming a key focus of capital expenditure.
Looking at the capital expenditure plans, investment in intelligent computing infrastructure remains a key focus for operators this year. China Mobile, China Telecom, and China Unicom have all disclosed expansion plans for AI computing power infrastructure in their annual reports, including the construction of intelligent computing centers, deployment of GPU clusters, and the layout of computing power networks. Operators are accelerating their transformation from traditional communication pipeline providers to integrated information service providers offering "connectivity + computing power + capabilities."
It is worth noting that the ultimate goal of intelligent computing infrastructure lies in monetization. Based on the statements from the three operators, Token-based operations are gradually becoming the main focus. As the smallest unit for measuring information processed by large models, the call volume of Tokens directly reflects the activity and commercialization level of AI applications. Operators are using Tokens as billing units to provide enterprise customers with one-stop services such as computing power leasing, model invocation, and AI application development, attempting to build a new growth pole in the AI computing power service market.
Annual report data shows that in 2025, the computing power-related revenue of the three major operators achieved double-digit growth, becoming an important engine driving overall performance. Among them, China Mobile disclosed in its annual report that the proportion of its digital transformation revenue continued to increase in 2025, with computing power service revenue growing by over 30% year-on-year; China Telecom's industrial digitalization business revenue maintained rapid growth, with Tianyi Cloud's market share in the AI computing power service sector continuing to expand; China Unicom made breakthroughs in computing power networks and intelligent computing services, with related revenue growth outpacing traditional businesses.
As AI large models deeply penetrate various industries, computing power services and Token-based operations will become the core growth points for operators in the coming years. Leveraging their advantages in network infrastructure, data center resources, and government and enterprise customer channels, operators are expected to occupy a significant position in the AI computing power service market. How to translate computing power investments into sustainable Token revenue will be key to testing the effectiveness of operators' AI strategies.
