Analysis of 5G Private Network Security Investment Scale of China Mobile (HK00941)

Based on the collected information, the following is a detailed breakdown of China Mobile’s 5G private network security investment:

• China Mobile completed
  RMB 164 billion
  in capital expenditure in 2024 [1][2]
• Of this,
  RMB 69 billion
  was invested in 5G networks, with a total of over 2.4 million 5G base stations put into operation [1][2]
• Built the world’s first large-scale commercial 5G-A network, with RedCap covering all cities in the country [1]

• Expected capital expenditure is
  RMB 151.2 billion
  , a year-on-year decrease of approximately RMB 12.8 billion [3][4]
• 5G-A investment will increase from RMB 3 billion to
  RMB 9.8 billion
  , representing a growth rate of over 220% [1]

• In H1 2025, 5G private network revenue reached
  RMB 6.1 billion
  , a year-on-year increase of
  57.8%
  [5]
• Revenue from the government and enterprise market was RMB 118.2 billion, a year-on-year increase of 5.6% [5]

China Mobile regards security as a core component of its “Two Wings” strategy (terminals, networks, platforms, and applications are the “Four Wheels”, while AI and security are the “Two Wings”) [2]. This indicates that security capability building is a key support for the development of 5G private networks.

China Mobile has built a multi-layered 5G private network security protection system:

Security Domain	Key Measures
Network Security	Traditional technologies such as firewalls, IPS, and situation awareness, combined with security resource pooling and security capability atomization [6]
Access Security	Terminal access authentication, secondary authentication, two-way authentication, and air interface confidentiality and integrity protection [6]
Data Security	End-to-end encryption protection using national cryptographic algorithms to ensure no data leakage [6]
Physical Security	Tamper-proof, anti-theft, and anti-alteration mechanisms for network element devices, as well as port protection and security hardening [6]
Operation and Maintenance Security	Asset management, security visualization, and security situation awareness [6]

• The proportion of 5G-related capital expenditure decreased from 62.1% in 2021 to 39.9% in 2024 [4]
• The compound annual growth rate of computing power investment reached 13%, and capital expenditure related to computing power networks was RMB 37.1 billion in 2024 [4]
• R&D investment was RMB 28.2 billion, maintaining a leading position in the industry [4]

• Plans to invest RMB 37.3 billion in computing power layout in 2025, with intelligent computing scale exceeding 34 EFLOPS [4]
• Large-scale deployment of wireless AI applications, with plans to complete intelligent transformation of over 400,000 base stations [1]

China Mobile’s 5G private network security investment has the following characteristics:

1. High-level Security Strategy
   : Security is positioned as one of the “Two Wings” strategy, on par with AI
2. Comprehensive Technical System
   : Covers five major areas including network security, access security, data security, physical security, and operation and maintenance security
3. Sustained Investment Growth
   : 5G-A investment increased from RMB 3 billion to RMB 9.8 billion, with a significant growth rate
4. Atomized Security Capabilities
   : Through security function orchestration and automated deployment, collaborative management and flexible on-demand deployment of security capabilities are achieved

Although the specific amount of 5G private network security investment has not been found, from the perspective of overall 5G investment and the “Security as One of the Two Wings” strategy, China Mobile continues to increase investment in 5G private network security capability building to support the large-scale application expansion in the government and enterprise market.

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[1] Sina Finance - Li Huidi of China Mobile: Completed RMB 3 billion in 5G-A investment in 2024, to increase to RMB 9.8 billion in 2025 (https://finance.sina.com.cn/tech/5g/2025-03-21/doc-ineqkqsq4031397.shtml)

[2] China Mobile 2024 Annual Report Summary (https://www.chinamobileltd.com/sc/ir/sse_filings/sca250321a.pdf)

[3] CWW - Operators Invest Over RMB 10 Billion, Has the “A Era” of 5G Finally Arrived? (https://www.cww.net.cn/article?id=599033)

[4] China Industry News - 5G Investment Shifts Gear, Three Major Telecom Operators Bet on New Battlefields of Computing Power and AI (https://www.cinn.cn/yw/2025/03-26/n1Kd7xor.html)

[5] Science and Technology Daily - China Mobile Releases 2025 Interim Results (https://www.stdaily.com/web/gdxw/2025-08/08/content_382706.html)

[6] ZTE Communications Technology - Special Topic on 5G Standalone Private Network Security Capabilities (https://www.zte.com.cn/content/dam/zte-site/res-www-zte-com-cn/mediares/magazine/publication/tech_cn/pdf/202507.pdf)