The 2025 annual reports from China’s three major telecom operators reveal that while their core performance metrics have maintained robust levels, overall growth has been sluggish. Notably, structural revenues from computing power services have emerged as a standout area, with operators continuing to channel basic resource investments toward computing capabilities. For 2025, investments related to computing power remain a top priority, and Token operations are gradually taking center stage as a key business focus. China Mobile reported computing power service revenue reaching RMB 89.8 billion, marking an 11.1% year-on-year increase. China Telecom invested RMB 20.2 billion in computing power infrastructure, accounting for approximately 25% of its total investments. Meanwhile, China Unicom saw its computing power business revenue account for over 15% of the total, with AI-related revenue surging by more than 140% year-on-year. Looking ahead to 2026, the three operators are set to further ramp up their investments in computing power to fuel the advancement of intelligent and comprehensive digital information infrastructure.