In 1-3Q25, China's telecom business revenue grew by 0.9% YoY to RMB1.33 trillion, according to the Ministry of Industry and Information Technology (MIIT).As of the end of September, the total number of mobile phone users of the three main telecom providers and China Broadnet reached 1.828 billion, a net increase of 37.95 million from the end of last year.Related NewsM Stanley Sets CHINA UNICOM's TP at HKD9.5 w/ Rating Overweight; 3Q Rev. & NP In LineAmong them, 5G mobile phone users hit 1.167 billion, a net increase of 153 million from the end of last year, accounting for 63.9% of mobile phone users.During the period, a total of 4.705 million 5G base stations were in operation, a net increase of 455,000 from the end of last year, accounting for 36.6% of the total number of mobile base stations, a rise of 0.9 ppts compared to 1H25.