Chinas Big Three Telecom Operators Pivot to AI Token Services as Core Business Line

China Mobile China Unicom and China Telecom Increasingly Focus on AI Compute and Token Revenue\n\nChina's three major telecom operators have released their 2025 annual reports showing a structural shift: while traditional growth remains flat, AI compute services and token-based revenue are becoming the primary growth drivers.\n\n### Key Findings\n\n- Total revenue growth remains sluggish for traditional services\n- Capital expenditure increasingly directed toward AI compute infrastructure\n- Token services are becoming the main business line\n- Smart computing infrastructure investment is the strategic priority\n- All three operators emphasize monetization of AI capabilities\n\n### The Token Economy\n\nThe three operators are building massive GPU clusters and positioning themselves as AI infrastructure providers. Token-based pricing models — charging per AI inference request — are replacing traditional data plans as the key revenue growth area.\n\n### Context\n\nThis mirrors a broader trend in Chinese tech where state-owned enterprises are being directed toward strategic AI infrastructure development. The telecom operators' existing data center networks give them a natural advantage in AI compute services.\n\nSource: 36kr, Peoples Finance, operator annual reports