China Mobile has released its first half of 2026 results, which once again indicates the deepening of token operations. These results announced the introduction of unified national pricing for tokens in both public and enterprise markets.
According to CAICT data, daily token usage in China has increased by over 1000 times in two years, reaching over 140 trillion by March 2026, compared to approximately 100 billion at the beginning of 2024. IDC data shows that MaaS token usage in the corporate sector reached 1,944 trillion in 2025, an increase of 16 times, with MaaS cloud service revenue amounting to 3.07 billion yuan.
This growth occurs against the backdrop of slowing revenue in the telecommunications industry: telecom business revenue in the first half of 2026 decreased by 2.1% to 887.3 billion yuan, although the volume at constant prices grew by 7.7%, demonstrating a pattern of revenue decline despite volume growth.
In May, China Mobile launched national token packages that standardized the point system for packaging token consumption across various models into unified credits, thereby lowering usage thresholds. These packages start from 5 yuan per month and include cloud computing and cloud telephony. Regional pilot projects included offers from Jiangsu Mobile—5 yuan for 2.5 million tokens, Shanghai Mobile—1 yuan for 400,000 tokens, and Beijing Mobile packages starting from 5.99 yuan.
Analyst Zhou Guijun noted that China Mobile's approach is not merely about selling quotas but about creating an intermediary platform that connects models, computing power, and applications through unified measurement. The company's token ecosystem has connected over 300 models, and centralized operations can reduce unit token costs by approximately 30% and resource utilization by more than 50%.
Competitors are also actively developing this area. China Telecom launched trial consumer-level token packages on May 17th priced at 9.9, 29.9, and 49.9 yuan for 10, 40, and 80 million tokens, respectively, as well as developer packages ranging from 39.9 to 299.9 yuan, combining tokens with communication, security, cloud, and model services. China Unicom is conducting provincial pilots in Hubei, Shanghai, and Sichuan provinces, offering personal packages from 6 to 18 million tokens tied to broadband access and AI cloud desktops. The overall industry trajectory suggests regional pilots first, followed by group platforms, and finally unified pricing.
Scaling implementation faces three main challenges. Firstly, tokens are not intuitive like data traffic: the value of one million tokens can mean ten or a hundred AI conversations, depending on the model, context, and task. The China Association of Communications Enterprises noted in July difficulties with accounting, cognitive perception barriers for users, and the immaturity of business models. Secondly, suppliers have different definitions: Tencent Cloud separately bills for input and output tokens or sells prepaid packages with multiple price breaks between models, while its TokenPlan is focused on agent and coding workloads with a monthly cost starting from 28 yuan. Thirdly, buyers: consumption is concentrated among developers, enterprise AI, agents, coding, and professional content; meanwhile, free quotas are often sufficient for ordinary consumers.
As CITIC Securities points out, the rental of computing power may shift from billing server hours to token consumption, and token operators could become a new node of value; the key factor is stable demand for AI calls as agents transition to production use.