Investment Rating - The report maintains a "Buy" investment rating for China Unicom with a target price of HK$7.66 [2][3][7] Core Views - The company is expected to see steady earnings growth and strong dividends, with service revenue and net profit for 2023 reaching RMB 335.2 billion (up 5.0% YoY) and RMB 18.7 billion (up 11.8% YoY), respectively [2][7] - The report anticipates that the dividend payout ratio will continue to increase, projecting a payout ratio of approximately 60% in 2024, with further increases in 2025 and 2026 [2][7] - China Unicom is positioned to benefit significantly from the data services market, with its data services revenue growing by 32% YoY to RMB 5.3 billion in 2023 [2][8] Summary by Sections Financial Performance - For 2023, China Unicom's service revenue was RMB 335.2 billion, and net profit was RMB 18.7 billion, aligning with market expectations [2][7] - The projected earnings per share (EPS) for 2024-2026 are RMB 0.694, RMB 0.761, and RMB 0.827, respectively [2][7] - The company’s dividend per share (DPS) is expected to yield 6.0%, 7.1%, and 8.3% for 2024-2026 [7] Market Opportunities - The telecommunications sector has inherent advantages in data sourcing, with China Unicom expected to invest RMB 10 billion in computing power by 2024 [2][8] - The data services market is projected to grow significantly, with the market size expected to reach RMB 200 billion by 2030 [2][8] - China Unicom is the first telecom operator in China to implement centralized data operations, which positions it well to capitalize on the expanding data services market [2][8] Strategic Initiatives - The company plans to deepen its involvement in the data services market, leveraging its extensive data resources and operational experience to create vertical-specific data products and services [2][8] - The report identifies catalysts for growth, including increasing dividend rates and promoting commercial data-related businesses [2][8]

Investment Rating - The report maintains a "Buy" rating for China Unicom with a target price of HKD 7.6, reflecting a focus on improving income quality and operational efficiency [2][4]. Core Insights - China Unicom is entering a phase of "quality improvement, efficiency enhancement, and shareholder return," with an emphasis on profit release rather than just revenue growth [2]. - The company has achieved a historical high in dividend payout ratio, reaching 55% [1]. - The report indicates that 2023 marks a turning point for 5G capital expenditures, with expectations of continued decline in capital spending and improvement in free cash flow [2]. Summary by Sections Financial Performance - For the year 2023, China Unicom reported total revenue of RMB 372.6 billion, a year-on-year increase of 5.0%, with service revenue also at RMB 335.2 billion, reflecting the same growth rate [1]. - EBITDA reached RMB 99.8 billion, showing a slight increase of 0.6% year-on-year, while net profit attributable to shareholders was RMB 18.7 billion, up 11.8% year-on-year [1][5]. - The company’s return on equity (ROE) improved to 5.4%, marking a recent high [1]. Capital Expenditure and Cash Flow - Capital expenditures for 2023 totaled RMB 73.9 billion, lower than the previous target of RMB 76.9 billion, with a planned reduction of 12% for 2024 [1]. - Free cash flow for the year was RMB 28.5 billion, representing an 8.3% increase year-on-year [1]. Business Segments - Traditional core business revenue was RMB 244.6 billion, growing by 3.1% year-on-year, accounting for three-quarters of the main business [1]. - The mobile user base reached 333 million, with a net addition of 10.6 million users, and a 5G package penetration rate of 78% [1]. - The digital business segment, particularly the industrial internet, generated RMB 75.3 billion in revenue, a 12.9% increase year-on-year, contributing significantly to new service revenue [1]. Dividend Policy - The total dividend for the year was RMB 0.3366 per share, a 22.8% increase year-on-year, significantly higher than the net profit growth rate [1]. - The report anticipates that the dividend payout ratio will gradually increase to 70% in the future [2].

Financial Performance - Revenue reached RMB 372.6 billion, a year-on-year increase of 5.0%[1][3] - Net profit attributable to equity holders was RMB 18.7 billion, up 11.8% year-on-year[1][3] - Return on equity reached 5.4%, the best level in recent years[1][3] - Revenue for 2023 reached RMB 372,597 million, a 5% increase from RMB 354,944 million in 2022[16] - Net profit attributable to equity holders of the company was RMB 18,726 million, up 11.8% from RMB 16,745 million in 2022[16] - Basic earnings per share (EPS) for 2023 were RMB 0.61, compared to RMB 0.55 in 2022[16] - Total comprehensive income for 2023 was RMB 19,241 million, a 13% increase from RMB 17,027 million in 2022[17] - Total service revenue for 2023 was RMB 335.17 billion, an increase from RMB 319.348 billion in 2022[29] - Sales revenue from communication products in 2023 was RMB 37.427 billion, up from RMB 35.596 billion in 2022[29] - Basic and diluted earnings per share for 2023 were RMB 0.61, up from RMB 0.55 in 2022[33] Capital Expenditure and Investment - Capital expenditure for 2023 was RMB 73.9 billion, with a shift in investment focus from traditional communication services to high-growth digital and intelligent network services[1][3] - Fixed assets increased to RMB 355,995 million in 2023, up 1% from RMB 352,433 million in 2022[18] Dividend and Shareholder Returns - Total annual dividend per share was RMB 0.3366, a 22.8% increase year-on-year[1][3] - Proposed final dividend for 2023 is RMB 4,088 million, subject to approval at the annual general meeting[19][14] - The company declared an interim dividend of RMB 0.203 per share for 2023, totaling RMB 6.211 billion[37] - The proposed final dividend for 2023 is RMB 0.1336 per share, amounting to RMB 4.088 billion[37] User Base and Market Penetration - Mobile user base reached 333 million, with a net addition of 10.6 million users in 2023, a 90% increase year-on-year[5] - 5G package user penetration rate reached 78%, up 12 percentage points year-on-year[5] - Fixed-line broadband user base reached 113 million, with a net addition of 9.79 million users, the highest in nearly a decade[5] Digital and Intelligent Network Business - Revenue from the digital and intelligent network business reached RMB 75.2 billion, accounting for about a quarter of total revenue from the two main businesses[7] - Revenue from China Unicom Cloud reached RMB 51.03 billion, a year-on-year increase of 41.6%[7] Financial Position and Liabilities - Total assets as of December 31, 2023, were RMB 661,051 million, up 2.9% from RMB 642,663 million in 2022[18] - Cash and cash equivalents decreased to RMB 47,733 million in 2023 from RMB 55,297 million in 2022[18] - Total equity attributable to equity holders of the company was RMB 351,474 million, up 2.9% from RMB 341,619 million in 2022[19] - Total liabilities increased to RMB 307.153 billion in 2023 from RMB 299.127 billion in 2022[20] - Current liabilities rose to RMB 263.652 billion in 2023 compared to RMB 250.870 billion in 2022[20] - Short-term bank borrowings increased to RMB 681 million in 2023 from RMB 331 million in 2022[20] - Accounts payable and accrued expenses grew to RMB 161.279 billion in 2023 from RMB 154.838 billion in 2022[20] - Lease liabilities slightly increased to RMB 12.640 billion in 2023 from RMB 12.495 billion in 2022[20] - The company has an unused revolving bank credit facility of approximately RMB 190.1 billion as of December 31, 2023[23] - The company's current liabilities exceeded current assets by approximately RMB 105.6 billion in 2023 (2022: RMB 104.6 billion)[23] Tax and Regulatory Compliance - Income tax expense for 2023 was RMB 4.023 billion, compared to RMB 3.751 billion in 2022[31] - The company's subsidiaries in mainland China are subject to a corporate income tax rate of 25%, with some eligible for a preferential rate of 15%[30] - The company was approved as a Chinese resident enterprise by the State Taxation Administration, exempting it from withholding tax on dividends distributed to overseas shareholders[37] Accounts Receivable and Credit Risk - Accounts receivable as of 2023 totaled RMB 38.692 billion, an increase from RMB 26.331 billion in 2022[34] - The company has no significant concentration of credit risk in accounts receivable due to its large customer base[34] Accounting Standards and Policies - The company adopted new and revised Hong Kong Financial Reporting Standards, including HKFRS 17 "Insurance Contracts" and amendments to HKAS 8 "Definition of Accounting Estimates"[24] - The company confirmed deferred tax assets and liabilities related to right-of-use assets and lease liabilities as of January 1, 2022[25] Miscellaneous - Total connected communication users as of January 2024 were not disclosed in the provided content[14]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA UNICOM (HONG KONG) LIMITED 中國聯合網絡通信(香港)股份有限公司 （在香港註冊成立之有限公司） （股份代號：762） 2023 年前三季度主要財務及運營數據 今年以來，本集團堅持穩中求進的工作總基調，在推動質的有效提升和量的合理增長的同 時，統籌當期經營和長遠發展，業績表現穩中有進，盈利能力持續提升，核心功能不斷增 强。 2023 年前三季度主要未經審核財務數據如下︰ — 營業收入為人民幣2,816.93 億元，比去年同期上升 6.7%。 — 服務收入為人民幣2,525.20 億元，比去年同期上升 5.4%。 — 產業互聯網業務收入為人民幣 606.86 億元，佔服務收入比達到 24.0%，同比提升 1.8 個 百分點。 — EBITDA1為人民幣788.19 億元，比去年同期上升 2.7%。 — 本公司權益持有者應佔盈利為人民幣 172.46 億元，比去年同期上升 1 ...

中期報告 INTERIM REPORT 2023 強 基固本 、 守正創新 、 融 合開放 ...

Financial Performance - The company's operating revenue reached RMB 191.8 billion, an increase of 8.8% year-on-year, with net profit attributable to equity holders reaching RMB 12.4 billion, up 13.1% year-on-year, achieving double-digit growth for seven consecutive years[1][3] - The total revenue for the six months ended June 30, 2023, was RMB 191.833 billion, up from RMB 176.261 billion in the prior year, reflecting an increase of about 8.5%[31] - The company's net profit for the first half of 2023 was RMB 12.39 billion, an increase of RMB 1.43 billion compared to the previous year[40] - The net profit for the period was RMB 12,500 million, up from RMB 10,996 million in the previous year, reflecting a growth of approximately 13.7%[20] - The pre-tax profit for the first half of 2023 was RMB 153.2 billion, marking a 14.2% increase from RMB 134.2 billion in the same period last year[54] Revenue Breakdown - The company's industrial internet revenue reached RMB 43 billion, accounting for over 25% of service revenue for the first time, becoming a key driver for revenue growth and structural optimization[1][4] - Revenue from the industrial internet business was RMB 42.97 billion, reflecting a year-on-year growth of 16.3%[43] - The revenue from the company's cloud services reached RMB 25.5 billion, a year-on-year increase of 36%, with an annual revenue target of over RMB 50 billion[1][7] - The company's IoT business revenue achieved RMB 5.4 billion, with a year-on-year growth rate of 24%[1][6] - The big data business generated RMB 2.9 billion in revenue, reflecting a 54% year-on-year increase, maintaining a market share of over 50%[1][8] User Growth - The total number of users in the company's big connection segment reached 928 million, with a net increase of over 66 million users[1][5] Dividends and Shareholder Returns - The board declared an interim dividend of RMB 0.203 per share (tax included), a 23% increase year-on-year, significantly higher than the 13% growth in basic earnings per share[1][3] - The company proposed an interim dividend of RMB 6,211 million for the first half of 2023, compared to RMB 3,335 million for the second half of 2022, indicating a significant increase[22] Assets and Liabilities - As of June 30, 2023, total assets amounted to RMB 659,329 million, an increase from RMB 642,663 million as of December 31, 2022, representing a growth of approximately 2.6%[21] - Total liabilities decreased from RMB 305,680 million as of December 31, 2022, to RMB 299,127 million as of June 30, 2023, showing a reduction of approximately 2.1%[23] - The company's asset-liability ratio stood at 46.4% as of June 30, 2023[40] Research and Development - The company achieved a research and development intensity of 2.94%, leading the industry, and the number of authorized patents increased by 70% to 1,326[13] Operational Efficiency - The cash flow from operating activities was RMB 38.29 billion, while capital expenditures amounted to RMB 27.59 billion[40] - The average latency of the backbone network remains industry-leading, supporting the company's competitive edge in network services[12] Market Position and Awards - The company has received multiple awards, including being ranked 267th in the 2023 Fortune Global 500 and 277th in the Forbes Global 2000[15] Sustainability Initiatives - The company is committed to green development, with new data centers aiming for a Power Usage Effectiveness (PUE) of less than 1.3[15] Future Outlook - The company aims for double-digit growth in net profit and continuous improvement in return on equity (ROE) for the upcoming year[16]

Financial Performance - Operating revenue for 2022 reached RMB 354.94 billion, an increase of 8.3% compared to RMB 327.85 billion in 2021[9] - Service revenue for 2022 was RMB 319.35 billion, up 7.8% from RMB 296.15 billion in 2021, with industrial internet revenue growing by 28.6% to RMB 70.46 billion[9] - EBITDA for 2022 was RMB 99.17 billion, reflecting a 3.0% increase from RMB 96.32 billion in 2021[9] - Net profit attributable to equity holders for 2022 was RMB 16.75 billion, a 16.5% increase from RMB 14.37 billion in 2021[9] - Basic earnings per share for 2022 were RMB 0.547, up 16.5% from RMB 0.470 in 2021[9] - The profit attributable to equity holders reached RMB 16.7 billion, up 16.5% year-on-year, setting a new high since the company's listing after excluding non-operating gains and losses[16] - EBITDA reached RMB 99.2 billion, the highest since the company's listing[16] - The company's net profit was RMB 16.74 billion, an increase of RMB 2.37 billion compared to the previous year[38] - The company's revenue for the year ended December 31, 2022, was RMB 354,944 million, an increase of 8.25% from RMB 327,854 million in 2021[188] - The net profit for the year was RMB 16,837 million, representing a growth of 15.99% compared to RMB 14,507 million in the previous year[190] Capital Expenditure and Investments - Capital expenditure for the year amounted to RMB 74.2 billion, reinforcing the company's fundamental stability[16] - The capital expenditure for 2023 is projected to reach RMB 76.9 billion, with over 19% allocated to computing network investments, representing a year-on-year growth of over 20%[30] - Total capital expenditures in 2022 amounted to RMB 742.0 billion, with major investments in mobile networks (RMB 264.1 billion) and enterprise innovation (RMB 141.2 billion)[48] - The company’s investment in fixed assets for the year ended December 31, 2022, was RMB 72,470 million, compared to RMB 72,047 million in 2021, indicating a slight increase of about 0.6%[197] User Growth and Market Expansion - The company added 310,000 5G mid-band base stations and 170,000 900MHz 5G base stations during the year[2] - Cumulative 5G industry application projects exceeded 16,000, covering 52 major categories of the national economy[3] - The company achieved a 380% increase in revenue from security services, serving over 10,000 clients[4] - The company reported a 121% increase in cloud revenue, indicating strong growth in digital services[5] - By the end of 2022, the company had 1 million 5G mid-frequency base stations and 2.5 billion broadband ports, with FTTH ports accounting for 93.2%[37] - The total user base reached 860 million, with broadband users surpassing 100 million and 5G package users reaching 210 million by December 2022[33] - The company signed new contracts worth over RMB 10 billion in 14 vertical industries, surpassing the total of the previous three years[34] - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[55] Research and Development - R&D expenses increased by 43% year-on-year, with the proportion of technology innovation personnel reaching 30% and authorized patents totaling 1,666[25] - The company is investing 2 billion HKD in research and development for new technologies, aiming to innovate in cloud computing and AI solutions[60] - The company has implemented a talent strategy focusing on technology innovation, with over 30% of its workforce being technology innovation talents, totaling 20,000 professionals across various levels[176] Corporate Governance and Social Responsibility - The board of directors emphasizes the importance of corporate governance for long-term success and sustainable development[64] - The company actively engages in social responsibility initiatives, focusing on environmental protection and support for vulnerable groups, while also aiding small and micro enterprises[28] - The company has established a corporate culture that integrates its operational management with its cultural ideals[63] - The company has a commitment to risk management and internal control, ensuring compliance with legal and regulatory requirements[64] - The company has established a comprehensive risk management system that combines routine risk assessment with dynamic key risk management[96] Dividend and Shareholder Information - The proposed final dividend for 2022 is RMB 0.109 per share, totaling RMB 0.274 per share for the year, a 26.9% increase from the previous year[9] - The company plans to propose a final dividend of RMB 3,335 million, compared to RMB 2,937 million in the previous year, which is an increase of approximately 13.5%[193] - The company will withhold a corporate income tax of 10% on the final dividend paid to non-resident corporate shareholders for the fiscal year 2022[170] - The final dividend record date is set for May 25, 2023, and shareholders must submit transfer documents by May 24, 2023, to be eligible for voting and dividend distribution[169] Operational Efficiency and Customer Satisfaction - The company achieved a customer problem resolution rate exceeding 98%, with smart customer service accounting for over 83%[20] - Customer satisfaction ratings have improved to 85%, reflecting a 5% increase in positive feedback from users[54] - The management team emphasized the importance of improving operational efficiency, targeting a 10% reduction in costs over the next year[61] Compliance and Risk Management - The company has established and strictly implemented the "China Unicom Related Party Transaction Management Measures" to ensure that related party transactions are conducted at fair and reasonable pricing principles, benefiting the company and its shareholders[162] - The independent auditor confirmed that the related party transactions disclosed in the annual report did not exceed the annual caps set in previous announcements for the year ended December 31, 2022[163] - The company has implemented internal control measures based on the COSO framework, focusing on control environment, risk assessment, control activities, information communication, and monitoring[95] Future Outlook - By 2025, China's digital economy is expected to exceed RMB 60 trillion, creating vast opportunities for the company[30] - The company aims for stable growth in service revenue, double-digit profit growth, and continuous improvement in return on net assets[31] - Overall, the company remains optimistic about achieving a net profit margin of 12% in the upcoming fiscal year[200]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA UNICOM (HONG KONG) LIMITED 中國聯合網絡通信(香港)股份有限公司 （在香港註冊成立之有限公司） （股份代號：762） 2023 年第一季度主要財務及運營數據 2023 年首季度，在「強基固本、守正創新、融合開放」的戰略指引下，中國聯通堅持以 「國家隊、主力軍、排頭兵」的責任擔當，持續深耕「大聯接、大計算、大數據、大應 用、大安全」五大主責主業，大力推進「1+9+3」戰略規劃體系見行見效，經營業績穩中 有進，核心功能不斷增強，為公司高質量發展行穩致遠打下了堅實基礎。 2023 年第一季度主要未經審核財務數據如下︰ — 營業收入為人民幣972.22 億元，比去年同期上升 9.2%，增速達到近十年來同期的高位 水平。 — 服務收入為人民幣861.15 億元，比去年同期上升 6.1%。 — 產業互聯網業務收入為人民幣 223.89 億元，佔服務收入比達到 26.0%，同比提升 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA UNICOM (HONG KONG) LIMITED 中國聯合網絡通信(香港)股份有限公司 （在香港註冊成立之有限公司） （股份代號：762) 2022 年前三季度主要財務及運營數據 | --- | |------------------------------------------------------------------------------------| | | | 2022 年前三季度，本集團在「 1+9+3 」戰略規劃體系的引領下，主動融入數字經濟建設主戰 | | 場，拓展升維新賽道成效顯現，收入利潤穩健增長，五大賽道穩中有進，網絡質量明顯提 | | 升，客服質量持續改善，管理效能不斷提高，為本集團全年業績實現良好增長奠定了堅實 | | 基礎。 | | 2022 年前三季度主要未經審核財務數據如下︰ | | — 營業收入為人民幣 2,639.78 億元，比去年同期上升 8.0 ...

中國聯合網絡通信（香港）股份有限公司 CHINA UNICOM (HONG KONG) LIMITED 股份代號 Stock Code : 762 中期報 告 INTERIM REPORT 2022 強基固本 、 守正創新 、 融合開放 數字信息基礎設施運營服務國家隊 網絡強國數字中國智慧社會建設主力軍 數字技術融合創新排頭兵 預測性 陳 述 本報告中所包含的某些陳述可能被視為「預測性陳述」。這些預測性陳述涉及已知和 未知的風險、不確定性及其他因素，可能導致本公司的實際表現、財務狀況和經營業 績與預測性陳述中所暗示的將來表現、財務狀況和經營業績有重大出入。此外，我們 將不會更新這些預測性陳述。本公司及其董事、僱員和代理均不會承擔倘因任何預測 性陳述不能實現或變得不正確而引致的任何責任。 目 錄 2 董事長報告書 10 財務概覽 21 未經審核簡明合併 中期財務報表附註 50 其他資料 49 簡明合併中期 財務報表審閱報告 19 未經審核簡明合併 權益變動表 20 未經審核簡明合併 現金流量表 15 未經審核簡明合併 綜合收益表 16 未經審核簡明合併 財務狀況表 14 未經審核簡明合併 損益表 注意：!! | ...