格隆汇8月12日丨中国联通(00762.HK)公布2025年中期业绩，上半年公司经营业绩稳健增长，收入规模 稳中有升，营业收入突破人民币2,000亿元，同比增长1.5%；盈利能力持续增强，税前利润达到人民币 178亿元，同比增长5.1%。 公司业务结构持续优化。联网通信收入达到人民币1,319亿元；算网数智收入达到人民币454亿元，占比 提升到26%；国际业务收入达到人民币68亿元，同比增长11%；战略性新兴产业收入占比提升到86%， 成为公司高质量发展的新动能。此外，公司始终高度重视股东回报，在实现经营业绩稳健增长的同时， 致力于和股东共享发展红利，今年将继续派发中期股息，董事会决定派发中期股息每股人民币0.2841元 （含税），同比提升14.5%。 ...

Core Viewpoint - Recent network anomalies experienced by China Unicom users have raised concerns, particularly on the evening of August 12, when many users reported being unable to access the internet [1][4][6]. Group 1: Incident Details - Multiple users, primarily from Beijing, but also from Tianjin, Hebei, and Liaoning, reported network issues on August 12 [4]. - The network failure was noted around 8 PM, with users unable to access various websites and apps [6]. - An internet industry professional indicated that the issue was linked to local DNS anomalies, which caused certain domains to resolve incorrectly, leading to access problems [8]. Group 2: Response and Historical Context - As of the report's publication, China Unicom's official customer service accounts had not responded to the incident [6][9]. - Historical context includes a significant network outage in 2019 that affected multiple provinces and cities, where China Unicom acknowledged the issue and apologized to affected customers [11].

Investment Rating - The report maintains a "Buy" rating for China Unicom (0762.HK) [4] Core Views - The company demonstrates continuous profit growth and a high dividend payout, reflecting confidence in long-term development [2] - The revenue for the first half of 2025 reached RMB 200.2 billion, a year-on-year increase of 1.5%, with total profit amounting to RMB 17.8 billion, up 5.1% year-on-year [2] - The board proposed an interim dividend of RMB 0.2841 per share, a 14.5% increase compared to the previous year, significantly higher than the growth rate of net profit attributable to shareholders [2] Summary by Sections Revenue and Profit Growth - The revenue from the Internet of Things (IoT) communication business was RMB 131.9 billion, growing by 0.4% year-on-year, with a total user base exceeding 1.2 billion [2] - The net increase in mobile and broadband users exceeded 11 million, reaching a total of 480 million users, marking the highest net increase in recent years [2] Intelligent Network Business Expansion - The revenue from the intelligent network business was RMB 45.4 billion, a year-on-year increase of 4.3%, accounting for 26% of total revenue [3] - Cloud revenue reached RMB 37.6 billion, growing by 18.6% year-on-year, while data center revenue increased by 9.4% to RMB 14.4 billion [3] - The company has signed contracts worth 60% more in AIDC compared to the previous year, and has launched over 5,000 5G application projects [3] Capital Expenditure and Cash Flow - Capital expenditure decreased by 15% year-on-year, indicating effective cost control [4] - The net cash flow from operating activities was RMB 29 billion, with free cash flow after capital expenditure reaching RMB 8.78 billion, a 63.1% increase year-on-year [4] - The comprehensive gross margin improved by 0.5 percentage points, enhancing profitability [4] Profit Forecast and Valuation - The report forecasts net profit attributable to shareholders for 2025 to be RMB 21.748 billion, with a corresponding P/E ratio of 13X [4] - The company is expected to maintain a stable dividend yield, averaging over 6% in the past five years, indicating strong stability [4]

在当前电信网络诈骗犯罪手段不断升级的背景下，诈骗分子通过招募"卡农"办理实名电话卡，再利用 GOIP设备远程操控实施诈骗的案件频发。江苏联通依托中国联通集团技术优势，持续强化反诈技术能 力建设，近日配合常州市反诈中心成功打掉一个组织严密、分工明确的GOIP诈骗犯罪团伙。 8月初，江苏联通通过自主研发的反诈大数据平台监测发现，常州市武进区存在大量新入网号码异常集 中现象，且这些号码呈现高频呼叫特征。经深度数据分析研判和反诈中心的现场摸查确认该区域存在 GOIP诈骗窝点。 在持续高温天气下，江苏联通信安专员与公安民警协同作战，经过缜密侦查，最终锁定该犯罪团伙在常 州市武进区的藏匿地点。收网行动中，警方现场查扣作案手机50余部、初步串并全国案件20余起，涉案 金额达100余万元。经查，该团伙组织架构严密，设有"办卡组""设备组""话务组"等专业分工，通过远程 操控实施诈骗犯罪。 此次行动中，江苏联通依托智能反诈平台的技术监测能力，为案件侦破提供了关键线索和信息。江苏联 通将持续深化与公安机关的协同配合，不断创新反诈技术手段，通过科技赋能提升打击治理效能。同 时，将进一步强化源头治理，完善风险防控体系，为维护通信网络 ...

智通财经APP获悉，瑞银发布研报称，中国联通(00762)第二季服务收入同比增1%，EBITDA跌0.8%， 净利润增4.6%，大致符合预期。管理层重申，对下半年增长及全年EBITDA增长指引感到乐观，全年资 本开支指引维持550亿元人民币，即同比降10%。在中国联通公布业绩后，该行将其2025至28年的盈测 上调1至2%，将目标价上调7%，由10.8港元升至11.6港元，维持"买入"评级。 ...

Group 1 - The core index of the CSI Hong Kong-Shenzhen 500 Communication Services Index reported a value of 2130.47 points, with a monthly increase of 12.14%, a three-month increase of 18.91%, and a year-to-date increase of 24.37% [1] - The CSI Hong Kong-Shenzhen 500 Communication Services Index is categorized into 11 industries, reflecting the overall performance of different industry companies' securities [1] - The top ten weighted stocks in the index include Tencent Holdings (14.04%), China Mobile (13.1%), and Xinyi Technology (8.37%) among others [1] Group 2 - The industry composition of the CSI Hong Kong-Shenzhen 500 Communication Services Index shows that telecommunications services account for 36.87%, communication equipment for 27.08%, and digital media for 26.09% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Special circumstances may lead to temporary adjustments of the index samples, such as delisting or corporate actions like mergers and acquisitions [2]

该行指，联通管理层预期盈利将维持稳定增长，而资本支出将同比减少10%至2025年的550亿人民币， 同时宣派中期股息每股0.28元人民币，同比上升14.5%，派息率为60%，同比上升5基点。 智通财经APP获悉，里昂发布研报称，中国联通(00762)上半年业绩未达预期。总服务收入和净利同比分 别增长1.5%和5%各至1,784亿和1,455亿人民币，较该行预测低0.9%和3.5%。里昂维持对联通"跑赢大 市"评级，目标价由9.5上调至11港元，反映将10年资本支出预测调低20%，以配合管理层对稳定资本支 出计划的指引，并假设资本支出相对持平。 ...

Core Viewpoint - Shandong Unicom emphasizes customer interaction through monthly "Unicom Customer Day" events, enhancing service quality and product offerings to meet customer needs [1][8] Group 1: Customer Engagement Activities - The "Unicom Customer Day" in July focused on "Integrating New Ecosystems," featuring local activities that highlight Unicom's services and products [1] - The summer promotion included a "National Subsidy + Unicom Subsidy for Mobile Phone Purchase" campaign, catering to increased demand from parents buying phones for their children [2] Group 2: Service Quality Improvement - The "General Manager's Practical Action" initiative aims to enhance network quality and customer service, addressing key areas such as network reliability and user-friendly services [4] - Customers reported improved call quality in specific locations, indicating successful implementation of network enhancements [4] Group 3: Community and Cross-Industry Collaboration - Shandong Unicom is expanding its service offerings through partnerships with local businesses, providing diverse services such as health check-ups and fraud prevention education [6] - The company is committed to creating a multi-faceted service ecosystem that extends beyond telecommunications to meet broader community needs [6] Group 4: Future Plans - The company plans to continue the "General Manager's Practical Action" initiative, focusing on innovative service models and quality improvements to align with customer expectations [8]

Core Viewpoint - The company emphasizes the importance of upgrading services for the elderly, aligning with its commitment to respond to public needs and uphold its mission of serving the people [1][3][5] Group 1: Service Upgrades for the Elderly - The company has implemented "love seats" to prioritize elderly customers, effectively reducing wait times [1] - A dedicated "love assistance area" is provided with comfortable seating, reading glasses, and emergency care items to create a welcoming environment for senior users [1] Group 2: Community Engagement and Education - The company conducts frequent "Elderly Assistance Micro-Classrooms" in community centers to teach seniors how to use technology, including the "large font version" of their app [3] - A specific instance highlighted a 72-year-old customer successfully connecting with her son via video call after receiving hands-on guidance from staff, showcasing the impact of their educational efforts [3] Group 3: Social Responsibility and Community Care - The company actively promotes "family culture" by encouraging employees to care for both their immediate families and the broader community, particularly focusing on the elderly and children [5] - Staff members have addressed issues such as a senior citizen's television signal problem and assisted with medication management, demonstrating a commitment to personal care [5] Group 4: Future Commitment - The company plans to continue enhancing elderly services, ensuring that interactions are both precise and compassionate, thereby empowering seniors to navigate the digital age confidently [7] - The team aims to strengthen its reputation as a "civilized post" by combining meticulous service with heartfelt care, thereby creating a more inclusive environment for the elderly [7]

Core Viewpoint - The 2025 China International Service Trade Fair will focus on digital service trade and high-end industry development, showcasing the latest technological achievements in the information and communication sector [1][2]. Group 1: Event Overview - The "Telecommunications, Computer and Information Services" exhibition will take place from September 10 to 14, 2025, at Shougang Park, featuring over 100 offline exhibitors and nearly 300 online participants [1]. - The theme of the exhibition is "Digital Intelligence Links the World," emphasizing the integration of digital service trade with advanced industries [1][2]. Group 2: Key Highlights - Two major highlights of the exhibition include the "Beijing Solution Exhibition" and the "5G Intelligent Global Connectivity" theme exhibition, showcasing significant digital service achievements in various sectors such as government, transportation, and healthcare [3]. - The Beijing Solution Exhibition will feature a 2,000 square meter immersive area, demonstrating replicable and promotable digital service solutions [3]. Group 3: International Participation - The exhibition will attract over 500 leading enterprises, including China Unicom, Alibaba, and international exhibitors from more than 10 countries and regions, such as Germany, the USA, and Canada [2][3]. - The event aims to leverage the platform to promote open cooperation in digital service trade and build a globally influential digital technology industry ecosystem [2]. Group 4: Professional Activities - Multiple professional activities will be held during the exhibition, including themed salons on digital economy, AI terminal devices, and digital infrastructure, facilitating in-depth connections between domestic companies and international buyers [5]. - High-end forums organized by various institutions will discuss topics related to the international digital economy and industry development trends [5].