[Chairman's Report](index=4&type=section&id=%E8%91%A3%E4%BA%8B%E9%95%B7%E5%A0%B1%E5%91%8A%E6%9B%B8) [Overall Performance](index=5&type=section&id=%E6%95%B4%E9%AB%94%E6%A5%AD%E7%B8%BE) The company achieved steady business growth in the first half, with operating revenue exceeding RMB 200 billion, pre-tax profit reaching RMB 17.8 billion, and strategic emerging industries driving high-quality development, alongside a 14.5% year-on-year increase in interim dividend per share to RMB 0.2841 Overall Performance Metrics | Metric | H1 2025 (RMB billion) | Y-o-Y Growth | | :--- | :--- | :--- | | Operating Revenue | 200.0+ | 1.5% | | Pre-tax Profit | 17.8 | 5.1% | | International Business Revenue | 6.8 | 11% | | Interim Dividend (per share) | 0.2841 RMB | 14.5% | - Strategic emerging industries' revenue share increased to **86%**, becoming a new driver for the company's high-quality development[10](index=10&type=chunk) [Connectivity Business Steady Growth](index=5&type=section&id=%E8%81%AF%E7%B6%B2%E9%80%9A%E4%BF%A1%E7%A9%A9%E4%B8%AD%E6%9C%89%E9%80%B2) The connectivity business steadily improved operating efficiency and market position, with over 1.2 billion connected users, more than 11 million net additions in mobile and broadband users, over 60 million net additions in IoT connections, and a converged business penetration rate exceeding 77% - Connected user base exceeded **1.2 billion**, with net additions of over **11 million** mobile and broadband users, reaching a total of **480 million**, a new high for the same period in recent years[11](index=11&type=chunk) - IoT connections increased by over **60 million**, totaling **690 million**, including **86 million** vehicle IoT connections, further solidifying its leading position[11](index=11&type=chunk) - Converged business penetration rate exceeded **77%**, with average revenue per user surpassing **RMB 100**[11](index=11&type=chunk) - The Yuanjing large model empowered customer service, with intelligent service accounting for **84%** and problem resolution rate reaching **99%**[12](index=12&type=chunk) [Computing Network and Digital Intelligence Enhancement](index=6&type=section&id=%E7%AE%97%E7%B6%B2%E6%95%B8%E6%99%BA%E6%8F%90%E8%83%BD%E5%8D%87%E7%B4%9A) The computing network and digital intelligence business achieved both quantitative and qualitative growth, with Unicom Cloud revenue reaching RMB 37.6 billion, data center revenue growing by 9.4% year-on-year, AIDC contract value increasing by 60% year-on-year, and the development of a multi-modal Yuanjing large model driving large-scale commercial AI applications, alongside 5G private network revenue growth of 60% Computing Network and Digital Intelligence Metrics | Metric | H1 2025 (RMB billion) | Y-o-Y Growth | | :--- | :--- | :--- | | Unicom Cloud Revenue | 37.6 | - | | Data Center Revenue | 14.4 | 9.4% | | AIDC Contract Value | - | 60% | | 5G Private Network Revenue | - | 60% | - Developed a multi-modal Yuanjing large model and launched the "Yuanjing Wanwu" intelligent agent development platform, achieving large-scale commercial application of AI in several key areas[14](index=14&type=chunk) - Cumulatively built **7,500 5G factories**, supporting the high-end, intelligent, and green development of the manufacturing industry[14](index=14&type=chunk) [Accelerating International Market Expansion](index=7&type=section&id=%E5%8A%A0%E5%BF%AB%E6%8B%93%E5%B1%95%E5%9C%8B%E9%9A%9B%E5%B8%82%E5%A0%B4) The company refreshed its international brand UniCom, partnered with over 600 global operators and 1,000 industry partners, established 5 new overseas intelligent computing centers, and developed multiple benchmark projects, continuously enhancing its global development capabilities - Refreshed the international brand UniCom, collaborating with over **600** global operators and **1,000** industry partners, integrating into the global innovation network[15](index=15&type=chunk) - Established **5** new overseas intelligent computing centers, further improving the international intelligent computing layout[15](index=15&type=chunk) - Developed multiple benchmark projects, including intelligent manufacturing in ASEAN, intelligent warehousing in the Middle East, smart mines in Africa, and smart ports in Europe[15](index=15&type=chunk) [Network Investment Quality and Efficiency Improvement](index=7&type=section&id=%E7%B6%B2%E7%B5%A1%E6%8A%95%E8%B3%87%E6%8F%90%E8%B3%AA%E5%A2%9E%E6%95%88) The company's capital expenditure decreased by 15% year-on-year in the first half, with annualized OPEX savings of nearly RMB 1 billion, data center resource utilization exceeding 70%, and the advancement of mobile networks from 5G to 5G-A and broadband networks from gigabit to 10-gigabit, reaching a total intelligent computing scale of 30 EFLOPS Network Investment Metrics | Metric | H1 2025 (RMB billion) | Y-o-Y Change | | :--- | :--- | :--- | | Capital Expenditure | 20.2 | Decreased by 15% | | Annualized OPEX Savings | Nearly 1.0 | - | | Data Center Resource Utilization Rate | Over 70% | - | - Mobile network population coverage exceeded **99%**, with 5G-A commercial deployment in over **330** cities; broadband network covered **570 million** households, and 10-gigabit optical network pilots reached **106** cities[17](index=17&type=chunk) - Total intelligent computing scale reached **30 EFLOPS**, with data center capacity reserves reaching **2,650 MW**[17](index=17&type=chunk) [Continuous Strengthening of Scientific and Technological Innovation](index=8&type=section&id=%E7%A7%91%E5%89%B5%E5%AF%A6%E5%8A%9B%E4%B8%8D%E6%96%B7%E5%A2%9E%E5%BC%B7) The company increased R&D investment, with R&D expenses growing by 16% year-on-year, focusing on key technologies such as next-generation internet, big data, and artificial intelligence, while strengthening frontier layouts in 6G and low-altitude intelligent networks, with over 40% of employees being scientific and technological innovation talents - R&D expenses increased by **16%** year-on-year, leading to more landmark achievements and selection as an outstanding state-owned enterprise in scientific and technological innovation[18](index=18&type=chunk) - Focused on key technologies such as next-generation internet, big data, artificial intelligence, and cybersecurity, while strengthening frontier layouts in 6G, low-altitude intelligent networks, satellite internet, embodied AI, and quantum technology[18](index=18&type=chunk) - Scientific and technological innovation talents accounted for over **40%**, reaching a scale of **47,000** people, and established a high-level scientific and technological talent team of over a hundred individuals[18](index=18&type=chunk) [Actively Fulfilling Corporate ESG Responsibilities](index=8&type=section&id=%E7%A9%8D%E6%A5%B5%E5%B1%A5%E8%A1%8C%E4%BC%81%E6%A5%ADESG%E8%B2%AC%E4%BB%BB) The company released the "China Unicom Carbon Exploration Green Action Plan," operates 22 national-level green data centers, helps bridge the digital divide, and received multiple international honors in corporate governance, including ranking 264th in Forbes Global 2000 - Released the "China Unicom Carbon Exploration Green Action Plan," deepening network energy conservation and operating **22** national-level green data centers[19](index=19&type=chunk) - Helped bridge the digital divide, with caring products for elderly and disabled groups benefiting over **5 million** users[19](index=19&type=chunk) - Received multiple accolades, including ranking **264th** in Forbes Global 2000 and being recognized as the "Most Respected Telecommunications Enterprise" for ten consecutive years[19](index=19&type=chunk) [Future Outlook](index=9&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) 2025 is a critical year for AI's transition from theory to practice, and the company will continue to enhance management, operations, and service levels, with expected fixed asset investment of approximately RMB 55 billion, while deeply implementing a converged innovation strategy, deepening the "three convergences" of computing network, digital intelligence, and digital-real, and advancing the "three new directions" for networks, technology, and services - **2025** is a critical year for AI's transition from theory to practice, and the company will co-create a new integrated ecosystem of AI infrastructure, AI technology, and AI industry with partners[20](index=20&type=chunk) - Expected fixed asset investment of approximately **RMB 55 billion**, with confidence to achieve annual targets with high quality[20](index=20&type=chunk) - Deeply implemented a converged innovation strategy, continuously deepening the "three convergences" of computing network, digital intelligence, and digital-real, and persistently advancing the "three new directions" for networks, technology, and services[20](index=20&type=

Core Viewpoint - Insurance companies have significantly increased their equity investments, particularly in high-dividend stocks, as they seek to enhance returns amid a declining interest rate environment [3][5][10]. Group 1: Insurance Companies' Stock Holdings - As of the end of Q2, insurance companies held a total of 926.99 billion shares across 731 stocks, an increase of 49.24 billion shares from the previous quarter [2][6]. - The total balance of funds utilized by insurance companies exceeded 36 trillion yuan, marking a year-on-year growth of 17.4%, with stock investments reaching 3.07 trillion yuan, up by 640.6 billion yuan in the first half of the year [5][6]. - The top ten stocks heavily held by insurance companies include Minsheng Bank, Shanghai Pudong Development Bank, and China Unicom, with each holding over 10 billion shares [6]. Group 2: Investment Strategy and Market Outlook - Insurance companies are increasingly focusing on equity assets to match the duration of their liabilities and improve yield, especially as fixed-income returns have become insufficient [3][11][12]. - The majority of insurance institutions maintain an optimistic outlook for the A-share market in the second half of the year, particularly favoring stocks within the CSI 300 index [4][17]. - A survey indicated that stocks are the preferred investment asset for insurance institutions in the latter half of the year, followed by bonds and mutual funds [16]. Group 3: Sector Preferences and Future Investments - Insurance companies are particularly interested in sectors such as pharmaceuticals, electronics, banking, and communications, with a focus on high-dividend and innovative stocks [17]. - The trend of insurance companies increasing their equity investments is expected to continue, driven by the need for better returns and the potential for collaboration with banks through shareholding [12][13][14]. - Companies like China Life and Ping An have expressed confidence in the market, emphasizing the importance of high-dividend stocks in stabilizing overall investment returns [17].

Core Viewpoint - The introduction of the new "National Nine Articles" has led to an increase in the frequency and amount of interim dividends among listed companies in the Shanghai market, with a significant number of companies enhancing their dividend stability and predictability [1][2]. Group 1: Dividend Trends - As of August 30, 406 listed companies in the Shanghai market have announced their interim dividend plans, setting new records for both the number of companies and the total dividend amount [1]. - Among these companies, 233 have consistently paid interim dividends for two consecutive years, accounting for 58% of the total, with a combined dividend amount of 488.4 billion yuan, representing nearly 90% of this year's interim dividends [1]. - The total cash dividend amount has increased by 1.6% compared to the same period last year, indicating a stable upward trend in dividend payouts [1]. Group 2: High Dividend Characteristics - Among the 233 companies, 55 have cash dividends exceeding 500 million yuan, with 76% maintaining or increasing their dividend amounts compared to the previous period [2]. - The frequency of cash dividends has also increased, with 26 companies having distributed dividends in their last three reports, demonstrating a commitment to "multiple distributions" within a year [2]. Group 3: Record Dividend Rates - The average cash dividend payout ratio for the 2025 interim dividends is approximately 57.42%, a significant increase from 40.95% in 2024 [3]. - There are 14 companies with dividend payout ratios exceeding 100%, and over 50% of listed companies have payout ratios between 30% and 100% [3]. - Notably, 14 companies have interim dividends exceeding 10 billion yuan, with three major telecom operators planning a total interim dividend of over 74 billion yuan, including China Mobile's 54 billion yuan, the highest in the Shanghai market [3].

Core Viewpoint - The three major telecommunications service providers in China, namely China Mobile, China Telecom, and China Unicom, have reported their performance for the first half of 2025, revealing a cumulative domestic telecom business revenue of 905.5 billion yuan, which represents a year-on-year growth of 1%. This growth rate is lower than the GDP growth rate of 5.3% during the same period and marks the lowest revenue growth in six years, particularly with China Mobile experiencing a year-on-year revenue decline, indicating significant growth pressure on the industry [1][1][1]. Industry Overview - The overall telecom industry is facing growth pressure, with traditional mobile data traffic revenue continuing to decline and the growth of strategic emerging businesses slowing down, failing to form a sufficient scale to support the industry [1][1][1]. - The industry is experiencing a dilemma of "increment without revenue," highlighting structural issues within the sector [1][1][1]. Competitive Landscape - The traditional business, exemplified by number portability, reflects intensified competition within the industry, commonly referred to as "involution" [1][1][1]. - As overall revenue growth faces significant challenges, the development of emerging businesses and the effectiveness of industry transformation have become focal points for major companies [1][1][1].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國聯合網絡通信 (香港) 股份有限公司 | | | 呈交日期: | 2025年9月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 FF301 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00762 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 30,598,124,345 | | 0 | | 30,598,124,345 | | 增加 ...

Core Viewpoint - The consumer finance industry has shown significant recovery in performance for the first half of 2025, with most licensed consumer finance companies reporting improved operating data, driven by clearer regulatory policies and an improved macroeconomic environment [1][9]. Group 1: Overall Industry Performance - At least 21 licensed consumer finance companies have disclosed their performance, with only a few experiencing a decline in revenue or net profit year-on-year [1]. - The highest year-on-year increase in net profit exceeded 210%, indicating a strong recovery trend across the industry [1]. - The industry is transitioning towards refined operations, differentiated pricing, and technology-driven risk control [1][9]. Group 2: Company-Specific Performance - Ant Group's consumer finance reported a revenue of 100 billion, a year-on-year increase of 67.8%, and a net profit of 14.6 billion, up 57.8% [2][3]. - The top three companies by net profit include: 1. 招联消费金融 (Zhaolian Consumer Finance) with a net profit of 15.04 billion, down 12.76% 2. 蚂蚁消费金融 (Ant Consumer Finance) with a net profit of 14.6 billion, up 57.8% 3. 马上消费金融 (Mashang Consumer Finance) with a net profit of 11.55 billion, up 8.1% [3][4]. - 中邮消费金融 (China Post Consumer Finance) achieved a net profit of 6.33 billion, a year-on-year increase of 165.97% [4]. Group 3: Asset Management and Market Dynamics - Ant Group's total assets reached 3,064.7 billion, nearly double that of Zhaolian Consumer Finance at 1,577.2 billion [4]. - The middle-tier companies are gaining ground, with 苏银凯基消费金融 (Suyin Kaiji Consumer Finance) reporting a net profit of 3.8 billion, moving up to seventh place in the industry [6]. - The overall asset quality is improving, with companies like 招联消费金融 focusing on optimizing asset structures to mitigate risks [5][9]. Group 4: Regulatory Environment and Future Outlook - The upcoming regulatory changes regarding internet lending rates are expected to impact the industry, particularly for mid and lower-tier companies that rely heavily on third-party platforms [10][12]. - The new regulations may force consumer finance companies to shift from a scale-oriented approach to a quality-oriented strategy, enhancing their risk management and operational capabilities [12].

Core Viewpoint - The Hong Kong stock market is showing strength, particularly in cyclical sectors such as consumer discretionary, metals, pharmaceuticals, coal, and steel, with the launch of the Tianhong Central Enterprise Dividend ETF (159281) on September 2, 2023, which aims to track high dividend-yielding central enterprises [1] Group 1: ETF and Index Details - The Tianhong Central Enterprise Dividend ETF has an annual management fee of 0.5% and a custody fee of 0.1% [1] - The ETF closely tracks the Hong Kong Stock Connect Central Enterprise Dividend Index (931233), which selects stable dividend-paying companies controlled by central enterprises within the Stock Connect framework [1] - As of the end of Q2 2025, the index's sector distribution includes banking, transportation, non-bank financials, telecommunications, and oil and petrochemicals, with the top ten constituents accounting for 31% of the index [1] Group 2: Performance Metrics - The index has a dividend yield exceeding 7% as of the end of Q2 2025 [3] - Historical performance shows that the index achieved an annualized return of 14.27% over the past five years, with an annualized volatility of 22.02% as of July 9, 2025 [3] Group 3: Investment Outlook - The investment value of Hong Kong central enterprise dividends is expected to continue benefiting from inflows of southbound capital, structural market conditions, and a focus on investor returns through improved dividend policies [4] - The Hong Kong market is anticipated to rise further in the second half of the year, driven by three positive factors, including the AI cycle benefiting technology stocks and the low-interest-rate environment enhancing dividend attractiveness [4]

Core Viewpoint - Jinan Unicom is actively promoting the "Youth Contribution Action" to enhance its innovative strategy, engaging young employees in various fields to drive high-quality development through their dedication and efforts [1][8]. Group 1: Youth Engagement in Customer Service - The "Youth Civilization Team" at Jinan Unicom focuses on providing warm and professional customer service, exemplified by their event that attracted over 200 participants, showcasing various products and services [2]. - Employees creatively adapted technical jargon into everyday language to assist customers, demonstrating a commitment to service excellence [2]. Group 2: Emergency Response and Communication Support - The Jinan Unicom Youth Commando Team played a crucial role in restoring communication during emergencies, such as the landslide in Laiwu District, by deploying portable communication equipment and ensuring connectivity for rescue operations [4]. - During major events like the 2025 Jiyang Beer Festival, the team implemented a three-tier support plan to ensure stable network performance amidst high traffic [4]. Group 3: Safety Initiatives and Training - Jinan Unicom emphasizes safety by establishing "Youth Safety Production Demonstration Posts," where young employees conduct safety inspections and address potential hazards in various facilities [6]. - The company promotes safety awareness through training programs and practical exercises, engaging over 360 young employees in safety knowledge competitions [6]. Group 4: Continuous Development and Future Goals - Jinan Unicom aims to provide a broader platform for youth development, encouraging them to excel in customer service, tackle challenges, and contribute to the company's growth [8].

Core Viewpoint - The A-share market has seen a record high in mid-term cash dividends, with 810 companies planning to distribute a total of 642.81 billion yuan, marking a year-on-year increase of 9.56% in dividend amount and 15.06% in the number of companies participating, both reaching historical highs [1][2]. Group 1: Dividend Distribution - 810 companies have announced mid-term cash dividend plans for 2025, with a total proposed payout of 642.81 billion yuan [1]. - Over 300 companies are planning to issue mid-term cash dividends for the first time [7]. - Among companies with dividends exceeding 1 billion yuan, "state-owned enterprises" account for about 30% [1][3]. Group 2: Major Contributors - China Mobile leads with a proposed cash dividend of 54.08 billion yuan, distributing 2.5025 yuan per share [3]. - Other major telecom operators, China Telecom and China Unicom, plan to distribute 16.58 billion yuan and 3.477 billion yuan, respectively [3]. - The "three oil giants" (China National Petroleum, Sinopec, and CNOOC) collectively plan to distribute over 80 billion yuan in mid-term dividends [3][4]. Group 3: Performance and Support - A significant number of companies have shown robust performance, with 522 out of 810 companies reporting a year-on-year increase in net profit [5]. - Companies like Muyuan Foods and WuXi AppTec have demonstrated exceptional profit growth, with Muyuan's net profit increasing nearly 12 times [6]. - Haier Smart Home reported a revenue increase of 10.22% and a net profit increase of 15.59%, leading to a proposed dividend of 2.69 yuan per share [6]. Group 4: Market Implications - The trend of increasing cash dividends is seen as a sign of market maturity, enhancing long-term returns and improving market ecology [8]. - The rise in dividend payouts is expected to stabilize market expectations and attract more investors [8].

Core Viewpoint - China Unicom (Hong Kong) has announced a procurement project for data security capability maturity assessment and certification services with a budget of 1.5 million yuan [1] Group 1 - The project is titled "2025 China Unicom Data Security Capability Maturity (DSMM) Assessment Consulting and Certification Service Project" [1] - The procurement announcement was published on August 29, 2025 [1] - The company responsible for the project is a wholly-owned subsidiary of China Unicom (Hong Kong) [1]