二、持续提升股东回报 1 证券代码：600050 股票简称：中国联通 公告编号：2025-018 中国联合网络通信股份有限公司 关于积极推动"提质增效重回报"情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带责任。 中国联合网络通信股份有限公司（简称"中国联通"或"公 司"）聚焦主责主业、践行使命担当，着力增强核心功能、提 高核心竞争力，坚持推进高质量发展和"提质增效重回报"， 统筹积极有为的投资者关系以及合规有效的信息披露，强化市 值管理，致力于和广大投资者共享公司长期发展成果。 一、深入实施融合创新战略 中国联通深入实施融合创新战略，聚焦网络强国、数字中 国主责，拓展联网通信、算网数智业务，坚持拥抱智能、向新 而行，努力加快成为具有全球竞争力的世界一流科技服务企业。 2024 年，公司推进"网络向新、技术向新、服务向新"，高质 量发展取得新突破。2025 年，公司将着力实现创新动力更足、 能力优势更强、业务结构更优、经营效益更好、品牌形象卓著。 中国联通坚持战略引领与价值导向，持续推动提升上市公 司投资价值，着力 ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved a double-digit growth in net profit, with a total revenue of 389.59 billion yuan in 2024, representing a year-on-year increase of 4.6%. The net profit attributable to shareholders reached 9.03 billion yuan, up 10.5% year-on-year [1][6] - The company's focus on integrated communication and intelligent network services is expected to drive high-quality development and new breakthroughs in the future [6] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 389.59 billion yuan, with service revenue of 345.98 billion yuan, marking a 3.2% increase year-on-year. The total profit reached 25.09 billion yuan, and the net profit attributable to shareholders was 9.03 billion yuan, reflecting a 10.5% growth [1][11] - The weighted average return on equity increased to 5.5% [1] Business Segments - The revenue from integrated communication services grew by 1.5% year-on-year, accounting for 76% of service revenue. The user base reached 470 million, with a net increase of 19.52 million users. The IoT connections exceeded 620 million, with a net increase of 13 million [2] - The intelligent network services revenue increased by 9.6% year-on-year, contributing 24% to service revenue. Cloud revenue was 68.6 billion yuan, up 17.1%, while data center revenue reached 25.9 billion yuan, up 7.4% [2] Investment Strategy - The company adopted a precise and moderate investment strategy, with capital expenditure of 61.37 billion yuan in 2024, a decrease of 17% year-on-year. However, investment in computing power increased by 19% [4] - The mobile network coverage reached 99%, benefiting millions of users, and the number of mobile network base stations exceeded 4.5 million [4] Shareholder Returns - The company proposed a final dividend of 0.0621 yuan per share (before tax), with a total annual dividend of 0.1580 yuan per share, reflecting a year-on-year increase of 19.7% [5] - For 2025, the company anticipates a fixed asset investment of around 55 billion yuan, with a 28% increase in computing power investment [5] Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 9.87 billion yuan, 10.77 billion yuan, and 11.71 billion yuan, respectively, with a maintained "Accumulate" rating [6][11]

Group 1 - The core viewpoint of the news is that the China Securities 5G Industry 50 Index has experienced a decline, reflecting the performance of major companies in the 5G industry within the Chinese stock market [1] - The China Securities 5G Industry 50 Index opened lower and closed down by 0.26% at 1186.79 points, with a trading volume of 40.638 billion yuan [1] - Over the past month, the index has decreased by 8.46%, while it has seen a slight increase of 0.62% year-to-date [1] Group 2 - The index comprises 50 large-cap stocks from the 5G industry chain, selected based on market capitalization and revenue levels [1] - The top ten weighted stocks in the index include Luxshare Precision (9.73%), China Telecom (5.76%), and others, indicating a concentration in a few key players [1] - The index's holdings are primarily from the Shenzhen Stock Exchange (57.59%) and the Shanghai Stock Exchange (42.41%) [1] Group 3 - The index is adjusted semi-annually, with changes implemented on the next trading day after the second Friday of June and December [2] - Public funds tracking the 5G 50 Index include Bosera China Securities 5G Industry 50 ETF Connect A and C [2]

Market Overview - The Shenwan Electronics Industry Index fell by 4.09% last week, ranking 29th among 31 industries, underperforming the CSI 300 Index which rose by 1.80% [1] Company Performance - Micron's financial guidance is optimistic, with an increase in the HBM market size forecast. For FY2025Q2, revenue is projected at $8.053 billion, a decrease of 8% quarter-over-quarter but an increase of 38% year-over-year [1] - DRAM revenue is expected to be $6.123 billion, accounting for 76% of total revenue, with a quarter-over-quarter decrease of 4.4%. DRAM bit shipments are expected to decline by 7%-9%, while ASP is expected to grow in the low single digits [1] - NAND revenue is projected at $1.855 billion, making up 23% of total revenue, with a quarter-over-quarter decrease of 17.4%. NAND bit shipments are expected to see slight growth, but ASP is anticipated to decline by approximately 17%-19% [1] Segment Analysis - The CNBU segment saw revenue of $4.564 billion, a quarter-over-quarter increase of 4%, driven by over 50% growth in HBM revenue. The MBU segment's revenue was $1.068 billion, down 30% due to mobile customers optimizing inventory levels. The SBU segment's revenue decreased by 20%, primarily due to reduced storage investment from data center customers [2] - Micron anticipates a mid-single-digit percentage growth in server shipments for 2025, with both traditional and AI servers expected to grow. The HBM market demand remains strong, with a revised total market size forecast of over $35 billion for the 2025 calendar year [2] Future Outlook - In the data center business, Micron expects HBM3E 12H to account for a significant portion of total HBM shipments in the second half of 2025. HBM revenue is projected to reach several billion dollars in FY2025, with mass production of HBM4 expected in 2026 [2] - Due to short-term customer inventory impacts, NAND demand has slowed, but bit shipments are expected to recover in the coming months. For Q3 (March-May 2025), both DRAM and NAND bit shipments are expected to achieve positive growth, with revenue projected to reach $8.6-$9 billion, potentially setting a quarterly revenue record [2] Capital Expenditure Plans - Tencent's capital expenditure has seen triple-digit year-over-year growth for four consecutive quarters, expected to exceed 76.7 billion yuan in 2024, a 221% increase. The capital expenditure as a percentage of revenue is projected at 12% for 2024, with guidance for low double digits in 2025 [3] - China Unicom's capital expenditure for computing power is expected to rise by 19% in 2024 and 28% in 2025, with fixed asset investment around 55 billion yuan, focusing on upgrading IDC to AIDC and traditional computing to intelligent computing [3] Investment Strategy - With upstream storage production control, inventory digestion, and expanding AI applications driving new demand for enterprise data centers, the supply-demand relationship in the industry is expected to gradually improve, leading to a potential recovery in storage prices and demand. Companies to watch include Baiwei Storage, Lanke Technology, Demingli, Jiangbolong, and others in the storage module sector, as well as those in AI-driven and domestic substitution logic within the AI industry chain and consumer electronics [3]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Viewpoints - The company is accelerating its investment in computing power, driven by AI, which is expected to open new growth avenues. The projected revenue for 2025-2027 shows a steady growth trajectory [3]. - The company achieved a revenue of CNY 389.59 billion in 2024, a year-on-year increase of 4.6%, with a net profit of CNY 9.03 billion, up 10.5% year-on-year [1][2]. Financial Performance - In 2024, the company reported a net cash flow from operating activities of CNY 91.26 billion, a decrease of 12.5% year-on-year [1]. - The company's capital expenditure for 2024 was CNY 61.37 billion, down 17% year-on-year, while computing power investment increased by 19% [2]. - The projected revenues for 2025, 2026, and 2027 are CNY 401.4 billion, CNY 431.4 billion, and CNY 453.4 billion, respectively, with expected growth rates of 5.3% for 2025 and 5.1% for both 2026 and 2027 [3][5]. Business Segments - The company's C-end business remains stable, with communication service revenue accounting for 76% of total service revenue, a 1.5% increase year-on-year. The user base reached 470 million, with a net increase of 19.52 million [2]. - The company has established over 300 integrated computing power resource pools, with a computing scale exceeding 17E FLOPS, contributing to a cloud revenue of CNY 68.6 billion, up 17.1% year-on-year [1][2]. Shareholder Returns - The board proposed a final dividend of CNY 0.0621 per share (before tax), leading to a total annual dividend of CNY 0.1580 per share, reflecting a year-on-year increase of 19.7% [2].

Core Insights - China Unicom has applied for a patent related to a traffic settlement scheme aimed at reducing economic losses for users [1] Group 1: Patent Application - The patent titled "Method, Device, Equipment, and Storage Medium for Determining Traffic Settlement Scheme" was filed with the National Intellectual Property Administration [1] - The application date for the patent is December 2024, and the publication number is CN 119676008 A [1] - The patent addresses the challenge of determining an appropriate fee settlement scheme for users exceeding their data limits, thereby minimizing their financial losses [1] Group 2: Company Overview - China Unicom, established in 1994, is based in Beijing and primarily engages in telecommunications, broadcasting, and satellite transmission services [2] - The company has a registered capital of approximately 10.48 billion RMB and has made investments in 33 enterprises [2] - China Unicom has participated in 3,091 bidding projects and holds 5,000 patent records along with 3,663 trademark records [2]

Investment Rating - The investment rating for China Unicom (600050.SH) is "Outperform the Market" [6][4][25] Core Views - In 2024, China Unicom achieved a revenue of 389.6 billion yuan, representing a year-on-year growth of 4.6%, and a net profit attributable to shareholders of 9 billion yuan, which is a 10.5% increase year-on-year [1][9] - The company has shown significant growth in its innovative business sectors, with industrial internet revenue reaching 82.4 billion yuan, up 24% year-on-year, and notable performance in cloud computing, data centers, and big data services [2][13] - The capital expenditure for 2024 was 61.4 billion yuan, with a decreasing ratio of capital expenditure to revenue, indicating improved efficiency in capital allocation [3][16] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 99.5 billion yuan, a 9.4% increase year-on-year, and a net profit of 690 million yuan, up 16.26% year-on-year [1][9] - The EBITDA for 2024 reached 92.3 billion yuan, and the return on equity (ROE) was 5.49%, an increase of 0.41 percentage points year-on-year [1][9] Business Growth - The user structure of traditional businesses continues to optimize, with "Big Connection" users reaching 1.14 billion, a net increase of 195 million users for the year [2][15] - The penetration rate of 5G package users reached 83%, with 290 million users, reflecting a year-on-year growth of 5 percentage points [2][15] Capital Expenditure and Cost Management - The capital expenditure for 2024 was 61.4 billion yuan, with a planned reduction to 55 billion yuan for 2025, indicating a focus on cost efficiency [3][16] - The depreciation and amortization expenses for 2024 were 77.8 billion yuan, with a ratio to revenue decreasing by 2.8 percentage points compared to 2023 [3][16] Dividend Policy - The company proposed a final dividend of 0.0621 yuan per share, with an annual dividend of 0.158 yuan per share, resulting in a dividend payout ratio of 55%, an increase of 4.5 percentage points year-on-year [3][22]

Investment Rating - The investment rating for China Unicom (600050.SH) is "Outperform the Market" [6][4][25] Core Views - In 2024, China Unicom achieved a net profit of 9 billion yuan, representing a year-on-year growth of 10.5%, with total revenue reaching 389.6 billion yuan, an increase of 4.6% year-on-year [1][9] - The company has shown significant growth in its innovative business sectors, with industrial internet revenue reaching 82.4 billion yuan, a year-on-year increase of 24% [2][13] - The capital expenditure for 2024 was 61.4 billion yuan, with a decreasing ratio of capital expenditure to revenue, indicating improved efficiency [3][16] Summary by Sections Financial Performance - In 2024, China Unicom's revenue was 389.6 billion yuan, with a net profit of 9 billion yuan and EBITDA of 92.3 billion yuan [1][9] - The fourth quarter of 2024 saw a revenue of 99.5 billion yuan, with a net profit of 690 million yuan, marking a year-on-year growth of 16.26% [1][9] Business Growth - The industrial internet segment generated 82.4 billion yuan in revenue, with notable performances in cloud computing (36.1 billion yuan, +17.1%), data centers (25.9 billion yuan, +7.4%), and big data services (6.4 billion yuan, +20.8%) [2][13] - The user base for "Big Connection" reached 1.14 billion, with a net increase of 195 million users, while 5G package users reached 290 million, with a penetration rate of 83% [2][15] Capital Expenditure and Cost Management - Capital expenditure for 2024 was 61.4 billion yuan, with a planned reduction to 55 billion yuan for 2025 [3][16] - The depreciation and amortization expenses for 2024 were 77.8 billion yuan, with a ratio to revenue decreasing by 2.8 percentage points to 23.8% [3][16] Dividend Policy - The company proposed a final dividend of 0.0621 yuan per share, with an annual dividend of 0.158 yuan per share, resulting in a dividend payout ratio of 55%, an increase of 4.5 percentage points year-on-year [3][22]

Investment Rating - The report maintains a "Recommended" rating for China Unicom, with a target price of 5.77 CNY [6][4]. Core Insights - China Unicom achieved a revenue of 389.59 billion CNY in 2024, representing a year-on-year growth of 4.6%. The net profit attributable to shareholders was 9.03 billion CNY, up 10.5% year-on-year [1][4]. - The company is focusing on enhancing its AI-driven computing capabilities, with a significant increase in cloud revenue, which reached 68.6 billion CNY, growing by 17.1% year-on-year [2][4]. - Capital expenditures for 2024 are projected at 61.37 billion CNY, a decrease of 17% from the previous year, while investments in computing power are expected to rise by 19% [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 99.47 billion CNY, a 9.4% increase year-on-year, with a net profit of 0.692 billion CNY, up 16.3% [1]. - The operating cash flow decreased by 12.5% year-on-year, totaling 91.26 billion CNY [1]. Business Segments - The telecommunications revenue grew by 1.5%, with a total user base reaching 470 million, including 62 million IoT connections [2][3]. - The intelligent computing segment saw a revenue increase of 9.6%, with data center revenue at 25.9 billion CNY, up 7.4% [2]. Strategic Initiatives - China Unicom is accelerating its transformation into a technology service company, enhancing its mobile and broadband networks, and expanding its AI capabilities [3]. - The company plans to establish 10 national-level intelligent computing data centers and has a significant focus on AI infrastructure [3]. Shareholder Returns - The dividend per share for A-shares in 2024 is set at 0.16 CNY, with a payout ratio of 55%, reflecting a 4 percentage point increase year-on-year [4].

Investment Rating - The report maintains a "Recommendation" rating for China Unicom (600050) [1][7] Core Views - China Unicom achieved a revenue of CNY 389.59 billion in 2024, representing a year-on-year growth of 4.56%, while the net profit attributable to shareholders reached CNY 9.03 billion, up by 10.49% [1][7] - The company has experienced double-digit profit growth for eight consecutive years, with a stable gross margin of 23.42% and a net margin of 5.29% in 2024 [7][8] - The revenue from the Internet communication business accounted for 76% of service revenue, showing a 1.5% increase year-on-year, with significant growth in mobile and broadband users [7][8] - The intelligent network and data business contributed 24% to service revenue, marking a 9.6% increase, with cloud services revenue rising by 17.1% [7][8] - Capital expenditures were effectively controlled at CNY 61.37 billion, down 17% year-on-year, with a focus on shareholder returns, proposing a total dividend of CNY 0.1580 per share, a 19.7% increase [7][8] Financial Summary - Total revenue projections for 2025, 2026, and 2027 are CNY 407.56 billion, CNY 425.53 billion, and CNY 444.01 billion respectively, with net profits expected to be CNY 9.94 billion, CNY 10.91 billion, and CNY 11.86 billion [3][8] - Earnings per share (EPS) are projected to increase from CNY 0.29 in 2024 to CNY 0.38 by 2027 [3][8] - The company maintains a price-to-earnings (P/E) ratio of 22 for 2024, decreasing to 16 by 2027 [3][8]