Core Viewpoint - China Unicom is actively integrating digital economy with real economy by enhancing customer service and launching various themed activities, notably the "Unicom Customer Day" which has received positive feedback [1][8]. Group 1: Customer Engagement Initiatives - China Unicom's Shandong branch launched over 40 themed activities focusing on public education, smart experiences, and interactive fun, embodying the mission of "People's Postal and Telecommunications for the People" [1]. - In Zibo, Unicom staff transformed into "safety instructors" for the elderly, educating them on new fraud tactics through relatable examples, which was well-received by participants [2]. - The "Customer Day" initiative serves as a bridge between the company and the community, aiming to enhance service quality and reach more households [8]. Group 2: Smart Home and Technology Experience - In Jinan, Unicom showcased smart home technology, allowing visitors to control devices via voice commands, which impressed attendees, especially children [4]. - The event featured various technology experience zones, including cloud services, where business customers noted significant efficiency improvements [4]. Group 3: Online and Offline Service Integration - Unicom's staff provided hands-on training for elderly customers on using smart devices, resulting in increased customer satisfaction and engagement [6]. - The company expanded its "Customer Day" activities to online platforms, achieving over 5,000 views in a single session and a 60% increase in offline inquiries [6]. - Feedback collection through surveys in various branches yielded over 120 actionable suggestions, reflecting customer trust and service expectations [6].

Core Viewpoint - Shandong Xintong Electronics Co., Ltd. has submitted its IPO application to the Shenzhen Stock Exchange, aiming to raise approximately 474.96 million RMB, focusing on industrial IoT solutions for the power and communication sectors [1]. Company Overview - Xintong Electronics specializes in providing industrial IoT smart terminals and system solutions, targeting operational maintenance needs in specific industries such as power and communication [1]. - The company's main products include intelligent inspection systems for transmission lines, intelligent auxiliary control systems for substations, and mobile smart terminals [1]. - Key clients include major power companies like State Grid and Southern Power Grid, as well as telecom operators such as China Unicom, China Mobile, and China Telecom, along with e-commerce platform services for JD.com [1]. Market Position - In the power industry, Xintong Electronics and Zhiyang Innovation together hold an estimated market share of over 50% in the intelligent inspection sector for transmission lines, indicating a high market concentration [1]. - In the communication sector, the company is projected to have a market share of approximately 40% to 50% in the comprehensive operational maintenance smart terminal market, reflecting a strong industry position [1]. Financial Performance - The company reported revenues of approximately 782 million RMB, 931 million RMB, and 1.005 billion RMB for the years 2022, 2023, and 2024, respectively [2]. - Net profits for the same years were approximately 117 million RMB, 124 million RMB, and 143 million RMB [2]. - Total assets are projected to reach approximately 1.532 billion RMB by the end of 2024, with equity attributable to the parent company estimated at around 853 million RMB [3]. - The company's asset-liability ratio is expected to improve from 52.86% in 2023 to 50.21% in 2024 [3].

Core Viewpoint - China Unicom is committed to enhancing service quality in the telecommunications industry, aligning with the Ministry of Industry and Information Technology's (MIIT) 2025 work deployment to promote high-quality development through superior service [1][3]. Group 1: Meeting Outcomes - The meeting summarized the effectiveness of China Unicom's implementation of MIIT's service improvement initiatives for 2024 and clarified the work deployment for 2025 [3]. - The Director of the Service Supervision Department at MIIT emphasized the importance of serving the public, enhancing service experience, and innovating digital services to meet consumer expectations for a better digital life [3]. Group 2: Consumer Focus - The Deputy Director of the Complaint Department at the China Consumers Association highlighted the need for high-quality supply to stimulate effective demand and improve the consumption environment [3]. - The association's 2025 theme "Building Satisfactory Consumption Together" aims to enhance consumer rights and create a quality communication service environment centered on consumer needs [3]. Group 3: Media Engagement - Media representatives actively participated in the discussion, providing feedback and suggestions for improving China Unicom's service [4]. - Following the meeting, representatives experienced the "Unicom Customer Day: Service Benefits People's Lives" event, showcasing the evolution of Unicom's network, products, and services [4]. Group 4: Future Directions - China Unicom plans to leverage MIIT's service improvement initiatives to enhance consumer satisfaction, strengthen promotional efforts, and elevate service standards [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In Q1 2025, the company's service revenue growth leads the industry, and profit performance meets expectations. The company achieved operating revenue of 103.35 billion yuan, a year-on-year increase of 3.9%, and a net profit attributable to shareholders of 2.61 billion yuan, up 6.5% year-on-year [6][11]. - The user base continues to grow steadily, with mobile users reaching 349 million, an increase of 4.78 million, and fixed broadband users at 124 million, up 1.92 million. The average revenue per user (ARPU) for bundled packages remains above 100 yuan [11]. - The company's IDC business is accelerating, with cloud revenue reaching 19.72 billion yuan. The data center revenue increased by 8.8% year-on-year to 7.22 billion yuan, indicating a faster growth rate compared to Q1 2024 and the entire year of 2024 [11]. - The company has made progress in controlling accounts receivable, with a year-on-year growth of 26.7% in Q1 2025, a significant decrease compared to the previous year [11]. - Strategic cooperation with major internet companies is ongoing, enhancing new growth momentum. Collaborations with Alibaba and Tencent are focused on AI technology integration and smart infrastructure development [11]. Summary by Sections Financial Performance - In Q1 2025, the company reported total operating revenue of 103.35 billion yuan, a 3.9% increase year-on-year, and a net profit of 2.61 billion yuan, reflecting a 6.5% growth [6][11]. - The service revenue was 90.88 billion yuan, with a year-on-year increase of 2.1% [11]. User Growth - The mobile user base reached 349 million, with a net addition of 4.78 million users. Fixed broadband users totaled 124 million, with a net increase of 1.92 million [11]. IDC Business Growth - The company's cloud revenue was 19.72 billion yuan, and data center revenue increased to 7.22 billion yuan, marking an 8.8% year-on-year growth [11]. Accounts Receivable Management - The company has effectively controlled accounts receivable, with a growth rate of 26.7% in Q1 2025, which is a significant improvement compared to the previous year [11]. Strategic Collaborations - The company is deepening strategic partnerships with major internet firms, focusing on AI and smart infrastructure projects, which are expected to drive future growth [11].

Core Viewpoint - China Unicom has achieved significant breakthroughs in its operations, reporting a record high revenue and net profit for the first quarter of 2025, marking a strong start to the year [2][5][6]. Financial Performance - In Q1 2025, China Unicom reported revenue of 103.35 billion yuan, a year-on-year increase of 3.88%, and a net profit attributable to shareholders of over 2.6 billion yuan, up 6.5% [5][6]. - The company's operating cash flow for the first quarter was 7.846 billion yuan, maintaining a positive cash flow status [9]. - The asset-liability ratio as of March 2025 was 43.89%, a decrease of 1.3 percentage points from the beginning of the year [4][12]. User Growth and Business Segments - The company has seen steady growth in user numbers, with mobile users reaching 349 million, an increase of 4.78 million, and IoT connections totaling 663 million, up by 38.4 million [8]. - The cloud revenue reached 19.72 billion yuan, with significant advancements in the "5G + Industrial Internet" projects, totaling 30,000 implementations and over 7,500 5G factories [8]. Research and Development - R&D investment for Q1 2025 was 1.471 billion yuan, reflecting a year-on-year increase of 6.67% [3][11]. - The number of authorized patents in Q1 2025 was 84 [12]. Strategic Initiatives - China Unicom is focusing on three key areas: network innovation, technology innovation, and service innovation, which have shown significant results in enhancing the company's high-quality development [10]. - The company is actively embracing artificial intelligence, launching new AI products and services, and enhancing its product supply capabilities [10]. Historical Performance - Since the completion of its mixed-ownership reform in 2017, China Unicom has seen continuous growth in its operating performance, with revenue increasing from 274.83 billion yuan in 2017 to 389.59 billion yuan in 2024, a cumulative growth of 1.147 trillion yuan [11]. - The net profit attributable to shareholders has also shown uninterrupted growth, reaching 9.03 billion yuan in 2024, a growth of approximately 2019.72% since 2017 [11].

Investment Rating - The report maintains a "Strong Buy" investment rating for China Unicom [4] Core Views - In Q1 2025, China Unicom achieved a revenue of 103.4 billion yuan, representing a year-over-year growth of 3.9%, and a net profit attributable to shareholders of 2.6 billion yuan, up 6.5% year-over-year [1][8] - The company continues to expand its computing power business, with a total intelligent computing scale exceeding 21 EFLOPS, meeting AI training and inference demands [8] - Strategic partnerships with major internet companies like Alibaba and Tencent are expected to enhance AI service capabilities and cloud business [8] Financial Data and Valuation - Revenue projections for the upcoming years are as follows: 2023: 372.6 billion yuan, 2024: 389.6 billion yuan, 2025E: 403.7 billion yuan, 2026E: 415.7 billion yuan, 2027E: 426.3 billion yuan, with growth rates of 5%, 5%, 4%, 3%, and 3% respectively [3][21] - Net profit forecasts for 2025, 2026, and 2027 are 9.8 billion yuan, 10.5 billion yuan, and 11.2 billion yuan, corresponding to PE ratios of 17.4, 16.2, and 15.2 respectively [8][22] - The company reported a total market capitalization of 170.1 billion yuan and a circulating market capitalization of 167.4 billion yuan [4] Operational Performance - As of Q1 2025, the company had 349 million mobile users and 124 million fixed broadband users, with a net increase of 4.78 million and 1.92 million users respectively [8] - The revenue from cloud and IDC services reached 19.7 billion yuan in Q1 2025, with IDC business revenue growing by 8.8% year-over-year [8] - The company’s operating cash flow for 2023 is projected at 104.3 billion yuan, with a net profit of 18.7 billion yuan [20]

业绩简评 2025 年 4 月 17 日晚，公司发布 2025 年一季报。2025 年第一季 度，公司实现营业收入 1,033.5 亿元，同比提升 3.9%；实现归 属于母公司净利润 26.1 亿元，同比提升 6.5%。 经营分析 联网通信稳盘托底，加快新一代移动通信研发应用：2025 年公司 聚焦联网通信和算网数智两大主业。其中联网通信为公司基本盘， 实现稳步提升。用户规模稳步增长，移动用户 3.49 亿户，净增 478 万户；固网宽带用户 1.24 亿户，净增 192 万户。融合套餐 用户 ARPU 保持百元以上。积极拥抱万物互联，物联网连接数 6.63 亿，净增 3,840 万。同时公司加快新一代移动通信研发应 用，开展 6G 标准制定、技术研发、测试验证，为 6G 产业发展及 未来业绩的持续增长做好准备。 算网数智扩盘提质，加大智算投入力度：根据工信部数据，2025 年 1-2 月通信行业同比增速为 0.9%，因此我们推断公司一季度大部 分业绩增长来自于云业务和 IDC 业务。公司算力业务规模实现突 破，联通云收入从 2024 年一季度的 167 亿元增长至 197.2 亿元， 同比增长 18%；公司 ...

业绩简评 2025 年 4 月 17 日晚，公司发布 2025 年一季报。2025 年第一季 度，公司实现营业收入 1,033.5 亿元，同比提升 3.9%；实现归 属于母公司净利润 26.1 亿元，同比提升 6.5%。 经营分析 联网通信稳盘托底，加快新一代移动通信研发应用：2025 年公司 聚焦联网通信和算网数智两大主业。其中联网通信为公司基本盘， 实现稳步提升。用户规模稳步增长，移动用户 3.49 亿户，净增 478 万户；固网宽带用户 1.24 亿户，净增 192 万户。融合套餐 用户 ARPU 保持百元以上。积极拥抱万物互联，物联网连接数 6.63 亿，净增 3,840 万。同时公司加快新一代移动通信研发应 用，开展 6G 标准制定、技术研发、测试验证，为 6G 产业发展及 未来业绩的持续增长做好准备。 算网数智扩盘提质，加大智算投入力度：根据工信部数据，2025 年 1-2 月通信行业同比增速为 0.9%，因此我们推断公司一季度大部 分业绩增长来自于云业务和 IDC 业务。公司算力业务规模实现突 破，联通云收入从 2024 年一季度的 167 亿元增长至 197.2 亿元， 同比增长 18%；公司 ...

◎记者 王子霖 4月17日晚，中国联通披露2025年一季报。报告期内，公司实现营业收入1033.5亿元，同比提升3.9%； 归属于母公司净利润26.1亿元，同比提升6.5%。记者注意到，这是公司上市以来首次一季度营收突破千 亿元。用户数方面，截至一季度末，中国联通移动用户数净增478万户，达到3.49亿户；物联网连接数 达6.63亿户，净增3840万户。 一季度，中国联通以数据中心适智化改造推动AIDC提速发展，实现数据中心收入72.2亿元，同比提升 8.8%；深入推进5G规模化应用，累计落地3万个"5G+工业互联网"项目和7500多个5G工厂。此外，公司 算力业务规模持续突破，联通云收入达到197.2亿元，同比增长约18%。 值得一提的是，中国联通一季度的数据中心和联通云业务增速均高于2024年全年。2024年以来，中国联 通将网络向新、技术向新和服务向新构成的"三个向新"作为公司重要战略。截至目前，这三大领域分别 取得显著成效。 网络向新方面，中国联通构建高速泛在、算网融合、绿色低碳的新型基础设施，夯实高质量发展基础。 期内，公司持续推进共建共享，5G中频基站超过144万站，4G中频共享基站超过200万站 ...