现将截至 2025 年一季度的运营数据公布如下： | | 截至 2025 | 年一季度 | | | --- | --- | --- | --- | | 一、泛在智联 | | | | | 联接用户累计到达数 | | 118,179.5 万户 | | | 5G 网络用户累计到达数 | 20,382.5 | | 万户 | | 物联网终端连接累计到达数 | 66,317.6 | | 万户 | | 二、5G 规模化应用 | | | | | 5G 行业虚拟专网服务客户数 | | 17,941 | 个 | | 三、智慧服务 | | | | | 当月智慧客服客户问题解决率 | | | 98.8% | | 当月智慧客服智能服务占比 | | | 83.7% | 1 证券代码：600050 证券简称：中国联通 公告编号：2025-021 中国联合网络通信股份有限公司 2025年一季度运营数据公告 中国联合网络通信股份有限公司（简称"本公司"或"公司"） 全面实施融合创新战略，聚焦网络强国、数字中国主责，拓展联网 通信、算网数智主业，推进网络向新、技术向新、服务向新，努力 在企业高质量发展上迈出更大步伐。 授权专利本年累计数量 84 ...

中国联通(00762.HK)：截至2025年第一季度，联接用户累计到达118,179.5万户，5G网络用户累计到达 20,382.5万户，物联网终端连接累计到达66,317.6万户。 ...

Core Viewpoint - China Unicom announced its operational data for Q1 2025, highlighting significant growth in user connections across various services [1] User Connections - As of Q1 2025, the total number of ubiquitous intelligent connection users reached 1.182 billion [1] - The number of 5G network users reached 204 million [1] - The cumulative number of IoT terminal connections reached 663 million [1] Service Performance - The number of customers using 5G industry virtual private network services was 17,941 [1] - The problem resolution rate for smart customer service in the month was 98.8% [1] - The proportion of intelligent services in smart customer service for the month was 83.7% [1] Patent Activity - The total number of authorized patents accumulated this year was 84 [1]

Investment Rating - The report maintains an "Accumulate" rating for China Unicom (600050) [1][11] Core Views - The company achieved a revenue of 389.59 billion yuan in 2024, representing a year-on-year growth of 4.56%, with a net profit of 9.03 billion yuan, up 10.49% year-on-year [4][11] - The company focuses on two main businesses: network communication and intelligent computing, with a steady improvement in profitability [9][11] - The company has effectively controlled costs while increasing R&D investment, with R&D expenses rising by 9.1% in 2024 [9][11] - The capital expenditure for 2024 was 61.37 billion yuan, a decrease of 17% year-on-year, optimizing the investment structure [10][11] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 99.47 billion yuan, a 9.42% increase year-on-year, and a net profit of 0.692 billion yuan, up 16.26% year-on-year [4] - The gross profit margin for 2024 was 23.42%, a decrease of 1.1 percentage points year-on-year [9] Business Segments - The network communication business accounted for 76% of service revenue, with a 1.5% year-on-year growth, while the intelligent computing business made up 24% of service revenue, growing by 9.6% [9] - The number of mobile and broadband users reached 470 million, with a net increase of 19.52 million users [9] Future Outlook - The company expects to see significant growth in net profit, with projections of 9.80 billion yuan, 10.52 billion yuan, and 11.21 billion yuan for 2025, 2026, and 2027 respectively [11] - The capital expenditure for 2025 is projected to be around 55 billion yuan, with a 28% increase in computing investment [10][11]

Investment Rating - The report maintains an "Accumulate" rating for China Unicom (600050) [1][3] Core Views - The company achieved a revenue of 389.59 billion yuan in 2024, representing a year-on-year growth of 4.56%, with a net profit attributable to shareholders of 9.03 billion yuan, up 10.49% year-on-year [4][11] - The company focuses on two main businesses: network communication and intelligent computing, with a steady improvement in profitability [9][11] - The company has effectively controlled costs while increasing R&D investment, with R&D expenses rising by 9.1% year-on-year [9][11] - The capital expenditure for 2024 was 61.37 billion yuan, a decrease of 17% year-on-year, with a significant optimization in investment structure [10][11] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 99.47 billion yuan, a year-on-year increase of 9.42%, and a net profit of 0.692 billion yuan, up 16.26% year-on-year [4] - The gross profit margin for 2024 was 23.42%, a decrease of 1.1 percentage points year-on-year [9] Business Segments - The network communication business accounted for 76% of service revenue, with a year-on-year growth of 1.5%, while the intelligent computing business represented 24% of service revenue, growing by 9.6% [9] - The number of mobile and broadband users reached 470 million, with a net increase of 19.52 million users [9] Future Outlook - The company expects to see significant growth in net profit, with projections of 9.797 billion yuan, 10.522 billion yuan, and 11.207 billion yuan for 2025, 2026, and 2027 respectively [11] - The company plans to reduce the capital expenditure-to-revenue ratio, which is expected to enhance performance release capabilities [11]

Core Insights - The integration of advanced technologies such as 5G, AI, and IoT is transforming traditional agriculture into a more efficient and sustainable practice, enabling farmers to make data-driven decisions rather than relying solely on experience [1][2][4][19] Group 1: Technological Advancements in Agriculture - The use of a comprehensive lifecycle planting model for crops like corn and soybeans has been developed by China Unicom, which integrates agricultural, meteorological, and market data to provide precise fertilization recommendations, significantly reducing labor costs [2] - The implementation of a 5G smart water and fertilizer integration system has improved water resource utilization by 30% and saved an average of 15 tons of water per acre in corn and soybean planting areas [2] - AI technology is utilized to predict pest and disease outbreaks, allowing for timely interventions that have reduced pesticide usage by 25% [2] Group 2: Smart Irrigation Systems - The digital twin irrigation system in the Yellow River irrigation area has optimized irrigation processes, reducing costs from 10,000 yuan to 6,000 yuan and shortening the irrigation cycle from 15 days to 5 days [11] - The integration of various smart applications in the irrigation management system has transitioned from manual labor to data-driven management, enhancing efficiency and reducing costs [12] Group 3: Ecological Monitoring and Protection - A high-precision ecological map has been created for national nature reserves, utilizing satellite remote sensing and IoT technology to monitor rare species and their habitats effectively [18] - The establishment of a comprehensive monitoring network for nature reserves has enabled the collection and analysis of over 300,000 images and monitoring data, identifying 239 species in 2024 alone [18] - The use of drones and AI for real-time monitoring of ecological conditions has improved the ability to track and protect endangered species [16][18]

Summary of Conference Call for China Unicom Company Overview - **Company**: China Unicom - **Key Executives Present**: - Chairman and CEO: Chen Zhongyue - Executive Director and President: Jian Qin - Executive Director: Wang Junzhi - Senior Vice President: Tang Yongbo - Executive Director and CFO: Li Yuzhuo - Senior Vice President: Hao Liqian [1] Core Financial Performance - **Revenue**: 389.6 billion RMB, a year-on-year increase of 4.6% [2] - **Net Profit**: 20.6 billion RMB, a year-on-year increase of 10.1% [2] - **Return on Equity**: Increased to 5.8% [2] - **Voice Revenue**: 68.6 billion RMB, a year-on-year increase of 17.1% [2] - **Data Center Revenue**: 25.9 billion RMB, a year-on-year increase of 7.4% [3] User Growth and Market Position - **Mobile and Broadband Users**: Reached 470 million, an increase of 19.52 million [2] - **IoT Connections**: Exceeded 620 million, an increase of 13 million [2] - **Industry Leadership**: Maintained the top position in the number of IoT connections and industrial internet platform management [2] Capital Expenditure and Investment Strategy - **Total Capital Expenditure**: 61.37 billion RMB, a year-on-year decrease of 17% [3] - **Investment in Computing Power**: Increased by 19% [3] - **Network Coverage**: Mobile network population coverage reached 99%, an increase of 1% [3] Technological Advancements - **5G Deployment**: Expanded to 300 cities with ultra-high-speed capabilities [4] - **Data Center Development**: Over 300 large-scale computing centers established, with a computing capacity exceeding 1.7 billion FLOPS [4] - **AI Integration**: Launched AI products and services, enhancing market space and value creation [8] International Expansion and ESG Initiatives - **Global Presence**: New branches in UAE and Uzbekistan to better serve global customers [10] - **ESG Commitment**: Launched a green action plan and established 22 national-level green data centers [10] Shareholder Returns - **Dividend Increase**: 2024 dividend rate increased by 5 percentage points, with a total dividend of 0.4043 RMB per share, a year-on-year increase of 20% [11] Future Outlook - **Revenue and Profit Growth**: Expected strong growth in revenue, profit, and return on equity by 2025 [11] - **Investment in AI Infrastructure**: Special budget arrangements for AI-focused infrastructure and major projects [11]

Core Viewpoint - The "Youth Image" campus singer recruitment event in Shandong Province successfully concluded, aiming to inspire youth through music and provide a platform for showcasing musical talent [1][2]. Group 1: Event Overview - The event was organized by multiple entities including China Youth Daily and China Unicom, focusing on delivering positive energy to the youth [1]. - The competition attracted a significant number of participants from various universities, generating approximately 48 million total exposures through live broadcasts [1][2]. Group 2: Competition Details - The selection process included online auditions and semifinals held in Jinan and Qingdao, culminating in a grand final featuring outstanding contestants [2]. - A distinguished panel of judges, including renowned hosts and vocal experts, evaluated the performances based on singing technique, stage presence, and song selection [2]. Group 3: Audience Engagement - The event featured a creative area by Shandong Unicom, which drew considerable attention from attendees, with many students queuing to purchase cultural products [2]. - The company plans to continue offering innovative communication services and organizing more engaging activities to positively influence youth lifestyles and values [2].

本报记者 索寒雪 北京报道 4月10日上午8时，国务院国资委对外宣布，在过去24小时内，新增15家央企对外发声，宣布实施增持和 回购计划。 这些央企均表示坚定看好资本市场，将持续巩固投资者信心，充分彰显央企的责任担当。 此前，国务院国资委有关负责人于4月8日表示，将全力支持中央企业及其控股上市公司主动作为，不断 加大增持回购力度，切实维护全体股东权益，巩固市场对上市公司的信心，提升公司价值。 此外，浙江省国资委联合中国人民银行浙江省分行、浙江证监局召开省属国有上市公司股票回购增持工 作座谈会。 4月9日，山东省国资委与山东证监局在济南签署《关于推动山东辖区国有控股上市公司高质量发展合作 备忘录》，就省属企业控股上市公司股份回购增持工作进行了讨论。目前，山东省已有42家次企业发布 股票回购增持贷款公告，获批贷款金额达到64亿元。 安徽省国资委、安徽证监局联合印发《关于加强省属企业控股上市公司市值管理若干事项的通知》，明 确了6个方面的具体举措，支持安徽省属企业控股上市公司建立常态化的股票回购增持机制，鼓励充分 利用股票回购增持再贷款等政策工具，维护上市公司市值稳定。 央企展现责任担当 中国企业研究院执行院长李锦 ...

Investment Rating - The report maintains a rating of "Buy" for the industry, specifically recommending the computing power sector and military communication [4][9]. Core Viewpoints - The release of tariff exemptions is expected to alleviate concerns in the optical communication sector, leading to a potential valuation recovery for companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, which have international production capabilities [2][21]. - Domestic demand for computing power continues to grow, driven by significant investments from major internet companies and telecom operators, indicating a sustained narrative for AI growth [3][22]. - Military communication companies are anticipated to benefit from geopolitical tensions and increased defense budgets, with firms like Jiexun Feihong and China Satcom positioned to gain [23]. Summary by Sections Investment Strategy - Focus on the computing power and military communication sectors, recommending companies such as Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and military firms like Jiexun Feihong and China Satcom [4][12]. Market Review - The communication sector experienced a decline, with the operator index performing relatively better compared to other segments [16][19]. Tariff Impact - The U.S. Customs and Border Protection announced tariff exemptions for specific communication electronic products, which is expected to positively impact the optical communication industry [20][21]. Computing Power Demand - Major companies like Alibaba and ByteDance are significantly increasing their investments in AI infrastructure, indicating a robust growth trajectory for domestic computing power demand [3][22]. Key Companies - Recommended stocks include Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and military communication firms such as Jiexun Feihong and China Satcom, among others [4][9].