证券日报网讯 8月12日晚间，中国联通发布公告称，2025年半年度公司实现营业收入200，202，431， 028元，同比增长1.5%；归属于上市公司股东的净利润为6，348，627，384元，同比增长5.1%。 （编辑 何成浩） ...

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。 ...

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。 里昂发布研报称，中国联通（600050）(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。 ...

Investment Rating - The investment rating for China Unicom is "Accumulate" with a target price of 7.59 CNY [6][12]. Core Insights - The company continues to optimize its cost structure and enhance operational efficiency, with a focus on R&D investments in AI and computing power, laying a solid foundation for high-quality development [2]. - In the first half of 2025, the company achieved steady revenue growth, with total operating income reaching 200.2 billion CNY (YoY +1.5%) and net profit attributable to shareholders at 6.349 billion CNY (YoY +5.1%) [12]. - The intelligent computing business has become a core growth engine, contributing 45.4 billion CNY in revenue, accounting for 26% of total operating income [12]. - The company has effectively controlled capital expenditures, which decreased by 15% year-on-year, while increasing R&D expenses by 15.6% to 3.46 billion CNY [12]. Financial Summary - Total operating revenue is projected to grow from 372.6 billion CNY in 2023 to 439.4 billion CNY in 2027, with a CAGR of approximately 4.9% [5]. - Net profit attributable to shareholders is expected to increase from 8.17 billion CNY in 2023 to 11.24 billion CNY in 2027, reflecting a CAGR of about 9.2% [5]. - The earnings per share (EPS) is forecasted to rise from 0.26 CNY in 2023 to 0.36 CNY in 2027 [5]. - The return on equity (ROE) is anticipated to improve from 5.1% in 2023 to 6.2% in 2027 [5]. Business Performance - The intelligent computing business has shown strong momentum, with cloud revenue reaching 37.6 billion CNY and data center revenue growing by 9.4% to 14.4 billion CNY [12]. - The connectivity business remains stable, with revenue of 131.9 billion CNY and a user base exceeding 480 million, marking a net increase of over 11 million users in the first half of 2025 [12]. - The company has maintained a stable average revenue per user (ARPU) while achieving high-quality user growth [12].

Core Viewpoint - China Unicom is focusing on enhancing its cloud services and digital infrastructure, with significant revenue growth in its cloud and IDC segments, indicating a strong position in the digital economy [2][9]. Group 1: Financial Performance - In 2024, China Unicom achieved a revenue of RMB 200.2 billion, a year-on-year increase of 1.45%, and a net profit of RMB 6.349 billion, up 5.12% [9]. - The company reported a cloud revenue of RMB 26.87 billion, a substantial increase of 142% year-on-year, while IDC revenue reached RMB 18.61 billion, growing by 12.9% [2]. - The main business revenue composition includes broadband and mobile data services (38.49%), data and other internet applications (27.48%), and value-added services (7.78%) [9]. Group 2: Strategic Initiatives - China Unicom is part of a collaboration with other major telecom operators to launch 5G roaming services, enhancing network efficiency and customer experience without additional costs [3]. - The company has launched the "Smart Home" initiative, which integrates various communication services for families, marking a shift from traditional service bundling [4]. Group 3: Market Position and Shareholder Information - As of June 30, 2025, China Unicom had 556,900 shareholders, with an average of 55,248 shares per shareholder, indicating a slight increase in share distribution [9]. - The company has distributed a total of RMB 35.536 billion in dividends since its A-share listing, with RMB 12.427 billion in the last three years [10]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, reflecting a diversified ownership structure [10].

Group 1: Market Performance - The China Central Enterprises Innovation-Driven Index (000861) increased by 0.35% as of August 13, 2025, with notable gains from Inner Mongolia First Machinery (600967) at 9.98%, Shenzhen South Circuit (002916) at 9.23%, and China National Offshore Oil Corporation Development (600968) at 3.73% [3] - The Central Enterprises Innovation-Driven ETF (515900) rose by 0.39%, with a latest price of 1.55 yuan, and has seen a cumulative increase of 1.25% over the past week [3][4] - The ETF's trading volume reached 22.38 million yuan with a turnover rate of 0.63% [3] Group 2: Financial Performance of China Unicom - China Unicom reported a revenue of 200.2 billion yuan for the first half of 2025, reflecting a year-on-year growth of 1.5%, and a net profit of 6.3 billion yuan, up by 5.1% [4] - The company plans to invest approximately 55 billion yuan in fixed assets for the year [4] Group 3: ETF Growth and Performance Metrics - The Central Enterprises Innovation-Driven ETF has seen a net value increase of 15.41% over the past year, with a maximum monthly return of 15.05% since inception [5] - The ETF's management fee is 0.15% and the custody fee is 0.05%, which are the lowest among comparable funds [5] - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.037% over the past five years [6] Group 4: Top Holdings in the Index - As of July 31, 2025, the top ten weighted stocks in the Central Enterprises Innovation-Driven Index include Hikvision (002415) and State Grid South Technology (600406), collectively accounting for 34.11% of the index [6]

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].

瑞银发表研究报告指，中国联通第二季服务收入按年增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，即按年降10%。该行将2025至28年的盈测上调1至2%，将目标价由10.8港元上调至11.6港元，维 持"买入"评级。 ...

瑞银发表研究报告指，中国联通第二季服务收入按年增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，即按年降10%。该行将2025至28年的盈测上调1至2%，将目标价由10.8港元上调至11.6港元，维 持"买入"评级。 ...

Core Viewpoint - China Unicom is focusing on advancing its "three new" strategies to enhance technology services for enterprises, aiming to create new value for the company [1] Capital Expenditure Trends - China Unicom's capital expenditure has been declining, with a 17% year-on-year decrease to 61.37 billion yuan in 2024, and further projected to drop to around 55 billion yuan in 2025 [3] - In the first half of this year, capital expenditure decreased by 15% to 20.22 billion yuan, attributed to effective network construction and management, resulting in an annual OPEX savings of nearly 1 billion yuan [3] - The company emphasizes a "steady, precise, and moderate" investment approach, optimizing investment structure and enhancing efficiency [4] Investment Focus Shift - Following the issuance of 5G licenses in May 2019, China Unicom has shifted its investment focus from traditional connectivity to IDC and cloud computing sectors, with a significant decline in investment in mobile and broadband [4] - The overall investment peaked in 2022 and has been decreasing since, with expected declines of over 10% in both 2024 and 2025 [4] User Growth and Service Enhancement - In the first half of the year, China Unicom's connected user base surpassed 1.2 billion, with net additions of over 11 million mobile and broadband users, marking a record high for the same period [5] - The company reported that 50% of its users opted for "dual-gigabit" services, with an average customer price exceeding 100 yuan [6] - The penetration rate of integrated services reached over 77%, with 270 million users utilizing these services [6] Future Strategies - China Unicom plans to continue enhancing user experience through AI-enabled network operations and aims to maintain stable investment levels while adapting to market changes and technological advancements [5][4] - The company is committed to deepening its understanding of customer needs and innovating products to support differentiated growth, thereby improving user value and ARPU [6]