2025 年8 月13 日，公司发布2025 年半年度报告。2025 年上半年实现营收2002.02 亿元，同比+1.5%；实 现归母净利润63.49 亿元，同比+5.1%。Q2 单季度实现营收968.49 亿元，同比-1.02%；实现归母净利润 37.43 亿元，同比+4.18%。 我们预计2025/2026/2027 年公司营业收入分别为4,039.03/4,180.83/4,315.72 亿元， 归母净利润为 100.31/109.02/117.84 亿元，公司股票现价对应PE 估值为PE 为16.80/15.46/14.30 倍，维持"买入"评级。 风险提示 AI 发展不及预期；DICT 业务发展不及预期；行业竞争加剧风险；电信业务发展不及预期。 算力基础设施资源利用率提高，持续看好云和IDC 业务放量：1H25联通云实现收入376 亿元，同比 +18.6%；IDC 数据中心业务收入144 亿元，同比+9.4%。其中IDC 算力基础设施布局持续完善，资源利 用率大幅提升。截止2Q25，公司IDC 能力储备合计达2650MW，智算总规模达30EFLOPS。1H25 公司 IDC 资源利用率超70%，AI ...

Group 1 - The core viewpoint of the report is that China Unicom is rated as a "buy" due to its stable growth in traditional communication services and the emergence of intelligent network services as a new growth engine [2] - The report highlights the increased utilization of computing infrastructure resources, with a positive outlook on the growth of cloud and IDC (Internet Data Center) businesses [2] - A decrease in capital expenditure is noted, leading to an increase in cash flow for the company [2]

Core Viewpoint - China Unicom's mid-year performance for 2025 shows a modest growth in revenue and profit, indicating a stable financial position and ongoing business optimization [1] Financial Performance - Revenue exceeded RMB 200 billion, marking a year-on-year increase of 1.5% [1] - Pre-tax profit reached RMB 17.8 billion, reflecting a growth of 5.1% year-on-year [1] - Profit attributable to equity holders was RMB 14.484 billion, up by 5.01% year-on-year [1] - Earnings per share stood at RMB 0.47, with a proposed interim dividend of RMB 0.2841 per share, representing a 14.5% increase [1] Business Structure Optimization - Internet communication revenue amounted to RMB 131.9 billion [1] - Smart network revenue reached RMB 45.4 billion, accounting for 26% of total revenue [1] - International business revenue grew to RMB 6.8 billion, an increase of 11% year-on-year [1] - Revenue from strategic emerging industries increased, contributing to 86% of total revenue, highlighting a shift towards high-quality development [1]

Core Insights - China Unicom's stock rose over 3%, reaching HKD 10.5 with a trading volume of HKD 568 million [1] Financial Performance - The company reported a revenue exceeding RMB 200 billion for the first half of 2025, marking a year-on-year growth of 1.5% [1] - Pre-tax profit reached RMB 17.8 billion, reflecting a year-on-year increase of 5.1% [1] - Profit attributable to equity holders was RMB 14.484 billion, up 5.01% year-on-year [1] - Earnings per share stood at RMB 0.47, with a proposed interim dividend of RMB 0.2841 per share, representing a 14.5% increase [1] Business Structure Optimization - Revenue from connected communication reached RMB 131.9 billion [1] - Smart computing revenue amounted to RMB 45.4 billion, accounting for 26% of total revenue [1] - International business revenue grew by 11% to RMB 6.8 billion [1] - Revenue from strategic emerging industries increased its share to 86%, becoming a new driver for high-quality development [1]

Investment Rating - The report maintains a "Buy" rating for H-shares and an "Accumulate" rating for A-shares [6] Core Views - The company reported a steady revenue growth of 1.45% year-on-year for the first half of 2025, achieving a total revenue of 200.2 billion RMB and a net profit of 6.349 billion RMB, which is a 5.12% increase year-on-year [1] - The company is expected to benefit from the growth of its cloud computing and data center businesses, driven by the development of the domestic AI industry, presenting new growth opportunities [1][3] - The company plans to distribute an interim dividend of 0.284 RMB per share, reflecting a 14.5% increase, indicating strong dividend attractiveness [1] Revenue and User Growth - The company's connectivity business revenue grew by 0.4% year-on-year to 131.9 billion RMB, with a net increase of 11.19 million mobile and broadband users, reaching a total of 480 million users [2] - The average revenue per user (ARPU) for integrated services exceeded 100 RMB, with 270 million users utilizing value-added cloud intelligence products [2] Intelligent Computing and International Expansion - The intelligent computing segment saw a revenue increase of 4.3% year-on-year to 45.4 billion RMB, with cloud revenue reaching 37.6 billion RMB, a 4.6% increase [3] - The company is accelerating its international business expansion, with international revenue growing by 11% to 6.8 billion RMB [3] Profitability and Cash Flow - The company's return on equity (ROE) improved by 0.07 percentage points to 3.75%, and the net profit margin increased by 0.24 percentage points to 7.21% due to enhanced operational efficiency [4] - Capital expenditures decreased by 15% year-on-year to 20.2 billion RMB, with expectations of further profit and cash flow release as 5G base station construction nears completion [4] Earnings Forecast - The projected net profit for the company for 2025-2027 is 9.602 billion RMB, 10.124 billion RMB, and 10.643 billion RMB respectively, with a downward adjustment of 4.5%, 8.5%, and 11.4% from previous estimates [5] - The estimated book value per share (BPS) for 2025 is 5.77 RMB, with a target price of 7.56 RMB for A-shares based on a price-to-book (PB) ratio of 1.31 [5][12]

Group 1 - The report highlights that the US CPI has increased expectations for interest rate cuts, with the core inflation rate rising to its highest level since the beginning of the year, driven by service prices, while commodity prices have seen moderate increases [8][11] - China Evergrande Group's Hong Kong-listed shares will be delisted, marking the end of an era for the once-prominent real estate developer, which has liabilities of HKD 350 billion and is currently unable to achieve a comprehensive restructuring [8][11] - The report notes that US tariff revenues reached a record high in July, but this did not prevent the budget deficit from widening, indicating ongoing fiscal challenges for the federal government [11] Group 2 - China Unicom reported a 5% increase in net profit to RMB 14.48 billion for the first half of 2025, with a total of approximately 1.208 billion connected users, including 213.5 million 5G package users [12] - Tencent Music's net profit for the second quarter rose by 43.2% year-on-year to RMB 2.409 billion, with total revenue increasing by 17.9% to RMB 8.44 billion [12] - Galaxy Entertainment's interim net profit increased by 19.4% to RMB 5.24 billion, with a revenue of RMB 23.246 billion, reflecting an 8.3% year-on-year growth [12] Group 3 - The report indicates that the global oil market is expected to tighten more than previously anticipated, with OPEC raising its forecast for global oil demand growth due to accelerating demand and slowing supply growth from competitors [11] - The report mentions that the personal consumption loan subsidy policy implemented by China aims to stimulate consumer spending by reducing the cost of consumer credit [11] - The report discusses the performance of various companies, including a significant oversubscription for the public offering of Silver Pharma-B, which was oversubscribed by approximately 5,364 times, attracting around 370 billion in subscriptions [10]

Group 1 - The National Communication Index (399389) has shown a strong increase of 3.23%, with constituent stocks such as Guangku Technology (300620) hitting the daily limit up, and New Yisheng (300502) rising by 11.66% [1] - The Communication ETF Guangfa (159507) has reached a new high in scale at 45.36 million yuan, marking a significant increase in performance with a 65.18% rise in net value over the past year [1] - The top ten weighted stocks in the National Communication Index account for 61.8% of the index, with major players including Zhongji Xuchuang (300308) and New Yisheng (300502) [2] Group 2 - The global optical module sales increased by 10% quarter-on-quarter in Q2 2025, driven by the demand for 800G Ethernet optical modules, with a forecasted CAGR of 22% from 2024 to 2029 [2] - The communication and communication equipment industry is experiencing accelerated development driven by AI technology, with key variables including system integration capabilities and product engineering maturity [3] - The WAIC 2025 event showcased the transition of AI from technological breakthroughs to large-scale applications, indicating a growing trend in various vertical industries [3]

里昂维持对联通"跑赢大市"评级，目标价由9.5港元上调至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。 里昂发表报告指，中国联通上半年业绩未达预期，总服务收入和净利按年分别增长1.5%和5%各至1784 亿和1455亿元，较该行预测低0.9%和3.5%。联通管理层预期盈利将维持稳定增长，而资本支出将按年 减少10%至2025年的550亿元。中期股息每股0.28元，按年上升14.5%，派息率为60%，按年上升5基点。 ...

Group 1 - The 2025 World Humanoid Robot Games is approaching its opening, showcasing a venue that integrates 5G-A technology and embodied intelligence [1][6] - The competition venue, "Ice Ribbon," spans 12,000 square meters and features various realistic environments for robot simulations, including a football field and a hospital [1][6] - China Unicom is transitioning from traditional network support for large events to leveraging its technological advantages, focusing on ultra-low latency and efficient AI scheduling to create an intelligent event environment [1][2] Group 2 - The event presents a new service challenge for China Unicom as the official communication partner, emphasizing the need for intelligent, reliable, and secure network services [2] - The integration of 5G-A technology is crucial for the robots, which require high network performance for optimal operation during competitions [4][6] - China Unicom has deployed a comprehensive 5G-A network throughout the venue, ensuring robust connectivity for both spectators and robots, capable of handling extreme traffic demands [6][8] Group 3 - The event serves as a testing ground for the application of 5G-A and AI innovations, providing a platform for diverse wireless network experiences [6] - China Unicom's strategic upgrade to 5G-A has laid a solid foundation for mobile AI connectivity, fostering new industries and services [8] - The company aims to implement a fusion innovation strategy, focusing on enhancing computational and network capabilities to support the AI era [8]

今日公布半年报公司一览 | 代码 | 简称 | 每股收益 | 净利润（万 | 净利润同比 | 营业收入（万 | 营业收入同比 | | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 元） | （%） | 元） | （%） | | 688270 | 臻镭科 技 | 0.2900 | 6231.97 | 1006.99 | 20486.70 | 73.64 | | | 扬帆新 | | | | | | | 300637 | 材 | 0.1000 | 2313.72 | 208.94 | 47295.46 | 47.93 | | 000970 | 中科三 环 | 0.0366 | 4399.31 | 160.82 | 292202.81 | -11.17 | | 430476 | 海能技 术 | 0.0700 | 547.15 | 139.03 | 13606.80 | 34.87 | | 300409 | 道氏技 术 | 0.3192 | 23038.75 | 108.16 | 365382.86 | -11.64 | | 300999 | 金龙鱼 | 0 ...