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 ...

Group 1 - The actual controller, chairman, and CEO of Juran Smart Home, Wang Linpeng, has been detained, but the company's operations remain normal and unaffected [1] - Juran Smart Home reported a total revenue of 12.966 billion yuan in 2024, a decrease of 4.04% year-on-year, and a net profit of 883 million yuan, down 32.08% year-on-year, primarily due to economic fluctuations and increased competition in the home furnishing market [3][4] Group 2 - China Bank plans to raise up to 165 billion yuan through a private placement of A-shares, with the funds aimed at increasing its core tier one capital [4] - The issuance price for China Bank's shares is set at 6.05 yuan per share, which is 80% of the average trading price over the previous 20 trading days [4] - The Bank of Communications also plans to raise up to 120 billion yuan through a private placement, with the funds also designated for core tier one capital [5] Group 3 - SANY Heavy Industry reported a total revenue of 78.383 billion yuan in 2024, an increase of 5.9% year-on-year, and a net profit of 5.975 billion yuan, up 31.98% year-on-year [6][7] - The company's international main business revenue reached 48.513 billion yuan, accounting for 63.98% of total revenue, with significant growth in various regions [6][8] - SANY Heavy Industry has established 37 lighthouse factories and is recognized for its advanced smart manufacturing capabilities [8] Group 4 - East China Pharmaceutical achieved a total revenue of 41.906 billion yuan in 2024, a growth of 3.16%, and a net profit of 3.512 billion yuan, up 23.72% year-on-year [10][11] - The company has a robust pipeline of over 80 innovative drugs, focusing on diabetes and oncology [11][12] Group 5 - EVE Energy reported a total revenue of 48.615 billion yuan in 2024, a slight decrease of 0.35%, with a net profit of 4.076 billion yuan, an increase of 0.63% [13][14] - The company has seen significant growth in its energy storage business, with a shipment volume of 50.45 GWh, a year-on-year increase of 91.90% [15] Group 6 - China Unicom reported a revenue of 103.35 billion yuan in Q1 2025, a growth of 3.9%, and a net profit of 2.61 billion yuan, up 6.5% year-on-year [19] - Lens Technology achieved a revenue of 17.063 billion yuan in Q1 2025, a growth of 10.10%, with a net profit of 429 million yuan, up 38.71% year-on-year [20] Group 7 - Fuyao Glass reported a revenue of 9.910 billion yuan in Q1 2025, a growth of 12.16%, with a net profit of 2.030 billion yuan, up 46.25% year-on-year [21] - Zhuye Group reported a revenue of 4.803 billion yuan in Q1 2025, a growth of 8.50%, with a net profit of 277 million yuan, up 74.07% year-on-year [23] Group 8 - Cailong Technology reported a net profit growth of 87.55% in 2024, with total revenue of 11.664 billion yuan [32] - Ziyan Food reported a revenue of 3.363 billion yuan in 2024, with a net profit growth of 4.5% [33] Group 9 - Shunyi Environmental reported a revenue of 12.678 billion yuan in 2024, with a net profit growth of 41.58% [35] - Shougang Group turned a profit in Q1 2025, reporting a revenue of 26.533 billion yuan, down 10.18%, with a net profit of 328 million yuan [36] Group 10 - Keda Li reported a revenue of 12.030 billion yuan in 2024, with a net profit growth of 22.55% [38] - Betta Pharmaceuticals reported a revenue of 2.892 billion yuan in 2024, with a net profit growth of 15.67% [40] Group 11 - New Australia reported a revenue of 4.841 billion yuan in 2024, with a net profit growth of 5.96% [41] - Fawer reported a revenue of 16.468 billion yuan in 2024, with a net profit growth of 11.93% [42] Group 12 - Zhongwei Company reported a revenue of 9.065 billion yuan in 2024, with a net profit decrease of 9.53% [43] - Changying Precision reported a revenue of 16.934 billion yuan in 2024, with a net profit growth of 800% [44] Group 13 - Stanley reported a revenue of 10.263 billion yuan in 2024, with a net profit growth of 17.89% [45] - Puyang reported a revenue of 5.192 billion yuan in 2024, with a net profit decrease of 45.48% [46] Group 14 - Huangshi Group received a notice of administrative penalty for failing to disclose significant contracts, with potential fines for the company and responsible individuals [47] - Baosteel announced plans to acquire a 49% stake in Maanshan Steel through a combination of cash purchases and capital increases, with an estimated total investment of 9 billion yuan [48][49] Group 15 - Shengquan Group reported a revenue of 2.459 billion yuan in Q1 2025, with a net profit growth of 50.46% [50]

◎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 ...

重要公告： 华鲁恒升：拟2亿元—3亿元回购股份用于注销 亚振家居：控股股东筹划控制权变更事项股票18日起停牌 中国联通：一季度净利润同比增长6.5% 同飞股份：一季度净利润同比增长1104.89% 长盈精密：2024年净利润同比增长800.24% 拟10派1.3元 沪市重要公告： 华鲁恒升：拟2亿元—3亿元回购股份用于注销 亚振家居（603389）公告，因公司控股股东上海亚振投资有限公司正在筹划重大事项，该事项可能导致 公司控制权发生变更，经公司申请，公司股票将于2025年4月18日（星期五）开市起停牌，停牌时间不 超过2天。 圣泉集团：一季度净利润同比增长50.46% 圣泉集团（605589）公告，第一季度实现营业收入24.59亿元，同比增长15.14%；净利润2.07亿元，同 比增长50.46%；基本每股收益0.25元。 中国联通：一季度净利润同比增长6.5% 中国联通（600050）公告，公司2025年第一季度实现营业收入1033.5亿元，同比增长3.9%；归属于母公 司净利润26.1亿元，同比增长6.5%；基本每股收益0.083元。 华鲁恒升（600426）公告，公司拟2亿元—3亿元回购股份用于注销并 ...

长盈精密公告称，2024年公司实现营业总收入169.34亿元，同比增长23.40%；归属于上市公司股东的净 利润为7.72亿元，同比增长800.24%。公司向全体股东每10股派发现金红利1.3元（含税）。报告期内， 公司加快人形机器人相关产能的建设，加大研发投入，取得了多家国内外人形机器人客户的定点项目。 三安光电公告称，近日收到中国工商银行湖北省分行出具的《贷款承诺函》，承诺提供人民币10.00亿 元的回购专项贷款，期限三年，用于回购公司股票。该承诺函自出具之日起生效，有效期至公司与工行 正式签订《上市公司股票回购借款合同》之日、工行贷款审批书审批时效届满之日或公司公告的回购期 限届满之日先到之日止。此次贷款承诺函可为公司回购股份提供融资支持，但具体贷款事宜以双方签订 的借款合同为准。公司将根据相关规定另行开立股票回购专用证券账户，确保回购贷款专款专用。 长盈精密：2024年净利同比增长800%，取得多家国内外人形机器人客户定点项目 株冶集团：一季度净利润同比增长74.07%，主要原因是贵金属增利 今日焦点三安光电：收到中国工商银行10亿元回购贷款承诺函 株冶集团公告称，2025年第一季度营业收入48.03 ...

证券代码：600050 证券简称：中国联通 公告编号：2025-019 中国联合网络通信股份有限公司 第八届董事会第十三次会议决议 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法律责任。 一、董事会会议召开情况 （一）本次董事会会议的召开符合法律、行政法规、部门规章、规范性文 件和《公司章程》的规定。 （二）本次会议的会议通知于2025年4月11日以电子邮件形式通知了公司 全体董事、监事以及其他参会人员。所有参会人员确认已经充分了解并知悉会 议审议事项和内容，无任何异议。 （三）本次会议于2025年4月17日在北京市西城区金融大街21号联通大厦 A2001会议室以现场、视频方式结合召开。 （四）会议应出席董事13名，亲自出席董事13名。会议出席情况符合《公 司章程》的规定。 （五）本次会议由董事长陈忠岳先生主持，全体监事和部分高级管理人员 等列席了本次会议。 （二） 审议通过了《关于公司宁夏中卫云数据中心 DC5、DC7、DC8 等相 关建设事项的议案》。 本议案已经发展战略委员会事前审议通过。 二、董事会会议审议情况 1 （ ...