Financial Performance - The company's operating revenue for Q1 2025 was CNY 103.35 billion, an increase of 3.9% compared to CNY 99.50 billion in the same period last year[4]. - Net profit attributable to shareholders was CNY 2.61 billion, reflecting a growth of 6.5% from CNY 2.45 billion year-on-year[4]. - Basic and diluted earnings per share increased to CNY 0.083, up 6.4% from CNY 0.078 in the same period last year[4]. - Operating profit for Q1 2025 was CNY 7.24 billion, slightly higher than CNY 7.09 billion in Q1 2024, indicating a stable performance[21]. - The total comprehensive income for Q1 2025 was CNY 5.79 billion, slightly lower than CNY 5.83 billion in Q1 2024[23]. - The company reported a total revenue of 11,104.32 million for the first quarter of 2025[72]. - Overall, the financial performance in Q1 2025 reflects a robust growth trajectory across multiple branches[1]. Cash Flow and Assets - The net cash flow from operating activities decreased by 27.8% to CNY 7.85 billion, down from CNY 10.86 billion in the previous year[4]. - The company's cash and cash equivalents stood at CNY 48.10 billion, down from CNY 54.71 billion at the end of 2024[18]. - The cash and cash equivalents at the end of Q1 2025 were CNY 22.38 billion, a significant decrease from CNY 45.07 billion at the end of Q1 2024[25]. - The company experienced a net cash outflow from investing activities of CNY 10.39 billion, worsening from CNY 8.59 billion in Q1 2024[25]. - Total assets at the end of the reporting period were CNY 667.65 billion, a decrease of 0.8% from CNY 672.84 billion at the end of the previous year[6]. - As of March 31, 2025, total assets amounted to CNY 667.65 billion, with total liabilities at CNY 293.02 billion[18]. User Growth and Services - The mobile user base grew to 349 million, with a net increase of 4.78 million users; fixed broadband users reached 124 million, with a net increase of 1.92 million users[15]. - The total number of paid users for personal smart living and Unicom Smart Home services approached 230 million[17]. - Revenue from data services increased by 11.3% year-on-year to CNY 1.84 billion, while intelligent services revenue rose by 14.0% to CNY 2.10 billion[17]. - The revenue from cloud services reached CNY 19.72 billion, while data center revenue was CNY 7.22 billion, reflecting an 8.8% year-on-year increase[16]. Strategic Initiatives - The company plans to continue its strategy of integrated innovation, focusing on enhancing its operational efficiency and brand image in 2025[17]. - Research and development expenses increased by 6.7% year-on-year, reflecting the company's commitment to innovation[16]. - The company has implemented over 30,000 "5G + Industrial Internet" projects and more than 7,500 5G factories, enhancing its 5G application scale[16]. - Future outlook suggests continued market expansion and potential for increased revenue streams from new technologies[1]. - The company is actively pursuing new strategies for growth, including potential mergers and acquisitions in the telecommunications sector[1]. Financial Guarantees and Commitments - The financial company provided a total of 21 non-financial guarantees, with a total guarantee amount of RMB 26,100,414.22, and the balance did not exceed RMB 100 million[41]. - The largest single guarantee amount was RMB 9,936,000.00 for Unicom (Liaoning) Industrial Internet Co., Ltd., with a validity period from January 6, 2025, to May 31, 2025[43]. - The financial company has a significant focus on non-financial guarantees, with a total of 21 guarantees issued in the first quarter[41]. - The financial company aims to expand its guarantee services while maintaining a conservative approach to risk management[41]. Branch Performance - The South branch reported a substantial revenue of 2,779 million, indicating strong performance[37]. - The company has multiple branches with significant revenues, including the Taizhou branch with 515.2 million[14] and the Nanjing branch with 100 million[43]. - The report indicates a focus on enhancing user data and service offerings, although specific user metrics were not detailed[1]. - The company is expanding its financial services across various cities, with notable figures such as 812.4 million from the Quzhou branch[24].

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]

电信运营Ⅱ 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 算力服务快速增长，派息率稳步提升 ——中国联通(600050)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-15) | 收盘价(元) | 5.41 | | --- | --- | | 一年内最高/最低(元) | 6.82/4.42 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 1.04 | | 流通市值(亿元) | 1,664.49 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 5.18 | | 每股经营现金流(元) | 2.87 | | 毛利率(%) | 23.42 | | 净资产收益率_摊薄(%) | 5.48 | | 资产负债率(%) | 45.19 | | 总股本/流通股(万股) | 3,126,442.53/3,076,6 | B 股/H 股(万股) 0.00/0.00 相关报告 《中国联通(600050)季报点评：联通云快速发 展，净利润双位数增长》 2024-10-31 联系人：李智 ...

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]

从精细播种到高效灌溉，从科学施肥到田间智能管理……越来越多"数智动能"在田间地头大显身手，让农户从"靠天吃饭"到"知天而作"。 黄河水通过智能管网润泽良田，无人机守护水脉安澜，农民指尖轻点迎来丰收……黄河岸边，传统种植正焕发新生。 晨光之中，白鹇起舞；绿林深处，灵鹿跳跃……科技绘就自然保护区高精度"生态地图"，人与自然的"智能互联"。 一直以来，中国联通以新质生产力助力现代生态农业高质量发展，一系列智慧赋能不仅是助推建设农业强国的有力举措，更是实现生态可持续发展的关键 基石。 5G+AI,"大国粮仓"的智能"营养师" 初春时节，乍暖还寒，北方大地还没有返青，春耕的农人已经忙碌起来。在联通数智技术助力下，农业生产不仅处处"科技范"，更充实了"含绿量"。 传统的农业生产方式中对化肥、农药等化学物质的过度使用不仅导致土壤污染，破坏生态环境，影响农业可持续发展。在济宁市梁山县、汶上县，中国联 通利用联通元景大模型平台，把农业、气象、市场等多源数据整合起来，构建了玉米大豆全生命周期种植模型。该模型能根据作物生长阶段和土壤养分含 量，用算法模型给出超合理的施肥建议，就像给农田配了个"营养师"，让施肥管理变得又精准又省心， ...

先生们先生们大家下午好我是孟树森今天非常高兴能在这里与各位再次见面也非常感谢各位长期以来对中国联通的关心支持我仅代表公司管理层热烈欢迎大家出席中国联通2024年度业绩发布会今天的发布会有两个环节 首先是公司董事长的演讲然后是管理层与各位媒体投资者和分析师朋友的交流环节在交流期间管理层会回答业绩发布会讨论范围以内的问题如果因为时间关系我们还有一些感兴趣的问题没有在会上回答我们在会后会由公司投资者关系部积极进行跟进 本次发布会将以中文进行并且配有英文的同声传译会议期间请各位朋友将手机置于震动或关闭的状态首先请允许我介绍今天出席会议的公司董事会成员和管理层他们是董事长兼首席执行官陈忠岳先生 执行董事兼总裁简勤先生执行董事王俊智先生高级副总裁唐永博先生执行董事兼首席财务官李玉卓女士高级副总裁郝立谦先生 下面我们有请公司董事长兼首席执行官陈忠岳先生介绍公司2024年度业绩有请陈董事长尊敬的投资者分析师媒体朋友们女士们先生们大家好欢迎参加今天的发布会2024年中国联通聚焦 联网通信和上网数字两大主业推进网络向心技术向心服务向心高质量发展取得新突破营业收入稳健增长达到3896亿元同比提升4.6%增速领先行业盈利能力持续提升 ...

原标题：梦想起航，声动未来——"青春影像"校园歌手山东省征集活动总决赛圆满落幕 舞台上，选手们凭借深情的歌声尽情抒发情感，极具感染力的表演将现场气氛一次次推向高潮。从 温婉动人的抒情慢歌，到激情澎湃的摇滚曲目，多元风格的精彩演绎，淋漓尽致地展现出校园歌手们蓬 勃的青春朝气与扎实的音乐素养，现场掌声、欢呼声交织不断。 活动现场，山东联通精心打造的联通文创专区同样成为一大亮点，成功吸引众多观赛青年学子的目 光。早在赛前，就有不少同学排起长队，扫码选购，挑选自己心仪的文创产品。 展望未来，山东联通将持续为青少年提供更具智慧、更引领潮流的通信服务，积极策划并举办更多 富有创新性的活动，正向引导其生活方式与价值观，展现对青少年成长的关怀与担当，不断提升品牌美 誉度和影响力。 4月12日，"青春影像"校园歌手征集活动山东省总决赛在山东电视台启幕。此次活动由中国青年报 社、共青团中央网络影视中心、中国联合网络通信集团有限公司、中国对外文化集团主办，中国联合网 络通信集团有限公司山东省分公司、北京中青盛世传媒文化有限公司、联通在线信息科技有限公司联合 承办，秉持"联通沃派 有梦有方向"的品牌理念，借由征集赛事，向青少年群体传 ...

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].