Group 1 - The total number of "Big Connection" users reached 1.127 billion by November 2024 [1] - The number of 5G package users reached 289 million [1] - The total number of IoT terminal connections reached 613 million [1] Group 2 - The number of customers for 5G industry virtual private network services reached 15,300 [2]

| | 截至 | 2024 | 年 11 | 月份 | | --- | --- | --- | --- | --- | | 一、"泛在智联" | | | | | | "大联接"用户累计到达数 | | 112,680.0 | | 万户 | | 5G 套餐用户累计到达数 | | 28,890.2 | | 万户 | | 物联网终端连接累计到达数 | | 61,341.2 | | 万户 | | 二、"创新应用" | | | | | | 5G 行业虚拟专网服务客户数 | | | 15,348 | 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 | | | | 85.3% | 现将截至 2024 年 11 月份的运营情况公布如下： 1 截至 2024 年 11 月份 证券代码：600050 证券简称：中国联通 公告编号：2024-070 中国联合网络通信股份有限公司 2024年11月份运营数据公告 中国联合网络通信股份有限公司（简称"本公司"或"公司"） 坚持强基固本、守正创新、融合开放，聚焦网络强国、数字中国主 责，拓展联网 ...

证券代码：600050 证券简称：中国联通 公告编号：2024-069 中国联合网络通信股份有限公司 第八届董事会第九次会议决议 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 （二）本次会议的会议通知于2024年12月9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2024年12月13日以通信方式召开。 （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。 二、 董事会会议审议情况 审议通过了《关于公司呼和浩特云数据基地相关建设事项的议案》。 本议案已经董事会发展战略委员会审议通过。 （同意：13 票 反对：0 票 弃权：0 票） （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。 1 特此公告。 中国联合网络通信股份有限公司 董事会 二〇二四年十二月十三日 2 ...

Investment Rating - The report maintains a "Buy" rating for China Unicom (600050.SH) [1] Core Views - The dual drivers of communication and digital intelligence business inject vitality into the company's performance [1] - The user base is steadily expanding, and profitability is improving rapidly [1] - The company achieved revenue of 290.12 billion yuan in the first three quarters of 2024, a year-on-year increase of 3.0%, with Q3 revenue reaching 92.782 billion yuan, up 3.25% year-on-year [1] Summary by Sections Business Performance - The mobile user base reached 345 million, with a net increase of 11.23 million users, the highest in nearly six years; 5G package users reached 286 million, with a penetration rate of 83% [1] - The number of IoT connections reached 594 million, with a net increase of nearly 100 million; fixed broadband users reached 121 million, with a net increase of 7.12 million users for the year [1] Digital Transformation - The company is actively promoting digital transformation and building a first-class technology service enterprise [1] - The construction of new digital infrastructure is accelerating, with 5G mid-frequency base stations reaching 1.36 million and 4G mid-frequency shared base stations exceeding 2 million [1] Financial Forecast - The company forecasts revenues of 388.95 billion, 405.99 billion, and 423.16 billion yuan for 2024, 2025, and 2026 respectively, with EPS of 0.29, 0.32, and 0.35 yuan [4][7] - The current stock price corresponds to PE ratios of 19, 17, and 15 times for the years 2024, 2025, and 2026 respectively [1]

Investment Rating - The report maintains a "Buy" rating for China Unicom (600050.SH) [1] Core Views - The dual drivers of communication and digital intelligence business are injecting vitality into the company's performance [1] - The user base is steadily expanding, and profitability is improving rapidly [1] - The company achieved a revenue of 290.12 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 3.0%, with the third quarter revenue reaching 92.782 billion yuan, up 3.25% year-on-year [1] Summary by Sections Business Performance - The mobile user base reached 345 million, with a net increase of 11.23 million users, marking the highest growth in nearly six years; 5G package users reached 286 million, with a penetration rate of 83% [1] - The number of IoT connections reached 594 million, with a net increase of nearly 10 million; fixed broadband users reached 121 million, with a net increase of 7.12 million users for the year [1] Digital Transformation - The digital intelligence business is expanding and enhancing efficiency, actively supporting new industrialization, and boosting the brand influence of China Unicom's 5G + industrial internet [1] - The company is continuously building a digital transformation and aims to establish a first-class technology service enterprise [1] Financial Forecast - The company is projected to achieve revenues of 388.95 billion yuan, 405.99 billion yuan, and 423.16 billion yuan for the years 2024 to 2026, respectively, with EPS of 0.29 yuan, 0.32 yuan, and 0.35 yuan [4][7] - The current stock price corresponds to PE ratios of 19, 17, and 15 times for the years 2024 to 2026 [1]

Core Viewpoint - China Unicom (Middle East) officially established in Dubai, UAE on November 29, enhancing its global presence and operational capabilities [1] Group 1: Company Expansion - China Unicom now has 40 branches globally, with over 60 international submarine cables and 400 business access points, covering more than 200 countries and regions [1] Group 2: Future Plans - The new Middle East company aims to integrate into the investment development environment created by the two governments, collaborating closely with local operators and partners [1] - The focus will be on accelerating infrastructure "hard connectivity," digital development "soft connectivity," and global customer "emotional connectivity" [1] Group 3: Strategic Goals - The company seeks to drive development through innovation, providing more connectivity solutions and practices for the high-quality development of the digital economy in the Middle East [1] - The goal is to become a globally competitive world-class technology service enterprise [1]

投资者可于即日起至 2024 年 12 月 5 日（星期四）16:00 前登录 上证路演中心网站首页，点击"提问预征集"栏目（http://roadsh ow.sseinfo.com/questionCollection.do），根据活动时间，选中 本次活动或通过公司邮箱 ir@chinaunicom.cn 向公司提问。公司将 在说明会上对投资者普遍关注的问题进行回答。 中国联合网络通信股份有限公司（以下简称"公司"）已于 2024 年 10 月 22 日发布公司 2024 年第三季度报告，为便于广大投资者更 全面深入地了解公司 2024 年前三季度业绩及近期经营情况，公司计 划于 2024 年 12 月 6 日 16:30-17:30 举行 2024 年度三季度业绩说明 1 会议召开时间：2024 年 12 月 6 日（星期五）16:30-17:30 网络互动地址：上海证券交易所上证路演中心（http://roadsho w.sseinfo.com） 会议召开方式：文字互动 证券代码：600050 证券简称：中国联通 公告编号：2024-068 中国联合网络通信股份有限公司 关于召开 2024 年度三季度业 ...

Summary of Conference Call Company and Industry - The conference call primarily discusses **China Unicom**, a major telecommunications operator in China, and the broader **telecommunications industry**. Key Points and Arguments Industry Outlook - The telecommunications sector is expected to continue providing stable returns over the next three to five years, with a focus on high dividends and steady income [1][2][4]. - Despite economic pressures and deflation, the overall economic outlook for China remains stable, which is expected to support the operators' revenue growth [2][3]. Company Performance - China Unicom reported a steady growth in the first three quarters of the year, despite external pressures [5]. - The company has a significant portion of its new users (90%) as integrated users, indicating a strong market position [6]. - The average revenue per user (ARPU) has shown a notable increase, reflecting a positive trend in user spending [6]. Challenges and Innovations - The industry is facing challenges with a noticeable decline in DOU (Daily Active Users) growth rates, with some months in 2024 potentially showing negative growth [7]. - China Unicom is focusing on innovative business models, particularly in the 2C (consumer) and 2B (business) segments, to enhance user engagement and revenue [7][9]. - The company has seen over 100% growth in its innovative business segments, indicating a successful pivot towards new revenue streams [8]. Financial Guidance and Investment - The company has not provided specific revenue guidance for its innovative business but aims to improve the quality of its 2B business, focusing on gross profit margins and cash flow [9][10]. - China Unicom plans to maintain a dividend payout ratio of at least 55%, reflecting its commitment to shareholder returns [12]. - The company is cautious about capital expenditures, particularly in the context of 5G investments, and is focusing on optimizing its investment structure [11]. Strategic Focus Areas - China Unicom is leveraging its strengths in data security and big data analytics to enhance its offerings in the Internet of Things (IoT) and vehicle networking sectors, where it holds a significant market share [14][15]. - The company is also investing in artificial intelligence (AI) capabilities, focusing on industry-specific models rather than general-purpose models, to better serve its B2B clients [39][40]. Market Position and Competitive Advantage - China Unicom has a competitive edge in the vehicle networking market, holding over 70% market share, which positions it favorably against its competitors [14]. - The company emphasizes its strong cash flow and profitability, which have remained robust even in challenging market conditions, distinguishing it from its peers [42][43]. Future Outlook - The company anticipates continued growth in its innovative business segments, particularly in the context of 5G applications and industrial internet solutions [30][33]. - China Unicom aims to balance growth with quality, focusing on improving its operational efficiency and managing receivables effectively [25][26]. Other Important Content - The call highlighted the importance of government contracts in stabilizing revenue and managing accounts receivable, as government clients tend to have reliable payment practices [20]. - The company is actively engaging with investors through roadshows to showcase its innovative business models and growth potential [28]. This summary encapsulates the key insights from the conference call, providing a comprehensive overview of China Unicom's current performance, strategic direction, and market outlook.

证券代码：600050 证券简称：中国联通 公告编号：2024-067 中国联合网络通信股份有限公司 2024年10月份运营数据公告 中国联合网络通信股份有限公司（简称"本公司"或"公司"） 坚持强基固本、守正创新、融合开放，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。 | | 截至 | 2024 年 | 10 | | 月份 | | --- | --- | --- | --- | --- | --- | | 一、"泛在智联" | | | | | | | "大联接"用户累计到达数 | | 111,791.2 | | | 万户 | | 5G 套餐用户累计到达数 | | 28,762.4 | | | 万户 | | 物联网终端连接累计到达数 | | 60,505.1 | | | 万户 | | 二、"创新应用" | | | | | | | 5G 行业虚拟专网服务客户数 | | | 14,705 | | 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 ...

Group 1 - A-shares market experienced a significant style shift, led by China Unicom, which saw its stock hit the daily limit with over 7 million buy orders at one point [1] - The surge in telecom stocks, including China Satellite Communications and China Mobile, is likely driven by the upcoming 2024 Global 6G Development Conference scheduled for November 13-14 in Shanghai [2] - Despite a downturn in small-cap stocks, the overall market showed resilience with over 4,000 stocks maintaining a bullish trend, indicating structural opportunities still exist [2][3] Group 2 - The recent market adjustment is attributed to profit-taking after continuous gains, alongside a strong US dollar and declining RMB, which negatively impacted market sentiment [3] - Analysts suggest that the current upward trend in indices remains intact, supported by ongoing economic improvements and favorable policies [3] - The macroeconomic environment indicates a potential shift in asset allocation strategies, with recommendations to increase risk assets while reducing safe-haven assets [3]