China Unicom(600050)2024-04-19 11:31Financial Performance - Revenue for the first quarter of 2024 was RMB 99.496 billion, a year-on-year increase of 2.3%[4] - Net profit attributable to shareholders of the listed company was RMB 2.447 billion, up 8.0% year-on-year[4] - Company's operating revenue reached RMB 994.96 billion, a year-on-year increase of 2.3%, with main business revenue at RMB 890.43 billion, up 3.4%[14] - Total profit reached RMB 7.169 billion, a year-on-year increase of 10.0%, with net profit attributable to the parent company at RMB 2.447 billion, up 8.0%[14] - Total revenue for Q1 2024 reached 99.50 billion RMB, a 2.34% increase compared to 97.22 billion RMB in Q1 2023[18] - Net profit for Q1 2024 was 5.57 billion RMB, up 7.50% from 5.18 billion RMB in Q1 2023[20] - Operating profit for Q1 2024 stood at 7.09 billion RMB, a 9.75% increase from 6.46 billion RMB in Q1 2023[20] - Net profit for the first quarter of 2024 was RMB 14,493,458, down from RMB 16,868,109 in the same period last year[29] - Total comprehensive income for the first quarter of 2024 was RMB 14,493,458, compared to RMB 16,868,109 in the previous year[29] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 665.855 billion, an increase of 0.5% compared to the end of the previous year[5] - Equity attributable to shareholders of the listed company was RMB 161.897 billion, up 1.7% from the end of the previous year[5] - Total assets as of Q1 2024 amounted to 665.86 billion RMB, slightly higher than 662.84 billion RMB in the previous quarter[16] - Total liabilities for Q1 2024 were 301.95 billion RMB, a slight decrease from 304.91 billion RMB in the previous quarter[17] - Total assets as of March 31, 2024, were RMB 107,655,552,026, slightly up from RMB 107,567,381,898 at the end of 2023[26] - Total liabilities as of March 31, 2024, were RMB 2,082,471,105, a slight increase from RMB 2,079,406,935 at the end of 2023[26] Cash Flow - Net cash flow from operating activities was RMB 10.864 billion, a year-on-year decrease of 37.4%[4] - Net cash flow from operating activities for the first quarter of 2024 was RMB 10,863,817,883, a decrease from RMB 17,361,777,540 in the same period last year[22] - Net cash flow from investing activities for the first quarter of 2024 was RMB -8,593,761,557, an improvement from RMB -17,621,580,579 in the previous year[24] - Net cash flow from financing activities for the first quarter of 2024 was RMB -4,942,345,584, compared to RMB -1,839,049,837 in the same period last year[24] - Operating cash flow for Q1 2024 was RMB 19.19 billion, a significant improvement from a negative RMB 12.11 billion in Q1 2023[30] - The company's cash and cash equivalents at the end of the first quarter of 2024 were RMB 45,065,738,137, down from RMB 47,737,212,410 at the beginning of the period[24] - Cash and cash equivalents at the end of Q1 2024 increased to RMB 54.69 billion, up from RMB 54.50 billion at the beginning of the quarter[30] Earnings Per Share - The company's basic and diluted earnings per share were both RMB 0.078, a year-on-year increase of 9.9%[4] - Basic earnings per share for the first quarter of 2024 were RMB 0.078, up from RMB 0.071 in the previous year[21] Inventory and Accounts Receivable - Inventory increased by 41.5% due to higher terminal arrivals for internet communication business needs[9] - Accounts receivable increased due to the longer implementation and acceptance cycles of computing network and digital intelligence projects[8] - Accounts receivable rose by 36.64% to 54.63 billion RMB in Q1 2024 from 39.98 billion RMB in the previous quarter[16] - Inventory increased by 41.50% to 3.14 billion RMB in Q1 2024 compared to 2.22 billion RMB in the previous quarter[16] Deferred Tax and Other Income - Deferred tax liabilities decreased by 66.8% due to temporary differences in provisions and credit impairment[9] - Other income decreased by 44.9% due to the discontinuation of the VAT additional deduction policy in 2024[9] User and Network Metrics - Mobile user base reached 337 million, with 5G package users at 269 million, representing a 5G package penetration rate of 80%[14] - IoT connections reached 529 million, with a net increase of 34.6 million[14] - Fixed-line broadband users reached 115 million, with gigabit users increasing by 2.11 million, and gigabit broadband penetration rate rising to 23%[14] - 5G mid-frequency base stations reached 1.27 million, with network coverage continuously improving[14] Cloud and Data Center Revenue - Unicom Cloud revenue reached RMB 16.7 billion, a year-on-year increase of 30.3%[14] - Data center revenue reached RMB 6.6 billion, a year-on-year increase of 4.1%[14] R&D Expenses - R&D expenses increased by 19.00% to 1.38 billion RMB in Q1 2024 compared to 1.16 billion RMB in Q1 2023[18] Guarantees and Non-Financing Business - Non-financing guarantee business provided RMB 86.04 million in guarantees during Q1 2024, with a total of 109 transactions[32] - The maximum guarantee balance for non-financing guarantees was increased from RMB 500 million to RMB 1.1 billion starting from 2024[32] - The largest single guarantee in Q1 2024 was RMB 1.76 million for Wuxi Branch, expiring on April 30, 2025[33] - Ningde Branch received the highest total guarantee amount of RMB 1.32 million across three transactions in Q1 2024[34] - The longest guarantee period was for Meizhou Branch, extending until April 30, 2027[34] - Ningbo Branch had the most guarantee transactions in Q1 2024, totaling seven separate guarantees[34] - The smallest guarantee amount in Q1 2024 was RMB 3,000 for Shanghai Branch, expiring on October 30, 2024[34] - Total guarantee amounts for Q1 2024 remained below the RMB 1 billion limit, with actual utilization at approximately 8.6% of the authorized limit[32] - The guarantee amount for China United Network Communications Co., Ltd. Jinhua Branch is 1,211,000.00 yuan, starting from 2024-01-17 and expiring on 2024-03-01[35] - The guarantee amount for China United Network Communications Co., Ltd. Jiangxi Branch is 128,669.36 yuan, starting from 2024-01-31 and expiring on 2029-01-25[35] - The guarantee amount for China United Network Communications Co., Ltd. Huzhou Branch is 3,345,672.61 yuan, starting from 2024-02-06 and expiring on 2025-08-01[35] - The guarantee amount for China United Network Communications Co., Ltd. Fuzhou Branch is 1,157,948.40 yuan, starting from 2024-03-13 and expiring on 2024-04-15[35] - The guarantee amount for China United Network Communications Co., Ltd. is 5,000,000.00 yuan, starting from 2024-03-14 and expiring on 2026-12-31[35] - The guarantee amount for Changchun FAW Communication Technology Co., Ltd. is 3,300,054.90 yuan, starting from 2024-03-07 and expiring on 2025-03-31[35] - The guarantee amount for Unicom Xiong'an Industrial Internet Co., Ltd. is 2,343,900.00 yuan, starting from 2024-03-01 and expiring on 2024-09-01[36] - The guarantee amount for Unicom Digital Technology Co., Ltd. Chongqing Branch is 3,113,051.29 yuan, starting from 2024-01-09 and expiring on 2024-12-12[36] - The guarantee amount for Unicom Digital Technology Co., Ltd. Xinjiang Branch is 1,671,632.08 yuan, starting from 2024-01-05 and expiring on 2024-04-30[36] - The guarantee amount for Unicom Digital Technology Co., Ltd. Shaanxi Branch is 207,000.00 yuan, starting from 2024-02-04 and expiring on 2024-12-31[36] - Total guarantee amount for 2024 is RMB 86,041,775.63, covering various subsidiaries across different regions[38] - The largest single guarantee amount is RMB 19,557,723.64 for China Unicom Digital Technology Co., Ltd., starting from 2024-01-17 and expiring on 2024-06-30[37] - China Unicom Digital Technology Co., Ltd. (Guangdong Branch) has a guarantee amount of RMB 608,227.36, starting from 2024-01-15 and expiring on 2025-04-15[37] - China Unicom Digital Technology Co., Ltd. (Inner Mongolia Branch) has a guarantee amount of RMB 5,399,400.00, starting from 2024-01-23 and expiring on 2024-12-30[37] - China Unicom (Zhejiang) Industrial Internet Co., Ltd. has a guarantee amount of RMB 1,103,000.00, starting from 2024-03-01 and expiring on 2024-09-30[38] - China Unicom (Shanghai) Industrial Internet Co., Ltd. has a guarantee amount of RMB 1,580,500.00, starting from 2024-03-05 and expiring on 2025-02-28[38] - China Unicom (Jiangsu) Industrial Internet Co., Ltd. has multiple guarantees, with the largest being RMB 359,030.00, starting from 2024-02-23 and expiring on 2024-12-31[38] - China Unicom (Guangdong) Industrial Internet Co., Ltd. has a guarantee amount of RMB 678,543.98, starting from 2024-02-28 and expiring on 2024-12-31[38] - China Unicom (Fujian) Industrial Internet Co., Ltd. has a guarantee amount of RMB 864,546.58, starting from 2024-01-23 and expiring on 2024-12-30[38] Long-term Equity Investments - Long-term equity investments grew by 2.01% to 55.52 billion RMB in Q1 2024 from 54.43 billion RMB in the previous quarter[16] Minority Interest - Minority interest in net profit for Q1 2024 was 3.12 billion RMB, up 7.13% from 2.91 billion RMB in Q1 2023[20] Comprehensive Income - Comprehensive income for the first quarter of 2024 reached RMB 5,834,666,783, an increase from RMB 5,376,211,768 in the same period last year[21] Company Goals - The company aims to achieve steady revenue growth and double-digit profit growth for the full year[14]