China Unicom(SH:600050) Sou Hu Cai Jing·2025-08-12 11:21Core Insights - China Unicom reported a revenue of over 200 billion RMB for the first half of 2025, marking a year-on-year growth of 1.5% and a pre-tax profit of 17.8 billion RMB, which is a 5.1% increase compared to the previous year [1][5] Financial Performance - The company declared an interim dividend of 0.2841 RMB per share, reflecting a 14.5% increase year-on-year [1] - Traditional communication business revenue reached 131.87 billion RMB, with a growth of 0.4% [5] - The revenue from intelligent network services was 45.4 billion RMB, accounting for 26% of total revenue [7] - International business revenue grew by 11% to 6.8 billion RMB, the highest growth among various segments [7] User Metrics - As of June 2025, the total number of connected users reached 1.208 billion, with 214 million 5G users and 685 million IoT terminal connections [3][4] - The penetration rate of integrated services exceeded 77%, with over 50% of users opting for "dual-gigabit" services [5] Strategic Developments - Revenue from strategic emerging industries increased to 86%, driven by the acceleration of 5G applications, with over 50,000 projects implemented [8] - The company is focusing on the integration of 5G, AI, and industrial internet, having established 7,500 smart factories [8] - R&D expenses increased by 16%, with a focus on next-generation internet, big data, AI, and other key technologies [8] Financial Health - The debt-to-asset ratio improved from 45.8% to 43.7%, and the debt capital ratio decreased from 10.2% to 9.0% [9] - Capital expenditure decreased by 15% to 20.22 billion RMB, attributed to efficient network management [9] - The company plans to increase capital expenditure in the second half of the year, with an estimated total fixed asset investment of about 55 billion RMB for 2025 [9]