China Unicom(SH:600050) Nan Fang Du Shi Bao·2025-08-13 04:29Core Viewpoint - China Unicom is focusing on advancing its "three new" strategies to enhance technology services for enterprises, aiming to create new value for the company [1] Capital Expenditure Trends - China Unicom's capital expenditure has been declining, with a 17% year-on-year decrease to 61.37 billion yuan in 2024, and further projected to drop to around 55 billion yuan in 2025 [3] - In the first half of this year, capital expenditure decreased by 15% to 20.22 billion yuan, attributed to effective network construction and management, resulting in an annual OPEX savings of nearly 1 billion yuan [3] - The company emphasizes a "steady, precise, and moderate" investment approach, optimizing investment structure and enhancing efficiency [4] Investment Focus Shift - Following the issuance of 5G licenses in May 2019, China Unicom has shifted its investment focus from traditional connectivity to IDC and cloud computing sectors, with a significant decline in investment in mobile and broadband [4] - The overall investment peaked in 2022 and has been decreasing since, with expected declines of over 10% in both 2024 and 2025 [4] User Growth and Service Enhancement - In the first half of the year, China Unicom's connected user base surpassed 1.2 billion, with net additions of over 11 million mobile and broadband users, marking a record high for the same period [5] - The company reported that 50% of its users opted for "dual-gigabit" services, with an average customer price exceeding 100 yuan [6] - The penetration rate of integrated services reached over 77%, with 270 million users utilizing these services [6] Future Strategies - China Unicom plans to continue enhancing user experience through AI-enabled network operations and aims to maintain stable investment levels while adapting to market changes and technological advancements [5][4] - The company is committed to deepening its understanding of customer needs and innovating products to support differentiated growth, thereby improving user value and ARPU [6]