China Unicom(SH:600050) Zheng Quan Zhi Xing·2025-08-13 22:27Core Viewpoint - China Unicom reported a slight increase in total revenue and net profit for the first half of 2025, indicating improved profitability despite a decline in quarterly revenue [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 200.2 billion yuan, a year-on-year increase of 1.45% [1]. - Net profit attributable to shareholders was 6.349 billion yuan, up 5.12% year-on-year [1]. - In Q2 2025, total revenue was 96.849 billion yuan, down 1.02% year-on-year, while net profit was 3.743 billion yuan, an increase of 4.18% [1]. - Gross margin improved to 27.06%, up 4.01% year-on-year, and net margin increased to 7.21%, up 3.47% year-on-year [1]. Cost and Expense Management - Total sales, management, and financial expenses amounted to 28.586 billion yuan, accounting for 14.28% of revenue, a decrease of 2.15% year-on-year [1]. - Sales expenses increased by 2.46% due to enhanced market investment [3]. - Management expenses decreased by 3.46% due to improved cost management [3]. - Financial expenses saw a significant decrease of 1425.67% due to lower interest expenses on lease liabilities [3]. Cash Flow and Investment - Operating cash flow per share was 0.94 yuan, down 1.12% year-on-year [1]. - Net cash flow from operating activities decreased by 2.78% due to slower payment collection in the new business segment [4]. - Net cash flow from investing activities decreased by 22.94% due to reduced investment recoveries [4]. - Net cash flow from financing activities decreased by 5.13% due to dividend distributions [4]. Research and Development - R&D expenses increased by 15.65% as the company focused on technological innovation and product upgrades [4]. Market Position and Future Outlook - The company’s return on invested capital (ROIC) was 4.98%, indicating a historically weak capital return [4]. - Analysts expect the company's performance in 2025 to reach 9.606 billion yuan, with an average earnings per share of 0.31 yuan [6]. Shareholder Information - The largest fund holding China Unicom shares is the China Merchants Ruiwen Mixed A Fund, with 19.815 million shares held [7].