智通财经网·2025-08-21 03:03Core Viewpoint - China Unicom's mid-year performance shows revenue growth and a solid dividend increase, despite challenges in cash flow and profitability [1] Financial Performance - China Unicom's revenue exceeded 200 billion yuan in the first half of the year, marking a year-on-year increase of 1.5% [1] - The company's pre-tax profit reached 17.8 billion yuan, reflecting a year-on-year growth of 5.1% [1] - The interim dividend declared is 0.2841 yuan per share (before tax), which is a 14.5% increase compared to the previous year [1] Revenue Breakdown - Revenue from connected communications reached 131.9 billion yuan [1] - Smart network revenue amounted to 45.4 billion yuan, accounting for 26% of total revenue, indicating an increase in its proportion [1] Market Analysis - Goldman Sachs noted that while revenue growth, cash flow, and profitability are under pressure, the stable dividend growth remains a key attraction for local investors [1] - The dividend payout ratio has increased by 5 percentage points year-on-year, highlighting the company's commitment to returning value to shareholders [1] - It is anticipated that the increase in accounts receivable leading to higher bad debt provisions will improve in the second half of the year, alleviating profitability pressures [1]