China Unicom(SH:600050) Zhong Guo Jing Ying Bao·2025-10-22 13:28Core Insights - China Unicom reported a revenue of 293 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 1.0% [1] - Service revenue reached 261.6 billion yuan, up 1.1% year-on-year, accounting for over 90% of total revenue, indicating an ongoing optimization of the business structure [1] - The company achieved a net profit attributable to equity holders of 20 billion yuan, a significant increase of 5.1% year-on-year, with pre-tax profit rising to 24.7 billion yuan, showcasing enhanced profitability [1] Business Performance - As of the first three quarters of 2025, China Unicom's mobile user base reached 356 million, with a net increase of 12.48 million users; fixed broadband users totaled 129 million, with a net increase of 6.79 million users, marking the highest net increase in recent years [1] - The number of IoT connections surpassed 700 million, and the average revenue per user (ARPU) for bundled packages remained above 100 yuan [1] Growth Drivers - The company's cloud and data center services continued to be growth highlights, with cloud revenue reaching 52.9 billion yuan and data center revenue increasing by 8.9% year-on-year to 21.4 billion yuan [1] - China Unicom is focusing on deepening the integration of 5G, AI, and industrial internet to empower various industries, with over 20,000 customers served by its 5G virtual private network [1] - The management has indicated a commitment to advancing "fusion innovation" and increasing investments in cloud networks, industry digitization, and 5G+ industrial internet to cultivate new revenue and profit growth points [2]