China Unicom(SH:600050) Zhong Guo Ji Jin Bao·2025-10-22 22:36Core Viewpoint - China Unicom reported its Q3 2025 financial results, showing stable revenue growth but a notable increase in net profit, indicating resilience in a challenging market environment [1][3]. Financial Performance - For the first three quarters of 2025, China Unicom's operating revenue reached 292.99 billion yuan, a year-on-year increase of 1% [1][2]. - The net profit attributable to shareholders was 8.77 billion yuan, reflecting a growth of 5.2% year-on-year [1][2]. - The net profit excluding non-recurring items was 7.62 billion yuan, up 10.9% compared to the previous year [1][2]. - The net cash flow from operating activities was 58.36 billion yuan, showing a slight increase of 0.2% [1][2]. - In Q3 alone, the operating revenue was 92.78 billion yuan, remaining flat compared to the same period last year [1][2]. User Growth and Business Segments - As of the end of Q3 2025, China Unicom had 356 million mobile users, with a net increase of 12.48 million users [2]. - The fixed broadband user base reached 129 million, with a net increase of 6.79 million users, marking a record high for net additions in recent years [2]. - The number of IoT connections surpassed 700 million [2]. - The company's cloud revenue reached 52.9 billion yuan, while data center revenue increased by 8.9% to 21.4 billion yuan [2]. Market Comparison - The revenue growth rates for the three major telecom operators in China, including China Unicom, China Mobile, and China Telecom, have shown a slowdown, with growth nearing stagnation [3]. - Despite this, net profit and net profit excluding non-recurring items have maintained a steady growth trend across the three companies [3]. Strategic Initiatives - China Unicom announced plans to spin off its subsidiary, Unicom Smart Network Technology Co., Ltd., for a listing on the Shenzhen Stock Exchange's Growth Enterprise Market [4]. - This spin-off aims to enhance the innovation and operational quality of Unicom Smart Network, allowing it to leverage capital markets for strategic opportunities in the vehicle networking industry [4]. Market Capitalization - As of October 22, 2023, China Unicom's market capitalization stood at 173.2 billion yuan [5].