China Unicom(SH:600050) 中国基金报·2025-10-22 16:20Core Viewpoint - China Unicom reported a net profit growth of 5.2% in the first three quarters of 2025 and plans to spin off its subsidiary, Unicom Smart Network Technology, for listing on the Shenzhen Stock Exchange's Growth Enterprise Market [2][7]. Financial Performance - For the first three quarters of 2025, China Unicom's operating revenue reached CNY 292.99 billion, a year-on-year increase of 1% [2][3]. - The net profit attributable to shareholders was CNY 8.77 billion, reflecting a 5.2% year-on-year growth [2][3]. - The net profit excluding non-recurring gains and losses was CNY 7.62 billion, up 10.9% year-on-year [2][3]. - The net cash flow from operating activities was CNY 58.36 billion, showing a slight increase of 0.2% [2][3]. Quarterly Performance - In Q3 2025, the operating revenue was CNY 92.78 billion, remaining flat compared to the same period last year [3]. - The net profit for Q3 was CNY 2.42 billion, a 5.4% increase year-on-year [3]. - The net profit excluding non-recurring gains and losses for Q3 was CNY 2.04 billion, marking a 12.4% year-on-year growth [3]. User Growth and Business Segments - China Unicom's mobile user base reached 356 million, with a net increase of 12.48 million users [4]. - The fixed broadband user count reached 129 million, with a net increase of 6.79 million users, marking the highest net growth in recent years [4]. - The number of IoT connections surpassed 700 million [4]. - The revenue from cloud services reached CNY 52.9 billion, while data center revenue was CNY 21.4 billion, reflecting an 8.9% year-on-year increase [4]. Industry Comparison - The revenue growth rates for the three major telecom operators in China have shown a slowdown, with China Unicom's revenue growth at 1% for the first three quarters of 2025 [4][5]. - Despite the revenue growth slowdown, net profit and net profit excluding non-recurring items have remained stable across the three operators [4]. Spin-off Announcement - China Unicom announced plans to spin off its subsidiary, Unicom Smart Network Technology, for listing on the Shenzhen Stock Exchange's Growth Enterprise Market [7]. - The spin-off aims to enhance the innovation and operational quality of Unicom Smart Network Technology, allowing it to leverage capital markets for strategic opportunities in the vehicle networking industry [7]. Market Capitalization - As of October 22, 2025, China Unicom's market capitalization was CNY 173.2 billion [8].