先生们先生们大家下午好我是孟树森今天非常高兴能在这里与各位再次见面也非常感谢各位长期以来对中国联通的关心支持我仅代表公司管理层热烈欢迎大家出席中国联通2024年度业绩发布会今天的发布会有两个环节 首先是公司董事长的演讲然后是管理层与各位媒体投资者和分析师朋友的交流环节在交流期间管理层会回答业绩发布会讨论范围以内的问题如果因为时间关系我们还有一些感兴趣的问题没有在会上回答我们在会后会由公司投资者关系部积极进行跟进 本次发布会将以中文进行并且配有英文的同声传译会议期间请各位朋友将手机置于震动或关闭的状态首先请允许我介绍今天出席会议的公司董事会成员和管理层他们是董事长兼首席执行官陈忠岳先生 执行董事兼总裁简勤先生执行董事王俊智先生高级副总裁唐永博先生执行董事兼首席财务官李玉卓女士高级副总裁郝立谦先生 下面我们有请公司董事长兼首席执行官陈忠岳先生介绍公司2024年度业绩有请陈董事长尊敬的投资者分析师媒体朋友们女士们先生们大家好欢迎参加今天的发布会2024年中国联通聚焦 联网通信和上网数字两大主业推进网络向心技术向心服务向心高质量发展取得新突破营业收入稳健增长达到3896亿元同比提升4.6%增速领先行业盈利能力持续提升 ...

Investment Rating - The report maintains a positive outlook on the telecommunications industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [3][4]. Core Insights - The report analyzes the annual performance of telecom operators from four perspectives: C-end business, government-enterprise business, computing power layout, and dividend allocation [4][5]. - The overall growth trend in communication consumption demand remains resilient, driven by the continuous strengthening of user base and scale effects [7][8]. - The telecom operators are positioned at the intersection of "big security," "central enterprise valuation system," and "digital economy," with significant growth potential in AI domestic computing power and industry customer digital transformation [16][26]. Summary by Sections C-end Business - China Mobile reported a personal market revenue of 483.7 billion yuan in 2024, a year-on-year decrease of 1.3%, while value-added services contributed positively [6][8]. - China Telecom's mobile communication service revenue reached 202.5 billion yuan, growing by 3.5% year-on-year, with a mobile user base of 425 million [6][8]. - China Unicom's internet communication business revenue was 261.3 billion yuan, with a year-on-year growth of 1.5% and a 5G penetration rate of 83% [6][8]. Government-Enterprise Business - China Mobile's government-enterprise market revenue reached 209.1 billion yuan, growing by 8.8% year-on-year, with cloud business revenue exceeding 100 billion yuan [9][10]. - China Telecom's digital industry revenue was 146.6 billion yuan, a year-on-year increase of 5.5%, with its cloud service revenue maintaining industry leadership [10][16]. - China Unicom's smart computing business achieved revenue of 82.5 billion yuan, growing by 9.6% year-on-year, with significant growth in cloud revenue [12][16]. Computing Power Layout - China Mobile plans to invest 37.3 billion yuan in computing power by 2025, accounting for 25% of its capital expenditure [17][19]. - China Telecom's self-developed computing platform has connected with 50 partners, with a total computing power of 62 EFLOPS [19][23]. - China Unicom's computing power layout is expected to grow by 28% in 2025, focusing on AI infrastructure and major projects [23][26]. Dividend Allocation - China Mobile proposed a dividend payout ratio of 73% for 2024, with a total dividend of 5.09 HKD per share, reflecting a year-on-year increase of 5.4% [27][28]. - China Telecom plans to distribute a dividend of 0.2598 yuan per share for 2024, with a payout ratio of 72% [27][28]. - China Unicom's total dividend for 2024 is expected to be 0.4043 yuan per share, with a payout ratio of 60% [27][28].