8月12日晚间，中国联通(600050)发布2025年半年报，上半年营业收入2002.02亿元，同比增长1.5%；归 母净利润63.49亿元，同比增长5.1%。公司拟每10股派发现金股利1.112元（含税），共计拟向公司股东 派发约34.77亿元（含税）的股利。上半年，中国联通加快推进联网通信和算网数智两大主业协同发 展，公司收入增速居行业首位。 同日，中国联通举办了2025年半年度业绩说明会。会上，中国联通董事长陈忠岳表示，中国联通持续推 进"三个向新"，向科技服务企业提能升级，为公司带来一系列"新价值"。 一是网络资产的新价值。网络是中国联通最重要的资产，伴随着公司向新升级，网络正在从通信网、互 联网向数据网、算力网、智能网演进，也就是从"通信管道"向"AI生态"演进。同时，公司加快AI赋能网 络运营，提升用户体验感知，推动公司降本增效。由此，网络资产的科技含量更高、市场空间更大，蕴 藏着前所未有的新价值。 二是算网数智的新价值。"现在资本市场对运营商的定义已经不仅仅是通信概念股，我们看到多家机构 给中国联通的板块标签就包括了云、算力、大数据、人工智能等等。我们相信，随着算力、数据、智能 的融合创新和规模 ...

Core Insights - The food retail industry is experiencing a shift from traditional retail formats to specialized vertical categories, accelerating the process of chain development [1][7] - The overall digitalization level in the food retail sector is low, and increasing the chain rate will drive digital transformation focused on efficiency upgrades and experience reconstruction [1][10] - The digital reconstruction of the food retail sector is based on the concept of "people-goods-scene," with the cash register system serving as a key data touchpoint [1][13] Digitalization Demand Background - The food retail industry has a low digitalization level, primarily characterized by decentralized community stores and small shops, but is entering an accelerated digital transformation phase due to the rise of new business formats [10] - Digitalization can integrate supply chains, optimize procurement costs, and enhance management efficiency while reducing inventory waste [10] Evolution of Food Retail Formats - The transition from traditional supermarkets to specialized vertical formats is a response to high loss rates and low efficiency in conventional retail [7] - New formats such as brand snack chains, community fresh supermarkets, and fresh pre-staging warehouses are emerging, promoting overall chain development in the food retail industry [7] Digital Framework of Food Retail - The core of food retail digitalization lies in reconstructing the collaborative relationship among people, goods, and scenes, with a focus on consumer-centric operations, transparent supply chain management, and transforming traditional transaction venues into digital hubs [13] Cash Register System - The cash register system integrates payment, inventory management, and promotional activities, enhancing operational efficiency and providing critical data support for the "people-goods-scene" linkage [20][24] - Different product categories require tailored cash register systems to meet specific sales and promotional needs [20] Supply Chain Management System - The supply chain management (SCM) system enhances efficiency, controls costs, and mitigates risks by integrating the entire process from procurement to sales [27][30] - SCM systems utilize algorithms for demand forecasting, intelligent replenishment, and inventory optimization, particularly for perishable goods [27] All-Channel Operation System - The all-channel operation system integrates online and offline data flows, creating a unified membership system and coordinating marketing strategies [34][36] - This system enables detailed customer profiling and operational analysis, facilitating a shift from traffic acquisition to user lifetime value (LTV) exploration [34] Future Market Outlook - The food retail market is vast, with the GMV of food and beverage retail expected to exceed 7 trillion yuan in 2024 and grow to 8.7 trillion yuan by 2029 [39] - Digitalization is becoming a critical competitive factor, with significant growth potential for digital vendors that can capitalize on market opportunities [39] Digitalization Trends - Food retail digital vendors are building a technology ecosystem based on cloud-native architecture, data-driven approaches, and exploring intelligent application scenarios [46] - The integration of AI technologies into supply chain management and user operations is driving the digital transformation of the food retail sector [46]

Core Insights - The food retail industry is experiencing a shift from traditional retail formats to specialized vertical categories, accelerating the process of chain development [1][7] - The overall digitalization level in the food retail sector is low, and increasing the chain rate will drive digital transformation focused on efficiency upgrades and experience reconstruction [1][10] - The digital reconstruction of the food retail industry is based on the concept of "people-goods-scene," with the cash register system serving as a key data touchpoint [1][13] Digitalization Demand Background - The food retail industry has a low digitalization level, primarily consisting of decentralized community stores and small shops, but is entering an accelerated phase of digital transformation due to the rise of new business formats [10] - Digitalization can integrate the supply chain, optimize procurement costs, and enhance management efficiency while reducing inventory waste [10] Evolution of Food Retail Formats - The transition from traditional supermarkets to specialized vertical formats is a response to high loss rates and low efficiency in traditional retail [7] - New formats such as brand snack chains, community fresh supermarkets, and fresh pre-staging warehouses are emerging, promoting overall chain development in the food retail sector [7] Digital Framework of Food Retail - The core of food retail digitalization lies in reconstructing the collaborative relationship among people, goods, and scenes [13] - The cash register system, supply chain management system, and omnichannel operation system form the "iron triangle" of food retail digitalization [13] Cash Register System - The cash register system enhances operational efficiency through integrated payment, inventory management, and dynamic promotions, serving as a data hub for the "people-goods-scene" interaction [20][24] - Different product categories require tailored cash register systems to meet specific sales and promotional needs [20] Supply Chain Management System - The supply chain management (SCM) system integrates the entire process from procurement to sales, enhancing efficiency, controlling costs, and mitigating risks [27][30] - SCM systems enable intelligent replenishment and inventory optimization, crucial for managing perishable goods [27] Omnichannel Operation System - The omnichannel operation system integrates online and offline data flows, creating a unified customer view and enhancing marketing strategies [34][36] - It focuses on data accumulation, customer engagement, and operational analysis to drive business performance [34] Market Outlook - The Chinese food retail market is substantial, with the GMV expected to exceed 7 trillion yuan in 2024 and grow to 8.7 trillion yuan by 2029 [39] - Digitalization is becoming a key competitive factor, with significant growth potential for digital vendors that can capitalize on market opportunities [39] Industry Trends - The food retail sector is transitioning from a sales-driven to a demand-driven model, with vertical vendors poised to seize opportunities through refined category management [43] - Digital vendors in the food retail space are expected to leverage cloud-native architectures and data-driven strategies to enhance operational agility and market responsiveness [46]

Group 1 - The China Securities Financial Technology Theme Index (930986) experienced a decline of 0.28% as of May 21, 2025, with mixed performance among constituent stocks [3] - Zhaori Technology (300333) led the gains with an increase of 6.92%, while Lakala (300773) saw the largest decline at 5.71% [3] - The Financial Technology ETF (516860) also fell by 0.33%, with a latest price of 1.19 yuan and a turnover rate of 3.32% [3] Group 2 - Dongxing Securities highlighted strong policy support and emerging demand in new sectors, contributing to the recovery of industry growth [4] - The financial technology sector is expected to benefit from increased IT investments by banks, insurance, and securities firms, driven by the transition to new systems and digital platforms [4] - Cloud technology remains a core investment area for financial institutions, with AI and data utilization expected to enhance operational efficiency [4] Group 3 - The Financial Technology ETF reached a new high of 929 million yuan in size and 778 million shares in circulation [5] - The ETF has seen continuous net inflows over the past four days, totaling 51.75 million yuan, with an average daily net inflow of 12.94 million yuan [5] - The ETF's one-year net value increased by 57.87%, ranking first among comparable funds [5] Group 4 - The Financial Technology ETF has a management fee of 0.50% and a custody fee of 0.10%, which are among the lowest in comparable funds [6] - The ETF's tracking error over the past two years is 0.046%, indicating the highest tracking precision among similar funds [6] - The top ten weighted stocks in the index account for 53.28% of the total, with Tonghuashun (300033) and Dongfang Caifu (300059) being the largest contributors [6][8]

Investment Rating - The report does not explicitly provide an investment rating for the financial technology sector in 2024 Core Insights - The financial technology sector in A-shares faced operational pressure in 2024, with total revenue of 1186.37 billion yuan, a year-on-year decrease of 2.73%, and a net profit of 147.62 billion yuan, down 13.85% [3][10] - Despite the overall decline, certain companies achieved double-digit revenue growth, indicating potential resilience within the sector [3][10] - The sector's R&D expenditure remained stable at 11.41% of total revenue, reflecting ongoing investment in innovation despite revenue pressures [3][12] Summary by Sections Industry Overview - The financial technology sector is experiencing a bifurcation, with significant support from policies aimed at enhancing digital finance and technological independence [4][21] - Emerging fields such as cloud computing, AI, and data utilization are expected to drive recovery in industry growth [4][30] Financial Performance - In 2024, 35 listed companies in the financial technology sector reported a total revenue of 1186.37 billion yuan, with a net profit of 147.62 billion yuan [3][10] - The banking IT segment showed a revenue decline of 3.41% year-on-year, with net profit dropping by 49.29% [3][10] R&D Investment - Total R&D investment in the financial technology sector reached 135.38 billion yuan in 2024, a decrease of 2.54% year-on-year, with a stable R&D expense ratio of 11.41% [12][13] - Companies in the securities IT and financial information services sectors exhibited significantly higher R&D expense ratios compared to the industry average [12][13] Market Dynamics - The report highlights a shift in IT investment focus towards emerging technologies, with traditional IT construction expenditures expected to decline [5][30] - The demand for IT services from small and medium-sized financial institutions is anticipated to increase, providing new growth opportunities [5][37]

Strategic Planning - The company has developed a "cloud, pipe, terminal" strategy based on its technological characteristics and management advantages, focusing on high-speed multi-layer precision PCB products for cloud computing, communication equipment-related PCBs, and smart terminal devices [1][2]. Impact of Tariffs - As of 2024, overseas business revenue accounts for approximately 71.84%, with the Americas at 3.32%, Europe at 1.30%, and Asia at 67.22%. Direct exports to the U.S. represent only 0.12% [2]. - The company’s core business is server PCBs, with downstream customers primarily in Northeast Asia, Southeast Asia, and Mexico. Tariffs have minimal direct impact due to server products being on the tariff exemption list [2]. - Long-term effects of ongoing trade tensions may restructure the industry supply chain [2]. Investor Returns - For the 2023 profit distribution, the company plans to distribute RMB 2.50 per 10 shares, totaling RMB 105,575,000, which is 25.46% of the net profit attributable to shareholders [3]. - For 2024, the proposed distribution is RMB 4.80 per 10 shares, totaling RMB 204,112,800, which is 30.19% of the net profit attributable to shareholders [3]. - The company emphasizes solid governance and operational management to ensure quality returns to investors [3][4]. Communication and Governance - The company has disclosed 172 documents and answered over 210 investor inquiries in 2024, achieving a 100% response rate [4]. - It maintains transparency in information disclosure and fosters good communication with investors to enhance understanding and trust [4]. Technological Innovation - The company reported a 39.43% increase in revenue and a 63.04% increase in net profit in 2024, attributed to a focus on R&D and technological innovation [5][7]. - Listing on the Shenzhen Stock Exchange has strengthened the company’s financial position, enabling increased R&D investment and attracting top talent [5]. Future Plans and H-Share Listing - The company plans to pursue an H-share listing in Hong Kong, primarily to establish an offshore financing platform and enhance brand influence overseas, rather than for immediate financing needs [6]. - With over RMB 700 million in cash and healthy operating cash flow, the H-share listing aims to support international business expansion and improve capital structure [6]. Industry Performance - The overall industry performance varies significantly based on downstream application areas, with specific company performance details available through regular reports and industry associations [6].