Core Viewpoint - China Unicom's mid-term performance shows revenue growth and stable dividend increase, despite challenges in cash flow and profitability [1] Financial Performance - China Unicom's revenue exceeded 200 billion RMB in the first half of the year, marking a year-on-year increase of 1.5% [1] - The pre-tax profit reached 17.8 billion RMB, reflecting a year-on-year growth of 5.1% [1] - The company reported a net communication revenue of 131.9 billion RMB [1] - The smart connection revenue amounted to 45.4 billion RMB, accounting for 26% of total revenue [1] Dividend Policy - The board of directors declared an interim dividend of 0.2841 RMB per share (before tax), which is a 14.5% increase compared to the previous year [1] - The dividend payout ratio increased by 5 percentage points year-on-year [1] Market Analysis - Goldman Sachs noted that while revenue growth, cash flow, and profitability are under pressure, the stable dividend growth remains a key attraction for local investors [1] - The firm anticipates that the increase in accounts receivable leading to higher bad debt provisions will improve in the second half of the year, alleviating profit pressure [1]