Financial Performance - China Unicom's total service revenue and net profit decreased by 0.6% and 7.2% year-on-year to CNY 169.4 billion and CNY 6.3 billion respectively for the second half of 2025[5] - EBITDA increased by 1.7% year-on-year to CNY 45.2 billion, with a profit margin of 26.7%, up by 0.6 percentage points[8] - Adjusted EBIT surged by 38% year-on-year to CNY 4.7 billion, while adjusted net profit fell by 7% year-on-year to CNY 6.3 billion[8] Revenue Breakdown - Revenue from connectivity and communication services declined by 1.3% year-on-year, primarily due to a 4% drop in ARPU despite a 3% increase in mobile users to approximately 357 million[6] - The computing and intelligent digital application business saw a slight increase of about 2% year-on-year, with IDC business revenue growing by approximately 6%[7] Capital Expenditure and Dividends - Capital expenditure decreased by 12% year-on-year to CNY 54.2 billion in 2025, with an expected further reduction of 8% to CNY 50 billion in 2026[9] - The company announced a dividend of CNY 0.417 per share for 2025, representing a year-on-year increase of 3.1% and a dividend yield of approximately 6%[5] Market Position and Risks - China Unicom is one of the three major state-owned telecom service providers in China, with a focus on mobile, fixed-line, broadband, and ICT services[12] - Investment risks include regulatory uncertainties related to state-owned enterprise reforms and potential industry mergers, intensified competition in the mass market, and limited capital availability for building competitive networks[11]