Group 1 - The total number of "Ubiquitous Intelligent Connection" users is expected to reach approximately 1.208 billion by the second quarter of 2025 [1] - The cumulative number of 5G network users is projected to reach about 214 million [1] - The total number of IoT terminal connections is anticipated to reach around 685 million [1] Group 2 - The number of customers for 5G industry virtual private network services is reported to be 19,800 [1] - The problem resolution rate for smart customer service is 98.9% [1] - The proportion of intelligent services in smart customer service is 84.4% [1] Group 3 - The total number of authorized patents accumulated this year is 163 [1]

Core Viewpoint - The company reported strong financial performance for 2024, with revenue of 4.034 billion yuan (yoy +10.06%) and net profit attributable to shareholders of 125 million yuan (yoy +280.73%), driven by the growth of its intelligent computing business [1] Financial Performance - In Q4 2024, the company achieved revenue of 1.253 billion yuan (yoy +41.41%, qoq +14.67%) and net profit of 42.72 million yuan, a significant increase from 1.48 million yuan in Q3 2023 (qoq +66.10%) [1] - For Q1 2025, the company reported revenue of 852 million yuan (yoy +19.35%) and net profit of 42.12 million yuan (yoy +226.89%), with a non-recurring net profit of 36.07 million yuan (yoy +354.16%) [2] Business Growth Drivers - The rapid growth in net profit for 2024 is attributed to the significant increase in orders for the intelligent computing business, which is expected to continue driving profit growth in 2025 [2][3] - The company established a subsidiary, Tengyun Intelligent Computing, to focus on AI computing power planning, design, equipment delivery, operation optimization, and computing power scheduling, thereby expanding its market presence [2] Industry Expansion - The company's industrial IoT business revenue reached 151 million yuan in 2024, a year-on-year increase of 47.88%, driven by the expansion of its customer base, including partnerships with industry leaders like BYD and Hikvision [3] - The company’s terminal business revenue for 2024 was 2.597 billion yuan (yoy +3.65%), while ICT infrastructure revenue was 631 million yuan (yoy -7.73%) [3] Product Development - The company has adapted over 20 products to the OpenHarmony ecosystem, which includes modules for smart education, commercial display, new retail, industrial automation, and home applications, indicating a strategic move towards building a self-controlled growth point [4] Profit Forecast and Valuation - The company has adjusted its profit forecasts for 2025-2026, expecting net profits of 244 million yuan and 301 million yuan, respectively, with an estimated EPS of 0.98 and 1.20 yuan [5] - The target price has been raised to 54.90 yuan, reflecting a price-to-earnings ratio of 56.0x for 2025, based on the anticipated rapid growth in profits from the intelligent computing business [5]

Core Viewpoint - China Unicom announced its operational data for Q1 2025, highlighting significant growth in user connections across various services [1] User Connections - As of Q1 2025, the total number of ubiquitous intelligent connection users reached 1.182 billion [1] - The number of 5G network users reached 204 million [1] - The cumulative number of IoT terminal connections reached 663 million [1] Service Performance - The number of customers using 5G industry virtual private network services was 17,941 [1] - The problem resolution rate for smart customer service in the month was 98.8% [1] - The proportion of intelligent services in smart customer service for the month was 83.7% [1] Patent Activity - The total number of authorized patents accumulated this year was 84 [1]