Core Insights - The company reported a revenue of 200.2 billion yuan for the first half of 2025, a year-on-year increase of 1.5%, and a net profit attributable to shareholders of 6.349 billion yuan, up 5.1% year-on-year [1] Group 1: Business Performance - Traditional networking communication business showed steady growth with a revenue of 131.9 billion yuan in 1H25, an increase of 5.4% year-on-year [2] - The computing and intelligent network business became a new growth engine, generating 45.4 billion yuan in revenue, a year-on-year increase of 4.4%, accounting for 26% of total revenue [2] - The strategic emerging industries saw their revenue share rise to 86%, marking a historical high [2] Group 2: Infrastructure and Cash Flow - The company achieved a revenue of 37.6 billion yuan from cloud services in 1H25, an increase of 18.6% year-on-year, and 14.4 billion yuan from IDC data center services, up 9.4% year-on-year [3] - The IDC resource utilization rate exceeded 70%, with a total IDC capacity of 2,650 MW and a total intelligent computing scale of 30 EFLOPS [3] - Capital expenditures decreased to 20.2 billion yuan in 1H25, down 15% year-on-year, leading to an increase in free cash flow [3] Group 3: Financial Projections and Valuation - Revenue projections for 2025, 2026, and 2027 are 403.9 billion yuan, 418.1 billion yuan, and 431.6 billion yuan respectively, with net profits of 10.03 billion yuan, 10.90 billion yuan, and 11.78 billion yuan [4] - The current stock price corresponds to a PE valuation of 16.80, 15.46, and 14.30 times for the years 2025, 2026, and 2027 respectively, maintaining a "buy" rating [4]

Core Viewpoint - The development of the low-altitude economy relies on the support of low-altitude network communication and perception capabilities, with China Unicom actively building a digital foundation through five-network integration to foster innovative capabilities in low-altitude scenarios [1][2]. Group 1: Low-altitude Economy Infrastructure - China Unicom is constructing a "1+1+3+N" low-altitude capability system, which includes an integrated low-altitude smart network, a fusion of spatiotemporal big data, and three core platforms for safety regulation, airspace management, and smart low-altitude applications [1]. - The company emphasizes that traditional operators only provide communication pipelines, while low-altitude operations require centimeter-level positioning, real-time weather warnings, and obstacle avoidance decision-making [1]. Group 2: Data and Service Capabilities - China Unicom has made significant investments in edge computing and terminal computing, achieving data centralization across 31 provinces, positioning itself as a leader in data governance in China [2]. - The company has developed a public and industry data fusion computing infrastructure, accumulating high-quality datasets across over 10 industries, totaling 400 terabytes [2]. Group 3: Cost Efficiency and Operational Advantages - The operational cost for a logistics company building its own low-altitude network is 28 yuan per kilometer, while China Unicom's project in Zhejiang achieves a cost of only 9.7 yuan [2]. - In a project for the Yunnan power grid inspection, China Unicom reduced data processing latency from 3 seconds to 200 milliseconds by establishing edge computing nodes [2]. Group 4: Application Scenarios - In Longyan, Fujian, the efficiency of blood transport via drones has improved by 150% [2]. - In Zhengzhou, the company has implemented automatic inspection with "instant recognition" for heating pipeline networks [2]. - Cross-border island logistics testing has also been initiated [2].