近日，中国联通举行2025年中期业绩说明会，在互动问答环节，中国联通董事长陈忠岳表示持续推 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"。 此外，2025年中期业绩说明会上，中国联通高管还解释了近年资本开支不断下滑的原因。 中国联通高级副总裁苗守野介绍，公司资本开支始终坚持"稳健、精准、适度"的原则，确保投资规模锚 定公司战略航标和业务增长曲线，既不做冲动式扩张，也不搞保守式收缩，持续优化投资结构，提升投 资效能。电信行业投资随技术演进具有代际周期特性，2019年5G牌照发放后，公司持续加大投资力 度，通过共建共享、精准建设，提升网络能力，改善客户感知。随着5G规模部署、北方及南方城市宽 带千兆布局基本完成，近两年公司投资重点逐步从移动、宽带等传统连接，转向IDC、云等算网数智赛 道。整体投资规模在2022年达到高点后持续下降，2024年、2025年投资降幅都超过10%，2025年固定资 产投资在550亿元左右。 苗守野表示，预计未来2-3年，投资保持相对平稳，下降幅度会收窄。未来，公司将紧跟市场变化和技 术演进，面对人工智能、6G发展，持续跟踪国际、国内发展趋势，适时调整投资规模和节奏 ...

Group 1 - Manus co-founder Ji Yichao discussed the reasons for the company's decision to "shell" rather than develop a large model, citing painful lessons from previous entrepreneurial experiences, and noted that the future of AI agents lies in context design rather than merely competing on model capabilities [1] - Kimi K2, a Chinese open-source model, has topped the global open-source model rankings, outperforming competitors like Google's Gemma3 and Meta's Llama4, indicating a significant advancement in China's AI model development [1] - China Unicom is exploring the establishment of a 100,000 card computing cluster, with an expected computing scale of 45 EFLOPS by the end of the year, highlighting the company's commitment to expanding its intelligent computing capabilities [2] Group 2 - Netflix has begun using generative AI for visual effects in its TV productions, aiming to reduce production costs and enhance content quality, with the Argentine sci-fi series "The Eternaut" being the first project to utilize this technology [2] - Delta Airlines is implementing an AI-driven dynamic pricing strategy to customize ticket prices for each passenger based on their willingness to pay, moving away from traditional fixed pricing models [2] - Elon Musk announced the development of a child-friendly AI application called "Baby Grok," although specific functionalities have not been disclosed, indicating a focus on creating friendly content for children [3] Group 3 - The Trump administration has initiated a review of Elon Musk's SpaceX contracts with various federal agencies following a reported fallout between Trump and Musk, which may impact SpaceX's operations and future contracts [4][5] - The third Chain Expo concluded with over 6,000 cooperation intentions signed, reflecting a growing interest in blockchain technology and partnerships within the industry [5] - Nvidia's CEO Jensen Huang praised China's supply chain as one of the best in the world, highlighting its scale, complexity, and diversity, which positions China as a leader in global supply chain management [6] Group 4 - The pricing of Apple's upcoming foldable iPhone is speculated to exceed 15,000 yuan, with material costs estimated at 759 USD, indicating a potential high-end market positioning for this product [6] - Zeekr responded to allegations regarding "0-kilometer used cars," clarifying that the vehicles in question are new products that have not been registered, emphasizing their commitment to industry integrity [6] - Faraday Future's new MPV model FX Super One has been accused of design plagiarism from Great Wall Motors' high-end brand, with the company removing references to "Gaoshan 9" from its website amid the controversy [7]

Financial Data and Key Metrics Changes - Operating revenue increased to JPY 386.89 billion, a 4.6% growth year-on-year [5] - Profitability reached JPY 20.6 billion, reflecting a 10.1% increase compared to the previous year [5] - Return on equity improved by 5.8% [5] - Total mobile and broadband subscribers reached 470 million, with IoT connections exceeding 620 million [5] Business Line Data and Key Metrics Changes - Uni Unicom cloud revenue grew by 17.1% to JPY 68.6 billion [6] - Data center revenue increased by 7.4% to JPY 25.9 billion [6] - Net contract value of Intelligent Computing business exceeded JPY 1 billion [6] Market Data and Key Metrics Changes - International business revenue rose to JPY 500 million, a 15.2% increase year-on-year [21] - Integrated subscribers reached 77%, with an integrated subscriber ARPU exceeding RMB 100 [19] Company Strategy and Development Direction - Focus on connectivity communications, computing, and digital smart appliances, emphasizing innovation and breakthroughs [4] - Continued investment in R&D with a 9.1% increase, aiming to enhance core capabilities [13] - Plans for 2025 include a CapEx of around JPY 55 billion, with a 28% year-on-year increase in computing power investment [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in enhancing operational efficiency and brand image while creating more value for society and investors [25] - The company aims to deepen energy efficiency and utilize clean energy, contributing to corporate ESG responsibilities [22] Other Important Information - The company was included in the FTSE China A50 index, effective soon [23] - Dividend payout ratio increased by 5 percentage points, with a 20.1% rise in dividend payout [23][24] Q&A Session Summary Question: What are the expectations for future growth? - Management indicated that they anticipate continued growth in both domestic and international markets, with a focus on innovation and efficiency [24] Question: How is the company addressing ESG responsibilities? - The company highlighted its efforts in energy efficiency and clean energy usage, serving over 260,000 villages and 280 million users through digital platforms [22] Question: What are the plans for capital expenditure in 2025? - CapEx is expected to be around JPY 55 billion, with a significant portion allocated to computing power, reflecting a strategic focus on AI and important projects [24]