证券代码：600050 证券简称：中国联通 公告编号：2025-022 召开地点：北京市西城区金融大街 21 号中国联通大厦 （五）网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 27 日至2025 年 5 月 27 日 中国联合网络通信股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、召开会议的基本情况 召开的日期时间：2025 年 5 月 27 日 上午 9 点整 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 （六）融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 1 股东大会召开日期：2025年5月27日 ...

Core Viewpoint - The low-altitude economy is emerging as a new engine for promoting high-quality economic development in China, with a focus on building a comprehensive ecosystem and innovative applications in low-altitude scenarios [1]. Group 1: Infrastructure Development - China Unicom is establishing a "1+1+3+N" capability system centered around low-altitude smart networks, low-altitude data intelligence, and various application platforms [1]. - The "Five Networks Integration" model, including communication, navigation, perception, computing, and meteorological networks, is being developed to support the low-altitude industry [2][4]. Group 2: Platform Empowerment - China Unicom and Xiamen University are jointly creating three major platforms: low-altitude airspace management, low-altitude application, and low-altitude safety supervision, which will enhance safety and efficiency in low-altitude operations [5][6]. - The 5G-A low-altitude safety supervision platform focuses on drone management, providing secure and efficient support for low-altitude flight applications [6]. Group 3: Application Scenarios - The Xiamen Xiangnan Aviation Industrial Park is being utilized as a testing ground for various drone applications, enabling performance verification and technology optimization [7]. - Collaborative projects are being initiated in areas such as smart healthcare, traffic facility inspection, urban governance, and cross-island logistics, aiming to drive innovation and development in the low-altitude economy [9]. Group 4: Strategic Collaboration - The strategic cooperation between China Unicom and Xiamen University aims to accelerate the establishment of a low-altitude economy joint laboratory and deepen collaboration across various sectors [9].

Core Viewpoint - The low-altitude economy has become a national strategy, and China Unicom is hosting an exhibition to showcase its advancements and applications in this sector, emphasizing its role in digital China [1]. Group 1: Low-altitude Economy Exhibition - The exhibition titled "Connecting Low Altitude, Smart Future" will present a comprehensive overview of the low-altitude economy industry, including key enterprises and the ecosystem [1]. - China Unicom will demonstrate its low-altitude smart network, digital infrastructure, and various application platforms, highlighting its "1+1+3+N" capability system [1]. Group 2: Technological Innovations - The YH-630 medium composite wing drone has been recognized for its role in disaster rescue operations, establishing vital connections in affected areas [3]. - The EH216-S, the world's first unmanned passenger aircraft certified by the Civil Aviation Administration of China, will also be showcased [3]. Group 3: Medical Applications - A project that won the "Best Mobile Smart City Innovation Award" at the 2025 MWC will be presented, demonstrating a 15-minute drone blood delivery system that enhances emergency medical response capabilities [7]. Group 4: Diverse Application Scenarios - The exhibition will feature over 200 exemplary applications across more than 20 typical low-altitude economic scenarios, including urban governance, emergency communication, and logistics [9]. - A special Fujian section will highlight local initiatives and applications that align with the province's low-altitude economic demonstration policies [9][11]. Group 5: Interactive Experiences - The exhibition will offer six interactive experience items, including low-altitude eVTOL simulations and remote surveillance applications, allowing attendees to engage with the technology [11]. Group 6: Event Details - The event will take place from April 28 to May 4 at the Fuzhou Strait International Conference and Exhibition Center, inviting participants to explore the future of the low-altitude economy [13].

Core Viewpoint - Shandong Xintong Electronics Co., Ltd. has submitted its IPO application to the Shenzhen Stock Exchange, aiming to raise approximately 474.96 million RMB, focusing on industrial IoT solutions for the power and communication sectors [1]. Company Overview - Xintong Electronics specializes in providing industrial IoT smart terminals and system solutions, targeting operational maintenance needs in specific industries such as power and communication [1]. - The company's main products include intelligent inspection systems for transmission lines, intelligent auxiliary control systems for substations, and mobile smart terminals [1]. - Key clients include major power companies like State Grid and Southern Power Grid, as well as telecom operators such as China Unicom, China Mobile, and China Telecom, along with e-commerce platform services for JD.com [1]. Market Position - In the power industry, Xintong Electronics and Zhiyang Innovation together hold an estimated market share of over 50% in the intelligent inspection sector for transmission lines, indicating a high market concentration [1]. - In the communication sector, the company is projected to have a market share of approximately 40% to 50% in the comprehensive operational maintenance smart terminal market, reflecting a strong industry position [1]. Financial Performance - The company reported revenues of approximately 782 million RMB, 931 million RMB, and 1.005 billion RMB for the years 2022, 2023, and 2024, respectively [2]. - Net profits for the same years were approximately 117 million RMB, 124 million RMB, and 143 million RMB [2]. - Total assets are projected to reach approximately 1.532 billion RMB by the end of 2024, with equity attributable to the parent company estimated at around 853 million RMB [3]. - The company's asset-liability ratio is expected to improve from 52.86% in 2023 to 50.21% in 2024 [3].

Core Viewpoint - China Unicom is committed to enhancing service quality in the telecommunications industry, aligning with the Ministry of Industry and Information Technology's (MIIT) 2025 work deployment to promote high-quality development through superior service [1][3]. Group 1: Meeting Outcomes - The meeting summarized the effectiveness of China Unicom's implementation of MIIT's service improvement initiatives for 2024 and clarified the work deployment for 2025 [3]. - The Director of the Service Supervision Department at MIIT emphasized the importance of serving the public, enhancing service experience, and innovating digital services to meet consumer expectations for a better digital life [3]. Group 2: Consumer Focus - The Deputy Director of the Complaint Department at the China Consumers Association highlighted the need for high-quality supply to stimulate effective demand and improve the consumption environment [3]. - The association's 2025 theme "Building Satisfactory Consumption Together" aims to enhance consumer rights and create a quality communication service environment centered on consumer needs [3]. Group 3: Media Engagement - Media representatives actively participated in the discussion, providing feedback and suggestions for improving China Unicom's service [4]. - Following the meeting, representatives experienced the "Unicom Customer Day: Service Benefits People's Lives" event, showcasing the evolution of Unicom's network, products, and services [4]. Group 4: Future Directions - China Unicom plans to leverage MIIT's service improvement initiatives to enhance consumer satisfaction, strengthen promotional efforts, and elevate service standards [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In Q1 2025, the company's service revenue growth leads the industry, and profit performance meets expectations. The company achieved operating revenue of 103.35 billion yuan, a year-on-year increase of 3.9%, and a net profit attributable to shareholders of 2.61 billion yuan, up 6.5% year-on-year [6][11]. - The user base continues to grow steadily, with mobile users reaching 349 million, an increase of 4.78 million, and fixed broadband users at 124 million, up 1.92 million. The average revenue per user (ARPU) for bundled packages remains above 100 yuan [11]. - The company's IDC business is accelerating, with cloud revenue reaching 19.72 billion yuan. The data center revenue increased by 8.8% year-on-year to 7.22 billion yuan, indicating a faster growth rate compared to Q1 2024 and the entire year of 2024 [11]. - The company has made progress in controlling accounts receivable, with a year-on-year growth of 26.7% in Q1 2025, a significant decrease compared to the previous year [11]. - Strategic cooperation with major internet companies is ongoing, enhancing new growth momentum. Collaborations with Alibaba and Tencent are focused on AI technology integration and smart infrastructure development [11]. Summary by Sections Financial Performance - In Q1 2025, the company reported total operating revenue of 103.35 billion yuan, a 3.9% increase year-on-year, and a net profit of 2.61 billion yuan, reflecting a 6.5% growth [6][11]. - The service revenue was 90.88 billion yuan, with a year-on-year increase of 2.1% [11]. User Growth - The mobile user base reached 349 million, with a net addition of 4.78 million users. Fixed broadband users totaled 124 million, with a net increase of 1.92 million [11]. IDC Business Growth - The company's cloud revenue was 19.72 billion yuan, and data center revenue increased to 7.22 billion yuan, marking an 8.8% year-on-year growth [11]. Accounts Receivable Management - The company has effectively controlled accounts receivable, with a growth rate of 26.7% in Q1 2025, which is a significant improvement compared to the previous year [11]. Strategic Collaborations - The company is deepening strategic partnerships with major internet firms, focusing on AI and smart infrastructure projects, which are expected to drive future growth [11].

Core Viewpoint - China Unicom has achieved significant breakthroughs in its operations, reporting a record high revenue and net profit for the first quarter of 2025, marking a strong start to the year [2][5][6]. Financial Performance - In Q1 2025, China Unicom reported revenue of 103.35 billion yuan, a year-on-year increase of 3.88%, and a net profit attributable to shareholders of over 2.6 billion yuan, up 6.5% [5][6]. - The company's operating cash flow for the first quarter was 7.846 billion yuan, maintaining a positive cash flow status [9]. - The asset-liability ratio as of March 2025 was 43.89%, a decrease of 1.3 percentage points from the beginning of the year [4][12]. User Growth and Business Segments - The company has seen steady growth in user numbers, with mobile users reaching 349 million, an increase of 4.78 million, and IoT connections totaling 663 million, up by 38.4 million [8]. - The cloud revenue reached 19.72 billion yuan, with significant advancements in the "5G + Industrial Internet" projects, totaling 30,000 implementations and over 7,500 5G factories [8]. Research and Development - R&D investment for Q1 2025 was 1.471 billion yuan, reflecting a year-on-year increase of 6.67% [3][11]. - The number of authorized patents in Q1 2025 was 84 [12]. Strategic Initiatives - China Unicom is focusing on three key areas: network innovation, technology innovation, and service innovation, which have shown significant results in enhancing the company's high-quality development [10]. - The company is actively embracing artificial intelligence, launching new AI products and services, and enhancing its product supply capabilities [10]. Historical Performance - Since the completion of its mixed-ownership reform in 2017, China Unicom has seen continuous growth in its operating performance, with revenue increasing from 274.83 billion yuan in 2017 to 389.59 billion yuan in 2024, a cumulative growth of 1.147 trillion yuan [11]. - The net profit attributable to shareholders has also shown uninterrupted growth, reaching 9.03 billion yuan in 2024, a growth of approximately 2019.72% since 2017 [11].

Investment Rating - The report maintains a "Strong Buy" investment rating for China Unicom [4] Core Views - In Q1 2025, China Unicom achieved a revenue of 103.4 billion yuan, representing a year-over-year growth of 3.9%, and a net profit attributable to shareholders of 2.6 billion yuan, up 6.5% year-over-year [1][8] - The company continues to expand its computing power business, with a total intelligent computing scale exceeding 21 EFLOPS, meeting AI training and inference demands [8] - Strategic partnerships with major internet companies like Alibaba and Tencent are expected to enhance AI service capabilities and cloud business [8] Financial Data and Valuation - Revenue projections for the upcoming years are as follows: 2023: 372.6 billion yuan, 2024: 389.6 billion yuan, 2025E: 403.7 billion yuan, 2026E: 415.7 billion yuan, 2027E: 426.3 billion yuan, with growth rates of 5%, 5%, 4%, 3%, and 3% respectively [3][21] - Net profit forecasts for 2025, 2026, and 2027 are 9.8 billion yuan, 10.5 billion yuan, and 11.2 billion yuan, corresponding to PE ratios of 17.4, 16.2, and 15.2 respectively [8][22] - The company reported a total market capitalization of 170.1 billion yuan and a circulating market capitalization of 167.4 billion yuan [4] Operational Performance - As of Q1 2025, the company had 349 million mobile users and 124 million fixed broadband users, with a net increase of 4.78 million and 1.92 million users respectively [8] - The revenue from cloud and IDC services reached 19.7 billion yuan in Q1 2025, with IDC business revenue growing by 8.8% year-over-year [8] - The company’s operating cash flow for 2023 is projected at 104.3 billion yuan, with a net profit of 18.7 billion yuan [20]

业绩简评 2025 年 4 月 17 日晚，公司发布 2025 年一季报。2025 年第一季 度，公司实现营业收入 1,033.5 亿元，同比提升 3.9%；实现归 属于母公司净利润 26.1 亿元，同比提升 6.5%。 经营分析 联网通信稳盘托底，加快新一代移动通信研发应用：2025 年公司 聚焦联网通信和算网数智两大主业。其中联网通信为公司基本盘， 实现稳步提升。用户规模稳步增长，移动用户 3.49 亿户，净增 478 万户；固网宽带用户 1.24 亿户，净增 192 万户。融合套餐 用户 ARPU 保持百元以上。积极拥抱万物互联，物联网连接数 6.63 亿，净增 3,840 万。同时公司加快新一代移动通信研发应 用，开展 6G 标准制定、技术研发、测试验证，为 6G 产业发展及 未来业绩的持续增长做好准备。 算网数智扩盘提质，加大智算投入力度：根据工信部数据，2025 年 1-2 月通信行业同比增速为 0.9%，因此我们推断公司一季度大部 分业绩增长来自于云业务和 IDC 业务。公司算力业务规模实现突 破，联通云收入从 2024 年一季度的 167 亿元增长至 197.2 亿元， 同比增长 18%；公司 ...

业绩简评 2025 年 4 月 17 日晚，公司发布 2025 年一季报。2025 年第一季 度，公司实现营业收入 1,033.5 亿元，同比提升 3.9%；实现归 属于母公司净利润 26.1 亿元，同比提升 6.5%。 经营分析 联网通信稳盘托底，加快新一代移动通信研发应用：2025 年公司 聚焦联网通信和算网数智两大主业。其中联网通信为公司基本盘， 实现稳步提升。用户规模稳步增长，移动用户 3.49 亿户，净增 478 万户；固网宽带用户 1.24 亿户，净增 192 万户。融合套餐 用户 ARPU 保持百元以上。积极拥抱万物互联，物联网连接数 6.63 亿，净增 3,840 万。同时公司加快新一代移动通信研发应 用，开展 6G 标准制定、技术研发、测试验证，为 6G 产业发展及 未来业绩的持续增长做好准备。 算网数智扩盘提质，加大智算投入力度：根据工信部数据，2025 年 1-2 月通信行业同比增速为 0.9%，因此我们推断公司一季度大部 分业绩增长来自于云业务和 IDC 业务。公司算力业务规模实现突 破，联通云收入从 2024 年一季度的 167 亿元增长至 197.2 亿元， 同比增长 18%；公司 ...