China Unicom (762) H1 2025 earnings summary

Executive summary

• Operating revenue for H1 2025 exceeded RMB 200.2 billion, up 1.5% year-over-year, with profit before tax rising 5.1% to RMB 17.8 billion and profit attributable to equity shareholders up 5.0% to RMB 14.48 billion; basic EPS was RMB 0.47.

• Achieved steady growth in operating and service revenues, with enhanced profitability and business structure optimization.

• Strategic focus on high-quality development, technological innovation, and international expansion.

• Strengthened ESG initiatives and corporate governance, earning multiple industry recognitions.

• Interim dividend of RMB 0.2841 per share declared, a 14.5% increase year-over-year.

Financial highlights

• Total revenue: RMB 200.20 billion (+1.5% YoY); service revenue: RMB 178.36 billion (+1.5% YoY).

• EBITDA: RMB 54.24 billion, 30.4% of service revenue.

• Net cash flow from operating activities: RMB 29.00 billion; free cash flow: RMB 8.78 billion (+63.1% YoY).

• Capital expenditure: RMB 20.22 billion (-15% YoY).

• Liabilities-to-assets ratio improved to 43.7% as of June 2025, down 2.1pp from December 2024.

Outlook and guidance

• Full-year CAPEX expected to be around RMB 55 billion.

• Confident in achieving high-quality completion of annual targets and the 14th Five Year Plan.

• Focus on integrated innovation, AI infrastructure, and digital-real integration.