China United Network Communications (600050) H1 2024 earnings summary

Executive summary

• Achieved revenue of RMB 197.3 billion for H1 2024, up 2.9% year-over-year; net profit attributable to shareholders reached RMB 6.04 billion, up 10.9% year-over-year.

• EBITDA reached RMB 54.9 billion, up 2.7% year-over-year; total profit was RMB 16.8 billion, up 10.2% year-over-year.

• Board proposed interim dividend of RMB 0.0959 per share (tax inclusive), up 20.5% year-over-year, totaling about RMB 3.0 billion.

• Capital expenditure was RMB 23.9 billion, down 13.4% year-over-year; asset-liability ratio improved to 44.9%.

• Main business income reached RMB 175.7 billion, up 2.7% year-over-year.

Financial highlights

• Revenue: RMB 197.3 billion, up 2.9% compared to H1 2023.

• Net profit attributable to shareholders: RMB 6.04 billion, up 10.9% year-over-year.

• EBITDA: RMB 54.9 billion, up 2.7% year-over-year.

• Basic and diluted EPS: RMB 0.193, up 10.9% year-over-year.

• Net cash flow from operating activities: RMB 30.1 billion, down 23.2% year-over-year.

Outlook and guidance

• Management confident in achieving steady revenue growth and double-digit profit growth for the full year.

• Fixed asset investment to remain within RMB 65 billion for the year.

• Focus on strengthening digital infrastructure, digital technology innovation, and building industry-leading digital intelligence capabilities.