China United Network Communications (600050) Q4 2025 earnings summary

Executive summary

• Achieved high-quality growth by focusing on four core areas: connectivity, computing power, service, and security, with strategic innovation and operational stability.

• Total users exceeded 1.2 billion, with net additions of over 110 million year-over-year; IoT connections surpassed 720 million.

• Strategic emerging industries accounted for over 86% of revenue; AI-related revenue grew by more than 140% year-over-year.

• Completed major network upgrades, expanded 5G-A and IoT, and enhanced international business presence.

Financial highlights

• Operating revenue reached RMB 392.2 billion, up 0.7% year-over-year.

• Net profit attributable to shareholders was RMB 9.13 billion, up 1.1% year-over-year.

• Profit before tax was RMB 25.3 billion, up 0.8% year-over-year.

• Free cash flow reached RMB 37.3 billion, up 24.7% year-over-year.

• Proposed total annual dividend of RMB 0.1635 per share (including interim), up 3.5% year-over-year.

Outlook and guidance

• 2026 capital expenditure expected to be around RMB 50 billion, with over 35% allocated to computing power investments.

• Will continue to focus on differentiated growth in connectivity, computing, service, and security.

• Aims to further expand AI, cloud, and international business, and enhance network and service quality.