On March 18, China Unicom released its 2024 annual financial report, showcasing a steady increase in operating revenue, which reached 389.6 billion yuan—a 4.6% rise from the previous year, marking the highest growth rate in the industry. The company's core revenue from network communication services contributed 76% to service income, up 1.5% year-on-year. Additionally, revenue from digital intelligence services made up 24% of service income, representing a significant 9.6% increase from last year. Profitability also improved, with profits attributable to equity holders climbing to 20.6 billion yuan, a 10.1% year-on-year increase, while return on net assets rose to 5.8%.
China Unicom has solidified its foundation in network communication, reaching new milestones in user growth. The company’s mobile and broadband user base soared to 470 million, marking a net increase of 19.52 million users. In the Internet of Things (IoT) sector, connections surpassed 620 million, with a substantial net addition of 130 million. Additionally, the number of connected vehicles rose to 76 million, securing China Unicom's position at the forefront of the industry. Meanwhile, the GeWu industrial internet platform now manages over 12 million devices, representing one-eighth of the national total.
In the digital intelligence section, China Unicom expanded and improved its offerings. Unicom Cloud revenue reached 68.6 billion yuan, up 17.1% year-on-year, while data center revenue was 25.9 billion yuan, a year-on-year increase of 7.4%. The intelligent computing business drove robust growth in computing power services, with contracted amounts exceeding 26 billion yuan last year.
For 2024, China Unicom's capital expenditure totaled 61.37 billion yuan, marking a 17% decrease from the previous year. Despite this reduction, investment in computing power surged by 19% year-on-year. The company also achieved enhanced network quality with increased efficiency. The mobile network's population coverage rose to 99%, an improvement of nearly 1 percentage point, benefiting millions of users. Additionally, the number of broadband network ports grew by 5% year-on-year, extending benefits to millions of households. Centralized equipment and AI-driven initiatives delivered tangible results, achieving annual operational cost savings of 1.9 billion yuan and reducing energy consumption per business unit by 10%.