China Unicom 2026 Q1 Report: Financial Results, Major Shareholders, and Non-Financing Guarantees Disclosed

中国联通2026年第一季度报告深度解读：收入略降，利润下滑，非融资性担保业务活跃

一、核心财务数据与经营表现

营业收入：2026年第一季度，中国联通实现营业收入1,028亿元，同比下降0.5%。
利润总额：利润总额为61亿元，同比下降19.8%。
归属于母公司净利润：21亿元，同比下降18%。
扣除非经常性损益后净利润：18.75亿元，同比下降17.5%。
经营活动现金流：经营活动现金流净额为75.44亿元，同比下降3.9%。
基本每股收益：0.068元，同比下降18.1%。
加权平均净资产收益率：1.24%，较去年同期下降0.3个百分点。
资产总额：期末总资产为6,702亿元，较去年末略降0.1%。
归属于上市公司股东的权益：1,707亿元，同比增长1.3%。

二、非经常性损益分析

非流动资产处置收益为3.54亿元。
计入损益的政府补助2.45亿元。
金融资产公允价值变动损失约2,829万元。
其他营业外收入和支出2亿元。
所得税和少数股东权益影响合计5.34亿元。
本期非经常性损益合计为2.62亿元。

三、用户与业务亮点

用户规模：移动和宽带用户净增358万户，物联网连接数超7.5亿，净增3,203万。
融合ARPU：保持百元以上，价值保有成效显著。
算力业务收入：154亿元，同比提升8.3%。智算中心收入提升11.7%，联通云服务政企大客户近44万。
云智产品付费用户：超1.1亿户，净增549万户。
5G商用：累计打造超5.3万个5G商业化项目，落地9,800余家5G工厂。
国际业务：收入同比增长14.9%。
安全业务：收入同比提升14.2%，累计服务政企客户超46万家。

四、股东结构与变动

期末普通股股东总数57万。
控股股东为中国联合网络通信集团有限公司，持股36.46%。
前十大股东包括中国人寿、腾讯信达、阿里创业投资等知名机构。
前十大股东之间是否存在关联关系或一致行动人，公司未知。

五、非融资性担保业务

担保额度：2026年董事会授权财务公司对运营公司及子公司提供非融资性担保，余额不超35亿元（资产负债率未超70%的30亿元，超70%的5亿元）。
2026年一季度：共计247笔（资产负债率未超70%），担保金额合计9.22亿元，余额未超20亿元；37笔（资产负债率超70%），担保金额2,427万元，余额未超2亿元。
主要涉及投标保函、履约保函、预付款保函等，覆盖全国各省分公司及产业互联网子公司。

六、重要风险与投资者关注事项

利润大幅下滑：净利润和利润总额均出现双位数降幅，需关注公司盈利能力变化。
收入略降：营业收入出现下滑，若趋势延续，可能影响市场信心。
现金流压力：经营活动现金流及现金及现金等价物净增加额均同比下降，需关注公司资金安全。
非融资性担保业务规模扩大：担保业务频繁且金额大，若被担保方违约，可能形成潜在风险。
安全业务增长：网络安全产业链布局持续扩张，收入快速提升，成为新增长极。
国际业务与算力业务增长：国际业务和算力业务增长显著，是公司差异化发展的重要方向。

七、未来展望

2026年为“十五五”开局之年，公司将坚持“守正创新、行稳致远”，聚焦“连接、算力、服务、安全”等核心赛道，差异化推动高质量发展。
努力为股东、客户和社会创造更大价值。

免责声明：本文内容基于中国联通2026年第一季度报告公开信息整理，仅供投资者参考，不构成任何投资建议。投资者应结合自身风险偏好及市场情况，谨慎决策。

China Unicom Q1 2026 Report: Detailed Investor Insights – Revenue Flat, Profit Drops, Guarantee Business Active

1. Key Financial Data & Performance

Revenue: Q1 2026 revenue reached RMB 102.8 billion, down 0.5% year-on-year.
Total Profit: RMB 6.1 billion, down 19.8% year-on-year.
Net Profit attributable to parent: RMB 2.14 billion, down 18% year-on-year.
Net Profit (excluding non-recurring items): RMB 1.88 billion, down 17.5% year-on-year.
Operating Cash Flow: RMB 7.54 billion, down 3.9% year-on-year.
Basic EPS: RMB 0.068, down 18.1% year-on-year.
ROE (weighted): 1.24%, down 0.3 percentage points.
Total Assets: RMB 670.2 billion, slightly down 0.1% from last year-end.
Equity attributable to shareholders: RMB 170.7 billion, up 1.3% year-on-year.

2. Non-Recurring Profit/Loss

Disposal of non-current assets: RMB 354 million.
Government grants: RMB 245 million.
Fair value loss on financial assets: RMB 28.3 million.
Other non-operating income/expense: RMB 200 million.
Tax and minority interest impact: RMB 533 million.
Total non-recurring profit/loss: RMB 262 million.

3. User & Business Highlights

User Growth: Net addition of 3.58 million mobile/broadband users; IoT connections exceeded 750 million, net increase of 32.03 million.
ARPU: Maintained above RMB 100.
Computing/Cloud (算力) Business: Revenue RMB 15.4 billion, up 8.3%. Smart computing center revenue up 11.7%, Unicom Cloud serving nearly 440,000 government/enterprise clients.
Cloud Intelligence paying users: Over 110 million, net increase 5.49 million.
5G commercial projects: Over 53,000, with more than 9,800 5G factories.
International business: Revenue up 14.9% year-on-year.
Security business: Revenue up 14.2%, serving over 460,000 government/enterprise clients.

4. Shareholder Structure & Changes

Total ordinary shareholders: 570,569.
Controlling shareholder: China Unicom Group, holding 36.46%.
Top 10 shareholders include China Life, Tencent, Alibaba, Baidu, etc.
Relationships among top shareholders unknown.

5. Non-Financing Guarantee Business

Guarantee cap: 2026 board authorized financial subsidiary to provide non-financing guarantees up to RMB 3.5 billion (RMB 3 billion for debt ratio <70%, RMB 0.5 billion for >70%).
Q1 2026: 247 guarantees (debt ratio <70%), total RMB 922 million, outstanding balance < RMB 2 billion; 37 guarantees (debt ratio >70%), total RMB 24.3 million, outstanding balance < RMB 200 million.
Guarantees cover bid, performance, advance payment bonds for subsidiaries across China.

6. Key Risks & Investor Concerns

Profit Decline: Significant drop in net profit and total profit – may affect investor confidence.
Revenue Downtrend: Revenue fell slightly; if trend persists, could trigger negative sentiment.
Cash Flow Pressure: Operating cash flow and cash equivalents declined; monitor liquidity risks.
Guarantee Business Expansion: Sizeable and frequent guarantees; potential default risk from subsidiaries.
Security & International Business Growth: Security business and international business growing rapidly – may drive future value.
Computing/Cloud Business: Fast growth, strategic for future differentiation.

7. Outlook

2026 marks the start of China’s 15th Five-Year Plan. Unicom will stick to “innovation, steady progress”, focus on “connection, computing, service, security”, differentiate, and pursue high-quality growth.
Strive to create greater value for shareholders, customers and society.

Disclaimer: This article is based on public information from China Unicom’s Q1 2026 report and is for reference only. It does not constitute investment advice. Investors should make decisions carefully, considering their own risk tolerance and market conditions.