Board Change • May 20
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Xin Jiang was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Apr 30
China United Network Communications Limited, Annual General Meeting, May 25, 2026 China United Network Communications Limited, Annual General Meeting, May 25, 2026, at 09:00 China Standard Time. Announcement • Mar 30
China United Network Communications Limited to Report Q1, 2026 Results on Apr 22, 2026 China United Network Communications Limited announced that they will report Q1, 2026 results on Apr 22, 2026 Announcement • Dec 26
China United Network Communications Limited to Report Fiscal Year 2025 Results on Mar 20, 2026 China United Network Communications Limited announced that they will report fiscal year 2025 results on Mar 20, 2026 Announcement • Sep 30
China United Network Communications Limited to Report Q3, 2025 Results on Oct 23, 2025 China United Network Communications Limited announced that they will report Q3, 2025 results on Oct 23, 2025 Announcement • Jun 30
China United Network Communications Limited to Report First Half, 2025 Results on Aug 13, 2025 China United Network Communications Limited announced that they will report first half, 2025 results on Aug 13, 2025 Announcement • May 06
China United Network Communications Limited, Annual General Meeting, May 27, 2025 China United Network Communications Limited, Annual General Meeting, May 27, 2025, at 09:00 China Standard Time. Location: No. 21, Jinrong Avenue, Xicheng District, Beijing China Announcement • Mar 28
China United Network Communications Limited to Report Q1, 2025 Results on Apr 18, 2025 China United Network Communications Limited announced that they will report Q1, 2025 results on Apr 18, 2025 Announcement • Dec 27
China United Network Communications Limited to Report Fiscal Year 2024 Results on Mar 19, 2025 China United Network Communications Limited announced that they will report fiscal year 2024 results on Mar 19, 2025 Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: CN¥0.075 (vs CN¥0.069 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.075 (up from CN¥0.069 in 3Q 2023). Revenue: CN¥92.8b (up 3.3% from 3Q 2023). Net income: CN¥2.45b (up 7.9% from 3Q 2023). Profit margin: 2.6% (in line with 3Q 2023). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Wireless Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 8% per year. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥5.35, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 16x in the Wireless Telecom industry in Asia. Total returns to shareholders of 41% over the past three years. Announcement • Sep 30
China United Network Communications Limited to Report Q3, 2024 Results on Oct 23, 2024 China United Network Communications Limited announced that they will report Q3, 2024 results on Oct 23, 2024 Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: CN¥0.12 (vs CN¥0.10 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.12 (up from CN¥0.10 in 2Q 2023). Revenue: CN¥97.8b (up 3.4% from 2Q 2023). Net income: CN¥3.59b (up 18% from 2Q 2023). Profit margin: 3.7% (up from 3.2% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Wireless Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 15
Dividend increased to CN¥0.052 Dividend of CN¥0.052 is 23% higher than last year. Ex-date: 19th July 2024 Payment date: 19th July 2024 Dividend yield will be 2.8%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 9.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 28
China United Network Communications Limited to Report First Half, 2024 Results on Aug 16, 2024 China United Network Communications Limited announced that they will report first half, 2024 results on Aug 16, 2024 Announcement • May 09
China United Network Communications Limited, Annual General Meeting, May 28, 2024 China United Network Communications Limited, Annual General Meeting, May 28, 2024, at 09:00 China Standard Time. Location: No. 21, Jinrong Avenue, Xicheng District, Beijing China Reported Earnings • Apr 20
First quarter 2024 earnings released: EPS: CN¥0.078 (vs CN¥0.071 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.078 (up from CN¥0.071 in 1Q 2023). Revenue: CN¥99.5b (up 2.3% from 1Q 2023). Net income: CN¥2.45b (up 8.0% from 1Q 2023). Profit margin: 2.5% (up from 2.3% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Wireless Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Mar 29
China United Network Communications Limited to Report Q1, 2024 Results on Apr 30, 2024 China United Network Communications Limited announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: CN¥0.26 (vs CN¥0.23 in FY 2022) Full year 2023 results: EPS: CN¥0.26 (up from CN¥0.23 in FY 2022). Revenue: CN¥372.6b (up 5.0% from FY 2022). Net income: CN¥8.20b (up 15% from FY 2022). Profit margin: 2.2% (up from 2.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Wireless Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥4.57, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Wireless Telecom industry in Asia. Total returns to shareholders of 19% over the past three years. Announcement • Dec 30
China United Network Communications Limited to Report Fiscal Year 2023 Results on Mar 20, 2024 China United Network Communications Limited announced that they will report fiscal year 2023 results on Mar 20, 2024 New Risk • Nov 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: CN¥0.069 (vs CN¥0.067 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.069 (up from CN¥0.067 in 3Q 2022). Revenue: CN¥89.9b (up 2.4% from 3Q 2022). Net income: CN¥2.28b (up 11% from 3Q 2022). Profit margin: 2.5% (up from 2.3% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Wireless Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: CN¥0.10 (vs CN¥0.091 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.10 (up from CN¥0.091 in 2Q 2022). Revenue: CN¥94.6b (up 8.4% from 2Q 2022). Net income: CN¥3.18b (up 15% from 2Q 2022). Profit margin: 3.4% (up from 3.2% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Wireless Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Mar 09
Full year 2022 earnings released: EPS: CN¥0.23 (vs CN¥0.21 in FY 2021) Full year 2022 results: EPS: CN¥0.23 (up from CN¥0.21 in FY 2021). Revenue: CN¥354.9b (up 8.3% from FY 2021). Net income: CN¥7.30b (up 17% from FY 2021). Profit margin: 2.1% (up from 1.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Wireless Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥6.07, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 15x in the Wireless Telecom industry in Asia. Total returns to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥4.41, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 17x in the Wireless Telecom industry in Asia. Total loss to shareholders of 15% over the past three years. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Yunhu Gao was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: CN¥0.067 (vs CN¥0.054 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.067 (up from CN¥0.054 in 3Q 2021). Revenue: CN¥87.7b (up 9.2% from 3Q 2021). Net income: CN¥2.05b (up 22% from 3Q 2021). Profit margin: 2.3% (up from 2.1% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Wireless Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 09
Second quarter 2022 earnings released: EPS: CN¥0.091 (vs CN¥0.076 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.091 (up from CN¥0.076 in 2Q 2021). Revenue: CN¥87.2b (up 6.5% from 2Q 2021). Net income: CN¥2.76b (up 19% from 2Q 2021). Profit margin: 3.2% (up from 2.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 5.6%, compared to a 5.5% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 3 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Director Shan Lu is the most experienced director on the board, commencing their role in 2018. Independent Director Xiao Gen Wu was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: CN¥0.21 (up from CN¥0.18 in FY 2020). Revenue: CN¥327.9b (up 7.9% from FY 2020). Net income: CN¥6.31b (up 16% from FY 2020). Profit margin: 1.9% (up from 1.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 6.2%, compared to a 5.8% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS CN¥0.054 (vs CN¥0.046 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥80.3b (up 7.1% from 3Q 2020). Net income: CN¥1.67b (up 16% from 3Q 2020). Profit margin: 2.1% (up from 1.9% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 20
Second quarter 2021 earnings released: EPS CN¥0.076 (vs CN¥0.063 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥81.9b (up 7.0% from 2Q 2020). Net income: CN¥2.34b (up 20% from 2Q 2020). Profit margin: 2.9% (up from 2.5% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 25
First quarter 2021 earnings released: EPS CN¥0.055 (vs CN¥0.045 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥82.3b (up 11% from 1Q 2020). Net income: CN¥1.69b (up 21% from 1Q 2020). Profit margin: 2.1% (up from 1.9% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 13
Full year 2020 earnings released: EPS CN¥0.18 (vs CN¥0.16 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: CN¥303.8b (up 4.6% from FY 2019). Net income: CN¥5.43b (up 12% from FY 2019). Profit margin: 1.8% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 13
Revenue beats expectations Revenue exceeded analyst estimates by 0.8%. Over the next year, revenue is forecast to grow 5.4% while theWireless Telecom industry in China is not expected to grow. Is New 90 Day High Low • Jan 28
New 90-day low: CN¥4.24 The company is down 11% from its price of CN¥4.77 on 30 October 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Wireless Telecom industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥33.35 per share. Is New 90 Day High Low • Jan 04
New 90-day low: CN¥4.33 The company is down 11% from its price of CN¥4.85 on 30 September 2020. The Chinese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Wireless Telecom industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥33.34 per share. Is New 90 Day High Low • Dec 10
New 90-day low: CN¥4.70 The company is down 7.0% from its price of CN¥5.03 on 11 September 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Wireless Telecom industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥24.64 per share. Is New 90 Day High Low • Oct 29
New 90-day low: CN¥4.83 The company is down 5.0% from its price of CN¥5.08 on 31 July 2020. The Chinese market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Wireless Telecom industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥17.85 per share. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥5.33b, up 10.0% from the prior year. Total revenue was CN¥298.7b over the last 12 months, up 3.6% from the prior year. Is New 90 Day High Low • Sep 29
New 90-day low: CN¥4.86 The company is down 1.0% from its price of CN¥4.90 on 01 July 2020. The Chinese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Wireless Telecom industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥17.56 per share. 
