Credit Brief — China United Network Communications Limited (中国联通)
600050.SH · Shanghai Main Board · Data window: 2016–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 董昕
- Registered address: 北京市西城区金融大街 21 号 4 楼
- Office address: 北京市西城区金融大街21号
- Controlling shareholder: 中国联合网络通信集团有限公司
- Actual controller: 国务院国有资产监督管理委员会
- Employees: 237,251
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2016 | 2017 | 2018 | 2019 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|---|---|
| Cash and bank balances | 25,394.7 | 38,402.2 | 33,783.4 | — | 54,712.8 | 46,857.0 | 43,275.6 |
| Trading financial assets | — | 769.9 | — | — | 2,526.3 | 2,804.8 | 1,536.5 |
| Accounts receivable | — | — | — | 0.0 | 57,601.8 | 64,756.7 | 79,502.6 |
| Other receivables | 27,628.8 | 7,906.6 | 3,220.9 | — | 4,444.4 | 4,312.9 | 4,211.8 |
| Inventories | — | — | — | — | 2,462.5 | 2,430.6 | 5,178.4 |
| Long-term equity investments | 33,423.3 | 35,601.7 | 39,723.9 | 0.0 | 56,510.4 | 58,432.0 | 59,131.8 |
| Fixed assets | 371,099.8 | 363,499.4 | 341,452.6 | 312,533.7 | 314,391.4 | 314,123.4 | 303,634.3 |
| Construction in progress | 78,800.3 | 51,835.5 | 41,729.2 | — | 36,217.1 | 30,483.6 | 35,185.7 |
| Intangible assets | 26,376.7 | 25,932.2 | 25,884.2 | — | 30,908.4 | 30,800.7 | 29,264.9 |
| Total assets | 615,907.4 | 573,617.3 | 541,762.3 | — | 672,836.7 | 671,056.3 | 677,419.7 |
Liabilities
| 2016 | 2017 | 2018 | 2019 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|---|---|
| Short-term borrowings | 76,993.7 | 24,318.7 | 15,132.6 | — | 710.6 | 965.6 | 1,152.9 |
| Notes payable | 140,332.8 | 118,909.9 | 108,702.5 | 0.0 | 15,484.3 | 13,578.8 | 13,252.7 |
| Accounts payable | — | — | — | 0.0 | 160,036.8 | 158,810.2 | 163,320.1 |
| Contract liabilities | — | 42,968.2 | — | — | 46,764.8 | 47,018.1 | 42,161.8 |
| Other payables | 13,150.6 | 13,610.4 | 16,326.2 | — | 14,941.2 | 16,650.8 | 16,142.4 |
| Current portion of non-current liabilities | 21,752.7 | 18,830.6 | 17,763.7 | 17,763.7 | 14,147.9 | 13,074.2 | 12,631.2 |
| Long-term borrowings | 4,495.5 | 3,473.1 | 3,173.2 | — | 2,127.5 | 3,928.4 | 5,150.5 |
| Bonds payable | 35,875.4 | 17,981.3 | 999.0 | 3,995.4 | — | — | — |
| Total liabilities | 385,400.4 | 266,599.0 | 224,822.0 | — | 304,048.4 | 294,555.2 | 295,343.7 |
Equity
| 2016 | 2017 | 2018 | 2019 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|---|---|
| Paid-in capital | 21,196.6 | 30,234.0 | 31,027.8 | — | 31,800.6 | 31,264.4 | 31,264.4 |
| Capital reserve | 27,811.5 | 76,346.3 | 79,543.6 | 0.0 | 82,513.3 | 80,938.8 | 80,915.2 |
| Retained earnings | 29,432.9 | 29,773.4 | 33,452.1 | — | 53,169.9 | 56,280.4 | 58,784.1 |
| Equity attributable to owners of the parent | 77,502.6 | 135,393.3 | 140,144.4 | — | 164,846.8 | 168,591.2 | 171,445.9 |
| Minority interests | 153,004.4 | 171,625.0 | 176,795.9 | — | 203,941.5 | 207,909.8 | 210,630.1 |
| Total equity | 230,507.0 | 307,018.4 | 316,940.3 | — | 368,788.3 | 376,501.1 | 382,076.0 |
Income statement
| 2016 | 2017 | 2018 | 2019 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|---|---|
| Revenue | 0.0 | 274,828.9 | 290,876.8 | 290,514.6 | 389,589.2 | 392,222.9 | 201,363.9 |
| Cost of sales | 0.0 | 0.0 | 0.0 | 214,133.1 | 298,345.8 | 299,905.9 | 153,403.9 |
| Selling expenses | 0.0 | 0.0 | 0.0 | 33,545.0 | 36,974.8 | 37,411.5 | 18,059.7 |
| Administrative expenses | 0.0 | 0.0 | 0.0 | 22,977.0 | 23,404.1 | 22,881.3 | 11,947.2 |
| Finance costs | 28.6 | 49.5 | 137.8 | 717.4 | 0.0 | 0.0 | 0.0 |
| Investment income | 699.1 | 1,700.2 | 2,475.6 | — | 4,666.6 | 4,687.8 | 2,637.5 |
| Operating profit | 736.5 | 1,513.2 | 11,921.4 | — | 22,699.6 | 25,035.7 | 10,960.7 |
| Profit before tax | 735.4 | 2,377.9 | 12,075.4 | — | 25,091.5 | 25,302.8 | 11,224.4 |
| Net profit | 735.4 | 1,684.0 | 9,300.7 | — | 20,600.6 | 20,787.8 | 9,435.3 |
5. Ratios
| Ratio | 2016 | 2017 | 2018 | 2019 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|---|---|
| Current ratio | 0.24x | 0.32x | 0.36x | — | 0.60x | 0.65x | 0.71x |
| Quick ratio | — | — | — | — | 0.59x | 0.64x | 0.69x |
| Debt-to-asset ratio | 62.6% | 46.5% | 41.5% | — | 45.2% | 43.9% | 43.6% |
| Total debt / EBITDA | 4.95x | 2.14x | 1.02x | 0.96x | 0.34x | 0.36x | 0.55x |
| EBITDA interest coverage | 983.48x | 609.54x | 263.97x | 31.49x | 30.39x | 41.01x | 73.62x |
| Gross margin | — | 100.0% | 100.0% | 26.3% | 23.4% | 23.5% | 23.8% |
| Net margin | — | 0.6% | 3.2% | — | 5.3% | 5.3% | 4.7% |
| Return on equity (ROE) | 0.3% | 0.5% | 2.9% | — | 5.6% | 5.5% | 2.5% |
| Revenue growth | — | — | 5.8% | -0.1% | 34.1% | 0.7% | -48.7% |
| Net profit growth | — | 129.0% | 452.3% | — | — | 0.9% | -54.6% |
| Receivable days | — | — | — | — | 54 | 60 | 144 |
| Operating CF / net profit | 0.04x | 54.24x | 10.20x | — | 4.43x | 4.40x | 0.00x |
| Free cash flow | 32.2 | 91,335.4 | 94,829.7 | 37,331.0 | 91,255.0 | 91,410.6 | 0.0 |
Mechanical risk flags
- ⚠ Current ratio: 0.65 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.64 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.44 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
5 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 现金及现金等价物净增加额 vs 货币资金变动; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 46,857.0 | 2025年年度报告.pdf | 77 | 货币资金 | 46856975264.0 (元) |
| Total assets | 2025 | 671,056.3 | 2025年年度报告.pdf | 77 | 资产总计 | 671056308815.0 (元) |
| Accounts receivable | 2025 | 64,756.7 | 2025年年度报告.pdf | 77 | 应收账款 | 64756738340.0 (元) |
| Fixed assets | 2025 | 314,123.4 | 2025年年度报告.pdf | 77 | 固定资产 | 314123436522.0 (元) |
| Short-term borrowings | 2025 | 965.6 | 2025年年度报告.pdf | 78 | 短期借款 | 965579436.0 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.