China Unicom 2026 H1 Revenue Up 0.6% YoY, Computing Power Revenue Up 13%, Net Profit 9.47 Billion Yuan | Earnings Report

China Unicom's 2026 H1 revenue reached 201.4 billion yuan, up 0.6% year-on-year, but net profit fell 34.6% year-on-year to 9.5 billion yuan, dragged by a value-added tax rate hike and a 19.3% surge in labor costs. Cash flow and the balance sheet remained stable, with free cash flow at 8.86 billion yuan. The strategic focus has clearly shifted to computing power, with computing power revenue up 13% and computing power investment accounting for 37% of capital expenditure, up over 80% year-on-year. Management expects labor cost pressure to ease in H2, with full-year profit decline narrowing.