China Unicom dividend
MyStockButler's October 2026 analysis: China Unicom paid RMB13,472 million in dividends in 2025, up from RMB11,683 million in 2024. On a stricter cash measure, RMB9,150 million remained before dividends in 2025, so the dividend was not fully covered by that year's cash.
How much does China Unicom pay in dividends?
Free cash flow on the table’s measure fell from RMB25,862 million in 2021 to RMB775 million in 2024. It recovered to RMB9,150 million in 2025. Dividends paid rose from RMB8,690 million in 2021 to RMB13,472 million in 2025, exceeding that stricter free cash flow in both 2024 and 2025.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 392,223 | 389,589 | 372,597 | 354,944 | 327,854 |
| Revenue growth (calculated) | 0.7% | 4.6% | 5.0% | 8.3% | 7.9% |
| Net income | 20,816 | 20,613 | 18,726 | 16,745 | 14,368 |
| EPS, diluted | 0.68 | 0.67 | 0.61 | 0.55 | 0.47 |
| Dividend per share | 0.42 | 0.40 | 0.34 | 0.27 | 0.22 |
What this means. Revenue includes the company's finance arm, not just money from its main business.
How much would China Unicom's dividend pay you?
HK$10,000 invested in China Unicom at its 9.4% dividend yield (our report of October 30, 2026) pays HK$940.00 in the first year, before tax. If its dividend per share keeps changing 12.0% a year, as it did from 2021 to 2025, and the dividends are reinvested, year 10 pays HK$9,376.16, with HK$35,453.48 received in all.
Before tax. Past dividend growth is not a promise. Information only, not investment advice.
Does China Unicom's cash cover its dividend?
Operating cash flow was RMB90,175 million in 2025. Cash purchases of property, equipment, rights to use assets and other assets were RMB67,641 million. Lease principal was RMB13,384 million, leaving RMB9,150 million before dividends. Dividends actually paid were RMB13,472 million. In 2024, only RMB775 million remained on the same basis against RMB11,683 million paid.
Management’s headline free-cash-flow measure looks stronger because it uses a different capital-expenditure measure and does not deduct lease principal in the same way. Both measures are useful: the first follows the investment programme, while the second follows cash leaving the bank. The second is more demanding when judging dividend safety.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 9,150 | 775 | 10,913 | 14,694 | 25,862 |
| − Dividends paid | 13,472 | 11,683 | 9,546 | 7,986 | 8,690 |
| − Share buybacks | 0 | 0 | 0 | 0 | 0 |
| = Free cash flow not paid out | 1,367 | 6,708 | 17,172 | ||
| = Paid out more than the free cash flow | 4,322 | 10,908 |
What this means. In 2025 and 2024, the company paid shareholders more cash than it made that year, so it used savings or new borrowing to cover the difference.
What could change China Unicom's dividend?
Dividends begin at RMB0.38 in the base case, then rise to RMB0.40 and RMB0.43. This reflects a return toward a 65% payout as estimated profit recovers toward RMB19.0 billion in 2027 and RMB20.2 billion in 2028. The bear case uses RMB0.20, RMB0.25 and RMB0.30 because no interim dividend was declared and recent dividends exceeded real free cash flow. The bull case uses RMB0.41, RMB0.47 and RMB0.52, requiring stronger cash generation and higher payouts.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| EBITDA | 94,000 (88,000 / 98,000) | 98,000 (84,000 / 105,000) | 101,000 (81,000 / 112,000) |
| Shares (millions) | 30,598 (30,598 / 30,598) | 30,598 (30,598 / 30,598) | 30,598 (30,598 / 30,598) |
| Dividends per share | 0.38 (0.20 / 0.41) | 0.40 (0.25 / 0.47) | 0.43 (0.30 / 0.52) |
| Enterprise value to ebitda | 1.50 (1.10 / 1.80) | 1.70 (0.90 / 2.30) | 1.90 (0.80 / 2.80) |
| Net debt | -76,610 (-77,110 / -79,025) | -85,871 (-76,960 / -93,145) | -97,211 (-72,280 / -112,735) |
What this means. The company’s earnings before interest, taxes, depreciation, and amortization includes its finance company, so it may not match the usual measure investors use.
What is China Unicom's dividend yield against its price?
The dividend yield is therefore the most tempting figure and the one requiring the most checking. China Unicom paid a final dividend for 2025 but declared no interim dividend for the six months ended June 2026. A final payment may still be declared, but the quoted annual yield may rely on an earlier dividend or an assumed future payment.