--- title: "Emerging from the storms, UNIS speaks with its performance" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/269146125.md" description: "Unis Group shifts to a pragmatic approach, focusing on computing power delivery and intelligent infrastructure. Revenue in the first half of the year grew by 25.9% to 47.4 billion yuan, with AI computing business as the main growth engine, but profit margin decreased to 2.1%. Unis plans to go public in Hong Kong through Unis Co., Ltd., returning to market focus. The company ranks third in China's digital infrastructure market, with the share of computing power delivery business increasing to 76.7%, becoming a key driver of growth" datetime: "2025-12-09T22:50:48.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/269146125.md) - [en](https://longbridge.com/en/news/269146125.md) - [zh-HK](https://longbridge.com/zh-HK/news/269146125.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/269146125.md) | [English](https://longbridge.com/en/news/269146125.md) # Emerging from the storms, UNIS speaks with its performance _The newly restructured UNIS is taking a pragmatic approach. Shifting from acquisition-driven growth to computing power delivery and digital intelligence infrastructure, this technology group with annual revenue exceeding 70 billion yuan is defining its market position through performance._ #### Key Points: - Revenue in the first half of the year grew by 25.9% year-on-year to 47.4 billion yuan, with AI computing business becoming the main growth engine. - Profit margin dropped from 5.1% in 2022 to only 2.1% in the first half of this year. Li Shida Ten years ago, Zhao Weiguo, the former chairman of UNIS Group, publicly declared his intention to "buy TSMC and acquire MediaTek," which once shocked the semiconductor circles across the Taiwan Strait. At that time, UNIS was seen as the most ambitious representative of China's semiconductor industry. Now, Zhao Weiguo himself has fallen into prison due to corruption charges, and UNIS Group has completed its bankruptcy restructuring. The reborn UNIS Group is looking to return to the market spotlight by allowing its flagship asset **UNIS Holdings Co., Ltd.** (000938.SZ) **to list in Hong Kong**. With annual revenue exceeding 70 billion yuan, UNIS is a leading competitor in China's digital infrastructure sector. UNIS is one of the few domestic companies with complete capabilities in computing, storage, networking, security, cloud, and integration, able to provide comprehensive delivery services to government and enterprise clients as well as internet companies. It also retains a certain proportion of ICT distribution business as an auxiliary source of income, although its weight has been gradually decreasing. The application documents cite third-party data indicating that the company ranks third in China's digital infrastructure market by revenue in 2024, with a market share of 8.6%. In the two core markets of network infrastructure and computing infrastructure, it ranks second, demonstrating its position in the domestic computing power supply system as part of the first tier. #### Computing Power Delivery Supports Growth From the revenue structure, digital solutions accounted for less than two-thirds of total revenue in 2022, rising to about 70.6% by 2024, and further increasing to 76.7% in the first half of this year; the proportion of ICT distribution business dropped from 37% to less than 23%. The most explosive segment is the "computing business," which includes AI servers and computing cluster-related products, with revenue in the first half of this year increasing by 9.46 billion yuan compared to the same period last year, accounting for about 65% of digital solutions business revenue, becoming the company's main growth engine. China's computing power construction has entered a substantial implementation phase, with the company's revenue scale steadily expanding. Revenue from 2022 to 2024 is projected to grow from 73.7 billion yuan to 79 billion yuan, with revenue in the first half of this year reaching a year-on-year growth of 24.9% to 47.4 billion yuan, showing a significant rebound in growth rate, indicating that the construction of computing centers, large model training, and industry cloud project deployments are accelerating and converting into actual equipment and system delivery orders. However, the contradiction between "scaling up" and "maintaining profits" remains an unavoidable issue. As the proportion of AI equipment and server orders rises sharply, the overall gross profit margin of the company has gradually declined from 19.8% in 2022 to 16% in 2024, further dropping to 14.4% in the first half of this year The gross profit margin of computing power products is generally low, coupled with the increasing concentration of large cloud and internet customers and their strong bargaining power, which forces the company to exchange price for scale, compressing profit margins. The company's net profit margin has declined from 5.1% in 2022 to only 2.1% in the first half of this year. In 2024, the company's net profit is expected to drop to 1.57 billion yuan, a decrease of about 25% from the previous year's 2.1 billion yuan. The main reasons for this decline, in addition to the pressure on gross profit, are the sharp rise in financial costs. The company has incurred substantial financing and related option liabilities to acquire a 30% stake in the network equipment company H3C, causing annual financial costs to surge 1.7 times to 860 million yuan, directly eroding profits. In the first half of this year, net profit rebounded 4% year-on-year to 1.04 billion yuan. In terms of cash flow, the company recorded a net operating cash outflow of 2.82 billion yuan in the first half of this year, mainly due to an increase in inventory and receivables resulting from business growth. As of the first half of this year, the company had cash and cash equivalents of 7.44 billion yuan, indicating that short-term liquidity remains robust. The gradual development of AI applications has once again enhanced the value of infrastructure. Computing power, storage, and networking have become the foundation of artificial intelligence productivity. At the same time, customers' reliance on end-to-end services and system-level integration has become stronger, and the comprehensive capabilities possessed by UNIS make it easier to undertake large-scale computing power and urban digitalization projects, playing an irreplaceable role. #### Aspiration for Overseas According to the application documents, UNIS plans to focus the funds raised on underlying technologies such as high-performance computing, cloud, and digital platforms. This aligns with the demand for computing power organization capabilities, architecture optimization capabilities, and software-hardware collaboration capabilities in the AI era, and also meets national policies emphasizing the autonomous capabilities of AI infrastructure. In addition to the domestic market, as of the first half of this year, UNIS has conducted business in over 100 countries and regions worldwide, with 32 subsidiaries in Asia, Europe, Africa, and Latin America, laying the foundation for its future entry into emerging market AI infrastructure. This could become an important source of profit growth for the company in the future. Currently, UNIS's extended price-to-earnings ratio in the A-share market is about 50 times, at a high level compared to the past three years, while similar companies in the Hong Kong stock market, such as Lenovo Group (0992.HK) currently at about 10.5 times and ZTE Corporation (0763.HK; 000063.SZ) at 24.4 times, have valuations significantly lower than those in the A-share market ### 相關股票 - [UNIS (000938.CN)](https://longbridge.com/zh-HK/quote/000938.CN.md) ## 相關資訊與研究 - [AI agents are upending the company org chart](https://longbridge.com/zh-HK/news/278361704.md) - ['All Garbage': Billionaire Ken Griffin Says AI Jobs Panic Is Hype Because Companies Can't Raise Billions Without Promising AI 'Will Change the World'](https://longbridge.com/zh-HK/news/278020511.md) - [AI vs AI: Agent hacked McKinsey's chatbot and gained full read-write access in just two hours](https://longbridge.com/zh-HK/news/278455200.md) - [08:25 ETPRAXTERA AI INSTITUTE WINS NATIONAL AWARD FOR AI TRAINING EXCELLENCE](https://longbridge.com/zh-HK/news/278107531.md) - [Is my 7th grader falling behind? 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