Citigroup's report released on August 20th stated that China United Network Communications' second-quarter revenue increased by 3% year-on-year to 98 billion yuan, exceeding market expectations by 2%. Service revenue increased by 2% year-on-year to 87 billion yuan, and second-quarter EBITDA increased by 2%. Net income increased by 13% year-on-year to 8 billion yuan, surpassing market expectations by 22%. The bank pointed out that the management reiterated this year's guidance, expecting revenue to grow steadily year-on-year, pre-tax net income to grow by double digits year-on-year, and capital expenditure guidance to be 65 billion yuan. The bank stated that it will maintain its profit forecast for the fiscal year 2024, but will reduce its profit forecast for 2025 and 2026 by 6% to 7%. The target price has been revised from HK$7.1 to HK$6.9, and the rating remains "buy". It also mentioned that the adjusted share price dividend yield (combined for the next two years) is 7.5%, which is attractive.