China Unicom (762 HK/600050 CH) reported its 2021 financial results, with total revenue up 7.9% YoY to RMB327.9bn, driven by a continued increase in integrated ARPU and strong growth in industrial internet revenue. Net profit was RMB14.4bn, up 15% YoY. The company proposed a dividend of RMB0.216/share for 2021 with a dividend-payout ratio of 46%. The report expects the company's revenue and earnings growth to continue, driven by mobile ARPU and industrial digitalization. The analyst maintains a BUY rating on the H-share and an OVERWEIGHT rating on the A-share. Mobile and industrial internet businesses are expected to maintain solid growth.