Huawei has released its 2024 Annual Report, detailing a resilient performance amidst ongoing global challenges, with a strong emphasis on research and development.The report reveals that Huawei generated 862.1 billion yuan ($118.67 billion) in revenue, up 22.4 percent from 2023, and 62.6 billion yuan ($8.61 billion) in net profit, down 28 percent.
The company's commitment to innovation is highlighted by its substantial investment of 179.7 billion yuan ($24.77 billion) in research and development (R-D), accounting for 20.8 percent of its annual revenue.
Its total R-D investment over the past decade has reached 1.249 trillion yuan ($172.21 billion).Solid performance was maintained in its connectivity business despite industry headwinds.
Significant growth was also seen in its computing sector, fueled by the development of Artificial Intelligence.
The device business is recovering strongly, driven by the expanding HarmonyOS ecosystem.
Additionally, intelligent automotive solutions achieved profitability in 2024.The company said it continues to prioritize technological advancement and holds a large patent portfolio, with over 150,000 active granted patents.
It is dedicated to strengthening its foundational ecosystems and fostering open collaboration with partners.
The company aims to empower developers with user-friendly tools and platforms across HarmonyOS, Kunpeng, Ascend and cloud computing and emphasizes continuous improvement in product and service quality.Huawei attributes its performance to its ability to navigate external challenges, enhance product and operational quality, and strengthen partnerships across the industry.
The report also highlights progress in cloud computing, digital power and intelligent automotive solutions.In a press release, Huawei's rotating chairperson and chief financial officer, Meng Wanzhou, the daughter of Huawei founder Ren Zhengfei, said the results were in line with forecasts."In 2024, the entire team at Huawei banded together to tackle a wide range of external challenges," Meng said, adding that Huawei devices are back in the fast lane.The financial statements in Huawei's 2024 Annual Report were independently audited by KPMG.
This report highlights the company's focus on innovation and ecosystem building.Huawei has emerged as a center for Chinese technological innovation in chips and operating systems amid a Sino-U.S.
tech war, with its executives previously saying that U.S.
action had pushed the company into "survival mode."The company has in past months struck a more confident tone, with founder Ren Zhengfei telling Chinese leadership in May that concerns China had about a lack of homegrown chips and operating systems had eased.(With input from agencies)