Huawei has unveiled its 2024 Annual Report, showcasing a robust performance despite global challenges and highlighting a strong focus on research and development.
According to the report, Huawei achieved revenue of 862.1 billion yuan ($118.67 billion), marking a 22.4% increase from 2023. The net profit stood at 62.6 billion yuan ($8.61 billion).
The company’s commitment to innovation is evident through its substantial investment of 179.7 billion yuan ($24.77 billion) in research and development, representing 20.8% of its annual revenue. Over the past decade, Huawei’s total R&D investment has reached 1.249 trillion yuan ($172.21 billion).
Despite industry headwinds, Huawei maintained solid performance in its connectivity business. Significant growth was also observed in its computing sector, fueled by advancements in artificial intelligence. The device business is experiencing a strong recovery, driven by the expanding HarmonyOS ecosystem. Additionally, the intelligent automotive solutions segment achieved profitability in 2024.
Huawei continues to prioritize technological advancement, holding a vast patent portfolio with over 150,000 active granted patents. The company is dedicated to strengthening its foundational ecosystems and fostering open collaboration with partners. It aims to empower developers with user-friendly tools and platforms across HarmonyOS, Kunpeng, Ascend, and cloud computing, emphasizing continuous improvement in product and service quality.
The company attributes its performance to its ability to navigate external challenges, enhance product and operational quality, and strengthen industry partnerships. 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, 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 stated, adding that Huawei devices are back in the fast lane.
The financial statements in Huawei’s 2024 Annual Report were independently audited by KPMG, underscoring the company’s transparency and commitment to excellence. The report emphasizes Huawei’s focus on innovation and ecosystem building.
Huawei has emerged as a center for technological innovation in the field of chips and operating systems. The company has struck a confident tone in recent months, with founder Ren Zhengfei expressing confidence in the Chinese mainland’s progress in developing homegrown chips and operating systems.
