GreenergyDaily

Mar. 31, 2025

1. Huawei released its 2024 Annual Report today, stating that its performance aligned with projections, with revenue reaching 862.1 billion yuan and net profits totaling 62.6 billion yuan.

2. The Shenzhen-based networking and electronics leader reported a 9.5% rise in revenue to about 276 billion yuan in the December quarter, according to Bloomberg’s calculations based on annual results.

3. Hit by a series of US sanctions, Huawei spent heavily on research and development, including on newer ventures such as EV software.

4. It posted a net loss of about 300 million yuan for the past quarter, compared with a net profit of 13.9 billion yuan a year ago when the company recorded gains from previous asset sales. Huawei said it plowed 179.7 billion yuan into R&D last year, up 9.1% from 2023 and about a fifth of overall revenue.

5. Still, the business of smart driving solutions for carmakers became profitable for the first time last year, helped by the rapid adoption of electric vehicles across China. Revenue more than quintupled.

6. In a press release, Huawei's rotating chairwoman and chief financial officer, Meng Wanzhou, the daughter of Huawei founder Ren Zhengfei, said the results were in line with forecasts.

7. "In 2024, the entire team at Huawei banded together to tackle a wide range of external challenges, while further improving product quality, operations quality, and operational efficiency. Our performance was in line with forecast. We'd like to thank our customers around the world for your ongoing trust." Meng said, adding that Huawei devices are back in the fast lane.