Huawei Reports Strong 2024 Growth with CNY862,072 Billion Revenue

Huawei  released its 2024 Annual Report today. The company reports that its performance was in line with forecast, having generated CNY862.1 billion in revenue and CNY62.6 billion in net profits. In 2024, Huawei invested CNY179.7 billion back into R&D, which accounted for 20.8% of its annual revenue. Altogether, the company’s R&D investment over the past decade amounts to CNY1.249 trillion.

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. Our thanks also go to our suppliers, partners, and the developer community for working together with us, and to consumers for your affirmation and support. And of course, we want to thank the entire Huawei team for all your hard work, and your families and loved ones for their unwavering support.

– Sabrina Meng, Rotating Chairwoman, Huawei

In the connectivity domain, Huawei overcame cyclical downturns in industry investment, maintaining solid business results. With 10 years of preparation in the computing domain, the company was able to seize new opportunities in AI and achieve substantial growth. Huawei devices are now back in the fast lane, with historic breakthroughs in HarmonyOS ecosystem development. In 2024, Huawei continued to optimize its business mix for cloud computing, and its digital power team placed quality before all else. Huawei’s intelligent automotive solutions turned a profit in 2024 for the first time.

Meng stressed, “In 2025, Huawei will continue to apply its ‘Succeed Through Quality’ approach to all management systems and business activities. The company is firmly committed to its quality goals and will keep honing quality as a competitive edge.”

Huawei will also continue to strengthen foundational ecosystems. Huawei actively embraces openness and collaboration, and strives to help others succeed. The company will continue to open up its platform capabilities to ecosystem partners and provide developers with easy-to-use tools and products in domains like HarmonyOS, Kunpeng, Ascend, and cloud computing. In doing so, Huawei aims to advance ecosystem development for a more dynamic industry.

All financial statements in the 2024 Annual Report were independently audited by KPMG, an international Big Four accounting firm. To download the 2024 Annual Report, please visit https://www.huawei.com/en/annual-report/2024 

Note: The 2024 closing exchange rate is US$1.00 = CNY 7.2957