Huawei demonstrated resilience in its 2024 Annual Report, revealing $118.67 billion in revenue and a renewed focus on innovation as global tech competition intensifies. The Shenzhen-based company allocated 20.8% of its income – $24.77 billion – to research and development, bringing its decade-long R&D investment to $172.21 billion.
Connectivity solutions remained stable despite market pressures, while artificial intelligence drove computing sector growth. The HarmonyOS ecosystem spurred a device business recovery, with intelligent automotive solutions reaching profitability for the first time.
Meng Wanzhou, rotating chairperson and CFO, attributed success to 'team cohesion in facing external challenges' during a press briefing. The report notes Huawei now holds over 150,000 active patents and continues developing foundational technologies through partnerships in cloud computing, Kunpeng processors, and Ascend AI platforms.
Audited financials by KPMG highlight improved operational efficiency as Huawei transitions from survival strategies to sustained innovation. The company’s progress in chips and operating systems reflects broader trends in China’s technology self-reliance efforts.
