[News] Huawei’s Net Profit in 1H24 Hit Record High amid U.S. Sanctions, Surpassing CNY 50 Billion for the First Time

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According to a report from the China Business Network, Huawei, seems to have overcome the pressure of U.S. sanctions, as it posted strong financial results in the first half of 2024 on August 29.

The report shows that Huawei’s revenue for the first half of the year reached CNY 417.5 billion, a year-on-year increase of 34.3%. The net profit was CNY 55.1 billion, up 18.2% year-on-year, marking the best performance for this period in the company’s history.

It is further reported that Huawei’s revenue for the first half of the year has already surpassed the CNY 401.3 billion recorded in the first half of 2019, second only to the CNY 454 billion in the first half of 2020.

This is also the first time in history that Huawei’s net profit for the same period has exceeded CNY 50 billion, higher than the CNY 46.6 billion recorded in the first half of last year. The net profit margin for the first half of this year reached 13.2%.

Huawei’s rotating chairman, Xu Zhijun (Eric Xu), stated that the group’s overall operating performance met expectations.

He then pointed out that Huawei will continue to implement its high-quality strategy, continuously optimize its industrial portfolio, strengthen development resilience, and build a prosperous business ecosystem, providing more competitive products and solutions for its customers.

Currently, Huawei divides its business into five segments: ICT Infrastructure Business, Consumer Business, Cloud Computing Business, Digital Power Business, and Intelligent Automotive Solution Business.

Huawei did not disclose the revenue details for each business segment. However, according to last year’s annual report, the consumer business remains the main revenue driver, while Huawei Cloud has shown the fastest growth.

On the other hand, according to a recent report released by Seres, the new company under Huawei’s Intelligent Automotive Solution Business – Shenzhen Yinwang Intelligent Technology Co Ltd – achieved revenue of CNY 10.43 billion in the first half of 2024, a tenfold increase compared to the same period last year. The company’s net profit reached CNY 2.231 billion, with a net profit margin of 21.38%.

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(Photo credit: Huawei)