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Huawei's net profit fell 28% to CNY62.6 billion in 2024, influenced by a one-off gain from the previous year, despite a 22.4% revenue increase to CNY862.1 billion, driven by strong consumer and automotive sales. The consumer group revenue surged 38.3% to CNY339 billion, while automotive-related sales skyrocketed over fourfold to CNY26.4 billion. The company continues to adapt to US trade restrictions by focusing on electric vehicles and smart manufacturing, with R&D spending rising to CNY179.7 billion, representing 20.8% of total revenue.
Huawei's Pura X, launched as a "new beginning of the Harmony OS era," features a 6.3-inch foldable design with a 3.5-inch external display and is priced from 7,499 yuan (US$1,042). Set to release on March 30, it integrates Harmony OS 5 and advanced AI, targeting enhanced user experience in gaming and photo browsing. Despite its innovative design aimed at attracting female users, the device faces criticism for its high price, contrasting with claims of affordability.
Huawei achieved double-digit growth in the 2024 global premium smartphone market, competing effectively against giants like Apple and Samsung. The premium segment, defined as phones priced between $600 and $1000, saw a market share increase to 25%, with Apple leading at 67% and Samsung at 18%. Notable Huawei launches include the Pura 70 series and Mate X6, showcasing advanced features and strong market performance.
Huawei has surged to dominate China's foldable phone market with a 48.6% share, while Samsung's presence has dwindled to just 0-1%. This shift reflects a broader trend of patriotic consumption favoring local brands amid rising competition and ongoing U.S.-China trade tensions. Apple is also struggling, with its market share falling to 15% as domestic brands gain ground.
Oppo is integrating the R1 model into its new Find N5 foldable phone, while Honor plans to enhance its AI agent Yoyo with the same technology. Vivo will also incorporate R1-backed features into its smartphone assistant app. As competition intensifies in China's recovering smartphone market, DeepSeek's models, including V3 and R1, are gaining traction among major tech companies like Alibaba, Baidu, Huawei, and Tencent, who are rapidly adopting these advanced AI technologies.
In Q4 2024, vivo led the Chinese smartphone market with 13.2 million units shipped, capturing a 17.6% market share, while Apple followed closely with 13 million shipments and a 17.3% share, experiencing a 7.1% decline YoY. Huawei nearly surpassed Apple with 12.7 million units shipped and a 16.9% market share, growing 14.4% YoY. Xiaomi saw the highest growth at 29.5%, shipping 12.3 million units, while Oppo and Honor both shipped 10.5 million units, with Oppo rising 7.1% and Honor dropping 13.2%. The overall market reached 75 million shipments, marking a 5.3% YoY growth.
Huawei demonstrated strong performance in the Q4 2024 Chinese smartphone market, shipping 12.7 million units and capturing 16.9% market share, marking a 14.4% annual growth. In contrast, Apple faced a 7.1% decline, delivering 13 million iPhones and holding a 17.3% share. Vivo led the market with 13.2 million units and a 17.6% share, while Xiaomi, OPPO, and Honor followed in the rankings.
Huawei reported its second-largest sales performance ever, with a 22% increase to 860 billion yuan, driven by growth in consumer devices and smart car solutions, despite ongoing U.S. sanctions. The company ranked second in the Chinese smartphone market, surpassing Apple with a 16% share, as it continues to innovate and launch new products.
In 2024, China's smartphone market saw a modest 1.5% growth, with Huawei leading the charge at 36%, driven by its high-end Mate series. Xiaomi followed with a 10% increase, while Vivo grew by 6%. In contrast, Apple and Oppo faced declines of 13% and 9%, respectively, amid tightening competition. Looking ahead, government subsidies may boost consumer spending, but economic uncertainty looms.
Huawei achieved remarkable 36% year-on-year growth in the 2024 Chinese smartphone market, securing the top position with innovative models like the Pura 70, Nova 13, and Mate 70. While the overall market grew by 1.5%, competitors like Xiaomi and Vivo also saw gains, but brands such as Apple, OPPO, and Honor experienced declines. The market is expected to rebound in 2025, with Huawei likely to maintain its leadership through continued innovation.
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