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Huawei reported a 28% drop in profits last year, totaling 62.6 billion yuan ($8.6 billion), amid international economic uncertainty and ongoing US sanctions that have limited access to critical technology. Despite this, revenue rose 22% to 862.1 billion yuan, driven by its ICT infrastructure and consumer products. The company continues to innovate, launching its first smartphone with a homegrown operating system and the world's first triple-folding phone, while facing scrutiny over alleged bribery in the EU.
HSBC Holdings plc will see its stake in Bank of Communications (BoCom) diluted from 19.03% to 16.06% following BoCom's plan to issue approximately 13.78 billion new A ordinary shares at RMB8.71 each. This share issuance is part of efforts by Chinese financial authorities to boost economic growth. Despite the dilution, HSBC's CET1 capital ratio will remain largely unaffected, and the bank will continue to account for its share of BoCom's profits or losses.
Huawei Technologies reported a 28% drop in net profit to 62.6 billion yuan ($8.6 billion) in 2024, despite a 22% revenue increase to $118.2 billion, driven by strong sales in consumer goods and automotive services. The profit decline was attributed to increased investments in advanced technologies and a lack of business sales gains. The company spent over 179.7 billion yuan (nearly $25 billion) on R&D, employing more than half of its workforce in this area, while facing challenges from U.S. trade restrictions and security concerns.
Huawei reported a robust 2024 performance with CNY862.1 billion in revenue and CNY62.6 billion in net profits, investing CNY179.7 billion in R&D, which is 20.8% of its revenue. The company achieved significant growth in AI and intelligent automotive solutions, while emphasizing quality and collaboration for future success. All financial statements were independently audited by KPMG.
Taobao is investing 11 billion yuan (US$1.5 billion) in its livestreaming unit, Taobao Live, aiming to double its gross merchandise volume and user base by 2027. The strategy focuses on user acquisition, curated product offerings, and support for professional streamers, following a year of significant growth in transactions. With over 200 million annual active buyers, the platform sees potential for expansion in the competitive livestreaming market.
Li Auto has set an ambitious sales target of 700,000 vehicles for 2025, as reported by Chinese media, although the company has not yet confirmed this figure. In 2024, it delivered over 500,000 vehicles, primarily extended-range electric models, and achieved profitability in 2023, becoming the first Chinese EV startup to exceed $1 billion in revenue. However, delays in the rollout of its MEGA model led to a revision of its original 2024 sales target.
Huawei Technologies reported a 28% decline in net profit for 2024, despite a surge in revenue. The company attributed this drop to significant investments in advanced technologies, reflecting its commitment to innovation amid challenging market conditions.
Huawei Technologies reported a 28% drop in net profit to 62.6 billion yuan ($8.6 billion) in 2024, despite a 22% revenue increase to $118.2 billion, driven by strong sales in consumer goods and automotive services. The profit decline was attributed to increased investments in advanced technologies and a lack of business sales gains. The company spent over 179.7 billion yuan (nearly $25 billion) on R&D, employing more than half of its workforce in this area, while facing challenges from U.S. trade restrictions and security concerns.
U.S. President Donald Trump's proposed 25% tariffs on imported vehicles and parts may not be permanent, according to Wells Fargo analysts, who anticipate he might retract them for trade concessions. The tariffs could raise domestic car prices and potentially decrease sales volumes by 11%, impacting the automotive sector's pre-tax earnings by $67 billion. As Trump prepares to announce further tariffs, concerns grow over inflationary pressures and economic growth amid ongoing trade tensions.
Huawei reported a 22% increase in sales to 862.1 billion yuan last year, marking three consecutive years of growth since a significant drop in 2021. However, net profit fell by 28% to 62.6 billion yuan, attributed to substantial R&D investments and the impact of selling its mid- to low-priced smartphone brand Honor.
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huawei reports 28 percent profit decline amid sanctions and economic challenges
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huawei reports 28 percent profit drop despite 22 percent revenue surge
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Huawei reports 28 percent profit drop despite surge in revenue in 2024
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huawei reports 28 percent profit drop despite 22 percent revenue increase
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huawei reports rising sales but significant profit decline amid us sanctions
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