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Huawei reported a 22.4% year-on-year increase in sales revenue for 2024, reaching 862.1 billion yuan ($118.2 billion), driven by a 38% surge in its consumer business, particularly smartphones. Despite this growth, net profit fell by 28% to 62.6 billion yuan due to increased investments in R&D, which rose to 179.7 billion yuan, aimed at overcoming external challenges. The company is also expanding its smart automotive solutions and focusing on new digital products and 5G services.
Xiaohongshu, the Chinese social media platform, is pivoting to expand internationally after a surge of users from TikTok's potential ban. With a new Hong Kong office and a global e-commerce pilot targeting the U.S. and beyond, the platform aims to retain its growing user base while facing challenges in monetization and competition with Western apps. Despite initial success, analysts express skepticism about its long-term commercial viability in the West.
Bank of America forecasts a 16% increase in global gold prices, potentially reaching USD 3,500 per ounce within 18 months, driven by a 10% rise in non-commercial purchases. Key factors include increased investment from China's insurance sector and central banks raising gold reserves from 10% to over 30%. Retail investors are also contributing, with a 4% year-on-year rise in assets in gold ETFs across major regions, amid economic uncertainties and concerns over U.S. trade policies.
Huawei will unveil its 1.5 MW supercharger on April 22, designed for heavy-duty trucks, capable of charging at 20 kWh per minute and fully charging a vehicle in 15 minutes. This announcement comes as Zeekr plans to launch its 1.2 MW supercharger, while BYD has introduced a 1,000 kW fast charger. Additionally, Huawei showcased an unmanned EV charging robotic arm that can autonomously connect to vehicles.
GAC Group has partnered with Huawei to develop electric vehicles, with the first model set to launch next year priced at RMB 300,000 ($41,370). Huawei will define the product positioning while GAC retains decision-making authority. Additionally, they plan to introduce vehicles under GAC’s Xiangwang lineup featuring a Level 3 semi-autonomous driving system, starting with the S7 SUV launched at RMB 169,800.
Huawei reported a 28% decline in profits for 2024, with net profits at 62.6 billion yuan ($8.6 billion), down from 87 billion yuan in 2023, amid global economic uncertainty and weak domestic consumption. Despite this, revenue grew by 22% year-on-year to 862.1 billion yuan, the highest since 2020. The company remains committed to quality and innovation, launching its first smartphone with a fully homegrown operating system and the world’s first triple-folding phone.
Huawei Technologies Co reported its first quarterly net loss in years, posting a deficit of about 300 million yuan despite a 9.5% revenue increase to approximately 276 billion yuan. The loss is attributed to heavy investments in research and development, particularly in electric vehicles and chips, amid ongoing US sanctions. While the consumer business grew 38% and the smart driving solutions became profitable, the company faces challenges as the US pressures European carriers to limit business with Huawei.
Market volatility is escalating as the US prepares for new reciprocal tariff announcements, leading to a 3.9% drop in the Nikkei and a 1% rise in gold prices. Investors are seeking safety, reflected in falling German Bund and US Treasury yields, while key economic indicators are set to be released soon.As global economic tensions rise, the implications of impending tariff talks and mixed currency positions are under scrutiny, prompting investors to assess whether these fluctuations are temporary or indicative of a broader economic realignment.
Huawei's profits fell 28% in 2024, with net earnings at 62.6 billion yuan (US$8.6 billion), down from 87 billion yuan in 2023, amid economic uncertainty and weak domestic consumption. Despite this decline, revenue rose 22% year-on-year to 862.1 billion yuan, the highest since 2020. The company continues to innovate, launching its first smartphone with a fully homegrown operating system and the world’s first triple-folding phone.
Huawei reported a 28% drop in profits last year, totaling 62.6 billion yuan ($8.6 billion), amid international economic uncertainty and domestic consumption challenges. Despite US sanctions limiting access to technology, the company achieved a 22% revenue increase, reaching 862.1 billion yuan, its highest since 2020. Huawei 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.
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