Huawei, the Chinese tech giant, saw a significant rise in sales revenue in 2024, reaching 862.1 billion yuan (about $120.1 billion), compared to 704.2 billion yuan the previous year, according to its annual report. The company also reported a net profit of 62.6 billion yuan, meeting its projected performance goals.

In 2024, Huawei invested 179.7 billion yuan into research and development (R&D), making up around 20.8% of its total revenue. Over the past decade, its R&D spending has surpassed 1.249 trillion yuan.

By the end of 2024, about 113,000 employees, or 54.1% of its workforce, were involved in R&D. The company also holds more than 150,000 authorized patents worldwide.

The report highlighted Huawei’s progress in the computing sector, particularly in artificial intelligence, where it has been making advancements for the past 10 years.

The company also made notable strides in its HarmonyOS ecosystem, bringing its devices back to rapid growth. HarmonyOS, also known as Hongmeng in Chinese, is Huawei’s self-developed open-source operating system.

For the first time, Huawei’s intelligent automotive solutions turned a profit in 2024. The company aims to continue expanding its technology platforms and offer developers easy-to-use tools for HarmonyOS, Kunpeng, Ascend, and cloud computing, according to Meng Wanzhou, Huawei’s rotating chairwoman.

Huawei, based in Shenzhen, remains a leading global provider of information and communication technology and smart devices. Since 2021, the company has seen steady growth in revenue, earning 636.8 billion yuan in 2021, 642.3 billion yuan in 2022, and 704.2 billion yuan in 2023.