Huawei Technologies Co said on Friday that its revenue for 2023 hit 704.2 billion yuan ($97.5 billion), marking a year-on-year increase of 9.63 percent, and its net profit hit 87 billion yuan.

The growth rate represents the highest annual revenue growth since 2019, highlighting the company's ability to adapt and thrive in a rapidly evolving market landscape despite the US government's lingering tech restrictions on it.

The positive performance was attributed to several key factors, including the continued expansion of Huawei's information communications industry infrastructure business, steady growth in its terminal business which includes smartphones and Internet of Things devices, and successful developments in cloud computing and digital energy sectors. Additionally, Huawei's intelligent automotive solutions business showed promising signs as it began entering the stage of scaled delivery, the company said.

Rotating Chairman of Huawei Hu Houkun said the results were in line with expectations, emphasizing the crucial role played by customers, partners, and stakeholders in Huawei's continued growth and success. He acknowledged the challenges faced by the company in recent years but affirmed Huawei's resilience in overcoming obstacles and delivering value to its stakeholders.

Despite global uncertainties and challenges, Huawei remained committed to innovation and research, evident in its substantial investment in research and development. In 2023 alone, the company allocated 164.7 billion yuan towards R&D efforts, accounting for 23.4 percent of its total annual revenue.

Over the past decade, Huawei's cumulative investment in R&D surpassed 1.11 trillion yuan, underscoring its dedication to technological advancement and product innovation.