Huawei released its 2024 annual report on Monday, announcing global revenue of 862.1 billion yuan ($121.7 billion) and a net profit of 62.6 billion yuan.

The company invested 179.7 billion yuan in research and development (R&D) last year, accounting for 20.8 percent of its total revenue. Over the past decade, Huawei’s cumulative R&D expenditure has exceeded 1.249 trillion yuan.

Rotating Chairwoman Meng Wanzhou said in 2024, Huawei’s employees worked tirelessly to overcome external challenges, continuously improving product quality, operational efficiency, and business resilience.

"These results align with our expectations. We extend our gratitude to global customers, partners, developers, and employees for their trust," Meng said.