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Huawei’s breakthrough in 2022: Revenue up, R&D hits CNY161.5 billion

The company generated CNY642.3 billion in revenue and CNY35.6 billion in net profits in 2022.
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Huawei released its 2022 Annual Report on Friday, March 31. The company reports steady operations throughout 2022, having generated CNY642.3 billion in revenue and CNY35.6 billion in net profits.

Huawei continues to strengthen its investment in R&D as well, with an annual expenditure of CNY161.5 billion in 2022, representing 25.1 percent of the company’s annual revenue and bringing its total R&D expenditure over the past 10 years to more than CNY977.3 billion.

Huawei’s breakthrough in 2022: Revenue up, R&D hits CNY161.5 billion
Huawei’s Rotating Chairman Eric Xu

“In 2022, a challenging external environment and non-market factors continued to take a toll on Huawei’s operations”, said Eric Xu, Huawei’s Rotating Chairman, at the company’s annual report press conference. “In the midst of this storm, we kept racing ahead, doing everything in our power to maintain business continuity and serve our customers. We also went to great lengths to grow the harvest – generating a steady stream of revenue to sustain our survival and lay the groundwork for future development.”

Also present at the event was Sabrina Meng, Huawei’s CFO. She noted, “Despite substantial pressure in 2022, our overall business results were in line with forecast. At the end of 2022, our liability ratio was 58.9% and our net cash balance was CNY176.3 billion. In addition, our balance of total assets reached one trillion yuan, largely composed of current assets such as cash, short-term investments, and operating assets. Our financial position remains solid, with strong resilience and flexibility. In 2022, our total R&D spend was CNY161.5 billion, representing 25.1% of our total revenue – among the highest in Huawei’s history. In times of pressure, we press on – with confidence.”

Huawei CFO Sabrina Meng
Huawei CFO Sabrina Meng

In 2022, revenue from Huawei’s carrier, enterprise, and consumer businesses was CNY284 billion, CNY133.2 billion, and CNY214.5 billion, respectively.

Huawei is a strong proponent of growing together with its ecosystem partners and believes that openness and collaboration lead to shared success. The company has continued to open up its platform capabilities across its HarmonyOS, Kunpeng, Ascend, and cloud portfolio, focusing on improving developer experience as well as enabling and supporting its ecosystem partners on all fronts. Huawei currently works with more than nine million developers and over 40,000 ecosystem partners to fuel ecosystem-based innovation and create greater value for its customers.

“2023 will be crucial to Huawei’s sustainable survival and development,” Xu noted. “Plum blossoms tend to grow sweeter from a harsh winter’s freeze. Today, Huawei is like a plum blossom. While it’s true that we have considerable pressure ahead of us, we have what it takes to come out the other end – with opportunities to grow, a resilient business portfolio, a unique competitive edge, the enduring trust of our customers and partners, and the courage to invest heavily in R&D. We are confident in our ability to rise above any challenge that comes our way, laying a solid foundation for sustainable survival and development.”

Huawei has been in the Philippines for 20 years, not only helping to build the digital journey in the country but also helping to cultivate ICT Talents.

Seeds for the Future is Huawei’s global CSR flagship program. Launched in 2008, the program seeks to develop local ICT talent, enhance knowledge transfer, help participants better understand the ICT sector and stimulate their interest in it, and promote and encourage participation in building a digital community. The program has been in the Philippines for 8 years, and more than 220 students joined the program. Jeziel Aijeleth Ramos, one of the Filipino students who joined the Huawei Seeds program in 2022, was selected as one of the Ten (10) Seeds for the Future Global Ambassadors, also the first one in the Philippines.

See also: Huawei showcases innovative technologies and flagship products at MWC 2023

Huawei ICT Academy, another non-profit program globally, serves as a bridge between companies and colleges, helping to build a talent ecosystem for the ICT industry. Huawei partnered with almost 70 Philippine universities and established ICT academies.

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