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Huawei Releases its 2022 Annual Report: Steady Operations and R&D Investment

Huawei released its 2022 Annual Report at the company’s annual report press conference. The report reflects steady operations throughout the year with the global tech leader generating CNY642.3 billion (USD 92,379 million) in revenue and CNY35.6 billion (USD 5,114 million) in net profits. The expenditures of R&D have also been robust with an annual investment of CNY161.5 billion (USD 2,347 million) in 2022 which is 25.1% of its total revenue. In total, the company has spent CNY977.3 billion (USD14205 million) in R&D over the past 10 years.

Huawei Annual Report 2022Total Revenue
DataCNY642.3 billion (USD 92,379 million)
Net profitCNY35.6 billion (USD 5,114 million)
R&D ExpendituresCNY161.5 billion (USD 2,347 million)

“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.”

Eric Xu Huawei chairman, Annual Report 2022 conference
Eric Xu, Rotating Chairman of Huawei, speaking at the company’s Annual Report 2022 conference

Our financial position remains solid, with strong resilience and flexibility

Present at the same 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.”

Sabrina Meng Huawei CFO Annual report 2022
Sabrina Meng, CFO of Huawei, speaking at the company’s Annual Report 2022 conference

In 2022, Huawei generated CNY284 billion, and CNY133.2 billion in revenue from the carrier, and enterprise businesses respectively. Likewise, it generated CNY214.5 billion from consumer business.

Also read: Huawei to Create 50000 ICT Talents in South Asia by Establishing Smart Talent Ecosystem

Growing together with ecosystem partners

Huawei is a strong supporter of growing together with its ecosystem partners. It believes that openness and collaboration lead to shared success. Similarly, the company has continued to open up its platform capabilities across its HarmonyOS, Kunpeng, Ascend, and cloud portfolio. The company believes it leads to improving developer experience as well as enabling and supporting its ecosystem partners on all fronts. Huawei works with more than nine million developers and over 40,000 ecosystem partners to spurn its 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.”

Do read: Huawei and ITU to connect 120 million people to a digital world

Huawei’s 2022 Annual Reports were independently audited by KPMG, an international Big Four accounting firm.

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