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Huawei Investment & Holding Co., Ltd.
2025 Annual Report
We are moving toward a future that is full of uncertainty, so we have to remain true to our strategy and maintain strategic focus. We will translate strategy to execution, keep cultivating the developer ecosystem, and pursue high-quality development.
Meng Wanzhou
Rotating Chairwoman
The global environment is changing rapidly these days, and intelligent transformation continues to gain depth, presenting both opportunities and challenges. As always, we will maintain strategic focus and keep honing our competitive edge as we seize new opportunities presented by digital, intelligent, and low-carbon development. We will continue working hard to provide better products and services to our customers, and bring digital to every person, home and organization for a fully connected, intelligent world.
Liang Hua
Chairman of the Board
Financial Performance
Our overall performance was in line with forecast.
Five-Year Financial Highlights
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
|---|---|---|---|---|---|---|
| (USD Million) | (CNY Million) | (CNY Million) | ||||
| Revenue | 126,018 | 880,941 | 862,072 | 704,174 | 642,338 | 636,807 |
| Operating profit | 13,867 | 96,937 | 79,361 | 104,401 | 42,216 | 121,412 |
| Operating margin | 11.0% | 11.0% | 9.2% | 14.8% | 6.6% | 19.1% |
| Net profit | 9,732 | 68,036 | 62,574 | 86,950 | 35,562 | 113,718 |
| Cash flow from operating activities | 18,222 | 127,384 | 88,417 | 69,807 | 17,797 | 59,670 |
| Cash and short-term investments | 51,702 | 361,426 | 372,232 | 475,317 | 373,452 | 416,334 |
| Working capital | 43,523 | 304,252 | 319,178 | 421,662 | 344,938 | 376,923 |
| Total assets | 190,961 | 1,334,930 | 1,290,149 | 1,263,597 | 1,063,804 | 982,971 |
| Total borrowings | 34,229 | 239,284 | 264,871 | 308,414 | 197,144 | 175,100 |
| Equity | 85,847 | 600,120 | 544,619 | 507,568 | 437,076 | 414,652 |
| Liability ratio | 55.0% | 55.0% | 57.8% | 59.8% | 58.9% | 57.8% |
|
Note: These financial figures are from the consolidated financial statements prepared in accordance with IFRS Accounting Standards. CNY amounts are converted into United States dollars ("USD") using the closing rate at the end of 2025 of USD1.00 = CNY6.9906. |
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By Business Segment
| (CNY Million) | 2025 | 2024 | YoY | |||
|---|---|---|---|---|---|---|
| ICT Infrastructure | 375,014 | 365,424 | 2.6% | |||
| Consumer | 344,473 | 339,006 | 1.6% | |||
| Cloud Computing | 32,161 | 33,325 | (3.5)% | |||
| Digital Power | 77,312 | 68,607 | 12.7% | |||
| Intelligent Automotive Solution | 45,018 | 26,158 | 72.1% | |||
| Other | 6,963 | 29,552 | (76.4)% | |||
| Total | 880,941 | 862,072 | 2.2% | |||
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Note: During 2025, our revenue derived from the cloud computing business, including revenue from other Huawei segments, amounted to CNY72,075 million. |
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By Region
| (CNY Million) | 2025 | 2024 | YoY |
|---|---|---|---|
| China | 616,249 | 615,264 | 0.2% |
| EMEA | 161,356 | 148,355 | 8.8% |
| Asia Pacific | 50,113 | 43,306 | 15.7% |
| Americas | 37,184 | 36,301 | 2.4% |
| Other | 16,039 | 18,846 | (14.9)% |
| Total | 880,941 | 862,072 | 2.2% |
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Research and Innovation
Every year, Huawei invests over 10% of its sales revenue into R&D.
21.8%
In 2025, our total R&D spending reached CNY192.3 billion, representing 21.8% of our total revenue.
CNY1.382 trillion
Our total R&D investment over the last decade now exceeds CNY1.382 trillion.
53.7%
On December 31, 2025, 114,000 employees (about 53.7% of our workforce) worked in R&D.
165,000
As of the end of 2025, Huawei had held 165,000 active granted patents globally.
Business Highlights
Our connectivity business weathered the impact of industry investment cycles, while our computing business continued to seize opportunities in AI. Our consumer business worked to overcome formidable challenges, driving the HarmonyOS ecosystem to cross a new threshold in user experience. Our digital power business continued to place quality before all else. Huawei Cloud honed its competitiveness with a focus on core services, and our intelligent automotive solutions grew rapidly.
Driving Ubiquitous Connectivity
- In 2025, we worked with carriers and partners around the world to accelerate the business development of 5G-A. By the end of the year, the number of 5G-A users worldwide had exceeded 60 million, and the 5G-A networks delivered by Huawei had continued to offer leading experiences. In addition, our 5G-A solutions have helped numerous industries go digital and intelligent, and have become central to the core production processes in the steel, power grid, mining, manufacturing, and other industries to significantly boost productivity and safety.
- We helped carriers build AI-centric bearer networks, and comprehensively upgrade their backbone and metropolitan area networks to deliver ultra-high bandwidth, ultra-low latency, and carrier-class reliability and security. These networks are enabling quality business development for carriers. We also created innovative upgrades for home broadband services, helping more than 50 carriers release fiber to the room (FTTR) packages that can fully empower smart homes. By the end of 2025, the number of gigabit users around the world exceeded 450 million.
- Our Rural series network solutions continued to broaden network coverage in remote areas around the world, helping carriers efficiently deploy cost-effective mobile networks in Nigeria, Ghana, and many other countries. This has helped connect the unconnected, bridge the digital divide, and inject vital momentum into the pursuit of digital inclusion.
Enabling Pervasive Intelligence
- In 2025, we continued advancing our All Intelligence Strategy. To accelerate industrial intelligence, we have stayed innovation-driven and continued to go open source and open system, while teaming up with customers, partners, and developers to create a solid computing foundation and provide the world with a new option. Our 384-NPU SuperPoD has been deployed at scale in industries like Internet, finance, telecommunications, and electric power, building a solid foundation for computing. The Kunpeng and Ascend ecosystems have continued to grow steadily, and now have more than 3.8 million Kunpeng developers and 4 million Ascend developers. We have worked with over 9,800 partners to jointly incubate more than 26,000 industry solutions. In addition, we have gone open source and open system with the application enablement kit Kunpeng BoostKit and the Ascend CANN and Mind series software, helping users make the most of Kunpeng and Ascend computing power and accelerate innovation.
- Huawei Cloud has been used in more than 500 scenarios in over 30 industries, including public services, steel, manufacturing, railways, finance, and meteorology. It is helping these industries go intelligent, while unleashing digital and intelligent productivity and empowering innovation across industries.
- In the intelligent automotive solution domain, we have used AI to make new automotive components more intelligent. HUAWEI ADS, HarmonySpace, and HUAWEI Vehicle Control all continued to deliver superior experiences to both drivers and passengers, and the HUAWEI Automotive Optics and HUAWEI Intelligent Vehicle Cloud Service (IVCS) businesses developed rapidly. Over the course of the year, we shipped more than 38 million intelligent automotive components. We also continued to work with more than 600 partners along the value chain to drive the high-quality development of the intelligent automotive industry.
- In the age of AI, we launched our all-scenario "PV + ESS" solutions and used grid-forming technologies to accelerate the adoption of PV, wind, and ESS as main energy sources. We also used AI to start automating PV, wind, and ESS plants. In addition, we worked with partners to build AI data centers that are reliable, agile, and sustainable to maximize tokens per watt.
Delivering a Personalized Experience
- Huawei's Consumer BG continued to focus on both technological innovation and user experience, enhancing its presence in the smartphone domain, as well as in five key scenarios: HarmonyOS Office, Fitness & Health, HarmonyOS Smart Home, HIMA-powered Smart Travel, and Entertainment. This has allowed us to deliver neat, smooth, seamless, secure, and reliable interaction experiences to users across all scenarios.
- In the smartphone domain, the HUAWEI Pura X widescreen foldable phone and the HUAWEI Mate 80 Series delivered innovative designs combined with premium experiences, receiving high acclaim from the market and consumers. In the PC domain, the HUAWEI MateBook Fold, the world's first foldable PC powered by HarmonyOS, set a new benchmark for ultra-high-end laptops. In the tablet domain, the compact HUAWEI MatePad Mini blended a slim profile and portability with a more intelligent experience, providing users with more options for a product that suits their needs. In the wearable domain, our extensive product portfolio continued to deliver an accurate and comprehensive fitness and health management experience.
- The HarmonyOS ecosystem has gradually become fertile ground for redefining experience. By the end of 2025, more than 36 million devices ran on HarmonyOS 5 and HarmonyOS 6, more than 10 million developers had registered with the HarmonyOS ecosystem, and the number of apps and services available in AppGallery exceeded 350,000.
- We have worked in both retail and services to improve user experience. By the end of 2025, Huawei had 16 Flagship Stores around the world and 480 large Smart Life Stores. Our global service network consists of more than 3,100 Huawei Authorized Service Centers covering 70 countries and regions, and carried out over 100 million interactions with consumers in 2025, making services readily available to consumers.
Building a Digital Platform
- Huawei Cloud is focused on cultivating fertile soil for computing and accelerating the adoption of AI to tackle industry challenges. By the end of 2025, Huawei Cloud had covered 34 geographical Regions and 101 availability zones (AZs), providing quality cloud services to customers in more than 170 countries and regions.
- Huawei Cloud has built the CloudMatrix AI Infra, which features efficient utilization, openness, ease of use, and high availability. We also launched the AI Cluster Service (AICS) to provide abundant computing resource pools on the cloud. By the end of 2025, the number of customers worldwide using Huawei Cloud AICS had exceeded 1,800.
- Huawei Cloud remains committed to building an ecosystem that is created and fostered by all to benefit everyone in it. This ecosystem aims to accelerate the aggregation of industry applications and empower developers and partners around the world. By the end of 2025, Huawei Cloud had attracted more than 10 million developers and 59,000 partners from across the globe to jointly build an open global ecosystem that thrives on shared success.
Ecosystem Development
Huawei is committed to helping ecosystems grow, and we are working closely with universities, developers, ecosystem partners, and open-source communities to build more thriving ecosystems.
We are committed to building diverse and sustainable ecosystems through open source
- Huawei actively participates in major open-source organizations and projects. We are a member of more than 20 international open-source foundations, including the Linux Foundation, Apache Software Foundation, Eclipse Foundation, OpenAtom Foundation, Cloud Native Computing Foundation (CNCF), PyTorch Foundation, and OpenWallet Foundation. Huawei's developers contribute to more than 300 open-source communities.
- With a focus on foundational software, Huawei has launched over 10 influential open-source projects, including KubeEdge, MindSpore, Volcano, openEuler, openGauss, OpenHarmony, openPangu, and openJiuwen. We are going fully open source and open system with our Mind software series for Ascend application enablement, Compute Architecture for Neural Networks (CANN), and ModelEngine full-process toolchain for AI training and inference, which have attracted a large number of developers worldwide. In 2025, multiple Huawei developers won Annual PyTorch Contributor Awards.
- We are actively engaged in the governance and development of foundational software ecosystems with industry partners. In 2025, we continued to actively contribute to two of the OpenAtom Foundation's core projects – OpenHarmony and openEuler. The OpenHarmony community has attracted more than 10,000 individual contributors and 523 ecosystem partners, who have submitted more than 130 million lines of code. The openEuler community has rallied more than 2,100 organization members and over 25,000 developers. openEuler has seen over 5.8 million downloads worldwide, and its installations have exceeded 16 million. In 2025, openEuler and OpenHarmony became the first projects to reach Graduation maturity level in the OpenAtom Foundation.
- Huawei is committed to building a trusted and sustainable open-source ecosystem. We play an active role in the OpenChain and OpenSSF communities, and work closely with partners to build a secure and reliable open-source software supply chain. Huawei is also working with communities like OSS Compass to build an open-source ecosystem evaluation system, promoting the healthy development of open-source communities.
We continue to open up and work closely with developers to build thriving ecosystems
- Kunpeng BoostKit is evolving nonstop. It now provides more than 100 basic acceleration libraries, the Omni series for big data, and more, to give developers more flexibility and independence in application innovation.
- We are upgrading our Ascend CANN architecture and opening up Ascend components, covering the entire process from resource deployment and training and inference acceleration to model reference and application development. We are also evolving the Ascend community to enhance scenario-based knowledge retrieval, reference samples, and development pipelines. All of these initiatives aim to provide developers with more comprehensive knowledge and experience and enable them to make better use of Ascend hardware.
- OpenHarmony has grown to become the digital foundation of numerous industries. Currently, more than 1,300 software and hardware products have passed the OpenHarmony compatibility test and have been deployed in industries such as finance, transportation, energy, and aerospace. HarmonyOS is evolving into a more intelligent operating system for all scenarios. Built on a new interconnection architecture, security architecture, and the Harmony Agent Framework (HMAF), HarmonyOS is opening up innovative functionality to enable the intelligent upgrade of applications. The developer community has developed more than 70 innovative functionalities, which have been integrated into more than 23,000 applications.
- Huawei Cloud has fully upgraded its Developer Space, giving developers free access to more time on its cloud development environment, more function calls, and more tokens. This provides each developer with a cloud host that allows them to directly use cloud-based Kunpeng and Ascend compute during local development, bringing remote development experience to the next level.
We actively cultivate talent to lay the groundwork for industry development
- We work closely with universities around the world to integrate Huawei's industry-specific tech capabilities into their talent development systems. We are also strengthening collaboration with industries to combine theory with practice and help university students grow into industry-ready professionals more rapidly. We have built a complete talent development pipeline covering teaching materials, trainer enablement, advocate development, new class openings, course development, and subject-specific competitions, as well as innovation competitions, hands-on training, certification, and job fairs. As of the end of 2025, we had developed more than 3,000 courses, formed more than 3,000 ICT academies with universities, developed more than 1,300 advocates in colleges and universities, and cultivated more than 18 million developers. More than 1.1 million certifications have been issued to date.
Cyber Security and Privacy Protection
Huawei believes that cyber security and privacy protection are the cornerstones of the digital and intelligent world.
Over the past 30-plus years, Huawei has partnered with carriers to build over 1,500 networks and helped millions of enterprises pursue digital transformation. We have delivered tens of millions of intelligent automotive components, nurtured a HarmonyOS ecosystem with over 1 billion devices, and enabled the generation of more than 2 trillion kWh of green power. Throughout all of this, we have maintained a solid track record in security.
Huawei believes that cyber security and privacy protection are the cornerstones of the digital and intelligent world. We actively address the challenges and opportunities brought by technological transformation through continuous management improvement, technological innovation, and open collaboration. These efforts have allowed us to strengthen our competitive edge in product and solution security, and we are continuing to work closely with our customers, partners, and suppliers to develop the cyber security and privacy protection capabilities needed to safeguard the digital and intelligent world.
