华为2025年上半年增收不增利，净利润同比下降32%

Core Insights - Huawei's revenue for the first half of 2025 reached 427.04 billion yuan, marking a year-on-year increase of 3.95%, while net profit decreased by 32% to 37.195 billion yuan [1] - Research and development expenditure amounted to 96.95 billion yuan, representing a 9.04% increase and accounting for 22.7% of total revenue [1] - Despite revenue growth, Huawei's profitability is under pressure [1] Financial Overview - As of the end of June, Huawei's total assets were 1.25 trillion yuan, with total liabilities of 712.1 billion yuan, resulting in a debt-to-asset ratio of 56.9% [1] - The company held cash and cash equivalents of 181 billion yuan and reported a net cash flow from operating activities of 31.183 billion yuan [1] Business Performance - Key growth areas for Huawei include smartphones, automotive, and Huawei Cloud services [1] - According to IDC, Huawei ranked second in China's smartphone market with shipments of 12.9 million units in Q1 and 12.5 million units in Q2 of 2025 [1] - As of August 25, the cumulative delivery of HarmonyOS vehicles exceeded 900,000, maintaining the highest average transaction price among Chinese automotive brands for 14 consecutive months [1] - In July, HarmonyOS vehicle sales reached 47,752 units, leading in annual cumulative sales among new force and luxury brands [1] - In April, Huawei Cloud launched CloudMatrix 384 super nodes, transitioning from server-level to matrix-level resource supply models [1]