解读华为2025半年报：研发创下新高，利润为什么减少了

Core Insights - Huawei aims to increase strategic investments in the next three years, countering economic trends and focusing on core technologies [1][9] - The company reported a revenue of 427.04 billion yuan for the first half of the year, a 3.95% increase year-on-year, while R&D expenses reached 96.95 billion yuan, up 9.04% [1][4] - Net profit decreased by 32% to 37.195 billion yuan, attributed to rising costs outpacing revenue growth and fluctuations in financial asset valuations [1][2] Financial Performance - Revenue for the first half of 2025 was 427.04 billion yuan, compared to 417.5 billion yuan in 2024 and 310.9 billion yuan in 2023, indicating a steady recovery in sales [2] - Net profit for the first half of 2025 was 37.195 billion yuan, down from 55.1 billion yuan in 2024, marking a 32% decline [2][5] - The increase in operating costs was 9.33%, reaching 224.33 billion yuan, which outpaced revenue growth [5] R&D and Strategic Focus - Huawei's R&D investment is projected to reach a historical high, with a focus on core technologies such as 5G-A, smart automotive components, and the HarmonyOS ecosystem [1][3] - The company is heavily investing in the Harmony ecosystem, with over 1,000 developers and significant annual R&D expenditures [3][7] - Huawei's cloud services are undergoing restructuring to focus on AI and computing capabilities, with plans to enhance the Ascend cloud and Pangu models [8][9] Business Segments - Huawei's main business segments include ICT infrastructure, terminal business, cloud computing, digital energy, and smart automotive solutions [6] - The automotive business saw significant growth, with over 900,000 vehicles delivered under the HarmonyOS brand by August 2025 [6] - Huawei regained the top position in the Chinese smartphone market with a 18.1% share, shipping 12.5 million units in Q2 2025 [7] Market Position and Challenges - Despite recent successes, Huawei faces challenges in the competitive Chinese electric vehicle market, where pricing pressures are increasing [6] - The company aims to expand the Harmony ecosystem internationally, as its global market share remains low at approximately 4% [7] - Huawei Cloud holds an 18% market share in China's cloud services, ranking second, indicating ongoing competitive pressures [8]