华为上半年研发投入强度达22.7%

Core Insights - Huawei's revenue for the first half of 2025 reached 427.04 billion yuan, a year-on-year increase of 3.95%, while net profit decreased by 32% to 37.20 billion yuan [1] - The company maintained high R&D investment, with R&D expenses amounting to 96.95 billion yuan, a 9.04% increase year-on-year, representing 22.7% of total revenue [1][3] - Huawei's cash flow from operating activities showed a significant improvement, with a net inflow of 31.18 billion yuan compared to a net outflow of 25.12 billion yuan in the same period last year [3] Financial Performance - Total assets reached 1.251 trillion yuan, with total liabilities of 712.1 billion yuan, resulting in a debt-to-asset ratio of 56.9% [1] - The company reported a significant increase in sales and management expenses, with sales expenses rising by 11.09% to 39.38 billion yuan and management expenses increasing by 7% to 24.20 billion yuan [1] Market Position and Product Development - Huawei has established a leading position in the domestic foldable smartphone market, capturing 75% market share with 3.74 million units shipped in the first half of 2025 [2] - The company has achieved a cumulative shipment of over 10 million foldable smartphones since the launch of its first model in 2019, with the Huawei Mate XT nearing 500,000 units shipped [2] - In the automotive sector, Huawei's HarmonyOS has seen strong performance, with cumulative deliveries exceeding 900,000 units, maintaining the highest average transaction price among Chinese automotive brands for 14 consecutive months [2] R&D and Future Outlook - Huawei's cumulative R&D investment over the past decade has reached 1.249 trillion yuan, with a projected R&D expenditure of 179.7 billion yuan for the full year of 2024, accounting for 20.8% of total revenue [1] - The company is focused on building a technological moat through sustained high R&D investment, which is expected to drive future growth [1][3]