华为上半年增收不增利，研发投入增至近千亿

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 declined by 32% to 37.195 billion yuan due to rising operating costs and significant losses in fair value changes [1][5][6] - The company continues to focus on core areas such as terminal products, smart automotive solutions, and cloud computing, with notable performance in the domestic smartphone market [2][3] Financial Performance - Huawei's total assets amounted to 1.25 trillion yuan, with total liabilities of 712.1 billion yuan, resulting in a debt-to-asset ratio of 56.9% as of June [1] - Operating costs for the first half of 2025 reached 224.33 billion yuan, an increase of 9.33%, outpacing revenue growth [5] - Research and development expenses totaled 96.95 billion yuan, accounting for 22.7% of total revenue, reflecting the company's commitment to innovation despite short-term cost pressures [6] Business Segments - In the terminal business, Huawei launched multiple products, including smartphones and laptops, regaining significant market share in China [2] - The smart automotive division, under the brand Hongmeng Zhixing, delivered 44,400 vehicles in May, 52,700 in June, and 47,700 in July, with cumulative deliveries surpassing 900,000 units [3] - Huawei Cloud introduced the CloudMatrix 384 super node, enhancing its capabilities in AI and cloud computing, which are seen as critical for future growth [4][6] Market Challenges - The overall Chinese smartphone market faced a 4.1% year-on-year decline in the second quarter of 2025, indicating potential challenges for Huawei's mobile business in the latter half of the year [2] - The automotive sector is experiencing intensified competition from new entrants like Li Auto and XPeng, which are offering high-cost performance vehicles [3] - Huawei's automotive division is under pressure to control costs, particularly with the introduction of lower-priced models [5]