华为，最新业绩来了！

Core Viewpoint - Huawei reported its 2025 semi-annual results, showing a revenue of 427 billion yuan, a year-on-year increase of 3.94%, while net profit decreased by 32% to 37.1 billion yuan [1][3]. Financial Performance - Revenue for the first half of the year reached 427.39 billion yuan, reflecting a 3.95% increase compared to the previous year [3]. - Net profit was reported at 37.195 billion yuan, marking a 32% decline year-on-year [3]. - Research and development expenses amounted to 96.95 billion yuan, up 9.04% from 88.91 billion yuan in the same period last year, representing 22.7% of total revenue [3]. - The company'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% [4]. - Cash flow from operating activities was 31.183 billion yuan, an increase of 24.15% from 25.118 billion yuan in the previous year [4]. Market Position - Huawei regained the top position in the Chinese smartphone market with a shipment of 12.5 million units, capturing an 18.1% market share, despite a year-on-year decline of 3.4% [7][8]. - The overall smartphone market in China saw a shipment decline of 4.1% in the second quarter of 2025, with competitors like Vivo and OPPO also experiencing significant drops in shipment volumes [8]. Organizational Changes - Huawei announced a large-scale organizational restructuring within its cloud business unit, affecting numerous lower-level departments and potentially impacting over a thousand employees [5]. - The restructuring will focus on core teams related to product development, public cloud services, and research and development [5].