华为暴跌32%！

Core Viewpoint - Huawei's significant decline in net profit by 32% in the first half of the year is attributed to multiple complex factors, including high R&D investments and substantial losses from fair value changes in financial assets [2][4]. Financial Performance Summary - Huawei reported a revenue of 427.04 billion yuan in the first half of 2025, compared to 410.82 billion yuan in the same period of 2024, indicating a growth [5]. - The company's net profit for the first half of 2025 was 37.20 billion yuan, down from 54.86 billion yuan in the first half of 2024 [5]. - R&D expenses reached 96.95 billion yuan, a 9.04% increase year-on-year, representing 22.7% of total revenue [4][5]. - Fair value changes resulted in a loss of 58.36 billion yuan, significantly impacting net profit [4]. Strategic Focus - Huawei is prioritizing long-term core competitiveness over short-term profit, viewing R&D as a lifeline amid external chip supply constraints [6]. - The company is implementing systematic innovations in key areas such as artificial intelligence, cloud computing, and smart driving, aiming to build a technological moat for future global competition [6].