解读华为2025半年报：研发创下新高，利润为什么减少了

Core Viewpoint - Huawei's half-year report indicates a revenue increase of 3.95% year-on-year, reaching 427.04 billion yuan, while net profit decreased by 32% to 37.20 billion yuan, primarily due to rising costs and fluctuations in financial asset valuations [3][5][8]. Financial Performance - Huawei's revenue for the first half of 2025 was 427.04 billion yuan, compared to 410.82 billion yuan in the same period of 2024, marking a growth of 3.95% [7]. - The company's net profit for the first half of 2025 was 37.20 billion yuan, down from 55.10 billion yuan in 2024, reflecting a decline of 32% [5][7]. - Research and development (R&D) expenses reached 96.95 billion yuan, up 9.04% year-on-year, accounting for 22.7% of total revenue [3][7]. Cost Analysis - Operating costs for the first half of 2025 were 224.33 billion yuan, an increase of 9.33% from 205.18 billion yuan in 2024, indicating that cost growth outpaced revenue growth [8]. - Non-operating factors, such as a fair value change loss of 5.84 billion yuan, significantly impacted net profit [8]. Business Segments - Huawei's main business segments include ICT infrastructure, terminal business, cloud computing, digital energy, and intelligent automotive solutions, with the terminal and connectivity sectors being key revenue drivers [8][9]. - The automotive business saw significant growth, with a reported revenue increase of 4.7 times in 2024 and over 900,000 units delivered by August 2025 [9][10]. Market Position - Huawei regained the top position in China's smartphone market with a 18.1% market share in Q2 2025, selling 12.5 million units [10]. - The HarmonyOS ecosystem has over 12 million devices, with a goal to match the scale of Android and iOS ecosystems by the end of the year [10]. Strategic Focus - Huawei is focusing on artificial intelligence and computing technologies, with a recent organizational restructuring in its cloud division to enhance resource allocation towards AI and computing [11][12]. - The company aims to build a robust foundation in core technologies, emphasizing long-term growth over short-term gains [12].