今年上半年，华为在研发上保持了高投入，研发费用达969.50亿元，同比增长9.04%，占总营收的22.7%（研发投入强 度）。这一数据较2024年上半年增加超80亿元。同时，华为销售费用和管理费用分别同比增长11.09%和7%，达到393.76亿元和 242.03亿元。 在今年6月份举行的华为Pura 80系列及全场景新品发布会上，华为常务董事、终端BG董事长余承东曾透露，华为近十年研 发累计投入12490亿元，2024年全年研发费用更高达1797亿元，占全年收入的20.8%，累计全球有效授权专利达15万（件）。 本报记者 贾丽 8月29日下午，华为投资控股有限公司（以下简称"华为"）发布了2025年半年度报告。半年报显示，华为上半年营收 4270.39亿元，同比增长3.95%，净利润371.95亿元，同比下降32%。 截至6月末，华为总资产达1.251万亿元，总负债7121亿元，资产负债率为56.9%；货币资金1.81万亿元，经营活动现金流净 额为311.83亿元。 南京大学高性能计算中心高级工程师盛乐标对《证券日报》记者表示，华为通过持续高研发投入构筑技术护城河，为未来 增长蓄能。 当下，华为在软硬生态上 ...

Core Insights - Huawei's revenue for the first half of 2025 reached 427.04 billion yuan, marking a year-on-year increase of 3.95%, while net profit decreased by 32% to 37.195 billion yuan [1] - Research and development expenditure amounted to 96.95 billion yuan, representing a 9.04% increase and accounting for 22.7% of total revenue [1] - Despite revenue growth, Huawei's profitability is under pressure [1] Financial Overview - As of the end of June, Huawei'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% [1] - The company held cash and cash equivalents of 181 billion yuan and reported a net cash flow from operating activities of 31.183 billion yuan [1] Business Performance - Key growth areas for Huawei include smartphones, automotive, and Huawei Cloud services [1] - According to IDC, Huawei ranked second in China's smartphone market with shipments of 12.9 million units in Q1 and 12.5 million units in Q2 of 2025 [1] - As of August 25, the cumulative delivery of HarmonyOS vehicles exceeded 900,000, maintaining the highest average transaction price among Chinese automotive brands for 14 consecutive months [1] - In July, HarmonyOS vehicle sales reached 47,752 units, leading in annual cumulative sales among new force and luxury brands [1] - In April, Huawei Cloud launched CloudMatrix 384 super nodes, transitioning from server-level to matrix-level resource supply models [1]

根据最新市场数据显示，中国品牌已强势崛起，在欧洲折叠屏市场份额大幅攀升。以荣耀为例，依托 Magic V系列，其欧洲折叠屏市场份额从2023年的不足10%跃升至2024年的34%，销量暴增377%，一举 成为该地区最具影响力的折叠屏品牌之一。中国品牌的入局，为欧洲折叠屏市场竞争注入全新活力，也 将进一步提升中国折叠屏产品在欧洲市场的竞争力。 近年来，欧洲折叠屏智能手机市场增长势头迅猛。数据显示，去年该品类销量同比增幅达37%，市场潜 力持续释放。此前，三星凭借先发优势及在欧洲智能手机市场的领先地位，在折叠屏领域近乎形成垄 断。 ...

8月29日恒生指数上涨0.32%，报收25077.62点，全天南向资金通过港股通渠道合计净买入120.46亿港 元。 证券时报·数据宝统计，8月29日港股通全天合计成交金额为1809.01亿港元，成交净买入120.46亿港元。 具体来看，沪市港股通成交金额1112.66亿港元，成交净买入13.42亿港元；深市港股通成交金额696.35 亿港元，成交净买入107.04亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，国泰君安国际成交额为53.90亿港元，成交金额居 首；其次是中芯国际、阿里巴巴-W，成交金额分别为51.13亿港元、31.39亿港元。以净买卖金额统计， 腾讯控股净买入额为6.20亿港元，净买入金额居首，该股收盘股价上涨0.42%。净卖出金额最多的是小 米集团-W，净卖出13.84亿港元，收盘股价下跌0.47%。 深市港股通前十大成交活跃股中，成交额居首的是阿里巴巴-W，成交金额36.02亿港元；其次是中芯国 际、腾讯控股，成交金额分别为27.45亿港元、21.56亿港元。以净买卖金额统计，有8只股为净买入，净 买入金额最多的是腾讯控股，净买入9.64亿港元，该股收盘上涨0.42%。净卖出金额 ...

【导读】华为公布 2025 半年报：上半年营收达 4270 亿元，同比增长 3.94% ；净利润为 371 亿元，同比下降 32% 中国基金报记者 张燕北 报告显示，华为上半年营收为 4270.39 亿元，同比增长 3.95% ；净利润为 371.95 亿元， 同比下降 32% 。归母净利润为 370.54 亿元，同比下降 32.19% 。 上半年，公司研发费用投入 969.50 亿元，较去年同期的 889.09 亿元增幅为 9.04% ，占营 收的 22.7% 。同时，公司的销售费用、管理费用、财务费用同比均有所增加。 据半年报，华为上半年的 " 公允价值变动收益 " 为 -58.36 亿元，而在去年同期，该收益为 -3532.7 万元。 | 项目 | 2025年1-6月 | 2024年1-6月 | | --- | --- | --- | | 营业收入 | 427,039,035 | 410,823,227 | | 咸:营业成本 | 224,332,314 | 205,179,824 | | 税金及附加 | 2,948,775 | 3,125,464 | | 销售费用 | 39,376,170 | 35,4 ...

Group 1 - The foldable smartphone market is becoming a vibrant growth area, with a projected 37% year-on-year increase in sales in Europe for 2024 [1] - Chinese manufacturers are rapidly rising in this market, with Honor, OnePlus, and Transsion launching their own foldable smartphones, leading to Samsung's market share dropping from 98% in 2022 to 73% in 2023 [1] - Honor is recognized as the fastest-growing brand in the European foldable smartphone market, with a staggering 377% year-on-year sales growth and a market share increase to 34% [1] Group 2 - Honor's Magic V5, launched on August 28, 2025, aims to reclaim technological leadership with its lightweight design and advanced features [3] - The Magic V5 features the world's first on-device voice large model, enabling real-time translation in multiple languages without the need for internet connectivity [5] - Honor's commitment to R&D is evident, with over 70% of its global team focused on innovation, filing over 300 patents monthly, and achieving an R&D revenue ratio of 11.5% [5] Group 3 - Honor's expansion into Southeast Asia, particularly Indonesia, has resulted in a 121% year-on-year increase in smartphone shipments in Q2 [6] - The company is breaking into high-end markets with a combination of robust hardware and intelligent software, supported by a user-centered and research-driven innovation system [6] - The journey from following to leading in niche markets reflects the strategic determination of Chinese tech firms to innovate and compete globally [6]

上半年华为营收出现增长，利润同比有所下滑。 此外，鸿蒙系统也在增强生态实力。在近期做客央视财经《对话》栏目时，华为常务董事、终端BG董事长余 承东透露，鸿蒙操作系统每年投入超1万人，研发费用高达几百亿元，代码1.3亿行，其中大部分由华为自主开 发，其余来自开源生态合作伙伴。鸿蒙5终端数量已突破1000万，未来鸿蒙系统的目标是与安卓、iOS形成"三 分天下"的市场格局。 据西安交大深圳校友会消息，8月18日，西安交通大学党委书记卢建军，校长、中国工程院院士张立群带队前 往华为。华为创始人任正非表示，大学的核心使命是探索0到1的原始创新，华为公司通过开放全球产业需 求、设立专项竞赛等机制，积极与高校开展协同创新。任正非表示，中国在技术研究领域的发展步伐不可阻 挡。 | 项目 | 2025年1-6月 | 2024年1-6月 | | --- | --- | --- | | 营业收入 | 427,039,035 | 410,823,227 | | 减:营业成本 | 224,332,314 | 205,179,824 | | 税金及附加 | 2,948,775 | 3,125,464 | | 销售费用 | 39,376, ...

Group 1 - Xiaomi has initiated a recall of 146,891 units of the PB2030MI power bank due to potential safety hazards linked to a specific battery cell from a supplier [1] - YouTube has announced a continued content partnership with Fox, ensuring that Fox's channels will remain available on the YouTube TV platform [2] - Pinduoduo is recruiting talent for short drama production, indicating a move towards creating original content [2] Group 2 - Douyin E-commerce has launched a stringent quality inspection system for jewelry and gemstones, with 70% of consumers choosing to purchase these products on the platform due to the new service [3] - Kuaishou's live streamer Churui Xue achieved over 24 million viewers in her first live broadcast after taking over from Xinxuan [4] - Lei Jun announced that the beta version of Xiaomi's self-developed operating system, 澎湃OS3, is being rolled out to the first batch of devices [5] Group 3 - NVIDIA is facing a trial in California over allegations that an engineer disclosed trade secrets related to autonomous driving technology from a previous employer [6] - Leap Motor responded to rumors about FAW Group planning to acquire a stake in the company, stating that any official announcements will be made promptly [7] - Apple Store has officially launched its flagship store on Douyin Mall, allowing users to purchase Apple products directly [9] Group 4 - Hema has applied for multiple trademarks related to its rebranded community supermarket, now named "超盒算NB" [10] - Tencent Yuanbao has introduced an AI oral practice feature, providing users with a 24/7 online private tutor for English speaking [11] - Walmart plans to invest $260 million in El Salvador over the next five years to enhance its store network and logistics [12] Group 5 - Hefei Tianyao, a semiconductor materials company, has completed a multi-million A-round financing to expand production and R&D efforts [13] - The head of the National Data Bureau emphasized the ongoing development of a national data infrastructure to support digital economy growth [14] - South Korea plans to increase its trade response budget to 2.1 trillion won ($15 billion) in 2026, significantly up from previous years [15] Group 6 - The box office for the 2025 Qixi Festival has surpassed 100 million yuan, with top films including "7 Days," "Chasing the Wind," and "The Little Monster of Langlang Mountain" [16]

Core Viewpoint - The global smartphone market is experiencing a slight decline in shipments, with Africa being viewed as the last untapped market by major smartphone manufacturers. However, Transsion Holdings has reported a significant drop in revenue and net profit, marking the first decline since its IPO in 2019 [1][2]. Group 1: Company Performance - Transsion Holdings reported a revenue of 29.077 billion yuan in the first half of 2025, a year-on-year decrease of 15.86%, and a nearly 60% drop in net profit [1]. - The company attributes its performance decline to product rhythm, intense market competition, and supply chain costs, with market competition being a particularly significant factor [1][2]. - Transsion's market share in Africa has remained stable at around 50% since surpassing Samsung in 2017, but it is now facing increased competition from rivals like Xiaomi, OPPO, and others [1][2]. Group 2: Competitive Landscape - Xiaomi has rapidly increased its market share in Africa from single digits in 2019 to 14.4% by Q2 2025, positioning itself as the third-largest player behind Transsion and Samsung [2]. - The competition is intensifying, with various brands targeting both high-end and low-end segments, particularly the sub-$100 market where Transsion has traditionally dominated [3][4]. - Xiaomi's strategy includes not only competitive pricing but also better specifications at similar price points, directly challenging Transsion's product offerings [3]. Group 3: Market Expansion and Challenges - Transsion has been expanding into South Asia, Latin America, and the Middle East since 2016, with non-African markets contributing 65% of revenue by 2024 [5]. - Despite this growth, profitability in these new markets is significantly lower than in Africa, with a gross margin of 17.66% compared to 28.59% in Africa [5]. - The company is also investing in mid-to-high-end products to target the emerging middle class in new markets, with R&D spending reaching 1.362 billion yuan in the first half of 2025 [5][6]. Group 4: New Business Ventures - Transsion has been developing its electric two-wheeler business for nearly three years, launching the TankVolt brand in Uganda and expanding into other African countries [6]. - In 2025, the company partnered with ZMC Solar Energy to enter the energy storage market in Iraq, indicating a diversification strategy beyond smartphones [6].

小米澎湃 OS 3 正式发布 追觅官宣「跨界」进军汽车领域 OpenAI 发布语音 Agent 多模态模型 理想自研智驾芯片被曝上车路测 全球 AI 百大应用榜：ChatGPT 王座不保 AI 教父辛顿：我们要唤醒 AI 的「母性本能」 特斯拉新车预告，或为高性能版 Model Y 迷你版 LABUBU 被吐槽「做工差」，但 60 秒售罄 《F1：狂飙飞车》密钥再延期 小米澎湃 OS 3 正式发布 8 月 28 日，小米于北京召开主题为「事事顺心」的小米澎湃 OS 3 发布会，正式发布小米澎湃 OS 3。 据悉，本次澎湃 OS 3 将全场景 CPU 执行指令数最高降低 4%，CPU 能效最多优化 10%；同时，窗口动画丢帧率降低 18.9%，桌面图标渲染负载最多降低 60%。 值得一提的是，小米澎湃 OS 3 将焦点通知与设备通知进行融合，推出「小米超级岛」，方便用户一目了然地看到正在发生的重要信息。 同时小米超级岛行业首创推出下拉小窗及拖拽分享功能，可将滴滴行程信息及时分享微信好友，实现即用即走、顺滑自然的使用体验，为通知信息提供了创 新性的解决方案。 互联方面，小米澎湃 OS 3 强大的跨端互联能力实现小 ...