Group 1 - ZTE Corporation's stock price dropped by 13.08% to HKD 27.50 per share due to a "black swan" event related to compliance investigations by the U.S. Department of Justice [3] - The company is in communication with the U.S. DOJ regarding compliance with the Foreign Corrupt Practices Act and is committed to maintaining its rights through legal means [3] - ZTE emphasizes its commitment to strengthening its compliance system and has a zero-tolerance policy towards corruption [3] Group 2 - Huayuan Securities has given ZTE a "buy" rating, projecting revenues of RMB 138.48 billion, RMB 156.64 billion, and RMB 174.41 billion for 2025 to 2027, with corresponding net profits of RMB 83.80 billion, RMB 89.37 billion, and RMB 103.79 billion [3] - The projected price-to-earnings ratios for ZTE are 17.57, 16.45, and 14.17 for the years 2025 to 2027 [3] - ZTE's core growth is expected to come from its computing business benefiting from the AI wave, with differentiated product advantages in its terminal business [4] Group 3 - The Hong Kong Stock Exchange appointed Graeme Farrell as the Group Chief Risk Officer, effective January 12, 2026, succeeding Richard Wise [5] - Farrell will oversee the risk management department, including credit and quantitative analysis, technology risk management, and enterprise risk management [6] - The CEO of the Hong Kong Stock Exchange highlighted Farrell's extensive international experience in risk management as a significant asset for enhancing market vitality and liquidity [6]

Core Insights - Huawei's 2024 annual report shows that the company achieved global sales revenue of 862.1 billion yuan and a net profit of 62.6 billion yuan, aligning with expectations [1] - The company invested 179.7 billion yuan in R&D, accounting for approximately 20.8% of total revenue, with cumulative R&D expenditures exceeding 1.249 trillion yuan over the past decade [1] Revenue Breakdown - The ICT infrastructure business generated revenue of 369.9 billion yuan, a year-on-year increase of 4.9% [2] - The terminal business reported revenue of 339 billion yuan, growing by 38.3% [2] - Cloud computing business revenue reached 38.5 billion yuan, up 8.5% [2] - Digital energy business revenue was 68.7 billion yuan, increasing by 24.4% [2] - The intelligent automotive solutions business saw significant growth, with revenue of 26.4 billion yuan, a remarkable increase of 474.4% [2] - Other businesses contributed 19.6 billion yuan, reflecting a growth of 79% [2] - Overall revenue for Huawei increased by 22.4% compared to 2023 [1] Workforce and Innovation - As of December 31, 2024, Huawei employed approximately 113,000 R&D staff, making up 54.1% of the total workforce [1] - The company holds over 150,000 valid authorized patents globally [1] Strategic Focus - Huawei's leadership emphasized the importance of quality in operations and products, aiming to enhance quality competitiveness in 2025 [2] - The company is committed to strengthening its ecosystem, focusing on open collaboration and providing developers with user-friendly tools and products [2] - The rapid development of Huawei's cloud, Kunpeng, Ascend, and Harmony ecosystems was highlighted, with significant numbers of developers and partners engaged [5] - Huawei is dedicated to network security and privacy protection, aiming to build robust capabilities through management optimization and technological innovation [5]