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Huawei 2020 Annual Report: Net profit up by 3.2% YoY despite US sanctions

Huawei released its 2020 Annual Report on 1st April 2021. Growth slowed, but the company’s business performance was largely in line with the forecast. Huawei’s sales revenue in 2020 rounded off at CNY891.4 billion, up 3.8% year-on-year, and its net profit reached CNY64.6 billion, up 3.2% year-on-year.

Despite operational difficulties brought about by US sanctions in 2019 and 2020, Huawei has continued to invite KPMG to independently and objectively audit our financial statements. The document produced by KPMG is a standard unmodified audit opinion. No matter the circumstances, we will continue to embrace transparency by disclosing operational data to governments, customers, suppliers, employees, and partners.

“Over the past year we’ve held strong in the face of adversity,” said Ken Hu, Huawei’s Rotating Chairman. “We’ve kept innovating to create value for our customers, to help fight the pandemic, and to support both economic recovery and social progress around the world. We also took this opportunity to further enhance our operations, leading to a performance that was largely in line with forecast.

In 2020, Huawei’s carrier business continued to ensure the stable operations of more than 1,500 networks across more than 170 countries and regions, which helped support telework, online learning, and online shopping throughout COVID-19 lockdowns. Working together with carriers around the world, the company helped provide a superior connected experience and moved forward with more than 3,000 5G innovation projects in over 20 industries like coal mining, steel production, ports, and manufacturing.

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Over the past year, Huawei’s enterprise business stepped up efforts to develop innovative scenario-based solutions for different industries and create a digital ecosystem that thrives on joint creation and shared success.

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Huawei AI-assisted diagnostic solution for COVID-19

During the pandemic, Huawei provided technical expertise and solutions that were vital in the fight against the virus.

One example is an AI-assisted diagnostic solution based on HUAWEI CLOUD that helped hospitals the world over reduce the burden on their medical infrastructure. Huawei also worked with partners to launch cloud-based online learning platforms for more than 50 million primary and secondary school students.

HarmonyOS

With the rollout of HarmonyOS and the Huawei Mobile Services (HMS) ecosystem, Huawei’s consumer business moved forward with its Seamless AI Life strategy (“1 + 8 + N”) to provide consumers with an intelligent experience across all devices and scenarios, focusing on smart office, fitness & health, smart home, easy travel, and entertainment.

“We will continue to work closely with our customers and partners to support social progress, economic growth, and sustainable development.”

All financial statements in the 2020 Annual Report were independently audited by KPMG, an international Big Four accounting firm.

To download the 2020 Annual Report, visit https://www.huawei.com/en/annual-report/2020

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