Huawei Technologies’ consumer revenue jumped 38 percent last year, marking the company’s success in overcoming US sanctions through the use of self-designed hardware components, the firm said in newly disclosed figures.

Revenue from the consumer unit, which includes smartphones, grew to 339 billion yuan ($46.7bn, £36bn), contributing to a total 22 percent revenue rise for the year, Huawei said.

Huawei benefited from the relaunch of its high-end smartphones using self-designed processors and 5G chips in 2023, which gathered pace last year, as well as Chinese government programmes to boost consumption.

Smartphone comeback

Chinese consumers have flocked to Huawei since its smartphone comeback with the Mate 60 in 2023, boosting a domestic brand amidst geopolitical tensions.

Huawei’s total annual revenue reached 862.1bn yuan for the year, its second-highest on record, marking the success of its adaptation to successive rounds of US sanctions imposed since 2019.

The privately held company regularly discloses financial information.

“In 2024, the entire team at Huawei banded together to tackle a wide range of external challenges, while further improving product quality, operations quality, and operational efficiency,” said rotating chair Meng Wanzhou in a statement.

She added that performance was in line with expectations.

Meng, the daughter of Huawei founder and chief executive Ren Zhengfei, is no stranger to geopolitical tensions, having been held under house arrest in Vancouver for three years until she was finally allowed to return to China under a September 2021 deal with the Biden administration.

She was initially arrested in December 2018 under the Trump administration, which returned to power in January.

Electric cars

Huawei’s information and communications technology infrastructure segment, which includes its carrier and enterprise business, recorded a 5 percent revenue increase to 369.9bn yuan, its largest revenue stream.

Revenue from the company’s relatively new intelligent automotive business grew nearly five times to 26.4bn yuan, posting an annual profit for the first time.

Huawei began sales of Aito-branded electric cars with manufacturing partner Seres in March 2022 and saw revenues surge after it launched revamped vehicles in late 2023.

Huawei’s net profit declined 28 percent year-on-year to 62.8bn yuan, due to increased future-oriented investments and no gains from the sale of businesses.