Chinese tech giant Huawei released its 2019 Annual Report today (audited by KPMG). The company saw its global sales revenue in 2019 topped RMB858.8 billion ($120.98 billion), up 19.1% year-on-year. Its net profit reached RMB62.7 billion ($8.83 billion); Its cash flow from operating activities was RMB91.4 billion ($12.88 billion), up 22.4% year-on-year. As part of a long-term, ongoing investment in technological innovation and research, Huawei invested 15.3% of its 2019 revenue – or RMB131.7 billion ($18.55 billion) – back into R&D. Its total R&D spend over the past decade now exceeds RMB600 billion ($84.53 billion).

"2019 was an extraordinary year for Huawei," said Eric Xu, Huawei's Rotating Chairman. "Despite enormous outside pressure, our team forged ahead with a singular focus on creating value for our customers. We worked hard to earn their respect and trust, as well as that of our partners around the globe. Business remains solid."

Huawei's carrier business led the commercial rollout of 5G networks in 2019. To further commercial adoption and promote new innovation in 5G applications, the company established 5G joint innovation centers together with carriers worldwide. Huawei's RuralStar base station solutions can effectively address coverage problems in remote areas. These solutions are being used in over 50 countries and regions, bringing mobile Internet to more than 40 million people living in remote areas. In 2019, sales revenue from Huawei's carrier business reached RMB296.7 billion ($41.85 billion), up 3.8% year-on-year.

Huawei saw its total smartphone shipments topped 240 million throughout 2019. Sales revenue from Huawei's consumer business reached RMB467.3 billion ($65.92 billion) in 2019, up 34% year-on-year.

"The external environment will only get more complicated going forward," Xu said. "We need to keep enhancing the competitiveness of our products and services, promoting open innovation, and creating greater value for our customers and society at large. This is the only way we can seize the historic opportunities presented by the digital and intelligent transformation of industries, and maintain robust growth in the long run."