Chinese tech giant Huawei generated 862.1 billion yuan (about 120.1 billion U.S. dollars) in sales revenue in 2024, up from 704.2 billion yuan the previous year, according to its 2024 annual report released on Monday.

The company generated 62.6 billion yuan in net profits last year, the report said, adding the company's performance was in line with forecast.

In 2024, Huawei invested 179.7 billion yuan back into research and development (R&D), which accounted for approximately 20.8 percent of its annual revenue. Altogether, the company's R&D investment over the past decade exceeded 1.249 trillion yuan, according to the annual report.

As of Dec. 31, 2024, the company's R&D workforce comprised approximately 113,000 employees, accounting for 54.1 percent of the total staff. Huawei holds over 150,000 valid authorized patents worldwide, according to statistics as of the end of last year.

The report showed highlights in the tech giant's performance. With 10 years of preparation in the computing domain, the company was able to seize new opportunities in AI and achieve substantial growth, it said.

Huawei devices are now back in the fast lane, with historic breakthroughs in HarmonyOS ecosystem development, it added. HarmonyOS, or Hongmeng in Chinese, is an open-source operating system developed by Huawei. Moreover, Huawei's intelligent automotive solutions turned a profit in 2024 for the first time.

Huawei will continue to open up its platform capabilities to ecosystem partners and provide developers with easy-to-use tools and products in domains like HarmonyOS, Kunpeng, Ascend, and cloud computing, said Meng Wanzhou, the company's rotating chairwoman.

Based in Shenzhen, Huawei is a leading global provider of information and communication technology (ICT) infrastructure and smart devices. Since 2021, Huawei's revenue has experienced year-on-year growth, achieving global sales revenues of 636.8 billion yuan in 2021, 642.3 billion yuan in 2022, and 704.2 billion yuan in 2023.