Huawei Chairman Liang Hua disclosed on Wednesday that the company's sales revenue for the full year of 2024 exceeded 860 billion yuan (about US$118.1 billion).

Speaking at a conference organized by the Guangdong Provincial Government on Wednesday, Liang said that 2024 was a challenging year and Huawei's overall operations met expectations.

Specifically, the ICT (information and communications technology) infrastructure business remained solid, the consumer business returned to growth, and the smart car solutions business developed rapidly.

In his speech at the site, he specifically mentioned that Huawei's annual sales revenue for 2024 exceeded 860 billion yuan, an increase of more than 22% compared to 704.2 billion yuan in 2023.

With 860 billion yuan as a comparison, Huawei's revenue last year would exceed 858.8 billion yuan in 2019, second only to 891.4 billion yuan in 2020.

At the end of October last year, Huawei announced its financial results, showing that its revenue in the first three quarters of 2024 was 585.9 billion yuan, a year-on-year increase of 29.5%; its net profit attributable to the parent company was 62.87 billion yuan, a year-on-year decline of 13.7%.

On this basis, Huawei's revenue in the fourth quarter of last year would have exceeded 274.1 billion yuan, up 10.7% year-on-year.

And Huawei's exact performance in 2024 will be based on the audited financial statements that Huawei will subsequently publish, according to Chinese media outlet Securities Times, citing people familiar with the matter.

The recovery of the terminal business has provided a key boost to Huawei's growth in the past two years, with the launch of a number of new handsets such as the Mate 60.

Richard Yu, chairman of Huawei's terminal BG, wrote in an all-employee letter in January, "After five consecutive years of sanctions, Huawei's terminal business returned to the fast lane of growth in 2024."

A Counterpoint report showed that in the fourth quarter of 2024, Huawei beat Xiaomi and Apple to return to the top of the Chinese smartphone market with an 18.1% share.

Notably, this is the first time since the U.S. ban that Huawei has regained leadership of the Chinese smartphone market.