PRESS RELEASE: ZTE Corporation reported full-year revenue of RMB 121.30 billion for 2024.
According to the company, during the period, net profit attributable to holders of ordinary shares amounted to RMB 8.42 billion, while net profit after extraordinary items attributable to holders of ordinary shares reached RMB 6.18 billion. Basic earnings per share were RMB 1.76. Net cash flows from operating activities totaled RMB 11.48 billion.
Meanwhile, the company proposed cash dividends for 2024, representing 35% of net profit attributable to holders of ordinary shares.
In 2024, the external environment remained complex and volatile, marked by adjustments in industry investment structures. Meanwhile, the application of technologies such as artificial intelligence, large models, 5G-A, and all-optical networks injected fresh momentum into the industry, leading to the emergence of new applications and business models.
In response to the complex environment and changes in the ICT industry structure, ZTE has solidified its position in the network industry while actively embracing the AI wave, focusing on the main track of computing power. In 2024, the company’s R&D expenses totaled RMB 24.03 billion, accounting for approximately 20% of revenue.
ZTE has meticulously cultivated the operator market, accelerated the expansion of its government and enterprise, and consumer businesses, enhanced operational efficiency, and strengthened business resilience to achieve steady growth. In 2024, the company’s domestic market revenue reached RMB 82.01 billion, accounting for 67.6%, while its international market revenue totaled RMB 39.29 billion, accounting for 32.4%. Revenue from the operator network, government and enterprise, and consumer businesses amounted to RMB 70.33 billion, RMB 18.56 billion, and RMB 32.41 billion, respectively, with revenue shares of 58.0%, 15.3%, and 26.7%. The revenue structure across the three business segments continued to optimize, with revenue from government and enterprise, and consumer businesses experiencing rapid growth.
In terms of the operator network, the domestic market maintained a stable market share. However, due to the overall investment environment, revenue faced pressure. The company has continued to enhance its intelligent computing solutions, accelerating the transition from full connectivity to a “connectivity + computing power” model, thereby expanding its market opportunities. Revenue from the international market grew steadily, with a stable increase in market share from traditional businesses. In the domain of new business, sectors such as data centers and new energy achieved scalable deployment.
For the government and enterprise business, the company increased its R&D investment to enhance the competitiveness of products such as servers, storage, data center switches, and other data center products. This scale expansion has allowed the company to enter the ranks of leading companies in sectors such as internet, finance, and power, driving a 36.7% year-on-year growth in government and enterprise business revenue.
For the consumer business, the company expanded its portfolio of AI-powered terminals across various forms. Revenue from home terminals, smartphones and mobile internet products all achieved growth, driving a 16.1% year-on-year increase in consumer business revenue. Revenue from smartphones, in particular, saw a more than 40% year-on-year increase.
The company seized opportunities in 5G-A and all-optical network development, as well as the diversified intelligent computing ecosystem, the integration of AI technology with terminals, and the green energy industry. Through technological innovation, it provided competitive products and services to global customers.
In the connectivity domain, ZTE continued to strengthen its core competitiveness in both wireless and wired products. The company ranked second globally in cumulative shipments of 5G base stations and 5G core networks for five consecutive years. Its RAN, 5G core network, optical access, and optical transport products were rated as industry leaders by major consulting firms.
ZTE also made significant strides in 5G-A technology, completing over 100 low-altitude sensing and communication pilots across 25 provinces and cities. In all-optical networks, the company built the first inter-provincial 400G OTN backbone network, connected national computing hubs, and achieved large-scale commercial shipments of 800G pluggable OTN ports. Meanwhile, ZTE’s 50G PON solution was piloted by more than 50 operators worldwide, accelerating its commercial maturity and delivering a 10G experience.
In the field of computing power, the company fully initiated the expansion of its intelligent computing business across “intelligent computing infrastructure and platform technologies, large models and applications, and ecosystem development”, providing customers with full-stack, all-scenario intelligent computing products.
In the terminal field, the company actively enhanced its product competitiveness in the personal and home markets. Its home terminal products achieved annual shipments surpassing 100 million units, maintaining the global market leader position for four consecutive years. The annual shipment of FTTR and mobile internet products each exceeded 10 million units. Additionally, ZTE maintained the global market share leader position in 5G FWA & MBB. The company innovated in technologies like AI, under-display camera and eyewear-free 3D, launching various innovative terminal devices. nubia accelerated its global expansion, reaching over 30 countries, while REDMAGIC gaming smartphones ranked first in global sales. ZTE also deepened collaborations in automotive electronics with leading car manufacturers, focusing on chips, automotive operating systems, and modules.
In the digital energy domain, the company continued to expand its business boundaries, achieving rapid growth. In the data center sector, the company actively explored emerging markets such as Thailand and Central Asia, with overseas orders increasing by more than 100% year-on-year. In the communication energy sector, it provided power supply support for 850,000 5G base stations globally, and the shipment of lithium batteries grew by over 30%. Domestically, the company’s photovoltaic solutions for sites made breakthroughs with several operators. In the international market, ZTE achieved breakthroughs across the full range of products, including power supplies, batteries, and site photovoltaic solutions, with tower company orders increasing by 60% year-on-year.
Moving forward, ZTE will continue to embrace AI, strengthening its core capabilities in the “network-computing-terminal-energy” domain. By establishing an agile organization, the company aims to enhance both efficiency and effectiveness. ZTE will also collaborate with global partners to shape a sustainable future that is highly efficient, green, and intelligent.