Huawei today announced its 2020 financial report. The report shows that the performance growth rate has slowed down, but the business expectations have been basically met. Sales revenue was 891.4 billion yuan, a year-on-year increase of 3.8%, and net profit was 64.6 billion yuan, a year-on-year increase of 3.2%.
The financial report shows that in 2020, Huawei received a deposit of 10 billion yuan for the sale of Honor. The financial report mentioned that in 2020, Huawei and Shenzhen Zhixin New Information Technology Co., Ltd. reached an agreement to sell all the glory business to Shenzhen Zhixin.
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The 100% equity of Glory was changed to Shenzhen Zhixin on November 17, 2020. The delivery of related assets shall be completed no later than June 30, 2021. As for the sale of Honor, Huawei received a sales deposit of 10 billion yuan, which has been incorporated into the 2020 financial report.
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