Chinese tech giant Huawei Technologies has defied U.S. sanctions and reported a significant increase in profit last year, with its net profit more than doubling to 87 billion yuan ($12 billion). The company's revenue also saw a nearly 10% jump to 704.2 billion yuan ($97.4 billion), driven by strong sales and an improved product portfolio. Huawei's rotating chairman Ken Hu expressed satisfaction with the company's performance, stating, "We've been through a lot over the past few years. But through one challenge after another, we've managed to grow."

Despite being caught in the crosshairs of China-U.S. tensions over technology and security, Huawei has shifted its focus to cloud computing services and digital operations, leading to significant growth in these areas. Revenues from its cloud computing business surged almost 22% year-on-year to 55.3 billion yuan ($7.7 billion), while its consumer unit, which sells smartphones and other devices, saw a 17.3% increase in revenue.

Huawei's success has not come without controversy, as lawmakers have accused the company of posing a threat to U.S. national security. The launch of its high-end Mate 60 smartphone line, powered by an advanced chip developed with China's Semiconductor Manufacturing International Corporation (SMIC), has raised speculation about Huawei's capabilities in producing 5G chips. However, SMIC has come under scrutiny for allegedly violating U.S. sanctions by supplying chips to Huawei, prompting investigations in Taiwan as well.

Despite these challenges, Huawei remains one of the world's top spenders in research and development, investing 164.7 billion yuan ($22.8 billion) in 2023. With over half of its 207,000 employees dedicated to R&D, Huawei is committed to expanding its presence in the high-end market and delivering innovative products and services globally in the coming year.