HUAWEI Group's annual revenue for 2016 was CNY521.6 billion ($75.1 billion), an increase of 32% over 2015. Net profits were CNY37.1 billion ($5.3 billion), an increase of 0.4%. In 2016, Huawei continued to invest in the future, with the company›s annual spending on research and development reaching CNY76.4 billion ($11 billion). Its audited financial results for 2016 showed that its Carrier, Enterprise, and Consumer business groups (BGs) each achieved solid year-on-year growth. Eric Xu, Huawei Rotating CEO, said "in 2016, Huawei maintained its strategic focus and achieved solid growth. As humanity continues to explore and make new breakthroughs in the digital world, digitization and increasing intelligence present huge business opportunities for all industries, and are also paving the road for new growth for the ICT industry. We will stay customer-centric and will support digital transformation in all industries, in order to create value for our customers and to grow sustainably." In 2016, Huawei›s Carrier BG generated CNY290.6 billion ($41.8 billion) in revenue, an increase of 24% year-on-year. This was achieved by focusing on digital transformation and leveraging major opportunities in cloud, video, the Internet of Things, and operations transformation for carrier customers. Working in close collaboration with its partners, Huawei›s Enterprise BG delivered ICT infrastructure to support the digital transformation of key vertical industries, including finance, energy, government bodies, and public safety. This business generated CNY40.7 billion ($5.9 billion) in annual revenue, an increase of 47%. Thanks to its increasingly innovative products and growing global recognition as a premium device brand, Huawei›s Consumer BG shipped 139 million smartphones during 2016, and reported CNY179.8 billion ($25.9 billion) in annual revenue, up 44%. Sabrina Meng, Huawei›s CFO, noted: "Huawei was operationally healthy in 2016, with ample cash reserves, a solid and sustainable capital structure, and high resilience against risk. In 2017, we will continue to boost the efficiency and quality of our operations to ensure solid growth."
