ZTE posted revenue of RMB 71.55 billion (US$9.83 billion) for the first half of 2025, marking 14.5% year-on-year growth, as the company accelerated execution of its “Connectivity + Computing” strategy and deepened AI-ICT integration. Net profit attributable to shareholders reached RMB 5.06 billion (US$695 million), down nearly 12% from H1 2024, reflecting margin pressure from higher R&D and scaling costs in its AI-driven businesses.
The company’s “second-curve” business—covering computing power and terminals—nearly doubled year-on-year, contributing over 35% of total revenue. Government and enterprise revenue surged 109.9% year-on-year, making it ZTE’s fastest-growing segment, while consumer business rose 7.6% and now represents over half of total revenue together with government and enterprise. International sales grew 7.8% to RMB 20.93 billion (US$2.87 billion), while domestic revenue climbed 17.5% to RMB 50.62 billion (US$6.95 billion). R&D expenses totaled RMB 12.66 billion (US$1.74 billion), or 18% of operating revenue.
Looking at the longer arc, ZTE’s revenue grew from RMB 101.45 billion (US$13.94 billion) in 2020 to a peak RMB 124.25 billion (US$17.06 billion) in 2023, before easing 2.4% to RMB 121.30 billion (US$16.65 billion) in 2024. Net profit increased from RMB 4.26 billion (US$585 million) in 2020 to RMB 9.33 billion (US$1.28 billion) in 2023, then slipped 9.8% to RMB 8.42 billion (US$1.15 billion) in 2024. The first half of 2025 shows revenue re-acceleration but profit compression, consistent with heavier investment and a strategic pivot to AI infrastructure and devices.
“We are committed to leading in connectivity and intelligent computing, advancing AI for All through extensive collaboration and open cooperation,” ZTE stated.
🌐 Analysis: ZTE’s revenue trajectory shows a steady rise through 2023, a pullback in 2024, and a strong rebound in 2025 driven by AI-linked businesses. The five-year pattern reveals rising revenue but fluctuating margins, underscoring the company’s deliberate shift from telecom-operator dependence toward computing and terminals. The H1 2025 profit contraction reflects rising R&D intensity and strategic investment, suggesting ZTE is prioritizing long-term competitiveness in AI infrastructure and devices over near-term profitability—a trend mirrored by peers like Huawei and Lenovo.| Year | Revenue (RMB bn) | Revenue (US$ bn) | Net Profit (RMB bn) | Net Profit (US$ bn) |
|---|---|---|---|---|
| 2020 | 101.45 | 13.94 | 4.26 | 0.59 |
| 2021 | 114.50 | 15.74 | 6.80 | 0.93 |
| 2022 | 122.95 | 16.90 | 8.08 | 1.11 |
| 2023 | 124.25 | 17.06 | 9.33 | 1.28 |
| 2024 | 121.30 | 16.65 | 8.42 | 1.15 |
| Period | Revenue (RMB bn) | Revenue (US$ bn) | Net Profit (RMB bn) | Net Profit (US$ bn) |
|---|---|---|---|---|
| H1 2024 | 62.49 | 8.57 | 5.73 | 0.79 |
| H1 2025 | 71.55 | 9.83 | 5.06 | 0.70 |
