The company published the Q3 2024 financial report. It shows Huawei’s overall sales and profit journey over the past nine months. While the tech giant has scored well in the sales section, it has significantly dropped in net profit this time.

Huawei sales jumped 16% (YoY) to $23.7 billion (168.4 billion yuan) in September 2024. The total revenue in the first three quarters is 585.9 billion yuan.

Last year, the company made a sales revenue of 452.3 billion yuan, in the same period. This time, Huawei grew by 29.5% achieving big success in sales.

Although the company’s net profit has slightly declined compared to 2023. Huawei has posted a drop of 13.7% in 9-month net profit. The tech giant has earned 62.87 billion yuan ($8.83 billion) in the first three quarters of 2024. Whereas, last year’s profit was 72.89 billion yuan ($10.23 billion).

The company shared its financial report via the Shanghai Clearing House website. It hasn’t revealed the breakdown of its sales hike or net profit drop. Yet the figure shows that Huawei has to work more to fight against its rivals in the market.

Huawei reports sales jump of 16% in first three quarters this year (Image Credits: Bloomberg)

A recent report by IDC highlighted a 42% shipment growth of Huawei’s smartphones. Meanwhile, the demand for Ascend AI chips is gradually increasing in China as an alternative to Nvidia processors. The tech maker is also expanding its smart car solution business with advanced techs and more partners.

These seem some of the reasons behind Huawei sales growth of 16% in the first three quarters. Speaking of R&D investment, the company has raised the R&D expenses to 127.412 billion yuan. It is a year-on-year increase of 10.80% and accounts for 21.75% of the revenue. The only lag is net profit with a 13.2% margin.

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A new report by RUNTO Technology reveals the growth of the Chinese wearable market in Q3 2024. It listed the top five rankers and their progress in this report.

Inputs highlight that Huawei has topped the Chinese wearable market in Q3 2024. The company achieved 30.9% of the market share, 10% more than Apple.

The tech giant sold around 2.083 million units in the first three quarters of this year. The figure has ultimately increased the company’s year-on-year sales revenue by 23.5% and made it sit at the top of the Chinese smartwatch market.

Huawei has unveiled dynamic wearables this year alongside new color variants. Watch GT 5 series is the latest example and comes with the all-new TruSense system.

It is also the first to feature the HarmonyOS 5.0 software and smarter functionalities than its predecessors. These points helped the respective wearable models to grab consumers’ attention and support in the Chinese smartwatch market.

Q3 2024 Chinese wearable market report (Image Credits: MyDrivers)

Other competitors

Apple ranked second with 20.9% of the market share. But it has fallen by 29.4% YoY in online sales. Xiaomi grabbed the third position with a huge annual growth rate of 108.3%. It owns 10.3% of the Chinese wearable market in Q3 2024.

Honor and Vivo appear in the fourth and fifth places respectively. The former holds a 3.2% market share whereas the latter has a 2.2% market share. Vivo has progressed by 207.9% YoY in smartwatch sales in the third quarter of this year.

Note that most of the sales have been made on the traditional e-commerce channels. In Q3 2024, the Chinese wearable market shipped 30.181 million units (an increase of 22.6% YoY) and earned a sales revenue of 17.34 billion yuan (a hike of 2.5% YoY).

The shipment figure is expected to increase up to 43 million units by the end of this year.

Huawei Watch GT 5 Series (Image Credits: Huawei/X)

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The Chinese smartphone market report by Canalys shows that Huawei has sold 10.8 million units in Q3 2024. It obtained the second spot with a 16% market share.

Last year (same period), the company shipped 8.7 million smartphone units, capturing 13% of the market share. This time, Huawei earned a hike of 2.1 million units.

These achievements ultimately raised the company’s annual growth rate by 24%. According to the report, Huawei’s overall progress has been driven mainly by an active channel strategy to support its newly launched flagship products.

Canalys further notes that the world’s first triple foldable – Mate XT has also contributed to the company’s smartphone sales revenue. The tri-fold resulted in huge excitement among consumers for the upcoming Mate 70 lineup.

One of the Canalys Research Analysts – Lucas Zhong says:

“Huawei’s Mate XT Ultimate, released in September, sparked discussions about tri-fold, driving attention to its coming Mate series.”

Lucas adds that Huawei, Honor, and other Chinese tech makers have now entered the AI phase with smarter features. These additions aim to enhance user experiences.

Q3 2024 Chinese smartphone market report (Image Credits: Canalys)

Apart from Huawei, vivo remains at the top with a shipment of 13 million units. Honor ranked third and sold 10.3 million phones but declined from the last year’s figure. Xiaomi is in fourth place and sold 10.2 million units, achieving a 15% market share.

Apple is standing in fifth position with 10 million unit shipments and has obtained 14% of the market share. But the annual progress dropped by 6%. Good news is iPhone 16 series is performing well in the Chinese market despite AI-less features.

The overall Chinese smartphone market in Q3 2024 has sold 69.1 million units, an increase of 4% YoY. The respective sector is in its most active period of the year and may show new increments in the next quarter of 2024.

Q3 2024 Chinese smartphone market report (Image Credits: Canalys)

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Counterpoint released the Q3 2024 Chinese smartphone listing today with an increment of 2.3% YoY. The top 3 rankers in this report are Vivo, Huawei, and Xiaomi.

Huawei ranked second in the Q3 2024 Chinese smartphone report, thanks to the Pura 70 and Mate 60 series. Counterpoint notes that the company has a strong foothold in the market. With constant determination, the firm achieved 30% YoY growth.

The report further states that the Pura 70 and Mate 60 series eventually contributed the most to Huawei’s sales this time. Launched last year, the Mate 60 Pro is still an in-demand product among consumers for its amazing features.

Pura 70 series on the flip side, is a major attraction point in the market. Its trendy design, camera capabilities, AI features, the Kirin 9010 5G chip, and satellite functions have boosted its shipment to 6.5 million units in just six months.

The popularity of both the lineups reflects Huawei’s strong presence in the Chinese premium smartphone segment. The company holds 16.4% of the market share and sits at the second position with an increase of 29.7% in the annual growth rate.

As per a previous report, Pura 70 and Mate 60 series also helped Huawei to outpace Apple in the Chinese smartphone market for the third quarter of this year.

Q3 2024 Chinese smartphone market ranking report (Image Credits: Counterpoint)

Huawei even reduced prices of the Pura 70 and Mate 60 series following the Mate 70 series launch preparations. The devices are available at a low cost under the Double 11 sale event as well as the VMall.

Other Rankers

Speaking of other rankers, Vivo is currently leading in the Chinese market with a 10.1% YoY growth and 19.2% market share. Xiaomi took the third spot with a progress rate of 13.4%. The credit goes to the Redmi K series and Mi smartphones.

Honor and OPPO grabbed fourth and fifth positions respectively with a significant downfall. Meanwhile, Apple is standing in the sixth spot with a 2.6% decline in growth rate. Although the company is expected to rise soon in the Chinese market.

Counterpoint adds that more than 70% of the iPhone 16 series sales came from the Pro and Pro Max models, as of October 8. This trend could lead to a boost in the company’s revenue in the time ahead.

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IDC recently released the Q3 2024 Chinese smartphone market report. It’s an analysis of how tech vendors performed in sales for the third quarter of this year.

Speaking of the top three rankers of the market in Q3, Vivo grabbed first place whereas the iPhone maker and Huawei ranked second and third respectively.

Apple has been edged out from the top 5 Chinese phone listing last time. But somehow, it has entered the space again. That could be due to the iPhone 16 series glowtime. Despite a comeback, the company faced a 0.3% decline in sales.

Huawei on the flip side, continued to roar in smartphone sales and surpass Apple in China. The company occupies 15.3% of the market share while its shipment progress has increased by 42.%. It is ahead of Apple sales in the third quarter, this year.

Regardless of a spot ahead, Apple is suffering in the Chinese smartphone market. Why so? Well, here are the reasons that summarize the fall of the iPhone maker.

1. Huawei Pura 70 series: A creative invention!

The flagship lineup launched in April this year. The name itself created a huge buzz among consumers as they were expecting the “P-70”. Another amazing part is the camera design. Unlike the P60, the Pura 70 adopted a new triangular lens framework.

Retractable lens of Pura 70 Ultra gives a Pro photographer-like feel to users. Also, the satellite image-sending capability increased the excitement of the Pura 70 series to a whole new level.

• Huawei Pura 70 series shipments crossed 6.5 million units

Although the years-ago design of the iPhone continues without any major changes. iPhone 16 appears as an exception with some sweet color options.

Huawei Pura 70 Ultra (Image Credits: Huawei)

2. Mate 60 series, still in demand

Huawei Mate 60 series was launched last year but still has the same craze as at the release time. The Pro variant continues to rule the Chinese smartphone market for its significant features, Kirin 9000s chipset, and satellite calling capability.

3. China is supporting Huawei

Of course, the home ground is now having back of Huawei. Many Chinese firms prohibited the use of iPhones on the premises, following government norms. The aim is to use the least U.S. products as they continue to impose strict sanctions on the country.

Apart from Huawei, other competitors like Honor, Xiaomi, and Vivo are trying to stop Apple from gaining a foothold in the Chinese smartphone ground.

These reasons are probably affecting Apple iPhone’s sales in China. It’s not like Apple isn’t doing good. Many Chinese consumers still prefer iPhones rather than any other handset. Yet, the company has to make more effort to achieve success in China.

Standard Apple iPhone 16 (Image Credits: Apple)

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As per the rankings, Huawei took first place in the Q3 2024 Chinese foldable market race. It obtained 41.0% of the market share with a better annual growth rate.

The company secured the top position following the fruitful success of the Mate XT tri-fold. Huawei launched its new creation last month with three folding screens. It bears a Z form factor and uses a dual-hinge technology to maintain durability.

IDC report states that Huawei’s tri-fold opened a new track in the foldable game. Many tech vendors are now busy readying their tri-folding handset as the champion Mate XT leads in the market. We may witness more such creations in the future.

“…the launch of the world’s first tri-foldable phone is expected to further drive the foldable market development.” – said IDC.

Apart from Huawei, the report highlights seven top rankers of the Q3 2024 Chinese folding phone sector. Honor follows its parent firm at the second spot with a 21.9% market share. It has achieved second place in horizontal foldable devices while the third position in the clamshell product market.

Q3 2024 Chinese foldable market report (Image Credits: IDC)

Xiaomi ranked third in the Chinese foldable market. This is the first time after Q2 2021 that the MIX Fold maker entered the top three foldable rankers list. It achieved a market share of 17.2% following the success of the new MIX Fold.

Samsung captured 7.7% of the market share whereas, Vivo is in fifth place, ranking third in the horizontal foldable market. OPPO, Lenovo, and ZTE secured the sixth, seventh, and eighth positions respectively in the Q3 2024 Chinese foldable market.

IDC also mentioned that the Chinese foldable market shipped around 2.23 million units in the third quarter of 2024. The year-on-year growth is better but has slowed down significantly, compared to the previous eight quarters.

The research firm notes that foldable phones still have room for changes as well as improvements. The price and experience of the product don’t meet everyone’s needs like a regular phone. Hence, tech makers have to make more innovative folding devices.

Q3 2024 Chinese foldable market report (Image Credits: IDC)

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IDC report shows that Huawei surpassed Apple in the Chinese smartphone sales ranking for Q3 2024. The analysis also counts some other tech giants with their progress and falls in the Chinese consumer market for the third quarter of this year.

Apple and Huawei made their way into the top five rankers list. The former grabbed second spot whereas the latter ranked third. Despite a rank ahead, Apple’s yearly iPhone sales dropped to 0.3%, achieving 15.6% of the market share in Q3 2023.

Huawei achieved third place in Q3 2024 with a market share of 15.3%. It’s just 0.3% less than that of Apple and increased by 4.3% from the last year (same period).

Regarding progress, the company excelled in the Q3 2024 Chinese phone sales ranking with 42.0% YoY. It’s the largest figure among all the top 5 rankers. This is the fourth consecutive quarter that Huawei continued to progress with double-digit sales.

Huawei’s growth over Apple is the result of booming sales of the Mate 60 and Pura 70 series. Both flagship lineups have been shining like stars in the Chinese smartphone market since their launch. You can check Pura 70 shipment details HERE.

Q3 2024 Chinese smartphone sales report (Image Credits: IDC)

On the flip side, the Chinese authorities and firms constantly prohibited the use of iPhones in the country. This step affected the sales of the iPhone in the market.

Apple unveiled iPhone 16 models in September but the shine of this series also faded, following Huawei’s tri-fold phone. It looks like the Chinese OEM continues creating problems for the iPhone maker in every possible way it can.

Speaking of other rankers, Vivo caught the first place with 18.6% market share and 21.5% YoY growth. Xiaomi is in fourth place with a 14.8% market share and 12.8% YoY progress. Honor is last with 14.6% shares but a lag of 22.5% YoY annual growth.

Together, these rankers boosted Chinese smartphone shipments by 3.2% YoY (68.8 million units in the third quarter of this year). Arthur Guo, the senior research analyst at IDC China says:

“A significant wave of device upgrades is propelling the sustained recovery of the Chinese smartphone market. Despite ongoing challenges, consumers are highly motivated to purchase new smartphones after three years of pent-up demand.”

Q3 2024 Chinese smartphone sales report (Image Credits: IDC)

|| Source – IDC ||

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RUNTO Technology published its analysis on Chinese smart TV shipments for Q3 2024. The report described that China’s TV sector is seeing a major decline this time, compared to the last year same period. It has dropped by 6.6% in sales.

The market has sold 8.115 million branded TV sets in the third quarter of 2024, which isn’t a good reach. Combining the TV sales of all three quarters this year, the shipments decreased by 5% year-on-year (24.505 million units sold in three quarters).

Despite a decline, Huawei has been the best performer in Q3 2024 Chinese smart TV shipments. The company sold around 300000 units in the last quarter.

This is ultimately an increase of 50% YoY in the company’s smart TV sales. RUNTO analysts mentioned that Huawei offline stores have sold the most number of smart TVs as of September. The sales have contributed to substantial growth this year.

Apart from Huawei, the report ranks seven brands as the top TV vendors in China. These are Hisense, Xiaomi, TCL, Skyworth, Changhong, Konka, and Haier.

Huawei smart TV shipments increased by 50% in Q3 2024: Report (Image Credits: CNMO)

The combined sales share of all eight rankers reached 96.1%. Huawei is at the top while Xiaomi ranked second in this listing. TCL is showing in the third spot.

Foreign brands like Sony, Samsung, and Philips are also lagging in this race. They scored a combined market share of less than 5% and struggling to rise in the market.

Huawei has recently launched new smart TV models one after the other in the Chinese market. The latest one is the Smart TV V5 Max 110-inch which delivers a theatre-like feel to users. The device supports HarmonyOS 4.5 and various other features.

• Read More: Huawei unveils Smart TV V5 Max 110-inch with HarmonyOS 4.5

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Weibo tipster @UncleKanshan revealed that Huawei could launch the Hi MateBook 14 PC later this month. It might be available in major stores by October 25th. Meanwhile, the company may release it officially in the last week of this month.

The leak implies that the new notebook will have a 14-inch screen. Due to the “Hi” term, it could be shelved under the WIKO brand in the future. But things aren’t very clear at the moment. Let’s wait for some more days to get exact details on this topic.

A netizen asked if the Hi MateBook will continue the adaptation to Intel and Windows or use HarmonyOS. In response, the tipster confirmed the former option.

Earlier, the Hi MateBook was expected to launch with HarmonyOS PC as the new smart selection product. However, several other inputs mentioned that Huawei’s new computer-dedicated software won’t be launched earlier than Q2 or Q3 2025.

Huawei Hi MateBook 14 notebook could launch later this month (Image Credits: UncleKanshan/Weibo)

Hence, the Hi MateBook 14 laptop could bring new techs and features but may support the same Windows operating system with an Intel chip.

Alongside Hi MateBook 14, Huawei could also introduce a brand-new MateBook D 16 variant for its users. The details of the new PC is unclear. But we get more info by the end of this month.

Huawei MateBook D16 notebook

The Chinese tech giant unveiled the 2024 version of the MateBook D 16 PC in November 2023. It has a lightweight design, ultra-strong battery life, and new features.

It equips a 16-inch IPS display with 1920 x 1200 pixels resolution and 142 PPI. The screen is capable of 300 nits peak brightness, 100% sRGB color gamut, and 178-degree viewing angle. The device supports a 13th-gen Intel core i9-1390H chipset.

Huawei MateBook D 16 (Image Credits: Huawei/X)

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Weibo tipster @smartchipguide shared the Chinese foldable market data for Q3 2024 in which Huawei and Honor are at the top. Both companies together account for 70% of the total Chinese folding phone market share in the third quarter.

Among these two rankers, Huawei holds 44.7% of the Chinese foldable market share and sits at the top. Honor accounts for 25.6%, ranking at the second spot.

Huawei has launched some interesting foldable phones in the first half of this year. In Q1 2024, the company showcased the Pocket 2 flip-flip model with an impressive design, a quad-camera setup, and several other amazing capabilities.

The tech giant then introduced a mid-range clamshell product – the Nova Flip. It arrived as a cost-effective folding device with new UI changes, AI features, and effective camera upgrades. And let’s not forget about the world’s first tri-fold!

Mate XT triple foldable gathered the spotlight, dimming the glow of the iPhone 16 series in September (Q3 2024). Its thin battery, three screens, Z form factor, and new AI capabilities accelerated the company’s growth in the foldable sector.

Honor has also brought three foldable phones this year. The list counts the company’s first clamshell device – Magic V Flip. Hereafter, the OEM launched Magic V3 and Vs3. The Magic V3 is considered the thinnest and smartest foldable to date.

Huawei, Honor reportedly holds 70% of Chinese foldable market in Q3 2024 (Image Credits: Weibo)

Top 5 rankers

With new creations, Huawei and Honor have stolen the foldable show in China. Thus, the report could be accurate to some extent. Let’s check the other rankers.

Xiaomi follows in third position with 16.2% market share. Vivo and OPPO own 6.9% (fourth) and 2.5% (fifth) respectively. The rest of the market share is taken by other tech vendors present in the Chinese foldable phone ground. These rankings increased the overall market growth by 24% month-on-month.

Honor and Xiaomi are also in rumors for developing a tri-fold phone after the champion Huawei Mate XT. If true, these upcoming products will ultimately raise the standard of foldable phones in the Chinese consumer market.

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