Huawei highlighted an increased profit margin in the opening nine months, attributed to efforts to streamline operations and adjust its product mix in the wake of sanctions preventing imports of many advanced components.

In a statement, the company highlighted efforts to optimise management systems, refine its sales set-up and bolster overall operational efficiency.

Rotating chair Ken Hu said the company continues to increase investment in R&D “to make the most of our business portfolio and take the competitiveness of our products and services to new heights”.

Huawei highlighted stability in its ICT infrastructure unit and consumer business revenue growth.

“Our digital power and cloud businesses both experienced strong growth and our new components for intelligent vehicles continue to gain competitiveness,” it stated.

Huawei has attracted renewed attention over the 5G capabilities of its Mate 60 Pro after declining to disclose which chip it uses or list details of compatible connectivity set-ups in sales material.

Canalys reported earlier in the week Huawei gained market share in China during Q3 and inched its way towards the top five through the Mate 60 series.

As US restrictions tightened, the company shifted its focus to new businesses, including self-driving cars and automated industrial services covering factories and ports.

Revenue in the opening nine months increased 2.4 per cent to CNY456.6 billion ($62.5 billion), with its net profit margin up from 6.1 per cent to 16 per cent.

The company credited the improvement to gains from the sale of certain businesses.

Bloomberg used the figures to estimate Q3 profit of CNY26.4 billion, which it reported is 118 per cent higher than Q3 2022 and suggested was due to strong sales of the Mate 60 series.