China-based ZTE recorded double-digit profit gains in 2023, with revenue growth falling due to slowing overall domestic sales and declines in its consumer and enterprise businesses.

Full-year profit grew 15.4 per cent to CNY9.3 billion ($1.3 billion), while operating revenue inched up 1.1 per cent to CNY124.3 billion, with domestic turnover only up 1.5 per cent to CNY86.5 billion and international sales flat at CNY37.7 billion.

In its earnings release, the company highlighted its expanded investment in R&D, increasing 17.1 per cent year-on-year to CNY25.3 billion or 20.4 per cent of revenue, up from 17.6 per cent in 2022. 

Total operator network revenue rose 3.4 per cent to CNY82.8 billion. Its government and enterprise business booked a 7.2 per cent decline in revenue to CNY13.6 billion; consumer business sales fell 1.3 per cent CNY27.9 billion.