ZTE reports net profit of RMB 2.64 billion in Q1 2023

• Securing a 19.2% year-on-year growth with precise and pragmatic operation
• Harvesting a revenue of RMB 29.14 billion for Q1, an increase of 4.3% year-on-year
• Net cash flows from operating activities in Q1 increased by 95.9% to RMB 2.33 billion

Shenzhen, China – ZTE Corporation (0763.HK / 000063.SZ), a global leading provider of information and communication technology solutions, today announced a revenue of RMB 29.14 billion for the first quarter of 2023, an increase of 4.3% year-on-year.

According to ZTE's results announcement today, in Q1 2023, the net profit attributable to holders of ordinary shares of the listed company reached RMB 2.64 billion, an increase of 19.2% year-on-year. The net profit after extraordinary items attributable to holders of ordinary shares of the listed company for the same period was RMB 2.45 billion, representing a year-on-year rise of 25.7%. Its net cash flows from operating activities increased by 95.9% to RMB 2.33 billion, compared to the same period last year.

As the external environment remains complex and volatile in 2023, it poses great challenges to corporate business operations.To cope with this, ZTE has adopted the business strategy of "precision and pragmatism for steady growth". The Company aims to enhance its foresight, resilience and adaptability to uncertainties by  positioning its business precisely, allocating resources efficiently, and optimising processes continuously.  

 
With its long-term expertise in ICT full-stack core capabilities, the Company delivers a comprehensive and efficient digital foundation across network, cloud network, and computing power to customers worldwide. It also capitalises on the opportunities arising from China's digital transformation and artificial intelligence applications. The overall performance in the first quarter of 2023 secured steady growth.

Moving forward, ZTE, although confronted with challenges from the external environment, will stay focused and pragmatic. The Company will strive to enhance its operational efficiency and resilience for steady growth.