Chinese Telco giant Huawei has announced it will move to a "leaner management style" with the unveiling of a US$3.47 billion profit in its 2013 annual report.
The carrier recorded revenues of US$39.5 billion (CNY239 billion). This was an 11.6 per cent increase in year-on-year growth.
Huawei's carrier network business delivered a solid performance, achieving CNY166.5 billion in sales revenue, up four per cent year-on-year.
The sales revenues of the enterprise and consumer businesses increased considerably in 2013, by 32.4 per cent and 17.8 per cent, to CNY15.2 billion and CNY57 billion, respectively.
Huawei earned 65 per cent of its revenue from markets outside of China.
In the Chinese market, it achieved CNY84 billion in sales revenues, up 14.2 per cent year-on-year.
It also invested CNY30.7 billion into research and development, which is about 12.8 per cent of its sales revenue.
The company's total R&D investment over the last 10 years exceeded CNY151 billion.
Huawei's rotating and acting chief executive, Eric Xu, said the company had never been more closely connected to the world than it was now.
"This level of connectivity has two implications," he said.
"First, ICT technologies have been deployed in more than 170 countries and regions, helping more than 3 billion people connect to the world, communicate anytime, anywhere, and easily acquire and share information.
Second, this connected world is reshaping politics, economics, business, and production at an incredible speed and with formidable force."
In 2014, Huawei sees the growing penetration of ultra-broadband and mobile broadband, particularly LTE, as an important strategic opportunity, according to the report.
Smart devices will be another key area for the company as they become more and more of an intrinsic necessity.
"ICT is turning into a production system and a core competence for enterprises, driven by the transformation of existing IT systems and the reconstruction of traditional industries toward digital," the report said.
Xu said 2014 marked a new beginning, not only for Huawei, but for the entire industry.
"Huawei is still a young company, and the ICT industry is booming," he said.
"A connected world has unlocked opportunities beyond our imagination.
"While continuing to pursue a more focused strategy and a leaner management style in 2014, we will work to expedite steady growth to lay a solid foundation for the company's development over the next 10 years, especially to pursue a leading position in the enterprise business."