[ZTE Announces First Quarter Financial Results: If it is not affected by US refusal to realize net profit of 1.687 billion yuan] On the evening of April 27, ZTE released its first quarter financial report, realizing a net profit of 1.687 billion yuan, an increase of 39.01% over the same period of last year. .
ZTE said in its announcement that the quarterly earnings report was based on the assumption that the US Department of Commerce’s Bureau of Industry and Security (BIS) refused to make any impact on the company's first quarterly report in 2018. At present, it is impossible to predict the financial status and operating results from the beginning of 2018 to the end of the next reporting period. After a full and accurate estimate of the impact of the refusal order on the company’s first quarterly report in 2018, the first quarterly report of 2018 will be re-prepared and disclosed.
Previously, the US Department of Commerce announced on April 16th, Eastern Time, that it would prohibit US companies from selling components, goods, software and technology to ZTE for seven years until March 13, 2025.
In fact, if we do not consider the impact of the US refusal order, we can see from the quarterly report that the overall business of ZTE Corporation has been steadily rising. The company’s technological leadership in areas such as 5G is also very clear. Judging from the patent performance, 2017 is the eighth consecutive year that ZTE Corporation has ranked among the top three international PCT patent applications. It is the only company in China that has won this honor for eight consecutive years. As of 2017, ZTE has a total of more than 69,000 global patent assets and has authorized more than 30,000 patent assets. Among them, there are more than 815 necessary patents for the 4G LTE standard, accounting for more than 13% of the world's total; and more than 2,000 patents for global strategic layout of 5G.
Through high-intensity R&D investment, ZTE is narrowing the gap with international communications giants. Compared with Ericsson and Nokia, Ericsson reported a quarterly revenue of about SEK 43.4 billion (approximately 31.7 billion yuan), a decrease of about 9% year-on-year; a net loss of about SEK 700 million, and announcing a global plan to cut 3,000 jobs. Nokia's revenue was approximately 4.924 billion euros (approximately 37.7 billion yuan), a decrease of approximately 8% year-on-year; net loss attributable to shareholders of the parent company was approximately 351 million euros. From a quarterly report, ZTE’s revenue has reached 91% of Ericsson and 76% of Nokia, and its profitability is stronger.
"In order to better respond to the US sanctions, it is expected that ZTE will increase its investment in technology in the future to make itself more capable." People close to ZTE told reporters. Earlier, Yin Yimin, chairman of ZTE Corporation, also stated that the company is also seriously contemplating, and it is necessary to increase investment in research and development, asking for better than self-seeking. At the same time, the company will solve the problem through all legal means.
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