Huawei's 2009 annual report shows that the company shrugged off the global slowdown in equipment sales thanks to strong domestic demand and third-party contracts in Europe.
The figures show net profits up 133 per cent in 2009 to $2.7bn (£1.77bn) allowing for currency fluctuations. Overall revenues rose 19 per cent, and margins were the highest in five years at 14.1 per cent. The company predicts revenue growth of 20 per cent next year.
Key to the results was the auction of China's 3G networks in January 2009. Chinese telecoms companies have spent the year upgrading their networks, and Huawei has taken a good share of the equipment sales, particularly with China Mobile and China Unicom.
"We foresee broad market development opportunities in mobile and home broadband networks, fixed/mobile convergence, business operation support systems and smart devices," said Huawei chief executive and founder Ren Zhengfei.
"Huawei will also continue to strengthen our investment in professional services, especially managed services, to improve our own development, while helping to enhance operational efficiency for our customers."
Huawei is the second largest telecoms equipment manufacturer in the world, and is moving strongly into Europe, the traditional patch of market leader Ericsson, which has around 20 per cent of the global market. Huawei's share grew from 11.5 per cent in 2008 to 14.2 per cent last year.
Huawei is also heavily involved in next-generation LTE mobile systems, another strong area for Ericsson, and was the first company to commercially manufacture 100GB end-to-end wired routers.
Huawei is also getting into the Asian smartphone market, and is involved in various markets in India and Africa.
However, the firm has made little progress in the US, and an attempt to buy 3Com was derailed after security fears blocked the sale.
Zhengfei is a former worker at the People's Liberation Army Research Institute, and the deal was blocked after fears about handing over 3Com patents.
Cotton seedling freezes to death as Chang'e-4 shuts down for the Moon's 14-day lunar night
Fortnite easily out-earns PUBG, Assassin's Creed Odyssey and Red Dead Redemption 2 in 2018
Meteor showers as a service will be visible for about 100 kilometres in all directions
Saturn's rings only formed in the past 100 million years, suggests analysis of Cassini space probe data
New findings contradict conventional belief that Saturn's rings were formed along with the planet about 4.5 billion years ago