China's ZTE sees profit surge in H1

Major Chinese telecom equipment maker ZTE reported a 118.8-percent rise in net profits in the first half of this year.

ZTE's net profits rose 118.8 percent year on year to 1.47 billion yuan (US$205 million) in the six months ending in June, according to a report released by ZTE Tuesday.

Sales revenue jumped 13.1 percent year on year to 44.6 billion yuan during that period, it said.

The Shenzhen-based company said it has heavily invested in 5G end-to-end innovation research and development and enhanced the cultivation of 5G technology talents. The company invested 6.47 billion yuan in research and development in the first half of this year, accounting for 14.5 percent of the company's sales revenue.

ZTE said it has signed 25 5G commercial contracts worldwide, covering markets in China, Europe, the Asia-Pacific region and the Middle East and has partnered with more than 60 operators around the world in 5G networks.