What happened in China Huawei published its 2025 annual report, and the headline numbers reframe the competitive landscape in ways that most European boardrooms have not absorbed. Revenue reached CNY880.9 billion (≈$123.3 billion). Net profit came in at CNY68 billion (≈$9.5 billion). But the figure that demands attention is the R&D line: Huawei invested CNY192.3 billion (≈$26.9 billion) in research and development during the year — equal to 21.8% of annual revenue, and a record high for the company. To put that in context without reaching for numbers not on this page: CNY192.3 billion (≈$26.9 billion) exceeds the total annual revenue of the majority of Europe's listed technology companies. It is not a research budget. It is a strategic weapon. The report also revealed the operational scale of Huawei's pivot away from telco infrastructure. By the end of 2025, more than 36 million devices were running HarmonyOS 5 and…