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China’s ZTE explores new growth opportunities as slowing 5G market leads to 3Q23 decline

China’s ZTE Corporation recently announced its financial results for the third quarter of 2023. The revenue was CNY 28.689 billion, a decrease of 12.38% compared to the previous year. However, the net profit was CNY 2.369 billion, an increase of 5.09%. This contrasts with the performance in 1H23 when both revenue and net profits grew, justifying previous concerns from ZTE regarding an impending performance decline.