China-based handset and telecom equipment vendor ZTE has has reported revenues of CNY81.24 billion (US$13.19 billion) for 2014, increasing 7.99% on year. Its net operating profit reached CNY1.04 billion for the year, up 107.02%, while net profit soared 94.17% to CNY2.63 billion.

The growth was mainly driven by domestic shipments of TD-LTE and LTE FDD equipment as well as sales of 3G and 4G smartphones in the international market, ZTE said.

Except demand from mobile telecom carriers, ZTE will stop providing smartphones at below CNY599 in the China market in 2015. Instead, ZTE plans to focus on mid-range and high-end smartphones priced at CNY2,000-3,000 for the domestic market.

As of the end of 2014, ZTE's total asset value of CNY105.9 billion and equity value of CNY24.85 billion grew on year by 5.84% and 10.30% respectively.