TMTPOST -- China's Huawei is expected to announce its triumph over U.S. sanctions at its upcoming annual results, driven by its advancements in software, chip technology, and a booming smart-driving business that has helped it emerge from "survival mode." The company is set to confirm revenue of 860 billion yuan ($118 billion) for 2023, nearing its 2020 peak of 891 billion yuan. This recovery comes after U.S. restrictions significantly impacted its consumer business. Its chairman had already disclosed the 2024 revenue outlook in February. Huawei will also report full-year profit, following a 13.7% decline in nine-month net profit announced in October. Previously, Huawei executives stated that U.S. sanctions forced the company into "survival mode," leading it to develop alternatives to Western technology and strengthen partnerships with local Chinese authorities and state-backed firms. In recent months, Huawei has adopted a more confident stance. Founder Ren Zhengfei told Chinese President Xi Jinping in May that China's concerns about a lack of homegrown chips and operating systems had eased.