Huawei recorded growth in the first half, driven by a continued recovery of its consumer business and progress in its intelligent automotive unit, which recently attracted a CNY11.5 billion ($1.6 billion) investment from EV player Avatr Technology.

Net profit rose 17.8 per cent year-on-year to CNY54.9 billion, with its margin dropping to 13.2 per cent from 15 per cent.

Revenue rose 34.3 per cent to CNY417.5 billion.

In a brief earnings release, rotating chair Eric Xu simply stated its performance was in line with its forecast.

In a separate document, Huawei added ICT infrastructure, cloud and digital power businesses remained steady. It noted the results did not disclose items related to the sale of certain businesses, revenue by business unit or R&D spending.

Its consumer group and smart auto unit have been making news over the past few quarters.

Following the launch of the Mate 60 Pro in August 2023, the company recaptured market share in China: IDC data showed Huawei moved to second place in Q2, marginally behind leader Vivo, with an 18.1 per cent share as shipments rose 50 per cent year-on-year.

Last week, Avatr Technology took a 10 per cent in Huawei’s smart automative unit Yinwang Intelligent Technology, which reportedly is valued at around CNY115 billion.