File photo: VCG

Huawei, a leading Chinese telecoms equipment maker, posted revenue of 454 billion ($64.88 billion) in the first half of 2020, a 13.1 percent increase year-on-year, with a net profit margin of 9.2 percent, a hard-won feat that beat forecasts amid the pandemic and an intensified US crackdown.

Huawei's carrier, enterprise, and consumer businesses had revenue of 159.6 billion yuan, 36.3 billion yuan, and 255.8 billion yuan respectively, a slight growth from last year's earnings over the same period which were 146.5 billion yuan, 31.6 billion yuan and 220.8 billion yuan, Huawei said. 

"It's a hard-won result - as all three major businesses maintained growth," Jiang Junmu, a close follower of Huawei in Shanghai, told the Global Times on Monday.

The coronavirus and unpredictable Washington crackdown are two absolute "black swan" events, that almost no company other than Huawei could face without surrendering, Fang Xingdong, founder of Beijing-based technology think tank ChinaLabs, told the Global Times.

Although revenue gains beat predictions amid the US chip ban and an uncertain situation in Europe, growth was still far below the 23.2 percent jump in revenues over the same period last year, indicating that US ban is starting to take effect on the world's largest provider of 5G technology, analysts said.

For the whole 2019, the firm posted an annual revenue growth of 19.1 percent year-on-year despite then facing harsh sanctions from the Trump administration that are intended to destroy the global tech firm.

The Trump administration intensified its crackdown on the Chinese tech giant by blocking its global supply of chips in May. The new chip rule, effective May 15 but with a 120-day grace period, will also hit Taiwan Semiconductor Manufacturing Co, the biggest contract chipmaker and key Huawei supplier, which could hinder the production and research of Huawei's high-end products such as its flagship phones and PCs.

However, leaping the hurdles it is facing, the firm said in its first half report that "the complex external environment makes open collaboration and trust in global value chains more important than ever. Huawei has promised to continue fulfilling its obligations to customers and suppliers, and to survive, forge ahead, and contribute to the global digital economy and technological development, no matter what future challenges the company faces."

The Chinese 5G frontrunner remains in troubled water in Europe, which is being pressured by the US, as many countries are reportedly reconsidering or scaling back cooperation with the firm despite its technology advancements and price advantage.

The UK is reconsidering its decision to allow Huawei's access to parts of its 5G network construction. Prime Minister Boris Johnson's most senior security advisers will meet on Tuesday to decide Huawei's future in the UK, as officials draw up plans to cut the company out of fifth generation mobile networks, said a Bloomberg report.

Germany and France are also reportedly reassessing the role of the company in their 5G networks.

As countries around the globe grapple with the COVID-19 pandemic, information and communications technologies (ICT) have become a crucial tool for combating the virus, and an engine for economic recovery. Huawei reiterated its commitment to working with carriers and industry partners to maintain stable network operations, accelerate digital transformation, and support efforts to contain local outbreaks and reopen local economies, said the firm.

"The pressure on the firm will only get greater in the second half of the year, and the Trump administration will definitely not be reconciled," Fang said.

"We have no other choice but to keep moving forward," a Chinese netizen said after Huawei released its half-year financial report which showed the company's revenue growth is undaunted by the reckless crackdown by the US government.