(Yicai) Aug. 20 -- Midea Group, the world's biggest maker of home appliances, has reported a record profit for the first half of the year despite a general downturn in the market.

Net profit jumped 14 percent to CNY20.8 billion (USD2.9 billion) in the six months ended June 30 from a year earlier, the Foshan-based company said in an earnings report released late yesterday. Revenue climbed 10 percent to CNY218.1 billion (USD30.5 billion).

Income from the home market rose 8 percent, while that from overseas jumped 13 percent, showing the increasing importance of foreign markets to the business. Its overseas expansion has accelerated in recent years, driven by strategic investments, acquisitions, and localization efforts. The firm has leveraged online sales channels and digital marketing to drive international sales.

Revenue at its business-to-consumer segment rose 11 percent to CNY147.6 billion, while that from new energy and industrial technology soared 26 percent to CNY17.1 billion. Income from intelligent building technology rose 6 percent, but that from robotics and automation fell 9 percent to CNY13.9 billion.

Midea spent CNY7.7 billion on research and development in the period, up 16 percent from a year ago, with R&D outlays reaching CNY60 billion over the past five years.

Shares of Midea [SHE: 000333] gained 1.1 percent to close at CNY63.02 (USD8.83) apiece in Shenzhen today. The stock has fallen 11.4 percent since hitting a 52-week high of CNY71.10 on May 15.

Editor: Martin Kadiev