Huawei's midyear report suggests that the Chinese company is set to hit its target mark of 10% revenue growth this year. Since January, the smartphone manufacturer managed to gain a total of CNY113.8 billion or US$18.53 billion, equal to 10.8%.

The company cited two reasons for its rally - "robust growth" and "other positive business indicators." Huawei only needs to sustain its current growth to meet the target within the year. The company said that it expects to collect a net profit margin of 7% to 8% this year.

Cathy Meng, chief financial officer of Huawei, commented on the company's growth, "Our success in H1 2013 was mainly driven by the steady growth of the Carrier Network business, the expansion of the Enterprise business, and the fast growth of the Consumer business, as well as the continuous enhancement of our overall operation efficiency."

Huawei was followed by fellow Chinese phone manufacturer ZTE in posting favorable returns for the past quarters. Taiwanese HTC, however, failed to match its Chinese counterparts.