Hisense Group, a leading TV and appliance manufacturer based in Qingdao, Shandong province, announced on Feb 8 that its revenue in 2020 hit 140.9 billion yuan ($21.85 billion), up 11.1 percent year-on-year, while profit stood at 9.83 billion yuan, up 23.7 percent.

Despite global uncertainties, the economic downturn and a shrinking home appliance market amid the COVID-19 outbreak, the company's revenue and profit both set new records.

Hisense also generated an impressive overseas revenue of 54.8 billion yuan, up 18.6 percent year-on-year.

Visitors browse Hisense products at an exhibition. [Photo/qingdaonews.com]

Hisense has been promoting its "going out" strategy since 2006, which involves integrating product research and development, manufacturing and brand marketing in new markets.

It has built research and development centers and manufacturing factories overseas and sponsored elite sports events such as the European Cup and World Cup to increase its international profile.

High-end household electrical appliances produced by Hisense [Photo/qingdaonews.com]

Hisense televisions and refrigerator products were ranked among the top three in market sales in South Africa, Mexico and Australia in 2020. Its sales also achieved substantial growth in the North American market, according to the company.

This year, Hisense will intensify efforts to explore the Central American market and establish more overseas research and development centers.