经济学人153:华为,有料!

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　　华为

　　Interesting reading

　　有料

　　A Chinese industrial champion opens up a bit on its way to world domination

　　一家中国工业引领者走向全球的道路上，撩开了一点自己的面纱

　　Apr 20th 2011 | HONG KONG | from the print edition

　　ANOTHER annual report sent out in the season when countless¹ companies worldwide are publishing them is at risk of being filed in the bin². Not so if the company is Huawei and the report is intended to make a company that reflects the best of China’s manufacturing prowess, while being a prime example of its secretiveness, seem normal.

　　值全球无数公司发表年度报告之季，又会有年报可能被扔进垃圾桶。不过，倘若是华为，倘若年报意在让这家显示中国最出色制造实力——而充当保密先锋——的公司看似平常，则另当其说。

　　The telecoms-equipment maker’s financial performance is impressive enough to make the report worth reading: revenues were 185 billion yuan ($27.4 billion), having grown by an annual average of 29% in the past four years. The growth rate for profits has been 56%. Having just passed Nokia and Siemens, Huawei looks on track to overtake Ericsson, the industry leader, this year.

　　这家电信设备制造商财务状况让人惊叹，报告值得一读：年营收1850亿元（274亿美元），四年年平均增长率达29%。利润增长率56%。刚刚赶超诺基亚和西门子的华为，似乎今年就有望追上行业老大爱立信。

　　But it faces some big impediments, perhaps the most important being the concerns of many governments, notably³ America’s and India’s, about a private company suspected of links to the security apparatus⁴ of a country said to be conducting sophisticated hacking⁵. Because of such worries, Huawei’s efforts to buy American companies have been blocked and some sales have been lost.

　　但华为也面临几重阻碍，其中最严重的，可能是以美国和印度为代表的许多政府都担心，一家私企可能与中国安全机构有牵连，而中国据称又在实施精密的黑客攻击。因为上述担忧，华为希望购买几家美国公司都遭到拒绝，一些生意也随之东流。

　　The report is clearly an effort by Huawei to lay such concerns to rest. For the first time, its directors are named and given brief biographies. The rags-to-riches story of Ren Zhengfei, the chief executive, is fleshed out: the son of rural schoolteachers, he left the army in 1983, founding the company with savings⁶ of 21,000 yuan four years later. None of the other directors is said to have military ties. However, a somewhat conspicuous⁷ omission⁸ from the profile of Sun Yafang, the chairman, is that—according to a report in the Financial Times—she used to work for the Ministry⁹ of State Security. That three other directors are (according to the Chinese press) closely related to Mr Ren is also omitted.

　　显然，华为在通过年报努力消除这些担忧。公司董事会成员的姓名简历首次刊出，也将首席执行官任正非白手起家的故事栩栩道来：他生于一个农村教师之家，1983年退伍，四年后用21,000元积蓄创建公司。没有证据表明董事会其他成员与军队有联系。然而，董事长孙亚芳的简历却存在明显疏漏：据《金融时报》报道称，她曾在国家安全部任职。（据中国媒体称）与任正非关系紧密的其他三名董事会成员同样没有提及。

　　The report is a bit more forthcoming on the financial help Huawei gets from the state: plentiful¹⁰ cheap loans, some at interest rates of less than 1.7%, and a handy chunk¹¹ of research grants. The audit¹² of the firm’s accounts, by KPMG Huazhen, was unqualified, though the auditor¹³ noted¹⁴ that they did not contain all the information needed to meet international accounting¹⁵ standards for a full company report.

　　年报中更多看到的，是华为从政府得到的经济帮助：大量廉价贷款，有些利率不足1.7%，以及大量研究经费。毕马威华振为华为账目做出的审计并不合格，尽管审计员指出，这并不包含完整公司报告按国际会计标准所应有的全部信息。

　　Huawei still has some way to go before it satisfies the curiosity of foreign governments, competitors and investors¹⁶. Even so, the information given in this year’s annual report represents a leap forward in openness for the company and for Chinese industry as a whole. In recent years Huawei has decisively dispelled¹⁷ any doubts that it can provide state-of-the-art communications equipment. The job of communicating about itself remains¹⁸ a work in progress.

　　华为要想消除外国政府、竞争者和投资商的疑虑，仍有待努力。即便如此，今年年报中披露的信息对公司、对中国工业整体而言，已经大有进步。近年来，华为已决然打消了外界的怀疑，证明自己可以提供顶尖水准的电信设施。而公司自己和外界的交流呢，仍在进行之中。

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