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来源:飞度新闻快对话网    发布时间:2017年12月13日 17:02:11    编辑:admin         

In the short run, the market is a beauty contest. In the long run, victory goes to those who can win ugly. The contrast is vivid in consumer electronics — an industry often defined by vanity.短期而言,市场是选美比赛。长期而言,胜利属于那些赢得难看的人。这种对比鲜明地体现在消费电子业中——这个行业的一个常见特点就是注重表面。Take Casio. At first glance, it does not look pretty. Revenues have nearly halved from the 2008 peak to .1bn. Sales in developed markets have collapsed, with the domestic market faring worst: Japan now accounts for a third of the top line, down from half. Japanese consumer electronics companies have fared poorly in general. Casio seems to fit the pattern.以卡西欧(Casio)为例。乍看上去,卡西欧的表现并不靓丽。收入与2008年的峰值相比已近乎腰斩至31亿美元。发达市场的销售大幅下滑,其中日本国内市场的表现最为糟糕:现在日本国内市场贡献的收入只占三分之一,以前则是一半。日本消费电子公司整体表现不佳。卡西欧似乎不能免俗。Look again. Since 2008, costs have fallen more than revenues, allowing operating margins to expand by 2 percentage points, to 8 per cent. Net income has doubled. Meanwhile, the success of the company’s selfie cameras and G-Shock watch range have supported Asian revenues. Sales from the region match those from Japan and outstrip America and Europe combined. The share price is at a seven-year high.再仔细看看。自2008年以来,卡西欧的成本降幅超过了收入的降幅,这使得其营业利润率上升了2个百分点至8%。净利润则翻了一番。与此同时,该公司自拍相机和G-Shock手表系列的成功撑了亚洲市场的收入。亚洲市场的销售额与日本国内市场相当,超过了美国和欧洲市场的总和。卡西欧的股价正处于7年高点。What a contrast with Sharp — which is superficially better looking. Revenues have fallen only one-tenth since 2008 and its top line is nine times larger than Casio’s. The attraction ends there. Net income is down nine-tenths from the 2008 peak and net margins are all of 0.4 per cent. Last November, Casio’s market value overtook Sharp’s for the first time in two decades.这与夏普(Sharp)形成了鲜明对比,后者表面上看起来要更为靓丽。夏普的收入自2008年以来仅下降了十分之一,现在的收入是卡西欧的9倍。但它的引人之处也就这么多了。夏普的净利润与2008年的峰值相比下降了十分之九,净利润率只有0.4%。去年11月,卡西欧的市值20年来首次超过夏普。The companies’ differences are more than skin deep. Sharp operates in highly competitive and capital intensive businesses, including display and smartphones. But Casio’s successes are not only because of its nifty niche products. In 2011, the company jettisoned two divisions — phones and LCDs — after deeming the investment burden too great. The company shaved two-fifths from each of its development and capital expenditure bills. Sharp also has exposure to those areas, but has clung on for grim death.两家公司的差异不仅仅是表面看上去这么简单。夏普经营的是竞争激烈的资本密集型业务,包括显示器和智能手机。而卡西欧的成功不仅仅是因为其生产了时髦的利基产品。2011年,卡西欧在认定其电话机和液晶显示器(LCD)部门投资负担过大后剥离了这两个部门。该公司还将研发和资本出各削减了五分之二。夏普在这些领域也有敞口,但一直不愿放弃。So Casio’s most attractive feature is this: it is brave enough to make hard decisions.所以说,卡西欧的最引人之处在于:敢于做出艰难的决定。 /201503/362662。

On Monday, Sony sold its online gaming division to New York investment management firm Columbus Nova for an undisclosed sum. The game publisher that was once known as Sony Online Entertainment—SOE to game-industry insiders—is now operating under the name Daybreak Game Company. John Smedley, its president, will remain and its development teams will be kept intact.本周一,索尼将其网络游戏部门卖给了纽约一家名为Columbus Nova的投资管理公司,交易金额并未披露。索尼在线公司(SOE)现改名为黎明游戏公司。该公司总裁约翰o史沫特莱将继续留任,其研发团队也将保留不动。Why would Sony SNE 10.90% ditch its in-house game maker? Because it’s no longer a strategic asset for Sony, according to Wedbush Securities analyst Michael Pachter. The company, which launched in 1996 as part of Sony’s 989 Studios, was built to develop and run subscription-based massively multiplayer online, or MMO, games. In recent years, the online game industry has transitioned to a free-to-play business model requiring game makers to give the games away and generate revenue through in-game micro-transactions. Few game publishers outside of Activision Blizzard ATVI -0.65% with itsWorld of Warcraft franchise have been able to maintain a subscription model with all the free online competition.索尼为什么要抛弃自家的游戏开发部门?韦德布什券公司分析师迈克尔o帕切认为,对于索尼来说,它已经不再是一笔战略资产。这家公司成立于1996年,是索尼旗下989家工作室的一份子,主要开发和运行大型多玩家在线游戏(MMO)。近年来,在线视频游戏行业已经过渡到一种免费的业务模式,游戏开发商需要先给玩家免费提供游戏,然后通过游戏内的各种小交易来盈利。除了暴雪公司出品的《魔兽世界》之外,很少有其他游戏制作商能够在众多免费网游的围剿中继续维系订购模式。“Unfortunately, free-to-play is growing most rapidly on phones and tablets, and SOE wasn’t there because those aren’t really core Sony products,” Pachter says. “SOE didn’t support any of Sony’s consumer electronics businesses, so it was easy to sell.”帕切表示:“不幸的是,免费增值模式在智能手机和平板电脑上增长得最快,而SOE并没有进入移动领域,因为这类游戏算不上是索尼的核心产品。SOE对索尼的任何消费电子业务都形不成持,所以它很容易被卖掉。”Pachter believes that Sony was approached by Columbus Nova, which has over billion of assets through its own funds and affiliated portfolio companies, without it having to shop around the business. Sony likely got a fair amount for the division, he adds, though none of the analysts interviewed by Fortune for this story were able to provide even a ballpark figure for the price that Columbus Nova may have paid. All of the analysts agreed, however, that the additional cash will help Sony increase its investment in higher priority areas of the company.帕切相信,应该是Columbus Nova公司主动联系索尼,洽谈这笔收购业务。这家投资管理公司通过旗下的基金和投资的企业,总共掌握着150亿美元的资产。他还认为,索尼很可能卖了一个好价钱,但《财富》记者采访的几位分析师都无法提供这笔交易的大致价格。但所有分析师都认为,这笔钱将有助于索尼加大向公司内部其它更重要领域的投资。The sale of SOE does not remove Sony from the online games business entirely. Though the division represented a large portion of Sony’s online revenue, the company remains active in digital goods through its PlayStation 4 console, says EEDAR analyst Sartori Bernbeck.EEDAR公司分析师萨尔多里o伯恩贝克表示,卖掉SOE并不等于索尼彻底放弃网络游戏业务。虽然该公司贡献了索尼在线业务相当大的一部分收益,但它的活跃范围也仅限于索尼的PlayStation 4游戏机。“It’s likely that this move illustrates Sony’s focus on doubling down on its effort to promote and grow its first party platforms as a primary concern over continuing PC development,” Bernbeck says. “We at EEDAR expect Sony to continue to grow and develop their digital and online efforts on first party platforms with continued titles that take advantage of online services and new business models such as free-to-play games.”“完成这笔交易后,索尼很可能将以更大的力度推动和发展它的第一方平台,对其重视程度恐怕将超过拓展PC业务,” 伯恩贝克说。“我们EEDAR公司认为,索尼将继续在其第一平台上发展数码和在线业务,并利用免费增值等在线务和新的业务模式继续推出新游戏。”At an event in Las Vegas in December, Sony’s internal San Diego Studios debuted its first free-to-play game, Kill Strain, which pits teams of five verses two verses five players in shooting action. Sony plans to announce other free games at the E3 trade show in Los Angeles in June.去年12月,在的一场活动上,索尼旗下的圣地亚哥工作室推出它的首款免费增值游戏《Kill Strain》,这是一款“5V2V5”的多人对战射击游戏。索尼还计划在今年六月的洛杉矶E3展会上继续推出其它免费游戏。The sale of SOE this month echoes another strategic divestment from a year ago: the sale of Sony’s Vaio PC business to investment fund Japan Industrial Partners. In that deal, Sony sought to move away from the declining PC business and toward the booming smartphone and tablet business. Sony Online Entertainment showed its corporate parent that it could make successful games—DC Universe Online, Planetside 2—for the PlayStation 4 and not just the PC. Now it can follow that blueprint on its own.索尼本月卖掉SOE,与一年前的另一次资产剥离遥相呼应:一年前,索尼将Vaio电脑业务卖给了投资基金日本产业合作伙伴公司。通过这笔交易,索尼摆脱了江河日下的PC业务,迈进了蓬勃发展的智能手机和平板电脑市场。SOE公司已经向索尼展示了它有能力为PlayStation 4和PC平台制作成功的游戏产品,比如《DC漫画英雄在线》、《星际2》等等。现在,它只能独立追寻自己的梦想了。(财富中文网) /201502/360131。

Chinese telecoms giant Huawei Technologies Co has pledged to support Thailand#39;s bid to become a regional information technology hub.中国电信巨头华为公司承诺持泰国成为区域信息技术中心。Government spokesman Yongyuth Maiyalarp said the move will help realise the country#39;s ambitious digital economy policy.泰国政府发言人Yongyuth Maiyalarp说,这将有助于实现泰国雄心勃勃的数字经济政策。Mr Yongyuth said Prime Minister Prayut Chan-o-cha discussed the deal with Huawei#39;s deputy board chairman, Hu Houkun, who praised the plan to use IT to boost people#39;s livelihoods.他说总理巴育与华为的董事会副主席胡厚昆就该协议进行了会谈,胡厚昆提出了这个计划来使用IT提升人民的生活水平。The spokesman said Gen Prayut had told Mr Hu he wanted to push Thailand forward to become a regional IT hub, where leading technology operators can share ideas, experiences and cooperation.这位发言人说巴育对胡说他想让泰国成为区域IT中心,这样主要的技术公司就可以在这里分享想法,经验和进行合作。The executive told Gen Prayut that Huawei is y to work with the Thai government and the private sector to help shape IT development plans covering basic structure, management and information storage.这位华为负责人对总理说华为已经准备好和泰国政府以及泰国的私营部门合作以帮助形成IT发展计划,这将包括结构,管理和信息存储。;Huawei will also award 100 scholarships to Thai students over five years, to increase potential and knowledge of IT,; Mr Yongyuth said.“华为将在5年时间里给泰国学生提供100个奖学金,以提升IT领域的潜力和知识,”这位发言人说。Before wrapping up his official visit to China, Gen Prayut paid a courtesy call on Chinese President Xi Jinping who expressed satisfaction over cooperation between the two countries.在对中国进行正式访问前,巴育将军礼节性的拜访了中国主席Xi,Xi对两国间的合作表示满意。According to Xinhua News Agency, the Chinese president emphasised the importance of close ties with Thailand and urged both countries to press ahead with cooperation on railways and agriculture.根据新华社报道,中国主席强调了中泰紧密关系的重要性,并敦促两国继续就铁路和农业达成合作。Mr Xi singled out the breakthrough deal on railways as particularly important.习先生尤其强调了铁路取得突破性协议的重要性。Earlier Tuesday, Gen Prayut visited a Chinese train control centre and inspected operations.周二早些时候,巴育访问了中国的一处铁路控制中心并查看了操作过程。During the visit, Gen Prayut asked questions about the technical side of train control and management, including passenger services and goods transportation. He also asked Chinese rail officials about the possibility of developing existing trains to run at mid-speeds of 160kph. They assured him that the speed of trains can be increased without any detrimental effects on an established system.在访问期间,他询问了铁路控制和管理方面的技术性问题,包括旅务和货物运输。他还询问中国铁路官员有关于将现有列车速度提升到160公里每小时的可能性。而他们回答说列车的速度绝对可以提高,而且不会对现有的系统造成任何不利影响The premier and Thai delegates later took a bullet train from Beijing to Tianjin, a distance of 120km, in 30 minutes.随后,总理及泰国代表团乘坐子弹头列车从北京到天津,总共120公里,花了30分钟。Despite political changes, ties between the countries remain close. In bilateral talks on Monday, Gen Prayut and his Chinese counterpart Li Keqiang vowed to cement their friendship further when the countries mark the 40th anniversary of the establishment of diplomatic relations next year.尽管政治上发生了变化,但是两国间的关系依旧紧密。在周一的双边会谈中,巴育将军和中国总理李克强承诺将进一步增强两国关系,明年将是两国建交40周年纪念日。 /201412/350793。

HONG KONG — For large Internet companies in the ed States, the prevailing wisdom has long been that China is off limits.香港——对于美国的大型互联网公司而言,“中国是禁区”是一个长期而普遍的共识。Beijing’s concerns about being unable to control foreign sites, combined with regulations that require companies to censor and monitor users, has led many start-ups to heed the experience of forebears like Twitter and Facebook and refrain from opening a local China site.北京对无法控制外国网站感到担心,再加上一些规定要求公司对用户进行审查和监控,很多初创企业因此吸取了Twitter和Facebook等前辈的教训,不在中国本土开设网站。But that may be changing.但这种情况可能会改变。With its announcement on Tuesday that it was expanding in China, Airbnb joined a growing list of large American Internet companies that have begun experimenting with new models to enter the Chinese market. With more than 600 million Internet users, China is a rich prize.越来越多美国大型互联网公司正在尝试采用新的模式,进军中国市场,现在Airbnb也加入了这个行列;本周二,Airbnb宣布将在中国扩张业务。中国拥有逾6亿互联网用户,是一个富有的矿藏。In a statement on its blog, Airbnb said outbound bookings from Chinese tourists had risen 700 percent during the past year, making it the company’s fastest-growing market of customers booking stays outside their home country. Airbnb, a start-up based in San Francisco, allows people to offer their homes for rent; it completed a fundraising round in June of more than billion.Airbnb在其客上发表声明,说在过去一年,中国游客境外订房务飙升了700%,成为该公司“境外订房”领域增长最快的市场。Airbnb是一家总部设在旧金山的初创公司,用户可以用它出租自家的住所;在今年6月的一轮融资中,该公司筹集了逾10亿美元资金。Airbnb offered few details of how it would meet that Chinese demand. But the company said it wanted to “create a truly localized platform” while being “prudent” in establishing operations within China. To help, the company said it would work with the Chinese venture capital firms China Broadband Capital and Sequoia China, the local affiliate of the American firm, to increase its presence in the country.对于Airbnb将如何达到中国的要求,该公司没有提供具体细节,但它表示希望“建立一个真正的本地化平台”,并在中国境内“谨慎”经营。为了做到这一点,Airbnb表示,它将与中国风险投资公司中国宽带产业基金和美国红杉资本在中国的子公司红杉中国(Sequoia China)合作,在中国扩大业务。The first move for the venture capital firms will be to help recruit a chief executive for Airbnb’s operations in China before expanding the local team.风投公司的第一个行动,就在是帮助该公司扩充本地团队之前,招募一名首席执行官来负责Airbnb在中国的业务。The strategy closely resembles one taken by the professional social network LinkedIn, which worked with the same two venture capital firms when it introduced a local site in early 2014. LinkedIn also hired a separate chief executive for its China operations.这非常类似于职业社交网络领英(LinkedIn)曾经采取的战略。LinkedIn在2014年初推出中国本地的站点时,也与这两家风险投资公司进行了合作。LinkedIn也单独聘请了一位首席执行官来负责中国区的业务。LinkedIn’s strategy was to have its partners help the company work with the Chinese government. In particular, China Broadband Capital is politically well connected. Founded by Edward Tian, an entrepreneur who once ran a telecommunications company with the son of the former Chinese president Jiang Zemin, China Broadband has assisted other American businesses, like Evernote, in entering China.LinkedIn的策略是让合作伙伴来帮助该公司和中国政府打交道。中国宽带产业基金尤其拥有良好的政治人脉。该公司曾协助印象笔记(Evernote)等其他美国企业进入中国,其创始人田溯宁曾与中国前国家主席江泽民的儿子共同经营一家电信公司。In an interview last year, a company spokesman said China Broadband saw its role in the LinkedIn deal as helping the American company communicate with the government.该公司发言人在去年的一次采访中表示,在LinkedIn的交易中,该公司认为自己的作用是帮助美国公司与政府沟通。Although it is unclear what demands Airbnb might face, proposed Chinese laws dictate the company must store Chinese customer data inside China. That could mean giving the government access to data not just about the domestic travels of Chinese, but also about where they stay abroad.虽然目前还不清楚Airbnb可能会面临哪些要求,但中国正在拟议的一些法律规定,各公司拥有的中国用户数据必须保存在中国境内。这可能意味着政府不仅可以获得中国人在国内旅行的数据,还能获得他们在国外旅游的数据。But cracking the Chinese market must happen first. Brian Chesky, the chief executive and a co-founder of Airbnb, wrote in the blog post that Chinese tourists have been the top spenders internationally since 2012. Expanding inside China will allow the company to make money on their domestic travels as well.但首先要做的是打入中国市场。Airbnb联合创始人兼首席执行官布莱恩·切斯基(Brian Chesky)在客中写道,从2012年起,中国游客已经跻身于国际旅游的主要消费群。Airbnb在中国境内扩张,可以从中国的国内旅游市场中赚到钱。To do so, Airbnb will run up against a local analogue, Tujia, which is aly valued at more than billion and offers access to hundreds of thousands of properties across China. Like Airbnb, Tujia helps people market homes to tourists for short-term stays, but it also provides an array of other services around the rental, like cleaning and managing properties.要做到这一点,Airbnb将与中国本土品牌途家开展竞争。途家的估值已逾10亿美元,其网站上提供了数以十万计的中国住所。像在Airbnb上一样,用户也可以在途家上把住所出租给游客短期居住,但途家还提供一系列和租房相关的务,比如打扫和管理物业等。It is unclear whether Airbnb will take up similar services to persuade Chinese to open their doors to visitors. They have an experienced adviser in the industry in the form of Sequoia China’s founder, Neil Shen, who is known in China for starting the Chinese travel site Ctrip.com.目前尚不清楚Airbnb是否会采用类似务,说中国人向游客敞开大门。他们有一名经验丰富的行业顾问——红杉资本中国基金创始人沈南鹏,他在中国因为创建旅游网站携程网(Ctrip.com)而闻名。In his blog post, Mr. Chesky said Mr. Shen “has deep experience in the Chinese Internet and hospitality sectors.”切斯基在客文章中称,沈南鹏“在中国网络及务领域拥有丰富经验”。Even as LinkedIn and Uber have led the way for Airbnb, neither has managed to avoid causing a stir. Some LinkedIn users complained online that the company had failed to communicate how and why it was censoring content for users in China. It also briefly censored posts in Hong Kong, which enjoys freedom from Beijing’s content restrictions.先行一步的领英和优步(Uber)没能避免引发不满。领英的一些用户在网上抱怨称,该公司没有表明他们如何及为什么审查中国用户的内容。该公司还一度对香港的内容加以审查,而那里是无需接受北京的内容管制的。And several Uber offices have been raided in recent months by local Chinese police and regulators who say the company’s service is illegal. Uber drivers and taxi drivers alike have protested in different cities. Uber is also working to ensure that more of the data from its China operations are stored within the country, according to a person with direct knowledge of the matter.近几个月来,优步的几个办公室遭到当地警方及监管机构的突查,他们称该公司提供非法务。一些城市的优步司机和出租车司机进行了抗议。据一名知情人士透露,优步还在努力确保更多中国业务的数据储存在中国。All three companies are likely aware of the potential political fallout that could come if they change their minds. Google, which once acceded to China’s demands to censor content, noisily reversed course in 2010, delivering uncensored results to Chinese users from servers in Hong Kong.这三家公司可能都认识到,如果它们改变主意,可能会带来政治后果。谷歌(Google)曾同意中国提出的内容审查要求,但在2010年高调地逆转路线,通过在香港的务器为中国用户提供不受审查的搜索结果。That soured the company’s relationship with the Chinese authorities, and Google products are blocked in China.此举致使该公司与中国当局的关系恶化,谷歌产品在中国被封。 /201508/394650。