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四川看牙齿哪个医院好

2018年11月15日 03:24:08 | 作者:QQ健康 | 来源:新华社
For a mature tech company, the trick of the trade is to choose what to exit, and when. Qualcomm, founded 30 years ago, has made some smart exits, such as selling its handset business in 1999 and its infrastructure business that same year. Is it now time for the company to bow out of its chipset business, too?对于一家成熟的高科技企业来说,交易中的难点往往在于放弃什么以及什么时候放弃。30年前成立的高通(Qualcomm)曾做出一些明智的放弃决定。比如,1999年该公司出售了手机业务,并在同一年出售了基建业务。那么,该公司现在退出芯片业务是否正当其时呢?Qualcomm has openly considered this idea in the past, and recently investors have started clamouring for it as well. The most valuable part of Qualcomm is considered by analysts to be its licensing business, which supplies most of the IP for 3G and 4G wireless in smartphones. These licensing royalties account for just a quarter of revenue, but two-thirds of profits. Meanwhile Qualcomm’s chipset business brings in the bulk of revenue but less than half of profits. The businesses can complement each other when a new wireless communication standard is being introduced: for example Qualcomm can develop the IP behind a new standard like LTE (Long Term Evolution), and then simultaneously develop chipsets that incorporate LTE to prove how the technology works. But this synergy matters less at a time like the present, when Qualcomm aly licenses a large majority of global handset, Credit Suisse points out.高通过去曾公开表示考虑过这一想法,而最近投资者同样也开始大声呼吁这么做。分析师认为,高通最有价值的业务是其许可业务,智能手机的3G和4G无线技术使用的大多数知识产权都是由该部门提供的。这些许可带来的版权费只占高通营收的四分之一,却占了其利润的三分之二。与此同时,高通的芯片业务为其带来了大部分营收,带来的盈利却不到一半。在引入新的无线通信标准时,这两种业务之间是能够相互补充的。比如,对于长期演进(Long Term Evolution,简称LTE)这样的新技术标准,高通可以研发其幕后的种种专利技术,并同步开发植入LTE技术的芯片,以明这种技术的有效性。然而,瑞士信贷(Credit Suisse)指出,在如今这样的时代,高通已经在为全球绝大部分手机发放许可,这种协同效应已不那么重要了。Breaking up a company can make sense if one part of the company is weighing the other down, or if different segments have different growth trajectories. But in this case, both of Qualcomm’s business are facing similar headwinds, which has helped drive its share price down 17 per cent in the past 12 months. The licensing business has suffered declining revenues and profits, due to falling prices for smartphones (royalties are paid on the price of the phone) and to smaller royalty rates (such as the recent settlement in China). The chipset business has also seen growth slow, and is under pressure from increased competition from companies like MediaTek. Nevertheless chipsets are Qualcomm’s only source of profit growth.拆分一家企业的合理原因,要么是由于该企业的某一业务限制了其他业务的发展,要么是由于不同业务拥有不同的增长轨迹。但就高通而言,芯片业务和许可业务都面临着类似的不利局面。在过去12个月里,这种不利局面令其股价下跌了17%。高通的许可业务遭遇了营收及利润的下滑,原因一方面是由于智能手机的价格正在下跌(高通的版权费是以手机价格的一定比例收取的),另一方面则是由于版权费的抽成比例降低(比如中国最近的和解案)。与此同时,高通芯片业务也出现了增长放缓的现象,而且来自联发科技(Mediatek)等企业的竞争,使其面临越来越大的压力。不过,芯片业务目前仍是高通唯一的盈利增长来源。Sure, the company might want to consider selling if a willing buyer for the chipset business came along at the right price (CS puts the enterprise value of the chipset business at bn). And Qualcomm’s shares do look cheap right now; its enterprise value is 15 times 2014 free cash flow, near five-year lows. But splitting up would not help fix the challenges, or the valuation, of either the chipset or the licensing business. In times of trial, Qualcomm’s businesses may in fact be better together.当然,如果出现愿以合理价格收购芯片业务的买家(瑞士信贷估计该业务的企业价值为430亿美元),高通也许会想要考虑卖掉该业务。高通股价目前看起来确实很便宜,其企业价值只有2014年自由现金流的15倍,接近5年来的最低点。不过,拆分高通不会帮助芯片业务或许可业务解决所面临的挑战,也无助于修复它们的估值。在面临考验的时期,事实上高通各业务部门在一起可能更好一些。 /201504/371152

阅读提示:英文原文在下,对应译文在上,并非直译,敬请谅解“当你成为家族的下一代接班人时,我们也要启动‘陈-扎克伯格计划’(Chan Zuckerberg Initiative)了,与全世界的人一起努力,为下一代所有的孩子们,激发人类潜能并促进平等。在起步之初,我们将把重心放在个性化学习、疾病治疗、互联网连接,以及社区的发展上。”As you begin the next generation of the Chan Zuckerberg family, we also begin the Chan Zuckerberg Initiative to join people across the world to advance human potential and promote equality for all children in the next generation. Our initial areas of focus will be personalized learning, curing disease, connecting people and building strong communities.“我们将捐出Facebook 99%股份,市值约450亿美元,我们知道这只是杯水车薪,但我们希望能为改善这个世界略尽绵薄之力,我们将与他人一起,竭尽全力来改变世界。”We will give 99% of our Facebook shares -- currently about billion -- during our lives to advance this mission. We know this is a small contribution compared to all the resources and talents of those aly working on these issues. But we want to do what we can, working alongside many others.小札喜当爹,还为广大男同志们带来利好消息:初为人父的男员工们将拥有为期四个月的带薪陪产假!Facebook Chief Executive Mark Zuckerberg said he would take two months of paternity leave, the social media company announced it is extending its parental leave policy to full-time employees outside the ed States. /201512/413750

Motorola is planning a return to the Chinese smartphone market to take on local manufacturers such as Xiaomi and Huawei, as the venerable mobile maker’s recovery gains momentum.随着托罗拉(Motorola)复苏脚步加快,它计划重返中国智能手机市场,与小米(Xiaomi)和华为(Huawei)等本土制造商展开竞争。Putting its Moto X and G devices on sale in the country in the first quarter of this year, Motorola is aiming for younger and more affluent customers in the world’s largest and most competitive mobile market.托罗拉的Moto X和Moto G手机系列将在今年第一季度在中国市场发售,两款机型都面向这个全球最大、竞争最激烈的手机市场中,较年轻和较富有的消费者。While under Google’s ownership, Motorola withdrew from China in 2013. Rick Osterloh, Motorola’s president and chief operating officer, told the FT on Tuesday that the company sees a new opportunity there after its sale to Chinese electronics group Lenovo, which closed in October.2013年,在被谷歌(Google)收购后,托罗拉退出中国市场。托罗拉总裁兼首席运营官里克#8226;奥斯特罗(Rick Osterloh)周二告诉英国《金融时报》,在托罗拉移动业务被中国电子设备集团联想(Lenovo)收购(去年10月交易完成)后,该公司看到了新的机会。“If you want to be amongst the top [smartphone] providers, you have to be in China. It’s a maths problem,” he said. “We see this as a huge synergy as part of the Lenovo acquisition.”“如果你希望成为领先的(智能手机)供应商,那么你必须来到中国。”他表示,“我们把这视为联想收购所带来的巨大协同效应。”Describing the changes required to provide extensive customisation as a “restart” for the business and its supply chain, he said: “It would be exceptionally hard for someone at massive scale to do this. It was a unique capability that was made possible quite frankly because we were so small.”奥斯特罗表示,托罗拉在中国“重启”业务及供应链,将为中国市场提供广泛定制化的产品和务。他表示:“这样做对于一家大规模企业尤为困难。非常坦率的说,我们具有这项独特的能力,因为我们在中国的规模很小。”Customers’ ability to personalise their devices with different colours, finishes and specifications is central to Motorola’s renewed pitch in China, where Xiaomi’s low-cost, well-designed devices have seen the four-year-old company steal huge share from Samsung in the last year. Last month, Xiaomi closed a bn round of funding to further its expansion.允许手机用户用不同的颜色、修饰品和产品规格实现设备的个性化,是托罗拉重新进军中国的关键。在中国,小米的低成本且设计良好的手机产品,去年让这家仅有4年历史的公司从三星(Samsung)手中夺取了巨大市场份额。上月,小米完成一轮10亿美元的融资,以推动进一步扩张。Mr Osterloh said Motorola saw an opportunity in Samsung’s sudden weakness, suggesting that the world’s largest mobile maker might even go the way of Nokia and BlackBerry.奥斯特罗表示,托罗拉在三星突然疲弱之际发现了机会。他暗示,三星这家全球最大手机制造商甚至可能会走上诺基亚(Nokia)和黑莓(BlackBerry)的老路。The combined market share of Lenovo and Motorola today puts it in third place in the smartphone market, behind Apple and Samsung.联想与托罗拉的合计市场份额目前在智能手机市场排名第三,仅次于苹果(Apple)和三星。Retooling its Android-based phones for Chinese consumers will mean replacing Google internet services, such as search and email, with “locally appropriate” alternatives.托罗拉将向中国消费者推出定制化的基于安卓(Android)操作系统的智能手机,这意味着这些手机将无法提供谷歌的搜索和电邮等互联网务,转而采用更“适用于本土”的务。 /201501/352918

At this week#39;s CES technology expo, LG will be one of many TV makers to show off an impressive lineup of super-duper-high-definition TVs. But there#39;s one thing that separates LG from the competition.在本周的CES科技展会上,LG是展示超清画质电视的众多电视制造商之一,但有一个亮点却让LG从竞争中脱颖而出,那就是:You can roll up one of LG#39;s TVs like a newspaper.你可以像卷报纸一样卷起LG的一款电视。The 18-inch display is just one of the concept designs LG will be unveiling, as it attempts to predict the future of television screens. Also on display will be a 55-inch TV that is as thin as a piece of paper and a 65-inch ;extreme-curve; set of TVs that bend inwards and outwards.这个18英寸柔性屏正是LG将要展示的概念设计之一,它试图预测电视屏幕的未来。同时参展的还有一款薄如纸张的55英寸电视机和一款65英寸的“极限曲线”屏,向内向外都可以弯曲。None of these TV will be sold this year -- and it#39;s possible they may never hit stores. It#39;s also not totally clear why you#39;d want to roll up or bend your TV.这些电视今年都不会上市--有可能它们永远都不会在商店里出售。同时你也并不完全清楚,为什么你想卷起或弯曲你的电视。Like automakers#39; ;concept cars,; LG#39;s TVs are meant to show off what#39;s possible, even if it#39;s not yet marketable, affordable or able to be mass-produced for customers. But some elements of LG#39;s creations may come to your next television screen.正如汽车制造商的“概念车”,LG电视只是为了展示这个技术的可能性,即使当前还不适于市场销售、消费者还负担不起、或者还无法批量生产。但LG的一些创作元素可能被运用到你的下一台电视上。It#39;s concepts like LG#39;s that may one day push the industry forward into new markets and technologies it hasn#39;t yet considered.类似LG的这种设计理念,将来有一天可能推动电视行业运用史无前例的技术,开辟全新的市场 /201601/421475

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