Huawei

　　華為

　　Interesting reading

　　有料

　　ANOTHER annual report sent out in the season whencountless companies worldwide are publishing them is at risk of being filed in the bin. Not so ifthe company is Huawei and the report is intended to make a company that reflects the best ofChinas manufacturing prowess, while being a prime example of its secretiveness, seemnormal.

　　值全球無數公司發表年度報告之季，又會有年報可能被扔進垃圾桶。不過，倘若是華為，倘若年報意在讓這家顯示中國最出色制造實力而充當保密先鋒的公司看似平常，則另當其說。

　　The telecoms-equipment makers financial performance is impressive enough to make thereport worth reading: revenues were 185 billion yuan , having grown by an annualaverage of 29% in the past four years. The growth rate for profits has been 56%. Having justpassed Nokia and Siemens, Huawei looks on track to overtake Ericsson, the industry leader,this year.

　　這家電信設備制造商財務狀況讓人驚嘆，報告值得一讀：年營收1850億元，四年年平均增長率達29%。利潤增長率56%。剛剛趕超諾基亞和西門子的華為，似乎今年就有望追上行業老大愛立信。

　　But it faces some big impediments, perhaps the most important being the concerns of manygovernments, notably Americas and Indias, about a private company suspected of links to thesecurity apparatus of a country said to be conducting sophisticated hacking. Because ofsuch worries, Huaweis efforts to buy American companies have been blocked and some saleshave been lost.

　　但華為也面臨幾重阻礙，其中最嚴重的，可能是以美國和印度為代表的許多政府都擔心，一家私企可能與中國安全機構有牽連，而中國據稱又在實施精密的黑客攻擊。因為上述擔憂，華為希望購買幾家美國公司都遭到拒絕，一些生意也隨之東流。

　　The report is clearly an effort by Huawei to lay suchconcerns to rest. For the first time, its directors arenamed and given brief biographies. The rags-to-riches story of Ren Zhengfei, the chief executive, isfleshed out: the son of rural schoolteachers, he leftthe army in 1983, founding the company withsavings of 21,000 yuan four years later. None of theother directors is said to have military ties.However, a somewhat conspicuous omission fromthe profile of Sun Yafang, the chairman, is thataccording to a report in the Financial Timessheused to work for the Ministry of State Security. That three other directors are closely related to Mr Ren is also omitted.

　　顯然，華為在通過年報努力消除這些擔憂。公司董事會成員的姓名簡歷首次刊出，也將首席執行官任正非白手起家的故事栩栩道來：他生于一個農村教師之家，1983年退伍，四年后用21,000元積蓄創建公司。沒有證據表明董事會其他成員與軍隊有聯系。然而，董事長孫亞芳的簡歷卻存在明顯疏漏：據《金融時報》報道稱，她曾在國家安全部任職。與任正非關系緊密的其他三名董事會成員同樣沒有提及。

　　The report is a bit more forthcoming on the financial help Huawei gets from the state: plentifulcheap loans, some at interest rates of less than 1.7%, and a handy chunk of research grants.The audit of the firms accounts, by KPMG Huazhen, was unqualified, though the auditornoted that they did not contain all the information needed to meet international accountingstandards for a full company report.

　　年報中更多看到的，是華為從政府得到的經濟幫助：大量廉價貸款，有些利率不足1.7%，以及大量研究經費。畢馬威華振為華為賬目做出的審計并不合格，盡管審計員指出，這并不包含完整公司報告按國際會計標準所應有的全部信息。

　　Huawei still has some way to go before it satisfies the curiosity of foreign governments,competitors and investors. Even so, the information given in this years annual reportrepresents a leap forward in openness for the company and for Chinese industry as a whole. Inrecent years Huawei has decisively dispelled any doubts that it can provide state-of-the-artcommunications equipment. The job of communicating about itself remains a work in progress.

　　華為要想消除外國政府、競爭者和投資商的疑慮，仍有待努力。即便如此，今年年報中披露的信息對公司、對中國工業整體而言，已經大有進步。近年來，華為已決然打消了外界的懷疑，證明自己可以提供頂尖水準的電信設施。而公司自己和外界的交流呢，仍在進行之中。

　　Huawei

　　華為

　　Interesting reading

　　有料

　　ANOTHER annual report sent out in the season whencountless companies worldwide are publishing them is at risk of being filed in the bin. Not so ifthe company is Huawei and the report is intended to make a company that reflects the best ofChinas manufacturing prowess, while being a prime example of its secretiveness, seemnormal.

　　值全球無數公司發表年度報告之季，又會有年報可能被扔進垃圾桶。不過，倘若是華為，倘若年報意在讓這家顯示中國最出色制造實力而充當保密先鋒的公司看似平常，則另當其說。

　　The telecoms-equipment makers financial performance is impressive enough to make thereport worth reading: revenues were 185 billion yuan , having grown by an annualaverage of 29% in the past four years. The growth rate for profits has been 56%. Having justpassed Nokia and Siemens, Huawei looks on track to overtake Ericsson, the industry leader,this year.

　　這家電信設備制造商財務狀況讓人驚嘆，報告值得一讀：年營收1850億元，四年年平均增長率達29%。利潤增長率56%。剛剛趕超諾基亞和西門子的華為，似乎今年就有望追上行業老大愛立信。

　　But it faces some big impediments, perhaps the most important being the concerns of manygovernments, notably Americas and Indias, about a private company suspected of links to thesecurity apparatus of a country said to be conducting sophisticated hacking. Because ofsuch worries, Huaweis efforts to buy American companies have been blocked and some saleshave been lost.

　　但華為也面臨幾重阻礙，其中最嚴重的，可能是以美國和印度為代表的許多政府都擔心，一家私企可能與中國安全機構有牽連，而中國據稱又在實施精密的黑客攻擊。因為上述擔憂，華為希望購買幾家美國公司都遭到拒絕，一些生意也隨之東流。

　　The report is clearly an effort by Huawei to lay suchconcerns to rest. For the first time, its directors arenamed and given brief biographies. The rags-to-riches story of Ren Zhengfei, the chief executive, isfleshed out: the son of rural schoolteachers, he leftthe army in 1983, founding the company withsavings of 21,000 yuan four years later. None of theother directors is said to have military ties.However, a somewhat conspicuous omission fromthe profile of Sun Yafang, the chairman, is thataccording to a report in the Financial Timessheused to work for the Ministry of State Security. That three other directors are closely related to Mr Ren is also omitted.

　　顯然，華為在通過年報努力消除這些擔憂。公司董事會成員的姓名簡歷首次刊出，也將首席執行官任正非白手起家的故事栩栩道來：他生于一個農村教師之家，1983年退伍，四年后用21,000元積蓄創建公司。沒有證據表明董事會其他成員與軍隊有聯系。然而，董事長孫亞芳的簡歷卻存在明顯疏漏：據《金融時報》報道稱，她曾在國家安全部任職。與任正非關系緊密的其他三名董事會成員同樣沒有提及。

　　The report is a bit more forthcoming on the financial help Huawei gets from the state: plentifulcheap loans, some at interest rates of less than 1.7%, and a handy chunk of research grants.The audit of the firms accounts, by KPMG Huazhen, was unqualified, though the auditornoted that they did not contain all the information needed to meet international accountingstandards for a full company report.

　　年報中更多看到的，是華為從政府得到的經濟幫助：大量廉價貸款，有些利率不足1.7%，以及大量研究經費。畢馬威華振為華為賬目做出的審計并不合格，盡管審計員指出，這并不包含完整公司報告按國際會計標準所應有的全部信息。

　　Huawei still has some way to go before it satisfies the curiosity of foreign governments,competitors and investors. Even so, the information given in this years annual reportrepresents a leap forward in openness for the company and for Chinese industry as a whole. Inrecent years Huawei has decisively dispelled any doubts that it can provide state-of-the-artcommunications equipment. The job of communicating about itself remains a work in progress.

　　華為要想消除外國政府、競爭者和投資商的疑慮，仍有待努力。即便如此，今年年報中披露的信息對公司、對中國工業整體而言，已經大有進步。近年來，華為已決然打消了外界的懷疑，證明自己可以提供頂尖水準的電信設施。而公司自己和外界的交流呢，仍在進行之中。