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2021-07-27
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Tesla isn't crying: Small losses from cryptocurrency trading, big profits from car sales.
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2021-06-22
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It is worth noting that Tesla's carbon credit revenue in this quarter was only $354 million. Even without counting this revenue, Tesla still made a profit by selling cars and energy products.</p><p>This growth is mainly due to Tesla's soaring car production and deliveries. The company produced 206,000 electric vehicles in the second quarter, a year-on-year increase of 151%; A total of 201,000 vehicles were delivered, a year-on-year increase of 121%, of which Model 3 and Model Y accounted for a total of 199,000 vehicles, a year-on-year increase of 148%.</p><p>However, Tesla remains fraught with crises. CEO Elon Musk's previously promised plans to achieve this year, such as mass production of 4680 batteries, building a new factory, and launching a new Cybertruck model, have not yet been realized. The new project is behind schedule, and in China, Tesla is mired in negative public opinion and struggling to escape.</p><p>Following the release of the earnings report, Tesla's stock price rose only 0.99% in after-hours trading.</p><p>However, Musk continued to act unconventionally and was full of confidence in the company. During Tesla's second-quarter earnings call, Musk said he might not attend quarterly earnings calls in the future, \"unless there's something very important I need to say.\"</p><p>Key Points Overview 1. In the second quarter, Tesla's sales in China declined quarter-on-quarter, and the negative impact of safety incidents such as brake failure on Tesla began to gradually emerge. 2. The second quarter was a milestone for Tesla, as it was the first time Tesla had truly achieved profitability by selling cars and energy products. 3. Tesla suffered a loss of $23 million in the second quarter from speculating on Bitcoin. 4. Tesla's Texas and Berlin factories are expected to start construction this year, but Musk himself has not been able to say when they will start.<b>Global sales surge, but sales in China decline</b></p><p>In the second quarter of 2021, Tesla's deliveries reached a new high of 201,200 vehicles. This is also the first time Tesla has delivered more than 200,000 vehicles in a single quarter.</p><p>Including the 184,800 vehicles delivered in the first quarter, Tesla's total electric vehicle deliveries in the first half of the year reached 386,000 vehicles, which is a very good result and has already achieved half of its annual delivery target of 750,000 vehicles.</p><p>However, the situation in China is not optimistic. Tesla's financial reports typically only disclose global data. According to data from the China Passenger Car Association, Tesla's retail sales in June were 28,138 units, an increase from 21,936 units in May. However, it still failed to return to the level of March.</p><p>Tesla delivered 35,478 vehicles in March this year, setting a new record. However, a \"brake failure\" rights protection incident occurred in April. Since then, Tesla's sales in China have begun to decline, especially in April, when sales plummeted by 67%, with only 11,671 vehicles delivered that month. Due to the decline in sales over the past three months, Tesla's retail sales in China in the second quarter of 2021 were 61,700 units, a decrease of 10.87% compared to the first quarter.</p><p>Other electric vehicle brands are rapidly catching up in sales, such as<a href=\"https://laohu8.com/S/002594\">BYD</a>In June, 40,317 new energy vehicles were delivered, while SAIC-GM-Wuling delivered 31,285 vehicles. New domestic car manufacturers<a href=\"https://laohu8.com/S/NIO\">Nio</a>In June, monthly deliveries exceeded 8,000 units (8,083 units) for the first time, representing a year-on-year increase of 116.1%. These underlings that Tesla once looked down upon have now risen to prominence and even begun to seize Tesla's territory.</p><p><img src=\"https://static.tigerbbs.com/2392d6ddced169db7879993defdf1a4b\" tg-width=\"550\" tg-height=\"325\" referrerpolicy=\"no-referrer\">Source: Company website, China Passenger Car Association</p><p>The negative public opinion surrounding the safety incident did indeed impact Tesla's performance in the Chinese market in the second quarter.</p><p>Investors and analysts are watching to see if Tesla can handle the public opinion crisis in the Chinese market well. “For Tesla, the growth story in China is the most important,” a Securities analyst at Wedbush Securities once pointed out. “This is Tesla’s main market, and we believe 40% of their sales next year will come from there. I think this is key to whether the stock price rises or falls.”</p><p>In order to stay in China, Tesla is \"catching up\". For example, on June 26, Tesla planned to recall 285,000 imported Model 3 and domestically produced Model 3 and Model Y vehicles, and expressed its deepest apologies for the recall, which was unprecedented.</p><p><b>I lost $23 million trading Bitcoin.</b></p><p>Although Tesla has achieved positive profitability for several consecutive quarters, this is largely inflated. For example, in the first quarter of 2021, Tesla's net profit of $438 million was supported by $518 million in carbon emission credits and $101 million earned from speculating on Bitcoin.</p><p><img src=\"https://static.tigerbbs.com/8f8a8e0e5456bb2987b851e8bc7c285b\" tg-width=\"550\" tg-height=\"330\" referrerpolicy=\"no-referrer\">Source/Company Financial Report</p><p>In the second quarter, Tesla's net profit of $1.142 billion exceeded market expectations, marking its first quarterly net profit exceeding $1 billion.</p><p>When discussing Tesla's financial situation, key words that cannot be avoided are carbon emission credit revenue and speculation on Bitcoin.</p><p>In the first quarter, Tesla earned $101 million from cryptocurrency trading. But prices in Bitcoin have fallen by about half since their peak in April. According to the financial report, Tesla incurred a loss of $23 million in the second quarter due to the sharp drop in Bitcoin prices.</p><p>For a long time, Tesla's carbon emission credit income has been very high, making it an important source of profit. However, selling carbon emission credits is ultimately not a long-term solution. Tesla has now lost a \"major customer\". Fiat Cars (FCA), a major customer that buys carbon emission credits from Tesla, announced in January that it would merge with PSA to form the Stellantis Group, introducing PSA's electric vehicle business. As a result, FCA will no longer buy credits from Tesla.</p><p>In the second quarter, Tesla's carbon emission credits decreased by 17% year-over-year to only $354 million, lower than any of the previous four quarters.</p><p><img src=\"https://static.tigerbbs.com/f7a3c68e6e5a3f43a9892180c2f813e6\" tg-width=\"550\" tg-height=\"90\" referrerpolicy=\"no-referrer\">Source/Company Financial</p><p>How did Tesla achieve net profit growth without relying on its carbon credit business?</p><p>Selling a car is one aspect. Tesla delivered more than 20,000 Model 3s and Model Ys in the second quarter, while only 1,895 Model S units were sold. The great success of the Model Y has clearly boosted Tesla's performance. Tesla's gross profit margin for vehicles is also continuously improving, reaching 28.4%. Financial reports reveal that Tesla's supply chain costs are continuously decreasing.</p><p>Beyond that, Tesla's bigger ambition lies in selling software.<a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>Securities research believes that Tesla's future profit model is very certain: it will keep hardware prices very low, allowing it to sell at cost price, and will charge more through the backend software market to achieve profitability.</p><p>Tesla is now gradually realizing its software sales plan. In early July, Tesla owners' long-awaited \"Full Self-Driving (FSD)\" system was officially opened to the public, known as beta 9. Recently, Tesla launched a Full Self-Driving subscription package, priced at $199 per month for new users. Previously, Tesla sold the Full Self-Driving package with a one-time full payment of $10,000.</p><p>Subscription options could accelerate FSD adoption, renowned tech analyst Gene Munster wrote in a report. This is an important step on Tesla's long-term path to improving profit margins and will strengthen the company's operating model.</p><p><b>The factory is delayed in starting production, and new products are being delayed again?</b></p><p>Tesla's performance in the first half of the year was impressive, but it cannot relax.</p><p>To achieve its sales growth target of 50% this year, Tesla must accelerate its global expansion and production.</p><p>In the second quarter, Tesla conveyed the following messages via conference call: First, its Shanghai Gigafactory completed the export of its main automobiles.<a href=\"https://laohu8.com/S/HUBG\">hub</a>The transformation. The Shanghai factory is supplying Tesla to the global market.</p><p>The next question is, when will Tesla's two major factories in Berlin and Texas start production?</p><p>The Berlin Gigafactory in Germany is Tesla's fourth Gigafactory. According to the plan, once the Berlin Gigafactory in Germany officially goes into operation, it will be used to produce batteries, powertrains, and complete vehicles (starting with the production of the Model Y). The first phase of the factory focuses on producing Model Y vehicles, with a goal of producing 10,000 vehicles per week. In addition, 4680 batteries may first be mass-produced in Berlin, Germany. Musk has stated plans to increase the annual capacity of his battery manufacturing plant in Berlin to 100 GWh, potentially expanding it to 200 to 250 GWh. 100GWh is more than double the output of Tesla's Nevada plant, currently the world's largest battery factory.</p><p>Tesla initially expected its Berlin factory to begin production in July 2021. However, the Berlin factory was delayed and failed to pass the review. Various plans, including the Model Y and the 4680 power battery, had to be shelved.</p><p>During the conference call, Musk responded rather vaguely that the Berlin plant would begin production of the Model Y later this year. Musk did not reveal the specific date. The Texas factory in the United States is developing relatively rapidly. In Musk's words, \"A year ago there was nothing, and a year later there will be an almost complete large factory.\" The conference call revealed that the Texas factory has begun partial commissioning and will also produce the Model Y later this year.</p><p>What the market is more concerned about is the progress of the 4680 battery. The so-called 4680 battery, as the name suggests, is a cylindrical battery with a single cell diameter of 46mm and a height of 80mm.</p><p><img src=\"https://static.tigerbbs.com/32ac77fb22ba25c0efa274ba314ca73a\" tg-width=\"550\" tg-height=\"329\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/PC\">Panasonic</a>In an interview, Akiaki Nagasaki, head of strategy for the electric vehicle battery business, pointed out that new batteries like the 4680 model are \"key to enabling the large-scale adoption of cheaper electric vehicles.\" Cheaper but more efficient batteries are crucial for a rapidly growing new energy vehicle company.</p><p>Previously, Musk canceled the Model S Plaid+ Model with the longest driving range and delayed the launch of the 4680 battery because the Model uses the 4680 battery, which caused market concerns.</p><p>This time, Tesla delivered good news during the conference call. Tesla stated that the development of the 4680 battery \"has made significant progress,\" but \"we still have a lot of work to do before we can achieve mass production,\" particularly in improving the battery's manufacturing process. Furthermore, Musk pointed out that Tesla is working with its existing suppliers to produce 4680 batteries for its vehicles. The 4680 batteries have already been successfully crash-tested in the new design of its vehicles, and these batteries will be installed in the structural frame.</p><p>Beyond the factory and batteries, mass production of Tesla's electric pickup truck, the Cybertruck, remains a long way off. Tesla stated that it will only increase Cybertruck production in Texas after its factory in Texas begins production of the Model Y. Tesla's semi-trailer Semi, which was previously promised to be launched this year, has had its mass production date postponed again to 2022.</p><p>Whether the factory can start operations smoothly, whether the battery can be successfully developed and mass-produced, and whether the next blockbuster model can be launched have become three crucial challenges that Tesla will face going forward.</p>","source":"lsy1598506047654","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla isn't crying: Small losses from cryptocurrency trading, big profits from car sales.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla isn't crying: Small losses from cryptocurrency trading, big profits from car sales.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">深燃</strong><span class=\"h-time small\">2021-07-27 11:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla has released its financial report for the second quarter of 2021.</p><p>Data shows that Tesla's revenue in the second quarter was $11.958 billion, a 98% increase from $6.036 billion in the same period last year; Net income was $1.142 billion.</p><p>The net profit figure was staggeringly high, more than double the $438 million net profit in the first quarter and more than 10 times the net profit in the same period last year. It is worth noting that Tesla's carbon credit revenue in this quarter was only $354 million. Even without counting this revenue, Tesla still made a profit by selling cars and energy products.</p><p>This growth is mainly due to Tesla's soaring car production and deliveries. The company produced 206,000 electric vehicles in the second quarter, a year-on-year increase of 151%; A total of 201,000 vehicles were delivered, a year-on-year increase of 121%, of which Model 3 and Model Y accounted for a total of 199,000 vehicles, a year-on-year increase of 148%.</p><p>However, Tesla remains fraught with crises. CEO Elon Musk's previously promised plans to achieve this year, such as mass production of 4680 batteries, building a new factory, and launching a new Cybertruck model, have not yet been realized. The new project is behind schedule, and in China, Tesla is mired in negative public opinion and struggling to escape.</p><p>Following the release of the earnings report, Tesla's stock price rose only 0.99% in after-hours trading.</p><p>However, Musk continued to act unconventionally and was full of confidence in the company. During Tesla's second-quarter earnings call, Musk said he might not attend quarterly earnings calls in the future, \"unless there's something very important I need to say.\"</p><p>Key Points Overview 1. In the second quarter, Tesla's sales in China declined quarter-on-quarter, and the negative impact of safety incidents such as brake failure on Tesla began to gradually emerge. 2. The second quarter was a milestone for Tesla, as it was the first time Tesla had truly achieved profitability by selling cars and energy products. 3. Tesla suffered a loss of $23 million in the second quarter from speculating on Bitcoin. 4. Tesla's Texas and Berlin factories are expected to start construction this year, but Musk himself has not been able to say when they will start.<b>Global sales surge, but sales in China decline</b></p><p>In the second quarter of 2021, Tesla's deliveries reached a new high of 201,200 vehicles. This is also the first time Tesla has delivered more than 200,000 vehicles in a single quarter.</p><p>Including the 184,800 vehicles delivered in the first quarter, Tesla's total electric vehicle deliveries in the first half of the year reached 386,000 vehicles, which is a very good result and has already achieved half of its annual delivery target of 750,000 vehicles.</p><p>However, the situation in China is not optimistic. Tesla's financial reports typically only disclose global data. According to data from the China Passenger Car Association, Tesla's retail sales in June were 28,138 units, an increase from 21,936 units in May. However, it still failed to return to the level of March.</p><p>Tesla delivered 35,478 vehicles in March this year, setting a new record. However, a \"brake failure\" rights protection incident occurred in April. Since then, Tesla's sales in China have begun to decline, especially in April, when sales plummeted by 67%, with only 11,671 vehicles delivered that month. Due to the decline in sales over the past three months, Tesla's retail sales in China in the second quarter of 2021 were 61,700 units, a decrease of 10.87% compared to the first quarter.</p><p>Other electric vehicle brands are rapidly catching up in sales, such as<a href=\"https://laohu8.com/S/002594\">BYD</a>In June, 40,317 new energy vehicles were delivered, while SAIC-GM-Wuling delivered 31,285 vehicles. New domestic car manufacturers<a href=\"https://laohu8.com/S/NIO\">Nio</a>In June, monthly deliveries exceeded 8,000 units (8,083 units) for the first time, representing a year-on-year increase of 116.1%. These underlings that Tesla once looked down upon have now risen to prominence and even begun to seize Tesla's territory.</p><p><img src=\"https://static.tigerbbs.com/2392d6ddced169db7879993defdf1a4b\" tg-width=\"550\" tg-height=\"325\" referrerpolicy=\"no-referrer\">Source: Company website, China Passenger Car Association</p><p>The negative public opinion surrounding the safety incident did indeed impact Tesla's performance in the Chinese market in the second quarter.</p><p>Investors and analysts are watching to see if Tesla can handle the public opinion crisis in the Chinese market well. “For Tesla, the growth story in China is the most important,” a Securities analyst at Wedbush Securities once pointed out. “This is Tesla’s main market, and we believe 40% of their sales next year will come from there. I think this is key to whether the stock price rises or falls.”</p><p>In order to stay in China, Tesla is \"catching up\". For example, on June 26, Tesla planned to recall 285,000 imported Model 3 and domestically produced Model 3 and Model Y vehicles, and expressed its deepest apologies for the recall, which was unprecedented.</p><p><b>I lost $23 million trading Bitcoin.</b></p><p>Although Tesla has achieved positive profitability for several consecutive quarters, this is largely inflated. For example, in the first quarter of 2021, Tesla's net profit of $438 million was supported by $518 million in carbon emission credits and $101 million earned from speculating on Bitcoin.</p><p><img src=\"https://static.tigerbbs.com/8f8a8e0e5456bb2987b851e8bc7c285b\" tg-width=\"550\" tg-height=\"330\" referrerpolicy=\"no-referrer\">Source/Company Financial Report</p><p>In the second quarter, Tesla's net profit of $1.142 billion exceeded market expectations, marking its first quarterly net profit exceeding $1 billion.</p><p>When discussing Tesla's financial situation, key words that cannot be avoided are carbon emission credit revenue and speculation on Bitcoin.</p><p>In the first quarter, Tesla earned $101 million from cryptocurrency trading. But prices in Bitcoin have fallen by about half since their peak in April. According to the financial report, Tesla incurred a loss of $23 million in the second quarter due to the sharp drop in Bitcoin prices.</p><p>For a long time, Tesla's carbon emission credit income has been very high, making it an important source of profit. However, selling carbon emission credits is ultimately not a long-term solution. Tesla has now lost a \"major customer\". Fiat Cars (FCA), a major customer that buys carbon emission credits from Tesla, announced in January that it would merge with PSA to form the Stellantis Group, introducing PSA's electric vehicle business. As a result, FCA will no longer buy credits from Tesla.</p><p>In the second quarter, Tesla's carbon emission credits decreased by 17% year-over-year to only $354 million, lower than any of the previous four quarters.</p><p><img src=\"https://static.tigerbbs.com/f7a3c68e6e5a3f43a9892180c2f813e6\" tg-width=\"550\" tg-height=\"90\" referrerpolicy=\"no-referrer\">Source/Company Financial</p><p>How did Tesla achieve net profit growth without relying on its carbon credit business?</p><p>Selling a car is one aspect. Tesla delivered more than 20,000 Model 3s and Model Ys in the second quarter, while only 1,895 Model S units were sold. The great success of the Model Y has clearly boosted Tesla's performance. Tesla's gross profit margin for vehicles is also continuously improving, reaching 28.4%. Financial reports reveal that Tesla's supply chain costs are continuously decreasing.</p><p>Beyond that, Tesla's bigger ambition lies in selling software.<a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>Securities research believes that Tesla's future profit model is very certain: it will keep hardware prices very low, allowing it to sell at cost price, and will charge more through the backend software market to achieve profitability.</p><p>Tesla is now gradually realizing its software sales plan. In early July, Tesla owners' long-awaited \"Full Self-Driving (FSD)\" system was officially opened to the public, known as beta 9. Recently, Tesla launched a Full Self-Driving subscription package, priced at $199 per month for new users. Previously, Tesla sold the Full Self-Driving package with a one-time full payment of $10,000.</p><p>Subscription options could accelerate FSD adoption, renowned tech analyst Gene Munster wrote in a report. This is an important step on Tesla's long-term path to improving profit margins and will strengthen the company's operating model.</p><p><b>The factory is delayed in starting production, and new products are being delayed again?</b></p><p>Tesla's performance in the first half of the year was impressive, but it cannot relax.</p><p>To achieve its sales growth target of 50% this year, Tesla must accelerate its global expansion and production.</p><p>In the second quarter, Tesla conveyed the following messages via conference call: First, its Shanghai Gigafactory completed the export of its main automobiles.<a href=\"https://laohu8.com/S/HUBG\">hub</a>The transformation. The Shanghai factory is supplying Tesla to the global market.</p><p>The next question is, when will Tesla's two major factories in Berlin and Texas start production?</p><p>The Berlin Gigafactory in Germany is Tesla's fourth Gigafactory. According to the plan, once the Berlin Gigafactory in Germany officially goes into operation, it will be used to produce batteries, powertrains, and complete vehicles (starting with the production of the Model Y). The first phase of the factory focuses on producing Model Y vehicles, with a goal of producing 10,000 vehicles per week. In addition, 4680 batteries may first be mass-produced in Berlin, Germany. Musk has stated plans to increase the annual capacity of his battery manufacturing plant in Berlin to 100 GWh, potentially expanding it to 200 to 250 GWh. 100GWh is more than double the output of Tesla's Nevada plant, currently the world's largest battery factory.</p><p>Tesla initially expected its Berlin factory to begin production in July 2021. However, the Berlin factory was delayed and failed to pass the review. Various plans, including the Model Y and the 4680 power battery, had to be shelved.</p><p>During the conference call, Musk responded rather vaguely that the Berlin plant would begin production of the Model Y later this year. Musk did not reveal the specific date. The Texas factory in the United States is developing relatively rapidly. In Musk's words, \"A year ago there was nothing, and a year later there will be an almost complete large factory.\" The conference call revealed that the Texas factory has begun partial commissioning and will also produce the Model Y later this year.</p><p>What the market is more concerned about is the progress of the 4680 battery. The so-called 4680 battery, as the name suggests, is a cylindrical battery with a single cell diameter of 46mm and a height of 80mm.</p><p><img src=\"https://static.tigerbbs.com/32ac77fb22ba25c0efa274ba314ca73a\" tg-width=\"550\" tg-height=\"329\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/PC\">Panasonic</a>In an interview, Akiaki Nagasaki, head of strategy for the electric vehicle battery business, pointed out that new batteries like the 4680 model are \"key to enabling the large-scale adoption of cheaper electric vehicles.\" Cheaper but more efficient batteries are crucial for a rapidly growing new energy vehicle company.</p><p>Previously, Musk canceled the Model S Plaid+ Model with the longest driving range and delayed the launch of the 4680 battery because the Model uses the 4680 battery, which caused market concerns.</p><p>This time, Tesla delivered good news during the conference call. Tesla stated that the development of the 4680 battery \"has made significant progress,\" but \"we still have a lot of work to do before we can achieve mass production,\" particularly in improving the battery's manufacturing process. Furthermore, Musk pointed out that Tesla is working with its existing suppliers to produce 4680 batteries for its vehicles. The 4680 batteries have already been successfully crash-tested in the new design of its vehicles, and these batteries will be installed in the structural frame.</p><p>Beyond the factory and batteries, mass production of Tesla's electric pickup truck, the Cybertruck, remains a long way off. Tesla stated that it will only increase Cybertruck production in Texas after its factory in Texas begins production of the Model Y. Tesla's semi-trailer Semi, which was previously promised to be launched this year, has had its mass production date postponed again to 2022.</p><p>Whether the factory can start operations smoothly, whether the battery can be successfully developed and mass-produced, and whether the next blockbuster model can be launched have become three crucial challenges that Tesla will face going forward.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=http://finance.sina.com.cn/tech/csj/2021-07-27/doc-ikqciyzk7889618.shtml\">深燃</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/32ac77fb22ba25c0efa274ba314ca73a","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://cj.sina.cn/article/normal_detail?url=http://finance.sina.com.cn/tech/csj/2021-07-27/doc-ikqciyzk7889618.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2154993281","content_text":"特斯拉迎来了2021年第二季度的财报。\n数据显示，特斯拉第二季度营收为119.58亿美元，比去年同期的60.36亿美元增长98%；净利润为11.42亿美元。\n净利润这一数字高得惊人，它是第一季度净利润4.38亿美元的两倍多，是去年同期净利润的10 倍以上。值得注意的是，这一季度，特斯拉碳积分收入仅为3.54亿美元，即使不计算这笔收入，特斯拉靠卖车和卖能源产品依旧实现了盈利。\n这样的增长，主要得益于特斯拉飙升的汽车产量和交付量。公司第二季度生产了20.6万辆电动汽车，同比增长151%；共交付了20.1万辆汽车，同比增长121%，其中Model 3和Model Y总计占了19.9万辆，同比增长148%。\n但特斯拉依旧危机四伏。CEO马斯克此前承诺要在今年实现的计划，比如4680电池的量产、建造新工厂、推出Cybertruck新车型等等，目前都没能实现。新项目已经落后于计划，而在中国区，特斯拉深陷负面舆论的泥沼中难以脱身。\n财报发布后，特斯拉股价在盘后交易中仅上涨0.99%。\n不过马斯克依旧我行我素不按常理出牌，并且对公司自信满满。马斯克在特斯拉二季度财报电话会议上表示，今后他可能不再出席季度盈利电话会议，“除非有非常重要的事情需要我说。”\n\n 要点概览1、二季度，特斯拉中国区的销量环比下滑，刹车失灵等安全事故对特斯拉的负面影响开始逐渐显现。2、二季度对于特斯拉具有里程碑式的意义，特斯拉第一次靠着卖车和卖能源产品真正实现了盈利。3、特斯拉二季度炒比特币亏损2300万美元。4、特斯拉的得克萨斯州工厂以及柏林工厂有望今年开工，但具体什么时候开工，马斯克自己也没能说清。\n\n全球销量大涨，但中国销量下降\n2021年第二季度，特斯拉交付量再创新高——20.12万辆。这也是特斯拉首次在一个季度内交付超过20万辆汽车。\n加上一季度交付的18.48万辆，上半年，特斯拉电动车的交付总量达到38.6万辆，这是一个非常好的成绩，已完成年交付75万辆目标的一半。\n但就中国区来看，情况不容乐观。特斯拉的财报中通常只披露全球数据。根据乘联会数据，特斯拉6月的零售销量为28138辆，这一销量对比5月份的21936辆有所增长。但是依旧没能回到3月份的水平。\n特斯拉今年3月交付35478辆，创历史纪录。但4月份发生了“刹车失灵”维权事件，自此之后，特斯拉在中国区的销量就开始走下坡路，尤其是4月份，销量暴跌了67%，当月只交付了11671辆。也是因为近3个月的销量下滑，特斯拉2021年第二季度在中国区的零售销量为6.17万，比一季度下降了10.87%。\n其他电动车品牌的销量则正在飞速赶超，比如比亚迪6月份交付了40317辆新能源车，上汽通用五菱6月份交付31285辆。国内造车新势力蔚来6月份单月交付量首次超过8000台（8083台），同比增长116.1%。这些原先特斯拉不屑一顾的小弟，如今已经崛起甚至开始抢夺特斯拉的地盘。\n资料来源/公司官网、乘联会\n安全事故的负面舆论，的确对特斯拉二季度的中国市场带来了影响。\n投资人以及分析师都在观望特斯拉能否处理好在中国市场的舆论危机。“对特斯拉来说，中国的增长故事是最重要的。”韦德布什（Wedbush Securities）的证券分析师就曾指出：“这是特斯拉的主要市场，我们相信他们明年40%的销售额将来自那里。我认为这是股价上涨或下跌的关键。”\n为了留在中国，特斯拉正在“补课”。比如，6月26日，特斯拉计划召回28.5万辆进口Model 3及国产Model 3、Model Y，并且破天荒地对此次召回事件深表歉意。\n炒比特币亏了2300万美元\n尽管特斯拉已经连续几个季度都实现了正向盈利，但这其中水分不少。比如，2021年一季度，特斯拉4.38亿美元的净利润，有5.18亿美元的碳排放积分收入和炒比特币赚的1.01亿美元做支撑。\n资料来源/公司财报\n二季度，特斯拉11.42亿美元的净利润超出市场预期，这也是它首个季度净利润超过10亿美元。\n谈到特斯拉的财务状况，逃不开的关键词就是碳排放积分收入以及炒比特币。\n一季度，特斯拉靠炒币赚了1.01亿美元。但比特币的价格自4月份的峰值以来已经下跌了大约一半。从财报中的披露来看，二季度，特斯拉因为比特币价格暴跌，账面计提了2300万美元的亏损。\n很长一段时间以来，特斯拉的碳排放积分收入都很高，是盈利的重要来源。但是，卖碳排放积分终究不是长久之计。如今，特斯拉已经失去了一位“大客户”。向特斯拉买碳排放积分的大客户菲亚特汽车公司（FCA），已经在1月宣布和PSA合并为Stellantis集团，引入PSA的电动车业务，由此FCA不再向特斯拉购买积分。\n二季度，特斯拉的碳排放积分同比减少了17%，仅为3.54亿美元，比前四个季度中的任何一个季度都低。\n来源/公司财报\n不依靠碳积分这门生意后，特斯拉如何实现了净利润的增长？\n卖车是一方面。特斯拉在二季度交付了超过两万辆Model 3和Model Y，Model S的销量仅为1895辆。Model Y的大获成功显然提振了特斯拉的业绩。而特斯拉的整车毛利率也在不断提高，已经达到了28.4%。财报披露，特斯拉的供应链成本正在不断降低。\n除此之外，特斯拉更大的野心在于卖软件。国泰君安证券研究认为，特斯拉未来的盈利模式已经非常确定，把硬件价格做得很低，基本上能以成本价卖，更多通过后端软件市场来收费，实现盈利。\n如今，特斯拉正在逐渐实现它的卖软件计划。7月初，特斯拉车主期待已久的“完全自动驾驶（Full Self-Driving，以下简称FSD）”系统正式对外开放，该系统被称为beta 9。最近，特斯拉又推出了全自动驾驶订阅包，新用户为每月199美元，此前，特斯拉以10000美元一次性完全支付的方式销售完全自动驾驶套餐。\n知名科技分析师吉恩-蒙斯特（Gene Munster）在一份报告中写道，订阅选项可以加速FSD的采用。这是特斯拉提高利润率的长期道路上的重要一步，将加强该公司的运营模式。\n工厂迟迟不开工，新产品又要跳票？\n上半年的业绩亮眼，但特斯拉不能松口气。\n要实现今年销量增长率50%的目标，特斯拉必须加快全球化的布局以及生产。\n在二季度，通过电话会议，特斯拉传递了这么几个信息，首先是，上海超级工厂完成了作为公司主要汽车出口枢纽的转型。上海工厂正在为特斯拉的全球市场供货。\n接下来的问题就是，特斯拉的柏林和得克萨斯两大工厂什么时候开工生产？\n德国柏林超级工厂是特斯拉的第四座超级工厂。按照计划，德国柏林超级工厂正式投产后，将用于生产电池、动力系统和整车(从生产Model Y开始)。该工厂第一阶段的重点是生产Model Y，目标是每周生产10000辆。此外，4680电池或将率先在德国柏林量产。马斯克曾表示，计划让柏林的电池生产厂年产能达到100GWh，可能扩大到200到250GWh。100GWh已经是当前全球最大电池工厂特斯拉内华达厂产量的两倍多。\n特斯拉最初预计柏林工厂将于2021年7月投产。但是，柏林工厂迟迟审核没有通过。Model Y、4680动力电池等等种种计划不得不搁置。\n在电话会议中，马斯克颇为模糊地回应称，柏林工厂将会在今年晚一些投入生产Model Y。至于具体晚到什么时候，马斯克没再透露。美国这边的得克萨斯工厂倒是发展得比较迅猛。按照马斯克的话说：“一年前什么都没有，一年后有一个几乎完整的大工厂。”电话会议透露，得克萨斯州的工厂已经开始部分调试，也是今年晚些时候生产Model Y。\n市场更为关心的是，4680电池进行到哪一步了？所谓的4680电池顾名思义就是单体电芯直径为46mm、高度为80mm的圆柱形电池。\n\n松下电动汽车电池业务策略主管长崎彰明在一次采访中指出，像4680型电池这种新型电池是“让更廉价电动汽车能够大规模推广的关键所在”。更廉价但效能更高的电池，对于一家高速增长的新能源车企来说至关重要。\n此前，马斯克取消了续航里程最长的Model S Plaid+车型，并推迟了4680电池上市的时间，因为该款车型使用4680电池，因此引发了市场担忧。\n这一次，特斯拉在电话会议中传递出了好消息。特斯拉表示4680电池的开发“已经取得了重大进展”，但“在我们实现批量生产之前，我们还有很多工作要做”，特别是在改进电池的制造工艺方面。并且，马斯克指出，特斯拉正在与其现有供应商合作为其车辆生产4680电池，4680电池已经成功地对其车辆的新设计进行了碰撞测试，这些电池将被安装到结构框架中。\n在工厂、电池之外，特斯拉的电动皮卡Cybertruck，量产依旧遥遥无期。特斯拉表示，在位于得克萨斯州的工厂开始生产 Model Y 之后，特斯拉才会在得克萨斯州增加Cybertruck的生产。而特斯拉之前承诺于今年推出的半挂Semi，再次被推后了量产时间，变成了2022年。\n工厂能否顺利开工、电池能否顺利研发量产、能否推出下一个爆款车型，这成为了特斯拉接下来要面临的三个至关重要的难题。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":5483,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120793101,"gmtCreate":1624336129403,"gmtModify":1703833833534,"author":{"id":"3582273772475665","authorId":"3582273772475665","name":"洁净","avatar":"https://static.tigerbbs.com/17f10759a3774fee9c78df903daa7359","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582273772475665","idStr":"3582273772475665"},"themes":[],"title":"","htmlText":"Gd ","listText":"Gd ","text":"Gd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/120793101","repostId":"1163514513","repostType":4,"repost":{"id":"1163514513","kind":"news","pubTimestamp":1624333553,"share":"https://ttm.financial/m/news/1163514513?lang=en_US&edition=fundamental","pubTime":"2021-06-22 11:45","market":"hk","language":"zh","title":"Unveiling Huawei's Investment Landscape: From Conservative and Low-Key to Radical and Aggressive","url":"https://stock-news.laohu8.com/highlight/detail?id=1163514513","media":" 资本侦探","summary":"如何在技术变革引发的潮起潮落中，不被时代“抛弃”，成为很多大型科技企业必须要面对的课题。\n目前主流的做法，一是加大研发，构筑自己的技术壁垒；另一方面外部进行多元化布局，合纵连横，构建自己的生态优势。\n","content":"<p>How to avoid being \"abandoned\" by the times amidst the ebb and flow of technological change has become a challenge that many large technology companies must face.</p><p>The current mainstream approach is to increase research and development and build one's own technological barriers; On the other hand, it is diversifying its external strategies, forming alliances, and building its own ecological advantages.</p><p>In China, internet companies such as BAT (Baidu, Alibaba, Tencent) and TMD are trying to build their own ecosystem and strengthen their \"moat\" through investment and mergers and acquisitions. After searching on ITjuzi, I found that...<a href=\"https://laohu8.com/S/00700\">Tencent</a>It has invested in 953 companies, of which Alibaba has 588.<a href=\"https://laohu8.com/S/JD\">JD.com</a>There are 320,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>There are 296 companies, and even the smaller Meituan company has 79.</p><p>In contrast, Huawei, founded in 1987, has always been very cautious and conservative in its investments, and has only made about 60 overseas investments to date. Over its more than 30 years of development, Huawei has faced many readily available opportunities, such as the real estate investment boom and the secondary market bull market, but it seems unmoved and has always stuck to its own field. Today, Huawei has grown into a large company with annual revenue of nearly 900 billion yuan, and its business mainly includes three segments: consumer business, carrier business, and enterprise business.</p><p>However, as US sanctions continue to tighten, the semiconductor \"bottleneck\" situation is becoming increasingly serious, and Huawei seems to have made some changes in its investment. In 2019, Huawei's wholly-owned subsidiary, Hubble Investment, continued to make moves in industries such as semiconductor chips, raw materials, and equipment, sparking speculation that Huawei would fully enter the semiconductor industry.</p><p>Over the past 30 years, which companies has Huawei mainly invested in? What different signals are being conveyed behind this? Let's take a look.</p><p><b>Investment Landscape Scan</b></p><p>Much of the public's understanding of Huawei's investment stems from speeches by Ren Zhengfei and Xu Zhijun in 2017. At the time, Huawei's President's Office issued Document No. 126, which clearly stated \"what not to do,\" including adhering to the principles of \"not making applications, not touching data, and not making equity investments.\"</p><p>This was later interpreted as \"Huawei not making investments\". However, in reality, neither Ren Zhengfei nor Xu Zhijun, the so-called \"no investment\" mainly targets Huawei Cloud, cloud computing, and big data artificial intelligence platforms, rather than all areas.</p><p>Overall, Huawei's overseas investment strategy has always followed the rules stipulated in the Huawei Basic Law. This management outline, adopted in 1998, defines Huawei's corporate strategy, values, and management principles.</p><p>Regarding investment, Article 37 of the Basic Law stipulates that<b>\"Our short- to medium-term investment strategy remains focused on product investment, aiming to concentrate resources to the greatest extent possible and rapidly enhance the company's technological strength, market position and management capabilities... We do not engage in any unrelated diversified operations that scatter the company's resources and the energy of senior management.\"</b></p><p><img src=\"https://static.tigerbbs.com/872ca4af4f0d73f92113bc46139230c0\" tg-width=\"1080\" tg-height=\"2011\" referrerpolicy=\"no-referrer\"></p><p>Therefore, Huawei has always kept a very low profile in terms of investment and mergers and acquisitions. If divided by time, it can be roughly divided into two periods: the first period is from 2000 to 2016, and the second period is from 2019 to the present.</p><p>In the first phase, Huawei's investments were mainly led by its internal corporate development department, and its internet business briefly invested in some projects. Among them, Huawei's overall department responsible for investment is called the \"Enterprise Development Department\". This department is under the Finance Committee and mainly includes the Strategy Development Department, Corporate Project Operations Department, Investment Monitoring Department, and Project Execution Department.</p><p>Within Huawei's system, the Corporate Development Department is not a core department. Unlike many companies, Huawei's overseas investment process is initiated by its business units. Once they discovered that a company's technology would be helpful to their business, they submitted the project to the corporate development department. Subsequently, the Corporate Development Department will conduct an assessment and evaluation, and then submit it to the Executive Board for decision Therefore, the corporate development department focuses more on evaluation and research.</p><p>Another department is the Internet Business Department. According to Zhu Bo, then president of Huawei's Internet Business Department, in 2008 he approached Xu Zhijun of Huawei's EMT (Executive Management Team) to discuss cooperation with Huawei, but Xu Zhijun took him seriously. At that time, Huawei saw a ceiling in the communications field and hoped to make a breakthrough and achieve success in the field of Internet services, so it invited Zhu Bo to join.</p><p>Ultimately, Huawei established an Internet Business Department specifically for Zhu Bo. At that time, Zhu Bo led more than 20 people, and more than 30 people were transferred from within Huawei to form a team of about 60 people. This division was initially directly under Huawei Software. After diversification in 2010, the Internet business unit was incorporated into the Consumer BG.</p><p>However, this department was abolished following Zhu Bo's departure in 2012. According to Zhu Bo, Huawei initially intended to develop towards services and the internet. However, in practice, the B2C mindset of the Internet and Huawei's B2B business model conflict in many aspects. Later, Huawei adjusted its investment strategy, so he chose to resign.</p><p>After an investment gap between 2015 and 2018, Huawei's investment entered its second phase in 2019, with Hubble's investment as the main vehicle.</p><p>When Hubble Investment was founded in April 2019, its registered capital was 700 million yuan. Subsequently, Huawei increased its capital twice, in October 2020 and May 2021, bringing its registered capital to 3 billion yuan. Regarding the composition of Hubble Investment's board of directors, Chairman and General Manager Bai Yi was formerly the Vice President of Huawei's Financial Management Office and the President of Huawei's Global Financial Risk Control Center. Director Ying Weimin previously served as President of Wireless Network R&D at Huawei, and Director Zhou Yongjie previously served as Vice President of HiSilicon Semiconductor Co., Ltd., both of whom have experience in the telecommunications industry.</p><p><img src=\"https://static.tigerbbs.com/2e6912c79aad4f7bca90a82a24b8eda9\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>It is worth mentioning that Hubble Investment's establishment and development coincided almost simultaneously with the US sanctions against Huawei. A month after Hubble Investments was founded, the United States launched the first of four rounds of sanctions against Huawei. In May 2019, the Trump administration added Huawei to the Entity List, restricting U.S. companies from supplying Huawei. As the United States intensifies sanctions against Huawei, Hubble's investment pace is also accelerating.</p><p>At the time, Huawei made two preparations: in the short term, it would accelerate its procurement of components from suppliers such as Murata, Toshiba, Kyocera, and Rohm, and increase its procurement volume in Taiwan, with orders from companies such as Daliguang increasing significantly. Meanwhile, according to supply chain research, Huawei has also prepared about a year's worth of inventory for products from American semiconductor companies to give Huawei a buffer period for supply chain switching.</p><p>In the long run, Huawei is also actively seeking alternative suppliers, relaxing the certification qualification requirements for domestic suppliers, and increasing the discovery and cultivation of potential domestic suppliers.</p><p><b>Product mergers and acquisitions are the main focus</b></p><p>According to data from ITjuzi, Huawei's first investment was the acquisition of Harbor Technology for 1.7 billion yuan in June 2006. Harbor Networks was founded by Li Yinan, the former youngest vice president of Huawei. After fierce competition between the two companies, Huawei eventually acquired it, and Li Yinan became Huawei's chief scientist and vice president. However, two years later, Li Yinan left Huawei again.</p><p>In fact, Huawei's investments can be traced back to around 2000. At that time, when third-generation mobile communication technology was in the early stages of large-scale application, Huawei, as a latecomer, seized the opportunity and launched a series of small-scale acquisitions in the United States.</p><p><ul><li>In early 2002, Huawei's acquisition of optical communication manufacturer OptiMight strengthened its technological capabilities in optical transmission.</p><p></li><li>In 2003, Huawei acquired network processor manufacturer Cognigine, enhancing its capabilities in core processors for switches and routers.</p><p></li><li>In 2004, Huawei partnered with LightPointe, a Silicon Valley-based designer and manufacturer of wireless optical products, and thus obtained the qualification to OEM the company's FSO equipment.</p><p></li></ul>In the following decade or so, Huawei invested in more than 15 companies.<b>These companies are mainly concentrated in European regions such as France and the United Kingdom, and their main types are communications and semiconductors. The purpose of Huawei's series of investments is to make up for its relatively weak modules, while better entering developed countries and increasing its market share in Europe and the United States.</b></p><p>Some of the investments are also related to Huawei's strategic layout in the Internet of Things field. In 2012, Huawei announced its foray into the Internet of Things (IoT) and has already completed related IoT solutions. Subsequent investments will expand its IoT footprint overseas.</p><p>For example, in July 2014, Huawei and Bosch Ventures,<a href=\"https://laohu8.com/S/XLNX\">Xilinx</a>They jointly invested a total of $26 million in XMOS. It is understood that XMOS is a British semiconductor design company that specializes in designing high-performance chips for \"Internet of Things\" products, including personal electronic devices and home devices that connect to the Internet via embedded chips; In September of the same year, Huawei acquired another British IoT company, Neul, for $25 million.</p><p><img src=\"https://static.tigerbbs.com/e8f251765fe16b3add9df66c7a3ec730\" tg-width=\"1080\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p>It's worth mentioning that Huawei was briefly interested in the internet business and invested in it.<a href=\"https://laohu8.com/S/300418\">Kunlun Tech</a>Companies such as Baofeng Player, Quyou, and YeePay. Most of these projects were invested in during Zhu Bo's time leading Huawei's Internet Business Department, and most of them were financial investments.</p><p><ul><li>In January 2011, Huawei and Plateau Capital jointly invested tens of millions of US dollars in Quyou, a domestic web game development and operation company.</p><p></li><li>In August 2011, Huawei invested in<a href=\"https://laohu8.com/S/300418\">Kunlun Tech</a>200 million RMB, holding 3% of the shares, making it the seventh largest shareholder at the time. After Kunlun Tech went public and the lock-up period expired in 2016, Huawei reduced its holdings.</p><p></li><li>In 2013, Huawei acquired Baofeng Player from Matrix Partners China and IDG, holding 3.89% of its shares. After Baofeng went public and its lock-up period expired in 2016, Huawei also chose to reduce its holdings.</p><p></li></ul><b>Overall, Huawei's investment strategy at this stage is somewhat...<a href=\"https://laohu8.com/S/CSCO\">Cisco</a>The shadow, that is, through small amounts</b>(Mostly between a few million and a few hundred million dollars)<b>They acquire key technologies through mergers and acquisitions and integrate them into their own platforms, especially technologies that may bring breakthrough growth in the next few years. In other words, Huawei focuses more on product investment and less on financial investment.</b></p><p><b>Semiconductor full industry chain layout</b></p><p>After years of global cooperation and continuous R&D investment, Huawei has developed its own unique advantages in the supply chain. If it weren't for US sanctions, the possibility of Huawei resuming large-scale investment is very low.</p><p>From the second half of 2019 to the present, Huawei's overseas investment has reached its peak, with 39 investment targets. During this period, Huawei established a dedicated subsidiary, Hubble Investments, which led the investment at this stage. Since its inception in April 2019, Hubble Investments has invested in 37 companies in 26 months, basically investing in more than 1-2 projects every month. Especially after the second half of 2020, Hubble's investment pace began to accelerate, with three investments in some months (June and December 2020, February and March 2021).</p><p>Currently, most of Huawei Hubble's companies are in the semiconductor field, covering multiple sub-sectors such as semiconductor materials, radio frequency, displays, analog chips, EDA, and artificial intelligence.</p><p><img src=\"https://static.tigerbbs.com/7248d328209e04c54e84f5b3c2cabca6\" tg-width=\"1080\" tg-height=\"721\" referrerpolicy=\"no-referrer\"></p><p>Chips are the area where Hubble's investments are most focused. To date, Harper Investment has invested in nearly 15 companies, including Shandong Tianyue, Siteway, Jewatt Microelectronics, Yutai Microelectronics, Kunyou Optoelectronics, Haoda Electronics, Qinghong Electronics, and Zonghui Core Optoelectronics. There are many types of chips involved here, including security chips, radio frequency chips, optical chips, analog chips, memory chips, etc.</p><p>Among them, Starway is an important CIS image sensor company in China, with unique technological advantages in the field of security monitoring applications. Since 2017, it has ranked first in the world in terms of shipments in the field of security applications for many consecutive years.<a href=\"https://laohu8.com/S/688536\">Sirupu</a>It is the number one analog chip designer in China and the twelfth largest globally. According to the prospectus,<a href=\"https://laohu8.com/S/688536\">Sirupu</a>It is one of the few achievements in<a href=\"https://laohu8.com/S/JCS\">communication system</a>Companies that have made breakthroughs in analog chip technology have become one of the world's leading suppliers of analog integrated circuit products for 5G base stations.</p><p>In addition, Hubble Investments is actively expanding its upstream business, including raw materials and semiconductor manufacturing equipment. Keyi Hongyuan, which has recently attracted much attention, is the only company in China and the third in the world with the research and productization of 193nm ArF excimer laser technology. It is also a light source system supplier for Shanghai Microelectronics, a domestic lithography manufacturer. It can be said that lithography Synchrotron Radiation Facility is currently a leading domestic manufacturer in this core technology.</p><p>In contrast, Runhua All-Chip Microelectronics is a company founded in 2016. Although it has not been established for long, it also has its own \"special skills\". The company's fully automatic glue removal and peeling machine (AS6) was recognized as one of the 14th (2019) China Semiconductor Innovation Products and Technologies.</p><p>EDA software is also an important part of the \"bottleneck\" sub-sector of semiconductors. Currently, the global EDA market is mainly monopolized by three American companies: Synopsys, Cadence, and Mentor. They have stopped cooperating with Huawei following the US ban.</p><p>In response, Hubble Investment also actively invested. From December 2020 to March 2021, Huawei made four consecutive investments in the EDA field, investing in companies such as Jiutongfang Microelectronics, Wuxi Feipu Electronics, Lixin Software, and Yundao Intelligent Manufacturing.</p><p>In addition, there were two other investments with Huawei as the main body after 2019: Xunlian Zhifu and China Electronics Instruments. Xunlian Smart Pay was established in June 2013 and obtained a payment license in July 2014. The license type is for nationwide internet payment and mobile phone payment services. This makes Huawei the second mobile phone manufacturer after Xiaomi to obtain a payment license.</p><p>In March 2020, Huawei added a new overseas investment company, China Electronics Instruments, with Huawei holding an 8% stake and a subscribed capital contribution of RMB 66.06 million. Huawei's investment in China Electronics Instruments is mainly related to its 5G strategy. According to the official Weibo account of China Electronics Instruments, it began its research and development layout for 5G communication testing in 2013. Currently, it has made breakthroughs in many key core technologies and formed a \"5+X\" 5G communication testing instrument product system that encompasses categories such as materials and chip testing, module and device testing, terminal testing, and base station testing.</p><p>Overall, in the past two years, in order to mitigate the impact of US sanctions, Huawei's investments have shifted from a conservative to an aggressive style, and its investment strategy has gradually shifted from being mainly based on mergers and acquisitions to focusing on strategic investments and VC investments. All of this is to find domestic alternatives in the supply chain and support domestic semiconductor companies.</p><p>Just as Huawei was actively implementing its collaborative strategy, its financial returns were also very considerable. It is understood that in July 2019, six months before Silepu accepted its IPO guidance, Hubble Investment subscribed to 2.24 million newly issued shares of Silepu for 72 million yuan, with a unit price of 32.13 yuan per share. Silepu was valued at 900 million yuan after the investment.</p><p>In its first year of investing in Silepu, Huawei brought it 170 million yuan in orders, causing its revenue to surge by 167% year-on-year. As of the market close on June 21, Sirup's stock price was 562.97 yuan per share, with a total market capitalization of 45 billion yuan, and a cumulative increase of more than 3.5 times since its listing. This investment made Hubble a 50-fold profit.</p><p>Meanwhile, on April 15, 2021, memory chip manufacturer Dongxin Semiconductor's IPO on the Science and Technology Innovation Board was approved; On May 31, the IPO application of silicon carbide substrate manufacturer Shandong Tianyue on the Science and Technology Innovation Board was accepted; On June 4, Canqin Technology submitted its IPO registration for the Science and Technology Innovation Board. A \"Huawei army\" is slowly emerging on the Science and Technology Innovation Board.</p><p>Strategically, Huawei hopes to find a third path in the semiconductor industry. It is understood that there are currently two main semiconductor modes: one is the IDM mode, similar to...<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Invest in and build our own factories to develop and manufacture advanced processes; Another type is the OEM model, similar to<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Focus solely on mid-stage chip manufacturing. Over the past thirty years, OEM manufacturing has been the mainstream in the market.</p><p>Given Huawei's current strategy, it adopts a business model similar to its new energy vehicle business model, where mature technologies and factories are tackled and provided by partner manufacturers, while Huawei itself develops core value components such as autonomous driving, electric drive, and vehicle connectivity technologies.</p>","source":"lsy1585101920501","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Unveiling Huawei's Investment Landscape: From Conservative and Low-Key to Radical and Aggressive</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUnveiling Huawei's Investment Landscape: From Conservative and Low-Key to Radical and Aggressive\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 资本侦探</strong><span class=\"h-time small\">2021-06-22 11:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>How to avoid being \"abandoned\" by the times amidst the ebb and flow of technological change has become a challenge that many large technology companies must face.</p><p>The current mainstream approach is to increase research and development and build one's own technological barriers; On the other hand, it is diversifying its external strategies, forming alliances, and building its own ecological advantages.</p><p>In China, internet companies such as BAT (Baidu, Alibaba, Tencent) and TMD are trying to build their own ecosystem and strengthen their \"moat\" through investment and mergers and acquisitions. After searching on ITjuzi, I found that...<a href=\"https://laohu8.com/S/00700\">Tencent</a>It has invested in 953 companies, of which Alibaba has 588.<a href=\"https://laohu8.com/S/JD\">JD.com</a>There are 320,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>There are 296 companies, and even the smaller Meituan company has 79.</p><p>In contrast, Huawei, founded in 1987, has always been very cautious and conservative in its investments, and has only made about 60 overseas investments to date. Over its more than 30 years of development, Huawei has faced many readily available opportunities, such as the real estate investment boom and the secondary market bull market, but it seems unmoved and has always stuck to its own field. Today, Huawei has grown into a large company with annual revenue of nearly 900 billion yuan, and its business mainly includes three segments: consumer business, carrier business, and enterprise business.</p><p>However, as US sanctions continue to tighten, the semiconductor \"bottleneck\" situation is becoming increasingly serious, and Huawei seems to have made some changes in its investment. In 2019, Huawei's wholly-owned subsidiary, Hubble Investment, continued to make moves in industries such as semiconductor chips, raw materials, and equipment, sparking speculation that Huawei would fully enter the semiconductor industry.</p><p>Over the past 30 years, which companies has Huawei mainly invested in? What different signals are being conveyed behind this? Let's take a look.</p><p><b>Investment Landscape Scan</b></p><p>Much of the public's understanding of Huawei's investment stems from speeches by Ren Zhengfei and Xu Zhijun in 2017. At the time, Huawei's President's Office issued Document No. 126, which clearly stated \"what not to do,\" including adhering to the principles of \"not making applications, not touching data, and not making equity investments.\"</p><p>This was later interpreted as \"Huawei not making investments\". However, in reality, neither Ren Zhengfei nor Xu Zhijun, the so-called \"no investment\" mainly targets Huawei Cloud, cloud computing, and big data artificial intelligence platforms, rather than all areas.</p><p>Overall, Huawei's overseas investment strategy has always followed the rules stipulated in the Huawei Basic Law. This management outline, adopted in 1998, defines Huawei's corporate strategy, values, and management principles.</p><p>Regarding investment, Article 37 of the Basic Law stipulates that<b>\"Our short- to medium-term investment strategy remains focused on product investment, aiming to concentrate resources to the greatest extent possible and rapidly enhance the company's technological strength, market position and management capabilities... We do not engage in any unrelated diversified operations that scatter the company's resources and the energy of senior management.\"</b></p><p><img src=\"https://static.tigerbbs.com/872ca4af4f0d73f92113bc46139230c0\" tg-width=\"1080\" tg-height=\"2011\" referrerpolicy=\"no-referrer\"></p><p>Therefore, Huawei has always kept a very low profile in terms of investment and mergers and acquisitions. If divided by time, it can be roughly divided into two periods: the first period is from 2000 to 2016, and the second period is from 2019 to the present.</p><p>In the first phase, Huawei's investments were mainly led by its internal corporate development department, and its internet business briefly invested in some projects. Among them, Huawei's overall department responsible for investment is called the \"Enterprise Development Department\". This department is under the Finance Committee and mainly includes the Strategy Development Department, Corporate Project Operations Department, Investment Monitoring Department, and Project Execution Department.</p><p>Within Huawei's system, the Corporate Development Department is not a core department. Unlike many companies, Huawei's overseas investment process is initiated by its business units. Once they discovered that a company's technology would be helpful to their business, they submitted the project to the corporate development department. Subsequently, the Corporate Development Department will conduct an assessment and evaluation, and then submit it to the Executive Board for decision Therefore, the corporate development department focuses more on evaluation and research.</p><p>Another department is the Internet Business Department. According to Zhu Bo, then president of Huawei's Internet Business Department, in 2008 he approached Xu Zhijun of Huawei's EMT (Executive Management Team) to discuss cooperation with Huawei, but Xu Zhijun took him seriously. At that time, Huawei saw a ceiling in the communications field and hoped to make a breakthrough and achieve success in the field of Internet services, so it invited Zhu Bo to join.</p><p>Ultimately, Huawei established an Internet Business Department specifically for Zhu Bo. At that time, Zhu Bo led more than 20 people, and more than 30 people were transferred from within Huawei to form a team of about 60 people. This division was initially directly under Huawei Software. After diversification in 2010, the Internet business unit was incorporated into the Consumer BG.</p><p>However, this department was abolished following Zhu Bo's departure in 2012. According to Zhu Bo, Huawei initially intended to develop towards services and the internet. However, in practice, the B2C mindset of the Internet and Huawei's B2B business model conflict in many aspects. Later, Huawei adjusted its investment strategy, so he chose to resign.</p><p>After an investment gap between 2015 and 2018, Huawei's investment entered its second phase in 2019, with Hubble's investment as the main vehicle.</p><p>When Hubble Investment was founded in April 2019, its registered capital was 700 million yuan. Subsequently, Huawei increased its capital twice, in October 2020 and May 2021, bringing its registered capital to 3 billion yuan. Regarding the composition of Hubble Investment's board of directors, Chairman and General Manager Bai Yi was formerly the Vice President of Huawei's Financial Management Office and the President of Huawei's Global Financial Risk Control Center. Director Ying Weimin previously served as President of Wireless Network R&D at Huawei, and Director Zhou Yongjie previously served as Vice President of HiSilicon Semiconductor Co., Ltd., both of whom have experience in the telecommunications industry.</p><p><img src=\"https://static.tigerbbs.com/2e6912c79aad4f7bca90a82a24b8eda9\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>It is worth mentioning that Hubble Investment's establishment and development coincided almost simultaneously with the US sanctions against Huawei. A month after Hubble Investments was founded, the United States launched the first of four rounds of sanctions against Huawei. In May 2019, the Trump administration added Huawei to the Entity List, restricting U.S. companies from supplying Huawei. As the United States intensifies sanctions against Huawei, Hubble's investment pace is also accelerating.</p><p>At the time, Huawei made two preparations: in the short term, it would accelerate its procurement of components from suppliers such as Murata, Toshiba, Kyocera, and Rohm, and increase its procurement volume in Taiwan, with orders from companies such as Daliguang increasing significantly. Meanwhile, according to supply chain research, Huawei has also prepared about a year's worth of inventory for products from American semiconductor companies to give Huawei a buffer period for supply chain switching.</p><p>In the long run, Huawei is also actively seeking alternative suppliers, relaxing the certification qualification requirements for domestic suppliers, and increasing the discovery and cultivation of potential domestic suppliers.</p><p><b>Product mergers and acquisitions are the main focus</b></p><p>According to data from ITjuzi, Huawei's first investment was the acquisition of Harbor Technology for 1.7 billion yuan in June 2006. Harbor Networks was founded by Li Yinan, the former youngest vice president of Huawei. After fierce competition between the two companies, Huawei eventually acquired it, and Li Yinan became Huawei's chief scientist and vice president. However, two years later, Li Yinan left Huawei again.</p><p>In fact, Huawei's investments can be traced back to around 2000. At that time, when third-generation mobile communication technology was in the early stages of large-scale application, Huawei, as a latecomer, seized the opportunity and launched a series of small-scale acquisitions in the United States.</p><p><ul><li>In early 2002, Huawei's acquisition of optical communication manufacturer OptiMight strengthened its technological capabilities in optical transmission.</p><p></li><li>In 2003, Huawei acquired network processor manufacturer Cognigine, enhancing its capabilities in core processors for switches and routers.</p><p></li><li>In 2004, Huawei partnered with LightPointe, a Silicon Valley-based designer and manufacturer of wireless optical products, and thus obtained the qualification to OEM the company's FSO equipment.</p><p></li></ul>In the following decade or so, Huawei invested in more than 15 companies.<b>These companies are mainly concentrated in European regions such as France and the United Kingdom, and their main types are communications and semiconductors. The purpose of Huawei's series of investments is to make up for its relatively weak modules, while better entering developed countries and increasing its market share in Europe and the United States.</b></p><p>Some of the investments are also related to Huawei's strategic layout in the Internet of Things field. In 2012, Huawei announced its foray into the Internet of Things (IoT) and has already completed related IoT solutions. Subsequent investments will expand its IoT footprint overseas.</p><p>For example, in July 2014, Huawei and Bosch Ventures,<a href=\"https://laohu8.com/S/XLNX\">Xilinx</a>They jointly invested a total of $26 million in XMOS. It is understood that XMOS is a British semiconductor design company that specializes in designing high-performance chips for \"Internet of Things\" products, including personal electronic devices and home devices that connect to the Internet via embedded chips; In September of the same year, Huawei acquired another British IoT company, Neul, for $25 million.</p><p><img src=\"https://static.tigerbbs.com/e8f251765fe16b3add9df66c7a3ec730\" tg-width=\"1080\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p>It's worth mentioning that Huawei was briefly interested in the internet business and invested in it.<a href=\"https://laohu8.com/S/300418\">Kunlun Tech</a>Companies such as Baofeng Player, Quyou, and YeePay. Most of these projects were invested in during Zhu Bo's time leading Huawei's Internet Business Department, and most of them were financial investments.</p><p><ul><li>In January 2011, Huawei and Plateau Capital jointly invested tens of millions of US dollars in Quyou, a domestic web game development and operation company.</p><p></li><li>In August 2011, Huawei invested in<a href=\"https://laohu8.com/S/300418\">Kunlun Tech</a>200 million RMB, holding 3% of the shares, making it the seventh largest shareholder at the time. After Kunlun Tech went public and the lock-up period expired in 2016, Huawei reduced its holdings.</p><p></li><li>In 2013, Huawei acquired Baofeng Player from Matrix Partners China and IDG, holding 3.89% of its shares. After Baofeng went public and its lock-up period expired in 2016, Huawei also chose to reduce its holdings.</p><p></li></ul><b>Overall, Huawei's investment strategy at this stage is somewhat...<a href=\"https://laohu8.com/S/CSCO\">Cisco</a>The shadow, that is, through small amounts</b>(Mostly between a few million and a few hundred million dollars)<b>They acquire key technologies through mergers and acquisitions and integrate them into their own platforms, especially technologies that may bring breakthrough growth in the next few years. In other words, Huawei focuses more on product investment and less on financial investment.</b></p><p><b>Semiconductor full industry chain layout</b></p><p>After years of global cooperation and continuous R&D investment, Huawei has developed its own unique advantages in the supply chain. If it weren't for US sanctions, the possibility of Huawei resuming large-scale investment is very low.</p><p>From the second half of 2019 to the present, Huawei's overseas investment has reached its peak, with 39 investment targets. During this period, Huawei established a dedicated subsidiary, Hubble Investments, which led the investment at this stage. Since its inception in April 2019, Hubble Investments has invested in 37 companies in 26 months, basically investing in more than 1-2 projects every month. Especially after the second half of 2020, Hubble's investment pace began to accelerate, with three investments in some months (June and December 2020, February and March 2021).</p><p>Currently, most of Huawei Hubble's companies are in the semiconductor field, covering multiple sub-sectors such as semiconductor materials, radio frequency, displays, analog chips, EDA, and artificial intelligence.</p><p><img src=\"https://static.tigerbbs.com/7248d328209e04c54e84f5b3c2cabca6\" tg-width=\"1080\" tg-height=\"721\" referrerpolicy=\"no-referrer\"></p><p>Chips are the area where Hubble's investments are most focused. To date, Harper Investment has invested in nearly 15 companies, including Shandong Tianyue, Siteway, Jewatt Microelectronics, Yutai Microelectronics, Kunyou Optoelectronics, Haoda Electronics, Qinghong Electronics, and Zonghui Core Optoelectronics. There are many types of chips involved here, including security chips, radio frequency chips, optical chips, analog chips, memory chips, etc.</p><p>Among them, Starway is an important CIS image sensor company in China, with unique technological advantages in the field of security monitoring applications. Since 2017, it has ranked first in the world in terms of shipments in the field of security applications for many consecutive years.<a href=\"https://laohu8.com/S/688536\">Sirupu</a>It is the number one analog chip designer in China and the twelfth largest globally. According to the prospectus,<a href=\"https://laohu8.com/S/688536\">Sirupu</a>It is one of the few achievements in<a href=\"https://laohu8.com/S/JCS\">communication system</a>Companies that have made breakthroughs in analog chip technology have become one of the world's leading suppliers of analog integrated circuit products for 5G base stations.</p><p>In addition, Hubble Investments is actively expanding its upstream business, including raw materials and semiconductor manufacturing equipment. Keyi Hongyuan, which has recently attracted much attention, is the only company in China and the third in the world with the research and productization of 193nm ArF excimer laser technology. It is also a light source system supplier for Shanghai Microelectronics, a domestic lithography manufacturer. It can be said that lithography Synchrotron Radiation Facility is currently a leading domestic manufacturer in this core technology.</p><p>In contrast, Runhua All-Chip Microelectronics is a company founded in 2016. Although it has not been established for long, it also has its own \"special skills\". The company's fully automatic glue removal and peeling machine (AS6) was recognized as one of the 14th (2019) China Semiconductor Innovation Products and Technologies.</p><p>EDA software is also an important part of the \"bottleneck\" sub-sector of semiconductors. Currently, the global EDA market is mainly monopolized by three American companies: Synopsys, Cadence, and Mentor. They have stopped cooperating with Huawei following the US ban.</p><p>In response, Hubble Investment also actively invested. From December 2020 to March 2021, Huawei made four consecutive investments in the EDA field, investing in companies such as Jiutongfang Microelectronics, Wuxi Feipu Electronics, Lixin Software, and Yundao Intelligent Manufacturing.</p><p>In addition, there were two other investments with Huawei as the main body after 2019: Xunlian Zhifu and China Electronics Instruments. Xunlian Smart Pay was established in June 2013 and obtained a payment license in July 2014. The license type is for nationwide internet payment and mobile phone payment services. This makes Huawei the second mobile phone manufacturer after Xiaomi to obtain a payment license.</p><p>In March 2020, Huawei added a new overseas investment company, China Electronics Instruments, with Huawei holding an 8% stake and a subscribed capital contribution of RMB 66.06 million. Huawei's investment in China Electronics Instruments is mainly related to its 5G strategy. According to the official Weibo account of China Electronics Instruments, it began its research and development layout for 5G communication testing in 2013. Currently, it has made breakthroughs in many key core technologies and formed a \"5+X\" 5G communication testing instrument product system that encompasses categories such as materials and chip testing, module and device testing, terminal testing, and base station testing.</p><p>Overall, in the past two years, in order to mitigate the impact of US sanctions, Huawei's investments have shifted from a conservative to an aggressive style, and its investment strategy has gradually shifted from being mainly based on mergers and acquisitions to focusing on strategic investments and VC investments. All of this is to find domestic alternatives in the supply chain and support domestic semiconductor companies.</p><p>Just as Huawei was actively implementing its collaborative strategy, its financial returns were also very considerable. It is understood that in July 2019, six months before Silepu accepted its IPO guidance, Hubble Investment subscribed to 2.24 million newly issued shares of Silepu for 72 million yuan, with a unit price of 32.13 yuan per share. Silepu was valued at 900 million yuan after the investment.</p><p>In its first year of investing in Silepu, Huawei brought it 170 million yuan in orders, causing its revenue to surge by 167% year-on-year. As of the market close on June 21, Sirup's stock price was 562.97 yuan per share, with a total market capitalization of 45 billion yuan, and a cumulative increase of more than 3.5 times since its listing. This investment made Hubble a 50-fold profit.</p><p>Meanwhile, on April 15, 2021, memory chip manufacturer Dongxin Semiconductor's IPO on the Science and Technology Innovation Board was approved; On May 31, the IPO application of silicon carbide substrate manufacturer Shandong Tianyue on the Science and Technology Innovation Board was accepted; On June 4, Canqin Technology submitted its IPO registration for the Science and Technology Innovation Board. A \"Huawei army\" is slowly emerging on the Science and Technology Innovation Board.</p><p>Strategically, Huawei hopes to find a third path in the semiconductor industry. It is understood that there are currently two main semiconductor modes: one is the IDM mode, similar to...<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Invest in and build our own factories to develop and manufacture advanced processes; Another type is the OEM model, similar to<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Focus solely on mid-stage chip manufacturing. Over the past thirty years, OEM manufacturing has been the mainstream in the market.</p><p>Given Huawei's current strategy, it adopts a business model similar to its new energy vehicle business model, where mature technologies and factories are tackled and provided by partner manufacturers, while Huawei itself develops core value components such as autonomous driving, electric drive, and vehicle connectivity technologies.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/pxR4DP0Cz9z8OossIqHyPA\"> 资本侦探</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7f0607d088fd08637f4d6d330897aafb","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/pxR4DP0Cz9z8OossIqHyPA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163514513","content_text":"如何在技术变革引发的潮起潮落中，不被时代“抛弃”，成为很多大型科技企业必须要面对的课题。\n目前主流的做法，一是加大研发，构筑自己的技术壁垒；另一方面外部进行多元化布局，合纵连横，构建自己的生态优势。\n在国内，BAT、TMD等互联网企业，它们都在试图用投资并购来构建自己的生态版图，强化自己的“护城河”。在IT桔子查询后发现，腾讯投资了953家企业，阿里有588家，京东有320家，百度有296家，即便是较少的美团也有79家。\n相比之下，成立于1987年的华为，在投资方面一直非常谨慎和保守，到目前只有60起左右的对外投资。在三十多年的发展中，华为曾面临很多唾手可得的机会，比如房地产投资热潮和二级市场大牛市，但它似乎不为所动，始终坚守自己的领域。如今，华为已经成长为年收入近9000亿元的大公司，业务主要包括消费者业务、运营商业务、企业业务三块。\n不过，随着美国制裁不断加重，半导体“卡脖子”的情况愈发严重，华为在投资方面似乎有了一些变化。2019年，华为的全资子公司哈勃投资，不断在半导体芯片、原材料、设备等行业“落子”，引发了人们对华为全面入局半导体行业的猜想。\n在华为30多年发展过程中，华为主要投资了哪些企业？背后传达出了什么不同的信号？让我们一起来看一下。\n投资版图扫描\n大众对于华为投资的认知，很多源自2017年任正非和徐直军的讲话。当时，华为总裁办据此签发了 126 号文，明确“有所不为”，其中提到要坚持“不做应用、不碰数据、不做股权投资”。\n这在后来被解读为“华为不做投资”。但其实，不管是任正非还是徐直军，所谓的“不投资”主要是针对华为云、云计算和大数据人工智能平台，而非所有领域。\n总体来看，华为的对外投资思路，一直遵循着《华为基本法》中制定的规则。这则1998年通过的的管理大纲，确定了华为的企业战略、价值观和经营管理原则。\n对于投资，该基本法第三十七条规定，“我们中短期的投资战略仍坚持产品投资为主，以期最大限度地集中资源，迅速增强公司的技术实力、市场地位和管理能力……我们不从事任何分散公司资源和高层管理精力的非相关多元化经营。”\n\n所以，华为在投资并购方面，一直都非常低调。如果按照时间来划分的时候，大致可以分为两个时期：第一阶段是2000年到2016年，第二阶段是2019年到现在。\n在第一个阶段，华为的投资主要由内部的企业发展部主导，互联网业务曾短暂投资过一些项目。其中，华为整体负责投资的部门被称为“企业发展部”。这个部门隶属财经委员会，主要包括策略发展部、企业项目运作部、投资监控部、项目执行部等。\n在华为体系内，企业发展部并非核心部门。与很多企业不同，华为对外投资的过程是由业务部分发起。他们发现某家公司掌握的技术对其业务有帮助之后，就将标的提报给企业发展部。随后由企业发展部考察评估后，提交给常务董事会决策。所以企业发展部更多的精力放在评估、调研上。\n另一个部门是互联网业务部。据时任华为互联网业务部总裁的朱波介绍，2008年时他找到华为EMT（执行管理团队）的徐直军，想找华为谈合作，却被徐直军看重。当时，华为在通讯领域看到了天花板，希望能在互联网服务领域有所突围和建树，邀请朱波加盟。\n最终，华为专门为朱波成立了互联网业务部。当时，朱波带了20多个人，华为内部又抽调30多人，成立了60人左右的团队。这个部门最初直属华为软件，2010年多元化后，互联网业务部被归入了消费者BG旗下。\n不过，这个部门随着朱波2012年的离职也被撤销。据朱波表示，最初华为有意往服务和互联网发展。但在具体操作过程中，互联网的B2C思维模式和华为的B2B业务模式，在很多方面发生了冲突。后来华为在投资战略方面有所调整，因此他便选择了辞职。\n在经历了2015 年到2018年之间的投资空白期后，华为投资在2019年迎来了第二阶段，这期间的投资以哈勃投资作为主要载体。\n2019年4月，哈勃投资成立时注册资本是7亿元。随后，华为在2020年10月和2021年5月两次增资，注册资本达到30亿元。从哈勃投资董事人员构成上，董事长、总经理白熠，曾是华为财务管理办公室副总裁，华为全球金融风险控制中心总裁；董事应为民曾担任华为无线网络研发总裁，董事周永杰曾任海思半导体有限公司副总裁，均有通信产业从业经历。\n\n值得一提的是，哈勃投资的成立和发展，是跟美国制裁华为几乎同步。在哈勃投资成立后一个月后，美国便开启了对华为四轮制裁中的第一轮。2019年5月，特朗普政府将华为列入实体清单，限制美国企业供货给华为。随着美国对华为制裁力度的加大，哈勃投资的速度也在加快。\n当时，华为做了两手准备：短期内，加紧向村田、东芝、京瓷、罗姆等供应商增加零部件采购，增加台湾地区的采购量，如大立光等订单明显增加。同时，据产业链调研，对于美国半导体企业产品，华为也准备了一年左右的库存，以给予华为供应链切换的缓冲期。\n长期来看，华为还在积极寻找替代供应商，放宽对国内供应商的认证资格条件，加大对国内潜在供应商的发掘与培育。\n产品并购为主\n从IT桔子数据来看，华为的第一笔投资，是2006年6月以17亿元的价格收购港湾科技。港湾网络是由原华为最年轻副总裁李一男创立的企业，两家在经过了激烈的竞争后，最后华为将其收入麾下，李一男出任华为首席科学家兼华为副总裁。不过2年后，李一男再次出走华为。\n实际上，华为的投资可追溯到2000年左右。当时，正值第三代移动通信技术于大规模应用前期，华为作为后来者伺机抢先，在美国展开了一系列小规模的收购。\n\n2002年初，华为对光通信厂商OptiMight的收购，加强了其在光传输方面的技术实力。\n2003年，华为收购网络处理器厂商Cognigine，增强了其在交换机和路由器核心处理器方面的能力。\n2004年，华为与硅谷的无线光学产品设计商及制造商LightPointe达成合作，并借此取得OEM该公司FSO设备的资格。\n\n在随后的十几年间，华为又投资超过15家企业。这些企业主要集中在法国、英国等欧洲地区，企业类型以通信、半导体为主。华为这系列投资的目的，是弥补自身相对薄弱的模块，同时更好地进入发达国家，提升其在欧美市场占有率。\n其中，部分投资也跟华为在物联网领域的战略布局有关。2012年，华为便对外宣布进军物联网，并已经完成了相关物联网解决方案。随后的几次投资，将扩大其在国外的物联网布局。\n比如，2014年7月，华为与博世创投、赛灵思联合投资了XMOS共2600万美元。据了解，XMOS是英国一家半导体设计公司，专门面向“物联网”产品设计高性能芯片，包括通过嵌入式芯片接入互联网的个人电子设备和家用设备；同年9月，华为又以2500万美元，收购了另外一家英国的物联网公司Neul。\n\n值得一提的是，华为曾短暂对互联网业务感兴趣，投资过昆仑万维、暴风影音、趣游、易宝支付等企业。这些项目大都是朱波主导华为互联网业务部时期所投，多以财务投资为主。\n\n2011年1月，华为、高原资本联合投资了国内网页游戏研发和运营企业趣游数千万美元。\n2011年8月，华为投资了昆仑万维2亿人民币，持有3%的股份，是当时第七大股东。2016年昆仑万维上市解禁后，华为减持了手中的股份。\n2013年，华为从经纬中国和IDG手中接盘暴风影音，持有其3.89%的股份。2016年暴风上市解禁后，华为也选择了减持。\n\n总体来看，这个阶段华为的投资思路有些思科的影子，也就是通过小金额（大多在几百万美元到几亿美元之间）的并购拿下关键技术，融入到自己的平台中，特别是未来几年内可能带来突破性增长的技术。换句话说，华为更多的还是产品投资为主，比较少做财务投资。\n半导体全产业链布局\n在经过多年的全球合作和持续研发投入后，华为已经在供应链方面形成了自己的独特优势。如果不是美国制裁，华为再次开启大规模投资的可能性很低。\n从2019年下半年到目前，华为对外投资迎来“高峰期”，投资标的达到39家。这期间，华为成立了专门的子公司——哈勃投资，主导了这个阶段的投资。自2019年4月成立以来，哈勃投资在26个月中布局了37家公司，基本上每个月都要投资超过1-2个项目。特别是2020年下半年后，哈勃投资的速度开始加快，部分月份（2020年6月、12月，2021年2月、3月）甚至有三起投资。\n目前来看，华为哈勃的企业多数处于半导体领域，涵盖半导体材料、射频、显示器、模拟芯片、EDA、人工智能等多个细分领域。\n\n芯片是是哈勃投资最着重发力的领域。截至目前，哈珀投资已经布局了山东天岳、思特威、杰华特微电子、裕太微电子、鲲游光电、好达电子、庆虹电子、纵慧芯光等近15家企业。这里边涉及的芯片种类比较多，包括安防芯片、射频芯片、光学芯片、模拟芯片、存储芯片等等。\n其中，思特威是国内重要的CIS图像传感器公司，在安防监控应用领域拥有特有的技术优势，自2017年起连续多年在安防应用领域出货量全球第一；思瑞浦则是中国第一、全球第十二的模拟芯片设计商。据招股书介绍，思瑞浦是中国少数实现通信系统模拟芯片技术突破的企业，已成为全球5G基站中模拟集成电路产品供应商之一。\n除此之外，哈勃投资还积极布局上游布局原材料、半导体制造设备。最近备受关注的科益虹源，是国内唯一、全球第三家具备193nm ArF准分子激光技术研究和产品化的公司，也是国内光刻机厂商上海微电子的光源系统供应商。可以说是目前在光刻机光源这个核心技术上，应该是领先的国产厂商。\n相比之下，润华全芯微电子是一家成立于2016年的公司。虽然成立时间不长，但它也有自己的“绝活”。该公司生产的全自动去胶剥离机（AS6），被评为第十四届（2019 年度）中国半导体创新产品和技术。\n在半导体“卡脖子”的细分领域中，EDA软件也是重要一环。目前，全球的EDA市场主要被美国Synopsys、Cadence、Mentor三家公司垄断。在美国禁令之后，它们已经停止与华为的合作。\n对此，哈勃投资也积极布局，从2020年12月到2021年3月，华为在EDA领域更是连下四子，投资了九同方微电子、无锡飞谱电子、立芯软件、云道智造等企业。\n除此之外，2019年之后还有两起以华为作为主体的投资：讯联智付和中电仪器。讯联智付成立于2013年6月，在2014年7月获发支付牌照，牌照类型为全国范围的互联网支付、移动电话支付业务。这也让华为成为小米之后，第二家获得支付牌照的手机厂商。\n2020年3月，华为新增对外投资企业中电仪器，华为持股比例为8%，认缴出资额达6606万元。华为入股中电仪器，主要和5G的布局有关。中电仪器官微介绍，其在2013年就开始布局5G通信测试的研发布局，目前已突破诸多关键核心技术，形成了囊括材料与芯片测试、模块与器件测试、终端测试、基站测试等类别仪器产品的“5+X”5G通信测试仪器产品体系。\n总体上来看，最近两年间，为了减小美国制裁造成的影响，华为的投资从保守切换到激进风格，投资策略从过去的以并购为主，逐步转为注重战略投资和 VC 投资。这一切都是为了寻找供应链国产替代，扶持国内半导体企业。\n就在华为积极实施协同战略之时，其财务回报也非常可观。据了解，2019年7月，也就是思瑞浦接受上市辅导的半年前，哈勃投资以7200万元认购了思瑞浦增发的224万股股份，增资单价为32.13元/股，思瑞浦投后估值9亿元。\n在投资思瑞浦的第一年，华为就给它带来了1.7亿元的订单，让其营收同比暴增167%。截至6月21日收盘，思瑞浦股价562.97元/股，总市值450亿元，上市至今累计涨超3.5倍。这笔投资让哈勃投资大赚50倍。\n与此同时，2021年4月15日，储存芯片厂商东芯半导体科创板IPO获得通过；5月31日，碳化硅衬底厂商山东天岳科创板IPO申请获受理；6月4日，灿勤科技科创板IPO提交注册。在科创板上，一支“华为军团”正在慢慢浮现。\n从战略上来看，华为希望在半导体行业走出第三条路。据了解，目前半导体主要有两种模式：一种是IDM模式，类似三星自己投资建厂，搞先进工艺开发和制造；另一种是代工模式，类似台积电只专注负责中段的芯片制造。在过去的三十多年里，代工是市场的主流。\n以目前华为的布局，华为更多的采取的是类似其新能源汽车业务模式，也就是成熟技术和工厂由合作厂家攻关和提供，华为自己搞自动驾驶、电驱、车联技术等核心价值部分。","news_type":1,"symbols_score_info":{"XLNX":0.9}},"isVote":1,"tweetType":1,"viewCount":3208,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":809687186,"gmtCreate":1627366079345,"gmtModify":1703488466757,"author":{"id":"3582273772475665","authorId":"3582273772475665","name":"洁净","avatar":"https://static.tigerbbs.com/17f10759a3774fee9c78df903daa7359","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582273772475665","authorIdStr":"3582273772475665"},"themes":[],"title":"","htmlText":"Up","listText":"Up","text":"Up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/809687186","repostId":"2154993281","repostType":4,"repost":{"id":"2154993281","kind":"news","pubTimestamp":1627358219,"share":"https://ttm.financial/m/news/2154993281?lang=en_US&edition=fundamental","pubTime":"2021-07-27 11:56","market":"us","language":"zh","title":"Tesla isn't crying: Small losses from cryptocurrency trading, big profits from car sales.","url":"https://stock-news.laohu8.com/highlight/detail?id=2154993281","media":"深燃","summary":"特斯拉迎来了2021年第二季度的财报。\n数据显示，特斯拉第二季度营收为119.58亿美元，比去年同期的60.36亿美元增长98%；净利润为11.42亿美元。\n净利润这一数字高得惊人，它是第一季度净利润","content":"<p>Tesla has released its financial report for the second quarter of 2021.</p><p>Data shows that Tesla's revenue in the second quarter was $11.958 billion, a 98% increase from $6.036 billion in the same period last year; Net income was $1.142 billion.</p><p>The net profit figure was staggeringly high, more than double the $438 million net profit in the first quarter and more than 10 times the net profit in the same period last year. It is worth noting that Tesla's carbon credit revenue in this quarter was only $354 million. Even without counting this revenue, Tesla still made a profit by selling cars and energy products.</p><p>This growth is mainly due to Tesla's soaring car production and deliveries. The company produced 206,000 electric vehicles in the second quarter, a year-on-year increase of 151%; A total of 201,000 vehicles were delivered, a year-on-year increase of 121%, of which Model 3 and Model Y accounted for a total of 199,000 vehicles, a year-on-year increase of 148%.</p><p>However, Tesla remains fraught with crises. CEO Elon Musk's previously promised plans to achieve this year, such as mass production of 4680 batteries, building a new factory, and launching a new Cybertruck model, have not yet been realized. The new project is behind schedule, and in China, Tesla is mired in negative public opinion and struggling to escape.</p><p>Following the release of the earnings report, Tesla's stock price rose only 0.99% in after-hours trading.</p><p>However, Musk continued to act unconventionally and was full of confidence in the company. During Tesla's second-quarter earnings call, Musk said he might not attend quarterly earnings calls in the future, \"unless there's something very important I need to say.\"</p><p>Key Points Overview 1. In the second quarter, Tesla's sales in China declined quarter-on-quarter, and the negative impact of safety incidents such as brake failure on Tesla began to gradually emerge. 2. The second quarter was a milestone for Tesla, as it was the first time Tesla had truly achieved profitability by selling cars and energy products. 3. Tesla suffered a loss of $23 million in the second quarter from speculating on Bitcoin. 4. Tesla's Texas and Berlin factories are expected to start construction this year, but Musk himself has not been able to say when they will start.<b>Global sales surge, but sales in China decline</b></p><p>In the second quarter of 2021, Tesla's deliveries reached a new high of 201,200 vehicles. This is also the first time Tesla has delivered more than 200,000 vehicles in a single quarter.</p><p>Including the 184,800 vehicles delivered in the first quarter, Tesla's total electric vehicle deliveries in the first half of the year reached 386,000 vehicles, which is a very good result and has already achieved half of its annual delivery target of 750,000 vehicles.</p><p>However, the situation in China is not optimistic. Tesla's financial reports typically only disclose global data. According to data from the China Passenger Car Association, Tesla's retail sales in June were 28,138 units, an increase from 21,936 units in May. However, it still failed to return to the level of March.</p><p>Tesla delivered 35,478 vehicles in March this year, setting a new record. However, a \"brake failure\" rights protection incident occurred in April. Since then, Tesla's sales in China have begun to decline, especially in April, when sales plummeted by 67%, with only 11,671 vehicles delivered that month. Due to the decline in sales over the past three months, Tesla's retail sales in China in the second quarter of 2021 were 61,700 units, a decrease of 10.87% compared to the first quarter.</p><p>Other electric vehicle brands are rapidly catching up in sales, such as<a href=\"https://laohu8.com/S/002594\">BYD</a>In June, 40,317 new energy vehicles were delivered, while SAIC-GM-Wuling delivered 31,285 vehicles. New domestic car manufacturers<a href=\"https://laohu8.com/S/NIO\">Nio</a>In June, monthly deliveries exceeded 8,000 units (8,083 units) for the first time, representing a year-on-year increase of 116.1%. These underlings that Tesla once looked down upon have now risen to prominence and even begun to seize Tesla's territory.</p><p><img src=\"https://static.tigerbbs.com/2392d6ddced169db7879993defdf1a4b\" tg-width=\"550\" tg-height=\"325\" referrerpolicy=\"no-referrer\">Source: Company website, China Passenger Car Association</p><p>The negative public opinion surrounding the safety incident did indeed impact Tesla's performance in the Chinese market in the second quarter.</p><p>Investors and analysts are watching to see if Tesla can handle the public opinion crisis in the Chinese market well. “For Tesla, the growth story in China is the most important,” a Securities analyst at Wedbush Securities once pointed out. “This is Tesla’s main market, and we believe 40% of their sales next year will come from there. I think this is key to whether the stock price rises or falls.”</p><p>In order to stay in China, Tesla is \"catching up\". For example, on June 26, Tesla planned to recall 285,000 imported Model 3 and domestically produced Model 3 and Model Y vehicles, and expressed its deepest apologies for the recall, which was unprecedented.</p><p><b>I lost $23 million trading Bitcoin.</b></p><p>Although Tesla has achieved positive profitability for several consecutive quarters, this is largely inflated. For example, in the first quarter of 2021, Tesla's net profit of $438 million was supported by $518 million in carbon emission credits and $101 million earned from speculating on Bitcoin.</p><p><img src=\"https://static.tigerbbs.com/8f8a8e0e5456bb2987b851e8bc7c285b\" tg-width=\"550\" tg-height=\"330\" referrerpolicy=\"no-referrer\">Source/Company Financial Report</p><p>In the second quarter, Tesla's net profit of $1.142 billion exceeded market expectations, marking its first quarterly net profit exceeding $1 billion.</p><p>When discussing Tesla's financial situation, key words that cannot be avoided are carbon emission credit revenue and speculation on Bitcoin.</p><p>In the first quarter, Tesla earned $101 million from cryptocurrency trading. But prices in Bitcoin have fallen by about half since their peak in April. According to the financial report, Tesla incurred a loss of $23 million in the second quarter due to the sharp drop in Bitcoin prices.</p><p>For a long time, Tesla's carbon emission credit income has been very high, making it an important source of profit. However, selling carbon emission credits is ultimately not a long-term solution. Tesla has now lost a \"major customer\". Fiat Cars (FCA), a major customer that buys carbon emission credits from Tesla, announced in January that it would merge with PSA to form the Stellantis Group, introducing PSA's electric vehicle business. As a result, FCA will no longer buy credits from Tesla.</p><p>In the second quarter, Tesla's carbon emission credits decreased by 17% year-over-year to only $354 million, lower than any of the previous four quarters.</p><p><img src=\"https://static.tigerbbs.com/f7a3c68e6e5a3f43a9892180c2f813e6\" tg-width=\"550\" tg-height=\"90\" referrerpolicy=\"no-referrer\">Source/Company Financial</p><p>How did Tesla achieve net profit growth without relying on its carbon credit business?</p><p>Selling a car is one aspect. Tesla delivered more than 20,000 Model 3s and Model Ys in the second quarter, while only 1,895 Model S units were sold. The great success of the Model Y has clearly boosted Tesla's performance. Tesla's gross profit margin for vehicles is also continuously improving, reaching 28.4%. Financial reports reveal that Tesla's supply chain costs are continuously decreasing.</p><p>Beyond that, Tesla's bigger ambition lies in selling software.<a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>Securities research believes that Tesla's future profit model is very certain: it will keep hardware prices very low, allowing it to sell at cost price, and will charge more through the backend software market to achieve profitability.</p><p>Tesla is now gradually realizing its software sales plan. In early July, Tesla owners' long-awaited \"Full Self-Driving (FSD)\" system was officially opened to the public, known as beta 9. Recently, Tesla launched a Full Self-Driving subscription package, priced at $199 per month for new users. Previously, Tesla sold the Full Self-Driving package with a one-time full payment of $10,000.</p><p>Subscription options could accelerate FSD adoption, renowned tech analyst Gene Munster wrote in a report. This is an important step on Tesla's long-term path to improving profit margins and will strengthen the company's operating model.</p><p><b>The factory is delayed in starting production, and new products are being delayed again?</b></p><p>Tesla's performance in the first half of the year was impressive, but it cannot relax.</p><p>To achieve its sales growth target of 50% this year, Tesla must accelerate its global expansion and production.</p><p>In the second quarter, Tesla conveyed the following messages via conference call: First, its Shanghai Gigafactory completed the export of its main automobiles.<a href=\"https://laohu8.com/S/HUBG\">hub</a>The transformation. The Shanghai factory is supplying Tesla to the global market.</p><p>The next question is, when will Tesla's two major factories in Berlin and Texas start production?</p><p>The Berlin Gigafactory in Germany is Tesla's fourth Gigafactory. According to the plan, once the Berlin Gigafactory in Germany officially goes into operation, it will be used to produce batteries, powertrains, and complete vehicles (starting with the production of the Model Y). The first phase of the factory focuses on producing Model Y vehicles, with a goal of producing 10,000 vehicles per week. In addition, 4680 batteries may first be mass-produced in Berlin, Germany. Musk has stated plans to increase the annual capacity of his battery manufacturing plant in Berlin to 100 GWh, potentially expanding it to 200 to 250 GWh. 100GWh is more than double the output of Tesla's Nevada plant, currently the world's largest battery factory.</p><p>Tesla initially expected its Berlin factory to begin production in July 2021. However, the Berlin factory was delayed and failed to pass the review. Various plans, including the Model Y and the 4680 power battery, had to be shelved.</p><p>During the conference call, Musk responded rather vaguely that the Berlin plant would begin production of the Model Y later this year. Musk did not reveal the specific date. The Texas factory in the United States is developing relatively rapidly. In Musk's words, \"A year ago there was nothing, and a year later there will be an almost complete large factory.\" The conference call revealed that the Texas factory has begun partial commissioning and will also produce the Model Y later this year.</p><p>What the market is more concerned about is the progress of the 4680 battery. The so-called 4680 battery, as the name suggests, is a cylindrical battery with a single cell diameter of 46mm and a height of 80mm.</p><p><img src=\"https://static.tigerbbs.com/32ac77fb22ba25c0efa274ba314ca73a\" tg-width=\"550\" tg-height=\"329\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/PC\">Panasonic</a>In an interview, Akiaki Nagasaki, head of strategy for the electric vehicle battery business, pointed out that new batteries like the 4680 model are \"key to enabling the large-scale adoption of cheaper electric vehicles.\" Cheaper but more efficient batteries are crucial for a rapidly growing new energy vehicle company.</p><p>Previously, Musk canceled the Model S Plaid+ Model with the longest driving range and delayed the launch of the 4680 battery because the Model uses the 4680 battery, which caused market concerns.</p><p>This time, Tesla delivered good news during the conference call. Tesla stated that the development of the 4680 battery \"has made significant progress,\" but \"we still have a lot of work to do before we can achieve mass production,\" particularly in improving the battery's manufacturing process. Furthermore, Musk pointed out that Tesla is working with its existing suppliers to produce 4680 batteries for its vehicles. The 4680 batteries have already been successfully crash-tested in the new design of its vehicles, and these batteries will be installed in the structural frame.</p><p>Beyond the factory and batteries, mass production of Tesla's electric pickup truck, the Cybertruck, remains a long way off. Tesla stated that it will only increase Cybertruck production in Texas after its factory in Texas begins production of the Model Y. Tesla's semi-trailer Semi, which was previously promised to be launched this year, has had its mass production date postponed again to 2022.</p><p>Whether the factory can start operations smoothly, whether the battery can be successfully developed and mass-produced, and whether the next blockbuster model can be launched have become three crucial challenges that Tesla will face going forward.</p>","source":"lsy1598506047654","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla isn't crying: Small losses from cryptocurrency trading, big profits from car sales.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla isn't crying: Small losses from cryptocurrency trading, big profits from car sales.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">深燃</strong><span class=\"h-time small\">2021-07-27 11:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla has released its financial report for the second quarter of 2021.</p><p>Data shows that Tesla's revenue in the second quarter was $11.958 billion, a 98% increase from $6.036 billion in the same period last year; Net income was $1.142 billion.</p><p>The net profit figure was staggeringly high, more than double the $438 million net profit in the first quarter and more than 10 times the net profit in the same period last year. It is worth noting that Tesla's carbon credit revenue in this quarter was only $354 million. Even without counting this revenue, Tesla still made a profit by selling cars and energy products.</p><p>This growth is mainly due to Tesla's soaring car production and deliveries. The company produced 206,000 electric vehicles in the second quarter, a year-on-year increase of 151%; A total of 201,000 vehicles were delivered, a year-on-year increase of 121%, of which Model 3 and Model Y accounted for a total of 199,000 vehicles, a year-on-year increase of 148%.</p><p>However, Tesla remains fraught with crises. CEO Elon Musk's previously promised plans to achieve this year, such as mass production of 4680 batteries, building a new factory, and launching a new Cybertruck model, have not yet been realized. The new project is behind schedule, and in China, Tesla is mired in negative public opinion and struggling to escape.</p><p>Following the release of the earnings report, Tesla's stock price rose only 0.99% in after-hours trading.</p><p>However, Musk continued to act unconventionally and was full of confidence in the company. During Tesla's second-quarter earnings call, Musk said he might not attend quarterly earnings calls in the future, \"unless there's something very important I need to say.\"</p><p>Key Points Overview 1. In the second quarter, Tesla's sales in China declined quarter-on-quarter, and the negative impact of safety incidents such as brake failure on Tesla began to gradually emerge. 2. The second quarter was a milestone for Tesla, as it was the first time Tesla had truly achieved profitability by selling cars and energy products. 3. Tesla suffered a loss of $23 million in the second quarter from speculating on Bitcoin. 4. Tesla's Texas and Berlin factories are expected to start construction this year, but Musk himself has not been able to say when they will start.<b>Global sales surge, but sales in China decline</b></p><p>In the second quarter of 2021, Tesla's deliveries reached a new high of 201,200 vehicles. This is also the first time Tesla has delivered more than 200,000 vehicles in a single quarter.</p><p>Including the 184,800 vehicles delivered in the first quarter, Tesla's total electric vehicle deliveries in the first half of the year reached 386,000 vehicles, which is a very good result and has already achieved half of its annual delivery target of 750,000 vehicles.</p><p>However, the situation in China is not optimistic. Tesla's financial reports typically only disclose global data. According to data from the China Passenger Car Association, Tesla's retail sales in June were 28,138 units, an increase from 21,936 units in May. However, it still failed to return to the level of March.</p><p>Tesla delivered 35,478 vehicles in March this year, setting a new record. However, a \"brake failure\" rights protection incident occurred in April. Since then, Tesla's sales in China have begun to decline, especially in April, when sales plummeted by 67%, with only 11,671 vehicles delivered that month. Due to the decline in sales over the past three months, Tesla's retail sales in China in the second quarter of 2021 were 61,700 units, a decrease of 10.87% compared to the first quarter.</p><p>Other electric vehicle brands are rapidly catching up in sales, such as<a href=\"https://laohu8.com/S/002594\">BYD</a>In June, 40,317 new energy vehicles were delivered, while SAIC-GM-Wuling delivered 31,285 vehicles. New domestic car manufacturers<a href=\"https://laohu8.com/S/NIO\">Nio</a>In June, monthly deliveries exceeded 8,000 units (8,083 units) for the first time, representing a year-on-year increase of 116.1%. These underlings that Tesla once looked down upon have now risen to prominence and even begun to seize Tesla's territory.</p><p><img src=\"https://static.tigerbbs.com/2392d6ddced169db7879993defdf1a4b\" tg-width=\"550\" tg-height=\"325\" referrerpolicy=\"no-referrer\">Source: Company website, China Passenger Car Association</p><p>The negative public opinion surrounding the safety incident did indeed impact Tesla's performance in the Chinese market in the second quarter.</p><p>Investors and analysts are watching to see if Tesla can handle the public opinion crisis in the Chinese market well. “For Tesla, the growth story in China is the most important,” a Securities analyst at Wedbush Securities once pointed out. “This is Tesla’s main market, and we believe 40% of their sales next year will come from there. I think this is key to whether the stock price rises or falls.”</p><p>In order to stay in China, Tesla is \"catching up\". For example, on June 26, Tesla planned to recall 285,000 imported Model 3 and domestically produced Model 3 and Model Y vehicles, and expressed its deepest apologies for the recall, which was unprecedented.</p><p><b>I lost $23 million trading Bitcoin.</b></p><p>Although Tesla has achieved positive profitability for several consecutive quarters, this is largely inflated. For example, in the first quarter of 2021, Tesla's net profit of $438 million was supported by $518 million in carbon emission credits and $101 million earned from speculating on Bitcoin.</p><p><img src=\"https://static.tigerbbs.com/8f8a8e0e5456bb2987b851e8bc7c285b\" tg-width=\"550\" tg-height=\"330\" referrerpolicy=\"no-referrer\">Source/Company Financial Report</p><p>In the second quarter, Tesla's net profit of $1.142 billion exceeded market expectations, marking its first quarterly net profit exceeding $1 billion.</p><p>When discussing Tesla's financial situation, key words that cannot be avoided are carbon emission credit revenue and speculation on Bitcoin.</p><p>In the first quarter, Tesla earned $101 million from cryptocurrency trading. But prices in Bitcoin have fallen by about half since their peak in April. According to the financial report, Tesla incurred a loss of $23 million in the second quarter due to the sharp drop in Bitcoin prices.</p><p>For a long time, Tesla's carbon emission credit income has been very high, making it an important source of profit. However, selling carbon emission credits is ultimately not a long-term solution. Tesla has now lost a \"major customer\". Fiat Cars (FCA), a major customer that buys carbon emission credits from Tesla, announced in January that it would merge with PSA to form the Stellantis Group, introducing PSA's electric vehicle business. As a result, FCA will no longer buy credits from Tesla.</p><p>In the second quarter, Tesla's carbon emission credits decreased by 17% year-over-year to only $354 million, lower than any of the previous four quarters.</p><p><img src=\"https://static.tigerbbs.com/f7a3c68e6e5a3f43a9892180c2f813e6\" tg-width=\"550\" tg-height=\"90\" referrerpolicy=\"no-referrer\">Source/Company Financial</p><p>How did Tesla achieve net profit growth without relying on its carbon credit business?</p><p>Selling a car is one aspect. Tesla delivered more than 20,000 Model 3s and Model Ys in the second quarter, while only 1,895 Model S units were sold. The great success of the Model Y has clearly boosted Tesla's performance. Tesla's gross profit margin for vehicles is also continuously improving, reaching 28.4%. Financial reports reveal that Tesla's supply chain costs are continuously decreasing.</p><p>Beyond that, Tesla's bigger ambition lies in selling software.<a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>Securities research believes that Tesla's future profit model is very certain: it will keep hardware prices very low, allowing it to sell at cost price, and will charge more through the backend software market to achieve profitability.</p><p>Tesla is now gradually realizing its software sales plan. In early July, Tesla owners' long-awaited \"Full Self-Driving (FSD)\" system was officially opened to the public, known as beta 9. Recently, Tesla launched a Full Self-Driving subscription package, priced at $199 per month for new users. Previously, Tesla sold the Full Self-Driving package with a one-time full payment of $10,000.</p><p>Subscription options could accelerate FSD adoption, renowned tech analyst Gene Munster wrote in a report. This is an important step on Tesla's long-term path to improving profit margins and will strengthen the company's operating model.</p><p><b>The factory is delayed in starting production, and new products are being delayed again?</b></p><p>Tesla's performance in the first half of the year was impressive, but it cannot relax.</p><p>To achieve its sales growth target of 50% this year, Tesla must accelerate its global expansion and production.</p><p>In the second quarter, Tesla conveyed the following messages via conference call: First, its Shanghai Gigafactory completed the export of its main automobiles.<a href=\"https://laohu8.com/S/HUBG\">hub</a>The transformation. The Shanghai factory is supplying Tesla to the global market.</p><p>The next question is, when will Tesla's two major factories in Berlin and Texas start production?</p><p>The Berlin Gigafactory in Germany is Tesla's fourth Gigafactory. According to the plan, once the Berlin Gigafactory in Germany officially goes into operation, it will be used to produce batteries, powertrains, and complete vehicles (starting with the production of the Model Y). The first phase of the factory focuses on producing Model Y vehicles, with a goal of producing 10,000 vehicles per week. In addition, 4680 batteries may first be mass-produced in Berlin, Germany. Musk has stated plans to increase the annual capacity of his battery manufacturing plant in Berlin to 100 GWh, potentially expanding it to 200 to 250 GWh. 100GWh is more than double the output of Tesla's Nevada plant, currently the world's largest battery factory.</p><p>Tesla initially expected its Berlin factory to begin production in July 2021. However, the Berlin factory was delayed and failed to pass the review. Various plans, including the Model Y and the 4680 power battery, had to be shelved.</p><p>During the conference call, Musk responded rather vaguely that the Berlin plant would begin production of the Model Y later this year. Musk did not reveal the specific date. The Texas factory in the United States is developing relatively rapidly. In Musk's words, \"A year ago there was nothing, and a year later there will be an almost complete large factory.\" The conference call revealed that the Texas factory has begun partial commissioning and will also produce the Model Y later this year.</p><p>What the market is more concerned about is the progress of the 4680 battery. The so-called 4680 battery, as the name suggests, is a cylindrical battery with a single cell diameter of 46mm and a height of 80mm.</p><p><img src=\"https://static.tigerbbs.com/32ac77fb22ba25c0efa274ba314ca73a\" tg-width=\"550\" tg-height=\"329\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/PC\">Panasonic</a>In an interview, Akiaki Nagasaki, head of strategy for the electric vehicle battery business, pointed out that new batteries like the 4680 model are \"key to enabling the large-scale adoption of cheaper electric vehicles.\" Cheaper but more efficient batteries are crucial for a rapidly growing new energy vehicle company.</p><p>Previously, Musk canceled the Model S Plaid+ Model with the longest driving range and delayed the launch of the 4680 battery because the Model uses the 4680 battery, which caused market concerns.</p><p>This time, Tesla delivered good news during the conference call. Tesla stated that the development of the 4680 battery \"has made significant progress,\" but \"we still have a lot of work to do before we can achieve mass production,\" particularly in improving the battery's manufacturing process. Furthermore, Musk pointed out that Tesla is working with its existing suppliers to produce 4680 batteries for its vehicles. The 4680 batteries have already been successfully crash-tested in the new design of its vehicles, and these batteries will be installed in the structural frame.</p><p>Beyond the factory and batteries, mass production of Tesla's electric pickup truck, the Cybertruck, remains a long way off. Tesla stated that it will only increase Cybertruck production in Texas after its factory in Texas begins production of the Model Y. Tesla's semi-trailer Semi, which was previously promised to be launched this year, has had its mass production date postponed again to 2022.</p><p>Whether the factory can start operations smoothly, whether the battery can be successfully developed and mass-produced, and whether the next blockbuster model can be launched have become three crucial challenges that Tesla will face going forward.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=http://finance.sina.com.cn/tech/csj/2021-07-27/doc-ikqciyzk7889618.shtml\">深燃</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/32ac77fb22ba25c0efa274ba314ca73a","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://cj.sina.cn/article/normal_detail?url=http://finance.sina.com.cn/tech/csj/2021-07-27/doc-ikqciyzk7889618.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2154993281","content_text":"特斯拉迎来了2021年第二季度的财报。\n数据显示，特斯拉第二季度营收为119.58亿美元，比去年同期的60.36亿美元增长98%；净利润为11.42亿美元。\n净利润这一数字高得惊人，它是第一季度净利润4.38亿美元的两倍多，是去年同期净利润的10 倍以上。值得注意的是，这一季度，特斯拉碳积分收入仅为3.54亿美元，即使不计算这笔收入，特斯拉靠卖车和卖能源产品依旧实现了盈利。\n这样的增长，主要得益于特斯拉飙升的汽车产量和交付量。公司第二季度生产了20.6万辆电动汽车，同比增长151%；共交付了20.1万辆汽车，同比增长121%，其中Model 3和Model Y总计占了19.9万辆，同比增长148%。\n但特斯拉依旧危机四伏。CEO马斯克此前承诺要在今年实现的计划，比如4680电池的量产、建造新工厂、推出Cybertruck新车型等等，目前都没能实现。新项目已经落后于计划，而在中国区，特斯拉深陷负面舆论的泥沼中难以脱身。\n财报发布后，特斯拉股价在盘后交易中仅上涨0.99%。\n不过马斯克依旧我行我素不按常理出牌，并且对公司自信满满。马斯克在特斯拉二季度财报电话会议上表示，今后他可能不再出席季度盈利电话会议，“除非有非常重要的事情需要我说。”\n\n 要点概览1、二季度，特斯拉中国区的销量环比下滑，刹车失灵等安全事故对特斯拉的负面影响开始逐渐显现。2、二季度对于特斯拉具有里程碑式的意义，特斯拉第一次靠着卖车和卖能源产品真正实现了盈利。3、特斯拉二季度炒比特币亏损2300万美元。4、特斯拉的得克萨斯州工厂以及柏林工厂有望今年开工，但具体什么时候开工，马斯克自己也没能说清。\n\n全球销量大涨，但中国销量下降\n2021年第二季度，特斯拉交付量再创新高——20.12万辆。这也是特斯拉首次在一个季度内交付超过20万辆汽车。\n加上一季度交付的18.48万辆，上半年，特斯拉电动车的交付总量达到38.6万辆，这是一个非常好的成绩，已完成年交付75万辆目标的一半。\n但就中国区来看，情况不容乐观。特斯拉的财报中通常只披露全球数据。根据乘联会数据，特斯拉6月的零售销量为28138辆，这一销量对比5月份的21936辆有所增长。但是依旧没能回到3月份的水平。\n特斯拉今年3月交付35478辆，创历史纪录。但4月份发生了“刹车失灵”维权事件，自此之后，特斯拉在中国区的销量就开始走下坡路，尤其是4月份，销量暴跌了67%，当月只交付了11671辆。也是因为近3个月的销量下滑，特斯拉2021年第二季度在中国区的零售销量为6.17万，比一季度下降了10.87%。\n其他电动车品牌的销量则正在飞速赶超，比如比亚迪6月份交付了40317辆新能源车，上汽通用五菱6月份交付31285辆。国内造车新势力蔚来6月份单月交付量首次超过8000台（8083台），同比增长116.1%。这些原先特斯拉不屑一顾的小弟，如今已经崛起甚至开始抢夺特斯拉的地盘。\n资料来源/公司官网、乘联会\n安全事故的负面舆论，的确对特斯拉二季度的中国市场带来了影响。\n投资人以及分析师都在观望特斯拉能否处理好在中国市场的舆论危机。“对特斯拉来说，中国的增长故事是最重要的。”韦德布什（Wedbush Securities）的证券分析师就曾指出：“这是特斯拉的主要市场，我们相信他们明年40%的销售额将来自那里。我认为这是股价上涨或下跌的关键。”\n为了留在中国，特斯拉正在“补课”。比如，6月26日，特斯拉计划召回28.5万辆进口Model 3及国产Model 3、Model Y，并且破天荒地对此次召回事件深表歉意。\n炒比特币亏了2300万美元\n尽管特斯拉已经连续几个季度都实现了正向盈利，但这其中水分不少。比如，2021年一季度，特斯拉4.38亿美元的净利润，有5.18亿美元的碳排放积分收入和炒比特币赚的1.01亿美元做支撑。\n资料来源/公司财报\n二季度，特斯拉11.42亿美元的净利润超出市场预期，这也是它首个季度净利润超过10亿美元。\n谈到特斯拉的财务状况，逃不开的关键词就是碳排放积分收入以及炒比特币。\n一季度，特斯拉靠炒币赚了1.01亿美元。但比特币的价格自4月份的峰值以来已经下跌了大约一半。从财报中的披露来看，二季度，特斯拉因为比特币价格暴跌，账面计提了2300万美元的亏损。\n很长一段时间以来，特斯拉的碳排放积分收入都很高，是盈利的重要来源。但是，卖碳排放积分终究不是长久之计。如今，特斯拉已经失去了一位“大客户”。向特斯拉买碳排放积分的大客户菲亚特汽车公司（FCA），已经在1月宣布和PSA合并为Stellantis集团，引入PSA的电动车业务，由此FCA不再向特斯拉购买积分。\n二季度，特斯拉的碳排放积分同比减少了17%，仅为3.54亿美元，比前四个季度中的任何一个季度都低。\n来源/公司财报\n不依靠碳积分这门生意后，特斯拉如何实现了净利润的增长？\n卖车是一方面。特斯拉在二季度交付了超过两万辆Model 3和Model Y，Model S的销量仅为1895辆。Model Y的大获成功显然提振了特斯拉的业绩。而特斯拉的整车毛利率也在不断提高，已经达到了28.4%。财报披露，特斯拉的供应链成本正在不断降低。\n除此之外，特斯拉更大的野心在于卖软件。国泰君安证券研究认为，特斯拉未来的盈利模式已经非常确定，把硬件价格做得很低，基本上能以成本价卖，更多通过后端软件市场来收费，实现盈利。\n如今，特斯拉正在逐渐实现它的卖软件计划。7月初，特斯拉车主期待已久的“完全自动驾驶（Full Self-Driving，以下简称FSD）”系统正式对外开放，该系统被称为beta 9。最近，特斯拉又推出了全自动驾驶订阅包，新用户为每月199美元，此前，特斯拉以10000美元一次性完全支付的方式销售完全自动驾驶套餐。\n知名科技分析师吉恩-蒙斯特（Gene Munster）在一份报告中写道，订阅选项可以加速FSD的采用。这是特斯拉提高利润率的长期道路上的重要一步，将加强该公司的运营模式。\n工厂迟迟不开工，新产品又要跳票？\n上半年的业绩亮眼，但特斯拉不能松口气。\n要实现今年销量增长率50%的目标，特斯拉必须加快全球化的布局以及生产。\n在二季度，通过电话会议，特斯拉传递了这么几个信息，首先是，上海超级工厂完成了作为公司主要汽车出口枢纽的转型。上海工厂正在为特斯拉的全球市场供货。\n接下来的问题就是，特斯拉的柏林和得克萨斯两大工厂什么时候开工生产？\n德国柏林超级工厂是特斯拉的第四座超级工厂。按照计划，德国柏林超级工厂正式投产后，将用于生产电池、动力系统和整车(从生产Model Y开始)。该工厂第一阶段的重点是生产Model Y，目标是每周生产10000辆。此外，4680电池或将率先在德国柏林量产。马斯克曾表示，计划让柏林的电池生产厂年产能达到100GWh，可能扩大到200到250GWh。100GWh已经是当前全球最大电池工厂特斯拉内华达厂产量的两倍多。\n特斯拉最初预计柏林工厂将于2021年7月投产。但是，柏林工厂迟迟审核没有通过。Model Y、4680动力电池等等种种计划不得不搁置。\n在电话会议中，马斯克颇为模糊地回应称，柏林工厂将会在今年晚一些投入生产Model Y。至于具体晚到什么时候，马斯克没再透露。美国这边的得克萨斯工厂倒是发展得比较迅猛。按照马斯克的话说：“一年前什么都没有，一年后有一个几乎完整的大工厂。”电话会议透露，得克萨斯州的工厂已经开始部分调试，也是今年晚些时候生产Model Y。\n市场更为关心的是，4680电池进行到哪一步了？所谓的4680电池顾名思义就是单体电芯直径为46mm、高度为80mm的圆柱形电池。\n\n松下电动汽车电池业务策略主管长崎彰明在一次采访中指出，像4680型电池这种新型电池是“让更廉价电动汽车能够大规模推广的关键所在”。更廉价但效能更高的电池，对于一家高速增长的新能源车企来说至关重要。\n此前，马斯克取消了续航里程最长的Model S Plaid+车型，并推迟了4680电池上市的时间，因为该款车型使用4680电池，因此引发了市场担忧。\n这一次，特斯拉在电话会议中传递出了好消息。特斯拉表示4680电池的开发“已经取得了重大进展”，但“在我们实现批量生产之前，我们还有很多工作要做”，特别是在改进电池的制造工艺方面。并且，马斯克指出，特斯拉正在与其现有供应商合作为其车辆生产4680电池，4680电池已经成功地对其车辆的新设计进行了碰撞测试，这些电池将被安装到结构框架中。\n在工厂、电池之外，特斯拉的电动皮卡Cybertruck，量产依旧遥遥无期。特斯拉表示，在位于得克萨斯州的工厂开始生产 Model Y 之后，特斯拉才会在得克萨斯州增加Cybertruck的生产。而特斯拉之前承诺于今年推出的半挂Semi，再次被推后了量产时间，变成了2022年。\n工厂能否顺利开工、电池能否顺利研发量产、能否推出下一个爆款车型，这成为了特斯拉接下来要面临的三个至关重要的难题。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":5483,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120793101,"gmtCreate":1624336129403,"gmtModify":1703833833534,"author":{"id":"3582273772475665","authorId":"3582273772475665","name":"洁净","avatar":"https://static.tigerbbs.com/17f10759a3774fee9c78df903daa7359","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582273772475665","authorIdStr":"3582273772475665"},"themes":[],"title":"","htmlText":"Gd ","listText":"Gd ","text":"Gd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/120793101","repostId":"1163514513","repostType":4,"repost":{"id":"1163514513","kind":"news","pubTimestamp":1624333553,"share":"https://ttm.financial/m/news/1163514513?lang=en_US&edition=fundamental","pubTime":"2021-06-22 11:45","market":"hk","language":"zh","title":"Unveiling Huawei's Investment Landscape: From Conservative and Low-Key to Radical and Aggressive","url":"https://stock-news.laohu8.com/highlight/detail?id=1163514513","media":" 资本侦探","summary":"如何在技术变革引发的潮起潮落中，不被时代“抛弃”，成为很多大型科技企业必须要面对的课题。\n目前主流的做法，一是加大研发，构筑自己的技术壁垒；另一方面外部进行多元化布局，合纵连横，构建自己的生态优势。\n","content":"<p>How to avoid being \"abandoned\" by the times amidst the ebb and flow of technological change has become a challenge that many large technology companies must face.</p><p>The current mainstream approach is to increase research and development and build one's own technological barriers; On the other hand, it is diversifying its external strategies, forming alliances, and building its own ecological advantages.</p><p>In China, internet companies such as BAT (Baidu, Alibaba, Tencent) and TMD are trying to build their own ecosystem and strengthen their \"moat\" through investment and mergers and acquisitions. After searching on ITjuzi, I found that...<a href=\"https://laohu8.com/S/00700\">Tencent</a>It has invested in 953 companies, of which Alibaba has 588.<a href=\"https://laohu8.com/S/JD\">JD.com</a>There are 320,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>There are 296 companies, and even the smaller Meituan company has 79.</p><p>In contrast, Huawei, founded in 1987, has always been very cautious and conservative in its investments, and has only made about 60 overseas investments to date. Over its more than 30 years of development, Huawei has faced many readily available opportunities, such as the real estate investment boom and the secondary market bull market, but it seems unmoved and has always stuck to its own field. Today, Huawei has grown into a large company with annual revenue of nearly 900 billion yuan, and its business mainly includes three segments: consumer business, carrier business, and enterprise business.</p><p>However, as US sanctions continue to tighten, the semiconductor \"bottleneck\" situation is becoming increasingly serious, and Huawei seems to have made some changes in its investment. In 2019, Huawei's wholly-owned subsidiary, Hubble Investment, continued to make moves in industries such as semiconductor chips, raw materials, and equipment, sparking speculation that Huawei would fully enter the semiconductor industry.</p><p>Over the past 30 years, which companies has Huawei mainly invested in? What different signals are being conveyed behind this? Let's take a look.</p><p><b>Investment Landscape Scan</b></p><p>Much of the public's understanding of Huawei's investment stems from speeches by Ren Zhengfei and Xu Zhijun in 2017. At the time, Huawei's President's Office issued Document No. 126, which clearly stated \"what not to do,\" including adhering to the principles of \"not making applications, not touching data, and not making equity investments.\"</p><p>This was later interpreted as \"Huawei not making investments\". However, in reality, neither Ren Zhengfei nor Xu Zhijun, the so-called \"no investment\" mainly targets Huawei Cloud, cloud computing, and big data artificial intelligence platforms, rather than all areas.</p><p>Overall, Huawei's overseas investment strategy has always followed the rules stipulated in the Huawei Basic Law. This management outline, adopted in 1998, defines Huawei's corporate strategy, values, and management principles.</p><p>Regarding investment, Article 37 of the Basic Law stipulates that<b>\"Our short- to medium-term investment strategy remains focused on product investment, aiming to concentrate resources to the greatest extent possible and rapidly enhance the company's technological strength, market position and management capabilities... We do not engage in any unrelated diversified operations that scatter the company's resources and the energy of senior management.\"</b></p><p><img src=\"https://static.tigerbbs.com/872ca4af4f0d73f92113bc46139230c0\" tg-width=\"1080\" tg-height=\"2011\" referrerpolicy=\"no-referrer\"></p><p>Therefore, Huawei has always kept a very low profile in terms of investment and mergers and acquisitions. If divided by time, it can be roughly divided into two periods: the first period is from 2000 to 2016, and the second period is from 2019 to the present.</p><p>In the first phase, Huawei's investments were mainly led by its internal corporate development department, and its internet business briefly invested in some projects. Among them, Huawei's overall department responsible for investment is called the \"Enterprise Development Department\". This department is under the Finance Committee and mainly includes the Strategy Development Department, Corporate Project Operations Department, Investment Monitoring Department, and Project Execution Department.</p><p>Within Huawei's system, the Corporate Development Department is not a core department. Unlike many companies, Huawei's overseas investment process is initiated by its business units. Once they discovered that a company's technology would be helpful to their business, they submitted the project to the corporate development department. Subsequently, the Corporate Development Department will conduct an assessment and evaluation, and then submit it to the Executive Board for decision Therefore, the corporate development department focuses more on evaluation and research.</p><p>Another department is the Internet Business Department. According to Zhu Bo, then president of Huawei's Internet Business Department, in 2008 he approached Xu Zhijun of Huawei's EMT (Executive Management Team) to discuss cooperation with Huawei, but Xu Zhijun took him seriously. At that time, Huawei saw a ceiling in the communications field and hoped to make a breakthrough and achieve success in the field of Internet services, so it invited Zhu Bo to join.</p><p>Ultimately, Huawei established an Internet Business Department specifically for Zhu Bo. At that time, Zhu Bo led more than 20 people, and more than 30 people were transferred from within Huawei to form a team of about 60 people. This division was initially directly under Huawei Software. After diversification in 2010, the Internet business unit was incorporated into the Consumer BG.</p><p>However, this department was abolished following Zhu Bo's departure in 2012. According to Zhu Bo, Huawei initially intended to develop towards services and the internet. However, in practice, the B2C mindset of the Internet and Huawei's B2B business model conflict in many aspects. Later, Huawei adjusted its investment strategy, so he chose to resign.</p><p>After an investment gap between 2015 and 2018, Huawei's investment entered its second phase in 2019, with Hubble's investment as the main vehicle.</p><p>When Hubble Investment was founded in April 2019, its registered capital was 700 million yuan. Subsequently, Huawei increased its capital twice, in October 2020 and May 2021, bringing its registered capital to 3 billion yuan. Regarding the composition of Hubble Investment's board of directors, Chairman and General Manager Bai Yi was formerly the Vice President of Huawei's Financial Management Office and the President of Huawei's Global Financial Risk Control Center. Director Ying Weimin previously served as President of Wireless Network R&D at Huawei, and Director Zhou Yongjie previously served as Vice President of HiSilicon Semiconductor Co., Ltd., both of whom have experience in the telecommunications industry.</p><p><img src=\"https://static.tigerbbs.com/2e6912c79aad4f7bca90a82a24b8eda9\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>It is worth mentioning that Hubble Investment's establishment and development coincided almost simultaneously with the US sanctions against Huawei. A month after Hubble Investments was founded, the United States launched the first of four rounds of sanctions against Huawei. In May 2019, the Trump administration added Huawei to the Entity List, restricting U.S. companies from supplying Huawei. As the United States intensifies sanctions against Huawei, Hubble's investment pace is also accelerating.</p><p>At the time, Huawei made two preparations: in the short term, it would accelerate its procurement of components from suppliers such as Murata, Toshiba, Kyocera, and Rohm, and increase its procurement volume in Taiwan, with orders from companies such as Daliguang increasing significantly. Meanwhile, according to supply chain research, Huawei has also prepared about a year's worth of inventory for products from American semiconductor companies to give Huawei a buffer period for supply chain switching.</p><p>In the long run, Huawei is also actively seeking alternative suppliers, relaxing the certification qualification requirements for domestic suppliers, and increasing the discovery and cultivation of potential domestic suppliers.</p><p><b>Product mergers and acquisitions are the main focus</b></p><p>According to data from ITjuzi, Huawei's first investment was the acquisition of Harbor Technology for 1.7 billion yuan in June 2006. Harbor Networks was founded by Li Yinan, the former youngest vice president of Huawei. After fierce competition between the two companies, Huawei eventually acquired it, and Li Yinan became Huawei's chief scientist and vice president. However, two years later, Li Yinan left Huawei again.</p><p>In fact, Huawei's investments can be traced back to around 2000. At that time, when third-generation mobile communication technology was in the early stages of large-scale application, Huawei, as a latecomer, seized the opportunity and launched a series of small-scale acquisitions in the United States.</p><p><ul><li>In early 2002, Huawei's acquisition of optical communication manufacturer OptiMight strengthened its technological capabilities in optical transmission.</p><p></li><li>In 2003, Huawei acquired network processor manufacturer Cognigine, enhancing its capabilities in core processors for switches and routers.</p><p></li><li>In 2004, Huawei partnered with LightPointe, a Silicon Valley-based designer and manufacturer of wireless optical products, and thus obtained the qualification to OEM the company's FSO equipment.</p><p></li></ul>In the following decade or so, Huawei invested in more than 15 companies.<b>These companies are mainly concentrated in European regions such as France and the United Kingdom, and their main types are communications and semiconductors. The purpose of Huawei's series of investments is to make up for its relatively weak modules, while better entering developed countries and increasing its market share in Europe and the United States.</b></p><p>Some of the investments are also related to Huawei's strategic layout in the Internet of Things field. In 2012, Huawei announced its foray into the Internet of Things (IoT) and has already completed related IoT solutions. Subsequent investments will expand its IoT footprint overseas.</p><p>For example, in July 2014, Huawei and Bosch Ventures,<a href=\"https://laohu8.com/S/XLNX\">Xilinx</a>They jointly invested a total of $26 million in XMOS. It is understood that XMOS is a British semiconductor design company that specializes in designing high-performance chips for \"Internet of Things\" products, including personal electronic devices and home devices that connect to the Internet via embedded chips; In September of the same year, Huawei acquired another British IoT company, Neul, for $25 million.</p><p><img src=\"https://static.tigerbbs.com/e8f251765fe16b3add9df66c7a3ec730\" tg-width=\"1080\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p>It's worth mentioning that Huawei was briefly interested in the internet business and invested in it.<a href=\"https://laohu8.com/S/300418\">Kunlun Tech</a>Companies such as Baofeng Player, Quyou, and YeePay. Most of these projects were invested in during Zhu Bo's time leading Huawei's Internet Business Department, and most of them were financial investments.</p><p><ul><li>In January 2011, Huawei and Plateau Capital jointly invested tens of millions of US dollars in Quyou, a domestic web game development and operation company.</p><p></li><li>In August 2011, Huawei invested in<a href=\"https://laohu8.com/S/300418\">Kunlun Tech</a>200 million RMB, holding 3% of the shares, making it the seventh largest shareholder at the time. After Kunlun Tech went public and the lock-up period expired in 2016, Huawei reduced its holdings.</p><p></li><li>In 2013, Huawei acquired Baofeng Player from Matrix Partners China and IDG, holding 3.89% of its shares. After Baofeng went public and its lock-up period expired in 2016, Huawei also chose to reduce its holdings.</p><p></li></ul><b>Overall, Huawei's investment strategy at this stage is somewhat...<a href=\"https://laohu8.com/S/CSCO\">Cisco</a>The shadow, that is, through small amounts</b>(Mostly between a few million and a few hundred million dollars)<b>They acquire key technologies through mergers and acquisitions and integrate them into their own platforms, especially technologies that may bring breakthrough growth in the next few years. In other words, Huawei focuses more on product investment and less on financial investment.</b></p><p><b>Semiconductor full industry chain layout</b></p><p>After years of global cooperation and continuous R&D investment, Huawei has developed its own unique advantages in the supply chain. If it weren't for US sanctions, the possibility of Huawei resuming large-scale investment is very low.</p><p>From the second half of 2019 to the present, Huawei's overseas investment has reached its peak, with 39 investment targets. During this period, Huawei established a dedicated subsidiary, Hubble Investments, which led the investment at this stage. Since its inception in April 2019, Hubble Investments has invested in 37 companies in 26 months, basically investing in more than 1-2 projects every month. Especially after the second half of 2020, Hubble's investment pace began to accelerate, with three investments in some months (June and December 2020, February and March 2021).</p><p>Currently, most of Huawei Hubble's companies are in the semiconductor field, covering multiple sub-sectors such as semiconductor materials, radio frequency, displays, analog chips, EDA, and artificial intelligence.</p><p><img src=\"https://static.tigerbbs.com/7248d328209e04c54e84f5b3c2cabca6\" tg-width=\"1080\" tg-height=\"721\" referrerpolicy=\"no-referrer\"></p><p>Chips are the area where Hubble's investments are most focused. To date, Harper Investment has invested in nearly 15 companies, including Shandong Tianyue, Siteway, Jewatt Microelectronics, Yutai Microelectronics, Kunyou Optoelectronics, Haoda Electronics, Qinghong Electronics, and Zonghui Core Optoelectronics. There are many types of chips involved here, including security chips, radio frequency chips, optical chips, analog chips, memory chips, etc.</p><p>Among them, Starway is an important CIS image sensor company in China, with unique technological advantages in the field of security monitoring applications. Since 2017, it has ranked first in the world in terms of shipments in the field of security applications for many consecutive years.<a href=\"https://laohu8.com/S/688536\">Sirupu</a>It is the number one analog chip designer in China and the twelfth largest globally. According to the prospectus,<a href=\"https://laohu8.com/S/688536\">Sirupu</a>It is one of the few achievements in<a href=\"https://laohu8.com/S/JCS\">communication system</a>Companies that have made breakthroughs in analog chip technology have become one of the world's leading suppliers of analog integrated circuit products for 5G base stations.</p><p>In addition, Hubble Investments is actively expanding its upstream business, including raw materials and semiconductor manufacturing equipment. Keyi Hongyuan, which has recently attracted much attention, is the only company in China and the third in the world with the research and productization of 193nm ArF excimer laser technology. It is also a light source system supplier for Shanghai Microelectronics, a domestic lithography manufacturer. It can be said that lithography Synchrotron Radiation Facility is currently a leading domestic manufacturer in this core technology.</p><p>In contrast, Runhua All-Chip Microelectronics is a company founded in 2016. Although it has not been established for long, it also has its own \"special skills\". The company's fully automatic glue removal and peeling machine (AS6) was recognized as one of the 14th (2019) China Semiconductor Innovation Products and Technologies.</p><p>EDA software is also an important part of the \"bottleneck\" sub-sector of semiconductors. Currently, the global EDA market is mainly monopolized by three American companies: Synopsys, Cadence, and Mentor. They have stopped cooperating with Huawei following the US ban.</p><p>In response, Hubble Investment also actively invested. From December 2020 to March 2021, Huawei made four consecutive investments in the EDA field, investing in companies such as Jiutongfang Microelectronics, Wuxi Feipu Electronics, Lixin Software, and Yundao Intelligent Manufacturing.</p><p>In addition, there were two other investments with Huawei as the main body after 2019: Xunlian Zhifu and China Electronics Instruments. Xunlian Smart Pay was established in June 2013 and obtained a payment license in July 2014. The license type is for nationwide internet payment and mobile phone payment services. This makes Huawei the second mobile phone manufacturer after Xiaomi to obtain a payment license.</p><p>In March 2020, Huawei added a new overseas investment company, China Electronics Instruments, with Huawei holding an 8% stake and a subscribed capital contribution of RMB 66.06 million. Huawei's investment in China Electronics Instruments is mainly related to its 5G strategy. According to the official Weibo account of China Electronics Instruments, it began its research and development layout for 5G communication testing in 2013. Currently, it has made breakthroughs in many key core technologies and formed a \"5+X\" 5G communication testing instrument product system that encompasses categories such as materials and chip testing, module and device testing, terminal testing, and base station testing.</p><p>Overall, in the past two years, in order to mitigate the impact of US sanctions, Huawei's investments have shifted from a conservative to an aggressive style, and its investment strategy has gradually shifted from being mainly based on mergers and acquisitions to focusing on strategic investments and VC investments. All of this is to find domestic alternatives in the supply chain and support domestic semiconductor companies.</p><p>Just as Huawei was actively implementing its collaborative strategy, its financial returns were also very considerable. It is understood that in July 2019, six months before Silepu accepted its IPO guidance, Hubble Investment subscribed to 2.24 million newly issued shares of Silepu for 72 million yuan, with a unit price of 32.13 yuan per share. Silepu was valued at 900 million yuan after the investment.</p><p>In its first year of investing in Silepu, Huawei brought it 170 million yuan in orders, causing its revenue to surge by 167% year-on-year. As of the market close on June 21, Sirup's stock price was 562.97 yuan per share, with a total market capitalization of 45 billion yuan, and a cumulative increase of more than 3.5 times since its listing. This investment made Hubble a 50-fold profit.</p><p>Meanwhile, on April 15, 2021, memory chip manufacturer Dongxin Semiconductor's IPO on the Science and Technology Innovation Board was approved; On May 31, the IPO application of silicon carbide substrate manufacturer Shandong Tianyue on the Science and Technology Innovation Board was accepted; On June 4, Canqin Technology submitted its IPO registration for the Science and Technology Innovation Board. A \"Huawei army\" is slowly emerging on the Science and Technology Innovation Board.</p><p>Strategically, Huawei hopes to find a third path in the semiconductor industry. It is understood that there are currently two main semiconductor modes: one is the IDM mode, similar to...<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Invest in and build our own factories to develop and manufacture advanced processes; Another type is the OEM model, similar to<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Focus solely on mid-stage chip manufacturing. Over the past thirty years, OEM manufacturing has been the mainstream in the market.</p><p>Given Huawei's current strategy, it adopts a business model similar to its new energy vehicle business model, where mature technologies and factories are tackled and provided by partner manufacturers, while Huawei itself develops core value components such as autonomous driving, electric drive, and vehicle connectivity technologies.</p>","source":"lsy1585101920501","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Unveiling Huawei's Investment Landscape: From Conservative and Low-Key to Radical and Aggressive</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUnveiling Huawei's Investment Landscape: From Conservative and Low-Key to Radical and Aggressive\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 资本侦探</strong><span class=\"h-time small\">2021-06-22 11:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>How to avoid being \"abandoned\" by the times amidst the ebb and flow of technological change has become a challenge that many large technology companies must face.</p><p>The current mainstream approach is to increase research and development and build one's own technological barriers; On the other hand, it is diversifying its external strategies, forming alliances, and building its own ecological advantages.</p><p>In China, internet companies such as BAT (Baidu, Alibaba, Tencent) and TMD are trying to build their own ecosystem and strengthen their \"moat\" through investment and mergers and acquisitions. After searching on ITjuzi, I found that...<a href=\"https://laohu8.com/S/00700\">Tencent</a>It has invested in 953 companies, of which Alibaba has 588.<a href=\"https://laohu8.com/S/JD\">JD.com</a>There are 320,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>There are 296 companies, and even the smaller Meituan company has 79.</p><p>In contrast, Huawei, founded in 1987, has always been very cautious and conservative in its investments, and has only made about 60 overseas investments to date. Over its more than 30 years of development, Huawei has faced many readily available opportunities, such as the real estate investment boom and the secondary market bull market, but it seems unmoved and has always stuck to its own field. Today, Huawei has grown into a large company with annual revenue of nearly 900 billion yuan, and its business mainly includes three segments: consumer business, carrier business, and enterprise business.</p><p>However, as US sanctions continue to tighten, the semiconductor \"bottleneck\" situation is becoming increasingly serious, and Huawei seems to have made some changes in its investment. In 2019, Huawei's wholly-owned subsidiary, Hubble Investment, continued to make moves in industries such as semiconductor chips, raw materials, and equipment, sparking speculation that Huawei would fully enter the semiconductor industry.</p><p>Over the past 30 years, which companies has Huawei mainly invested in? What different signals are being conveyed behind this? Let's take a look.</p><p><b>Investment Landscape Scan</b></p><p>Much of the public's understanding of Huawei's investment stems from speeches by Ren Zhengfei and Xu Zhijun in 2017. At the time, Huawei's President's Office issued Document No. 126, which clearly stated \"what not to do,\" including adhering to the principles of \"not making applications, not touching data, and not making equity investments.\"</p><p>This was later interpreted as \"Huawei not making investments\". However, in reality, neither Ren Zhengfei nor Xu Zhijun, the so-called \"no investment\" mainly targets Huawei Cloud, cloud computing, and big data artificial intelligence platforms, rather than all areas.</p><p>Overall, Huawei's overseas investment strategy has always followed the rules stipulated in the Huawei Basic Law. This management outline, adopted in 1998, defines Huawei's corporate strategy, values, and management principles.</p><p>Regarding investment, Article 37 of the Basic Law stipulates that<b>\"Our short- to medium-term investment strategy remains focused on product investment, aiming to concentrate resources to the greatest extent possible and rapidly enhance the company's technological strength, market position and management capabilities... We do not engage in any unrelated diversified operations that scatter the company's resources and the energy of senior management.\"</b></p><p><img src=\"https://static.tigerbbs.com/872ca4af4f0d73f92113bc46139230c0\" tg-width=\"1080\" tg-height=\"2011\" referrerpolicy=\"no-referrer\"></p><p>Therefore, Huawei has always kept a very low profile in terms of investment and mergers and acquisitions. If divided by time, it can be roughly divided into two periods: the first period is from 2000 to 2016, and the second period is from 2019 to the present.</p><p>In the first phase, Huawei's investments were mainly led by its internal corporate development department, and its internet business briefly invested in some projects. Among them, Huawei's overall department responsible for investment is called the \"Enterprise Development Department\". This department is under the Finance Committee and mainly includes the Strategy Development Department, Corporate Project Operations Department, Investment Monitoring Department, and Project Execution Department.</p><p>Within Huawei's system, the Corporate Development Department is not a core department. Unlike many companies, Huawei's overseas investment process is initiated by its business units. Once they discovered that a company's technology would be helpful to their business, they submitted the project to the corporate development department. Subsequently, the Corporate Development Department will conduct an assessment and evaluation, and then submit it to the Executive Board for decision Therefore, the corporate development department focuses more on evaluation and research.</p><p>Another department is the Internet Business Department. According to Zhu Bo, then president of Huawei's Internet Business Department, in 2008 he approached Xu Zhijun of Huawei's EMT (Executive Management Team) to discuss cooperation with Huawei, but Xu Zhijun took him seriously. At that time, Huawei saw a ceiling in the communications field and hoped to make a breakthrough and achieve success in the field of Internet services, so it invited Zhu Bo to join.</p><p>Ultimately, Huawei established an Internet Business Department specifically for Zhu Bo. At that time, Zhu Bo led more than 20 people, and more than 30 people were transferred from within Huawei to form a team of about 60 people. This division was initially directly under Huawei Software. After diversification in 2010, the Internet business unit was incorporated into the Consumer BG.</p><p>However, this department was abolished following Zhu Bo's departure in 2012. According to Zhu Bo, Huawei initially intended to develop towards services and the internet. However, in practice, the B2C mindset of the Internet and Huawei's B2B business model conflict in many aspects. Later, Huawei adjusted its investment strategy, so he chose to resign.</p><p>After an investment gap between 2015 and 2018, Huawei's investment entered its second phase in 2019, with Hubble's investment as the main vehicle.</p><p>When Hubble Investment was founded in April 2019, its registered capital was 700 million yuan. Subsequently, Huawei increased its capital twice, in October 2020 and May 2021, bringing its registered capital to 3 billion yuan. Regarding the composition of Hubble Investment's board of directors, Chairman and General Manager Bai Yi was formerly the Vice President of Huawei's Financial Management Office and the President of Huawei's Global Financial Risk Control Center. Director Ying Weimin previously served as President of Wireless Network R&D at Huawei, and Director Zhou Yongjie previously served as Vice President of HiSilicon Semiconductor Co., Ltd., both of whom have experience in the telecommunications industry.</p><p><img src=\"https://static.tigerbbs.com/2e6912c79aad4f7bca90a82a24b8eda9\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>It is worth mentioning that Hubble Investment's establishment and development coincided almost simultaneously with the US sanctions against Huawei. A month after Hubble Investments was founded, the United States launched the first of four rounds of sanctions against Huawei. In May 2019, the Trump administration added Huawei to the Entity List, restricting U.S. companies from supplying Huawei. As the United States intensifies sanctions against Huawei, Hubble's investment pace is also accelerating.</p><p>At the time, Huawei made two preparations: in the short term, it would accelerate its procurement of components from suppliers such as Murata, Toshiba, Kyocera, and Rohm, and increase its procurement volume in Taiwan, with orders from companies such as Daliguang increasing significantly. Meanwhile, according to supply chain research, Huawei has also prepared about a year's worth of inventory for products from American semiconductor companies to give Huawei a buffer period for supply chain switching.</p><p>In the long run, Huawei is also actively seeking alternative suppliers, relaxing the certification qualification requirements for domestic suppliers, and increasing the discovery and cultivation of potential domestic suppliers.</p><p><b>Product mergers and acquisitions are the main focus</b></p><p>According to data from ITjuzi, Huawei's first investment was the acquisition of Harbor Technology for 1.7 billion yuan in June 2006. Harbor Networks was founded by Li Yinan, the former youngest vice president of Huawei. After fierce competition between the two companies, Huawei eventually acquired it, and Li Yinan became Huawei's chief scientist and vice president. However, two years later, Li Yinan left Huawei again.</p><p>In fact, Huawei's investments can be traced back to around 2000. At that time, when third-generation mobile communication technology was in the early stages of large-scale application, Huawei, as a latecomer, seized the opportunity and launched a series of small-scale acquisitions in the United States.</p><p><ul><li>In early 2002, Huawei's acquisition of optical communication manufacturer OptiMight strengthened its technological capabilities in optical transmission.</p><p></li><li>In 2003, Huawei acquired network processor manufacturer Cognigine, enhancing its capabilities in core processors for switches and routers.</p><p></li><li>In 2004, Huawei partnered with LightPointe, a Silicon Valley-based designer and manufacturer of wireless optical products, and thus obtained the qualification to OEM the company's FSO equipment.</p><p></li></ul>In the following decade or so, Huawei invested in more than 15 companies.<b>These companies are mainly concentrated in European regions such as France and the United Kingdom, and their main types are communications and semiconductors. The purpose of Huawei's series of investments is to make up for its relatively weak modules, while better entering developed countries and increasing its market share in Europe and the United States.</b></p><p>Some of the investments are also related to Huawei's strategic layout in the Internet of Things field. In 2012, Huawei announced its foray into the Internet of Things (IoT) and has already completed related IoT solutions. Subsequent investments will expand its IoT footprint overseas.</p><p>For example, in July 2014, Huawei and Bosch Ventures,<a href=\"https://laohu8.com/S/XLNX\">Xilinx</a>They jointly invested a total of $26 million in XMOS. It is understood that XMOS is a British semiconductor design company that specializes in designing high-performance chips for \"Internet of Things\" products, including personal electronic devices and home devices that connect to the Internet via embedded chips; In September of the same year, Huawei acquired another British IoT company, Neul, for $25 million.</p><p><img src=\"https://static.tigerbbs.com/e8f251765fe16b3add9df66c7a3ec730\" tg-width=\"1080\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p>It's worth mentioning that Huawei was briefly interested in the internet business and invested in it.<a href=\"https://laohu8.com/S/300418\">Kunlun Tech</a>Companies such as Baofeng Player, Quyou, and YeePay. Most of these projects were invested in during Zhu Bo's time leading Huawei's Internet Business Department, and most of them were financial investments.</p><p><ul><li>In January 2011, Huawei and Plateau Capital jointly invested tens of millions of US dollars in Quyou, a domestic web game development and operation company.</p><p></li><li>In August 2011, Huawei invested in<a href=\"https://laohu8.com/S/300418\">Kunlun Tech</a>200 million RMB, holding 3% of the shares, making it the seventh largest shareholder at the time. After Kunlun Tech went public and the lock-up period expired in 2016, Huawei reduced its holdings.</p><p></li><li>In 2013, Huawei acquired Baofeng Player from Matrix Partners China and IDG, holding 3.89% of its shares. After Baofeng went public and its lock-up period expired in 2016, Huawei also chose to reduce its holdings.</p><p></li></ul><b>Overall, Huawei's investment strategy at this stage is somewhat...<a href=\"https://laohu8.com/S/CSCO\">Cisco</a>The shadow, that is, through small amounts</b>(Mostly between a few million and a few hundred million dollars)<b>They acquire key technologies through mergers and acquisitions and integrate them into their own platforms, especially technologies that may bring breakthrough growth in the next few years. In other words, Huawei focuses more on product investment and less on financial investment.</b></p><p><b>Semiconductor full industry chain layout</b></p><p>After years of global cooperation and continuous R&D investment, Huawei has developed its own unique advantages in the supply chain. If it weren't for US sanctions, the possibility of Huawei resuming large-scale investment is very low.</p><p>From the second half of 2019 to the present, Huawei's overseas investment has reached its peak, with 39 investment targets. During this period, Huawei established a dedicated subsidiary, Hubble Investments, which led the investment at this stage. Since its inception in April 2019, Hubble Investments has invested in 37 companies in 26 months, basically investing in more than 1-2 projects every month. Especially after the second half of 2020, Hubble's investment pace began to accelerate, with three investments in some months (June and December 2020, February and March 2021).</p><p>Currently, most of Huawei Hubble's companies are in the semiconductor field, covering multiple sub-sectors such as semiconductor materials, radio frequency, displays, analog chips, EDA, and artificial intelligence.</p><p><img src=\"https://static.tigerbbs.com/7248d328209e04c54e84f5b3c2cabca6\" tg-width=\"1080\" tg-height=\"721\" referrerpolicy=\"no-referrer\"></p><p>Chips are the area where Hubble's investments are most focused. To date, Harper Investment has invested in nearly 15 companies, including Shandong Tianyue, Siteway, Jewatt Microelectronics, Yutai Microelectronics, Kunyou Optoelectronics, Haoda Electronics, Qinghong Electronics, and Zonghui Core Optoelectronics. There are many types of chips involved here, including security chips, radio frequency chips, optical chips, analog chips, memory chips, etc.</p><p>Among them, Starway is an important CIS image sensor company in China, with unique technological advantages in the field of security monitoring applications. Since 2017, it has ranked first in the world in terms of shipments in the field of security applications for many consecutive years.<a href=\"https://laohu8.com/S/688536\">Sirupu</a>It is the number one analog chip designer in China and the twelfth largest globally. According to the prospectus,<a href=\"https://laohu8.com/S/688536\">Sirupu</a>It is one of the few achievements in<a href=\"https://laohu8.com/S/JCS\">communication system</a>Companies that have made breakthroughs in analog chip technology have become one of the world's leading suppliers of analog integrated circuit products for 5G base stations.</p><p>In addition, Hubble Investments is actively expanding its upstream business, including raw materials and semiconductor manufacturing equipment. Keyi Hongyuan, which has recently attracted much attention, is the only company in China and the third in the world with the research and productization of 193nm ArF excimer laser technology. It is also a light source system supplier for Shanghai Microelectronics, a domestic lithography manufacturer. It can be said that lithography Synchrotron Radiation Facility is currently a leading domestic manufacturer in this core technology.</p><p>In contrast, Runhua All-Chip Microelectronics is a company founded in 2016. Although it has not been established for long, it also has its own \"special skills\". The company's fully automatic glue removal and peeling machine (AS6) was recognized as one of the 14th (2019) China Semiconductor Innovation Products and Technologies.</p><p>EDA software is also an important part of the \"bottleneck\" sub-sector of semiconductors. Currently, the global EDA market is mainly monopolized by three American companies: Synopsys, Cadence, and Mentor. They have stopped cooperating with Huawei following the US ban.</p><p>In response, Hubble Investment also actively invested. From December 2020 to March 2021, Huawei made four consecutive investments in the EDA field, investing in companies such as Jiutongfang Microelectronics, Wuxi Feipu Electronics, Lixin Software, and Yundao Intelligent Manufacturing.</p><p>In addition, there were two other investments with Huawei as the main body after 2019: Xunlian Zhifu and China Electronics Instruments. Xunlian Smart Pay was established in June 2013 and obtained a payment license in July 2014. The license type is for nationwide internet payment and mobile phone payment services. This makes Huawei the second mobile phone manufacturer after Xiaomi to obtain a payment license.</p><p>In March 2020, Huawei added a new overseas investment company, China Electronics Instruments, with Huawei holding an 8% stake and a subscribed capital contribution of RMB 66.06 million. Huawei's investment in China Electronics Instruments is mainly related to its 5G strategy. According to the official Weibo account of China Electronics Instruments, it began its research and development layout for 5G communication testing in 2013. Currently, it has made breakthroughs in many key core technologies and formed a \"5+X\" 5G communication testing instrument product system that encompasses categories such as materials and chip testing, module and device testing, terminal testing, and base station testing.</p><p>Overall, in the past two years, in order to mitigate the impact of US sanctions, Huawei's investments have shifted from a conservative to an aggressive style, and its investment strategy has gradually shifted from being mainly based on mergers and acquisitions to focusing on strategic investments and VC investments. All of this is to find domestic alternatives in the supply chain and support domestic semiconductor companies.</p><p>Just as Huawei was actively implementing its collaborative strategy, its financial returns were also very considerable. It is understood that in July 2019, six months before Silepu accepted its IPO guidance, Hubble Investment subscribed to 2.24 million newly issued shares of Silepu for 72 million yuan, with a unit price of 32.13 yuan per share. Silepu was valued at 900 million yuan after the investment.</p><p>In its first year of investing in Silepu, Huawei brought it 170 million yuan in orders, causing its revenue to surge by 167% year-on-year. As of the market close on June 21, Sirup's stock price was 562.97 yuan per share, with a total market capitalization of 45 billion yuan, and a cumulative increase of more than 3.5 times since its listing. This investment made Hubble a 50-fold profit.</p><p>Meanwhile, on April 15, 2021, memory chip manufacturer Dongxin Semiconductor's IPO on the Science and Technology Innovation Board was approved; On May 31, the IPO application of silicon carbide substrate manufacturer Shandong Tianyue on the Science and Technology Innovation Board was accepted; On June 4, Canqin Technology submitted its IPO registration for the Science and Technology Innovation Board. A \"Huawei army\" is slowly emerging on the Science and Technology Innovation Board.</p><p>Strategically, Huawei hopes to find a third path in the semiconductor industry. It is understood that there are currently two main semiconductor modes: one is the IDM mode, similar to...<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Invest in and build our own factories to develop and manufacture advanced processes; Another type is the OEM model, similar to<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Focus solely on mid-stage chip manufacturing. Over the past thirty years, OEM manufacturing has been the mainstream in the market.</p><p>Given Huawei's current strategy, it adopts a business model similar to its new energy vehicle business model, where mature technologies and factories are tackled and provided by partner manufacturers, while Huawei itself develops core value components such as autonomous driving, electric drive, and vehicle connectivity technologies.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/pxR4DP0Cz9z8OossIqHyPA\"> 资本侦探</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7f0607d088fd08637f4d6d330897aafb","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/pxR4DP0Cz9z8OossIqHyPA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163514513","content_text":"如何在技术变革引发的潮起潮落中，不被时代“抛弃”，成为很多大型科技企业必须要面对的课题。\n目前主流的做法，一是加大研发，构筑自己的技术壁垒；另一方面外部进行多元化布局，合纵连横，构建自己的生态优势。\n在国内，BAT、TMD等互联网企业，它们都在试图用投资并购来构建自己的生态版图，强化自己的“护城河”。在IT桔子查询后发现，腾讯投资了953家企业，阿里有588家，京东有320家，百度有296家，即便是较少的美团也有79家。\n相比之下，成立于1987年的华为，在投资方面一直非常谨慎和保守，到目前只有60起左右的对外投资。在三十多年的发展中，华为曾面临很多唾手可得的机会，比如房地产投资热潮和二级市场大牛市，但它似乎不为所动，始终坚守自己的领域。如今，华为已经成长为年收入近9000亿元的大公司，业务主要包括消费者业务、运营商业务、企业业务三块。\n不过，随着美国制裁不断加重，半导体“卡脖子”的情况愈发严重，华为在投资方面似乎有了一些变化。2019年，华为的全资子公司哈勃投资，不断在半导体芯片、原材料、设备等行业“落子”，引发了人们对华为全面入局半导体行业的猜想。\n在华为30多年发展过程中，华为主要投资了哪些企业？背后传达出了什么不同的信号？让我们一起来看一下。\n投资版图扫描\n大众对于华为投资的认知，很多源自2017年任正非和徐直军的讲话。当时，华为总裁办据此签发了 126 号文，明确“有所不为”，其中提到要坚持“不做应用、不碰数据、不做股权投资”。\n这在后来被解读为“华为不做投资”。但其实，不管是任正非还是徐直军，所谓的“不投资”主要是针对华为云、云计算和大数据人工智能平台，而非所有领域。\n总体来看，华为的对外投资思路，一直遵循着《华为基本法》中制定的规则。这则1998年通过的的管理大纲，确定了华为的企业战略、价值观和经营管理原则。\n对于投资，该基本法第三十七条规定，“我们中短期的投资战略仍坚持产品投资为主，以期最大限度地集中资源，迅速增强公司的技术实力、市场地位和管理能力……我们不从事任何分散公司资源和高层管理精力的非相关多元化经营。”\n\n所以，华为在投资并购方面，一直都非常低调。如果按照时间来划分的时候，大致可以分为两个时期：第一阶段是2000年到2016年，第二阶段是2019年到现在。\n在第一个阶段，华为的投资主要由内部的企业发展部主导，互联网业务曾短暂投资过一些项目。其中，华为整体负责投资的部门被称为“企业发展部”。这个部门隶属财经委员会，主要包括策略发展部、企业项目运作部、投资监控部、项目执行部等。\n在华为体系内，企业发展部并非核心部门。与很多企业不同，华为对外投资的过程是由业务部分发起。他们发现某家公司掌握的技术对其业务有帮助之后，就将标的提报给企业发展部。随后由企业发展部考察评估后，提交给常务董事会决策。所以企业发展部更多的精力放在评估、调研上。\n另一个部门是互联网业务部。据时任华为互联网业务部总裁的朱波介绍，2008年时他找到华为EMT（执行管理团队）的徐直军，想找华为谈合作，却被徐直军看重。当时，华为在通讯领域看到了天花板，希望能在互联网服务领域有所突围和建树，邀请朱波加盟。\n最终，华为专门为朱波成立了互联网业务部。当时，朱波带了20多个人，华为内部又抽调30多人，成立了60人左右的团队。这个部门最初直属华为软件，2010年多元化后，互联网业务部被归入了消费者BG旗下。\n不过，这个部门随着朱波2012年的离职也被撤销。据朱波表示，最初华为有意往服务和互联网发展。但在具体操作过程中，互联网的B2C思维模式和华为的B2B业务模式，在很多方面发生了冲突。后来华为在投资战略方面有所调整，因此他便选择了辞职。\n在经历了2015 年到2018年之间的投资空白期后，华为投资在2019年迎来了第二阶段，这期间的投资以哈勃投资作为主要载体。\n2019年4月，哈勃投资成立时注册资本是7亿元。随后，华为在2020年10月和2021年5月两次增资，注册资本达到30亿元。从哈勃投资董事人员构成上，董事长、总经理白熠，曾是华为财务管理办公室副总裁，华为全球金融风险控制中心总裁；董事应为民曾担任华为无线网络研发总裁，董事周永杰曾任海思半导体有限公司副总裁，均有通信产业从业经历。\n\n值得一提的是，哈勃投资的成立和发展，是跟美国制裁华为几乎同步。在哈勃投资成立后一个月后，美国便开启了对华为四轮制裁中的第一轮。2019年5月，特朗普政府将华为列入实体清单，限制美国企业供货给华为。随着美国对华为制裁力度的加大，哈勃投资的速度也在加快。\n当时，华为做了两手准备：短期内，加紧向村田、东芝、京瓷、罗姆等供应商增加零部件采购，增加台湾地区的采购量，如大立光等订单明显增加。同时，据产业链调研，对于美国半导体企业产品，华为也准备了一年左右的库存，以给予华为供应链切换的缓冲期。\n长期来看，华为还在积极寻找替代供应商，放宽对国内供应商的认证资格条件，加大对国内潜在供应商的发掘与培育。\n产品并购为主\n从IT桔子数据来看，华为的第一笔投资，是2006年6月以17亿元的价格收购港湾科技。港湾网络是由原华为最年轻副总裁李一男创立的企业，两家在经过了激烈的竞争后，最后华为将其收入麾下，李一男出任华为首席科学家兼华为副总裁。不过2年后，李一男再次出走华为。\n实际上，华为的投资可追溯到2000年左右。当时，正值第三代移动通信技术于大规模应用前期，华为作为后来者伺机抢先，在美国展开了一系列小规模的收购。\n\n2002年初，华为对光通信厂商OptiMight的收购，加强了其在光传输方面的技术实力。\n2003年，华为收购网络处理器厂商Cognigine，增强了其在交换机和路由器核心处理器方面的能力。\n2004年，华为与硅谷的无线光学产品设计商及制造商LightPointe达成合作，并借此取得OEM该公司FSO设备的资格。\n\n在随后的十几年间，华为又投资超过15家企业。这些企业主要集中在法国、英国等欧洲地区，企业类型以通信、半导体为主。华为这系列投资的目的，是弥补自身相对薄弱的模块，同时更好地进入发达国家，提升其在欧美市场占有率。\n其中，部分投资也跟华为在物联网领域的战略布局有关。2012年，华为便对外宣布进军物联网，并已经完成了相关物联网解决方案。随后的几次投资，将扩大其在国外的物联网布局。\n比如，2014年7月，华为与博世创投、赛灵思联合投资了XMOS共2600万美元。据了解，XMOS是英国一家半导体设计公司，专门面向“物联网”产品设计高性能芯片，包括通过嵌入式芯片接入互联网的个人电子设备和家用设备；同年9月，华为又以2500万美元，收购了另外一家英国的物联网公司Neul。\n\n值得一提的是，华为曾短暂对互联网业务感兴趣，投资过昆仑万维、暴风影音、趣游、易宝支付等企业。这些项目大都是朱波主导华为互联网业务部时期所投，多以财务投资为主。\n\n2011年1月，华为、高原资本联合投资了国内网页游戏研发和运营企业趣游数千万美元。\n2011年8月，华为投资了昆仑万维2亿人民币，持有3%的股份，是当时第七大股东。2016年昆仑万维上市解禁后，华为减持了手中的股份。\n2013年，华为从经纬中国和IDG手中接盘暴风影音，持有其3.89%的股份。2016年暴风上市解禁后，华为也选择了减持。\n\n总体来看，这个阶段华为的投资思路有些思科的影子，也就是通过小金额（大多在几百万美元到几亿美元之间）的并购拿下关键技术，融入到自己的平台中，特别是未来几年内可能带来突破性增长的技术。换句话说，华为更多的还是产品投资为主，比较少做财务投资。\n半导体全产业链布局\n在经过多年的全球合作和持续研发投入后，华为已经在供应链方面形成了自己的独特优势。如果不是美国制裁，华为再次开启大规模投资的可能性很低。\n从2019年下半年到目前，华为对外投资迎来“高峰期”，投资标的达到39家。这期间，华为成立了专门的子公司——哈勃投资，主导了这个阶段的投资。自2019年4月成立以来，哈勃投资在26个月中布局了37家公司，基本上每个月都要投资超过1-2个项目。特别是2020年下半年后，哈勃投资的速度开始加快，部分月份（2020年6月、12月，2021年2月、3月）甚至有三起投资。\n目前来看，华为哈勃的企业多数处于半导体领域，涵盖半导体材料、射频、显示器、模拟芯片、EDA、人工智能等多个细分领域。\n\n芯片是是哈勃投资最着重发力的领域。截至目前，哈珀投资已经布局了山东天岳、思特威、杰华特微电子、裕太微电子、鲲游光电、好达电子、庆虹电子、纵慧芯光等近15家企业。这里边涉及的芯片种类比较多，包括安防芯片、射频芯片、光学芯片、模拟芯片、存储芯片等等。\n其中，思特威是国内重要的CIS图像传感器公司，在安防监控应用领域拥有特有的技术优势，自2017年起连续多年在安防应用领域出货量全球第一；思瑞浦则是中国第一、全球第十二的模拟芯片设计商。据招股书介绍，思瑞浦是中国少数实现通信系统模拟芯片技术突破的企业，已成为全球5G基站中模拟集成电路产品供应商之一。\n除此之外，哈勃投资还积极布局上游布局原材料、半导体制造设备。最近备受关注的科益虹源，是国内唯一、全球第三家具备193nm ArF准分子激光技术研究和产品化的公司，也是国内光刻机厂商上海微电子的光源系统供应商。可以说是目前在光刻机光源这个核心技术上，应该是领先的国产厂商。\n相比之下，润华全芯微电子是一家成立于2016年的公司。虽然成立时间不长，但它也有自己的“绝活”。该公司生产的全自动去胶剥离机（AS6），被评为第十四届（2019 年度）中国半导体创新产品和技术。\n在半导体“卡脖子”的细分领域中，EDA软件也是重要一环。目前，全球的EDA市场主要被美国Synopsys、Cadence、Mentor三家公司垄断。在美国禁令之后，它们已经停止与华为的合作。\n对此，哈勃投资也积极布局，从2020年12月到2021年3月，华为在EDA领域更是连下四子，投资了九同方微电子、无锡飞谱电子、立芯软件、云道智造等企业。\n除此之外，2019年之后还有两起以华为作为主体的投资：讯联智付和中电仪器。讯联智付成立于2013年6月，在2014年7月获发支付牌照，牌照类型为全国范围的互联网支付、移动电话支付业务。这也让华为成为小米之后，第二家获得支付牌照的手机厂商。\n2020年3月，华为新增对外投资企业中电仪器，华为持股比例为8%，认缴出资额达6606万元。华为入股中电仪器，主要和5G的布局有关。中电仪器官微介绍，其在2013年就开始布局5G通信测试的研发布局，目前已突破诸多关键核心技术，形成了囊括材料与芯片测试、模块与器件测试、终端测试、基站测试等类别仪器产品的“5+X”5G通信测试仪器产品体系。\n总体上来看，最近两年间，为了减小美国制裁造成的影响，华为的投资从保守切换到激进风格，投资策略从过去的以并购为主，逐步转为注重战略投资和 VC 投资。这一切都是为了寻找供应链国产替代，扶持国内半导体企业。\n就在华为积极实施协同战略之时，其财务回报也非常可观。据了解，2019年7月，也就是思瑞浦接受上市辅导的半年前，哈勃投资以7200万元认购了思瑞浦增发的224万股股份，增资单价为32.13元/股，思瑞浦投后估值9亿元。\n在投资思瑞浦的第一年，华为就给它带来了1.7亿元的订单，让其营收同比暴增167%。截至6月21日收盘，思瑞浦股价562.97元/股，总市值450亿元，上市至今累计涨超3.5倍。这笔投资让哈勃投资大赚50倍。\n与此同时，2021年4月15日，储存芯片厂商东芯半导体科创板IPO获得通过；5月31日，碳化硅衬底厂商山东天岳科创板IPO申请获受理；6月4日，灿勤科技科创板IPO提交注册。在科创板上，一支“华为军团”正在慢慢浮现。\n从战略上来看，华为希望在半导体行业走出第三条路。据了解，目前半导体主要有两种模式：一种是IDM模式，类似三星自己投资建厂，搞先进工艺开发和制造；另一种是代工模式，类似台积电只专注负责中段的芯片制造。在过去的三十多年里，代工是市场的主流。\n以目前华为的布局，华为更多的采取的是类似其新能源汽车业务模式，也就是成熟技术和工厂由合作厂家攻关和提供，华为自己搞自动驾驶、电驱、车联技术等核心价值部分。","news_type":1,"symbols_score_info":{"XLNX":0.9}},"isVote":1,"tweetType":1,"viewCount":3208,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
