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2021-07-27
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Tesla doesn't cry: a small loss in currency speculation, a big profit from selling cars
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2021-06-22
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It is more than double the net income of $438 million in the first quarter and more than 10 times the net income in the same period last year. It is worth noting that in this quarter, Tesla's carbon credit revenue was only US $354 million. Even without counting this revenue, Tesla still achieved profitability by selling cars and energy products.</p><p>Such 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 199,000 vehicles in total, a year-on-year increase of 148%.</p><p>But Tesla is still in danger. The plans CEO Musk previously promised to realize this year, such as the mass production of 4680 batteries, the construction of new factories, the launch of new Cybertruck models, etc., have not been realized so far. The new project is behind schedule, and in China, Tesla is mired in the mire of negative public opinion and it is difficult to escape.</p><p>Following the earnings release, Tesla shares rose just 0.99% in after-hours trading.</p><p>However, Musk still goes his own way and does not play cards according to common sense, and is full of confidence in the company. Musk said on Tesla's second-quarter earnings call that he may no longer attend quarterly earnings calls in the future, \"unless there is something very important that I need to say.\"</p><p>Overview of key points 1. In the second quarter, Tesla's sales in China declined month-on-month, and the negative impact of safety accidents such as brake failure on Tesla began to gradually appear. 2. The second quarter is a milestone for Tesla. For the first time, Tesla has truly achieved profitability by selling cars and energy products. 3. Tesla lost US $23 million in speculating on Bitcoin in the second quarter. 4. Tesla's Texas factory and Berlin factory are expected to start construction this year, but Musk himself has not been able to say when they will start construction.<b>Global sales surge, but China sales fall</b></p><p>In the second quarter of 2021, Tesla delivered a new high-201,200 vehicles. This is also the first time Tesla has delivered more than 200,000 vehicles in a quarter.</p><p>Including the 184,800 vehicles delivered in the first quarter, in the first half of the year, Tesla's total delivery of electric vehicles reached 386,000 vehicles, which is a very good result, and half of the annual delivery target of 750,000 vehicles has been completed.</p><p>But as far as China is concerned, the situation is not optimistic. Tesla usually only discloses global data in its earnings report. According to data from the Passenger Car Association, Tesla's retail sales in June were 28,138 vehicles, an increase from 21,936 vehicles in May. But it still failed to return to the level of March.</p><p>Tesla delivered 35,478 vehicles in March this year, a 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%, and only 11,671 vehicles were delivered that month. Also because of the decline in sales in the past three months, Tesla's retail sales in China in the second quarter of 2021 were 61,700, a decrease of 10.87% from the first quarter.</p><p>The sales of other electric vehicle brands are rapidly catching up, such as<a href=\"https://laohu8.com/S/002594\">BYD</a>40,317 new energy vehicles were delivered in June, and SAIC-GM-Wuling delivered 31,285 vehicles in June. New domestic car-making forces<a href=\"https://laohu8.com/S/NIO\">Nio</a>In June, the monthly delivery volume exceeded 8,000 units (8,083 units) for the first time, a year-on-year increase of 116.1%. These younger brothers who were originally dismissed by Tesla have now risen and even begun to grab Tesla's territory.</p><p><img src=\"https://static.tigerbbs.com/2392d6ddced169db7879993defdf1a4b\" tg-width=\"550\" tg-height=\"325\" referrerpolicy=\"no-referrer\">Data source/company official website, Passenger Car Association</p><p>The negative public opinion on safety accidents did have an impact on Tesla's Chinese market in the second quarter.</p><p>Investors and analysts are waiting to see if Tesla can handle the public opinion crisis in the Chinese market. \"For Tesla, the growth story in China is the most important.\" Securities analysts 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 the key to the stock price rising or falling.\"</p><p>In order to stay in China, Tesla is \"making up lessons\". For example, on June 26, Tesla planned to recall 285,000 imported Model 3 and domestically produced Model 3 and Model Y vehicles, and apologized for this recall for the first time.</p><p><b>Lost $23 million in speculation on Bitcoin</b></p><p>Although Tesla has achieved positive profitability for several consecutive quarters, there is a lot of water in it. For example, in the first quarter of 2021, Tesla's net profit of US $438 million was supported by US $518 million in carbon emission credit revenue and US $101 million earned by speculating on Bitcoin.</p><p><img src=\"https://static.tigerbbs.com/8f8a8e0e5456bb2987b851e8bc7c285b\" tg-width=\"550\" tg-height=\"330\" referrerpolicy=\"no-referrer\">Source/Company Earnings</p><p>In the second quarter, Tesla's net profit of US $1.142 billion exceeded market expectations. This was also its first quarterly net profit exceeded US $1 billion.</p><p>When it comes to Tesla's financial situation, the key words that cannot be escaped are carbon emission credit income and speculation in Bitcoin.</p><p>In the first quarter, Tesla made $101 million from currency speculation. But prices in Bitcoin have fallen by about half since their April peak. Judging from the disclosure in the financial report, in the second quarter, Tesla made a book loss of US $23 million due to the plummeting price of Bitcoin.</p><p>For a long time, Tesla's carbon emission credit revenue was high and was an important source of profitability. However, selling carbon emission credits is not a long-term solution after all. Today, Tesla has lost a \"big customer\". Fiat Automobile Company (FCA), a major customer that buys carbon emission credits from Tesla, announced in January that it will merge with PSA into the Stellantis Group and introduce 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-on-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 Report</p><p>How did Tesla achieve net profit growth after not relying on the carbon credit business?</p><p>Selling cars is one aspect. Tesla delivered more than 20,000 Model 3 and Model Y vehicles in the second quarter, while Model S sales were only 1,895 vehicles. The success of the Model Y has clearly boosted Tesla's performance. Tesla's vehicle gross profit margin is also increasing, reaching 28.4%. The financial report disclosed that Tesla's supply chain costs are constantly decreasing.</p><p>Besides, Tesla's greater ambition lies in selling software.<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>Securities research believes that Tesla's future profit model has been very determined. The price of hardware is very low, and it can basically be sold at the cost price, and more charges will be charged through the back-end software market to achieve profitability.</p><p>Today, Tesla is gradually realizing its plan to sell software. In early July, Tesla owners' long-awaited \"Full Self-Driving (FSD)\" system was officially opened to the public. The system is called beta 9. Recently, Tesla launched a fully autonomous driving subscription package, which costs US $199 per month for new users. Previously, Tesla sold a fully autonomous driving package as a one-time full payment of US $10,000.</p><p>Well-known technology analyst Gene Munster wrote in a report that the subscription option can accelerate the adoption of FSD. This is an important step on Tesla's long-term path to improving margins and will strengthen the company's operating model.</p><p><b>The factory has not started operations for a long time, and new products have to be delayed?</b></p><p>The performance in the first half of the year was impressive, but Tesla cannot breathe a sigh of relief.</p><p>To achieve the goal of 50% sales growth this year, Tesla must accelerate its global layout and production.</p><p>In the second quarter, through a conference call, Tesla delivered several messages. First, the Shanghai Gigafactory completed the company's main automobile export<a href=\"https://laohu8.com/S/HUBG\">hub</a>Transformation. The Shanghai factory is supplying Tesla's 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, after the Berlin Gigafactory in Germany is officially put into production, it will be used to produce batteries, power systems and complete vehicles (starting from the production of Model Y). The first phase of the factory will focus on the production of Model Y, with a goal of 10,000 vehicles per week. In addition, 4680 batteries may be the first to be mass-produced in Berlin, Germany. Musk has said that he plans to increase the annual production capacity of the battery production plant in Berlin to 100GWh, which may be expanded to 200 to 250GWh. 100GWh is already more than twice the output of Tesla's Nevada plant, the world's largest battery factory.</p><p>Tesla initially expected the Berlin plant to start production in July 2021. However, the Berlin factory failed to pass the review for a long time. Various plans such as Model Y and 4680 power batteries had to be put on hold.</p><p>In the conference call, Musk responded rather vaguely that the Berlin factory will put Model Y into production later this year. As for when it will be late, Musk did not disclose it. The Texas factory here in the United States is developing rapidly. According to Musk's words: \"A year ago there was nothing, a year later there was a big, almost complete factory.\" The conference call revealed that the factory in Texas has begun partial commissioning, also to produce the Model Y later this year.</p><p>What the market is more concerned about is, where has the 4680 battery come? As the name implies, the so-called 4680 battery 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>Akira Nagasaki, head of battery business strategy for electric vehicles, pointed out in an interview that new batteries like the 4680 battery are \"the key to enabling cheaper electric vehicles to be promoted on a large scale.\" Cheaper but more efficient batteries are crucial for a fast-growing new energy vehicle company.</p><p>Previously, Musk canceled the Model S Plaid + model with the longest cruising 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 said \"significant progress has been made\" in the development of the 4680 battery, but \"we still have a lot of work to do before we can achieve mass production\", especially in improving the manufacturing process of the battery. And, Musk pointed out that Tesla is working with its existing suppliers to produce 4680 batteries for its vehicles. The 4680 batteries have successfully crash tested the new design of its vehicles, and these batteries will be installed into the structural frame.</p><p>In addition to factories and batteries, mass production of Tesla's electric pickup truck Cybertruck is still far away. Tesla said it will not increase Cybertruck production in Texas until it starts production of Model Y at its factory in Texas. The Semi-trailer Semi, which Tesla previously promised to launch this year, was once again postponed to mass production and became 2022.</p><p>Whether the factory can start operation smoothly, whether the battery can be successfully developed and mass-produced, and whether the next explosive model can be launched have become three crucial problems that Tesla will face next.</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 doesn't cry: a small loss in currency speculation, a big profit from selling cars</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 doesn't cry: a small loss in currency speculation, a big profit from selling cars\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 ushered in its second quarter 2021 earnings report.</p><p>Data show that Tesla's revenue in the second quarter was US $11.958 billion, an increase of 98% from US $6.036 billion in the same period last year; Net income was $1.142 billion.</p><p>Net income This figure is staggeringly high. It is more than double the net income of $438 million in the first quarter and more than 10 times the net income in the same period last year. It is worth noting that in this quarter, Tesla's carbon credit revenue was only US $354 million. Even without counting this revenue, Tesla still achieved profitability by selling cars and energy products.</p><p>Such 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 199,000 vehicles in total, a year-on-year increase of 148%.</p><p>But Tesla is still in danger. The plans CEO Musk previously promised to realize this year, such as the mass production of 4680 batteries, the construction of new factories, the launch of new Cybertruck models, etc., have not been realized so far. The new project is behind schedule, and in China, Tesla is mired in the mire of negative public opinion and it is difficult to escape.</p><p>Following the earnings release, Tesla shares rose just 0.99% in after-hours trading.</p><p>However, Musk still goes his own way and does not play cards according to common sense, and is full of confidence in the company. Musk said on Tesla's second-quarter earnings call that he may no longer attend quarterly earnings calls in the future, \"unless there is something very important that I need to say.\"</p><p>Overview of key points 1. In the second quarter, Tesla's sales in China declined month-on-month, and the negative impact of safety accidents such as brake failure on Tesla began to gradually appear. 2. The second quarter is a milestone for Tesla. For the first time, Tesla has truly achieved profitability by selling cars and energy products. 3. Tesla lost US $23 million in speculating on Bitcoin in the second quarter. 4. Tesla's Texas factory and Berlin factory are expected to start construction this year, but Musk himself has not been able to say when they will start construction.<b>Global sales surge, but China sales fall</b></p><p>In the second quarter of 2021, Tesla delivered a new high-201,200 vehicles. This is also the first time Tesla has delivered more than 200,000 vehicles in a quarter.</p><p>Including the 184,800 vehicles delivered in the first quarter, in the first half of the year, Tesla's total delivery of electric vehicles reached 386,000 vehicles, which is a very good result, and half of the annual delivery target of 750,000 vehicles has been completed.</p><p>But as far as China is concerned, the situation is not optimistic. Tesla usually only discloses global data in its earnings report. According to data from the Passenger Car Association, Tesla's retail sales in June were 28,138 vehicles, an increase from 21,936 vehicles in May. But it still failed to return to the level of March.</p><p>Tesla delivered 35,478 vehicles in March this year, a 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%, and only 11,671 vehicles were delivered that month. Also because of the decline in sales in the past three months, Tesla's retail sales in China in the second quarter of 2021 were 61,700, a decrease of 10.87% from the first quarter.</p><p>The sales of other electric vehicle brands are rapidly catching up, such as<a href=\"https://laohu8.com/S/002594\">BYD</a>40,317 new energy vehicles were delivered in June, and SAIC-GM-Wuling delivered 31,285 vehicles in June. New domestic car-making forces<a href=\"https://laohu8.com/S/NIO\">Nio</a>In June, the monthly delivery volume exceeded 8,000 units (8,083 units) for the first time, a year-on-year increase of 116.1%. These younger brothers who were originally dismissed by Tesla have now risen and even begun to grab Tesla's territory.</p><p><img src=\"https://static.tigerbbs.com/2392d6ddced169db7879993defdf1a4b\" tg-width=\"550\" tg-height=\"325\" referrerpolicy=\"no-referrer\">Data source/company official website, Passenger Car Association</p><p>The negative public opinion on safety accidents did have an impact on Tesla's Chinese market in the second quarter.</p><p>Investors and analysts are waiting to see if Tesla can handle the public opinion crisis in the Chinese market. \"For Tesla, the growth story in China is the most important.\" Securities analysts 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 the key to the stock price rising or falling.\"</p><p>In order to stay in China, Tesla is \"making up lessons\". For example, on June 26, Tesla planned to recall 285,000 imported Model 3 and domestically produced Model 3 and Model Y vehicles, and apologized for this recall for the first time.</p><p><b>Lost $23 million in speculation on Bitcoin</b></p><p>Although Tesla has achieved positive profitability for several consecutive quarters, there is a lot of water in it. For example, in the first quarter of 2021, Tesla's net profit of US $438 million was supported by US $518 million in carbon emission credit revenue and US $101 million earned by speculating on Bitcoin.</p><p><img src=\"https://static.tigerbbs.com/8f8a8e0e5456bb2987b851e8bc7c285b\" tg-width=\"550\" tg-height=\"330\" referrerpolicy=\"no-referrer\">Source/Company Earnings</p><p>In the second quarter, Tesla's net profit of US $1.142 billion exceeded market expectations. This was also its first quarterly net profit exceeded US $1 billion.</p><p>When it comes to Tesla's financial situation, the key words that cannot be escaped are carbon emission credit income and speculation in Bitcoin.</p><p>In the first quarter, Tesla made $101 million from currency speculation. But prices in Bitcoin have fallen by about half since their April peak. Judging from the disclosure in the financial report, in the second quarter, Tesla made a book loss of US $23 million due to the plummeting price of Bitcoin.</p><p>For a long time, Tesla's carbon emission credit revenue was high and was an important source of profitability. However, selling carbon emission credits is not a long-term solution after all. Today, Tesla has lost a \"big customer\". Fiat Automobile Company (FCA), a major customer that buys carbon emission credits from Tesla, announced in January that it will merge with PSA into the Stellantis Group and introduce 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-on-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 Report</p><p>How did Tesla achieve net profit growth after not relying on the carbon credit business?</p><p>Selling cars is one aspect. Tesla delivered more than 20,000 Model 3 and Model Y vehicles in the second quarter, while Model S sales were only 1,895 vehicles. The success of the Model Y has clearly boosted Tesla's performance. Tesla's vehicle gross profit margin is also increasing, reaching 28.4%. The financial report disclosed that Tesla's supply chain costs are constantly decreasing.</p><p>Besides, Tesla's greater ambition lies in selling software.<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>Securities research believes that Tesla's future profit model has been very determined. The price of hardware is very low, and it can basically be sold at the cost price, and more charges will be charged through the back-end software market to achieve profitability.</p><p>Today, Tesla is gradually realizing its plan to sell software. In early July, Tesla owners' long-awaited \"Full Self-Driving (FSD)\" system was officially opened to the public. The system is called beta 9. Recently, Tesla launched a fully autonomous driving subscription package, which costs US $199 per month for new users. Previously, Tesla sold a fully autonomous driving package as a one-time full payment of US $10,000.</p><p>Well-known technology analyst Gene Munster wrote in a report that the subscription option can accelerate the adoption of FSD. This is an important step on Tesla's long-term path to improving margins and will strengthen the company's operating model.</p><p><b>The factory has not started operations for a long time, and new products have to be delayed?</b></p><p>The performance in the first half of the year was impressive, but Tesla cannot breathe a sigh of relief.</p><p>To achieve the goal of 50% sales growth this year, Tesla must accelerate its global layout and production.</p><p>In the second quarter, through a conference call, Tesla delivered several messages. First, the Shanghai Gigafactory completed the company's main automobile export<a href=\"https://laohu8.com/S/HUBG\">hub</a>Transformation. The Shanghai factory is supplying Tesla's 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, after the Berlin Gigafactory in Germany is officially put into production, it will be used to produce batteries, power systems and complete vehicles (starting from the production of Model Y). The first phase of the factory will focus on the production of Model Y, with a goal of 10,000 vehicles per week. In addition, 4680 batteries may be the first to be mass-produced in Berlin, Germany. Musk has said that he plans to increase the annual production capacity of the battery production plant in Berlin to 100GWh, which may be expanded to 200 to 250GWh. 100GWh is already more than twice the output of Tesla's Nevada plant, the world's largest battery factory.</p><p>Tesla initially expected the Berlin plant to start production in July 2021. However, the Berlin factory failed to pass the review for a long time. Various plans such as Model Y and 4680 power batteries had to be put on hold.</p><p>In the conference call, Musk responded rather vaguely that the Berlin factory will put Model Y into production later this year. As for when it will be late, Musk did not disclose it. The Texas factory here in the United States is developing rapidly. According to Musk's words: \"A year ago there was nothing, a year later there was a big, almost complete factory.\" The conference call revealed that the factory in Texas has begun partial commissioning, also to produce the Model Y later this year.</p><p>What the market is more concerned about is, where has the 4680 battery come? As the name implies, the so-called 4680 battery 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>Akira Nagasaki, head of battery business strategy for electric vehicles, pointed out in an interview that new batteries like the 4680 battery are \"the key to enabling cheaper electric vehicles to be promoted on a large scale.\" Cheaper but more efficient batteries are crucial for a fast-growing new energy vehicle company.</p><p>Previously, Musk canceled the Model S Plaid + model with the longest cruising 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 said \"significant progress has been made\" in the development of the 4680 battery, but \"we still have a lot of work to do before we can achieve mass production\", especially in improving the manufacturing process of the battery. And, Musk pointed out that Tesla is working with its existing suppliers to produce 4680 batteries for its vehicles. The 4680 batteries have successfully crash tested the new design of its vehicles, and these batteries will be installed into the structural frame.</p><p>In addition to factories and batteries, mass production of Tesla's electric pickup truck Cybertruck is still far away. Tesla said it will not increase Cybertruck production in Texas until it starts production of Model Y at its factory in Texas. The Semi-trailer Semi, which Tesla previously promised to launch this year, was once again postponed to mass production and became 2022.</p><p>Whether the factory can start operation smoothly, whether the battery can be successfully developed and mass-produced, and whether the next explosive model can be launched have become three crucial problems that Tesla will face next.</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":2293,"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":[],"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":"sh","language":"zh","title":"Revealing Huawei's investment landscape: from conservative and low-key to radical and vigorous","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 not to be \"abandoned\" by the times in the ebb and flow caused by technological change has become a topic that many large technology companies must face.</p><p>At present, the mainstream approach is to increase research and development and build its own technical barriers; On the other hand, the external layout is diversified, and Lian Heng is integrated to build its own ecological advantages.</p><p>Domestically, Internet companies such as BAT and TMD are trying to use investment mergers and acquisitions to build their own ecological map and strengthen their \"moat\". After searching IT Orange, I found that,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Invested in 953 companies, Ali has 588 companies,<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, and even the smaller Meituan has 79.</p><p>In contrast, Huawei, founded in 1987, has always been very cautious and conservative in investment, with only about 60 foreign investments so far. In more than 30 years of development, Huawei has faced many readily available opportunities, such as the real estate investment boom and the bull market in the secondary market, but it seems unmoved and always sticks to its own field. Today, Huawei has grown into a large company with an annual revenue of nearly 900 billion yuan, and its business mainly includes consumer business, operator business, and enterprise business.</p><p>However, as U.S. sanctions continue to increase, the situation of semiconductor \"stuck neck\" has become more and more serious, and Huawei seems to have undergone some changes in investment. In 2019, Huawei's wholly-owned subsidiary Hubble Investment continued to \"move\" in industries such as semiconductor chips, raw materials, and equipment, triggering speculation about Huawei's full entry into the semiconductor industry.</p><p>During Huawei's more than 30 years of development, which companies has Huawei mainly invested in? What different signals are conveyed behind it? Let's take a look together.</p><p><b>Investment map scanning</b></p><p>A lot of public awareness of Huawei's investment comes from the speeches of Ren Zhengfei and Xu Zhijun in 2017. At that time, Huawei's President's Office issued Document No. 126 accordingly, clearly stating that \"nothing should be done\", which mentioned that \"no applications, no data, and no equity investments should be adhered to.\"</p><p>This was later interpreted as \"Huawei does not invest.\" But in fact, whether it is Ren Zhengfei or Xu Zhijun, the so-called \"no investment\" is mainly aimed at Huawei Cloud, cloud computing and big data artificial intelligence platforms, not all fields.</p><p>Overall, Huawei's foreign investment ideas have always followed the rules formulated in the Huawei Basic Law. This management outline adopted in 1998 determines Huawei's corporate strategy, values and management principles.</p><p>For investment, Article 37 of the Basic Law stipulates that,<b>\"Our short-to medium-term investment strategy still insists on product investment, in order to maximize the concentration of resources and rapidly enhance the company's technical strength, market position and management capabilities... We do not engage in any irrelevant diversification that disperses the company's resources and senior management energy.\"</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 been very low-key in terms of investment and mergers and acquisitions. If divided according to time, it can be roughly divided into two periods: the first stage is from 2000 to 2016, and the second stage is from 2019 to now.</p><p>In the first stage, Huawei's investment was mainly led by the internal corporate development department, and the Internet business briefly invested in some projects. Among them, Huawei's overall investment department is called the \"Enterprise Development Department\". This department is affiliated to the Financial and Economic Committee, mainly including the Strategic Development Department, the Enterprise Project Operation Department, the Investment Monitoring Department, the Project Implementation Department, etc.</p><p>Within the Huawei system, the enterprise development department is not the core department. Unlike many companies, Huawei's foreign investment process is initiated by the business part. After they find that the technology mastered by a certain company is helpful to their business, they report the target to the enterprise development department. After inspection and evaluation by the Enterprise Development Department, it is submitted to the Standing Board of Directors for decision-making. Therefore, the enterprise 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) and wanted to talk about cooperation with Huawei, but Xu Zhijun valued him. At that time, Huawei saw a ceiling in the field of communications, hoping to break through and make achievements in the field of Internet services, and invited Zhu Bo to join.</p><p>In the end, Huawei set up an Internet business department specifically for Zhu Bo. At that time, Zhu Bo brought more than 20 people, and more than 30 people were transferred from Huawei to set up a team of about 60 people. This department was originally directly under Huawei Software. After diversification in 2010, the Internet business department was incorporated into Consumer BG.</p><p>However, this department was also abolished with Zhu Bo's departure in 2012. According to Zhu Bo, Huawei initially intended to develop into services and the Internet. However, in the specific operation process, the B2C thinking model 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 experiencing an investment gap period between 2015 and 2018, Huawei Investment ushered in the second stage in 2019. During this period, Hubble Investment was the main carrier of investment.</p><p>In April 2019, when Hubble Investment was established, the registered capital was 700 million yuan. Subsequently, Huawei increased its capital twice in October 2020 and May 2021, with a registered capital of 3 billion yuan. In terms of the composition of Hubble Investment directors, Bai Yi, chairman and general manager, was the vice president of Huawei's financial management office and the president of Huawei's global financial risk control center; Director Ying Weimin once served as the president of Huawei Wireless Network R&D, and director Zhou Yongjie once served as the vice president of HiSilicon Semiconductor Co., Ltd., both of whom have experience in the communications 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 the establishment and development of Hubble Investment is almost synchronized with the US sanctions against Huawei. One month after the establishment of Hubble Investment, the United States launched the first of four rounds of sanctions against Huawei. In May 2019, the Trump administration included Huawei in the entity list, restricting American companies from supplying Huawei. As the United States increases its sanctions on Huawei, the pace of Hubble's investment is also accelerating.</p><p>At that time, Huawei made two preparations: in the short term, it stepped up the purchase of parts from suppliers such as Murata, Toshiba, Kyocera, and Rohm, and increased the purchase volume in Taiwan. For example, orders from Largan increased significantly. At the same time, according to industry chain research, Huawei has also prepared about one year 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 still actively looking for alternative suppliers, relaxing the certification qualification conditions for domestic suppliers, and increasing the exploration and cultivation of potential domestic suppliers.</p><p><b>Product mergers and acquisitions</b></p><p>Judging from IT Orange data, Huawei's first investment was the acquisition of Harbor Technology for 1.7 billion yuan in June 2006. Harbor Network is a company founded by Li Yinan, the former youngest vice president of Huawei. After fierce competition between the two companies, Huawei finally took it under its command, and Li Yinan became Huawei's chief scientist and vice president of Huawei. However, two years later, Li Yinan left Huawei again.</p><p>In fact, Huawei's investment can be traced back to around 2000. At that time, when the third-generation mobile communication technology was in the early stage of large-scale application, Huawei, as a latecomer, waited for an opportunity to take the lead and launched a series of small-scale acquisitions in the United States.</p><p><ul><li>At the beginning of 2002, Huawei's acquisition of optical communication manufacturer OptiMight strengthened its technical strength 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 reached a cooperation with LightPointe, a designer and manufacturer of wireless optical products in Silicon Valley, and 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 the main types of companies are communications and semiconductors. The purpose of Huawei's series of investments is to make up for its relatively weak modules, and at the same time better enter developed countries and increase its market share in Europe and the United States.</b></p><p>Among them, part of the investment is also related to Huawei's strategic layout in the field of Internet of Things. In 2012, Huawei announced its entry into the Internet of Things and has completed related Internet of Things solutions. Subsequent investments will expand its IoT layout abroad.</p><p>For example, in July 2014, Huawei and Bosch Ventures,<a href=\"https://laohu8.com/S/XLNX\">Xilinx</a>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 household devices connected to the Internet through embedded chips; In September of the same year, Huawei acquired Neul, another British Internet of Things company, for US $25 million.</p><p><img src=\"https://static.tigerbbs.com/e8f251765fe16b3add9df66c7a3ec730\" tg-width=\"1080\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p>It is worth mentioning that Huawei was briefly interested in the Internet business and invested<a href=\"https://laohu8.com/S/300418\">Kunlun Wanwei</a>, Baofengyingyin, Quyou, Yibao Payment and other enterprises. Most of these projects were invested by Zhu Bo during the period when he led 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 dollars in Quyou, a domestic web game research and development and operation company.</p><p></li><li>In August 2011, Huawei invested in<a href=\"https://laohu8.com/S/300418\">Kunlun Wanwei</a>200 million yuan, holding 3% of the shares, was the seventh largest shareholder at that time. After the ban on Kunlun Wanwei's listing was lifted in 2016, Huawei reduced its stake.</p><p></li><li>In 2013, Huawei took over Baofengyingyin from Matrix Partners China and IDG, holding 3.89% of its shares. After Baofeng's listing was lifted in 2016, Huawei also chose to reduce its holdings.</p><p></li></ul><b>Overall, Huawei's investment ideas at this stage are somewhat<a href=\"https://laohu8.com/S/CSCO\">Cisco</a>The shadow of, that is, through small amounts</b>(mostly between millions of dollars and hundreds of millions of dollars)<b>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 makes less financial investment.</b></p><p><b>Layout of the entire semiconductor industry</b></p><p>After years of global cooperation and continuous R&D investment, Huawei has formed its own unique advantages in the supply chain. If it weren't for US sanctions, the possibility of Huawei starting large-scale investment again is very low.</p><p>From the second half of 2019 to the present, Huawei's foreign investment has ushered in a \"peak period\", with 39 investment targets. During this period, Huawei established a special subsidiary-Hubble Investment, which led the investment at this stage. Since its establishment in April 2019, Hubble Investment has deployed 37 companies in 26 months, basically investing in more than 1-2 projects every month. Especially after the second half of 2020, the pace of Hubble's investment began to accelerate, with even three investments in some months (June and December 2020, February and March 2021).</p><p>At present, most of Huawei Hubble's companies are in the semiconductor field, covering multiple subdivisions 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 most focused area of Hubble's investment. Up to now, Harper Investment has deployed nearly 15 companies including Shandong Tianyue, Smartway, Jiehuate Microelectronics, Yutai Microelectronics, Kunyou Optoelectronics, Haoda Electronics, Qinghong Electronics, and Zonghui Xinguang. There are many types of chips involved here, including security chips, radio frequency chips, optical chips, analog chips, memory chips and so on.</p><p>Among them, Smartway is an important CIS image sensor company in China, with unique technical 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\">Siripu</a>It is the number one analog chip designer in China and the twelfth in the world. According to the prospectus,<a href=\"https://laohu8.com/S/688536\">Siripu</a>One of the few achievements in China<a href=\"https://laohu8.com/S/JCS\">Communication system</a>An enterprise that has made breakthroughs in analog chip technology has become one of the global suppliers of analog integrated circuit products in 5G base stations.</p><p>In addition, Hubble Investment is also actively deploying upstream raw materials and semiconductor manufacturing equipment. Keyi Hongyuan, which has attracted much attention recently, is the only company in China and the third company in the world to research and produce 193nm ArF excimer laser technology. It is also the light source system supplier of Shanghai Microelectronics, a domestic lithography manufacturer. It can be said that it should be the leading domestic manufacturer in the core technology of lithography Light Source.</p><p>In contrast, Runhua Quanxin Microelectronics is a company founded in 2016. Although it has not been established for a long time, it also has its own \"unique skills\". The fully automatic glue removal and stripping machine (AS6) produced by the company was awarded the 14th (2019) China Semiconductor Innovative Product and Technology.</p><p>In the segmented field of semiconductor \"stuck neck\", EDA software is also an important part. At present, the global EDA market is mainly monopolized by three American companies: Synopsys, Cadence, and Mentor. They have stopped cooperating with Huawei after the U.S. ban.</p><p>In this regard, Hubble Investment is also actively deploying. From December 2020 to March 2021, Huawei has made four consecutive sons in the field of EDA, investing in Jiutongfang Microelectronics, Wuxi Feipu Electronics, Lixin Software, and Yundao Intelligent Manufacturing and other enterprises.</p><p>In addition, there will be two investments with Huawei as the main body after 2019: Xunlian Zhifu and CLP Instruments. Xunlianzhifu was established in June 2013 and was issued a payment license in July 2014. The license types are nationwide Internet payment and mobile phone payment services. This also makes Huawei the second mobile phone manufacturer to obtain a payment license after Xiaomi.</p><p>In March 2020, Huawei added a new foreign investment enterprise CLP Instruments, with Huawei holding 8% of the shares and a subscribed capital contribution of 66.06 million yuan. Huawei's stake in CLP Instruments is mainly related to the layout of 5G. According to the official Weibo account of CLP Instruments, it began to lay out the R&D layout of 5G communication testing in 2013. At present, it has made breakthroughs in many key core technologies, forming a category of instruments including material and chip testing, module and device testing, terminal testing, base station testing and other categories. The product's \"5 + X\" 5G communication test instrument product system.</p><p>Overall, in the past two years, in order to reduce the impact of U.S. sanctions, Huawei's investment has switched from conservative to radical, and its investment strategy has gradually shifted from focusing on mergers and acquisitions in the past to focusing on strategic investment and VC investment. All this is to find domestic alternatives to the supply chain and support domestic semiconductor companies.</p><p>While Huawei is actively implementing the synergy strategy, its financial returns are also very impressive. It is understood that in July 2019, six months before Siripu received listing counseling, Hubble Investment subscribed for 2.24 million additional shares issued by Siripu for 72 million yuan. The unit price of the capital increase was 32.13 yuan/share. The post-investment valuation is 900 million yuan.</p><p>In the first year of investing in Sirip, Huawei brought it 170 million yuan in orders, causing its revenue to surge by 167% year-on-year. As of the close of trading on June 21, Siripu's stock price was 562.97 yuan per share, with a total market value of 45 billion yuan. Since its listing, it has increased by more than 3.5 times. This investment made Hubble Investment profit 50 times.</p><p>At the same time, on April 15, 2021, the IPO of storage chip manufacturer Dongxin Semiconductor Science and Technology Innovation Board was approved; On May 31, the IPO application of Shandong Tianyue Science and Technology Innovation Board, a silicon carbide substrate manufacturer, was accepted; On June 4, Canqin Technology's IPO in science and technology innovation board was submitted for registration. On the Science and Technology Innovation Board, a \"Huawei Legion\" is slowly emerging.</p><p>From a strategic point of view, Huawei hopes to take a third path in the semiconductor industry. It is understood that there are currently two main modes of semiconductors: one is IDM mode, similar to<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Invest in building factories by yourself and engage in advanced technology development and manufacturing; The other is the OEM model, similar to<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Only focus on mid-stage chip manufacturing. Over the past three decades, OEM has been the mainstream of the market.</p><p>With Huawei's current layout, Huawei adopts a new energy vehicle business model similar to its new energy vehicle, that is, mature technologies and factories are tackled and provided by cooperative manufacturers, and Huawei itself engages in core value parts such as autonomous driving, electric drive, and connected vehicle technology..</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>Revealing Huawei's investment landscape: from conservative and low-key to radical and vigorous</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\">\nRevealing Huawei's investment landscape: from conservative and low-key to radical and vigorous\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 not to be \"abandoned\" by the times in the ebb and flow caused by technological change has become a topic that many large technology companies must face.</p><p>At present, the mainstream approach is to increase research and development and build its own technical barriers; On the other hand, the external layout is diversified, and Lian Heng is integrated to build its own ecological advantages.</p><p>Domestically, Internet companies such as BAT and TMD are trying to use investment mergers and acquisitions to build their own ecological map and strengthen their \"moat\". After searching IT Orange, I found that,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Invested in 953 companies, Ali has 588 companies,<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, and even the smaller Meituan has 79.</p><p>In contrast, Huawei, founded in 1987, has always been very cautious and conservative in investment, with only about 60 foreign investments so far. In more than 30 years of development, Huawei has faced many readily available opportunities, such as the real estate investment boom and the bull market in the secondary market, but it seems unmoved and always sticks to its own field. Today, Huawei has grown into a large company with an annual revenue of nearly 900 billion yuan, and its business mainly includes consumer business, operator business, and enterprise business.</p><p>However, as U.S. sanctions continue to increase, the situation of semiconductor \"stuck neck\" has become more and more serious, and Huawei seems to have undergone some changes in investment. In 2019, Huawei's wholly-owned subsidiary Hubble Investment continued to \"move\" in industries such as semiconductor chips, raw materials, and equipment, triggering speculation about Huawei's full entry into the semiconductor industry.</p><p>During Huawei's more than 30 years of development, which companies has Huawei mainly invested in? What different signals are conveyed behind it? Let's take a look together.</p><p><b>Investment map scanning</b></p><p>A lot of public awareness of Huawei's investment comes from the speeches of Ren Zhengfei and Xu Zhijun in 2017. At that time, Huawei's President's Office issued Document No. 126 accordingly, clearly stating that \"nothing should be done\", which mentioned that \"no applications, no data, and no equity investments should be adhered to.\"</p><p>This was later interpreted as \"Huawei does not invest.\" But in fact, whether it is Ren Zhengfei or Xu Zhijun, the so-called \"no investment\" is mainly aimed at Huawei Cloud, cloud computing and big data artificial intelligence platforms, not all fields.</p><p>Overall, Huawei's foreign investment ideas have always followed the rules formulated in the Huawei Basic Law. This management outline adopted in 1998 determines Huawei's corporate strategy, values and management principles.</p><p>For investment, Article 37 of the Basic Law stipulates that,<b>\"Our short-to medium-term investment strategy still insists on product investment, in order to maximize the concentration of resources and rapidly enhance the company's technical strength, market position and management capabilities... We do not engage in any irrelevant diversification that disperses the company's resources and senior management energy.\"</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 been very low-key in terms of investment and mergers and acquisitions. If divided according to time, it can be roughly divided into two periods: the first stage is from 2000 to 2016, and the second stage is from 2019 to now.</p><p>In the first stage, Huawei's investment was mainly led by the internal corporate development department, and the Internet business briefly invested in some projects. Among them, Huawei's overall investment department is called the \"Enterprise Development Department\". This department is affiliated to the Financial and Economic Committee, mainly including the Strategic Development Department, the Enterprise Project Operation Department, the Investment Monitoring Department, the Project Implementation Department, etc.</p><p>Within the Huawei system, the enterprise development department is not the core department. Unlike many companies, Huawei's foreign investment process is initiated by the business part. After they find that the technology mastered by a certain company is helpful to their business, they report the target to the enterprise development department. After inspection and evaluation by the Enterprise Development Department, it is submitted to the Standing Board of Directors for decision-making. Therefore, the enterprise 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) and wanted to talk about cooperation with Huawei, but Xu Zhijun valued him. At that time, Huawei saw a ceiling in the field of communications, hoping to break through and make achievements in the field of Internet services, and invited Zhu Bo to join.</p><p>In the end, Huawei set up an Internet business department specifically for Zhu Bo. At that time, Zhu Bo brought more than 20 people, and more than 30 people were transferred from Huawei to set up a team of about 60 people. This department was originally directly under Huawei Software. After diversification in 2010, the Internet business department was incorporated into Consumer BG.</p><p>However, this department was also abolished with Zhu Bo's departure in 2012. According to Zhu Bo, Huawei initially intended to develop into services and the Internet. However, in the specific operation process, the B2C thinking model 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 experiencing an investment gap period between 2015 and 2018, Huawei Investment ushered in the second stage in 2019. During this period, Hubble Investment was the main carrier of investment.</p><p>In April 2019, when Hubble Investment was established, the registered capital was 700 million yuan. Subsequently, Huawei increased its capital twice in October 2020 and May 2021, with a registered capital of 3 billion yuan. In terms of the composition of Hubble Investment directors, Bai Yi, chairman and general manager, was the vice president of Huawei's financial management office and the president of Huawei's global financial risk control center; Director Ying Weimin once served as the president of Huawei Wireless Network R&D, and director Zhou Yongjie once served as the vice president of HiSilicon Semiconductor Co., Ltd., both of whom have experience in the communications 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 the establishment and development of Hubble Investment is almost synchronized with the US sanctions against Huawei. One month after the establishment of Hubble Investment, the United States launched the first of four rounds of sanctions against Huawei. In May 2019, the Trump administration included Huawei in the entity list, restricting American companies from supplying Huawei. As the United States increases its sanctions on Huawei, the pace of Hubble's investment is also accelerating.</p><p>At that time, Huawei made two preparations: in the short term, it stepped up the purchase of parts from suppliers such as Murata, Toshiba, Kyocera, and Rohm, and increased the purchase volume in Taiwan. For example, orders from Largan increased significantly. At the same time, according to industry chain research, Huawei has also prepared about one year 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 still actively looking for alternative suppliers, relaxing the certification qualification conditions for domestic suppliers, and increasing the exploration and cultivation of potential domestic suppliers.</p><p><b>Product mergers and acquisitions</b></p><p>Judging from IT Orange data, Huawei's first investment was the acquisition of Harbor Technology for 1.7 billion yuan in June 2006. Harbor Network is a company founded by Li Yinan, the former youngest vice president of Huawei. After fierce competition between the two companies, Huawei finally took it under its command, and Li Yinan became Huawei's chief scientist and vice president of Huawei. However, two years later, Li Yinan left Huawei again.</p><p>In fact, Huawei's investment can be traced back to around 2000. At that time, when the third-generation mobile communication technology was in the early stage of large-scale application, Huawei, as a latecomer, waited for an opportunity to take the lead and launched a series of small-scale acquisitions in the United States.</p><p><ul><li>At the beginning of 2002, Huawei's acquisition of optical communication manufacturer OptiMight strengthened its technical strength 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 reached a cooperation with LightPointe, a designer and manufacturer of wireless optical products in Silicon Valley, and 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 the main types of companies are communications and semiconductors. The purpose of Huawei's series of investments is to make up for its relatively weak modules, and at the same time better enter developed countries and increase its market share in Europe and the United States.</b></p><p>Among them, part of the investment is also related to Huawei's strategic layout in the field of Internet of Things. In 2012, Huawei announced its entry into the Internet of Things and has completed related Internet of Things solutions. Subsequent investments will expand its IoT layout abroad.</p><p>For example, in July 2014, Huawei and Bosch Ventures,<a href=\"https://laohu8.com/S/XLNX\">Xilinx</a>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 household devices connected to the Internet through embedded chips; In September of the same year, Huawei acquired Neul, another British Internet of Things company, for US $25 million.</p><p><img src=\"https://static.tigerbbs.com/e8f251765fe16b3add9df66c7a3ec730\" tg-width=\"1080\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p>It is worth mentioning that Huawei was briefly interested in the Internet business and invested<a href=\"https://laohu8.com/S/300418\">Kunlun Wanwei</a>, Baofengyingyin, Quyou, Yibao Payment and other enterprises. Most of these projects were invested by Zhu Bo during the period when he led 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 dollars in Quyou, a domestic web game research and development and operation company.</p><p></li><li>In August 2011, Huawei invested in<a href=\"https://laohu8.com/S/300418\">Kunlun Wanwei</a>200 million yuan, holding 3% of the shares, was the seventh largest shareholder at that time. After the ban on Kunlun Wanwei's listing was lifted in 2016, Huawei reduced its stake.</p><p></li><li>In 2013, Huawei took over Baofengyingyin from Matrix Partners China and IDG, holding 3.89% of its shares. After Baofeng's listing was lifted in 2016, Huawei also chose to reduce its holdings.</p><p></li></ul><b>Overall, Huawei's investment ideas at this stage are somewhat<a href=\"https://laohu8.com/S/CSCO\">Cisco</a>The shadow of, that is, through small amounts</b>(mostly between millions of dollars and hundreds of millions of dollars)<b>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 makes less financial investment.</b></p><p><b>Layout of the entire semiconductor industry</b></p><p>After years of global cooperation and continuous R&D investment, Huawei has formed its own unique advantages in the supply chain. If it weren't for US sanctions, the possibility of Huawei starting large-scale investment again is very low.</p><p>From the second half of 2019 to the present, Huawei's foreign investment has ushered in a \"peak period\", with 39 investment targets. During this period, Huawei established a special subsidiary-Hubble Investment, which led the investment at this stage. Since its establishment in April 2019, Hubble Investment has deployed 37 companies in 26 months, basically investing in more than 1-2 projects every month. Especially after the second half of 2020, the pace of Hubble's investment began to accelerate, with even three investments in some months (June and December 2020, February and March 2021).</p><p>At present, most of Huawei Hubble's companies are in the semiconductor field, covering multiple subdivisions 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 most focused area of Hubble's investment. Up to now, Harper Investment has deployed nearly 15 companies including Shandong Tianyue, Smartway, Jiehuate Microelectronics, Yutai Microelectronics, Kunyou Optoelectronics, Haoda Electronics, Qinghong Electronics, and Zonghui Xinguang. There are many types of chips involved here, including security chips, radio frequency chips, optical chips, analog chips, memory chips and so on.</p><p>Among them, Smartway is an important CIS image sensor company in China, with unique technical 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\">Siripu</a>It is the number one analog chip designer in China and the twelfth in the world. According to the prospectus,<a href=\"https://laohu8.com/S/688536\">Siripu</a>One of the few achievements in China<a href=\"https://laohu8.com/S/JCS\">Communication system</a>An enterprise that has made breakthroughs in analog chip technology has become one of the global suppliers of analog integrated circuit products in 5G base stations.</p><p>In addition, Hubble Investment is also actively deploying upstream raw materials and semiconductor manufacturing equipment. Keyi Hongyuan, which has attracted much attention recently, is the only company in China and the third company in the world to research and produce 193nm ArF excimer laser technology. It is also the light source system supplier of Shanghai Microelectronics, a domestic lithography manufacturer. It can be said that it should be the leading domestic manufacturer in the core technology of lithography Light Source.</p><p>In contrast, Runhua Quanxin Microelectronics is a company founded in 2016. Although it has not been established for a long time, it also has its own \"unique skills\". The fully automatic glue removal and stripping machine (AS6) produced by the company was awarded the 14th (2019) China Semiconductor Innovative Product and Technology.</p><p>In the segmented field of semiconductor \"stuck neck\", EDA software is also an important part. At present, the global EDA market is mainly monopolized by three American companies: Synopsys, Cadence, and Mentor. They have stopped cooperating with Huawei after the U.S. ban.</p><p>In this regard, Hubble Investment is also actively deploying. From December 2020 to March 2021, Huawei has made four consecutive sons in the field of EDA, investing in Jiutongfang Microelectronics, Wuxi Feipu Electronics, Lixin Software, and Yundao Intelligent Manufacturing and other enterprises.</p><p>In addition, there will be two investments with Huawei as the main body after 2019: Xunlian Zhifu and CLP Instruments. Xunlianzhifu was established in June 2013 and was issued a payment license in July 2014. The license types are nationwide Internet payment and mobile phone payment services. This also makes Huawei the second mobile phone manufacturer to obtain a payment license after Xiaomi.</p><p>In March 2020, Huawei added a new foreign investment enterprise CLP Instruments, with Huawei holding 8% of the shares and a subscribed capital contribution of 66.06 million yuan. Huawei's stake in CLP Instruments is mainly related to the layout of 5G. According to the official Weibo account of CLP Instruments, it began to lay out the R&D layout of 5G communication testing in 2013. At present, it has made breakthroughs in many key core technologies, forming a category of instruments including material and chip testing, module and device testing, terminal testing, base station testing and other categories. The product's \"5 + X\" 5G communication test instrument product system.</p><p>Overall, in the past two years, in order to reduce the impact of U.S. sanctions, Huawei's investment has switched from conservative to radical, and its investment strategy has gradually shifted from focusing on mergers and acquisitions in the past to focusing on strategic investment and VC investment. All this is to find domestic alternatives to the supply chain and support domestic semiconductor companies.</p><p>While Huawei is actively implementing the synergy strategy, its financial returns are also very impressive. It is understood that in July 2019, six months before Siripu received listing counseling, Hubble Investment subscribed for 2.24 million additional shares issued by Siripu for 72 million yuan. The unit price of the capital increase was 32.13 yuan/share. The post-investment valuation is 900 million yuan.</p><p>In the first year of investing in Sirip, Huawei brought it 170 million yuan in orders, causing its revenue to surge by 167% year-on-year. As of the close of trading on June 21, Siripu's stock price was 562.97 yuan per share, with a total market value of 45 billion yuan. Since its listing, it has increased by more than 3.5 times. This investment made Hubble Investment profit 50 times.</p><p>At the same time, on April 15, 2021, the IPO of storage chip manufacturer Dongxin Semiconductor Science and Technology Innovation Board was approved; On May 31, the IPO application of Shandong Tianyue Science and Technology Innovation Board, a silicon carbide substrate manufacturer, was accepted; On June 4, Canqin Technology's IPO in science and technology innovation board was submitted for registration. On the Science and Technology Innovation Board, a \"Huawei Legion\" is slowly emerging.</p><p>From a strategic point of view, Huawei hopes to take a third path in the semiconductor industry. It is understood that there are currently two main modes of semiconductors: one is IDM mode, similar to<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Invest in building factories by yourself and engage in advanced technology development and manufacturing; The other is the OEM model, similar to<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Only focus on mid-stage chip manufacturing. Over the past three decades, OEM has been the mainstream of the market.</p><p>With Huawei's current layout, Huawei adopts a new energy vehicle business model similar to its new energy vehicle, that is, mature technologies and factories are tackled and provided by cooperative manufacturers, and Huawei itself engages in core value parts such as autonomous driving, electric drive, and connected vehicle technology..</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":1500,"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":[],"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 doesn't cry: a small loss in currency speculation, a big profit from selling cars","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 ushered in its second quarter 2021 earnings report.</p><p>Data show that Tesla's revenue in the second quarter was US $11.958 billion, an increase of 98% from US $6.036 billion in the same period last year; Net income was $1.142 billion.</p><p>Net income This figure is staggeringly high. It is more than double the net income of $438 million in the first quarter and more than 10 times the net income in the same period last year. It is worth noting that in this quarter, Tesla's carbon credit revenue was only US $354 million. Even without counting this revenue, Tesla still achieved profitability by selling cars and energy products.</p><p>Such 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 199,000 vehicles in total, a year-on-year increase of 148%.</p><p>But Tesla is still in danger. The plans CEO Musk previously promised to realize this year, such as the mass production of 4680 batteries, the construction of new factories, the launch of new Cybertruck models, etc., have not been realized so far. The new project is behind schedule, and in China, Tesla is mired in the mire of negative public opinion and it is difficult to escape.</p><p>Following the earnings release, Tesla shares rose just 0.99% in after-hours trading.</p><p>However, Musk still goes his own way and does not play cards according to common sense, and is full of confidence in the company. Musk said on Tesla's second-quarter earnings call that he may no longer attend quarterly earnings calls in the future, \"unless there is something very important that I need to say.\"</p><p>Overview of key points 1. In the second quarter, Tesla's sales in China declined month-on-month, and the negative impact of safety accidents such as brake failure on Tesla began to gradually appear. 2. The second quarter is a milestone for Tesla. For the first time, Tesla has truly achieved profitability by selling cars and energy products. 3. Tesla lost US $23 million in speculating on Bitcoin in the second quarter. 4. Tesla's Texas factory and Berlin factory are expected to start construction this year, but Musk himself has not been able to say when they will start construction.<b>Global sales surge, but China sales fall</b></p><p>In the second quarter of 2021, Tesla delivered a new high-201,200 vehicles. This is also the first time Tesla has delivered more than 200,000 vehicles in a quarter.</p><p>Including the 184,800 vehicles delivered in the first quarter, in the first half of the year, Tesla's total delivery of electric vehicles reached 386,000 vehicles, which is a very good result, and half of the annual delivery target of 750,000 vehicles has been completed.</p><p>But as far as China is concerned, the situation is not optimistic. Tesla usually only discloses global data in its earnings report. According to data from the Passenger Car Association, Tesla's retail sales in June were 28,138 vehicles, an increase from 21,936 vehicles in May. But it still failed to return to the level of March.</p><p>Tesla delivered 35,478 vehicles in March this year, a 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%, and only 11,671 vehicles were delivered that month. Also because of the decline in sales in the past three months, Tesla's retail sales in China in the second quarter of 2021 were 61,700, a decrease of 10.87% from the first quarter.</p><p>The sales of other electric vehicle brands are rapidly catching up, such as<a href=\"https://laohu8.com/S/002594\">BYD</a>40,317 new energy vehicles were delivered in June, and SAIC-GM-Wuling delivered 31,285 vehicles in June. New domestic car-making forces<a href=\"https://laohu8.com/S/NIO\">Nio</a>In June, the monthly delivery volume exceeded 8,000 units (8,083 units) for the first time, a year-on-year increase of 116.1%. These younger brothers who were originally dismissed by Tesla have now risen and even begun to grab Tesla's territory.</p><p><img src=\"https://static.tigerbbs.com/2392d6ddced169db7879993defdf1a4b\" tg-width=\"550\" tg-height=\"325\" referrerpolicy=\"no-referrer\">Data source/company official website, Passenger Car Association</p><p>The negative public opinion on safety accidents did have an impact on Tesla's Chinese market in the second quarter.</p><p>Investors and analysts are waiting to see if Tesla can handle the public opinion crisis in the Chinese market. \"For Tesla, the growth story in China is the most important.\" Securities analysts 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 the key to the stock price rising or falling.\"</p><p>In order to stay in China, Tesla is \"making up lessons\". For example, on June 26, Tesla planned to recall 285,000 imported Model 3 and domestically produced Model 3 and Model Y vehicles, and apologized for this recall for the first time.</p><p><b>Lost $23 million in speculation on Bitcoin</b></p><p>Although Tesla has achieved positive profitability for several consecutive quarters, there is a lot of water in it. For example, in the first quarter of 2021, Tesla's net profit of US $438 million was supported by US $518 million in carbon emission credit revenue and US $101 million earned by speculating on Bitcoin.</p><p><img src=\"https://static.tigerbbs.com/8f8a8e0e5456bb2987b851e8bc7c285b\" tg-width=\"550\" tg-height=\"330\" referrerpolicy=\"no-referrer\">Source/Company Earnings</p><p>In the second quarter, Tesla's net profit of US $1.142 billion exceeded market expectations. This was also its first quarterly net profit exceeded US $1 billion.</p><p>When it comes to Tesla's financial situation, the key words that cannot be escaped are carbon emission credit income and speculation in Bitcoin.</p><p>In the first quarter, Tesla made $101 million from currency speculation. But prices in Bitcoin have fallen by about half since their April peak. Judging from the disclosure in the financial report, in the second quarter, Tesla made a book loss of US $23 million due to the plummeting price of Bitcoin.</p><p>For a long time, Tesla's carbon emission credit revenue was high and was an important source of profitability. However, selling carbon emission credits is not a long-term solution after all. Today, Tesla has lost a \"big customer\". Fiat Automobile Company (FCA), a major customer that buys carbon emission credits from Tesla, announced in January that it will merge with PSA into the Stellantis Group and introduce 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-on-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 Report</p><p>How did Tesla achieve net profit growth after not relying on the carbon credit business?</p><p>Selling cars is one aspect. Tesla delivered more than 20,000 Model 3 and Model Y vehicles in the second quarter, while Model S sales were only 1,895 vehicles. The success of the Model Y has clearly boosted Tesla's performance. Tesla's vehicle gross profit margin is also increasing, reaching 28.4%. The financial report disclosed that Tesla's supply chain costs are constantly decreasing.</p><p>Besides, Tesla's greater ambition lies in selling software.<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>Securities research believes that Tesla's future profit model has been very determined. The price of hardware is very low, and it can basically be sold at the cost price, and more charges will be charged through the back-end software market to achieve profitability.</p><p>Today, Tesla is gradually realizing its plan to sell software. In early July, Tesla owners' long-awaited \"Full Self-Driving (FSD)\" system was officially opened to the public. The system is called beta 9. Recently, Tesla launched a fully autonomous driving subscription package, which costs US $199 per month for new users. Previously, Tesla sold a fully autonomous driving package as a one-time full payment of US $10,000.</p><p>Well-known technology analyst Gene Munster wrote in a report that the subscription option can accelerate the adoption of FSD. This is an important step on Tesla's long-term path to improving margins and will strengthen the company's operating model.</p><p><b>The factory has not started operations for a long time, and new products have to be delayed?</b></p><p>The performance in the first half of the year was impressive, but Tesla cannot breathe a sigh of relief.</p><p>To achieve the goal of 50% sales growth this year, Tesla must accelerate its global layout and production.</p><p>In the second quarter, through a conference call, Tesla delivered several messages. First, the Shanghai Gigafactory completed the company's main automobile export<a href=\"https://laohu8.com/S/HUBG\">hub</a>Transformation. The Shanghai factory is supplying Tesla's 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, after the Berlin Gigafactory in Germany is officially put into production, it will be used to produce batteries, power systems and complete vehicles (starting from the production of Model Y). The first phase of the factory will focus on the production of Model Y, with a goal of 10,000 vehicles per week. In addition, 4680 batteries may be the first to be mass-produced in Berlin, Germany. Musk has said that he plans to increase the annual production capacity of the battery production plant in Berlin to 100GWh, which may be expanded to 200 to 250GWh. 100GWh is already more than twice the output of Tesla's Nevada plant, the world's largest battery factory.</p><p>Tesla initially expected the Berlin plant to start production in July 2021. However, the Berlin factory failed to pass the review for a long time. Various plans such as Model Y and 4680 power batteries had to be put on hold.</p><p>In the conference call, Musk responded rather vaguely that the Berlin factory will put Model Y into production later this year. As for when it will be late, Musk did not disclose it. The Texas factory here in the United States is developing rapidly. According to Musk's words: \"A year ago there was nothing, a year later there was a big, almost complete factory.\" The conference call revealed that the factory in Texas has begun partial commissioning, also to produce the Model Y later this year.</p><p>What the market is more concerned about is, where has the 4680 battery come? As the name implies, the so-called 4680 battery 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>Akira Nagasaki, head of battery business strategy for electric vehicles, pointed out in an interview that new batteries like the 4680 battery are \"the key to enabling cheaper electric vehicles to be promoted on a large scale.\" Cheaper but more efficient batteries are crucial for a fast-growing new energy vehicle company.</p><p>Previously, Musk canceled the Model S Plaid + model with the longest cruising 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 said \"significant progress has been made\" in the development of the 4680 battery, but \"we still have a lot of work to do before we can achieve mass production\", especially in improving the manufacturing process of the battery. And, Musk pointed out that Tesla is working with its existing suppliers to produce 4680 batteries for its vehicles. The 4680 batteries have successfully crash tested the new design of its vehicles, and these batteries will be installed into the structural frame.</p><p>In addition to factories and batteries, mass production of Tesla's electric pickup truck Cybertruck is still far away. Tesla said it will not increase Cybertruck production in Texas until it starts production of Model Y at its factory in Texas. The Semi-trailer Semi, which Tesla previously promised to launch this year, was once again postponed to mass production and became 2022.</p><p>Whether the factory can start operation smoothly, whether the battery can be successfully developed and mass-produced, and whether the next explosive model can be launched have become three crucial problems that Tesla will face next.</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 doesn't cry: a small loss in currency speculation, a big profit from selling cars</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 doesn't cry: a small loss in currency speculation, a big profit from selling cars\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 ushered in its second quarter 2021 earnings report.</p><p>Data show that Tesla's revenue in the second quarter was US $11.958 billion, an increase of 98% from US $6.036 billion in the same period last year; Net income was $1.142 billion.</p><p>Net income This figure is staggeringly high. It is more than double the net income of $438 million in the first quarter and more than 10 times the net income in the same period last year. It is worth noting that in this quarter, Tesla's carbon credit revenue was only US $354 million. Even without counting this revenue, Tesla still achieved profitability by selling cars and energy products.</p><p>Such 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 199,000 vehicles in total, a year-on-year increase of 148%.</p><p>But Tesla is still in danger. The plans CEO Musk previously promised to realize this year, such as the mass production of 4680 batteries, the construction of new factories, the launch of new Cybertruck models, etc., have not been realized so far. The new project is behind schedule, and in China, Tesla is mired in the mire of negative public opinion and it is difficult to escape.</p><p>Following the earnings release, Tesla shares rose just 0.99% in after-hours trading.</p><p>However, Musk still goes his own way and does not play cards according to common sense, and is full of confidence in the company. Musk said on Tesla's second-quarter earnings call that he may no longer attend quarterly earnings calls in the future, \"unless there is something very important that I need to say.\"</p><p>Overview of key points 1. In the second quarter, Tesla's sales in China declined month-on-month, and the negative impact of safety accidents such as brake failure on Tesla began to gradually appear. 2. The second quarter is a milestone for Tesla. For the first time, Tesla has truly achieved profitability by selling cars and energy products. 3. Tesla lost US $23 million in speculating on Bitcoin in the second quarter. 4. Tesla's Texas factory and Berlin factory are expected to start construction this year, but Musk himself has not been able to say when they will start construction.<b>Global sales surge, but China sales fall</b></p><p>In the second quarter of 2021, Tesla delivered a new high-201,200 vehicles. This is also the first time Tesla has delivered more than 200,000 vehicles in a quarter.</p><p>Including the 184,800 vehicles delivered in the first quarter, in the first half of the year, Tesla's total delivery of electric vehicles reached 386,000 vehicles, which is a very good result, and half of the annual delivery target of 750,000 vehicles has been completed.</p><p>But as far as China is concerned, the situation is not optimistic. Tesla usually only discloses global data in its earnings report. According to data from the Passenger Car Association, Tesla's retail sales in June were 28,138 vehicles, an increase from 21,936 vehicles in May. But it still failed to return to the level of March.</p><p>Tesla delivered 35,478 vehicles in March this year, a 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%, and only 11,671 vehicles were delivered that month. Also because of the decline in sales in the past three months, Tesla's retail sales in China in the second quarter of 2021 were 61,700, a decrease of 10.87% from the first quarter.</p><p>The sales of other electric vehicle brands are rapidly catching up, such as<a href=\"https://laohu8.com/S/002594\">BYD</a>40,317 new energy vehicles were delivered in June, and SAIC-GM-Wuling delivered 31,285 vehicles in June. New domestic car-making forces<a href=\"https://laohu8.com/S/NIO\">Nio</a>In June, the monthly delivery volume exceeded 8,000 units (8,083 units) for the first time, a year-on-year increase of 116.1%. These younger brothers who were originally dismissed by Tesla have now risen and even begun to grab Tesla's territory.</p><p><img src=\"https://static.tigerbbs.com/2392d6ddced169db7879993defdf1a4b\" tg-width=\"550\" tg-height=\"325\" referrerpolicy=\"no-referrer\">Data source/company official website, Passenger Car Association</p><p>The negative public opinion on safety accidents did have an impact on Tesla's Chinese market in the second quarter.</p><p>Investors and analysts are waiting to see if Tesla can handle the public opinion crisis in the Chinese market. \"For Tesla, the growth story in China is the most important.\" Securities analysts 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 the key to the stock price rising or falling.\"</p><p>In order to stay in China, Tesla is \"making up lessons\". For example, on June 26, Tesla planned to recall 285,000 imported Model 3 and domestically produced Model 3 and Model Y vehicles, and apologized for this recall for the first time.</p><p><b>Lost $23 million in speculation on Bitcoin</b></p><p>Although Tesla has achieved positive profitability for several consecutive quarters, there is a lot of water in it. For example, in the first quarter of 2021, Tesla's net profit of US $438 million was supported by US $518 million in carbon emission credit revenue and US $101 million earned by speculating on Bitcoin.</p><p><img src=\"https://static.tigerbbs.com/8f8a8e0e5456bb2987b851e8bc7c285b\" tg-width=\"550\" tg-height=\"330\" referrerpolicy=\"no-referrer\">Source/Company Earnings</p><p>In the second quarter, Tesla's net profit of US $1.142 billion exceeded market expectations. This was also its first quarterly net profit exceeded US $1 billion.</p><p>When it comes to Tesla's financial situation, the key words that cannot be escaped are carbon emission credit income and speculation in Bitcoin.</p><p>In the first quarter, Tesla made $101 million from currency speculation. But prices in Bitcoin have fallen by about half since their April peak. Judging from the disclosure in the financial report, in the second quarter, Tesla made a book loss of US $23 million due to the plummeting price of Bitcoin.</p><p>For a long time, Tesla's carbon emission credit revenue was high and was an important source of profitability. However, selling carbon emission credits is not a long-term solution after all. Today, Tesla has lost a \"big customer\". Fiat Automobile Company (FCA), a major customer that buys carbon emission credits from Tesla, announced in January that it will merge with PSA into the Stellantis Group and introduce 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-on-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 Report</p><p>How did Tesla achieve net profit growth after not relying on the carbon credit business?</p><p>Selling cars is one aspect. Tesla delivered more than 20,000 Model 3 and Model Y vehicles in the second quarter, while Model S sales were only 1,895 vehicles. The success of the Model Y has clearly boosted Tesla's performance. Tesla's vehicle gross profit margin is also increasing, reaching 28.4%. The financial report disclosed that Tesla's supply chain costs are constantly decreasing.</p><p>Besides, Tesla's greater ambition lies in selling software.<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>Securities research believes that Tesla's future profit model has been very determined. The price of hardware is very low, and it can basically be sold at the cost price, and more charges will be charged through the back-end software market to achieve profitability.</p><p>Today, Tesla is gradually realizing its plan to sell software. In early July, Tesla owners' long-awaited \"Full Self-Driving (FSD)\" system was officially opened to the public. The system is called beta 9. Recently, Tesla launched a fully autonomous driving subscription package, which costs US $199 per month for new users. Previously, Tesla sold a fully autonomous driving package as a one-time full payment of US $10,000.</p><p>Well-known technology analyst Gene Munster wrote in a report that the subscription option can accelerate the adoption of FSD. This is an important step on Tesla's long-term path to improving margins and will strengthen the company's operating model.</p><p><b>The factory has not started operations for a long time, and new products have to be delayed?</b></p><p>The performance in the first half of the year was impressive, but Tesla cannot breathe a sigh of relief.</p><p>To achieve the goal of 50% sales growth this year, Tesla must accelerate its global layout and production.</p><p>In the second quarter, through a conference call, Tesla delivered several messages. First, the Shanghai Gigafactory completed the company's main automobile export<a href=\"https://laohu8.com/S/HUBG\">hub</a>Transformation. The Shanghai factory is supplying Tesla's 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, after the Berlin Gigafactory in Germany is officially put into production, it will be used to produce batteries, power systems and complete vehicles (starting from the production of Model Y). The first phase of the factory will focus on the production of Model Y, with a goal of 10,000 vehicles per week. In addition, 4680 batteries may be the first to be mass-produced in Berlin, Germany. Musk has said that he plans to increase the annual production capacity of the battery production plant in Berlin to 100GWh, which may be expanded to 200 to 250GWh. 100GWh is already more than twice the output of Tesla's Nevada plant, the world's largest battery factory.</p><p>Tesla initially expected the Berlin plant to start production in July 2021. However, the Berlin factory failed to pass the review for a long time. Various plans such as Model Y and 4680 power batteries had to be put on hold.</p><p>In the conference call, Musk responded rather vaguely that the Berlin factory will put Model Y into production later this year. As for when it will be late, Musk did not disclose it. The Texas factory here in the United States is developing rapidly. According to Musk's words: \"A year ago there was nothing, a year later there was a big, almost complete factory.\" The conference call revealed that the factory in Texas has begun partial commissioning, also to produce the Model Y later this year.</p><p>What the market is more concerned about is, where has the 4680 battery come? As the name implies, the so-called 4680 battery 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>Akira Nagasaki, head of battery business strategy for electric vehicles, pointed out in an interview that new batteries like the 4680 battery are \"the key to enabling cheaper electric vehicles to be promoted on a large scale.\" Cheaper but more efficient batteries are crucial for a fast-growing new energy vehicle company.</p><p>Previously, Musk canceled the Model S Plaid + model with the longest cruising 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 said \"significant progress has been made\" in the development of the 4680 battery, but \"we still have a lot of work to do before we can achieve mass production\", especially in improving the manufacturing process of the battery. And, Musk pointed out that Tesla is working with its existing suppliers to produce 4680 batteries for its vehicles. The 4680 batteries have successfully crash tested the new design of its vehicles, and these batteries will be installed into the structural frame.</p><p>In addition to factories and batteries, mass production of Tesla's electric pickup truck Cybertruck is still far away. Tesla said it will not increase Cybertruck production in Texas until it starts production of Model Y at its factory in Texas. The Semi-trailer Semi, which Tesla previously promised to launch this year, was once again postponed to mass production and became 2022.</p><p>Whether the factory can start operation smoothly, whether the battery can be successfully developed and mass-produced, and whether the next explosive model can be launched have become three crucial problems that Tesla will face next.</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":2293,"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":[],"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":"sh","language":"zh","title":"Revealing Huawei's investment landscape: from conservative and low-key to radical and vigorous","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 not to be \"abandoned\" by the times in the ebb and flow caused by technological change has become a topic that many large technology companies must face.</p><p>At present, the mainstream approach is to increase research and development and build its own technical barriers; On the other hand, the external layout is diversified, and Lian Heng is integrated to build its own ecological advantages.</p><p>Domestically, Internet companies such as BAT and TMD are trying to use investment mergers and acquisitions to build their own ecological map and strengthen their \"moat\". After searching IT Orange, I found that,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Invested in 953 companies, Ali has 588 companies,<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, and even the smaller Meituan has 79.</p><p>In contrast, Huawei, founded in 1987, has always been very cautious and conservative in investment, with only about 60 foreign investments so far. In more than 30 years of development, Huawei has faced many readily available opportunities, such as the real estate investment boom and the bull market in the secondary market, but it seems unmoved and always sticks to its own field. Today, Huawei has grown into a large company with an annual revenue of nearly 900 billion yuan, and its business mainly includes consumer business, operator business, and enterprise business.</p><p>However, as U.S. sanctions continue to increase, the situation of semiconductor \"stuck neck\" has become more and more serious, and Huawei seems to have undergone some changes in investment. In 2019, Huawei's wholly-owned subsidiary Hubble Investment continued to \"move\" in industries such as semiconductor chips, raw materials, and equipment, triggering speculation about Huawei's full entry into the semiconductor industry.</p><p>During Huawei's more than 30 years of development, which companies has Huawei mainly invested in? What different signals are conveyed behind it? Let's take a look together.</p><p><b>Investment map scanning</b></p><p>A lot of public awareness of Huawei's investment comes from the speeches of Ren Zhengfei and Xu Zhijun in 2017. At that time, Huawei's President's Office issued Document No. 126 accordingly, clearly stating that \"nothing should be done\", which mentioned that \"no applications, no data, and no equity investments should be adhered to.\"</p><p>This was later interpreted as \"Huawei does not invest.\" But in fact, whether it is Ren Zhengfei or Xu Zhijun, the so-called \"no investment\" is mainly aimed at Huawei Cloud, cloud computing and big data artificial intelligence platforms, not all fields.</p><p>Overall, Huawei's foreign investment ideas have always followed the rules formulated in the Huawei Basic Law. This management outline adopted in 1998 determines Huawei's corporate strategy, values and management principles.</p><p>For investment, Article 37 of the Basic Law stipulates that,<b>\"Our short-to medium-term investment strategy still insists on product investment, in order to maximize the concentration of resources and rapidly enhance the company's technical strength, market position and management capabilities... We do not engage in any irrelevant diversification that disperses the company's resources and senior management energy.\"</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 been very low-key in terms of investment and mergers and acquisitions. If divided according to time, it can be roughly divided into two periods: the first stage is from 2000 to 2016, and the second stage is from 2019 to now.</p><p>In the first stage, Huawei's investment was mainly led by the internal corporate development department, and the Internet business briefly invested in some projects. Among them, Huawei's overall investment department is called the \"Enterprise Development Department\". This department is affiliated to the Financial and Economic Committee, mainly including the Strategic Development Department, the Enterprise Project Operation Department, the Investment Monitoring Department, the Project Implementation Department, etc.</p><p>Within the Huawei system, the enterprise development department is not the core department. Unlike many companies, Huawei's foreign investment process is initiated by the business part. After they find that the technology mastered by a certain company is helpful to their business, they report the target to the enterprise development department. After inspection and evaluation by the Enterprise Development Department, it is submitted to the Standing Board of Directors for decision-making. Therefore, the enterprise 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) and wanted to talk about cooperation with Huawei, but Xu Zhijun valued him. At that time, Huawei saw a ceiling in the field of communications, hoping to break through and make achievements in the field of Internet services, and invited Zhu Bo to join.</p><p>In the end, Huawei set up an Internet business department specifically for Zhu Bo. At that time, Zhu Bo brought more than 20 people, and more than 30 people were transferred from Huawei to set up a team of about 60 people. This department was originally directly under Huawei Software. After diversification in 2010, the Internet business department was incorporated into Consumer BG.</p><p>However, this department was also abolished with Zhu Bo's departure in 2012. According to Zhu Bo, Huawei initially intended to develop into services and the Internet. However, in the specific operation process, the B2C thinking model 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 experiencing an investment gap period between 2015 and 2018, Huawei Investment ushered in the second stage in 2019. During this period, Hubble Investment was the main carrier of investment.</p><p>In April 2019, when Hubble Investment was established, the registered capital was 700 million yuan. Subsequently, Huawei increased its capital twice in October 2020 and May 2021, with a registered capital of 3 billion yuan. In terms of the composition of Hubble Investment directors, Bai Yi, chairman and general manager, was the vice president of Huawei's financial management office and the president of Huawei's global financial risk control center; Director Ying Weimin once served as the president of Huawei Wireless Network R&D, and director Zhou Yongjie once served as the vice president of HiSilicon Semiconductor Co., Ltd., both of whom have experience in the communications 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 the establishment and development of Hubble Investment is almost synchronized with the US sanctions against Huawei. One month after the establishment of Hubble Investment, the United States launched the first of four rounds of sanctions against Huawei. In May 2019, the Trump administration included Huawei in the entity list, restricting American companies from supplying Huawei. As the United States increases its sanctions on Huawei, the pace of Hubble's investment is also accelerating.</p><p>At that time, Huawei made two preparations: in the short term, it stepped up the purchase of parts from suppliers such as Murata, Toshiba, Kyocera, and Rohm, and increased the purchase volume in Taiwan. For example, orders from Largan increased significantly. At the same time, according to industry chain research, Huawei has also prepared about one year 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 still actively looking for alternative suppliers, relaxing the certification qualification conditions for domestic suppliers, and increasing the exploration and cultivation of potential domestic suppliers.</p><p><b>Product mergers and acquisitions</b></p><p>Judging from IT Orange data, Huawei's first investment was the acquisition of Harbor Technology for 1.7 billion yuan in June 2006. Harbor Network is a company founded by Li Yinan, the former youngest vice president of Huawei. After fierce competition between the two companies, Huawei finally took it under its command, and Li Yinan became Huawei's chief scientist and vice president of Huawei. However, two years later, Li Yinan left Huawei again.</p><p>In fact, Huawei's investment can be traced back to around 2000. At that time, when the third-generation mobile communication technology was in the early stage of large-scale application, Huawei, as a latecomer, waited for an opportunity to take the lead and launched a series of small-scale acquisitions in the United States.</p><p><ul><li>At the beginning of 2002, Huawei's acquisition of optical communication manufacturer OptiMight strengthened its technical strength 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 reached a cooperation with LightPointe, a designer and manufacturer of wireless optical products in Silicon Valley, and 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 the main types of companies are communications and semiconductors. The purpose of Huawei's series of investments is to make up for its relatively weak modules, and at the same time better enter developed countries and increase its market share in Europe and the United States.</b></p><p>Among them, part of the investment is also related to Huawei's strategic layout in the field of Internet of Things. In 2012, Huawei announced its entry into the Internet of Things and has completed related Internet of Things solutions. Subsequent investments will expand its IoT layout abroad.</p><p>For example, in July 2014, Huawei and Bosch Ventures,<a href=\"https://laohu8.com/S/XLNX\">Xilinx</a>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 household devices connected to the Internet through embedded chips; In September of the same year, Huawei acquired Neul, another British Internet of Things company, for US $25 million.</p><p><img src=\"https://static.tigerbbs.com/e8f251765fe16b3add9df66c7a3ec730\" tg-width=\"1080\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p>It is worth mentioning that Huawei was briefly interested in the Internet business and invested<a href=\"https://laohu8.com/S/300418\">Kunlun Wanwei</a>, Baofengyingyin, Quyou, Yibao Payment and other enterprises. Most of these projects were invested by Zhu Bo during the period when he led 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 dollars in Quyou, a domestic web game research and development and operation company.</p><p></li><li>In August 2011, Huawei invested in<a href=\"https://laohu8.com/S/300418\">Kunlun Wanwei</a>200 million yuan, holding 3% of the shares, was the seventh largest shareholder at that time. After the ban on Kunlun Wanwei's listing was lifted in 2016, Huawei reduced its stake.</p><p></li><li>In 2013, Huawei took over Baofengyingyin from Matrix Partners China and IDG, holding 3.89% of its shares. After Baofeng's listing was lifted in 2016, Huawei also chose to reduce its holdings.</p><p></li></ul><b>Overall, Huawei's investment ideas at this stage are somewhat<a href=\"https://laohu8.com/S/CSCO\">Cisco</a>The shadow of, that is, through small amounts</b>(mostly between millions of dollars and hundreds of millions of dollars)<b>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 makes less financial investment.</b></p><p><b>Layout of the entire semiconductor industry</b></p><p>After years of global cooperation and continuous R&D investment, Huawei has formed its own unique advantages in the supply chain. If it weren't for US sanctions, the possibility of Huawei starting large-scale investment again is very low.</p><p>From the second half of 2019 to the present, Huawei's foreign investment has ushered in a \"peak period\", with 39 investment targets. During this period, Huawei established a special subsidiary-Hubble Investment, which led the investment at this stage. Since its establishment in April 2019, Hubble Investment has deployed 37 companies in 26 months, basically investing in more than 1-2 projects every month. Especially after the second half of 2020, the pace of Hubble's investment began to accelerate, with even three investments in some months (June and December 2020, February and March 2021).</p><p>At present, most of Huawei Hubble's companies are in the semiconductor field, covering multiple subdivisions 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 most focused area of Hubble's investment. Up to now, Harper Investment has deployed nearly 15 companies including Shandong Tianyue, Smartway, Jiehuate Microelectronics, Yutai Microelectronics, Kunyou Optoelectronics, Haoda Electronics, Qinghong Electronics, and Zonghui Xinguang. There are many types of chips involved here, including security chips, radio frequency chips, optical chips, analog chips, memory chips and so on.</p><p>Among them, Smartway is an important CIS image sensor company in China, with unique technical 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\">Siripu</a>It is the number one analog chip designer in China and the twelfth in the world. According to the prospectus,<a href=\"https://laohu8.com/S/688536\">Siripu</a>One of the few achievements in China<a href=\"https://laohu8.com/S/JCS\">Communication system</a>An enterprise that has made breakthroughs in analog chip technology has become one of the global suppliers of analog integrated circuit products in 5G base stations.</p><p>In addition, Hubble Investment is also actively deploying upstream raw materials and semiconductor manufacturing equipment. Keyi Hongyuan, which has attracted much attention recently, is the only company in China and the third company in the world to research and produce 193nm ArF excimer laser technology. It is also the light source system supplier of Shanghai Microelectronics, a domestic lithography manufacturer. It can be said that it should be the leading domestic manufacturer in the core technology of lithography Light Source.</p><p>In contrast, Runhua Quanxin Microelectronics is a company founded in 2016. Although it has not been established for a long time, it also has its own \"unique skills\". The fully automatic glue removal and stripping machine (AS6) produced by the company was awarded the 14th (2019) China Semiconductor Innovative Product and Technology.</p><p>In the segmented field of semiconductor \"stuck neck\", EDA software is also an important part. At present, the global EDA market is mainly monopolized by three American companies: Synopsys, Cadence, and Mentor. They have stopped cooperating with Huawei after the U.S. ban.</p><p>In this regard, Hubble Investment is also actively deploying. From December 2020 to March 2021, Huawei has made four consecutive sons in the field of EDA, investing in Jiutongfang Microelectronics, Wuxi Feipu Electronics, Lixin Software, and Yundao Intelligent Manufacturing and other enterprises.</p><p>In addition, there will be two investments with Huawei as the main body after 2019: Xunlian Zhifu and CLP Instruments. Xunlianzhifu was established in June 2013 and was issued a payment license in July 2014. The license types are nationwide Internet payment and mobile phone payment services. This also makes Huawei the second mobile phone manufacturer to obtain a payment license after Xiaomi.</p><p>In March 2020, Huawei added a new foreign investment enterprise CLP Instruments, with Huawei holding 8% of the shares and a subscribed capital contribution of 66.06 million yuan. Huawei's stake in CLP Instruments is mainly related to the layout of 5G. According to the official Weibo account of CLP Instruments, it began to lay out the R&D layout of 5G communication testing in 2013. At present, it has made breakthroughs in many key core technologies, forming a category of instruments including material and chip testing, module and device testing, terminal testing, base station testing and other categories. The product's \"5 + X\" 5G communication test instrument product system.</p><p>Overall, in the past two years, in order to reduce the impact of U.S. sanctions, Huawei's investment has switched from conservative to radical, and its investment strategy has gradually shifted from focusing on mergers and acquisitions in the past to focusing on strategic investment and VC investment. All this is to find domestic alternatives to the supply chain and support domestic semiconductor companies.</p><p>While Huawei is actively implementing the synergy strategy, its financial returns are also very impressive. It is understood that in July 2019, six months before Siripu received listing counseling, Hubble Investment subscribed for 2.24 million additional shares issued by Siripu for 72 million yuan. The unit price of the capital increase was 32.13 yuan/share. The post-investment valuation is 900 million yuan.</p><p>In the first year of investing in Sirip, Huawei brought it 170 million yuan in orders, causing its revenue to surge by 167% year-on-year. As of the close of trading on June 21, Siripu's stock price was 562.97 yuan per share, with a total market value of 45 billion yuan. Since its listing, it has increased by more than 3.5 times. This investment made Hubble Investment profit 50 times.</p><p>At the same time, on April 15, 2021, the IPO of storage chip manufacturer Dongxin Semiconductor Science and Technology Innovation Board was approved; On May 31, the IPO application of Shandong Tianyue Science and Technology Innovation Board, a silicon carbide substrate manufacturer, was accepted; On June 4, Canqin Technology's IPO in science and technology innovation board was submitted for registration. On the Science and Technology Innovation Board, a \"Huawei Legion\" is slowly emerging.</p><p>From a strategic point of view, Huawei hopes to take a third path in the semiconductor industry. It is understood that there are currently two main modes of semiconductors: one is IDM mode, similar to<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Invest in building factories by yourself and engage in advanced technology development and manufacturing; The other is the OEM model, similar to<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Only focus on mid-stage chip manufacturing. Over the past three decades, OEM has been the mainstream of the market.</p><p>With Huawei's current layout, Huawei adopts a new energy vehicle business model similar to its new energy vehicle, that is, mature technologies and factories are tackled and provided by cooperative manufacturers, and Huawei itself engages in core value parts such as autonomous driving, electric drive, and connected vehicle technology..</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>Revealing Huawei's investment landscape: from conservative and low-key to radical and vigorous</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\">\nRevealing Huawei's investment landscape: from conservative and low-key to radical and vigorous\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 not to be \"abandoned\" by the times in the ebb and flow caused by technological change has become a topic that many large technology companies must face.</p><p>At present, the mainstream approach is to increase research and development and build its own technical barriers; On the other hand, the external layout is diversified, and Lian Heng is integrated to build its own ecological advantages.</p><p>Domestically, Internet companies such as BAT and TMD are trying to use investment mergers and acquisitions to build their own ecological map and strengthen their \"moat\". After searching IT Orange, I found that,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Invested in 953 companies, Ali has 588 companies,<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, and even the smaller Meituan has 79.</p><p>In contrast, Huawei, founded in 1987, has always been very cautious and conservative in investment, with only about 60 foreign investments so far. In more than 30 years of development, Huawei has faced many readily available opportunities, such as the real estate investment boom and the bull market in the secondary market, but it seems unmoved and always sticks to its own field. Today, Huawei has grown into a large company with an annual revenue of nearly 900 billion yuan, and its business mainly includes consumer business, operator business, and enterprise business.</p><p>However, as U.S. sanctions continue to increase, the situation of semiconductor \"stuck neck\" has become more and more serious, and Huawei seems to have undergone some changes in investment. In 2019, Huawei's wholly-owned subsidiary Hubble Investment continued to \"move\" in industries such as semiconductor chips, raw materials, and equipment, triggering speculation about Huawei's full entry into the semiconductor industry.</p><p>During Huawei's more than 30 years of development, which companies has Huawei mainly invested in? What different signals are conveyed behind it? Let's take a look together.</p><p><b>Investment map scanning</b></p><p>A lot of public awareness of Huawei's investment comes from the speeches of Ren Zhengfei and Xu Zhijun in 2017. At that time, Huawei's President's Office issued Document No. 126 accordingly, clearly stating that \"nothing should be done\", which mentioned that \"no applications, no data, and no equity investments should be adhered to.\"</p><p>This was later interpreted as \"Huawei does not invest.\" But in fact, whether it is Ren Zhengfei or Xu Zhijun, the so-called \"no investment\" is mainly aimed at Huawei Cloud, cloud computing and big data artificial intelligence platforms, not all fields.</p><p>Overall, Huawei's foreign investment ideas have always followed the rules formulated in the Huawei Basic Law. This management outline adopted in 1998 determines Huawei's corporate strategy, values and management principles.</p><p>For investment, Article 37 of the Basic Law stipulates that,<b>\"Our short-to medium-term investment strategy still insists on product investment, in order to maximize the concentration of resources and rapidly enhance the company's technical strength, market position and management capabilities... We do not engage in any irrelevant diversification that disperses the company's resources and senior management energy.\"</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 been very low-key in terms of investment and mergers and acquisitions. If divided according to time, it can be roughly divided into two periods: the first stage is from 2000 to 2016, and the second stage is from 2019 to now.</p><p>In the first stage, Huawei's investment was mainly led by the internal corporate development department, and the Internet business briefly invested in some projects. Among them, Huawei's overall investment department is called the \"Enterprise Development Department\". This department is affiliated to the Financial and Economic Committee, mainly including the Strategic Development Department, the Enterprise Project Operation Department, the Investment Monitoring Department, the Project Implementation Department, etc.</p><p>Within the Huawei system, the enterprise development department is not the core department. Unlike many companies, Huawei's foreign investment process is initiated by the business part. After they find that the technology mastered by a certain company is helpful to their business, they report the target to the enterprise development department. After inspection and evaluation by the Enterprise Development Department, it is submitted to the Standing Board of Directors for decision-making. Therefore, the enterprise 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) and wanted to talk about cooperation with Huawei, but Xu Zhijun valued him. At that time, Huawei saw a ceiling in the field of communications, hoping to break through and make achievements in the field of Internet services, and invited Zhu Bo to join.</p><p>In the end, Huawei set up an Internet business department specifically for Zhu Bo. At that time, Zhu Bo brought more than 20 people, and more than 30 people were transferred from Huawei to set up a team of about 60 people. This department was originally directly under Huawei Software. After diversification in 2010, the Internet business department was incorporated into Consumer BG.</p><p>However, this department was also abolished with Zhu Bo's departure in 2012. According to Zhu Bo, Huawei initially intended to develop into services and the Internet. However, in the specific operation process, the B2C thinking model 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 experiencing an investment gap period between 2015 and 2018, Huawei Investment ushered in the second stage in 2019. During this period, Hubble Investment was the main carrier of investment.</p><p>In April 2019, when Hubble Investment was established, the registered capital was 700 million yuan. Subsequently, Huawei increased its capital twice in October 2020 and May 2021, with a registered capital of 3 billion yuan. In terms of the composition of Hubble Investment directors, Bai Yi, chairman and general manager, was the vice president of Huawei's financial management office and the president of Huawei's global financial risk control center; Director Ying Weimin once served as the president of Huawei Wireless Network R&D, and director Zhou Yongjie once served as the vice president of HiSilicon Semiconductor Co., Ltd., both of whom have experience in the communications 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 the establishment and development of Hubble Investment is almost synchronized with the US sanctions against Huawei. One month after the establishment of Hubble Investment, the United States launched the first of four rounds of sanctions against Huawei. In May 2019, the Trump administration included Huawei in the entity list, restricting American companies from supplying Huawei. As the United States increases its sanctions on Huawei, the pace of Hubble's investment is also accelerating.</p><p>At that time, Huawei made two preparations: in the short term, it stepped up the purchase of parts from suppliers such as Murata, Toshiba, Kyocera, and Rohm, and increased the purchase volume in Taiwan. For example, orders from Largan increased significantly. At the same time, according to industry chain research, Huawei has also prepared about one year 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 still actively looking for alternative suppliers, relaxing the certification qualification conditions for domestic suppliers, and increasing the exploration and cultivation of potential domestic suppliers.</p><p><b>Product mergers and acquisitions</b></p><p>Judging from IT Orange data, Huawei's first investment was the acquisition of Harbor Technology for 1.7 billion yuan in June 2006. Harbor Network is a company founded by Li Yinan, the former youngest vice president of Huawei. After fierce competition between the two companies, Huawei finally took it under its command, and Li Yinan became Huawei's chief scientist and vice president of Huawei. However, two years later, Li Yinan left Huawei again.</p><p>In fact, Huawei's investment can be traced back to around 2000. At that time, when the third-generation mobile communication technology was in the early stage of large-scale application, Huawei, as a latecomer, waited for an opportunity to take the lead and launched a series of small-scale acquisitions in the United States.</p><p><ul><li>At the beginning of 2002, Huawei's acquisition of optical communication manufacturer OptiMight strengthened its technical strength 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 reached a cooperation with LightPointe, a designer and manufacturer of wireless optical products in Silicon Valley, and 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 the main types of companies are communications and semiconductors. The purpose of Huawei's series of investments is to make up for its relatively weak modules, and at the same time better enter developed countries and increase its market share in Europe and the United States.</b></p><p>Among them, part of the investment is also related to Huawei's strategic layout in the field of Internet of Things. In 2012, Huawei announced its entry into the Internet of Things and has completed related Internet of Things solutions. Subsequent investments will expand its IoT layout abroad.</p><p>For example, in July 2014, Huawei and Bosch Ventures,<a href=\"https://laohu8.com/S/XLNX\">Xilinx</a>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 household devices connected to the Internet through embedded chips; In September of the same year, Huawei acquired Neul, another British Internet of Things company, for US $25 million.</p><p><img src=\"https://static.tigerbbs.com/e8f251765fe16b3add9df66c7a3ec730\" tg-width=\"1080\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p>It is worth mentioning that Huawei was briefly interested in the Internet business and invested<a href=\"https://laohu8.com/S/300418\">Kunlun Wanwei</a>, Baofengyingyin, Quyou, Yibao Payment and other enterprises. Most of these projects were invested by Zhu Bo during the period when he led 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 dollars in Quyou, a domestic web game research and development and operation company.</p><p></li><li>In August 2011, Huawei invested in<a href=\"https://laohu8.com/S/300418\">Kunlun Wanwei</a>200 million yuan, holding 3% of the shares, was the seventh largest shareholder at that time. After the ban on Kunlun Wanwei's listing was lifted in 2016, Huawei reduced its stake.</p><p></li><li>In 2013, Huawei took over Baofengyingyin from Matrix Partners China and IDG, holding 3.89% of its shares. After Baofeng's listing was lifted in 2016, Huawei also chose to reduce its holdings.</p><p></li></ul><b>Overall, Huawei's investment ideas at this stage are somewhat<a href=\"https://laohu8.com/S/CSCO\">Cisco</a>The shadow of, that is, through small amounts</b>(mostly between millions of dollars and hundreds of millions of dollars)<b>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 makes less financial investment.</b></p><p><b>Layout of the entire semiconductor industry</b></p><p>After years of global cooperation and continuous R&D investment, Huawei has formed its own unique advantages in the supply chain. If it weren't for US sanctions, the possibility of Huawei starting large-scale investment again is very low.</p><p>From the second half of 2019 to the present, Huawei's foreign investment has ushered in a \"peak period\", with 39 investment targets. During this period, Huawei established a special subsidiary-Hubble Investment, which led the investment at this stage. Since its establishment in April 2019, Hubble Investment has deployed 37 companies in 26 months, basically investing in more than 1-2 projects every month. Especially after the second half of 2020, the pace of Hubble's investment began to accelerate, with even three investments in some months (June and December 2020, February and March 2021).</p><p>At present, most of Huawei Hubble's companies are in the semiconductor field, covering multiple subdivisions 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 most focused area of Hubble's investment. Up to now, Harper Investment has deployed nearly 15 companies including Shandong Tianyue, Smartway, Jiehuate Microelectronics, Yutai Microelectronics, Kunyou Optoelectronics, Haoda Electronics, Qinghong Electronics, and Zonghui Xinguang. There are many types of chips involved here, including security chips, radio frequency chips, optical chips, analog chips, memory chips and so on.</p><p>Among them, Smartway is an important CIS image sensor company in China, with unique technical 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\">Siripu</a>It is the number one analog chip designer in China and the twelfth in the world. According to the prospectus,<a href=\"https://laohu8.com/S/688536\">Siripu</a>One of the few achievements in China<a href=\"https://laohu8.com/S/JCS\">Communication system</a>An enterprise that has made breakthroughs in analog chip technology has become one of the global suppliers of analog integrated circuit products in 5G base stations.</p><p>In addition, Hubble Investment is also actively deploying upstream raw materials and semiconductor manufacturing equipment. Keyi Hongyuan, which has attracted much attention recently, is the only company in China and the third company in the world to research and produce 193nm ArF excimer laser technology. It is also the light source system supplier of Shanghai Microelectronics, a domestic lithography manufacturer. It can be said that it should be the leading domestic manufacturer in the core technology of lithography Light Source.</p><p>In contrast, Runhua Quanxin Microelectronics is a company founded in 2016. Although it has not been established for a long time, it also has its own \"unique skills\". The fully automatic glue removal and stripping machine (AS6) produced by the company was awarded the 14th (2019) China Semiconductor Innovative Product and Technology.</p><p>In the segmented field of semiconductor \"stuck neck\", EDA software is also an important part. At present, the global EDA market is mainly monopolized by three American companies: Synopsys, Cadence, and Mentor. They have stopped cooperating with Huawei after the U.S. ban.</p><p>In this regard, Hubble Investment is also actively deploying. From December 2020 to March 2021, Huawei has made four consecutive sons in the field of EDA, investing in Jiutongfang Microelectronics, Wuxi Feipu Electronics, Lixin Software, and Yundao Intelligent Manufacturing and other enterprises.</p><p>In addition, there will be two investments with Huawei as the main body after 2019: Xunlian Zhifu and CLP Instruments. Xunlianzhifu was established in June 2013 and was issued a payment license in July 2014. The license types are nationwide Internet payment and mobile phone payment services. This also makes Huawei the second mobile phone manufacturer to obtain a payment license after Xiaomi.</p><p>In March 2020, Huawei added a new foreign investment enterprise CLP Instruments, with Huawei holding 8% of the shares and a subscribed capital contribution of 66.06 million yuan. Huawei's stake in CLP Instruments is mainly related to the layout of 5G. According to the official Weibo account of CLP Instruments, it began to lay out the R&D layout of 5G communication testing in 2013. At present, it has made breakthroughs in many key core technologies, forming a category of instruments including material and chip testing, module and device testing, terminal testing, base station testing and other categories. The product's \"5 + X\" 5G communication test instrument product system.</p><p>Overall, in the past two years, in order to reduce the impact of U.S. sanctions, Huawei's investment has switched from conservative to radical, and its investment strategy has gradually shifted from focusing on mergers and acquisitions in the past to focusing on strategic investment and VC investment. All this is to find domestic alternatives to the supply chain and support domestic semiconductor companies.</p><p>While Huawei is actively implementing the synergy strategy, its financial returns are also very impressive. It is understood that in July 2019, six months before Siripu received listing counseling, Hubble Investment subscribed for 2.24 million additional shares issued by Siripu for 72 million yuan. The unit price of the capital increase was 32.13 yuan/share. The post-investment valuation is 900 million yuan.</p><p>In the first year of investing in Sirip, Huawei brought it 170 million yuan in orders, causing its revenue to surge by 167% year-on-year. As of the close of trading on June 21, Siripu's stock price was 562.97 yuan per share, with a total market value of 45 billion yuan. Since its listing, it has increased by more than 3.5 times. This investment made Hubble Investment profit 50 times.</p><p>At the same time, on April 15, 2021, the IPO of storage chip manufacturer Dongxin Semiconductor Science and Technology Innovation Board was approved; On May 31, the IPO application of Shandong Tianyue Science and Technology Innovation Board, a silicon carbide substrate manufacturer, was accepted; On June 4, Canqin Technology's IPO in science and technology innovation board was submitted for registration. On the Science and Technology Innovation Board, a \"Huawei Legion\" is slowly emerging.</p><p>From a strategic point of view, Huawei hopes to take a third path in the semiconductor industry. It is understood that there are currently two main modes of semiconductors: one is IDM mode, similar to<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Invest in building factories by yourself and engage in advanced technology development and manufacturing; The other is the OEM model, similar to<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Only focus on mid-stage chip manufacturing. Over the past three decades, OEM has been the mainstream of the market.</p><p>With Huawei's current layout, Huawei adopts a new energy vehicle business model similar to its new energy vehicle, that is, mature technologies and factories are tackled and provided by cooperative manufacturers, and Huawei itself engages in core value parts such as autonomous driving, electric drive, and connected vehicle technology..</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":1500,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
