2024年2月5日发(作者：耳机吧三大神塞)

联想收购摩托罗拉，挺进美国智能手机市场

In Motorola Purchase, Lenovo Gains Big Footprint in Smartphones

联想收购摩托罗拉，挺进美国智能手机市场

TOKYO — Apple and Samsung Electronics dominate the smartphone business, controlling

about half of the sales and most of the profits. An ever-changing roster of also-rans has

struggled to close the gap. Now one of those challengers, Lenovo, has broken free of the

pack and pushed itself into a clear No. 3 position with an agreement to buy Motorola Mobility

from Google.

东京——苹果(Apple)和三星电子(Samsung Electronics)目前在智能手机行业占主导地位，它们控制着大约一半的市场份额以及大部分利润。尽管新的参与者不断涌现，但都难以超越这两家公司。如今，作为其中的一名挑战者，联想集团凭借着从谷歌(Google)手中收购摩托罗拉移动公司(Motorola Mobility)的协议力压群雄，无可辩驳地坐上第三把交椅。

Assuming the deal is completed, do Samsung and Apple need to start looking over their

shoulders? Not yet, it seems.

那么，如果联想完成交易，三星和苹果是不是该开始担心自己的地位了？似乎还没这个必要。

Motorola sells its flagship phone, the Moto X, in the United States for more than

double the price of some Lenovo smartphones in China.

在美国，摩托罗拉旗舰手机Moto X无合约版售价399美元，是联想部分智能手机在中国售价的两倍多。

With a combined share of 6.4 percent of smartphone sales in the fourth quarter of 2013,

Lenovo and Motorola would still be only a distant third to Samsung, with 29 percent, and

Apple, with 17 percent, according to Counterpoint Technology Market Research. Motorola,

with barely more than 1 percent of the smartphone market share, is a shadow of the

company whose Razr handsets were the must-have devices of the pre-smartphone era.

Counterpoint 技术市场研究公司(Counterpoint Technology Market Research)的数据显示，2013年第四季度，联想和摩托罗拉的智能手机合并销量在整个市场的比重为6.4%，距三星和苹果仍然有较大差距。三星和苹果的份额分别是29%和17%。摩托罗拉在智能手机市场的份额仅仅超过1%，早已不复昔日辉煌，而在智能手机出现之前，摩托罗拉的Razr手机几乎是一款必不可少的设备。

No other mobile phone maker has managed to climb back after falling from the heights. And

Google piled up millions of dollars in losses from Motorola during a brief ownership that

began in 2012.

迄今为止，没有其他手机制造商能从如此巅峰跌落后东山再起。从2012年收购了摩托罗拉以来，在不长的时间里，谷歌承受了摩托罗拉带来的巨额亏损。

But Lenovo executives say the Motorola brand remains valuable. And analysts agree that the

deal includes other assets that could give Lenovo a better chance of eventually challenging

the top two than other second-tier smartphone makers.

但联想的高管说，摩托罗拉的品牌仍然具有价值。分析人士也认为，这笔交易所包括的其他资产可能使联想与其他二线智能手机制造商相比更有可能最终对两巨头发起挑战。

“Lenovo now has extra scale in smartphones and a seat near the top table,” said Neil

Mawston, an analyst at Strategy Analytics, a research firm.

调查公司Strategy Analytics的分析师尼尔·莫斯顿(Neil Mawston)说，“联想现在在智能手机业务上有了更大的规模，在顶级的游戏桌旁拥有了一席之地。”

Some analysts said the deal was reminiscent of Lenovo’s 2005 acquisition of IBM’s PC

business, which turned a parochial Chinese electronics company into a global technology

power. After several other acquisitions, Lenovo is the biggest PC maker in the world, and it

moved this month to expand its computer-making operations further by snapping up IBM’s

low-end server business.

一些分析师说，这笔交易让人想起了联想2005年收购IBM个人电脑业务的交易。这次收购让联想从一家中国本土电子公司转变为全球科技巨头。在实施了另外几笔收购之后，联想目前是世界上最大的个人电脑制造商。本月，通过收购IBM的低端服务器业务，联想进一步扩大了计算机制造业务。

Investors are worried about the cost of the two most recent deals: more than $5 billion.

Lenovo shares fell 8.2 percent in Hong Kong on Thursday. But analysts say that if the

company can successfully integrate Motorola, it could gain considerable advantages.

令投资者感到忧虑的是最近这两笔交易的成本：逾50亿美元。联想在香港的股价周四下跌了8.2%。但分析人士说，如果公司能够成功地整合摩托罗拉，可以获得许多好处。

For one, there would be geographical benefits, which Lenovo executives pointed out in

separate conference calls with reporters on Wednesday in the United States and on Thursday

in Asia.

其中就包括地理上的优势，周三在美国、周四在亚洲举行的电话会议中，联想的高管向记者们指出了这一点。

Although the company has been pushing to expand its smartphone business internationally,

more than 90 percent of its sales are still in China. Lenovo has entered a few other

developing markets, but it has not begun selling phones in the United States or Western

Europe.

尽管联想一直努力在全球扩大智能手机业务，但其90%以上的销售仍然在中国。联想已经进入了几个其他的发展中国家市场，但尚未在美国和西欧国家的市场销售手机。

Lenovo executives said they would retain both brand names, and in some cases, the two

brands might be sold alongside each other.

联想的高管说，两个品牌都会保留，还有可能把两个品牌的产品放在一起销售。

“We are not restricting Lenovo to China or Motorola to the U.S.,” said Wai Ming Wong, the

Lenovo chief financial officer. “They are two different brands with different sets of

propositions for the customers. The key for us is to sell more devices to the market.”

联想首席财务官黄伟明说，“我们不会把联想限制在中国，也不会把摩托罗拉限制在美国。他们是两个不同的品牌，满足了客户的不同需求。对我们来说，关键是在市场销售更多设备。”

Motorola sells its flagship phone, the Moto X, for $399 in the United States without a mobile

service contract. That is more than double the price of some Lenovo smartphones in China.

在美国，摩托罗拉旗舰手机Moto X的无合约售价为399美元。这是一些联想智能手机在中国售价的两倍多。

Although Motorola is not a big player globally, it has distribution relationships with more than

50 mobile carriers, Mr. Wong said.

虽然摩托罗拉算不上全球性的大品牌，但它与50多家移动运营商建立了分销关系，黄伟明说。

Analysts said it could take several years to rebuild the brand in Europe, where it has mostly

disappeared, but Motorola would give Lenovo a more immediate entree into the United

States.

分析师表示，摩托罗拉可以说已经在欧洲销声匿迹，重建该品牌在欧洲的声势可能需要花费几年时间，但它会给联想提供一张直接通往美国市场的入场券。

One of the biggest barriers to entering the American smartphone market for Lenovo has

been its lack of a strong patent portfolio. This would have made it vulnerable to so-called

patent trolls — entities that buy patents to collect royalties from technology manufacturers.

Under the agreement, Lenovo said it would receive more than 2,000 patents and license

others from Google, affording it a measure of protection.

对于联想来说，进入美国智能手机市场的最大障碍是缺乏强有力的专利支持。这让它很容易遭到“专利流氓”的左右。这些所谓的“专利流氓”购买专利，然后从技术制造商那里收取技术使用费。联想表示，根据收购协议，该公司将从谷歌获得逾2000项专利与授权许可；这为它提供了一定程度的保护。

“Motorola understands the smartphone market very well, especially in the mature markets,”

Mr. Wong said.

“摩托罗拉非常了解智能手机市场，尤其是成熟的市场，”黄伟明说。

Because the $2.9 billion price of the Motorola sale includes $750 million in Lenovo stock, the

deal also gives Lenovo what it described as a “strategic relationship” with Google, developer

of the Android mobile operating system, which is widely used by Lenovo, Samsung and other

phone makers.

由于29亿美元的价格中包含了7.5亿美元的联想股票，这桩交易也让联想与谷歌之间形成了前者所说的“战略关系”。谷歌开发的Android移动操作系统得到了联想、三星和其他手机制造商的广泛采用。

By aligning itself more closely with Google, Lenovo can keep pace with Samsung, which this

week announced a 10-year deal to share patents with Google. That agreement, along with

the planned sale of Motorola to Lenovo, eased concerns over possible strains in the

Google-Samsung alliance.

三星本周宣布了一项为期10年的跟谷歌共享专利的协议，而联想可以通过跟谷歌更紧密地合作，跟上三星的步伐。谷歌跟三星的协议，以及把摩托罗拉出售给联想的计划，缓解了人们对谷歌和三星之间合作关系可能变得紧张的担忧。

“With these agreements, Google gets away from unnecessary friction with the

manufacturers,” said Tom Kang, an analyst at Counterpoint.

“有了这些协议，谷歌就远离了跟制造商之间不必要的摩擦，”Counterpoint技术市场研究公司分析师汤姆·康(Tom Kang)说。

Close ties to Google are important for Lenovo and Samsung because they build official

versions of the Android operating system into their phones, integrating them with Google’s

other online services. Some other phone makers use so-called forked versions of Android,

which are stripped of some of their Google functions.

对于联想和三星来说，与谷歌保持密切的关系相当重要，因为它们的手机采用了Android操作系统的官方版本，集成了谷歌的其他在线服务。其他一些手机厂商则采用了所谓的Android分支版本，去掉了谷歌的一些功能。

“Lenovo has the expertise and track record to scale Motorola into a major player within the

Android ecosystem,” Larry Page, the chief executive of Google, said in a statement.

“联想拥有相应的专业知识和成功经验，可以把摩托罗拉发展成Android生态系统中一个主要角色，”谷歌首席执行官拉里·佩奇(Larry Page)在一份声明中说。

When Google acquired Motorola, the move prompted speculation that it was trying to free

itself from its dependence on Samsung phones and create a more integrated system

combining hardware and software, along the lines of Apple. Samsung began developing

more of its own software, including a new operating system called Tizen.

当初谷歌收购摩托罗拉时，外界猜测它打算以此摆脱对三星手机的依赖，沿袭苹果的做法，把硬件和软件结合起来，打造一个更加整合的系统。三星也开始更多地开发自己的软件，其中包括一个名为Tizen的新操作系统。

This week, Lenovo announced a restructuring that created a separate unit to develop

“ecosystem and cloud services.”

本周，联想宣布调整组织结构，成立了一个单独的部门来发展“生态系统和云服务”。

But analysts said they expected Lenovo to continue to use Android in its mobile phones,

rather than develop its own mobile operating system.

但分析师表示，他们预计联想将继续采用Android，而不是开发自己的移动操作系统。

“For Lenovo, it’s the cheapest and best-performing solution,” Mr. Kang said.

“对于联想来说，这是最经济、效果最佳的解决方案，”汤姆·康说。

By relying on Android, Lenovo — like Samsung — falls short of the level of hardware and

software integration that Apple provides. But the addition of Motorola would give it a range

of hardware that few others could match.

由于依靠Android系统，联想也像三星一样，无法实现苹果那种程度的软硬件整合。但收购了摩托罗拉，联想就获得了一系列多数厂商难以媲美的硬件。

“This puts Lenovo in position to have leading offerings in smartphones, tablets and PCs — a

vital trifecta that no other global manufacturer has — besides Apple,” said Frank E. Gillett, an

analyst at Forrester Research.

弗雷斯特研究公司(Forrester Research)分析师弗兰克·E·吉莱特(Frank E. Gillett)说，“这样一来，联想就在智能手机、平板电脑和PC三个领域都拥有了领先产品，之前除了苹果，其他全球制造商都没有这种优势。”