【阅读题源】精读版:雷军与董明珠的10亿赌约

2800】 (本文选自《经济学人》20190504期) 背景介绍: 2013年12月12日,在央视第

(本文选自《经济学人》20190504期)

背景介绍:

2013年12月12日,在央视第十四届中国经济年度人物颁奖盛典上,小米集团CEO雷军与格力电器董事长董明珠定下“10亿赌约”,小米的营业额将在五年内超过格力。如今五年过去了,结果已经揭晓。

Xiaomi’s founder loses a billion-yuan bet

小米创始人输掉了10亿赌注

The wager offers a vignette of corporate China

这次赌约展现了中国企业的一个缩影

In 2013 business folk gathered in Beijing to honour Chinese “Economic Figures of the Year” were treated to an unexpected twist. One of the winners, Lei Jun, ventured that in five years the sales of Xiaomi, the smartphone-maker he founded in 2010, wouldsurpass those of Gree, a manufacturer of air-conditioners with government roots. 

2013年,聚集在北京评选中国“年度经济人物”的商界人士经历了一件令人意想不到的事情。其中一位获奖者雷军大胆预测,小米(雷军于2010年创立的智能手机品牌)的营业额在5年内将超越格力(一家拥有政府背景的空调设备制造商)。

To make things interesting Dong Mingzhu, an entrepreneur and Gree’s chairwoman with whom Mr Lei had shared an award, bet him 1bn yuan ($148m today) that her company’s turnover would stay ahead. Mr Lei accepted. 

为了让事情变得更有趣,企业家董明珠(格力电器的董事长,她与雷军同被评为2013年度经济人物)向雷军开出了10亿元(约合1.48亿美元)的赌注,她赌格力的营业额将保持领先。雷军同意了。

Since March 19th, when Xiaomi posted revenues of 175bn yuan in 2018, corporate China has awaited the figure from Gree. On April 28th the verdict was in: it made 200bn yuan. Mr Lei was out of the money.

自今年3月19日小米公布了其2018年的总营收1750亿元以来,中国企业界一直在等待格力的数据。4月28日,结果出来了:格力2018年的营业额高达2000亿元。雷军输掉了。

The bet looked bold for Mr Lei in 2013. Xiaomi was then making a quarter of Gree’s 120bn yuan in annual sales. The “Apple of the East”, as it was dubbed, represented a new sort of Chinese company: market-driven and spunky, not state-led and stodgy; online instead of bricks and mortar; relying on digital technology rather than mechanical engineering. 

在2013年当时来看,雷军的打赌着实大胆。当时,小米的年营业额仅为格力的四分之一(格力当时的年营业额为1200亿元)。被戏称为“东方苹果”的小米代表了一种新型的中国公司:以市场为导向的、充满活力的,而不是由国家主导的、呆板守旧的;由线上取代线下;依靠数字技术而非机械工程。

By mid-2018 Xiaomi’s revenue neared 90% of Gree’s (see chart). When the firm floated on the Hong Kong stock exchange last July it was valued at $54bn. It has become the fourth-most-valuable Chinese brand, according to BrandZ, a consultancy; Gree is 29th. Ms Dong herself suggested that the wager was meaningless given how different Gree and Xiaomi were.

到2018年年中时,小米的收入已经接近格力的90%了。去年7月,小米在香港证券交易所上市时的市值为540亿美元。根据咨询公司 BrandZ 的评估,小米已经成为中国第四大最有价值的品牌了,而格力则排在第29位。董明珠表示,鉴于格力与小米的差异,这种打赌毫无意义。

In reality, the companies are not that dissimilar—and growing less so as China’s economy modernises. Both have boomed thanks to swelling Chinese disposable incomes. The fiercely independent Ms Dong has repeated publicly that her firm must fight for customers just as private ones like Xiaomi do. 

实际上,小米和格力的差异并没有那么大,并且随着中国经济的现代化,两家公司的差异变得更小了。得益于中国可支配收入的不断增长,两家公司都实现了蓬勃发展。个性极其独立的董明珠曾公开重申,她的公司必须像小米这样的私人公司一样为客户而战。

In April Gree’s largest shareholder, a regulator overseeing state-owned enterprises, said it would sell most of its 18% stake. To build an ecosystem of devices controlled by his mobile phones, Mr Lei relies on closeness to China’s manufacturing heartland, Gree’s home.

今年4月,格力最大的股东、一家监管国有企业的监管机构(该机构持有格力18%的股份)表示,将出售其所持股份中的大部分。雷军想要建立一个通过小米手机控制的智能设备生态系统,就必须依赖与中国制造业中心(也是格力的大本营)的紧密合作。

They face similar challenges, too. The competition in their core markets is stiff. Xiaomi’s margins from low-cost phones are wafer-thin. Gree has lost share of Chinese air-con sales to rivals such as Haier and Midea, which are introducing more high-tech models. 

他们都面临着类似的挑战。两家公司核心市场的竞争都非常激烈。小米从低价手机中获取的利润微不足道。格力在中国空调市场的份额也被海尔和美的等竞争对手(他们正在推出更多的高科技机型)抢走。

Xiaomi and Gree have both taken a punt on changing their original business models. Gree is selling more online. Xiaomi is opening more physical stores. To keep up with rapidly changing consumer tastes, Gree has moved into smart home appliances, as well as low-emission vehicles and chip design—areas in which Xiaomi now does business, too. 

小米和格力都将赌注押在了改变原有的商业模式上。格力更多转向了在线销售,而小米则开设了更多的实体店。为了跟上消费者快速变化的口味,格力和小米都已进军智能家电、低排放汽车和芯片设计领域。

Ms Dong now makes smartphones, and Mr Lei has a line of air-conditioners. Whether or not he makes good on it—gambling is outlawed on the mainland—the bet highlights the changing face of China Inc.

现在,董明珠在生产智能手机,而雷军也有了空调的生产线。无论雷军是否擅长赌博(这在中国大陆是违法行为),这次的打赌都凸显了中国公司正在改变的风貌。

重难点词汇

wager ['weɪdʒə] n. 赌注;赌博;赌物 vi. 打赌 vt. 下赌注

vignette [vɪn'jɛt] n. 装饰图案;小插图;梗概,简介,花絮 vt. 把……印放为虚光照,晕映

surpass [sə'pæs] vt. 超越;胜过,优于;非…所能办到或理解

turnover ['tɝn'ovɚ] n. 翻覆;[贸易] 营业额;流通量;半圆卷饼;失误 adj. 翻过来的;可翻转的

spunky ['spʌŋki] adj. 有精神的;容易发怒的;充满勇气的;生气蓬勃的

stodgy ['stɑdʒi] adj. 难消化的,易饱的;高糖分的;古板的,枯燥的;庞大的,笨重的

disposable [dɪ'spozəbl] adj. 可任意处理的;可自由使用的;用完即可丢弃的

fiercely ['fɪəslɪ] adv. 猛烈地;厉害地

ecosystem ['ɛko,sɪstəm] n. 生态系统

本文翻译:Vinnie

校核:Vinnie

编辑:Vinnie

五年前,小米雷军和格力董明珠的这场赌约看似是两家企业之间的比拼,实则是中国互联网新经济与传统制造业的比拼。虽然从最终的年营业额来看,小米确实是输给了格力;但就增长来看,互联网新经济确是赢了传统制造业。

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