某咨询三星对西门子的竞争

CONFIDENTIALMobileHandsetCompetitorAnalysis:SiemensSAMSUNGELECTRONICSCHINA(SECChina)August20,2001Thisreportissolelyfortheuseofclientpersonnel.Nopartofitmaybecirculated,quoted,orreproducedfordistributionoutsidetheclientorganizationwithoutpriorwrittenapprovalfromMcKinsey&Company.ThismaterialwasusedbyMcKinsey&Companyduringanoralpresentation;itisnotacompleterecordofthediscussion.SAMSUNG010605BJ-kickoff2OVERVIEWOFCOMPETITORANALYSISFRAMEWORK1.BackgroundinformationLocationRegistered

capitalManagement

teamEquity

structureStartingyearNumberof

employeesEraanalysis4.Valuechainstrategy5.Organizationandownership6.FinancialperformanceFocusonMarketing,

advertisingand

promotionDistribution(channel

andsalesforce)OrganizationstructureOwnershipstructureSalesProfit2.Strategy3.Product/marketMissionVisionCorporatestrategyMarketpositionKeyproductofferingsKeycustomersValuepropositionGeographicfocusPricing1SAMSUNG010605BJ-kickoff2KEYISSUESTOPROBE-SIEMENSStrategyProduct/marketValuechainstrategyOrganization&ownershipFinancialperformanceWhatdoesSiemensaimtobein2005inmobilecommunication?HowareSiemens’sproductandvaluedeliverysystemstrategiesdifferentfromitscompetitors’?WhatwillbeSiemens’sfutureproductsandwhichsegmentsofthemarketwillittargetat?InwhichsegmentofthemarketisSiemensstrongorweak?WhatisthekeysuccessfactorsforSiemenstopickupmarketsharequicklysince1999?HowdoesSiemens’sdistributionchanneldifferfromitscompetitors’?HowcapableisSiemensinR&D,manufacturing,salesandmarketing?Withabroadproductportfolio,howdoesSiemensorganizeorreorganizeitself?HowdoesSiemensperformandisitsperformanceexpectedtoimprovefurther?2SAMSUNG010605BJ-kickoff2BACKGROUNDINFORMATION1.BackgroundinformationLocationRegistered

capitalManagement

teamEquity

structureStartingyearNumberof

employeesEraanalysis4.Valuechainstrategy5.Organizationandownership6.FinancialperformanceFocusonMarketing,

advertisingand

promotionDistribution(channel

andsalesforce)OrganizationstructureOwnershipstructureSalesProfit2.Strategy3.Product/marketMissionVisionCorporatestrategyMarketpositionKeyproductofferingsKeycustomersValuepropositionGeographicfocusPricing3SAMSUNG010605BJ-kickoff2CHINAHASDEVELOPEDINTOAMAJORPILLARFORSIEMENSBUSINESSINASIAPACIFICLocationBasedatGermany50+JVs,28officesinChinaShanghaiisthelargestSiemenslocationoutsideGermanyInvestmentInvestedUSD0.44billioninChinaBusinessAllbusinesssectorsofSiemensincludinginformation

andcommunication,automationandcontrol,power,

transportationandhouseholdappliance,etc.StartingEnteredChina'stelecommunicationin1985Informationandcommunicationbusinessstarted1991Employees

30,000staffininformationandcommunicationmobileglobally25,000employeesforallbusinesssectorsinchinaHistory1982SiemensBeijingofficeopened1985enteredChina'stelecommunicationmarket1990establishedJVBeijingInternationalSwitchingSystem1994SiemensChinafoundedinBeijing1998formedbusinesssegment-InformationandCommunication2000joinedforceswithCATTandHuaveifornextgenerationmobiletechnology.FoundedTD-SCDMAinternationalforumwithDatang,CATT,Huawei,Motorola,Nortel,Chinamobile,andUnicomImplicationAnearlyentranttoChina'stelecommunicationmarketBroadproductportfoliorepresenting

allbusinesssectorsof

SiemensworldwideSource:Siemenspressrelease4SAMSUNG010605BJ-kickoff2STRATEGY1.BackgroundinformationLocationRegistered

capitalManagement

teamEquity

structureStartingyearNumberof

employeesEraanalysis4.Valuechainstrategy5.Organizationandownership6.FinancialperformanceFocusonMarketing,

advertisingand

promotionDistribution(channel

andsalesforce)OrganizationstructureOwnershipstructureSalesProfit2.Strategy3.Product/marketMissionVisionCorporatestrategyMarketpositionKeyproductofferingsKeycustomersValuepropositionGeographicfocusPricing5SAMSUNG010605BJ-kickoff2SIEMENSAIMSTOBENUMBER2INMOBILECOMMUNICATIONMARKETINCHINAProductFocusonstylishnewmodelswithsuitablepricingtargetingmidtolowendofthemarketInvestinfutureproducts,e.g.,TD-SCDMAhandsetsandwirelesshomenetworkdevices,etc.StrategyValuedeliverysystemEstablishR&DcentersformobilecommunicationinBeijingandShanghaiMobilehandsetproductioncapacitybeingraisedto14millioninShanghai,agrowthof40%since2000IntensivemarketingonnewproductswithmostcompetitivepricingCarefullyselectexclusivechannelpartnerPTACtomaintainuniformpricelevelnationwidetoensurehealthysalesHelpsresellerssetupservicecenterstohandlerepairandmaintenanceVisionTobenumber2intheAsianmobilecommunicationmarket(withoutJapanandKorea)6SAMSUNG010605BJ-kickoff2SIEMENSISRISINGSTEADILYINMOBILEHANDSETSSINCE1999Monthlymarketsharedevelopment(Percentofmarketinunitssold)9899Jan‘00Dec‘00NokiaMotorolaSiemensEricssonSource:RetailAuditSource:IDC,McKinseyAnalysis7SAMSUNG010605BJ-kickoff2SIEMENSHASOVERTAKENERICSSONTOBENO.3INMOBILEHANDSETBYBOTHREVENUEANDSALESVOLUMEOthersSiemensEricssonMotorola199920012000SamsungNokiaBreakdownofsalesbybrandeachyearPercentSource: GfK,IDC,McKinseyanalysisOthersSiemensEricssonMotorola199920012000SamsungNokiaBreakdownofunitssoldbybrandeachyearPercent8SAMSUNG010605BJ-kickoff2PRODUCT/MARKET1.BackgroundinformationLocationRegistered

capitalManagement

teamEquity

structureStartingyearNumberof

employeesEraanalysis4.Valuechainstrategy5.Organizationandownership6.FinancialperformanceFocusonMarketing,

advertisingand

promotionDistribution(channel

andsalesforce)OrganizationstructureOwnershipstructureSalesProfit2.Strategy3.Product/marketMissionVisionCorporatestrategyMarketpositionKeyproductofferingsKeycustomersValuepropositionGeographicfocusPricing9SAMSUNG010605BJ-kickoff2Siemensoffersacompeterangeofmobilecommunicationsolutionsincludingdevices,infrastructureandapplications.Siemens’smobilehandsetscomewithgoodqualityandcompetitivepricingSiemenstargetsthemidtolowendofthemobilehandsetmarket.MostofitsmodelsareinthepricerangefrombelowRMB1000toRMB2200Siemenshasdevotedgreatattentiontotheimportant4th-tiercitiesandwestChina,henceitsmarketshareinthesedevelopingareasarerelativelyhigherthanitsshareinthemoredevelopedareas.KEYMESSAGES-PRODUCT/MARKET10SAMSUNG010605BJ-kickoff2SIEMENSOFFERSACOMPLETERANGEOFMOBILESOLUTIONSINCLUDINGDEVICES,INFRASTRUCTUREANDAPPLICATIONSProductsNowandfutureInformationandcommunicationmobileSiemensproductofferingsInformationandcommunicationnetworksMobilenetworkWirelesshomenetwork&officenetworkMobilehandsetC2588(small,lightsmart)S2588(braintruster)3508(small,light,sexy)3518i(toughenough)3568i(smartthinking)BroadbandnetworkIPnetworkFixed-linenetworkTransmissionnetworkOfficenetworkCablenetworkTakeTD-SCDMAmobilehandsetstoserialproductionlevelby2003Offerthecompleterangeofmobilesolutionsincludingmobiledevices,infrastructureandapplications,e.g.,wirelesshomenetwork,CompleterangeofGSM,GPRSandUMTSmobilenetworks,unifiedmessagingandmobilepaymentOverallstrategyof

"auniverseofone",pursuing

IPdrivenvoiceanddata

communicationandcustomer-

orientedend-to-end

solutionandservicesSource:Siemenspressrelease11SAMSUNG010605BJ-kickoff2SIEMENSMODELSHAVETHEMOSTCOMPETITIVEPRICINGSource: McKinseyAnalysisProductpositioningDec2000A6188(1.4%)8850(1.8%)V8088*(3.9%)S800C(1.2%)A100(0.8%)T28(3.6%)8210(4.6%)7.8%21.9%18.2%52.2%Business/professionalPersonal*WAPphoneProductpositioningJune20009110S800C(1.8%)V8088(1.6%)8850(1.7%)V998(5.6%)3568*(0.5%)S600C(3.8%)7110*(0.9%)T28(3.3%)8210(3.7%)LF2000*(2.9%)6150(1.8%)L2000*(4%)S2588(1.8%)CD928(1.1%)T18(6.1%)T10(1.2%)C2588(3.2%)2188(3.8%)L2088(2.5%)3210(2.2%)5110(9.6%)368C(3.1%)3508(1.6%)338C(0.6%)T2688(4.8%)11.4%17.4%25.3%45.9%HighHigh-

mediumMedium-

lowLowBusiness/professionalPersonal*WAPphoneV998++(6.9%)7689i(1.8%)LF2000i*(1.7%)3568*(1.7%)7110*(0.3%)6150(0.9%)600C(2.3%)3310(6.8%)3518i(1.8%)T18(3.3%)CD928(0.1%)S2588(0.2%)C2588(0.1%)T10(0.7%)T2688(6.2%)3508(3.9%)V2088(1.0%)3210(9.6%)5110(5.9%)RetailpriceHighHigh-

mediumMedium-

lowLowRetailpriceRMB3,500RMB2,200RMB1,600368C(2.3%)V2188(1.3%)RMB3,500RMB2,200RMB1,600Red-NokiaWhite-MotorolaBlue-EricssonBrown-SiemensGreen-Samsung8250(0.0%)6210(0.6%)12SAMSUNG010605BJ-kickoff2SIEMENSTARGETSMIDTOLOWENDOFTHEMARKETHigh

(>RMB3,500)Source: Sino-MR(Jan2001–Feb2001),CCIDBreakdownofunitsoldbybrandforeachpricepoint

PercentHigh-mid

(RMB2,500-3,500)Mid

(RMB2,000-2,500)Mid-Low

(RMB1,500-2,000)Low(<RMB1,500)OthersSiemensEricssonMotorolaSamsungNokia9%15%7%Unitsas%oftotal26%43%713SAMSUNG010605BJ-kickoff2Tier1Tier2Tier3Tier4NokiaMotorolaOthersSIEMENSALSOADDRESSESTHEIMPORTANT4THTIERCITYMARKETPercentmarketshare,2000EricssonSiemens18%19%23%40%Tiersizeas%oftotal100%=Millionunits

6.77.08.514.8Source:McKinseyAnalysis14SAMSUNG010605BJ-kickoff2SIEMENSISRELATIVELYSTRONGINCENTRAL,EASTANDWESTMarketsharebybrandspergeographicarea,2001PercentMarketsharebygeographicareaPercentEastSiemensEricssonSamsungOthersNokiaMotorolaWestNorthNorth-eastSouth3013151311Central18Source:GfK,McKinseyAnalysis15SAMSUNG010605BJ-kickoff2VALUECHAINSTRATEGY1.BackgroundinformationLocationRegistered

capitalManagement

teamEquity

structureStartingyearNumberof

employeesEraanalysis4.Valuechainstrategy5.Organizationandownership6.FinancialperformanceFocusonMarketing,

advertisingand

promotionDistribution(channel

andsalesforce)OrganizationstructureOwnershipstructureSalesProfit2.Strategy3.Product/marketMissionVisionCorporatestrategyMarketpositionKeyproductofferingsKeycustomersValuepropositionGeographicfocusPricing16SAMSUNG010605BJ-kickoff2Siemens’svaluedeliverysystemstrategyhasevolvedsince1999.Ithasinvested$1.5billionintheAsianPacificareaasitsAsianoffensivecampaignSiemenshasspentagreateffortinlocalizingR&Dandmanufacturing.IthasbuiltR&DcentersinBeijingandShanghaiandhasraisedthemobilehandsetproductioncapacityinShanghaito14millionunitsin2001.ItisaleaderinTD-SCDMA3GtechnologyinChinaSiemenshasachievedamarketshareof12%insalesvolume,afterintensivemarketingofnewmodelswithcompetitivepricing,andaimstoincreaseitsmarketshareto15%Siemensdistributesthroughexclusive1st-tiernationalresellerPTACand2nd-tierprovincialresellers.Auniformpricelevelinthemarketismaintainednationwidetoensurehealthysales.KEYMESSAGES-VALUECHAINSTRATEGY17SAMSUNG010605BJ-kickoff2SIEMENSVALUEDELIVERYSYSTEMHASEVOLVEDOVERTHEYEARSFrom...(1997)To...(2000)NoR&DfacilityinChinaNoproductlocalizationProductioncapacityinShanghaiPudong(150,000)60%ofproductsforChinesemarketproducedinHongKongBrightpointhandlingover90%ofdistributionMarketsharelessthan5%ProductProductionDistributionMarketingHighcommitmenttoTD-SCDMA–testsacrossChinain2001AsianoffensivecampaignwithUS1.5billioninvestmentinR&Dandmarketinguntil2003ProductioncapacityinShanghaihasbeenraisedto14millionunitsfrom10millionunitsin2000Usesdifferentdistributor(PTAC),butstillonlyonenationwideMarketshare12%asaresultofintensivemarketingofnewmodelswithcompetitivepricingAimstoincreasemarketshareto15%Source:Interviews,McKinseyanalysis18SAMSUNG010605BJ-kickoff2SIE恒MEN舌SI摄NVE尖STS始TR跃EME园NDO侵US捞EFF利ORT望IN控EV兵ERY险PA冤RT突OF靠TH急EV畅ALU男EC巡寿HAI羞NR&DManufacturingandsupplychainMarketingandbrandingSalesanddistributionServiceStre贼ngth候sR&D旺cent毒ers图for煌mobi袍lec乡丰ommu无nica肢tion吧in腹Beij海ing工and施Shan熄ghai朽wit讨hmo昆ret孩han竞500食engi率neer使spl沉anne贫dLead矮int起erna随tion渔alf删orum歉in植TD-S灰CDMAFreq寺uent告int龄rodu探ctio烘nof继new驰mod隐elsCont浸inuo巧usly稍inc理reas胶elo乒cal怎prod与ucti烂onc蛾apac怖ity苹and脚capa变bili班tyInt浴ens博ive盘ma恳rke醋tin骡go灶nn姑ew胳mod贿els才wi土th腊com也pet盛iti鹊ve僻pri惜cin悲gHeal梳thy毙sale樱sth省roug丢hex截clus替ive谷chan命nel搂part殖ner拥PTACCap见abl潜ea球fte株r-s到ale悠ss滔erv谣ice夜wi厘th辜100筝se进rvi暑ce啊sta糊tio硬ns话nat邮ion毫wid牧eLeve籍rsf换ori马mpro垒veme僵ntLack念sca挤pabi枣lity价in新W-CD弦MAa累ndC抗DMA施2000Ful阴ly皱dep漆end涛ent框on纵si侵ngl展en砍ati昏ona泉ld娇ist秋rib铃uto详rSour言ce:俭Worl床dco各mput灭erj部ourn梨al,尺McKi常nsey默ana溉lysi宰s19SAM属SUN村G01捷060吵5BJ禾-ki行cko很ff2SIEM岛ENS殊VALU赶EDE鬼LIVE携RYS界YSTE毕MIS辆ORG呆ANIZ乎EDA胖ROUN三DPR洁ODUC戚TLI疤NES除WITH闯MUL在TIPL彩ECU揪STOM僻ERI貌NTER圣FACE鲜SValu币ede喝live波rys蹈yste茅mCust岸omer克int社erfa刷cesICM添obil征ea事ndI施CNe昆twor拖kco王mmun危icat粉ewi论tht激hes亡ame胡tele成com于oper复ator落sse沙para当tely摇,wi闹th“绪mult物iple猴fac蔬es”Sour腿ce:娇McKi障nsey喂ana锄lysi捕s20SAM神SUN座G01搬060罩5BJ拥-ki街cko辞ff2SIEM识ENS倍DIST额RIBU乔TES炒THRO具UGH默EXCL突USIV亏ENA馒TION竟ALR朱ESEL娃LER然PTACSou增rce难:I忠DCRati啦onal表esSiem良ens疼part禽ners驻wit扮hPT醋AC,检taki疼nga冬dvan取tage扣of氧thei纺rst督ream脉line弟dan房诚def架fici绪ent永dist援ribu垦tion果cha晴nnel熔s.P组TAC岁iss收elec毕ted腔ast领hee长xclu搏sive震nat彼iona短ldi缘瑞stri狸buto妖rdu掩eto装res顾ourc糖esa馒ndi巡寿mage茂.Aun裕ifor割mpr揭ice床leve晚lin浙the巷mar菜ket铸ism骡aint岂aine塘dna行tion绪wide波to供ensu揪reh疾ealt洪hys铜alesSie留men惩sC今han度nel著St间ruc正tur掀eRel温yo烂nb慈oth介1st-tie居rna戏tion况alr册esel沫ler河PTAC讽and射2nd-ti天er谊pro麻vin扔cia度lr刮ese鹅lle奇rsDev惰ote若mu脚ch涛att坦ent平ion膝to拨lo斥w-t映ier途ci葬ty茂mar政ketVen聋dor1st-tie屡rre扯sell限ersCons佣umer板s2nd-ti父er窝res歉ell拥ersReta锹iler棚s/re针tail灵cha歼ins万tore裙s12%9%79%67%12%67%12%21%21SAMS悬UNG0方1060御5BJ-原kick罩off2ORGA震NIZA败TION批AND健OWN阀ERSH疤IP1.Back庭grou祖ndi咳nfor嘱mati黎onLoc母ati宇onRegi梢ster忠ed碰capi聚talMana语geme灾nt

t垂eamEqu驳ity蛮st郑ruc钱tur当eStar欲ting啊yea托rNumb观ero枣f

e为mplo例yeesEra延anal详ysis4.Val鼓ue挠cha甩in番str崇ate疤gy5.Org稀ani是zat绕ion齿an姜do仍wne公rsh炸ip6.Fin里anc惯ial贫pe它rfo每rma惑nceFocu庆sonMark浴etin坦g,宅adve奴rtis劫ing闲and金pro谨moti切onDis遵tri聋but上ion互(c术han饭nel递a赢nd窃sal淘es贤for贝ce)Orga崭niza装tion介str件uctu跨reOwn雅ers赖hip价st答ruc委tur列eSal傅esProf抽it2.Stra粘tegy3.Pro笔duc劲t/披mar槽ketMis记sio羡nVis辆ionCorp芽orat索est是rate艇gyMark母etp批osit矩ionKey撒prod似uct碌offe夜ring托sKey韵cu阀sto呈mer荐sValu出epr附opos要itio替nGeo惑gra俱phi泉cf继ocu带sPri习cin躬g22SAM削SUN仪G01浆060稀5BJ渣-ki抗cko艳ff2Wit扮ha谨la谨rge丸pr数odu卷ct碍por极tfo势lio验co铃ver听ing裕in钓for阀mat华ion插an符dc博omm葡uni量cat窝ion破an旗dh棍ome承ap誉pli约anc须es辛etc侧.S男iem亩ens膏’s内org虑ani字zat笛ion服is染pr滤odu灯ct颜foc裙use绩dw禾ith踢cl鸽ear咏li周nes丘of门P&桨Lr劣esp四ons摇ibi亭lit傅iesSie们men注sh裕as泥ove摆r5贵0J鄙Vs萍and棕WO垂FEs汪in命Ch屋ina赔wi趟th嗽lar爹ge差com案mit喇men绸ts著in局tel怪eco近mmu咱nic捏ati计on.违Si货eme够ns境Sha抢ngh储ai扯is登dev弱ote钩dt诉om朵obi喝le先com更mun贩ica则tio勺ni每ncl哲udi清ng慢mob欣ile校ha看nds冰etsSie嫩men局s’s烈jo耳int需ve沃ntu挠res亮ar犁em浪ana面ged球un坦der沙th祖eir敲ow腥ng唱lob注al质BU,卷an浪dS滥iem有ens肌Ch崖ina际,t疲he户hol咬din案gc价omp飞any黄,c锁oor炼din附ate卖sa宽nd钞pro描vid数es数sha似red芹se住rvi鞋ces拉fo缴rt会he宪glo禁bal伙BU电ac灰tiv镇iti而es凤in位Chi蛋naSiem科ens霜iss泻tart身ing派toc粱entr樱aliz订esa蓝les财and镇mark律etin规gto珍bet遣ter嘱hand呀les滑olut吸ion角sale晨s,a秒ndt泰heg暮oal摆ist错oco午nsol文idat张eal夹lma米rket炎ing怪and症sale典sfu拼ncti天ons遣unde诞rSi限emen益sdi图rect塘lyKEY锅ME芬SSA划GES响-扇ORG僚ANI从ZAT角ION辱AN腔DO贺WNE镇RSH耗IP23SAMS咸UNG0柄1060垂5BJ-枯kick糊off2WITH风AL蜜ARGE武PRO剑DUCT肯POR地TFOL泪IO,志SIEM兼ENS狡TEND丹STO氧BE城MORE鞭PRO差DUCT爷FOC线USED睛WIT姿HCL嚼EAR年LINE考SOF雾P&L剂RES脆PONS扰IBIL俱ITYOrg尝ani灾zat节ion需st菌ruc仁tur宫eP&L口resp灵onsi阔bili堤tyICM恳mana哈ger搭for勤info斗rmat具ion铸and纵comm贷unic谅atio边nmo男bileICN洗mana跨ger捏for谱info样rmat骄ion沉and晶comm叙unic床atio泛nne裹twor尊kDri欢vin蝴gf铅act喘orsIn捏ord甜er眉to弓mee纷tt蔑he辱tre泪nd改of钓tec叨hno扭log靠ica澡lm洋erg汪ing尽in欢In都for袄mat识ion惧an料dC准omm弯uni算cat董ion孙fi寇eld籍,t茅he卵new中Si桶eme协ns放bus嫂ine物ss建gro喜up授-I监nfo帽rma永tio呈na爸nd丛Com分mun磁ica胁tio皮nm掩obi表le别(IC漆M)涛sta幸rte封di茎ts瓣ope读rat浙ion祸in默Ap箩ril寇1,芳20补00.ICM具hand法les块the键enti贵rem猜obil屿ete焰leph奖one称busi沃ness层,wi蛛thr平egar刮dto能bot杆hco鹊mmun冰icat钱ions果ter祸mina振ls(何mobi臂lea门ndw准ired餐pho乐nes,奴mob万ile股orga白nize巷rsa思ndd帜igit哑alp产rodu获cts)斗and参mob什ile将phon纵ene戚twor互ks(抬prod裳ucts志and坐ser零vice脂sfo锈rmo柳bile拿com压muni邪cati具ona告ndi谁ntel犹lige施ntn辆etwo质rks)伶.Sour础ce:扇Siem焰ens必pres血sre瓶leas猴e,M趣cKin功sey招anal盐ysis24SAMS绿UNG0塌1060拔5BJ-刃kick棒off2SIEM以ENS妇HAS坟OVER刮50醉JVs谎ORW区OFEs公IN德CHIN降A,A柳MONG镰WHI纺CHS灵IEME差NSS写HANG哭HAI租ISD指EVOT民EDT咳OMO匆BILE折HAN追DSET路SSiem吉ens纲Chin驶aBeij肠ing肃inte胀rnat致iona茶l

s铁witc取hing名sys勒temsBISCSiem隐ens甜tran蓄smis仓sion缩慧sys林tems撕Gua沃ngzh嘴ou(ST筹SG)Xin唱De伴te羽lec咐ominte安rnat乒iona为lve事ntur唉es(TI仅V)Siem跌ens哨Shan解ghaiMob矿ile牧co洽mmu姿nic建ati既ng破(SS替MC)Sha马ngh墨ai宪Sie评men线sb把usi缴nes咸sc怨omm厚uni泥cat熄ion逢sy梦ste搁m(SBC鲜S)Mai担nd齐riv谅ersTo耗be毒clo掀se公to写cus纪tom丛ersTo舱be州in炭lin绿ew糊ith炒go耀ver吊nme球nt秃pol证ici战esTo戚bec答ome裙Ch尺ine动se仆com滤pan楼yf俯or慨Chi燥nes蹈ep自eop设le40%With调Gua驱ngzh律ouN猛anfa译ng坚phot源oele设ctri环caltele市comm眉unic些atio足n60%Beij到ing胃wire刻com器muni侦cati粮on.Beij给ing得tele肿phon雹eau资thor弱itie社sBei旷jin致gc幻玉omp慎reh哀ens雷ive咱in积ves便tme充ntShan茎ghai钞Aij叹ian,Shan陆ghaiXin帝gua为ngWith拐Sha议ngha啊ivi改deo念and乐Audi狱oEle袍ctr答oni块cs,陶Sh统ang匪haiPost帐and比tel豆ecom丈muni堤cati爹on51%Esta挣blis严hyearProd京uctoffe名ring199顾0EWS唐Dswi定tch榜ing1993抵-199晓4Tra纺nsm杆iss兰ionsys漠tem贪s(PDH垦,SD匆H,DWDM谷)199辟4Fina搂nce财leas不ing辱and忽cons障ulti胁ngHic役om300屠sw胀itc匙hin匙gs兆yst砌emGSM魄mo惹bil右en个etw柏ork煤sa珠ndmob边ile诵ha高nds塌etsMPT填's衣Fir誉st忆Res碰ear塑ch康Ins洞tit美ute199呀31993Not伶Exha绘usti扛veSou射rce丘:S煮iem辞ens细pr鹅ess日re冶lea熟se25SAM载SUN松G01堵060岗5BJ着-ki恳cko显ff2SIEM猴ENS怖HAS票MADE赤LAR奖GEC城OMMI喜TMEN巴TSI刃NTE奴LECO堡MMUN替ICAT类ION拉INC震HINAJV荒com硬pan茫yYea辛ro天fc携ont伍rac汽tPlan暂ned丘inve绵stme袭nt(办mDM)Sie惧men怎ss骨har跃e(械%)Chi侮nes为ep划art债ner勇(s状har炕e)Busi狗ness信sco教peBei意jin叫gI每nte众rna作tio解nal龟Sw番itc号hin肺gS真yst杠ems原Co挂.,龄Ltd团.Sie免men第sF钱ibr雾eO起pti勇cC揉abl扣es植Ltd归Ch隙eng班duSiem茧ens衰Shan悦ghai爬Mob构ile脚Comm位unic铃atio肌nLt拐d.Gua胞ngz纪hou椅Na拣nfa联ng念Tra运nsm坐iss蔽ion蠢Sy婶ste左ms闭Ltd哭.Siem冈ens防Tele倒com驰Powe相rSu规pply卫Ltd授.Sh识angh躬aiXin炊DeT垫elec王omI蹄nter菠nati先onal吧Ven昂ture途sCo价.Lt翁d.Sie由men解sB粘usi验nes立sC选omm埋uni侧cat居ion冻Sy小ste尽ms在Ltd幸.S三han或gha祝iSiem继ens链Shan刃ghai鞋Com候muni车cati作onT忌ermi值nals匀Ltd及.Sie膊men殃sO提pti涌cal跌Fi世ber故Ca短ble谢sL滴td.私Ch访eng婆du90989393949395949054.5501535454050516050Bei秋jin腾gW讲ire过Co练mmu眠nic另ati达on蚕Pla抄nt怨25Beij缎ing宋Tele棒phon期eAu它thor扒itie序s25Bei痰jin宋gC麦omp案reh场ens斧ive跨In库ves雄tme泛nt芦Co.巧10Chen痒gdu挂Fibr铁eOp摧tic僚Cabl嗽eFa岛ctor对y(C摸DC)The达to聋wn例of仁Sha兽ngh舌ai;茄Th辫eM掩ini很str歼yf月or百pos韵ta占nd巧Tel欠eco由mmu吨nic笼ati挡onsGua张ngz藏hou港Na子nfa结ng穴Pho徐toe友lec刚tri碍cal国Te咽lec症omm炮uni陈cat愤ion筒sE屿qui随pme泥nt恩Fac原tor歼yShan监ghai袭Aij絮ian摊Comp铲any果Ltd.瓦21Shan仇ghai燃Xin找guan死gTe历leco慨mmun啊icat阵ions岔pla据nt2兴8Sha牙ngh臭ai序Vid趴eo亦and矛Au货dio晓El齐ect拔ron报ics剥Co粒.,述Ltd密.4搏0Che纷ngd手uT换ele伞com浙mun赵ica截tio番ns弯Cab盛le习Co.颈,L樱td制50EWS妻Dm副anu辱fac安tur粉ing御an借dd皱ist列rib剂uti钱onFib翁re门opt寄ic苏cab惜leGSM络mobi症ler啊adio咐net疏work逝san华dte富rmin沾alsTra远nsm耐iss娘ion笔eq遭uip稿men恼t(宜e.g误.P猫DH)Pow抽er塑sup忙ply厦fo另rt寄ele胡com助sy盖ste宜msTec熟hno率log融yT井rai梳nin灯gHic企om滨300Tel截eph煎one脉an棋dT拍ele录com贼mun歇ica宇tio园nt恳erm裳ina押lsLoos洗etu垮beo逆ptic鸽alf蓄iber犁cab根leSou镰rce母:S缩慧iem势ens油pr嫩ess租re秧lea弹se26SAM碍SUN姻G01干060留5BJ别-ki岸cko白ff2FINA旱NCIA馆LPE迟RFOR失MANC做E1.Bac村kgr堡oun米di岩nfo威rma巧tio城nLoc贼ati电onReg炸ist左ere聚d销cap新ita海lMan园age厉men乡丰t

t菠eamEqu闷ity美st渴ruc叼tur雹eStar饲ting学yea壤rNum店ber役of教e缝mpl蛛oye扇esEra优an冷aly醋sis4.Valu汪ech触ain丘stra粮tegy5.Org慈ani赖zat则ion高an偿do仁wne要rsh及ip6.Fina矮ncia搂lpe筛rfor晕manc蒜eFocu窗sonMar围ket勉ing吹,字adv便ert猜isi越ng消and昌p滔rom拼oti声onDis听tri皮but光ion淹(c桌han常nel兰a肾nd淹sal管es定for蓄ce)Orga狭niza坏tion混str毁uctu适reOwn纵ers驰hip脊st绢ruc圾tur谷eSale扔sPro葡fit2.Str烦ate泰gy3.Prod顽uct/漂mark酒etMis就sio邮nVis议ionCor否por荷ate千st私rat忽egyMark既etp并osit拣ionKey说pr邮odu壁ct给off肤eri猾ngsKey动cust捕omer翼sVal搏ue训pro撑pos昆iti针onGeo趋gra骂phi梢cf什ocu顾sPric请ing27SAMS吴UNG0熄1060臭5BJ-融kick况off2Siem挡ens盟Info惕rmat放ion衣and猫Comm掏unic哥atio趋n(I卫C)r田epor将tsa纳noth嫁era释yea督rof景exc筛elle户ntb惨usin患ess纽奉perf康orma秆nce嫂glob敢ally广.In资200拦0,I叹Cmo费bile请inc将ludi盗ngt概hem勉obil可eha赌ndse赛tbu朝sine叙ssa右chie加ved溪EUR显9bi穴llio锻nin涂sal长esw动orld李-wid阵ewi红tha俯nex色pect炒edC祸AGR庭of6观9%i赞n19尼99-2独001.州The广EBI侮Tma嗓rgin恰of奸ICm净obil疾eha勤sal尿soi瘦mpro度ved娃from驴6%陷in1跨999节to8摘%in步200树0Sie自men招sa宏chi辰eve委da雁re吧ven据ue箱of垄EUR台2.垂4b构ill墨ion邀i陆nC苦hin巡寿ao搜ver峰al渠ls桌ect腥ors垃,t扩ow君hic豪hI改nfo汉rma讲tio绑na泄nd香Com编mun谢ica袭tio暴nm用ade押a敢sig饺nif裳ica暮nt垃con谎tri街but汗ionKEY艺MESS傲AGES皆-F练INAN槽CIAL斥PER虽FORM岔ANCE28SAMS赠UNG0棋1060沫5BJ-胶kick鸭off2SIEM峡ENS肺INFO臂RMAT糊ION园AND躲COMM丑UNIC向ATIO安NRE娘PORT心SAN捆OTHE壶RYE例ARO惑FEX溜CELL帽ENT找BUSI觉NESS先PER律FORM脾ANCE请GLO蒸BALL砖YEUR印bi羊lli搭ons* Mo廉bile新han气dset狮bel隶ongs剩to礼ICm超obil熟eSour辞ce:愁Gol辟dman堤Sac描hs,结Siem砖ens负Pres煤sRe饲leas俱e,M音cKin诸sey射anal总ysisGlo竿bal兔re税ven激ueIC现net绩wor瓣kICm违obil绩e*CAG垦R蝇199侍9-2很001Perc钻ent1169199形92000200胸1EGlo餐bal她EB易ITIC搞net难wor冶kICm穿obil搭e*CAG擦R我199屡9-2使001Per计cen怀t46102199920002