Huawei Annual Report 2013 EN
Huawei Investment & Holding Co., Ltd.
2013 Annual Report
Contents
Letter from the CEO
2
Letter from the Rotating and Acting CEO
10
Business Highlights in 2013
14
Five-Year Financial Highlights
15
Letter from the Chairwoman
16
Core Values
20
Management Discussion and Analysis
21
Industry Trends
49
Independent Auditor’s Report
54
Consolidated Financial Statements
Summary and Notes
55
Risk Factors
106
Corporate Governance Report
108
Sustainable Development
129
Abbreviations, Financial Terminology, and
Exchange Rates
143
2
Letter from the CEO
Letter from the CEO
Apply the spirit of the tortoise to catch up with the Dragon spacecraft
There is a fable about the race between a tortoise
I. Large companies are not necessarily
and a hare. The hare was born a fast runner, but
synonyms for complacency or conservativeness;
during the race, it had a rest from time to time,
it is not inevitable for them to perish, or
taking an afternoon tea or having a nap on the
otherwise we would not strive to be one.
grass. The tortoise surpassed the hare and won the race in the end.
Can BMW match Tesla’s pace? This has been an issue of debate for some time at Huawei. Most
Huawei is like a big tortoise. In the past 25 years,
believe that Tesla vehicles represent a disruptive
we have crawled along, not seeing the flowers on
innovation and will surpass BMWs. I think that
the road. While many people have become rich,
BMW may not lose the game if they take an open
riding on the rising economy over the last two
approach to improve themselves. We know there
decades, we still are on our journey of hard work
are several elements of a car: powertrain, smart
and dedication. When we look up to find in front
driving (from on-line map, automatic shifting,
of us the likes of Dragon spacecraft and Tesla,
bump shielding, all the way to unmanned driving),
and look at ourselves – the clumsy way we move
mechanical wearing, and safety and comfort. BMW
2013 Annual Report
Contents
Letter from the CEO
2
Letter from the Rotating and Acting CEO
10
Business Highlights in 2013
14
Five-Year Financial Highlights
15
Letter from the Chairwoman
16
Core Values
20
Management Discussion and Analysis
21
Industry Trends
49
Independent Auditor’s Report
54
Consolidated Financial Statements
Summary and Notes
55
Risk Factors
106
Corporate Governance Report
108
Sustainable Development
129
Abbreviations, Financial Terminology, and
Exchange Rates
143
2
Letter from the CEO
Letter from the CEO
Apply the spirit of the tortoise to catch up with the Dragon spacecraft
There is a fable about the race between a tortoise
I. Large companies are not necessarily
and a hare. The hare was born a fast runner, but
synonyms for complacency or conservativeness;
during the race, it had a rest from time to time,
it is not inevitable for them to perish, or
taking an afternoon tea or having a nap on the
otherwise we would not strive to be one.
grass. The tortoise surpassed the hare and won the race in the end.
Can BMW match Tesla’s pace? This has been an issue of debate for some time at Huawei. Most
Huawei is like a big tortoise. In the past 25 years,
believe that Tesla vehicles represent a disruptive
we have crawled along, not seeing the flowers on
innovation and will surpass BMWs. I think that
the road. While many people have become rich,
BMW may not lose the game if they take an open
riding on the rising economy over the last two
approach to improve themselves. We know there
decades, we still are on our journey of hard work
are several elements of a car: powertrain, smart
and dedication. When we look up to find in front
driving (from on-line map, automatic shifting,
of us the likes of Dragon spacecraft and Tesla,
bump shielding, all the way to unmanned driving),
and look at ourselves – the clumsy way we move
mechanical wearing, and safety and comfort. BMW