????上周四，在發表一年一度的新年致辭時，現年71歲的三星（Samsung）董事長李健熙顯得有些虛弱。

????李健熙自1987年開始執掌三星集團（2008年，李被裁定挪用公款和逃稅罪名成立，隨后離開公司達兩年之久），而現在，三星集團也表現疲軟。

????三星在全球很多市場上大力出擊，在很多涉及蘋果（Apple）的報道中也是如此，因此，人們要想看到這家全球頭號信息技術制造企業的弱點有點困難。然而，2013年三星股價下跌了10％，并在2014年首個交易日進一步下跌4.6％，創下該公司股價的單日最高降幅，而這些正是分析師們在談論的弱點。

????分析師們口中的三星的弱點在蘋果投資者看來可能似曾相識：

????? 經濟增長放緩——預計三星下周將公布四季度運營利潤增長9.2％，《華爾街日報》（the Wall Street Journal）稱，這個增幅遠低于三季度26％的漲幅。

????? 競爭加劇——三星面臨的競爭主要來自中國山寨手機廠商，后者制造智能手機的成本控制得比三星還低。

????? 利潤下降——韓國投行Mirae分析師都鉉宇（音譯）向《華爾街日報》表示：“低端智能手機在三星手機總銷量中所占的比例有所上升，擠壓了利潤。”

????不過，李健熙清楚，三星還面臨著更深層的結構性問題。

????沒有哪家電子產品制造商比三星更善于快速量產多種尺寸和規格的智能手機和平板電腦。但在為這家公司貢獻了一半以上利潤的移動設備市場，三星不敵蘋果的軟件生態系統。一方面，三星依賴谷歌（Google）的Android系統；另一方面，它似乎無法擺脫2012年蘋果專利侵權案帶來的負面影響。這起案件最終判定三星侵權，給它打上了“山寨”的烙印，不論三星為自己旗下的高端產品蓋世（Galaxy）系列增加多少華而不實的創新，都無法抹去這個事實。

????李健熙20年前曾經說過一句廣為流傳的名言，建議三星的員工“改變老婆和孩子以外的一切”。而在上周四，李再次強調必須摒棄成規，開發新技術，尤其是新的軟件技術。

????李健熙表示，三星必須“摒棄五年，乃至十年前的商業模式和戰略，擺脫以硬件為中心的做法。研發中心應當全天候不停地運作。”（財富中文網）

????譯者：項航

????Samsung chairman Lee Kun-hee, 71, looked a little shaky Thursday as he arrived to deliver his annual new year's address.

????And so did the conglomerate he's run since 1987 (not counting the two years he took off after his 2008 conviction for embezzlement and tax evasion).

????Samsung plays the heavy in so many global markets -- and so many Apple (AAPL) stories -- that it's a little hard to see the world's largest information technology manufacturer in terms of its frailties. But with shares down 10% in 2013 and another 4.6% in the first day of 2014 trading -- Samsung's largest one-day percentage drop in seven months -- those frailties are what analysts are talking about.

????Their list may sound familiar to Apple investors:

????? Slowing growth -- Samsung next week is expected to report fourth quarter operating profits up 9.2% -- "a sharp slowdown," according to the Wall Street Journal, "from the 26% gain in the third quarter."

????? Growing competition -- Mainly from Chinese manufacturers that can make knockoff smartphones even more cheaply than Samsung.

????? Shrinking margins -- "The proportion of less-premium smartphones appears to have increased within the portfolio, squeezing margins," Mirae's Doh Hyun-woo told the Journal.

????But Lee knows that Samsung faces deeper, more structural problems.

????No electronics manufacturer is better at rapidly turning out in huge quantities smartphones and tablets of different sizes and specs. But in the mobile device market that accounts for more than 50% of its profits, Samsung can't match Apple's software ecosystem, is dependent on Google (GOOG) for Android, and can't seem to shake off the 2012 Apple patent infringement verdict that branded it a "copycat" -- no matter how many flashy innovations it adds to its high-end Galaxy line.

????Lee, who 20 years ago famously advised employees to "change everything but your wife and children," stressed on Thursday the need to drop old habits and come up with new technologies -- particularly in software.

????Samsung must "get rid of business models and strategies from five, ten years ago and hardware-focused ways, he said. "Research & development center(s) should work around the clock, non-stop."