Another quarter, another set of disappointing results for Samsung. This time, net profit fell 27% from the previous year as intense competition continued to eat away at the company's smartphone business.

新季度，三星再次令人失望。由于激烈的竞争继续吞噬着三星的智能手机市场，公司净利润比去年下跌了27%。

The fourth quarter results are troubling, but not unexpected. Samsung's profits have now declined for three consecutive¹ quarters, a trend that has prompted some real soul searching at the South Korean electronics giant.

公司在四季度陷入困境，但并非毫无转机。三星的利润连续下滑三个季度，促使这个电子巨人重建新的企业灵魂。

There were some bright spots: The company's smartphone business showed signs of stabilization², and chip sales were strong.

几个闪光点：公司智能手机市场呈现回稳迹象，芯片销售良好。

Yet there is no doubt: Samsung needs to reinvent itself.

然而，毫无疑问的是：三星需要重塑它自己。

For years, the company relied on its smartphone division to deliver major profits. Samsung had a iron grip on major markets including China, and huge margins³ helped turn the firm into one of the world's largest and most recognizable tech brands.

多年来，公司一直依靠智能手机部来提供主要利润。三星对包括中国在内的市场上实行铁腕政策，巨大的利润帮助它成为世界上最大的科技品牌之一。

But intense competition at both the high and low ends of the smartphone market have reversed Samsung's fortunes. The company is now ranked third in China, behind Apple (AAPL, Tech30) and Xiaomi (a company that is only five years old). Analysts⁵ hold little hope for a return to dominance.

但是，高端与低端手机市场同时进行的激烈竞争打破了三星的好运。这家公司现在在中国只排名第三，在苹果和小米（一家只有5年历史的公司）之后。分析师对重新掌控市场充满悲观。

In response, Samsung is working to pare down its crowded smartphone lineup. It's also making a major move into India to capture more of the low-cost phone market.

作为应对，三星正在削减它臃肿的智能手机部门，并大举进军印度争夺更多的低端手机市场。

But for a real turnaround, Samsung needs to identify its next silver bullet.

但是，为了成功转型，三星必须祭出更多高招。

"With slowing growth and a huge revenue base, Samsung is in need of a new growth engine," Bernstein Research analyst⁴ Mark Newman wrote late last year.

伯恩斯坦研究员马克·纽曼去年年末写道：“缓慢的增速，巨大的收入基数，三星需要一个新的增长引擎。”

Chances are, this new growth engine won't be a phone. It will be come from another sector⁶ of Samsung's sprawling⁷ business empire. Newman identified medical equipment -- where Samsung is already investing heavily -- as a promising⁸ area.

机会是：新的增长引擎不能再是手机。它将来自三星不断蔓延的商业帝国的另一个部门。纽曼认为医疗器材（三星正在大力投资）是一个有希望的领域。

The good news for Samsung fans is that the company has transformation⁹ in its genes¹⁰. Newman points to the "New Management Initiative" proposed by company leadership in 1993.

对三星粉来说，好消息是公司正在从本质上转变。纽曼指的是，公司领导层1993年提出的“新管理办法”。

Responding to the threats of globalization and digitization, the new strategy allowed Samsung to become the company it is today. Newman argues the company needs to find "another 1993 moment."

为应对全球化和信息化的威胁，新的战略允许三星成为“今天的公司”。纽曼指出公司需要发掘“另一个1993年”

But that, he notes, is no easy task -- especially with the health of Chairman Lee Kun-hee in question.

但是，他又写到，这不是一个轻松的工作——尤其在李健熙董事长健康状况不佳时。