It should be noted that Nokia and its business are exposed to various risks and uncertainties and certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia's current expectations and views of future developments and include statements preceded by "believe", "expect", "expectations", "commit", "anticipate", "foresee", "see", "target", "estimate", "designed", "aim", "plan", "intend", "influence", "assumption", "focus", "continue", "p ...

Core Viewpoint - The interdependence between Europe and the United States is emphasized, highlighting that large technology companies cannot depend solely on one continent for their operations [1] Group 1 - Nokia's CEO, Justin Hotard, stated the importance of a diversified approach for technology companies, indicating that reliance on a single market is not sustainable [1] - The European Union is considering stronger support measures for technology firms, which may impact the operational strategies of companies like Nokia [1]

纵观2025全年，诺基亚按固定汇率计算的净销售额增长2%，实现可比营业利润20亿欧元，自由现金流 达15亿欧元。 智通财经APP获悉，诺基亚公司(NOK.US)周四公布2025年第四季度财报，按固定汇率计算，其季度净 销售额同比增长3%至61亿欧元，符合公司预期。这一增长主要得益于网络基础设施与移动网络业务的 扩张，抵消了其他业务板块的下滑。 这家芬兰电信设备制造商的季度可比营业利润为10.6亿欧元，较去年同期的10.9亿欧元略有下降。可比 营业利润率下滑90个基点至17.3%，公司表示主要源于在网络基础设施领域的增长性投资，包括对近期 收购的英菲尼拉(Infinera)的整合。 该季度诺基亚的可比稀释每股收益为0.16欧元，稀释每股收益为0.10欧元。期末，公司净现金余额为34 亿欧元。 公司董事会已提议2025财年每股派息0.14欧元。 展望未来，诺基亚发布了2026年财务指引，目标可比营业利润介于20亿至25亿欧元之间。公司预计网络 基础设施业务在2026年的净销售额将增长6%至8%，与其长期目标保持一致。 诺基亚同时宣布，已于第四季度完成对其在华合资企业的全资控股，此举导致5亿欧元的净现金流出。 诺基 ...

Core Insights - Nokia reported a significant increase in sales of its network infrastructure equipment driven by rising demand from artificial intelligence and data-center customers [1] Company Summary - The surge in demand for network infrastructure is attributed to the growing needs of artificial intelligence applications and data centers [1]

Core Insights - Nokia has announced a reorganization of its business into two primary operating segments to better align with customer needs and enhance innovation in response to the increasing demand for advanced connectivity driven by the AI supercycle [2][3] Segment Overview - The new Network Infrastructure segment is recognized as a growth area, focusing on capitalizing on the global AI and data center build-out, and includes three business units: Optical Networks, IP Networks, and Fixed Networks, led by David Heard [3] - The Mobile Infrastructure segment consolidates Nokia's Core Networks, Radio Networks, and Technology Standards, aiming for leadership in core and radio network technology and services, with a focus on AI-native networks and 6G, led by Justin Hotard on an interim basis [4] - A new segment called Portfolio Businesses has been created for units not considered core to Nokia's future strategy, which includes Fixed Wireless Access CPE, Site Implementation and Outside Plant, Enterprise Campus Edge, and Microwave Radio [5] Financial Reporting Changes - Nokia will report its segment financial information according to the new organizational structure starting with Q1 2026, including detailed net sales information for business units within the Network Infrastructure and Mobile Infrastructure segments [6] - Comparative segment financial information for 2025 and 2024 has been recast to reflect the new structure, with no impact on reported or comparable results for the Nokia Group [7] Financial Performance Summary - For the Network Infrastructure segment in 2025, net sales totaled EUR 7,646 million, with a gross profit of EUR 3,281 million and a gross margin of 42.9% [8] - The Mobile Infrastructure segment reported net sales of EUR 11,409 million in 2025, with a gross profit of EUR 5,515 million and a gross margin of 48.3% [9] - The Portfolio Businesses segment achieved net sales of EUR 845 million in 2025, with a gross profit of EUR 183 million and a gross margin of 21.7% [10]

Core Points - Nokia Corporation's Annual General Meeting is scheduled for April 9, 2026, at Finlandia Hall, Helsinki, Finland, with proposals available on the company's website [1] - Sari Baldauf will step down from the Board of Directors, and the Board proposes to maintain the number of Board members at ten [2] - The Board recommends re-election of current members and the election of Meredith Whittaker as a new member [3] - The Board proposes to keep annual fees for Board members at current levels, with approximately 40% paid in Nokia shares [6][8] - The Board seeks authorization to distribute a maximum of EUR 0.14 per share as dividends [10][11] - Deloitte Oy is proposed for re-election as the auditor and sustainability reporting assurer for the financial year 2027 [13][14] - The Board proposes to authorize the issuance and repurchase of a maximum of 550 million shares [15][18] - Other matters to be addressed include adopting the financial statements for 2025 and granting discharge from liability to Board members [19][20]

Core Insights - Nokia's Q4 2025 performance met expectations, with net sales growing 3% to EUR 6.1 billion and full-year operating profit of EUR 2.0 billion, slightly above guidance [4][7] - The company is focusing on long-term growth opportunities, particularly in AI and Cloud, and has simplified its operating model for better accountability and profitability [8][11] Financial Performance - Q4 2025 net sales reached EUR 6.1 billion, a 3% increase year-over-year, while full-year net sales grew 2% on a constant currency basis [4][7] - Comparable gross margin for Q4 improved by 90 basis points to 48.1%, while reported gross margin decreased by 120 basis points to 44.9% due to restructuring charges [7][14] - Full-year comparable operating profit was EUR 2.0 billion, with a free cash flow of EUR 1.5 billion, equating to a conversion rate of 72% [7][12] Business Segments - Network Infrastructure saw a 7% increase in net sales in Q4, driven by a 17% growth in Optical Networks, with strong order intake from AI and Cloud customers [5][6] - Mobile Networks net sales grew by 6% in Q4, while Cloud and Network Services experienced a 4% decline [6][12] - Nokia Technologies maintained a contracted net sales run-rate of EUR 1.4 billion, reflecting stable performance [6] Strategic Initiatives - The acquisition of Infinera has strengthened Nokia's portfolio, aligning with its strategy to leverage AI in network operations [7][9] - The company is investing in AI-native networks and 6G technologies, anticipating significant demand in these areas [10][12] Outlook for 2026 - Nokia targets a comparable operating profit of EUR 2.0 to 2.5 billion for 2026, with expectations of strong demand in Network Infrastructure [12][18] - The company anticipates net sales growth in Network Infrastructure of 6-8% CAGR, with combined IP and Optical Networks expected to grow 10-12% [20][26] - Capital expenditures are projected to be between EUR 900 million and 1 billion, primarily for manufacturing capacity and real estate renewal projects [20][21]

Core Viewpoint - The article discusses the strategic partnership between Nokia and Nvidia, highlighting the implications of Nvidia's investment and influence on Nokia's technology strategy, particularly in the context of 5G and 6G networks [2]. Group 1: Nokia and Nvidia Partnership - Nokia accepted a $1 billion investment from Nvidia, which led to a significant increase in its stock price, but also made Nvidia the second-largest shareholder, granting it substantial influence over Nokia's technology strategy [2]. - As part of the deal, future 5G and 6G network software must be designed based on Nvidia's GPUs, linking Nokia's technology closely with AI [2]. - Nokia's CTO emphasized the creation of a hardware abstraction layer to allow compatibility with various chip architectures, including Marvell chips and Nvidia GPUs, aiming to reduce complexity while maintaining software consistency [4]. Group 2: Ericsson's Strategy - Ericsson maintains a different approach by promoting hardware independence, focusing on ensuring that its network software can be deployed on various chip platforms rather than relying on a single chip provider [2][3]. - Ericsson's CEO stated that their software can run on multiple architectures, including x86 and GPUs, and they aim to keep hardware choices open as they approach AI-RAN and 6G [3]. - The company has been cautious about fully committing to any single chip architecture, reflecting concerns over the longevity of x86 in the face of a shift towards Arm architecture [7]. Group 3: Market Dynamics and Challenges - The article notes that many telecom operators advocate for complete separation of software and hardware, but achieving this remains challenging due to the inherent nature of proprietary chips [4]. - There is skepticism regarding the feasibility of a "full chip" strategy, with the likelihood that Ericsson may eventually adopt a common software core similar to Nokia's approach [8]. - The wireless access network (RAN) market shows little sign of significant recovery, posing risks for both Nokia's aggressive Nvidia partnership and Ericsson's cautious strategy [9].

一股裁员浪潮正在袭来，运营商和设备商都被裹挟其中。 去年末，Verizon、西班牙电信、英国电信等一众海外主流电信运营商大力度进行裁员。以西班牙电信为例，为大规模削减成本，在西班牙本土市场裁员 20%，约5000人。 如今，电信设备商也"不甘寂寞"。爱立信数天前对外宣布，计划在瑞典本土裁撤约1600个工作岗位，约占其当前瑞典员工总数的13%。爱立信还表示， 将"继续采取进一步的成本削减措施"。 诺基亚也已出手。据外媒报道，诺基亚已宣布在德国、法国、希腊、意大利等多个欧洲市场进行裁员。以德国为例，诺基亚计划关闭其慕尼黑办事处，这 将波及数百名员工。 两家设备商的境况虽不尽相同，但面临着同样的压力——全球RAN（无线接入网）市场的不景气，还有欧洲电信市场的疲软。分析人士认为，6G大规模 部署预计在2028年、2029年才会启动，在此之前RAN市场规模不会出现显著增长，对设备商们来说，还要"苦熬"一段时间。 裁员进行时 1月15日，爱立信公司宣布，拟在本土瑞典进行裁员，并称"这是全球性举措的一部分，旨在优化成本结构，同时保持对爱立信技术领先地位至关重要的投 资，并推进实现战略目标。" 爱立信同时表示，已向瑞典公共就 ...

模糊的氛围、细腻的人物、被闪光灯勾勒的轮廓……当智能手机像素卷向5000万级别的时代，老手机却凭借拍照出圈，在社交网络上掀起 了一场怀旧潮。 从手机开始配置摄像头起，拍照功能便是购机时的重要考量，其成像效果也始终朝着更清晰、更美观的方向演进。与此同时，人们的审美 却在悄然改变：从追逐标准化的美感，过渡到迷恋独特的氛围。年轻人渴望出片，但出片的标准不再囿于千篇一律的网红模板，转而追求 真实与活人感。 正是这一审美转向，让评判照片的标准超越了冰冷的参数——也相当意外地，让沉寂许久但也时不时被怀念的诺基亚，又又又又又翻红了 （此事诺基亚3210亦有话语权起猛了，诺基亚居然在2024年卖断货）。 在社交媒体搜索老手机拍照，除了一代神机iPhone XR，服役年限更长的诺基亚N8也常被提及。在社交媒体上，一篇诺基亚N8的测评帖 子，得到了7.7万的高赞。用户们在评论区讨论画质，交流淘机体验，俨然形成了一个小众兴趣市集。 在算法精密构造完美的时代，一些年轻人正主动转向更为"粗糙"却本真的画面。他们淘弄老手机，与其说是为了所谓复古的质感，更像是 透过这种选择，抵抗算法对生活无孔不入的预制。 01 诺基亚N8： 百元"时光机 ...