時尚雙語:中國餐飲業上市潮一“鴨”當先

Peking-Duck Chain's IPO Starts Wave
中國餐飲業上市潮一“鴨”當先

The owner of China's oldest Peking-duck restaurant brand, Quanjude (Group) Co., is set to be the first in a wave of Chinese food-services chains that plan to go public.
歷史最悠久的北京烤鴨連鎖店──中國全聚德（集團）股份有限公司(China Quanjude Group Co., 簡稱：全聚德)即將在中國飲食服務連鎖業的上市熱潮中打響第一槍。

The state-owned company was approved late last month for its third attempt at an initial public offering. It plans to issue as many as 36 million yuan-denominated Class A shares on the Shenzhen Stock Exchange, which increasingly lists small and midsize companies.
這家國有企業的第三次首次公開募股(IPO)申請於上月晚些時候獲得了批准。該公司計劃在深圳證交所發行至多3,600萬股以人民幣計價的A股。現在有越來越多的中小企業選擇在深圳證交所上市。

The move could mark the beginning of a significant change in China's fragmented food-services sector.
中國的飲食服務業歷來猶如一盤散沙，不過全聚德的上市標緻着這種情況將出現明顯改變。

Analysts say other food-services companies will be watching closely to see what the IPO does for Quanjude's business. But they caution that it will still be difficult for the restaurant chain to overcome inherent difficulties that come with operating in China, where dining profit margins tend to be low and it remains difficult to build a brand with nationwide appeal.
分析師表示，其它餐飲類企業將會密切關注IPO對全聚德業務的影響。但上述分析師也警告稱，那些具有“中國特色”的固有難題將不會迎刃而解。在中國，飲食行業利潤率較低，而且全國知名品牌的建立依舊頗有難度。

Quanjude, a relatively higher-end traditional Chinese restaurant frequented by tourists, is famous for its Peking duck, or roasted duck that is sliced and eaten in a tortilla-like wrap. The dish, which was originated in Nanjing and later named for the former transliteration of the capital city of Beijing, is known throughout the world and considered one of China's most traditional specialties.
全聚德在傳統中餐飯店中處於相對高端的位置，其極富盛名的招牌菜北京烤鴨──荷葉餅卷烤鴨薄片──倍受遊客青睞。這款菜餚起源於南京，後得名爲北京烤鴨，並在全球範圍內打響了知名度，被視爲最具傳統特色的中國美食之一。

Touting a 143-year-old legacy dating to the Qing dynasty, the restaurant says it sells three million ducks a year, and posted a 56.66 million yuan ($7.5 million) net profit last year on sales of 665.64 million yuan. Sales and profit grew an average of 22% over the past three years.
全聚德的開店時間可追溯至清朝年間，至今已擁有143年的歷史，它表示自己每年出售的烤鴨多達300萬隻，去年的淨利潤和銷售收入分別達到了人民幣5,666萬元（合750萬美元）和人民幣6.656億元。過去三年中，全聚德的銷售及利潤增幅平均達到了22%。

Quanjude has 10 restaurants, including outlets in Beijing and Shanghai, and 61 franchise restaurants, five of which are outside the mainland in Hong Kong, Tokyo and Myanmar. Sales for the first quarter this year totaled 188.4 million yuan, with a net profit of 25.62 million yuan. Year-earlier figures weren't available.
全聚德在北京和上海擁有十家自營店，以及61家特許經營店，其中有五家開在了香港、東京及緬甸等中國大陸以外的市場。公司今年第一季度銷售收入達到了人民幣1.884億元，淨利潤爲2,562萬元。公司並未披露上年同期的數據。

When Quanjude completes its IPO, it will be one of the first mainland-based restaurant chains to have done so. Most restaurant chains in China are either independent family-run operations or completely state-owned.
當全聚德完成IPO之後，它將成爲中國大陸第一家上市的飯店連鎖企業。在中國，絕大多數的飯店連鎖企業要麼是獨立的家族式經營，要麼完全屬於國有。

The company is hoping that the exposure and capital raised from its IPO will help it expand its empire by funding increases in food-processing capacity and investing more in its franchised restaurants, as well as renovations in two of its Beijing stores in time for the Olympics next year, according to its prospectus. The company declined to comment.
全聚德在募股說明書中表示，公司希望通過上市來幫助自己擴展業務，運用所籌集資金提升食品加工能力、擴大在特許經營店中的投資，並在明年奧運會舉行前整修兩家位於北京的連鎖店。該公司拒絕就此發表評論。

Several other chains are planning to follow Quanjude's lead, including Inner Mongolia Little Sheep Catering Chain Co., which expects to list in Hong Kong early next year, and Donglaishun Group Co., which may plan its listing later this year or next year. Details of their offerings haven't been confirmed.
還有幾家連鎖餐飲企業計劃追隨全聚德的上市腳步。它們當中包括，預計明年在香港上市的內蒙古小肥羊餐飲連鎖有限公司(Inner Mongolia Little Sheep Catering Chain Ltd.)，以及計劃今年晚些時候或明年上市的東來順集團(Donglaishun Group Co.)等。這些企業的上市相關細節信息都未獲證實。

Ailsa Gu, research analyst for market researcher Euromonitor International, says China's robust economic growth and the craze over the stock market in recent years are what tempts many of these domestic companies to try listing for faster expansion. But 'most of those restaurants are privately owned family-type businesses, which makes [it] much more difficult to expand due to the lack of capital and management skills,' the analyst says.
市場調查機構Euromonitor International的研究分析師Ailsa Gu表示，中國強勁的經濟增長以及近年來股市的飆升吸引了許多此類本土企業試圖通過上市來實現更快的擴張；但它們當中的大多數都是私有家族企業，資金和管理技術的匱乏使它們在自身發展的道路上遇到了更多困難。

Quanjude tried to go public twice before, in 1996 and 2001, but the applications were rejected because the company didn't have enough assets, according to Mr. Gu.
Gu指出，全聚德分別在1996年和2001年兩次提出了上市申請，但都未獲批准，原因是公司資產規模不夠。

Chen Haiming, an analyst with Shanyin & Wanguo Research & Consulting Co., says high awareness of the Quanjude brand gives the company a distinct advantage. 'Quanjude enjoys a very distinguished situation in the industry, thanks to its high awareness, its famous brand and its geographic location,' Mr. Chen says. That is why the company can charge 168 yuan to 198 yuan (about $22 to $26) per duck, while most Peking ducks are priced under $10.
申銀萬國證券研究所(Shanghai Shenyin Wanguo Research & Consulting Co.)分析師陳海明表示，全聚德品牌的高認知度令其獨具優勢。他指出，在餐飲連鎖業中，全聚德因名氣、品牌以及地理位置而享有非比尋常的地位；正因如此，在多數北京鴨的定價都不到10美元的情況下，它的一隻烤鴨卻能賣到168-198元（約合22-26美元）。

The company also plans to sell specially packaged duck during the Beijing Olympics so visitors can take Quanjude ducks home with them, Mr. Chen says. 'This could bring the company a big business opportunity in 2008,' he says.
陳海明指出，公司還計劃在北京奧運會期間推出特別包裝的烤鴨，以供遊客帶回家享用，此舉將在2008年給公司帶來巨大商機。

Still, restaurant branding in China can be a difficult task for companies that want to build a national name, according to industry analysts. People are spending more on eating out, with Euromonitor reporting that food-services industry sales almost tripled to $12 billion last year from $4.6 billion in 2001. But almost all companies have less than 2% market share of food-service sales, with the exception of foreign-based multinationals Yum Brands Inc. and McDonald's Corp., which are in the lead with 16.5% and 7.5%, respectively. Quanjude ranks seventh, with a 1.5% market share.
不過業內分析師指出，在中國創立全國性的飯店品牌是項艱鉅的任務。Euromonitor的報告顯示，中國人在外出就餐上的花費越來越多，去年這項支出已經達到120億美元，較之2001年的46億美元增長了近兩倍。在百勝餐飲集團(Yum! Brands Inc.)和麥當勞(McDonald's Corp.)分別以16.5%和7.5%的市場份額佔據中國飲食企業排行榜第一、第二位的情況下，絕大多數中國本土餐飲公司都是市場份額不足2%的小企業。全聚德在這個大排名中位列第七，市場佔有率爲1.5%。

Because local food trends and tastes vary significantly from region to region, even among big cities like Beijing and Shanghai, many of China's more prominent restaurant chains enjoy brand recognition and reputations in some markets while they are virtually unheard of in others.
由於中國人的飲食偏好因地域不同而有明顯差異，即便在北京和上海這樣的大城市也是如此。許多知名飯店連鎖企業在此地口碑極佳，而在彼處卻無人知曉。

Zeng Guang, an analyst at China Jianyin Invest Securities, says that while Quanjude and Donglaishun are household names in northern China, they don't have many chain stores in southern China and aren't as widely known. Lao Sun Jia Mutton & Bread, another food brand, is famous in central and southern China, though its name is seldom heard in the north.
中國建銀投資證券有限責任公司(China Jianyin Investment Securities)分析師曾光表示，雖然全聚德和東來順在中國北方地區家喻戶曉，但它們在南方連鎖店規模有限，知名度不太高。老孫家羊肉泡饃(Lao Sun Jia Mutton & Bread)在中國中部及南部都是知名品牌，但在北方地區卻知者甚少。

'The difficulty for the Chinese companies is they tend to be too regional,' says Matthew Crabbe, managing director of market-research company Access Asia Ltd. 'Not many have been successful in transferring different versions [of their food] across the whole country' with a few exceptions including 'hot pot,' a popular meal in China that originated in the north and for which diners cook their own fresh ingredients in a communal pot and choose their own seasonings.
市場調查公司通亞公司 (Access Asia Ltd.)董事總經理馬修•格萊博(Matthew Crabbe)指出，中國餐飲企業的難題在於它們太過傾向於區域性發展，只有爲數不多的企業成功地將自己的產品以不同形式推向了全國，火鍋就是其中一例；這種食品起源於中國北方地區，幾位就餐者自己動手在同一口鍋中加工新鮮食材，再配以自選的適口佐料。

Mr. Zeng says he is optimistic about Quanjude's IPO but that the success of Chinese chains depends on how well they can standardize their restaurants, as foreign competitors have.
曾光表示，他對全聚德的IPO感到樂觀，但其他中國連鎖餐飲企業的成功取決於它們在門店的標準化方面做得如何，一如外國競爭對手那樣。

'This will be very helpful to upgrade the Chinese restaurant and catering industry overall significantly,' Mr. Zeng says.
他指出，這將爲中國餐飲服務業的全面升級帶來巨大幫助。

But Mr. Crabbe says it isn't clear whether consumers will appreciate standardization. 'I can see how the IPO could influence more of the catering companies to aspire to achieve that kind of thing, but on the other side I think from the consumer point of view, they like being able to go to small local restaurants. That's what they've always had,' he says. 'There's that more intimate, friendly local feel to those places. That is what appeals to most Chinese consumers.
但格萊博表示，消費者是否會對飲食連鎖店統一標準持讚賞態度仍是個問號。他表示他理解全聚德的IPO會激勵更多的餐飲業走上上市之路，但另一方面他認爲消費者可能喜歡去當地的小飯館就餐，這也是他們一直以來的生活習慣。格萊博指出，小飯館更容易讓人產生親近、友好的感覺，正是這一點贏得了多數國人的喜愛。