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中国酸奶销售额将首次超过纯牛奶

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2017年10月19日

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The increasing popularity of high-priced yoghurt in China has become a saviour for the country’s biggest dairies, with revenues of the fermented dairy product set to overtake milk sales for the first time.

高价酸奶在中国越来越受到欢迎,成为中国大型乳品制造商的救星。酸奶的收入将首次超过纯牛奶。

China’s dairy market, which generates $55bn in annual sales, is the world’s second biggest after the US, according to consultancy Euromonitor. But dairies have been struggling with slowing milk demand growth and reduced prices since 2013 because of oversupply — a situation that contributed to the stock-price implosion this year of Hong Kong-listed Huishan Dairy.

根据欧睿(Euromonitor)的数据,年收入高达550亿美元的中国乳品市场位居全球第二,仅次于美国。但自2013年以来,由于供应过剩,中国乳品企业一直在艰难应对需求增速放缓以及价格下跌的局面,这种局面导致在香港上市的辉山乳业(Huishan Dairy)今年股价暴跌。

Enter high-profit yoghurt products, the sale of which have salvaged dairy groups’ sales and profits in recent years.

高利润的酸奶产品登场了:最近几年,这些产品的销售一直在拯救乳品制造商的销售额和利润。

Moreover, the success of China’s three dairy giants in selling yoghurt in the country underlines how skilled Chinese groups have become at marketing, often outmanoeuvring bigger western groups. The three companies control about 70 per cent of China’s yoghurt market.

另外,中国3大乳品巨头在中国销售酸奶的成功突显出,中国企业的市场营销技巧已多么纯熟,经常胜过规模较大的西方企业。这三家公司控制着中国酸奶市场约70%的份额。

“Yoghurt is an area where foreign brands should have had the advantage,” said Mark Tanner, of China Skinny, a marketing agency that works with dairy companies in China. “But they [offshore groups] were slow to react to the market trend.”

“外国品牌本应在酸奶领域具备优势,”与中国乳品公司合作的市场营销公司China Skinny的马克•唐纳(Mark Tanner)表示,“但他们(外国公司)在应对市场趋势方面行动缓慢。”

Chinese milk sales will grow just 4 per cent in 2017 compared with last year, while yoghurt sales will rise 18 per cent to almost Rmb122bn ($17bn), surpassing plain milk sales for the first time, Euromonitor projects.

欧睿预测,中国今年的乳品销售额将仅同比增长4%,而酸奶销售额将增长18%,达到近1220亿元人民币(合170亿美元),首次超过纯牛奶。

China’s three dominant dairies, state-run Bright Dairy and private competitors Mengniu and Yili, have been able to charge higher prices for yoghurt because of perceptions that it is more nutritious than milk and can be slimming. Income growth has also enabled Chinese consumers to “upgrade” to higher-end brands.

中国三大乳品制造商(国有的光明乳业(Bright Dairy)以及民营竞争对手蒙牛(Mengniu)和伊利(Yili))之所以能够对酸奶要价更高是因为下列看法:酸奶比纯牛奶更有营养,还能瘦身。收入增长还让中国消费者得以“升级”到较高端品牌。

“I drink a lot of yoghurt, about a bottle each day,” said Cooky Mi, who is in her 20s and works at a tech company in Shenzhen. Yili’s yoghurts are among her favourites and her daily habit is aimed at “keeping thin and healthy”, she said.

“我会喝很多酸奶,大约每天一瓶。”在深圳一家科技公司工作、20多岁的Cooky Mi表示。她表示,伊利酸奶是她最爱喝的酸奶之一,她每天喝酸奶是为了“保持苗条和健康”。

Profit margins for yoghurt in China are about 40 per cent — double those for plain milk, according to independent dairy analyst Song Liang. As a result yoghurt has been making an “increasingly large contribution to revenue growth at the three large dairies, and an even larger contribution to profit growth,” he said.

独立乳业分析师宋亮表示,在中国,酸奶的利润率大约为40%,是纯牛奶的两倍。因此,他表示,酸奶对于“三大乳品制造商收入增长的贡献越来越大,对利润增长的贡献还要更大。”

Bright Dairy took the initiative in 2012, launching the Momchilovtsi brand made with bacteria imported from Bulgaria, but has since lost market share to rivals. “The other giants caught up and better used their national distribution networks to expand,” said Robin Yuen, an analyst at RHB Investment Bank in Hong Kong.

2012年,光明乳业发动攻势,推出用保加利亚进口菌种制成的莫斯利安(Momchilovtsi)酸奶品牌,但此后其市场占有率遭到竞争对手侵蚀。兴业金融(RHB Investment Bank)驻香港分析师Robin Yuen表示:“其他巨头赶了上来,并更好地利用了自己的国内分销网络来扩张。”

Yili’s net profit rose 4.5 per cent over the first half of 2017 compared to the same period last year, to Rmb3.37bn. Sales of the group’s flagship Greek-style “Ambrosial” yoghurt — developed with the Greek Academy of Agricultural Sciences — increased about 31 per cent over the period, it said.

今年上半年,伊利净利润同比增长4.5%,至33.7亿元人民币。伊利表示,该集团旗舰酸奶——希腊风格的“安慕希”(Ambrosial)酸奶的销售额同期增长约31%,该品牌是伊利与希腊农业科学院(Greek Academy of Agricultural Sciences)合作开发的。

Mengniu’s net profit over the same period rose 4.7 per cent to Rmb1.13bn, with premium yoghurt products its two biggest revenue growth contributors during the period both, it said. The company partnered with French dairy group Danone — which owns 10 per cent of Mengniu — to improve its yoghurt technology.

同期,蒙牛净利润增长4.7%,至11.3亿元人民币,该公司表示,其高端酸奶产品是今年上半年该集团收入增长的前两大贡献者之一。蒙牛与法国乳业集团达能(Danone)合作改进其酸奶技术。达能拥有蒙牛10%股权。
 


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