肯德基,麦当劳等百胜餐饮在中国麻烦不断

Yum Brands' China flu might be difficult to shake.

百胜餐饮集团(Yum Brands)在中国患上的流感恐怕没这么容易好。

The fast-food giant reported a 41% year-on-year fall in operating profit at its China division in the first quarter, contributing to an 8% fall in earnings per share. Much of the blame goes to negative publicity on food safety following reports in the Chinese media at the end of 2017 of excessive use of antibiotics by the firm's suppliers.

这家快餐业巨头公布今年一季度中国市场营业利润同比下滑41%，这是导致其每股盈利下降8%的原因之一。造成这一现象的主要原因是，去年年末中国媒体报道了其供应商过度使用抗生素的情况，之后该公司成为食品安全问题的曝光对象。

The feathers from that scandal have settled. But an outbreak of avian flu in China's Yangtze River Delta means Yum's problems are not yet over. Avian flu is not transmitted through properly cooked meat, but Yum's KFC still suffers from guilt by association. Management expects China same-store sales to decline 30% year-on-year in April, worse than the 20% fall in the first quarter.

这宗丑闻引发的余波已经消失。但中国长三角地区爆发的禽流感意味着百胜的问题尚未结束。禽流感病毒无法在煮熟的禽肉里存活，但百胜餐饮旗下的肯德基仍然受到株连。公司管理层预计今年4月中国同店销售额同比下降30%，比一季度同比20%的降幅更糟。

Two food safety crises in quick succession are a reminder that operating in China's fast-food sector is a risky business. China's agricultural sector is fragmented, with millions of small farmers─fertile ground for food-safety problems. Insulating against the risks is expensive and no guarantee that problems can be avoided. The beady eye of China's state media can amplify problems.

两起食品安全危机相继发生则在提醒我们，在中国经营快餐业是有风险的。中国农业部门较为分散，拥有数百万小农户，这是引发食品安全问题的“沃土”。隔绝风险的代价高昂，且无法保证所有问题都能避免。中国官方媒体目光锐利，能够放大很多问题。

A sharp rise in competition adds to Yum's ailments. Yum's sticking with plans to add 700 new stores in China this year, on top of the 5,726 it already has. But McDonald's is also planning to add more than 300 restaurants in 2013. Yum still outnumbers its rivals, but in some malls it now finds itself jostling for space with McDonald's, Subway and cheaper Chinese outlets.

竞争迅速加剧也是百胜餐饮境况不佳的原因之一。百胜餐饮仍然坚持原定计划，打算今年在中国增加700家新店，其目前已经拥有5,726家门店。但麦当劳(McDonald's)也计划今年在华新开逾300家餐厅。在餐厅数量上百胜仍然超过对手，但在一些商场百胜发现自己与麦当劳、赛百味(Subway)和其它更便宜的中国餐厅竞争空间。

Last year's food safety scandal triggered a bout of nausea for investors, with Yum's share price falling 9.9% on a single day at the end of November. Worries over bird flu have so far had little impact. But if Yum's China complaints are chronic rather than acute, the share price could have further to fall.

去年的食品安全丑闻让投资者倒了胃口，在11月末的一个交易日百胜餐饮股价下跌9.9%。消费者对禽流感的担心迄今为止对百胜几乎没有影响。但如果百胜在中国遇到的问题是慢性的而不是急性的，那么其股价可能还有进一步下跌的空间。