双语外刊
素材来源:FT
阿里未能让大润发起死回生 高鑫转策略觅新买家
Sun Art pursues life after Alibaba in China’s evolving retail landscape
大润发超市控股公司高鑫零售表示,阿里巴巴正与潜在买家洽谈出售。
咏竹坊
Hypermarket operator Sun Art Retail Group Ltd. (6808.HK) thought it found a savior in 2017 when e-commerce juggernaut Alibaba (BABA.US; 9988.HK) bought a major stake in the company. Now, seven years later, it seems the hypermarket operator is having second thoughts about the marriage and is doing a bit of shopping itself for a new mate.
2017年被电子商务巨头阿里巴巴(BABA.US; 9988.HK)收购后,超市运营商高鑫零售有限公司(6808.HK)以为自己找到了救星。现在,七年过去了,这家超市运营商似乎对这桩联姻有了别的想法,并开始物色新伴侣。
Investors seemed to like the idea of a pending divorce, based on an intra-day jump of as much as 30.7% in Sun Art’s shares on Oct. 16 as trading resumed after the company announced that a potential buyer had shown interest in purchasing Alibaba’s stake. Adding to the excitement, Sun Art released a positive profit alert the same day.
投资者似乎喜欢结束联姻这个想法,因为10月16日,随着高鑫零售在宣布一名潜在买家有意收购阿里巴巴的股份后复牌,其股价盘中一度上涨30.7%。更令人兴奋的是,高鑫零售当天还发布了正面盈利预警。
The positive alert contrasted sharply with just six months earlier, when Sun Art warned it swung deeply into the red in its fiscal year through March 31 this year, after reporting a modest profit in the year-ago period. It ultimately reported a massive 1.6 billion yuan loss ($225 million) for the fiscal year through this March on revenue of 72.5 billion yuan, which was down 13% from the previous year.
这份正面盈利预警与2023年全年业绩形成鲜明对比,公告去年业绩前,曾发盈警称截至3月31日的财年出现严重亏损。公司最终的年度报告,去年亏损高达16亿元,营收725亿元,较上年下降13%。
The news was far better in the latest profit alert, where Sun Art said it expected to record a net profit after tax of 150 million yuan to 200 million yuan for the six months to September, the first half of its fiscal year, compared to a 378 million yuan loss a year earlier. The stock’s big gains the day after the announcement, as trading resumed after a nearly three-week suspension, made Sun Art the third biggest percentage gainer in the Hang Seng Composite Index that day.
最新盈利預告中的消息要好得多,高鑫零售表示,预计截至9月的六个月内,税后净利润将达到1.5亿元至2亿元,而上年同期亏损3.78亿元。公告发布后的第二天,停牌近三周的高鑫零售复牌,股价大幅上涨,成为当天恒生综合指数中涨幅第三大的成分股。
Sun Art’s stock has settled down since that initial euphoric day, as reality sunk in that a new owner may be just the start to a company turnaround. But at their latest close of HK$2.11 on Wednesday, the shares are still up about 18% from pre-announcement levels, and are up 50.7% year to date, giving Sun Art a market cap of HK$20.1 billion ($2.58 billion).
自市场情绪高涨的那一天之后,高鑫零售的股价已经稳定下来,因大家意识到新东家可能只是公司向好的开始。但该股周三的收盘价为2.11港元,仍比公告发布前高出约18%,该股今年迄今已上涨50.7%,市值达到201亿港元。
According to a Bloomberg report in late September, DCP Capital and Hillhouse were among the suitors for Sun Art. The company first attracted Alibaba in 2017 at a time when the e-commerce giant made a series of similar investments in traditional brick-and-mortar retailers as part of its “new retail” strategy combining online and offline shopping.
根据彭博新闻社9月底报道,高鑫零售的求购者包括德弘资本和高瓴资本。2017年,高鑫零售率先吸引了阿里巴巴的关注。当时,这家电商巨头对传统实体零售商进行了一系列的投资,作为将线上线下购物相结合的“新零售”战略的一部分。
Alibaba’s influence doesn’t seem to have done much for Sun Art’s business, which was started from scratch in Shanghai around the turn of the century by one of France’s most successful retailers. Alibaba initially invested HK$22.4 billion to buy 36% of Sun Art in 2017, and three years later upped its shareholding to 70.94% for another HK$28 billion.
阿里巴巴的影响力似乎并没有给高鑫零售的业务带来多大帮助。高鑫零售是法国的欧尚集团与中国台湾的润泰集团,于上世纪90年代末在上海创办。阿里巴巴先是在2017年投资224亿港元,收购了高鑫零售36%的股份,三年后又出资280亿港元增持股份至70.94%。
Now, the pending divorce looks like part of a broader wave of dispositions of assets that Alibaba acquired during headier days, as it tries to rebuild its core e-commerce business.
现在,即将结束与高鑫零售的联姻,似是阿里巴巴处置在鼎盛时收购的一系列资产的一部分,因为它正试图重建自己核心的电商业务。
Dispositions
“瘦身”
Alibaba is making the dispositions after an earlier plan launched in March 2023 to break up the company ran into headwinds and Daniel Zhang, once touted as the successor to founder Jack Ma, left the company. Ma acknowledged mistakes in a long memo to Alibaba employees in April, which were echoed by current Chairman Joe Tsai, who admitted in a recent interview to forgetting who the company’s real customers are.
阿里在2023年3月推出的一项分拆计划遭遇阻力、曾被誉为创始人马云接班人的张勇也离开了公司后,决定“瘦身”。马云在4月份发给阿里员工的长文中承认了错误,现任董事长蔡崇信也在最近的一次采访中承认,忘记了公司真正的客户是谁。
While Sun Art has had its financial ups and downs under Alibaba, the company still has some value left in its popular chain of RT-Mart hypermarkets and other assets. The company started out in 2000 as a partnership between Auchan Retail, owned by the Mulliez family of France, and Taipei-based Ruentex Group.
虽然高鑫零售在阿里旗下时财务状况时好时坏,但它颇受欢迎的大润发连锁超市和其他资产仍有一定价值。
The partnership had over 200 stores by 2007 and listed its shares in Hong Kong in 2011. As its original hypermarket format lost popularity, it opened its first paid-membership store, M Club, a clone of Walmart’s Sam’s Club, in Yangzhou in 2023. Despite uneven revenue and profit performance between 2022 and 2024, Sun Art has been following the lead of Walmart and Costco in China by setting up more warehouse and membership stores, while decreasing its count of traditional hypermarkets.
到2007年,该公司拥有200多家门店,并于2011年在香港上市。由于原来的大卖场模式不再受欢迎,它于2023年在扬州开设了第一家付费的M会员商店,走的是沃尔玛山姆会员店的路子。尽管2022年至2024年期间的收入和利润表现参差,但高鑫一直在效仿沃尔玛和开市客在中国的做法,建立更多的仓储式会员店,同时减少传统大卖场的数量。
Hypermarkets like Sun Art’s RT-Mart have fallen out of fashion in China as big-box stores like Costco and Sam’s Club offered better pricing and consumer-oriented selection. As of March this year Sun Art had 507 stores, up from 498 a year earlier, although its gross floor area shrank to 13.5 million square meters from 13.7 million square meters over the period.
随着开市客和山姆会员店等仓储式商店提供更优惠的价格,及以消费者为导向的选择,像大润发这样的大卖场在中国已经失宠。截至今年3月,高鑫零售的门店数量从去年同期的498家增加到507家,但总建筑面积却从去年同期的1,370万平方米缩减至1,350万平方米。
According to data aggregator Statista, Sun Art’s RT-Mart brand was the fifth-largest retail chain operator in China last year, based on retail sales. It has strong brand awareness in a massive Chinese retail market worth 47 trillion yuan in sales last year, according to the same source.
根据数据聚合平台Statista的资料,按零售额计算,高鑫零售旗下的大润发品牌是中国去年第五大零售连锁运营商。该消息来源称,它在去年销售额达47万亿元的中国零售市场上拥有强大的品牌知名度。
While Sun Art’s top and bottom lines aren’t particularly impressive these last few years, its gross profit margin has been relatively stable at 24.6% in its fiscal year to March 2023 and 24.7% in the latest fiscal year through March 2024. Its revenue has shrunk continually in recent years, including its latest decline from 83.6 billion yuan in its fiscal year through March 2023 to 72.6 billion yuan in the fiscal year through March this year. Much of the declines owe to store closures and a contraction of the company’s supply chain business, according to the company. Much like Alibaba, Sun Art is now laser focused on a “return to the essence of retailing and founding principles established by RT-Mart.”
虽然高鑫零售近几年的营收和利润表现并不特别亮眼,但其毛利率一直相对稳定,截至2023年3月的财年为24.6%,截至2024年3月的最新财年为24.7%。近年来,它的收入持续缩水,最近的数字是从截至2023年3月财年的836亿元,降至截至今年3月财年的726亿元。高鑫零售表示,收入下滑的主要原因是关店和公司供应链业务萎缩。与阿里一样,高鑫零售如今也专注于“回归零售本质,回到大润发建立的初心和立根之本”。
Among those who may be laughing all the way to the bank now are the Mulliez family, whose patriarch, Gérard Mulliez, founded Auchan Retail in Roubaix in the north of France in 1961. Auchan is known as the Walmart of Europe and has stores in 12 countries with more than 150,000 employees. While the 93-year-old Mulliez won’t profit from any Alibaba sale of its Sun Art stake, he certainly must be glad he sold his shares in the China venture when he did. That’s because the company that he sold for about HK$8.10 per share all those years ago now trades at HK$2.10, or about a quarter of what he got.
现在从中受益的,就包括穆里耶家族。该家族的吉哈•穆里耶于1961年在法国北部的鲁贝创立了欧尚集团。欧尚被称为欧洲的沃尔玛,在12个国家设有门店,拥有逾15万名员工。虽然93岁的穆里耶不会从阿里出售高鑫零售股份中获利,但他肯定很高兴自己当年出售了这家中国合资企业的股份。多年前他以每股约8.10港元的价格出售的这家公司,现在的股价为2.10港元,约为当时价格的四分之一。
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