经济学人商业世界最强啤酒制造商亟需谋求新的发展之道
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河南科技大学怎么样Bud far from Stella
百威完全不同于时代啤酒
英文部分选自经济学人Business版块
Anheur-Busch InBev
百威英博啤酒集团
Bud far from Stella
百威完全不同于时代啤酒乐园（集团旗下另一啤酒品牌）
The world’s mightiest beermaker needs a fresh way to grow
世界最强啤酒制造商亟需谋求新的发展之道
Snooty ale connoisurs mock Budweir’s usurped title of “King of Beers”. No one, however, quibbles that Bud’s purveyor, Anheur-Busch InBev (Abi), reigns over global brewing. The all-conquering firm now lls almost three Olympic-sized swimming pools of beer an hour—more than its three nearest rivals combined. Yet even as profits have frothed, weariness has descended upon the head that wears the crown. Abi’s prospects, once as golden as its Corona lager, have assumed the cloudier quality of a Belgian witbier.
傲慢自负的啤酒专家们嘲弄百威“啤酒之王”的称号名不副实。但百威啤酒的制造商百威英博称霸全球酿酒业却是不争的事实。这家公司所向披靡，每小时就可以卖出几乎三个奥运会游泳池大小的啤酒—这样的成绩比紧随其后的三家竞争对手销量的总和还要多。尽管利润如泡沫般丰厚，但那头戴皇冠的面容已尽显疲态。百威英博的前景曾经如旗下科罗娜啤酒般璀璨，但现在却比比利时白啤更加愁云惨淡。
vi . froth（又作 froth up=bubble up )
if a liquid froths, it produces or contains a lot of small bubbles on top 起泡沫
When you first open the bottle the beer will froth for a few conds.
刚打开瓶盖时，啤酒会起几秒钟的泡沫。六龙回日
形容发展迅速，茁壮生长，比喻意.=spring up
Abi, which is nominally bad in the Flemish city of Leuven but run out of New York, is not just much bigger than its rivals, lling one in four beers worldwide. It also generates
around half the industry’s global profits. Its gross operating margins were 40% in 2018, more than double the average for other listed brewers—and stellar by the standards of firms that peddle any kind of consumer goods. It has devoted managers, nearly all recruited out of university. The looming prence of Abi’s boss, Carlos Brito, in the company’s corridors, can feel almost eerie. Employees’ fealty to “Brito”, as the methodical Brazilian is universally known, is reminiscent of General Electric under Jack Welch.
虽然名义上，百威英博总部在比利时勒芬佛兰德斯市，但市场早已超出美国。此外，它的体量远超其他竞争对手，销量占世界啤酒销量的四分之一。它的利润也占据了全球啤酒业利润的一半。2018年，百威英博总营业利润率为40%，比其他上市酿酒公司平均利润率的两倍还多，以任何生活消费品公司的标准来衡量，都是一流的。百威英博几乎所有管理人员都有大学文凭，尽职尽责。虽然有点怪异，但你很有可能在公司的走廊里碰到百威英博的CEO卡洛斯·布里托（Carlos Brito）。众所周知，这位巴西人有条不紊，员工们对他的忠诚度之高不免让人想起杰克·韦尔奇（Jack Welch）领导下的通用电气公司（财富五百强公司之一，总部设在美国。）
Investors’ similar devotion to the company as a whole is increasingly being tested. The first t of worries is specific to Abi.
投资者们都很钟爱这家公司，然而这种方式正日益受到考验。第一轮忧思缘起于百威英博。
Its agglutinated name points to a firm who trajectory has been t by financiers, not brewers. At its core is a trio of Brazilian investors best-known for later starting 3g capital, a private-equity fund which has snapped up other food firms such as Burger King and Kraft Heinz. They ud Brahma, a Brazilian beer firm they acquired in 1989, as a platform to buy up rivals the world over: Interbrew, a Belgian brewer which makes Stella Artois, in 2004; Anheur-Busch, the American owner of Budweir, in 2008; and sabMiller, its biggest remaining rival, in 2016. Mr Brito is their main lieutenant. He has led Abi since 2005 atop a Brazilian-heavy management team with a lust for trimming fat from flabby conquests.
从百威英博这个组合版的名字可以看出，这家公司的发展方向是由出资财团决定的，而非
酿酒商自身。公司的核心是三个巴西投资者。他们之后成立了3G资本，为人们熟知。3G资本是一家私募股权基金，它收购了汉堡王和卡夫亨氏等其他食品公司。他们将1989年并购的巴西布哈马啤酒公司作为平台，收购世界范围内其他竞争对手：2014年收购了出品时代啤酒的比利时酿酒商英特布鲁，2008年收购了出品百威啤酒的美国安海斯-布希公司，2016年收购了最大的竞争对手南非米勒酿酒公司。CEO布里托先生是他们主要的执行者。从2005年起，他就带领着这支以巴西人为主的管理团队，领导百威英博在行业里征战厮杀，从那些早已日落西山的对手们手中争夺肥肉。
The successful two-pronged strategy of rial acquisitions and cost-cutting appears to be nearing its limits, however. Having consolidated the fragmented beer industry—four of the ten biggest brewers in 1990 are part of its empire—no large rivals remain to be taken over without goading competition authorities. As for cost-cutting, by the end of the year will have wrung out the last of the $3.2bn of annual savings it expected from sab
但是，往日连续收购和削减开支双管齐下的成功策略似乎已达到极限。百威英博将彼时零散的啤酒行业整合。该产业内曾有十家大型啤酒商，而在1990年，其中的四家已在百威英
博的麾下。同时没有刺激的竞争管理机构的介入，再加上所有的强劲对手都已收购。至于节流，到年末，百威英博只能从南非米勒公司中挤出32亿美元，这已然到达极限。
注：Be near its limits = peak
At the same time, cost controls espoud by Abi and its 3g-run cousins—starting with every manager having to justify every dollar of spending anew each year—have come under scrutiny. Kraft Heinz’s shares tumbled in February after it wrote down the value of its asts by $15bn. Many took it to be a tacit admission that its cost-cutting had done the business harm. The announcement by Kraft Heinz on May 6th that it would have to restate nearly three years of results, after an internal probe unearthed “misconduct” in its procurement procedures, though not directly linked to “zero-bad budgeting” or 3g’s other distinctive management techniques, nevertheless cast a shadow over them.
平板微信下载同时，百威英博与其他3G资本的子公司都支持成本控制的策略-首先是要求每位经理人证明：每年花出的每一分钱都产出价值。这种方式已经受到监管。2月，卡夫亨氏公司公布其资产为150亿美元，致其股价大跌。许多人对此心照不宣，认为这种手段损害了公司利益。
5月6日，卡夫亨氏公司发表声明称在一项内部调查中发现其采购程序中出现“不当行为”，需重新发布近三年的数据。尽管此项问题并不与零基预算或其他3G资本特色鲜明的管理手段直接相关，却也给它们蒙上一层阴影。
