????中國(guó)經(jīng)濟(jì)的繁榮發(fā)展以及中國(guó)消費(fèi)者對(duì)于知名洋品牌的熱衷都不能確保外來(lái)品牌一定就能在中國(guó)市場(chǎng)獲得成功。好時(shí)公司（Hershey）最近以5.84億美元收購(gòu)糖果制造商上海金絲猴食品公司（Shanghai Golden Monkey Food Company）就是一個(gè)例子，它足以證明外來(lái)者拓展中國(guó)市場(chǎng)的艱難。

????金絲猴食品遠(yuǎn)不能與好時(shí)公司相提并論。這家中國(guó)公司2013年的預(yù)計(jì)銷售額為2.25億美元，而好時(shí)公司預(yù)計(jì)銷售額為70億美元。好時(shí)擁有好時(shí)之吻（Kisses）巧克力；金絲猴有紅豆味奶糖。而這正是好時(shí)在中國(guó)面臨的難題：它著名的牛奶巧克力在中國(guó)賣得并不太好，因?yàn)橹袊?guó)消費(fèi)者傾向于購(gòu)買除巧克力之外的其他糖果。

????中國(guó)市場(chǎng)的巨大潛力讓好時(shí)做了一些前所未有的嘗試。收購(gòu)金絲猴之前，好時(shí)從未進(jìn)行過(guò)超過(guò)2億美元的收購(gòu)。今年夏季，好時(shí)在中國(guó)推出了悠漫（Lancaster）品牌香純奶焙糖，這是它近120年歷史中首次在美國(guó)之外的市場(chǎng)推出一個(gè)新品牌。好時(shí)一位發(fā)言人上周四接受《糖果》雜志（Confectionery News）采訪時(shí)稱，公司的目標(biāo)是到2017年，讓中國(guó)成為繼美國(guó)之后的第二大市場(chǎng)。

????簡(jiǎn)單計(jì)算一下就能判斷，好時(shí)進(jìn)入中國(guó)市場(chǎng)付出了不菲的代價(jià)。有些交易告訴我們，中國(guó)市場(chǎng)對(duì)于西方公司是多么重要，就算是好時(shí)這樣的美國(guó)知名品牌也不例外（好時(shí)85%的銷售額來(lái)自美國(guó)），而收購(gòu)金絲猴就是這樣一筆交易。

????據(jù)兩家公司稱，金絲猴今年的銷售額有望達(dá)到2.25億美元。如果我們假定金絲猴的利潤(rùn)率與全球最大的巧克力市場(chǎng)——美國(guó)最具標(biāo)志性的一個(gè)品牌好時(shí)的水平相似，金絲猴今年將獲得約2,250萬(wàn)美元的利潤(rùn)。當(dāng)然，這是一個(gè)慷慨的假設(shè)。

????好時(shí)這筆5.84億美元的收購(gòu)意味著它支付的價(jià)格是金絲猴利潤(rùn)（使用凈利潤(rùn)數(shù)字）的26倍，是銷售額的2.6倍。這樣的收購(gòu)估值沒(méi)有高得離譜，但的確不便宜。為了讓這宗收購(gòu)物有所值，好時(shí)將依靠金絲猴在中國(guó)的分銷平臺(tái)以及經(jīng)營(yíng)經(jīng)驗(yàn)，這些都是好時(shí)必須掏錢(qián)才能買到的東西。（財(cái)富中文網(wǎng)）

????For proof that the Chinese market is difficult for outsiders, a place where even a booming economy and a love for top foreign brands isn't enough to guarantee success, look to Hershey's (HSY) recent $584 million deal to buy candy maker Shanghai Golden Monkey Food Company.

????The Golden Monkey is no Hershey. Its estimated sales of $225 million in 2013 compare to Hershey's estimated $7 billion. Hershey has Kisses; Golden Money has red-bean milk candies. And that's part of Hershey's problem in China: Its famous milk chocolate doesn't work well in the country, where consumers tend to prefer candies besides chocolate.

????The promise of the Chinese market has Hershey doing things it has never done before. Before Golden Monkey, Hershey had never spent more than $200 million on an acquisition. And this summer, for the first time in the company's nearly 120-year history, it launched a new brand outside the U.S., a condensed milk candy in China called Lancaster. A company spokesperson told Confectionery News Thursday that Hershey aims for China to become its second-largest market, after the U.S., by 2017.

????Some simple math suggests Hershey isn't getting into China on the cheap. The acquisition is the type of deal that shows how important the Chinese market is to Western companies, even those like Hershey, a famously domestic brand (with 85% of sales coming from the U.S.)

????Golden Monkey may post sales of $225 million this year, according to the companies. If we assume Golden Monkey boasts profit margins similar to those at Hershey, one of the most iconic brands in the biggest chocolate market in the world, the U.S., then Golden Money will earn around $22.5 million this year. That's a generous assumption.

????Hershey's $584 million deal means it is paying more than 26 times earnings for Golden Monkey (using net earnings) or 2.6 times sales. That's not an outrageous M&A valuation, but it's not cheap either. To make the deal worthwhile, Hershey is dependent on Golden Monkey's distribution platform in China and the company's Chinese know-how, things that Hershey had to buy.