#头豹洞见

●近年来，年轻群体的消费习惯正在悄然改变酒吧餐饮行业。以海伦司为代表的新型酒吧，目标消费群体是18至28岁的年轻人，海伦司也是连锁酒吧行业第一家上市公司，被誉为“小酒馆第一股”。

●海伦司上市将会为行业带来哪些变革？未来，海伦司的发展又将何去何从？头豹研究院分析师刘颀接受China Daily采访，为您分析“啤酒繁荣”下的行业趋势。

China Daily

Young consumers socialize in the"happy atmosphere"of a beer bar of Helens International Holdings Co Ltd in Chengdu,Sichuan province,in December.[Provided to China Daily]

12月份，年轻的消费者在四川省成都市海伦斯酒吧中尽情地玩游戏，沉浸在欢乐中。[中国日报]

Bottoms-up youth social scene bolstering barley beverage biz

年轻人“一饮而尽”的社交文化正促使啤酒生意蓬勃发展

Helens International Holdings Co Ltd,China's largest bar chain and the first such listed company,has developed from small bistros and social networking places for college students and young office workers.

海伦司国际控股有限公司经营着中国最大酒吧连锁店，也是连锁酒吧行业第一家上市公司，它从针对大学生和年轻上班族的小酒馆、社交场所发展起来，被誉为“小酒馆第一股”。

For many college students,Helens is the place to go at night,with multiple beer varieties on tap.Most brands such as Corona,Budweiser and its own Helens label brews carry price tags under 10 yuan($1.55)per bottle,which is quite affordable for students.The same kind of Budweiser in 330 milliliter bottles is usually sold for 15 yuan to 30 yuan in supermarkets and convenience stores,according to market research provider LeadLeo Research Institute.

对于众多大学生来说，海伦司是晚上去的地方，供应多种啤酒。大多数品牌如科罗纳，百威和旗下的海伦司精酿啤酒，标价均低于10元（1.55美元）每瓶，对于学生群体十分优惠。

据头豹研究院数据，330毫升瓶装的百威啤酒通常在超市和便利店售价在15元至30元间。海伦司目前在中国大陆100多个城市经营着527家酒吧。9月10日，海伦司在香港联交所上市，公司在一份监管文件中表示，最初计划从首次公开发行（IPO）中筹集25.1亿港元（合3.2亿美元）。首个交易日，其市值高达300亿港元。

Helens said it is targeting consumers aged between 18 and 28.A large number of young consumers in this age group don't have enough money to go to high-end bars and order alcohol with high unit prices,so Helens has become their primary choice.

海伦司表示，它的目标消费群体是18至28岁的年轻人，这个年龄段的消费者大部分没有足够的能力在高端酒吧进行消费，所以海伦司成了他们的主要选择。

"In the early days,the bar sector in China was mixed with good ones and bad ones,and we have kind of disrupted the market by launching a bar chain with standard products and services.A lot of customers stop by our bars based on peer recommendations.We hope to serve as a social venue that creates memories for young consumers,"said Zhang Bo,senior vice-president of Helens.

"在早期，中国的酒吧业发展良莠不齐、鱼龙混杂，我们打破了这一现象，推出了一家拥有标准产品和服务的酒吧连锁店。很多客户都会因为朋友的推荐来到海伦司小酒馆。我们希望成为为年轻消费者创造回忆的社交场所，"海伦司高级副总裁张波说。

"What we provide is not merely alcohol,but it's more about a happy atmosphere and experience as consumers can purchase similar alcoholic products at supermarkets.We hope to build a big brand with small front-end operations.We insist on operating the brand with direct ownership and not via franchise,"Zhang said.

"Like in many overseas markets,going to pubs has become part of a lifestyle for many local consumers.Earlier in China,not many people drank coffee.Now,coffee has become quite prevalent in the country,and we would like to expand our bars just like Starbucks."

"我们提供的不仅仅是酒精，更多的是快乐的气氛和体验，因为消费者在超市就可以购买类似的酒精产品。我们希望打造一个前端运营规模较小的大品牌。我们坚持以直接所有权而不是特许经营经营品牌，"张波还表示道。"和海外市场一样，酒吧已经成为许多当地消费者生活方式的一部分。例如早期，中国喝咖啡的人并不多，而现在咖啡在全国已经相当流行，我们想像星巴克一样扩大我们的酒吧。”

In March,Helens received$33 million in combined investment from China International Capital Corp Ltd and BA Capital－a consumer-focused fund in China.

From 2018 to 2020,Helens'bars nationwide expanded from 162 to 351.In 2018,its sales revenue reached 115 million yuan,and last year,it achieved sales of 818 million yuan.The compound annual growth rate was 166.9 percent over the period,according to its prospectus.

今年3月，海伦司从中国国际资本有限公司和BA Capital（一家专注于消费赛道的基金）获得了3,300万美元的总投资。从2018年到2020年，海伦司旗下经营的酒吧数量从162家扩大到351家。2018年销售收入达到1.15亿元，2020年实现销售收入8.18亿元。根据海伦司招股说明书，2018–2020年间复合年增长率为166.9%。

In Wuhan,capital of Hubei province,Helens has 65 bars,the highest number of all urban markets.The company aims to bring the number of its bars in the city to about 80 by the year-end.

In Changsha,Hunan province,Helens operates some 45 bars.In an area of 8.3 square kilometers around the famous traditional food court Pozi Street,Helens has opened more than 10 bars.

在湖北省省会武汉，海伦司有65家酒吧，是所有城市市场中数量最多的。该公司的目标是到今年年底，在武汉的酒吧数量达到80家左右；在湖南省长沙市，海伦司经营着大约45家酒吧。海伦司在著名的传统美食广场波兹街周围8.3平方公里的区域内，已经开设了10多家酒吧。

From 2018 to 2020,the market scale of Helens remained the largest in China.It plans to expand the total number of bars nationwide to about 1,000 next year and to around 2,200 by 2023.Most new bars are expected to be launched in second and third-tier cities,and Helens will continue to offer the most competitive prices possible.

从2018年到2020年，海伦司都是中国规模最大的酒吧品牌，并计划明年将全国酒吧总数扩大到1000家左右，于2023年增加到2,200家左右。大多数新酒吧将落户在二、三线城市，海伦司也将继续提供最具竞争力的价格。

"We will not worry about possible dilution from opening too many bars as we see growing demand from young consumers and significant growth potential of the bar business in China,"Zhang said.

By the end of 2020,China had about 35,000 bistros,or small-scale mass-market bars.Some 95 percent of them were independently operated.In terms of revenue,the combined market share of the top five bar operators in China makes up about 2.2 percent of the total,according to LeadLeo.

By the end of last year,China had about 300 million people aged between 20 and 34,accounting for 21.2 percent of the total population,according to the National Bureau of Statistics.

"我们不会担心开太多酒吧可能会稀释盈利，因为我们看到年轻消费者的需求不断增长，中国酒吧业务增长潜力巨大，"张说。到2020年底，中国拥有约35,000家小型酒吧，即小型大众市场酒吧，其中约95%是独立经营的。而在收入方面，根据头豹研究院数据，中国五大酒吧运营商的总市场份额约占总市场份额的2.2%。据中国国家统计局数据，截至去年底，中国20至34岁的人口约有3亿，占总人口的21.2%。

头豹研究院分析师刘颀

"Helens aims to target young consumers and achieve high turnover with thin profit margins.It has attracted a large number of young consumers thanks to cheap beer,as the group has a certain demand for socializing over drinks,"said Liu Qi,an analyst of LeadLeo.

"Most of its bars are located in smaller cities.Avoiding fierce competition in first-tier cities is also one of the strategies that Helens managed to achieve growth.Whether or not it can stay competitive in the future remains to be seen,as more industry players are entering the sector,"Liu said.

Besides Helens,China has a number of large-scale bar chains,with each of them operating more than 50 outlets nationwide.They include Perry's,music restaurant and bar Hutaoli,and Chengdu Erma Catering and Entertainment Co Ltd,according to LeadLeo.

"海伦司的目标是瞄准年轻消费者，通过“薄利多销”的方式获得增长。由于廉价啤酒吸引了大量年轻消费者，他们对于社交的需求远高于酒精本身，"头豹研究院分析师刘颀表示，"海伦司小酒馆大多位于二、三线城市，这能够避免一线城市的激烈竞争，也是海伦司实现增长的战略之一。随着越来越多的行业参与者进入该行业，海伦司能否在未来持续保持竞争力还有待观察。”

除海伦司外，中国还有一些大型酒吧连锁店，每家都在全国经营着50多家分店。头豹研究院表示，这些品牌中包括Perry’s和胡桃里音乐酒吧，以及成都爱尔玛餐饮娱乐有限公司。

Consumers enjoy themselves at a bar of Helens in Xi'an,Shaanxi province,in July.[Provided to China Daily]

7月份，消费者在陕西省西安市的一家海伦斯酒吧尽情享受。[中国日报]

In 2009,Helens opened its first bar in Beijing's Wudaokou area,and it quickly attracted a large number of foreign students and backpackers in China,with its relaxed atmosphere and cheap beers.

Initially,it provided various foods such as pizza,pasta and nonalcoholic beverages.Later,Helens simplified its menus to the most basic products,which made it easier for the company to manage supply chains and launch more bars.

2009年，海伦司在北京五道口地区开设了第一家酒吧，以其轻松的氛围和廉价的啤酒迅速吸引了大批外国学生和背包客。最初，海伦司还提供各种食物，如比萨饼，意大利面和非酒精饮料。后来，海伦司将其菜单简化为最基本的产品，极大地便利了公司的供应链管理与规模扩张。

To cater to a growing demand for online shopping,Helens has expanded its business.It has launched stores on e-commerce platforms such as JD,Tmall,Taobao and also on WeChat.The company said its online business is still in an initial stage of development,and online sales mostly satisfy demand of consumers who frequent bars.

同时，为了满足消费者日益增长的网上购物需求，海伦司还在京东、天猫、淘宝等电商平台上开设了专卖店，并在微信上开设了专卖店。公司表示，其线上业务仍处于初期发展阶段，线上销售主要为了满足经常光顾酒吧的消费者的需求。

It is also in discussions with some barbecue retailers and is considering introducing such offerings in more than 20 of its bars.The bar chain also allows customers to bring their own food as it hopes to create a cheerful and lighthearted atmosphere.

不仅如此，海伦司还在同一些烧烤零售商接洽中，考虑在其20多家酒吧推出烧烤服务。海伦司希望通过允许顾客自带食物，营造更为欢快轻松的氛围。

Last year,despite the impact of the COVID-19 pandemic,Helens managed to make a profit.It tends to rent stores that are located in major business districts,but at less prominent locations such as second floors of buildings.Thus,rents tend to be much cheaper than other more prominent locations.

去年，尽管受到新冠疫情的影响，海伦司还是取得了可观的利润。因为海伦司通常租用位于不太突出的位置的商铺，如各类写字楼的二层。因此，租金往往比其他更显眼的地方便宜得多。

Despite the operational pressure due to the pandemic,in May 2020,Helens offered a pay rise for its staff members.In May this year,the company raised employee pay again.It also has an incentive plan to give shares to its employees.

虽然疫情带来了业务压力，但2020年5月，海伦司还是为员工提升了薪酬待遇。今年5月，公司再次提高员工工资，同时公司还制定了一项股权激励计划。