Ailsa Gu, research analyst for market researcher Euromonitor International, says China's robust economic growth and the craze over the stock market in recent years are what tempts many of these domestic companies to try listing for faster expansion. But 'most of those restaurants are privately owned family-type businesses, which makes [it] much more difficult to expand due to the lack of capital and management skills,' the analyst says.
市場調查機構Euromonitor International的研究分析師Ailsa Gu表示，中國強勁的經濟增長以及近年來股市的飆升吸引了許多此類本土企業試圖通過上市來實現更快的擴張；但它們當中的大多數都是私有家族企業，資金和管理技術的匱乏使它們在自身發展的道路上遇到了更多困難。

Quanjude tried to go public twice before, in 1996 and 2001, but the applications were rejected because the company didn't have enough assets, according to Mr. Gu.
Gu指出，全聚德分別在1996年和2001年兩次提出了上市申請，但都未獲批準，原因是公司資產規模不夠。

Chen Haiming, an analyst with Shanyin & Wanguo Research & Consulting Co., says high awareness of the Quanjude brand gives the company a distinct advantage. 'Quanjude enjoys a very distinguished situation in the industry, thanks to its high awareness, its famous brand and its geographic location,' Mr. Chen says. That is why the company can charge 168 yuan to 198 yuan (about $22 to $26) per duck, while most Peking ducks are priced under $10.
申銀萬國證券研究所(Shanghai Shenyin Wanguo Research & Consulting Co.)分析師陳海明表示，全聚德品牌的高認知度令其獨具優勢。他指出，在餐飲連鎖業中，全聚德因名氣、品牌以及地理位置而享有非比尋常的地位；正因如此，在多數北京鴨的定價都不到10美元的情況下，它的一只烤鴨卻能賣到168-198元（約合22-26美元）。

The company also plans to sell specially packaged duck during the Beijing Olympics so visitors can take Quanjude ducks home with them, Mr. Chen says. 'This could bring the company a big business opportunity in 2008,' he says.
陳海明指出，公司還計劃在北京奧運會期間推出特別包裝的烤鴨，以供游客帶回家享用，此舉將在2008年給公司帶來巨大商機。

Still, restaurant branding in China can be a difficult task for companies that want to build a national name, according to industry analysts. People are spending more on eating out, with Euromonitor reporting that food-services industry sales almost tripled to $12 billion last year from $4.6 billion in 2001. But almost all companies have less than 2% market share of food-service sales, with the exception of foreign-based multinationals Yum Brands Inc. and McDonald's Corp., which are in the lead with 16.5% and 7.5%, respectively. Quanjude ranks seventh, with a 1.5% market share.
不過業內分析師指出，在中國創立全國性的飯店品牌是項艱巨的任務。Euromonitor的報告顯示，中國人在外出就餐上的花費越來越多，去年這項支出已經達到120億美元，較之2001年的46億美元增長了近兩倍。在百勝餐飲集團(Yum! Brands Inc.)和麥當勞(McDonald's Corp.)分別以16.5%和7.5%的市場份額占據中國飲食企業排行榜第一、第二位的情況下，絕大多數中國本土餐飲公司都是市場份額不足2%的小企業。全聚德在這個大排名中位列第七，市場占有率為1.5%。

Because local food trends and tastes vary significantly from region to region, even among big cities like Beijing and Shanghai, many of China's more prominent restaurant chains enjoy brand recognition and reputations in some markets while they are virtually unheard of in others.
由于中國人的飲食偏好因地域不同而有明顯差異，即便在北京和上海這樣的大城市也是如此。許多知名飯店連鎖企業在此地口碑極佳，而在彼處卻無人知曉。

Zeng Guang, an analyst at China Jianyin Invest Securities, says that while Quanjude and Donglaishun are household names in northern China, they don't have many chain stores in southern China and aren't as widely known. Lao Sun Jia Mutton & Bread, another food brand, is famous in central and southern China, though its name is seldom heard in the north.
中國建銀投資證券有限責任公司(China Jianyin Investment Securities)分析師曾光表示，雖然全聚德和東來順在中國北方地區家喻戶曉，但它們在南方連鎖店規模有限，知名度不太高。老孫家羊肉泡饃(Lao Sun Jia Mutton & Bread)在中國中部及南部都是知名品牌，但在北方地區卻知者甚少。

'The difficulty for the Chinese companies is they tend to be too regional,' says Matthew Crabbe, managing director of market-research company Access Asia Ltd. 'Not many have been successful in transferring different versions [of their food] across the whole country' with a few exceptions including 'hot pot,' a popular meal in China that originated in the north and for which diners cook their own fresh ingredients in a communal pot and choose their own seasonings.
市場調查公司通亞公司 (Access Asia Ltd.)董事總經理馬修•格萊博(Matthew Crabbe)指出，中國餐飲企業的難題在于它們太過傾向于區域性發展，只有為數不多的企業成功地將自己的產品以不同形式推向了全國，火鍋就是其中一例；這種食品起源于中國北方地區，幾位就餐者自己動手在同一口鍋中加工新鮮食材，再配以自選的適口佐料。

Mr. Zeng says he is optimistic about Quanjude's IPO but that the success of Chinese chains depends on how well they can standardize their restaurants, as foreign competitors have.
曾光表示，他對全聚德的IPO感到樂觀，但其他中國連鎖餐飲企業的成功取決于它們在門店的標準化方面做得如何，一如外國競爭對手那樣。

'This will be very helpful to upgrade the Chinese restaurant and catering industry overall significantly,' Mr. Zeng says.
他指出，這將為中國餐飲服務業的全面升級帶來巨大幫助。

But Mr. Crabbe says it isn't clear whether consumers will appreciate standardization. 'I can see how the IPO could influence more of the catering companies to aspire to achieve that kind of thing, but on the other side I think from the consumer point of view, they like being able to go to small local restaurants. That's what they've always had,' he says. 'There's that more intimate, friendly local feel to those places. That is what appeals to most Chinese consumers.
但格萊博表示，消費者是否會對飲食連鎖店統一標準持贊賞態度仍是個問號。他表示他理解全聚德的IPO會激勵更多的餐飲業走上上市之路，但另一方面他認為消費者可能喜歡去當地的小飯館就餐，這也是他們一直以來的生活習慣。格萊博指出，小飯館更容易讓人產生親近、友好的感覺，正是這一點贏得了多數國人的喜愛。