Corporate America Scales Back Hopes for China Revival


在华经营的美国大公司曾寄希望于中国疫后的繁荣来提振全球收入。然而，对许多公司来说，这种美好愿景目前并未实现。


今年早些时候，人们涌入北京的一个购物区。

在华经营的美国大公司曾寄希望于中国疫后的繁荣来提振全球收入。然而，对许多公司来说，这种美好愿景目前并未实现。 6park.com
Big American companies in China were counting on a postpandemic boom to boost global revenue. For many, it isn’t happening.  6park.com
   
从芯片制造商高通(Qualcomm, QCOM)到工业龙头卡特彼勒(Caterpillar Inc., CAT)和杜邦(DuPont de Nemours Inc., DD)，这些美国大公司公布的中国市场业绩均表现疲软，中国结束三年的新冠疫情隔绝并重新开放之后，中国经济并未蒸蒸日上。 6park.com
From chip maker Qualcomm to industrial bellwethers Caterpillar and DuPont, companies are reporting weak results out of China as the country’s reopening from three years of Covid-related isolation has failed to gain steam.  6park.com
   
一些零售商正在享受重新开放带来的好处，但其他公司表示，预计这种疲软势头将持续到今年年底，并根据这种缓慢复苏调低了公司展望。 6park.com
While some retailers are seeing benefits from the reopening, other firms have said they are expecting the weakness to continue through this year and have cut company outlooks based on the slow recovery.  6park.com
   
“我觉得之前的总体预期是重新开放后中国市场将恢复昔日繁荣，”高通首席执行官安蒙(Cristiano Amon)上个月告诉投资者。“我们还没有看到这些迹象。” 6park.com
“I think the overall expectation is, following the reopening, the China market was going to bounce back,” Qualcomm Chief Executive Cristiano Amon told investors last month. “We have not seen those signs yet.”  6park.com
   
高通表示，预计今年全球智能手机销量降幅将超出最初的预期，其中一个原因是全球第一大智能手机市场中国的经济持续放缓；全球销售的智能手机中很大一部分都搭载了高通的芯片。高通每年有一半以上的收入来自中国，那里的许多客户将高通芯片组装到电子制成品中。 6park.com
The company said it expects global sales of smartphones—a huge share of which are powered by Qualcomm chips—to fall this year by a bigger margin than initially expected, in part because of the persistent economic slowdown in China, the world’s largest market for these products. Qualcomm books more than half its yearly revenue in China, where many customers assemble its chips into finished electronics. 


高通公司首席执行官Cristiano Amon说，该公司还没有看到中国经济反弹的迹象。

最近几周经济学家已经在下调对中国经济增长的预期，之前中国发布了一系列弱于预期的经济数据，包括制造业活动萎缩，消费支出乏力，住宅销售复苏转瞬即逝，以及创下纪录高位的青年人失业率。 6park.com
Economists have been cutting their growth forecasts for China in recent weeks after a spate of disappointing measures of the country’s economy, showing contracting factory activity, tepid consumer spending, a short-lived recovery in home sales and record-high youth unemployment.  6park.com
   
中国经济放缓正在冲击企业利润。许多高管已经指出，1月底的春节假期过后，几个月来中国经济持续疲软，而在中国解除防疫限制后，这一时期新的经济活动原本应是一派繁荣景象。到目前为止，这种繁荣还没有出现。 6park.com
The slowdown is hitting companies’ bottom lines. Many executives have pointed to weakness in China that has persisted for months after the Lunar New Year holiday in late January, which was meant to herald a boom in new activity following the end of Covid-19 restrictions. So far, the boom hasn’t materialized.  6park.com
   
“中国是我们最薄弱的业务区域，”芯片制造商Microchip Technology的首席财务官Eric Bjornholt在上周三表示。“自春节以来，我们真的没有看到任何明显反弹迹象。” 6park.com
“China is our weakest geography,” said Eric Bjornholt, chief financial officer at chip maker Microchip Technology, on Wednesday. “We really haven’t seen any sort of significant bounce back since Lunar New Year.” 6park.com
   
这些令人失望的业绩对那些命运与中国拴在一起的大公司构成了最新挑战。除此之外，跨国公司面临的困难还包括美中关系不断恶化以及美国对中国日益严密的制裁网络。 6park.com
The disappointing results are the latest challenge facing big companies with fortunes tied to China. Deteriorating U.S.-China relations and an increasingly tight web of American sanctions on the country have added to the challenges facing multinationals. 6park.com
  
中国也在加强针对美国公司的行动。上个月，中国禁止国内主要基础设施运营商采购存储芯片公司美光科技(Micron Technology, MU)的产品。外界普遍认为，此举是对去年美国芯片出口新管制措施的反击。中国还对一些与西方公司合作的咨询和尽职调查公司进行了整顿。 6park.com
China, too, is stepping up actions against American companies. Last month, it banned major Chinese firms from buying from memory-chip company Micron Technology, a move widely seen as a response to new controls on U.S. chip exports last year. It has also launched a crackdown on consulting and due-diligence firms that work with Western companies.  6park.com
   
而像苹果公司(Apple Inc., AAPL)这样在中国有大量业务足迹的公司已经在寻找减少对中国依赖的方法。在苹果公司当前财年的上半财年，该公司中国内地、香港和台湾的合计销售额下降5%以上。该公司2022财年的销售额增长8.5%。 6park.com
Companies with big Chinese footprints, such as Apple, have been exploring ways to scale back their reliance on China. Apple sales were down more than 5% in China, Hong Kong and Taiwan during the first half of the company’s current fiscal year. They rose 8.5% in its 2022 year. 6park.com
  
但并非所有公司都对中国市场感到悲观。特别是那些面向消费者的公司报告称，中国业务已较去年疫情时期的低迷水平反弹，这主要是得益于经历长期封控的购物者在防疫政策放开初期掀起了一轮消费热潮。 6park.com
Still, not all companies are downbeat. Consumer-facing companies in particular are reporting a rebound in China from last year’s depressed pandemic-era levels following an early burst of spending from long-confined shoppers.  6park.com
   
例如，奢侈品公司LVMH集团(LVMH)称，该公司在华销售额反弹，沃尔玛(Walmart Inc., WMT)也表示，上一财季的中国销售额跃升28%，得益于农历新年假期的强劲业绩。开市客(Costco Wholesale, COST)的首席财务官Richard Galanti上个月说，该公司今年将在中国再开三家门店，在华门店数量将自去年12月以来增长一倍。他表示，目前在中国的门店“经营得很好。情况就是这样。” 6park.com
Luxury conglomerate LVMH, for example, reported a rebound in China sales, while Walmart said its sales there jumped 28% in its most recent quarter, citing strong results during Lunar New Year. Costco Wholesale is opening another three stores in China this year, an expansion that doubles its store count since December, finance chief Richard Galanti said last month. Existing stores there are “doing great. End of story,” he said.  6park.com
  
但相较于其他经济体的疫后重新开放情况，中国的消费反弹落后一截。星巴克最近一个财季的中国同店销售额增长3%，而该公司上年同期的在华同店销售额则较2021年同期下降20%；该公司计划未来两年在中国开设近3,000家新店。星巴克表示，今年迄今的业绩仍然超过预期。 6park.com
But the consumer binge lags behind what was experienced by other economies after their post-Covid reopenings. At Starbucks, which is opening nearly 3,000 new stores in China over the next two years, same-store sales in the country rose 3% in the most recent quarter, after tumbling 20% in the same period a year earlier from 2021. The coffee chain said this year’s result still exceeded expectations. 


图为在中国的一个博览会上，高通公司的展位。该公司每年超过一半的收入在中国。

星巴克首席执行官Laxman Narasimhan说：“虽然我们不指望会出现直线式复苏，但我们对我们的长期机会抱有信心。” 6park.com
“While we don’t expect a straight-line recovery, we are confident in our long-term opportunity,” Starbucks CEO Laxman Narasimhan said.  6park.com
   
与中国更广泛经济领域相关的其他公司的业绩也在释放出令人担忧的信号，例如在房地产和汽车市场。 6park.com
Results of other companies tied to segments of China’s broader economy, such as the property and automotive markets, are signaling trouble.  6park.com
   
今年2月，杜邦首席财务官Lori Koch告诉投资者，“我们总体上仍然非常看好中国”。但在上个月公布的第一季度财报中，该公司表示，受电子市场疲软的影响，中国的销售额下降近20%。 6park.com
In February, DuPont finance chief Lori Koch told investors that “we’re still very bullish overall on China.” But in its first-quarter earnings report last month, the company said sales in China fell by nearly 20%, driven by a weak electronics market.  6park.com
   
卡特彼勒首席执行官James Umpleby在4月份告诉投资者，来自中国的收入通常占其总收入的5%到10%。他说，今年，该公司预计中国的销售额将低于这一范围。 6park.com
At Caterpillar, revenue from China typically accounts for between 5% and 10% of its total, CEO James Umpleby told investors in April. This year, the company expects China sales to come in below that range, he said.  6park.com
   
原因之一是，中国疲软的建筑活动导致今年客户对该公司挖掘机的需求下降。他说，面对这种放缓，原本提供给中国的一些挖掘机已转给其他市场。这与中国房地产市场的低迷时间吻合，后者此前多年一直是推动中国经济增长的一大因素。 6park.com
One reason: Weak construction activity in China is leading to a drop in demand this year for the company’s excavators. He said the slowdown has freed up its excavators for other markets. It coincides with the downturn in China’s property market, following years of being a growth driver.  6park.com
   
随着中国蓬勃发展的电动汽车行业显示出放缓的迹象以及补贴政策退场，与中国庞大的汽车市场相关的公司感受到了失望。第一季度，中国的电动汽车销售增长了23%，而上年同期则增长了一倍多。 6park.com
Companies tied to China’s giant vehicle market are experiencing disappointment as the booming electric-car sector shows signs of slowing and subsidies come to an end. Electric-vehicle sales rose 23% in China in the first quarter, after more than doubling a year earlier.  6park.com
  
芯片公司英伟达(Nvidia, NVDA)首席财务官Colette Kress最近告诉投资者，由于中国电动汽车公司的需求低于预期，该公司汽车业务第一季度的收入增长比去年第四季度有所放缓。 6park.com
Nvidia finance chief Colette Kress recently told investors that revenue growth at the chip company’s automotive business slowed in the first quarter compared with the fourth, because of slower-than-expected demand from Chinese EV companies.  6park.com
  
她说：“我们预计这种状况将在本日历年的剩余时间里持续下去。” 6park.com
“We expect this dynamic to linger for the rest of the calendar year,” she said.  6park.com
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汽车零部件供应商博格华纳(BorgWarner, BWA)上个月下调了今年在中国市场的收入预期，原因是第一季度中国的汽车产量低于预期。首席财务官Kevin Nowlan告诉投资者，中国业务的收入在年内可能下降至多3%。 6park.com
Auto-parts supplier BorgWarner last month cut its revenue expectations from China for the year because of weaker-than-anticipated auto production out of the country during the first quarter. Chief Financial Officer Kevin Nowlan told investors that China revenue could fall by up to 3% during the year. 6park.com
  
“我们知道中国业务第一季度会比较疲软，”Nowlan称。“我认为甚至可能比我们预期的要疲弱一些。” 6park.com
“China, we knew was going to have a softer Q1,” Mr. Nowlan said. “I think it came in maybe even a little softer than we expected.” 6park.com