作者  杨继云   投资界PEdaily

liangtianqian，yangguofumalatangzhengshixianggangjiaosuodijiaolezhaogushu，malatangdiyigeipozhongyufuchushuimian。

danxianweirenzhideshi，yangguofumalatangyijingzaiyijishichangchaofantianle。

touzijiedujiahuoxi，2021niandi，yangguofumalatangchoubeiiposhenqingshi，hanjiandikaifangleyilunrongzi——zheiyeshiyangguofumalatangchengli20duonianlaishouciduiwairongzi。bishi，vc/pereqinggaozhang，zhongduozhuanzhucanyin、xiaofei、shenzhizonghexingdajijindetouzirenwenxunganlai，renaofeifan。

danhenkuai，jihusuoyoutouzirendoulengzhule。“liaoxialai，tamenyaodeguzhitaigaole。”guoneiyiweixiaofeichanyezishentouzirenzhijinyiranjingya，yangguofuqiwangguzhiyiduhandaole200yiyuan，yuanyuanchaochuletouzirendeyuqi。

zuizhong，yangguofumalatangzheiyilunrongzimeiyouchenggong。danshi，neigegaoda200yideguzhiquerangbushaoyijishichangtouzirenjiujiubunengshihuai——dangxiacanyinsaidaoguzhidongzhebaiyi、200yi，jiujingshinalilaidediqi？yanxia，canyinshangshichaohaohaodangdang，zhenshideguzhijiangshoudaoerjishichangdekaowen。

1.

ipoqian，yangguofuzhaolevc/perongzi

yiduhanchu200yiguzhi

liaoqiyangguofumalatangzheiciduanzanderongzijingli，bushaoxiaofeitouzirenjiyiyouxin。

beijingyiweizhuanzhuyuxiaofeisaidaodevchehuorentoulu，dangshituanduineibuzhuanmentaolunleyangguofumalatangzheigexiangmu，tongyangbeiguzhihedaole。

xuduotouzirenjiangmaotouzhixianglechuangshirenyangguofu。duici，gaihehuorenpoyouxiewunai：touziquancunzaiyixiebuliangfa（caiwuguwen），tamenyuanbenbanyanzhezhongjiedejiaose，rujinquerangxingyebiandewuxu。

zhengrutasuoyan，yangguofumalatangjiushiyigedianxinglizi——chuangshirenbaishouqijia，guoqu20duonianmaitouzuoshengyi，congweijiechuzibenshichang，yebudongdeyouxiguizeheguzhitixi，danfaweilehuodegenggaodetichenghuozheweileqiangxiaxiangmu，buxihuyouchuangshirenbagaoguzhi，“fahenbuhoudao，zuihoujieguoshigongsimaibuchuqu、touzirenkuiqian，zhenggeshichangguizebeigaohuaile。”

yangguofumalatangganyuhanchuchaogaoguzhi，diqihuoxulaizi2021niancanyintouziyinglaishishangzuihuobao。zhengruwomensuojian，zheiyiniancanyinsaidaotoufengle——vcqianglanzhoulamiandeyimujiyiyouxin，majiyong、chenxianggui、wuyebanmian、hefulaomian、yujianxiaomiankanchengrongzidazhan，lingrenyingjiebuxia；haiyouzhongshidianxinsaidao，momodianxinju、hutouju、babatangdengrongzitongyanghuobao，shenzhiyiduchuanchudandianguzhiyigeyidexiaoxi。haiyouluwei、zhachuan，jihusuoyoudejiebianliansuocanyindian，doukaishirongzile。

zheisihushizhongguocanyintouzidezhanxinyuannian。vc/pemenbushizaiqiangxiangmu，jiushizaizhengqiangxiangmudedaolushang，guzhiyeyilushuizhangchuangao。

danxiangyangguofumalatangzheiyangganyuhanchu200yiguzhibingbuduojian。yiweizhimingvcjigouhehuorentoulu，yangguofumalatangzuihoubingweichenggong，erzuizhongguzhiyedafuxiajiangle，dagaisuodingzai140yiyuanzuoyou。jibianruci，yijishichangtouzirenyijiubumaizhang。

lingyiweixiaofeitouzidalaogaosutouzijie，qishiduiyangguofumalatangganxingqudevc/pebuzaishaoshu，erqienenggounengdao“juesaiquan”dejigouyebingbuduo，touzimenjianhengao。buguo，jutasuozhi，dajiajichudeguzhidaduozai90yidao120yizhijian，“jihumeiyourenchaoguo120yi”。dangran，zheixiezuihoudoumeinengmanzuyangguofumalatangchuangshirendeyuqi。

tanqizheigexiangmu，shangshutouzirenjuedeyouxiekexi，tarenweizaimuqiandejingjizhouqizhong，jiamengliansuocanyinzaishuzihuadejiachixia，zuyijiejuegongyinglian、biaozhunhuadengguoquchangchangweirengoubingdejiamengnanti，xiaolvyoulequanxindefeiyue，zheiyileidecanyinqiyebiqizhiyingdiandezhongmoshilai，gengzhideyazhu。

raner，dayueyeshiyinweiyouleipojiaobiaojihua，yangguofuyizhizaiguzhiwentishangjianchi，suoyizuihoufangqileyijishichangrongzi。eryiweibuyuanjumingtouzirenzhichu，qunianmeiyoujiangdideguzhiyuqi，dayuehuizaijinnianjiangxialai，“fouzeyingshouhezengzhangqushihennanzhichengzheigejiage，erjishichangweibimaizhang。”

2.

kaidian5783jia，kanchengmalatangzhiwang

家族持股近97%

shizhijinri，yangguofuyijingchengweimalatangjianghuyigejihujiayuhuxiaodemingzi。shijianhuidao2000nian，zaihaerbinyijianxiaoxiaodedixiachuzuwuli，yangguofufufukaishilemalatangchuangyeshengya。

malatangqiyuanyusichuan，quebeiyangguofuzaidongbeifayangguangda。2003nian，dianminghaijiaozhe“yangjimalatang”，tamenyanjiuchuleyizhongdutedetangdi，weicihoudedongbeimalatangwenhuadiandinglejichu。jiamengmoshizaizuichudejiyinlijiucunzai，liangnianzhineijiukaichule70duojiadian，fuqiliangshouqujiamengfei。daole2007nian，yangjimalatangzhengshigaiming“yangguofumalatang”。

cihou，yangguofumalatangshirupozhu。jinyinian，quanheilongjiangshengjiukaichu500jiajiamengdian，haizaineimenggukaishelediyijiashengwaijiamengdian。2010nian，yangguofujuedingzhengdunguifanjiamengfangshi，zhongzhengzhihoutuidongpinpaizouchuledongsansheng。bishiyangguofumalatangyijingluodichao1000jiamendian，shinianhou，zheiyishuzifanle6bei——

womenzaizhaogushulikeyikandao：jiezhi2021nian9yue30ri，yangguofumendianzongshu5783jia，zaiguoneikaichule5759jiajiamengcanting，lingyou3jiaziyingcanting，ciwai，haizaijianada、meiguo、aodaliya、riben、hanguo、xinjiapodengguojiakaishele21jiajiamengdian。

ziyingcantingjin3jia，yiweizheyangguofubuxuyaochengdanzujin、renlizheixiefanzhongdechengben，shidexianjinliuchongzu，danjiamengmoshidailaidewentitongyangkunraozheta。lirujiamengdiandianzhupiyuzunshouzongbudexiangguanguize、zongbuguanlinengliyouxian，peixun、xunchadengcuoshibudaoweidengwenti，zheidouhuidailaizuizhijiedeshipinanquanguanliwenti，weiciyangguofuyemeishaozaigentou。

2019niandi，yangguofucengzaicaifangzhongtoulu，dangniangongsiyingshouyujijiangdadao13yiyuan，qizhongjiamengfeizhizhanliangcheng，duoshushourulaizishangmaomokuai。ergenjuzhaogushu，2019nian、2020nianji2021nianqianjiugeyue，yangguofushourufenbiedadao11.82yiyuan、11.14yiyuanhe11.63yiyuan，tongqilirunfenbiedadao1.81yiyuan、1.69yiyuanhe2.02yiyuan；tongqimaolilvweifenbiewei27.9%、28.7%he30.2%。

keyikandao，yangguofumalatangdeshourujiegoufenweicantingyunyinghelingshouyewuliangdabankuai，qijuedabufenshourulaizi“cantingyunying”bankuai。zheigebankuaitongsulijiejiushijiamengfei、xitongweihufeiyuhuopinxiaoshou，erhuopinxiaoshou，jimaijijiamengdianlideshicai、diaoweipindeng，zhizheiyixiang，jiudadaolezongyingshoude89.8%。

genjufuruositeshaliwenshuju，jiezhi2020nian12yue31ri，yangguofuzaizhongguozhongshikuaicanshichangzhongpaimingdiyi，anshouru、shangpinjiaoyizongeyijicantingshuliangjisuan，yangguofuzaizhongguodemalatangshichangzhongpaimingdiyi。

zheijiapanjuzhongguomalatangshichang20yuniandefuqidian，yeshiyijiatuotuodejiazuqiye。genjuzhaogushu，chuangshirenyangguofufufudechigubilizuigao，fuqierrengechigu37.8%，qierzichiyougongsigufen19.39%，yijiarenhejigongchiyouyangguofumalatangyue96.97%degufen，bilizhigaokanchenghanjian。

3.

餐饮上市潮来了

jianyangaoguzhideshihoudaole

yangguofumalatangfugangipo，zhengshiyanxiacanyinshangshichaodezhenshixiezhao。guoquduanduanlianggeyue，canyinshangshifengkuang——xiangcunji、qixintian、yijiyangguofumalatangxianhoutijiaozhaogushu。ciwai，haiyoulaoxiangji、hefulaomian、laoniangjiu、laowanghuoguo.....kaishichuixiangleipohaojiao。

chunjieqianxi，zuishouguanzhudebianshihefulaomiankaishiipodexiaoxi。zheishiyijiachengliyu2012niandezhongshiliansuomianguan，pingjiezheyinru“laomian”pinleihe“shufang”changjing，duanduanshuniankaichushubaijiamendian。hefulaomianchuangshirenlixuelincengtoulu，hefulaomiandeelunrongziguzhizai70yiyuan，danrongziguochengzhong，youxiezibenduiyushenzhijichule140yiyuandeguzhi，haiyoudebaojiaguzhishenzhigaoda160yiyuan。

erqunian9yuezhengshichongciipodelaoxiangji，guzhidadaole200yi。laoxiangjidebeihou，shiyiwei60houtuiwujunrenbaishouqijiadelizhigushi。1962nian，shucongxuanchushengzaianhuishengfeixixiandeyihunongminjiating，20suijieshujunlvshengyahouhuidaolaojiayangqileji。yiciourandejihui，tajiechudaokuaicanxingye，yushijuexindazhuanshen。2003nian，diyijia“feixilaomuji”zhongshikuaicandianzaihefeishuchengluzhengshikaiye，zheizhengshilaoxiangjideqianshen。

19nianshijian，laoxiangjicongfeixikaidaohefei，youconganhuikuozhangzhiquanguo，leijikaichuchaoqianjiamendian，yingshouchao30yiyuan，shituotuodezhongshiliansuocanyinjuwuba。qijian，laoxiangjicenghuodejiahuazibendetouzi。jinnian1yue，laoxiangjiyouwanchengleguangfaqianhehemaixingtouzigongtongcanyudepre-ipolunrongzi。zhici，laoxiangjiipoqiaozhongjinzaiyanqian。

haiyoulingyijiacongzhongqingqijiadezhongshikuaicanliansuopinpaijutou——xiangcunji，yezaijinnian1yue25ritijiaolegangguipozhaogushu。xiangcunjidebeihoushiyiweizhongqingmeizilihong，tazai28suishiyuzhangfukaileyijiachuancaiguan“xiangcunji”，jingliguoshengyihonghuo，yexianruguotingzhi。2006nian，“xiangcunji”gaimingweixiangcunji。

congzuichudeyijiaxiaocanguan，daorujinzhangduoxiangcunjihedamixianshengliangdaziyingpinpai，zuoyong1145jiaziyingmendian，25yunianguoqu，xiangcunjikaibianlechuanyudiqu，yezoujinleshanghai，yinianjinzhangchao30yiyuan。2020nian6yue，xiangcunjihuodelehongshanzhongguodezhanlvetouzi。

tongyangzaijinnian1yue，lingyijialiansuocanguan——qixintian，yezaigangjiaosuodijiaolezhaogushu。zheishiyijiazhongshihaixianliansuocanting，bingjianghaixianyuhuoguoxiangjiehe。yeyinci，yidanchenggongshangshi，qixintianjiangchengweijihaidilaohexiapuxiapuhoufugangshangshide“huoguodisangu”。

ciwai，laoniangjiuyetongyangzhunbeizaiagushangshi，zhejiangzhengjianjuyijingpiluleqifudaobeiangongshiwenjian；ciqianlvchacantingyezaoyipiluzhaogushu，zaijiashangyueshihuoguoliansuocanting“laowang”yezaiqunian9yuetijiaolezhaogushu；haiyouyanxiachuangtouquanzhishoukeredebanumaoduhuoguo，yecengduocichuanchushangshidexiaoxi，zheiyibocanyinshangshichaohaohaodangdang。

canyinqiyeweihecishizhaduishangshi？yiqing，wuyishizhenggecanyinxingyedezhuanzhedian。xunsujianshaodekeliuliang、fantailv、kedanjiadengzhibiao，rangyiwangbuchouxianjinliudecanyinpinpaibudebukaishijiechuziben、jiechuzibenshichang，yitigaokaidiansudu，xunsutishengshichangzhanyoulv。xibeicanyinchuangshirenjiaguolongcengtanyan，“yiqingduiwoyouhendadechudong，zishendelilianghaishiyouxian，xiangyoudadefazhanhaideyaoyongzibendeliliang。”

zhengruyiweizhuanzhuyucanyindevctouzirenrenwei，“yanxiazheixiecanyingongsixuanzeipo，yigehenzhongyaodeyuanyinshiweilehuoxiaqu，ranhouliyongmujierlaidezijinzhanlingshichang，tiqianbujuhouyiqingshidai。”dangzheizhongxiaoyingchuandaozhiyijishichang，bianshiwomensuokandaodeyimu——canyinsaidaorongzihuole，guzhidepaomofengkuangzhiji，tanweiguanzhi。