近四十年来，农心株式会社凭借其招牌产品辛拉面，一直主导着韩国方便面市场。但当韩国拉面成为全球现象时，却是竞争对手抓住了世界的胃口——以及投资者的想象力。
For nearly four decades, NongShim Co. has dominated South Korea’s instant-noodle market with its signature Shin Ramyun. But when Korean ramen became a global phenomenon, it was a rival that captured the world’s appetite — and investors’ imagination.
三养食品株式会社凭借其火鸡面做到了这一点，这款产品在社交媒体上成为病毒式传播的热门话题，全球粉丝纷纷拍摄自己食用这种极度辛辣面条的视频。这股热潮推动三养的海外销售额占营收比重超过80%——而农心仅为37%——并将其市值推高至竞争对手的近四倍。如今，农心正斥巨资重建投资者信心。
Samyang Foods Co. did it with its Buldak, which became a viral sensation with global fans filming themselves eating the intensely spicy noodles on social media. The craze pushed Samyang’s overseas sales above 80% of revenue — compared with NongShim’s 37% — and lifted its market value to nearly four times that of its rival. Now NongShim is spending heavily to rebuild investor confidence.
此次推进的核心是位于港口城市釜山的一座耗资2000亿韩元（约1.49亿美元）的辛拉面专用工厂，这是农心首座专门的出口工厂，据公司称拥有世界上最快的方便面生产线。该设施将使农心的国内出口产能提升70%，以寻求夺回在海外市场输给三养的份额。
At the heart of the push is a 200 billion won ($149 million) factory for NongShim’s iconic Shin Ramyun in the port city of Busan, the company’s first dedicated export plant and home to what the company calls the world’s fastest instant-noodle production lines. The facility will boost NongShim’s domestic export capacity by 70% as it seeks to regain ground lost to Samyang overseas.
“因为我们的产品在国内深受喜爱了太长时间，我们在早期回应全球需求方面可能稍显迟缓，”农心全球营销负责人池松河（Songha Ji，音译）表示。
“We may have been somewhat slow in responding to global demand early on because our products were so deeply loved at home for so long,” said Songha Ji, NongShim’s head of global marketing.
韩国两大食品制造商之间持续数十年的国内竞争正在海外加剧。总部均位于首尔的农心和三养正竞相利用“韩食热潮”，该热潮已将韩国面条推向从美国到欧洲的主流超市，而全球方便面市场预计将增长约23%，到2030年达到633亿美元。
A decades-old domestic rivalry between two of South Korea’s biggest food makers is intensifying overseas. NongShim and Samyang, both based in Seoul, are racing to capitalize on a K-food boom that has pushed Korean noodles into mainstream supermarkets from the US to Europe, just as the global instant-noodle market is projected to grow about 23% to $63.3 billion by 2030.
农心于10月启用的新六层综合体，设计产能为每条生产线每分钟600包——是传统设备的两倍。在内部，原料面团仅需不到七分钟即可变成货架就绪的辛拉面成品包。在人工智能传感器和自动化搅拌机的引导下，面条以惊人的速度完成压制、瞬间油炸和装箱。
NongShim’s new six-story complex, which opened in October, is designed to produce 600 packets a minute on each line — twice the speed of conventional setups. Inside, raw dough takes barely seven minutes to become a shelf-ready packet of Shin Ramyun. Guided by artificial intelligence sensors and automated mixers, the noodles are rolled, flash-fried and boxed at blinding speed.
这座工厂将使农心的国内年出口产能近乎翻倍，达到12亿包，并将其在韩国、美国四家工厂和中国的总全球产能提升至62亿包。釜山工厂的产品最初将销往日本、欧洲、澳大利亚、印度和东南亚。
The factory will nearly double NongShim’s annual domestic export capacity to 1.2 billion packets, and raise its total global capacity to 6.2 billion across Korea and four factories in the US and China. Production from Busan will initially be directed to Japan, Europe, Australia, India and Southeast Asia.
农心的目标是到2030年将全球方便面销售额翻倍至5.4万亿韩元，这将使海外销售额占营收比重超过60%。这种增长还将使其跻身全球前五大方便面制造商行列，与日清食品控股株式会社和美极制造商雀巢并列。
NongShim aims to double global noodle sales to 5.4 trillion won by 2030, which would lift overseas sale to more than 60% of revenue. Such growth would also elevate it to the global top five instant noodle makers alongside Nissin Foods Holdings Co. and Maggi-maker Nestlé SA.
农心的这一举措使其与三养正面交锋。这家火鸡面制造商在农心曾占主导地位的海外市场迅速抢占份额，已在中、欧等关键市场超越农心。据欧睿国际数据，三养有望在今年成为美国第三大方便面销售商——仅次于农心。
NongShim’s push puts it head-to-head with Samyang. The Buldak maker is rapidly gaining ground in overseas markets where NongShim dominated, having already overtaken it in key markets like China and Europe. It’s on track to become the third-largest instant noodle seller in the US this year — right behind NongShim, according to Euromonitor International.
三养也在加速全球扩张，上周宣布将投资超过1310亿韩元在越南建设新生产线。其在华首家海外工厂定于明年1月投产。
Samyang is also accelerating its global expansion, and announced last week it would invest more than 131 billion won in a new Vietnamese production line. Its first overseas plant in China is set to open in January.
对农心而言，考验在于新增产能能否转化为更快的销售增长和更高的盈利能力。韩华投资证券分析师韩侑贞（Han Yujung，音译）表示，美国销售回暖和釜山工厂增产可能提振公司估值。
For NongShim, the test will be whether the new capacity translates into faster sales growth and improved profitability. The company’s valuation could get a lift from a rebound in US sales and increased output from the Busan facility, according to Hanwha Investment & Securities analyst Han Yujung.
农心海外增长的开局颇具潜力——今年上半年辛拉面海外销售额同比增长36%。
NongShim’s push for overseas growth has a promising early start — sales of Shin Ramyun abroad jumped 36% in the first half of this year.
尽管如此，三养在估值上仍享有溢价，其股票按13.4倍远期市盈率交易，而农心为11.4倍——这意味着投资者愿为三养每元预期利润支付更高价格，以预期其更快的增长。
Still, Samyang commands a valuation premium over NongShim, its stock is trading at 13.4-times forward-earnings versus the latter’s 11.4 — meaning investors are paying more per won of projected profit in anticipation of faster growth.
农心也在借鉴竞争对手的策略。为吸引海外的Z世代消费者，农心大力布局流行文化——推出与Netflix动画《K-Pop Demon Hunters》（暂译《K-Pop恶魔猎人》）联名的限量版辛拉面，并在全球各地的粉丝展会上设立展位。农心还计划明年推出新款炒辛拉面，进军免汤面品类，正是这一品类推动了火鸡面的全球成功。
NongShim is also borrowing from its rival’s playbook. To court Gen Z shoppers abroad, it has leaned into pop culture — launching limited-edition Shin Ramyun tied to Netflix’s K-Pop Demon Hunters and setting up booths at fan conventions globally. It also plans to roll out a new stir-fried Shin Ramyun next year, entering the soupless-noodle category that propelled Buldak’s global success.
“我们目前还不能声称在许多国际市场上超越了三养，”农心营销负责人池某（Ji）表示。“但我们正在研究并标杆学习三养做得好的地方。”
“We cannot yet claim that we are outperforming Samyang in many international markets,” Ji, NongShim’s marketing head, said. “But we are studying and benchmarking what Samyang has done well.”