开市客2025财年第三财季营收净利双增，中国市场会员大量流失

Core Insights - Costco reported a total revenue of $63.21 billion for Q3 FY2025, representing an 8.0% year-over-year growth, with net profit reaching $1.9 billion, up 13.7% [1] - Membership fee revenue increased to $1.24 billion, a 10.7% rise, contributing 65% to net profit, indicating strong member retention and profitability [1] - Despite global membership renewal rates exceeding 90%, the renewal rate in China is only 62%, highlighting challenges in the Chinese market [1][2] Financial Performance - For FY2024, Costco achieved a record total revenue of $254.4 billion, with 76.2 million paying members and a total cardholder count of 137 million [1] - Membership fee revenue for FY2024 was $4.8 billion, again accounting for 65% of net profit, showcasing the importance of the membership model [1] Market Strategy - Costco initiated a membership fee increase in the U.S. and Canada by 8% and 8.3% respectively, the first increase since 2017, affecting approximately 52 million members [1] - A new membership scanning system was implemented in U.S. stores to combat card sharing, potentially converting 4 million new members in North America [2] Competitive Landscape - In contrast to Costco, Sam's Club has expanded aggressively in China, with 56 stores and a sales figure exceeding 100 billion yuan, alongside a 40% increase in membership [2][3] - Costco's membership fee in China is higher at 299 yuan per year compared to Sam's Club's 260 yuan, which may hinder competitiveness [3] Operational Challenges - Costco's store locations in China are primarily suburban, which may limit access for urban consumers, as seen with the distance of stores from city centers [3][4] - The company faces challenges in delivery services, as its shipping fees are perceived as high compared to competitors offering free delivery on minimum purchases [3] Future Outlook - Costco plans to open 9 new stores in FY2025, with 7 in the U.S. and one each in Japan and Australia, indicating a lack of immediate expansion plans for the Chinese market [5]