山姆背后的中国供应商 有人业绩翻身，有人“失去姓名”

Core Viewpoint - The article discusses the complexities and challenges faced by suppliers partnering with Sam's Club, highlighting both the potential benefits and risks associated with such collaborations [1][3][10]. Supplier Performance - At least 18 domestic listed food companies have partnered with Sam's Club, with many entering in the last two years [3] - Some suppliers, like Youyou Food, have seen significant revenue increases after entering Sam's Club, with projected revenue for the first half of 2025 expected to rise by 40.91% to 50.77% [4][6] - Conversely, other suppliers have struggled, with companies like Ganyuan Food experiencing a decline in net profit by 54.96% to 56.16% in the first half of the year [9] Market Dynamics - The entry of Youyou Food into Sam's Club marked a turnaround for the company, which had seen declining revenues in 2022 and 2023 [6][5] - Sam's Club's reputation for high quality and cost-effectiveness provides a branding advantage for suppliers, but long-term success depends on customer feedback and repurchase rates [6][10] Financial Implications - Suppliers face challenges such as long payment terms and increased accounts receivable, with Youyou Food's accounts receivable rising 18 times from the previous year [8] - The pressure to lower prices for Sam's Club can lead to reduced profit margins for suppliers, as seen with Qiaqia Food, which reported a decline in gross margin despite increased revenue from direct sales [7][9] Supplier Challenges - Suppliers must invest in product development to meet Sam's Club's stringent quality standards, which can be a burden for smaller companies [10] - Sam's Club's strict entry requirements and product exclusivity can limit suppliers' ability to sell similar products through other channels, creating dependency on Sam's Club [10]