山姆背后的中国供应商 有人业绩翻身 有人“失去姓名”

Core Insights - 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][2][3]. Supplier Performance - At least 18 domestic listed food companies have partnered with Sam's Club, with many being recent entrants. Some suppliers, like Youyou Foods, have seen significant revenue increases after entering Sam's, while others have struggled with declining profits [3][5]. - Youyou Foods expects a revenue of 746 million to 798 million yuan for the first half of 2025, representing a year-on-year increase of 40.91% to 50.77% [5]. - Prior to joining Sam's, Youyou Foods experienced consecutive revenue declines in 2022 and 2023, with revenues of 1.024 billion and 966 million yuan, respectively [6]. Market Dynamics - The partnership with Sam's Club can serve as a brand endorsement, enhancing visibility and credibility for suppliers. However, the long-term success of products depends on customer feedback and repurchase rates [6][10]. - Suppliers face challenges such as long payment terms and the need to cover production and logistics costs upfront, leading to increased accounts receivable [7][8]. Profitability Concerns - Entering Sam's Club does not guarantee profit growth, as the retailer often pressures suppliers to lower prices, impacting profit margins [7][8]. - For instance, Qiaqia Foods reported a decrease in gross margin despite increased revenue from direct sales channels, indicating the financial strain of operating within Sam's [8][9]. Brand and Product Strategy - Some suppliers have faced branding challenges, with products being rebranded under different labels to create an "imported" perception, which can dilute brand identity [9]. - Sam's Club's stringent product entry requirements necessitate additional investment in product development, which may be burdensome for smaller suppliers [10].