（原标题：营收大增21.8%，沃尔玛中国为何领跑业绩?） 11月20日，沃尔玛披露了2026财年第三季度（FY26 Q3）业绩报告。财报显示，沃尔玛该季度营收录得 1795亿美元，同比增长5.84%，营收增速连续两个季度环比走高，延续了稳健的扩张态势。 分区域看，沃尔玛中国业务表现尤为亮眼。FY26 Q3单季实现净销售额61亿美元，同比增长21.8%，不 仅大幅跑赢国际业务板块10.84%的平均增速，还连续多个季度维持同比两位数以上的增长，成为驱动 全球业绩增长的关键引擎。 若置于行业宏观视角审视，沃尔玛中国的表现更具韧性。对比2025年前三季度中国社零商超行业4.4% 的平均增速，沃尔玛中国实现了显著的超额增长。在当前消费回归理性、传统商超普遍面临转型阵痛的 存量博弈环境下，这份逆势突围的成绩单显得难能可贵。 面对如此显著的差异化表现，市场不禁追问：沃尔玛中国究竟做对了什么？ 左手山姆，右手电商 在很长一段时间里，实体零售与电商被视为一场零和博弈。但在沃尔玛的布局中，二者早已融为一体， 优势互补，成为业绩高增背后的核心因素。其中，有两组数据尤其值得关注： 现"，这不仅是对单店业绩的肯定，也是对山姆模式在中国 ...

（原标题：沃尔玛Q3中国市场业绩领跑 净销售额达61亿美元） 21世纪经济报道记者 唐唯珂 报道 2025年11月20日，全球零售巨头沃尔玛正式披露2026财年第三季度业绩报告。 在全球经济环境复杂多变的背景下，数据显示，总营收同比增长5.8%至1795亿美元，剔除汇率波动影 响后增幅进一步扩大至6.0%；调整后营业利润达72亿美元，同比增长8.0%。 尤为值得关注的是，中国市场以21.8%的净销售额同比增幅领跑全球，电商业务增速更是高达32%，成 为集团业务增长的核心动力。同时，沃尔玛宣布管理层换届，现年51岁的John Furner将于2026年2月1日 接替59岁的董明伦，出任公司总裁兼首席执行官。 华南某商超供应商向21世纪经济报道记者表示，对于沃尔玛而言，中国市场的持续高增与管理层的平稳 过渡，将为其在全球零售变革浪潮中的竞争增添重要砝码。未来竞争必定会集中在零售整个上下游层 面。 中国市场成关键突破口 财报显示，沃尔玛第三季度的增长得益于各业务板块的协同发力。全球电商业务的净销售额同比增长 27%，所有业务板块电商增速均超20%，数字化转型成效显著；会员经济持续贡献增量，会员及其他收 入同比增长9 ...

Walmart (NYSE:WMT) Q3 2026 Earnings Call November 20, 2025 08:00 AM ET Speaker2Greetings. Welcome to Walmart's third quarter fiscal year 2026 earnings call. At this time, all participants are in listen-only mode. The question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I'll now turn the conference over to Steph Wissink, Senior Vice Pr ...

经济观察网 作为全球最具活力的零售市场之一，中国正持续引领全渠道零售、绿色可持续发展以及跨 境贸易的未来方向。 高美艾博展览（APAC）有限公司总经理Ryf Quail表示："亚太零售业正引领潮流，全球都在关注该地区 未来的动向。在'The Next Now'（下一个当下）主题下，NRF 2026亚太零售展将展示零售商如何将数 据、设计和数字创新转化为未来商业的蓝图。" 为了进一步加强跨境合作。11月18日，NRF 2026亚太零售展会与中国国际展览中心集团有限公司 （CIEC，下称"中展集团"）、中国连锁经营协会（CCFA）建立合作关系。 在NRF 2026亚太零售展期间，众多来自中国的零售品牌、技术创新企业及解决方案提供商将获得一个 专属平台，用于展示创新成果、拓展国际合作，并进一步扩大中国零售在全球零售舞台的影响力，彰显 中国在重塑零售新纪元、促进区域零售生态协同发展的关键力量。（记者 陈植） 据悉，作为面向亚太地区零售业领袖、创新者与解决方案供应商的重要活动，NRF 2026亚太零售展 (NRF 2026: Retail's Big Show Asia Pacific)将于2026年6月2日至4日在新 ...

Financial Data and Key Metrics Changes - Revenue increased by 19% year-over-year to $505 million, driven by new store openings and same-store sales growth of 8.4% [5][18] - Earnings per diluted share rose 44% to $1.37 compared to $0.95 in the prior year [5][19] - Merchandise margin rates increased by 80 basis points year-over-year [5][19] Business Line Data and Key Metrics Changes - Same-store sales growth was 8.4%, with brick-and-mortar sales increasing by 7.8% and e-commerce sales growing by 14.4% [9][18] - The ladies' business saw positive mid-teens comp growth, while men's business comped positive high single digits [10] - Exclusive brand penetration increased by 290 basis points to 41% of sales [14][19] Market Data and Key Metrics Changes - The total addressable market (TAM) expanded from $40 billion to $58 billion, a 45% increase [8][33] - The company estimates a long-term U.S. store count potential of 1,200 stores, with plans to open 12-15% new units annually [8][9] Company Strategy and Development Direction - The company is focused on a "stores-first" strategy, emphasizing new store growth and omnichannel initiatives [9][13] - Marketing efforts include sponsorship of rodeos and partnerships with country music artists to enhance brand visibility [10] - The company aims to leverage AI to improve customer experience and operational efficiencies [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the current business tone and preparation for a strong holiday season [17] - There is a recognition of macroeconomic uncertainties affecting consumer sentiment, leading to a conservative outlook for the second half of the year [31][68] - The company raised its full-year guidance, expecting total sales of $2.235 billion, representing a 17% growth over fiscal 2025 [21][22] Other Important Information - Inventory increased by 20% year-over-year to $855 million, with markdowns below last year and historical levels [20] - The company repurchased approximately 73,000 shares for $12.5 million as part of its share repurchase program [20] Q&A Session Summary Question: Drivers of October's comp acceleration and long-term store count potential - Management noted that October's performance aligned with major merchandise categories, with work boots showing notable improvement [28][29] Question: Details on the TAM increase - The increase in TAM was driven by demographic studies and the trend of casualization in wearing occasions [33] Question: Pricing strategy and exclusive brand penetration - Exclusive brand pricing will be adjusted post-holiday to preserve margins, with current penetration at 41% [34][35] Question: Success of exclusive brand websites - The websites for exclusive brands aim to drive customer traffic to Boot Barn stores, with no plans for wholesale or international sales [38][39] Question: Online penetration and margin implications - Online business is expected to hover around 10% penetration, with no significant shifts anticipated [62] Question: Regional performance and consumer behavior - Management reported widespread growth across geographies, with no significant changes in shopping behavior among Hispanic consumers [58] Question: Margin dynamics and tariff impacts - The company is managing tariff impacts through negotiations with factories and has factored these into margin guidance [60]

Group 1: Baima Tea Industry - Baima Tea has officially listed on the Hong Kong Stock Exchange, with its shares opening 60% above the issue price at HKD 80 per share, and rising over 70% by 10 AM [1] - The company raised a total of HKD 450 million from the global offering of 9 million shares, netting approximately HKD 390 million after deducting listing expenses [1] - The funds will be used to expand the sales network, improve supply chain efficiency, and enhance brand promotion [1] Group 2: Meituan - Meituan has launched a nationwide social security subsidy program for all delivery riders, providing pension insurance subsidies [3] - Starting in November, riders can choose to pay social security in their registered or working locations, with additional benefits for family care and education [3] - The program aims to cover over one million riders and their families [3] Group 3: Nongfu Spring - Nongfu Spring's founder Zhong Shanshan has become China's richest person for the fourth time, with a net worth of CNY 530 billion, an increase of CNY 190 billion [4] - The company's revenue for the first half of 2025 reached approximately CNY 25.622 billion, a year-on-year increase of 15.56%, with net profit rising by 22.16% to CNY 7.622 billion [4] - The tea beverage segment has surpassed bottled water in revenue for the first time [4] Group 4: Guoquan - Guoquan reported a net increase of 361 stores in Q3, bringing the total to 10,761, a 98% year-on-year increase [4] - The company expects revenue between CNY 1.85 billion and CNY 2.05 billion, representing a year-on-year growth of 13.6% to 25.8% [4] - Core operating profit is projected to be between CNY 65 million and CNY 75 million, a year-on-year increase of 44.4% to 66.7% [4] Group 5: Three squirrels - Three Squirrels reported Q3 revenue of CNY 2.281 billion, an 8.91% year-on-year increase, but net profit attributable to shareholders fell by 56.79% [6] Group 6: Yanjinpuzi - Yanjinpuzi announced Q3 revenue of CNY 1.486 billion, a 6.05% year-on-year increase, with net profit rising by 33.55% to CNY 232 million [6] Group 7: Pupu Supermarket - Pupu Supermarket is set to open a new store in Quanzhou, increasing its total in the city to seven, while also planning to expand its kitchen business to Xiamen [6] Group 8: Qian Dama - Qian Dama has been included in the "2025 Guangdong Province Top 100 Private Enterprises" list, ranking 94th, and also made it to the "Top 50 Private Service Enterprises" at 35th [8] Group 9: Taobao - Taobao has launched 2.1 million new products globally for this year's Double Eleven, with offerings in five languages across 20 countries [8] Group 10: Walmart - Walmart has officially entered the South African market, planning to open its first stores by the end of the year and launching a mobile shopping app [9] Group 11: Suning - Suning reported that Guiyang, Chengdu, and Changsha are the top three cities for winter appliance consumption, with sales growth of 150%, 110%, and 87% respectively [10] Group 12: JD Fresh - JD Fresh will open its first store in Shijiazhuang in December, marking a significant expansion in the North China region [12] Group 13: Gree Electric - Gree Electric's sales with JD are expected to exceed CNY 20 billion again this year, with a focus on expanding sales across all product categories [14] Group 14: Meituan Health - Meituan has launched a "Health Double Eleven" event featuring special medical foods, responding to a nearly 40% increase in related searches [15] Group 15: Shanghai Jahwa - Shanghai Jahwa reported a revenue of CNY 4.961 billion for the first three quarters of 2025, a 10.8% increase, with net profit rising by 149.1% [17] Group 16: Cainiao - Cainiao is delivering automated sorting centers to multiple courier companies globally, preparing for the upcoming shopping festivals [18] Group 17: Kidswant - Kidswant reported Q3 revenue of CNY 2.438 billion, a 7.03% year-on-year increase, with net profit rising by 28.13% [19] Group 18: Tao Xiaopang - Tao Xiaopang's new store in Zhengzhou achieved sales of CNY 2.27 million on its opening day, with a strong focus on community consumption [20]

Core Insights - Walmart China has appointed Liu Peng as the new president of Sam's Club, effective immediately, succeeding Jane Ewing who will return to Walmart International at the end of the year [2][3] - Liu Peng brings extensive experience from Alibaba, where he held various leadership roles, and is expected to lead strategic upgrades and digital transformation at Sam's Club [3][11] - Sam's Club has been expanding rapidly in China, with nearly 60 stores in over 30 cities and plans to open five more by the end of the year [4][7] Leadership Transition - Jane Ewing is recognized for her significant contributions during her tenure, fostering collaboration between the China team and the international division [4] - Liu Peng will work closely with Ewing to ensure a smooth transition [2][4] Business Performance - Sam's Club has shown strong growth, with Walmart China's net sales reaching $6.7 billion in Q1 2025, a 22.5% increase year-on-year, largely driven by Sam's Club [7] - As of Q2 2025, Walmart China's net sales were $5.8 billion (approximately 41.6 billion RMB), reflecting a 30.1% year-on-year growth [7] Membership Strategy - Sam's Club has shifted its membership strategy, increasing the annual fee from 150 RMB to 260 RMB in 2016, targeting middle-class families with customized products and services [5] - The club operates on a "wide SPU, strict SKU" principle, maintaining a limited selection of high-quality products to enhance customer experience [6][10] Competitive Landscape - The retail environment is becoming increasingly competitive, with instant retail services challenging traditional membership models [9][10] - Walmart China is adopting a "slow and steady" approach, focusing on a multi-channel strategy to enhance customer experience and meet diverse consumer needs [10][11] Future Outlook - Liu Peng's experience in digital transformation is seen as crucial for enhancing the membership lifecycle and improving customer retention [11][12] - The company's ability to leverage global supply chains and meet fragmented consumer demands will be key to its future success [13]

Core Insights - Walmart China has appointed Liu Peng as the new President of Sam's Club, effective immediately, as part of its strategy to enhance investment and upgrade its business in China [1][2] Company Overview - Liu Peng has extensive experience in the Chinese retail and internet sectors, having held various leadership roles at Alibaba Group, including General Manager of Tmall Global and President of Tmall Import and Export [2][3] - Prior to joining Alibaba in 2015, Liu held leadership positions at Goodbaby China, Wande City China, Suning Appliance, and Haier Group, covering areas such as procurement and marketing [3] Strategic Direction - Walmart aims to strengthen its commitment to becoming the most trusted omnichannel retailer in China, focusing on high-quality products and an exceptional shopping experience for customers and members [3] - The appointment of Liu Peng is seen as a positive personnel change that signals Walmart's intent to increase investment and organizational upgrades, reinforcing a member-first principle [5] Business Performance - Sam's Club has been experiencing rapid growth, with nearly 60 stores opened in over 30 cities in China, and plans for additional openings by the end of the year [6] - Membership numbers are on the rise, with stable increases in renewal rates and activity levels, while e-commerce now accounts for over 50% of the business [6]

Financial Performance - Revenue decreased by 5.8% YoY to RMB 12.30 billion[16, 20] - Gross profit margin slightly decreased by 0.1 percentage points YoY to 41.0%[16] - Profit attributable to equity holders decreased by 9.7% YoY, with profit margin declining by 0.3 percentage points to 6.4%[16] - Total SG&A expense ratio slightly increased by 0.1 percentage points YoY, while total SG&A expense decreased by 5.5% YoY[16, 29] - Interim dividend payout ratio was 102.2%, with cumulative dividends distribution of RMB 14.64 billion since listed in 2019, and an aggregate payout ratio of 107.3%[16] Operational Efficiency - Offline same-store traffic decreased by double-digit YoY, while online retail sales registered double-digit growth YoY[16] - Number of employees decreased by 16.1% YoY to 24,273[29] - Total rental expense decreased by 12.1% YoY, with rental expense ratio decreased by 0.8 percentage points[29] - Capital expenditure decreased by 36.0% YoY[50] Cash Flow and Capital - Net cash generated from operating activities was RMB 1.35 billion, 1.7 times of net profit[16] - Cash and cash equivalents of RMB 2.54 billion and net cash position of RMB 1.27 billion[16] - Free cash flow was RMB 1.22 billion, representing 34% of beginning cash balance[38] Retail Network - Number of directly-operated retail stores decreased by 19.4% YoY to 4,688 stores[50]

Core Viewpoint - Jiangnan Buyi maintains its target of achieving 10 billion in retail by fiscal year 2026, focusing on domestic market expansion while viewing overseas markets as long-term opportunities for brand influence and lifestyle globalization [2][3]. Financial Performance - For the fiscal year 2025, Jiangnan Buyi reported total revenue of approximately RMB 5.548 billion, a year-on-year increase of about 4.6% [2]. - The company's gross profit reached RMB 3.64 billion, with a stable gross margin exceeding 65% [2]. - Net profit for the fiscal year was approximately RMB 897 million, reflecting a 6% year-on-year growth, resulting in a net profit margin of 16.2%, surpassing previous expectations [3][4]. Sales Channels - Online sales grew by 18.3% to RMB 1.201 billion, while the overall retail network expanded to 2,117 stores globally, covering all provinces in mainland China and 10 other countries [6][7]. - The contribution of online sales to total revenue surpassed 20% for the first time [7][8]. Multi-Brand Strategy - Jiangnan Buyi operates a multi-brand strategy with three tiers: mature brands, growth brands, and emerging brands, covering various segments including menswear, womenswear, and children's wear [4]. - The mature brand JNBY accounted for 54.3% of total revenue, while emerging brands generated RMB 361 million, a 107.4% increase year-on-year [4][5]. Operational Strategy - The company plans to enhance its retail network and optimize its direct sales team for better operational efficiency, focusing on key cities [5][8]. - Jiangnan Buyi aims to improve its supply chain and inventory structure through a shared inventory system and plans to establish a more intelligent distribution center [9]. Membership and Customer Engagement - Active membership accounts increased to over 560,000, contributing more than 80% of total retail revenue, with members spending over RMB 5,000 also rising to over 330,000 [8][9]. - The company is enhancing member benefits and experiences to drive further growth in online sales [8].