长期以来，全球公务车市场被各国本土品牌和传统豪华品牌占据——一边靠地缘信任站稳脚跟，一边垄断核心技术标准。如今，这家中国车企靠着技术创新 和本土化布局，悄悄改变了延续数十年的市场规则。 新能源浪潮下的全球公务车渗透 全球公务车市场向来采购标准严、品牌壁垒高，长期都是"本土品牌说了算、德日系来补充"的固定格局。拿欧洲市场来说，德国大众、宝马德系品牌常年占 据政府公务车采购量的60%以上较大比重，靠的不只是技术积累，更有和政府部门多年形成的合作习惯。 在亚洲，丰田的皇冠系列、本田的思域日系品牌，过去都是公务车采购的"常规选择"。但这一格局在新能源转型的浪潮中正在快速改变。 从日本街头的行政通勤车到墨西哥警队的越野巡逻皮卡，从匈牙利布达佩斯的市政车队到巴西总统的礼仪座驾，带着BYD标识的新能源汽车正以多样姿 态，走进全球多个国家的公务场景。 比亚迪的市场渗透，不仅打破了传统品牌的垄断，更让全球公务车采购从"看地缘关系"转向"看技术价值"。 墨西哥政府一次性购入2000辆比亚迪混动皮卡"鲨鱼"，用在边境安防、野外执法等高强度场景，替换了之前使用的美系燃油皮卡。 匈牙利把300辆元PLUS纳入全国警务巡逻队伍，覆盖首都 ...

Core Insights - Costco demonstrates resilience amid market fluctuations, reporting strong financial results for Q3 of FY2025 [1][3] - The company achieved total revenue of $63.2 billion, an 8% year-over-year increase, and net income of $1.9 billion, up 13% [3][5] - Membership fee income reached $1.24 billion, reflecting a significant increase from $1.12 billion in the previous year, with a global membership renewal rate exceeding 90% [5][6] Financial Performance - Total revenue for the quarter was $63.2 billion, with net sales of $61.97 billion and membership fees contributing $1.24 billion [4] - Operating income rose to $2.53 billion, compared to $2.20 billion in the same quarter last year [4] - The diluted earnings per share were $4.28, surpassing expectations by $0.04 [3] Membership Growth - Costco's global paid membership reached 76.2 million, with a total cardholder count of 137 million, indicating a healthy growth trajectory [5][6] - Membership income grew by 11.4%, with a renewal rate of 92.7% excluding foreign exchange impacts [6] E-commerce Development - The e-commerce segment saw a nearly 16% year-over-year growth, reversing previous negative trends [6][8] - Recent leadership changes have shifted the focus towards technology transformation and enhancing the e-commerce business [7][8] Challenges in China - Despite global success, Costco faces significant challenges in the Chinese market, with only seven stores opened since 2019 and a low membership renewal rate of 62% [9][10] - The company's standardized store model and pricing strategy have not resonated well with Chinese consumers, leading to slower expansion compared to competitors like Sam's Club and Aldi [10][12][16] Competitive Landscape - Sam's Club has rapidly expanded in China, with 56 stores and a strategy that includes flexible store formats and enhanced online services [10][14] - Aldi's community-focused store model has proven effective, achieving high sales volumes and plans for further expansion [16] Strategic Outlook - Costco plans to open nine new stores in FY2025, focusing on markets outside of China, indicating a cautious approach to its expansion strategy [16] - The company must adapt to local consumer preferences and competitive dynamics to improve its market position in China [16]