永辉能不能胖改成功的问题，我想不如直接搞清楚为什么胖东来那么成功？请教大家。 丘丘人炖史莱姆 1、做事厚道 2、打明牌 别看上面区区简单两条，中国95%企业你去看好了，都做不到这两点。 这也是为什么sam受人信任的同样原因： 也是这两条。 1、做事厚道 2、打明牌 可惜在这片土地，不知道为啥，总是有人觉得，做人或者做企业如果做到这两点，好像自己就亏 大发了。 不弄点套路，不弄点"技巧"，不吃点"绝户"，给你让点利， 浑身难受。 这真是一个好问题啊！ 最近一年，我也在思考这个问题，我去了北京的山姆、新乡的胖东来、上海的开市客和奥乐齐， 中国最牛逼的线下零售，就这些了吧。 胖东来成为典型，与之对应的是商超的全行业亏损，电商对线下零售的冲击，经过了后疫情的时 代的严重通货紧缩，把大多数商超逼到了生死线。原来好超市和坏超市的差别在于你的利润率是 10%，我的利润率是5%，后来变成了你的利润率还是10%，销量增加20%，我的利润率 是-10%，销量减少20%。 商超在经济快速发展时期，活得非常滋润，因为：1.人口不断涌入大城市，不缺流量；2.流通渠 道单一，流通成本高，商超掌握了很大的话语权；3.优质供给稀缺，消费者对 ...

Financial Data and Key Metrics Changes - In Q1 2025, Carvana reported retail units sold totaling 133,898, an increase of 46% year-over-year, setting a new company record [10] - Revenue reached $4,232,000,000, marking a 38% increase year-over-year and also a new company record [11] - Adjusted EBITDA was $488,000,000, an increase of $253,000,000 year-over-year, with an adjusted EBITDA margin of 11.5%, a 3.8 percentage point increase [14][15] - Non-GAAP retail GPU was $33.08, up $97 year-over-year, while non-GAAP wholesale GPU decreased to $964, down $189 year-over-year [11][12] Business Line Data and Key Metrics Changes - The operations portion of SG&A expense was $16.58 per retail unit sold, a decrease of $192, driven by operational efficiency initiatives [14] - Non-GAAP SG&A expense totaled $468,000,000, an increase of 20%, but the growth in retail units sold led to a $750 reduction in SG&A expense per retail unit sold [13] Market Data and Key Metrics Changes - Carvana currently captures about 1% of the total U.S. used car market, which consists of 40,000,000 used cars and 16,000,000 new cars sold annually [9] Company Strategy and Development Direction - The company aims to grow to $3,000,000 in annual retail sales with 13.5% adjusted EBITDA margins over the next five to ten years, prioritizing growth over margin within reasonable ranges [8][9] - Carvana's mission is to change the way people buy cars by offering a differentiated selection, experience, and value [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic challenges, highlighting that they are currently the most profitable automotive retailer, with significant cash balances and a strong growth trajectory [50][51] - The company anticipates a sequential increase in both retail units sold and adjusted EBITDA in Q2 2025, expecting to set all-time records for both metrics [16] Other Important Information - The company has been focusing on improving customer experience and operational efficiencies, which has led to significant gains in profitability and customer satisfaction [25][30] - Carvana is exploring opportunities in third-party marketplace selling and ancillary revenue streams, although these are not a near-term focus [90][91] Q&A Session Summary Question: Impact of tariffs on financial performance - Management acknowledged that tariffs could potentially drive up car prices, which may benefit used car prices and business models like Carvana's that offer value to consumers [20][21] Question: Trajectory of retail GPU - Management indicated that they are focused on improving various inputs affecting retail GPU and are optimistic about maintaining a strong overall GPU perspective [36][39] Question: Positioning for potential recession - Management highlighted that Carvana is now more profitable and has significant cash reserves, positioning the company better to absorb macroeconomic variations compared to previous years [50][51] Question: Update on lending partnerships - Management confirmed that they have strengthened their securitization program and added new buyers, indicating a robust lending backdrop [56][58] Question: Third-party marketplace selling - Management stated that they are in the early stages of developing offerings related to wholesale and retail marketplace, with potential for faster and lower-cost solutions [90]