当地时间2025年12月9日， 市值近9000亿美元的零售巨擘沃尔玛，正式将其股票交易转移至纳斯达克，结束了自1972年以来在纽约证券交易所长达半个多世 纪的上市历程，股票代码维持"WMT"不变。这不仅是美股史上规模最大的转板案例，更是一份清晰的战略声明。 根据最新数据， 沃尔玛2026财年第三季度财报中，总营收1795亿美元，营业利润72亿美元，营收与利润均稳健增长。但其财报会议中更引人注目的，是 超 过60%货物通过自动化中心运输、超40%新代码由AI生成等"科技含量"极高的数据。 此次沃尔玛上市平台的变更，正是将这份"科技零售"的内核，通过资本市场最醒目的标签，向全球投资者进行了一次高调宣示。 此时，一个能够高效拉单发货、智能预警商品补货、并自动解析平台结算报告的专业 跨境电商ERP，不再是"加分项"，而是"必需品"。例如， 易仓ERP能 实现 沃尔玛平台订单统一处理、根据销售预测自动计算补货量，并将复杂的平台结算账单清晰核算，极大提升卖家应对沃尔玛平台变化的能力。 沃尔玛的核心优势在于其庞大的线下门店网络与线上平台的结合。转板纳斯达克后，为兑现其"技术赋能全渠道"的故事，线上线下融合的举措势必深化。 ...

Financial Data and Key Metrics Changes - Q4 revenue was $109.7 million, up 15% year over year [5] - Q4 adjusted EBITDA was $16.4 million, up from $19.9 million year over year, with an adjusted EBITDA margin of 15% [5] - Average healthcare services clients reached $4,341, an increase of $104 from the prior quarter and $379 from the prior year [5] Business Line Data and Key Metrics Changes - Strong growth was noted in network solutions, with management indicating that underlying market conditions for 2026 are expected to be similar to 2025 [10] - Total revenue per AhSE metric grew by 5% year over year, and 7% when excluding the clearinghouse impact, but was flat sequentially [16] Market Data and Key Metrics Changes - Management acknowledged that calendar factors, such as business days and holidays, significantly impacted Q4 performance [17] - The company is closely monitoring macroeconomic factors, including consumer confidence and Medicaid changes, but has not seen significant impacts on business yet [46] Company Strategy and Development Direction - The company aims to leverage AI and automation to improve internal productivity and enhance network solutions [19] - Management emphasized the importance of capital allocation for durable growth, balancing organic and inorganic opportunities [48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining financial outlook and visibility in network solutions, indicating no changes since previous assessments [42] - The company is positioned to benefit from larger entrants in the market, with improved close rates noted [26] Other Important Information - The company celebrated its 20th anniversary, reflecting on its mission to make care easier every day [4] - Management highlighted the value of new products like appointment readiness and patient bill pay, which are expected to enhance client engagement and revenue [32][33] Q&A Session Summary Question: Comments on gross margin expansion and expense leverage - Management noted that mix is a significant driver of gross margin improvements, with payment processing associated with lower margins [9] Question: Market conditions for network solutions in 2026 - Management indicated that conditions are expected to be similar to 2025 [10] Question: Insights on postscript engagement product - Management described the product as impression-based, similar to other offerings [13] Question: Impact of calendar on revenue per AhSE metric - Management acknowledged that calendar factors and external events like the LA fires affected Q4 performance [17] Question: Progress on leveraging AI and automation - Management shared positive feedback on AI applications used internally, indicating valuable results [19] Question: Critical mass for new products in pharma customer base - Management stated that products are designed with scale in mind and are often ready for market upon announcement [24] Question: Competitive dynamics in the market - Management noted improved close rates and a beneficial impact from larger market entrants [26] Question: Update on patient bill pay rollout - Management expressed excitement about the product's value and its potential to generate additional revenue [33] Question: Capital deployment priorities for fiscal 2026 - Management reiterated a consistent approach to capital allocation focused on durable growth [48]