山姆会员商店重仓广州的"野心"藏不住了。 近日，沃尔玛旗下的山姆会员商店在广州白云区的项目主体结构顺利封顶，预计2026年年中建成，2026年底开业。 2025年12月22日，山姆会员商店广州荔湾店正式开业。现场人山人海，9点正式开门，8点左右便已排起长龙。 紧接着，两天之后的12月24日，广州开发区管委会与沃尔玛（中国）投资有限公司签署合作框架协议，山姆会员商店将落户黄埔区。 看着是山姆频频开店的消息，但是，你细细品，就会发现，作为一家连续12年排名《财富》世界500强榜首的全球巨无霸企业，沃尔玛为何在广州的投资 按下了"加速键"？为何又持续重仓广东省？ 这背后，或许正透露出中国经济发展的"风向标"。 广州 "多点开花"冲刺5店 2026年1月2日，元旦假期第二天，当南方财经记者来到荔湾区山姆会员店，看到人们推着山姆标志性的大型购物车，把通道堵得水泄不通。更夸张的是， 在熟食档口，由于客流量太大，供不应求，该店暂停了山姆爆款烤鸡（39.8元/只）的售卖。 "停车方便，分量足，价格又'抵'，我们小区好多居民都来了。"住在附近的市民欧先生拿着印着Sam's Club logo的购物袋向南方财经记者表示，这几天路 ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was RMB 387 million, up 305% year-over-year and approximately 8% above the high end of guidance [3][17] - Net loss attributable to So-Young increased to RMB 64.3 million compared to a net income of RMB 20.3 million in the same period last year [20] - Non-GAAP net loss was RMB 61.6 million compared to a non-GAAP net income of RMB 22.2 million during the same period of 2024 [20] Business Line Data and Key Metrics Changes - Revenue from the aesthetic center business reached RMB 184 million, up 305% year-over-year [3][17] - Information and reservation services revenues were RMB 117.2 million, down 34.5% year-over-year [17] - Revenues from sales of medical products and maintenance services were RMB 67 million, down 25% year-over-year [17] Market Data and Key Metrics Changes - Total number of active users of So-Young Clinic exceeded 130,000, with verified treatment visits surpassing 89,800, up 33% quarter-to-quarter [6] - The proportion of new customers acquired via referrals rose to 46% [7] - Cumulative service visits exceeded 600,000, ranking first among mass-market chain brands in China [4] Company Strategy and Development Direction - The company aims to expand its aesthetic center network to 1,000 centers, focusing on core cities and commercial hubs [15] - A disciplined approach to expansion will be maintained, emphasizing operational excellence and cost optimization [21] - The company is enhancing its membership system to increase user retention and customer lifetime value [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in stabilizing revenues from non-aesthetic center businesses in Q4 [3] - The company is focused on improving operational efficiency and service quality, with 20 centers achieving profitability in Q3 [6] - Future profitability is expected to improve as the operating model matures and customer acquisition costs are optimized [52][54] Other Important Information - The company upgraded its quality control framework, implementing a six-tier compliance system [11][44] - The launch of Miracle PLLA 3.0 was highlighted as a significant product upgrade, with strong pre-sale performance [9][36] - The company received recognition from mainstream media for its disciplined operations and compliance management [12] Q&A Session Summary Question: Plans for next year's clinic openings - Management plans to open no less than 35 new centers next year, focusing on first-tier cities and systematically establishing a presence in second-tier cities [25] Question: Membership system operations - The membership system is tiered, with core members contributing significantly to revenue and repeat purchase rates [30][32] Question: Performance of Miracle PLLA 3.0 - Miracle PLLA 3.0 has received high attention, with the first batch sold out quickly, and plans for further market penetration are in place [36][37] Question: Ensuring safety and compliance - A six-pillar compliance framework has been established to ensure safety and quality across all centers [43][46] Question: Improving profitability of the aesthetic center business - Management believes profitability will improve as the user base expands and operational efficiencies are realized [52][54]