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每经热评︱当“严选”变成“全选”,山姆的差异化优势又从何谈起?
Mei Ri Jing Ji Xin Wen· 2025-07-16 09:39
Core Viewpoint - The controversy surrounding the introduction of the brand Haoliyou at Sam's Club highlights a fundamental conflict in the warehouse membership store model, where a misalignment between brand promises and user expectations can undermine the foundation of the paid membership system [1][2][3] Group 1: Membership and Consumer Trust - Sam's Club has built a unique value proposition by offering a "quality filter" through its membership model, which allows consumers to trust that the products on its shelves are carefully selected for quality and value [1][2] - The introduction of controversial brands like Haoliyou has raised questions about the trust consumers place in Sam's Club, as it appears to compromise its commitment to quality [2][3] - The core of the membership retail model is not merely selling products but selling trust, where consumers pay for the assurance that the brand will consistently deliver on its promises [3] Group 2: Impact of Product Selection Changes - The shift in product selection, with the addition of widely available brands and the removal of previously popular items, challenges the perception of Sam's Club as a premium retailer [2] - Complaints regarding product quality, such as issues with food safety, have increased, leading to a decline in the perceived quality associated with the Sam's brand [2] - The tension between rapid expansion and maintaining quality control is evident, as Sam's Club plans to open eight new stores by 2025, which may strain its supply chain and product selection standards [2][3] Group 3: Strategic Recommendations - It is crucial for Sam's Club to realign its brand promises with user expectations to restore consumer trust and maintain the integrity of its membership model [3] - Balancing global sourcing with local adaptation while ensuring quality standards is essential for sustaining the "Sam's Selection" brand image [3] - Failure to address these issues may lead to a perception that Sam's Club is no different from regular supermarkets, undermining its competitive advantage [3]
高鑫零售(06808):FY25盈利改善明显,股东回报优化
HTSC· 2025-05-22 05:57
证券研究报告 高鑫零售 (6808 HK) 港股通 FY25 盈利改善明显,股东回报优化 华泰研究 年报点评 2025 年 5 月 22 日│中国香港 零售 高鑫零售发布 2025 财年(截止 3 月 31 日)业绩,营收 715.5 亿(yoy-1.4%), 归母净利 4.1 亿元,扭亏为盈(去年同期亏损 16.05 亿),符合我们预期(4.0 亿元)。公司在新管理层带领下,回归一线门店精细化调整,并通过更高效 的费控实现扭亏为盈。25 财年宣派中期及末期股息共 0.34 港元/股,股息率 约达 16.6%,盈利转正后增强股东回馈。展望后续,公司计划继续推动一店 一策改造,精细化运营下盈利能力有望稳步改善,维持"增持"评级。 经营调改助力同店温和修复,稳步培育新业态 分业态看,1)商品销售收入 684.8 亿元,同降 1.4%,主因供应链业务收缩 及尾部门店关闭,但客单价的增长推动同店提升 0.6%,主要得益于高性价 比的产品策略及品控优化,推动每单件数增长。线上化持续渗透,25 财年 同店线上业务实现中单位数增长。2)租金收入 30.3 亿元,同比略降 2.8%, 主因尾部门店关店以及租户结构调整,全年空 ...
美股风云突变?但有 Costco“稳如磐石”
海豚投研· 2025-03-08 12:19
3 月 7 日北京时间美股盘后,Costco发布了 2025 财年的二季度财报(截至 2 月 16 日的 12 周),本次财报整体来看,属于增长强劲,但利润稍不及预期的情 况,具体来看: 1、核心经营指标上, 本季度 Costco 所有地区整体同店销售增速为 6.8% ,相比上季明显提速,也高出卖方预期 0.4pct。 剔除油价波动和汇率的影响后,整 体同店可比增速更是高达 9.1%,环比提速了整整 2pct。 不过公司按月披露的 12 月和 1 月剔油价和汇率增长都在 9% 以上,市场对此强劲增长还是有比较充 分的预期。 从价量驱动方面,可 拆分为 5.7% 的同店客流量增长和 1% 的同店人均消费额增长。 趋势上,客流量和人均客单价增长都环比有所走高,且提升幅度不小。 但值得注意本季是 1Q23 财年以来首次客单价同比增长达到 1% 以上。 2、分地区看, 美国/加拿大/其他国际地区的同店销售分别增长了 8.3%/4.6%/1.7% 。可见, 本季度强劲的增长主要是由美国地区带动,增速环比拉升了 3.1pct,而加拿大和其他国际的同店增长都是环比放缓的 。但主要是汇兑因素造成的拖累 ,剔除汇兑和油气价格后 ...