（企业公告） 8月14日，卫龙美味发布截至2025年6月30日止六个月中期业绩公告。当中披露，报告期内，集团总收入 为34.83亿元，同比增加18.5%，主要由于集团在报告期内持续加强全渠道建设和品牌建设，并优化渠道 结构。集团的毛利由上年度同期增长12.3%至本报告期内的16.42亿元，主要由于集团在报告期内总收入 上升；毛利率由上年度同期的49.8%下降了2.6个百分点至本报告期内的47.2%，反映了集团部分原材料 成本上涨带来的影响，但是集团在报告期内积极提升供应链效率，从而部分抵销了上述影响。此外，集 团报告期内的净利润同比增长18.5%至本报告期内的7.36亿元，主要反映了报告期内集团经营利润的提 升。集团报告期内净利润率为21.1%，与上年度同期保持一致。 ...

Core Viewpoint - Sam's Club has initiated a silent product replacement campaign, removing several exclusive items and replacing them with more common brands, leading to significant backlash from its membership base [1][4][10] Group 1: Product Changes - Sam's Club has quietly removed popular exclusive products such as Taiwanese-style sun cakes and low-sugar egg yolk pastries, replacing them with widely available brands like Orion and Wei Long [1][4] - The new products, including a low-sugar Orion cake, were marketed as improvements, claiming an 80% reduction in sugar and a 30% increase in cocoa content [6][7] Group 2: Member Reactions - Members expressed dissatisfaction, feeling that the quality of products has declined and that the unique selection that differentiated Sam's Club from regular supermarkets is disappearing [4][10] - Many members have voiced their concerns on social media, leading to a trending topic regarding the perceived decline in product quality and selection [4][10] Group 3: Financial Implications - Sam's Club charges an annual membership fee of 260 yuan for regular members and 680 yuan for premium members, with over 500,000 active members in China contributing to significant annual revenue [9] - The average annual spending required to break even on the membership is now estimated at 13,000 yuan, equating to an additional 5.2% "membership tax" on each purchase [9][10] Group 4: Business Model Concerns - The shift in product selection raises questions about the core value proposition of the membership model, as members expect unique products that cannot be found elsewhere [10] - Industry analysts suggest that maintaining a diverse and high-quality product range is essential for sustaining member loyalty and competitive advantage against e-commerce platforms [10]

Core Viewpoint - The article discusses the recent backlash against Sam's Club for offering a large number of non-Sam's branded products, leading to dissatisfaction among members who feel their membership fees are not justified [2][3]. Group 1: Customer Sentiment - Customers are frustrated that many products available at Sam's Club can be found at local convenience stores without the need for a membership fee [2][3]. - The emotional value associated with shopping at Sam's Club is diminishing, prompting members to question the value of their membership [3]. Group 2: Proposed Solutions - The author suggests that Sam's Club should focus on enhancing its branding by prominently displaying its logo on products, even if they are from other brands [5][6]. - The recommendation is to make the Sam's logo extremely visible on products to improve customer perception and satisfaction [7][8]. Group 3: Brand Identity - The article emphasizes that the uniqueness of Sam's Club's offerings should be highlighted, as this is a core competitive advantage [14][21]. - It argues that even if products are sourced from the same manufacturers, the branding and quality standards can differentiate them significantly [17][18]. Group 4: Implementation Strategy - The author believes that the strategy of enhancing product packaging with the Sam's logo is a simple yet effective way to address customer concerns quickly [10][24]. - The focus should be on immediate implementation of this branding strategy to improve customer feedback and overall perception of the brand [9][24].