（沃尔玛中国） 11月21日，山姆会员商店北京昌平店正式开业。自2003年至今，山姆已在北京开出5家门店，昌平店也 是山姆在全国的第61家门店。 ...

（原标题：沃尔玛Q3中国市场业绩领跑 净销售额达61亿美元） 21世纪经济报道记者 唐唯珂 报道 2025年11月20日，全球零售巨头沃尔玛正式披露2026财年第三季度业绩报告。 在全球经济环境复杂多变的背景下，数据显示，总营收同比增长5.8%至1795亿美元，剔除汇率波动影 响后增幅进一步扩大至6.0%；调整后营业利润达72亿美元，同比增长8.0%。 尤为值得关注的是，中国市场以21.8%的净销售额同比增幅领跑全球，电商业务增速更是高达32%，成 为集团业务增长的核心动力。同时，沃尔玛宣布管理层换届，现年51岁的John Furner将于2026年2月1日 接替59岁的董明伦，出任公司总裁兼首席执行官。 华南某商超供应商向21世纪经济报道记者表示，对于沃尔玛而言，中国市场的持续高增与管理层的平稳 过渡，将为其在全球零售变革浪潮中的竞争增添重要砝码。未来竞争必定会集中在零售整个上下游层 面。 中国市场成关键突破口 财报显示，沃尔玛第三季度的增长得益于各业务板块的协同发力。全球电商业务的净销售额同比增长 27%，所有业务板块电商增速均超20%，数字化转型成效显著；会员经济持续贡献增量，会员及其他收 入同比增长9 ...

Core Insights - Walmart reported its Q2 results for the fiscal year 2026, showing total revenue of $177.4 billion, a year-over-year increase of 4.8% (5.6% growth when excluding currency fluctuations) [1] - Adjusted operating income for the second quarter was $8 billion, reflecting a 0.4% year-over-year growth [1] Revenue Performance - Walmart China achieved net sales of $5.8 billion in Q2, marking a significant year-over-year growth of 30.1% [1] - Comparable sales in Walmart China increased by 21.5%, while e-commerce net sales grew by 39%, with e-commerce sales accounting for over 50% of total sales [1] Membership and Store Expansion - Sam's Club continued to show strong growth, with double-digit growth in transaction volume [1] - Over the past 12 months, Sam's Club added 8 new stores, including 2 new stores in the current quarter [1] Profitability and Efficiency - The gross margin decreased due to changes in business mix, but strong sales growth, changes in business mix, and improved operational efficiency led to a decrease in operating expense ratio and an increase in operating profit [1]

Group 1 - Sam's Club has faced controversy over the introduction of various domestic snack brands, leading to member dissatisfaction regarding the perceived quality of products available at the store [3] - Walmart has acknowledged the discussions on social media regarding product selection at Sam's Club and stated that it will consider these discussions in future product selection strategies [3] - Following the removal of certain products, multiple snack brands are seeking to leverage the Sam's Club channel for growth and brand positioning [3] Group 2 - The new consumption tax regulations for ultra-luxury cars will take effect on July 20, 2025, raising concerns about potential price increases and market sales impact [5] - The competition for the title of "first stock in embodied intelligence" is heating up, with Yuzhu Technology officially starting its listing guidance process [6] - Battery manufacturer Hive Energy has announced its entry into the humanoid robot and low-altitude economy sectors, indicating a strategic expansion [7] Group 3 - Xiaomi has opened its fourth regional headquarters in Shenzhen, which will focus on the development of its K series smartphones and AIoT ecosystem [8] - A total of 42 A-share listed banks have distributed approximately 632.6 billion yuan in dividends, with major contributors being Industrial and Commercial Bank of China and China Construction Bank [9] - The ETF market has seen significant growth, reaching a total scale of 4.39 trillion yuan, with notable inflows into bond, cross-border, and gold ETFs [15] Group 4 - The real estate sector is facing significant challenges, with 61 listed property companies expected to report a combined loss of over 400 billion yuan for the first half of 2025 [20] - Vanke has issued an apology for its anticipated net loss of 10 to 12 billion yuan for the first half of 2025 [21] - The domestic soda brand Dayao is undergoing a major capital shift, with KKR set to gain actual control over the brand [23]