编辑丨骆一帆 不久前，山姆上架好丽友、溜溜梅、卫龙等产品引发舆论风波，被吐槽"选品不上心"（回顾→山姆上新，会员吵翻）。山姆背 后的中国供应商，也受到较大关注。 据21世纪经济报道记者不完全统计，目前与山姆有合作关系的国内上市食品类企业至少有18家，大部分企业为近两年新入驻。 | 供应商 | 入驻时间 | 产品 | | --- | --- | --- | | 立高食品 | 2025年1月 | 奶油小方、无花果乳酪欧包、芋泥麻薯包、香肠芝士面包、瑞士卷等 | | 盐津铺子 | 2024年6月 | 脱骨鸭掌 | | 有友食品 | 2024年7月 | 轻享时光蔬菜包、酸汤脆软骨、掌中宝 | | 五方向 | 2025年4月 | 软心玉米团 | | 周黑鸭 | 2025年3月 | 周黑鸭经典卤料包和周黑鸭风味鸭肉酱 | | 妙可蓝多 | 2025年5月 | KETO牛肉+再制奶酪 | | 九毛九 | 2024年 | 九毛九红焖羊肉煲、西北卤牛腿拌凉皮等 | | 新乳业 | 2025年5月 | 芭乐口味酸奶 | | 农夫山泉 | 2025年5月 | 芥末味夏威夷果、黑金蒜香菜味翡翠豆 | | 甘源食品 | 2021年12 ...

Core Viewpoint - The article discusses the recent controversy surrounding Sam's Club's product selection, highlighting the impact on its Chinese suppliers, with at least 18 listed food companies collaborating with Sam's Club, most of which are recent entrants [1][2]. Supplier Overview - A list of suppliers and their products is provided, indicating the entry dates and specific items offered, showcasing a diverse range of food products [2]. - Some suppliers, like Youyou Foods, have seen significant revenue increases after entering Sam's Club, while others have struggled with declining profits [2][5]. Business Impact - Entering Sam's Club can be a double-edged sword for suppliers. While it offers exposure and potential sales growth, it also imposes challenges such as long payment terms and pressure to lower prices [3][10]. - Youyou Foods reported a projected revenue increase of 40.91% to 50.77% for the first half of 2025, largely attributed to the success of its "deboned duck feet" product [5][7]. - Conversely, companies like Ganyuan Foods have faced declining profits since entering Sam's Club, with a projected net profit drop of 54.96% to 56.16% for the first half of the year [13]. Strategic Considerations - Brands must evaluate their operational capabilities before entering Sam's Club to avoid losing control over their development in pursuit of short-term gains [3][10]. - The stringent quality management and product customization required by Sam's Club can create operational pressures for suppliers, particularly smaller companies [14]. Market Dynamics - The article notes that suppliers may experience increased accounts receivable due to the nature of Sam's Club's payment structure, as seen with Youyou Foods' accounts receivable rising 18 times year-over-year [10]. - The competitive landscape is further complicated by Sam's Club's strict product approval process, which can limit suppliers' ability to sell similar products through other channels [13][14].

Core Insights - The ongoing controversy surrounding Sam's Club has drawn significant attention to its Chinese suppliers, with at least 18 domestic listed food companies currently collaborating with Sam's, most of which have entered the market in the past two years [1] Supplier Overview - A list of suppliers includes notable companies such as: - Youyou Foods, which saw a revenue surge after launching its "Deboned Duck Feet" product at Sam's [2] - Other suppliers like Yili Group and Nongfu Spring have also entered the market recently, with various products ranging from dairy to snacks [2] - Some suppliers, like Youyou Foods, have experienced substantial revenue growth, while others have struggled with declining profits and brand visibility [2][6] Business Dynamics - Entering Sam's Club can be a double-edged sword for suppliers. While it offers exposure and potential sales growth, it also imposes significant operational challenges [3][7] - Suppliers face long payment terms and increased accounts receivable, as seen with Youyou Foods, which reported an 18-fold increase in accounts receivable due to new customer contracts [7] - The pressure to lower prices for Sam's can lead to reduced profit margins, as evidenced by companies like Qiaqia Foods, which saw a decline in gross margins despite increased revenue from direct channels [8] Performance Metrics - Youyou Foods projected a revenue increase of 40.91% to 50.77% for the first half of 2025, largely attributed to the success of its "Deboned Duck Feet" product [4] - In contrast, Ganyuan Foods reported a significant decline in net profit, down 54.96% to 56.16% in the first half of the year, highlighting the risks associated with entering the Sam's channel [10] Strategic Considerations - Brands must evaluate their operational capabilities before entering Sam's, as the partnership can lead to both short-term gains and long-term challenges, including brand dilution and dependency on a single channel [3][11] - The stringent quality management and product customization requirements imposed by Sam's can create additional burdens for suppliers, particularly smaller companies that may struggle with the associated costs [10][11]