越来越捂紧钱包的消费者，却乐意一年给它53亿美元，Costco开市客做对了什么？ 从Costco最近发布的2025财年（截至2025年8月31日）业绩看，这个全球会员店巨头，在高关税和经济不确定性等各种变 量里，依然有非常可观的增长。 2025财年，Costco净销售额2699亿美元，增长8%。净利润80.99亿美元，同比增长9.9%。全年会员费收入53.23亿美元， 占净利润的65.7%。 会员费几乎占了净利润2/3，再一次验证了Costco的模式本质：不是一个赚差价的零售商，而是一家为会员精选商品 的"服务商"。 人们越捂紧钱包，追求物美价廉，会员店的模式就更有价值。Costco管理层坦承，其生意的核心吸引力，依旧是高性价 比的日常刚需和平价商品。比如，热狗套餐、烤鸡和KS卫生纸…… 但，我们比较感兴趣的是，Costco过去一个财年的逆势增长，不止依赖模式: 财报成果背后，一些在目前市场堪称教科书 式的操作，也可圈可点。 01 抢眼的基本盘，电商破局引来了年轻人 Costco会员基本盘非常稳，2025财年付费会员总数8100万，同比增长6.3%，总持卡人数1.452亿，同比增长6.1%。 其中，北美续订率 ...

Core Insights - Costco revealed its real-estate strategy alongside its fourth-quarter earnings, celebrating significant anniversaries for its hot-dog combo and Kirkland Signature brand [1] - The company continues to expand, opening 10 new warehouses in the fourth quarter and a total of 27 for the year, bringing its global total to 914 [1][2] - Costco plans to open 35 new warehouses in 2026, indicating strong domestic and international growth opportunities [2] Real Estate Ownership - Unlike many retailers, Costco owns the majority of its warehouses, with a real-estate portfolio valued at $31.9 billion [2] - Approximately 80% of Costco's sites are owned, each valued conservatively between $25 million and $35 million [3] - The company’s strategy emphasizes ownership over leasing, allowing it to operate independently of landlords [3] Sales Performance - Costco's "everyday value items" are crucial for customer retention, especially during economic uncertainty, with significant sales figures reported [4] - In 2025, Costco sold over 245 million hot-dog combos and over 157 million rotisserie chickens, showcasing the popularity of its low-priced offerings [4] - The $1.50 hot-dog and soda combo symbolizes Costco's commitment to low prices, with sales growing by over 23% in just over a year [4]

Financial Data and Key Metrics Changes - Net sales for Q4 were $84.43 billion, an increase of 8% from $78.18 billion in the same quarter last year [12] - Net income for Q4 was $2.61 billion, or $5.87 per diluted share, up 11% from $2.35 billion, or $5.29 per diluted share last year [12] - Membership fee income increased by $212 million or 14% year-over-year, reaching $1.72 billion [14] - Gross margin for Q4 was 11.13%, up 13 basis points year-over-year [17] - SG&A rate increased to 9.21%, up 17 basis points from 9.04% last year [18] Business Line Data and Key Metrics Changes - E-commerce sales exceeded $19.6 billion, increasing over 15% [7] - Comparable sales were up 5.7%, or 6.4% adjusted for gas deflation and foreign exchange [12] - E-commerce comparable sales were up 13.6%, or 13.5% adjusted for foreign exchange [13] - Fresh sales were up high single digits, led by double-digit growth in meat [22] - Non-foods had comparable sales in the high single digits, with strong performance in gold and jewelry, gift cards, and consumer electronics [23] Market Data and Key Metrics Changes - The company opened 10 new warehouses in Q4, bringing the total to 914 worldwide [5] - Plans to open another 35 warehouses in fiscal year 2026, including five relocations [5] - Total paid members reached 81 million, up 6.3% year-over-year, with 38.7 million paid executive memberships, up 9.3% [15] Company Strategy and Development Direction - The company is focusing on expanding both domestically and internationally, with significant opportunities identified in existing markets [5] - Continued investment in technology and digital enhancements to improve member experience and drive e-commerce growth [9][28] - Emphasis on sourcing more Kirkland Signature products locally to reduce costs and emissions [8][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in growing market share despite macroeconomic uncertainties [11] - The company is adapting to changes in membership dynamics, particularly with younger members joining through online sign-ups [16][41] - Management is optimistic about the upcoming holiday season, with a strong inventory position and new product offerings [27] Other Important Information - Capital expenditure for Q4 was approximately $1.97 billion, with a total of under $5.5 billion for the full year [20] - The company is focusing on improving member value through enhanced benefits and services, including extended operating hours and new membership perks [8][11] Q&A Session Summary Question: Awareness of extended member hours and potential for comp lift - Management believes they have effectively communicated the extended hours to members, with a 1% comp lift observed [32][33] Question: Expected decline in membership renewal rates - Management anticipates a continued decline in renewal rates due to a higher number of online sign-ups, but sees overall membership engagement as strong [38][41] Question: Insights on core margins and price increases - Core margins improved by 29 basis points year-over-year, with strong performance across all main categories [45][47] Question: Sustainability of membership fee income growth - Management remains optimistic about continued growth in membership income, driven by new warehouse openings and younger member engagement [56][57] Question: E-commerce and grocery demand in light of competition - Management noted strong growth in Instacart-driven traffic and is aware of increased competition, but remains confident in their offerings [65][66]

Financial Data and Key Metrics Changes - Net sales for Q4 were $84.43 billion, an increase of 8% from $78.18 billion in the same quarter last year [12] - Net income for Q4 was $2.61 billion, or $5.87 per diluted share, up 11% from $2.35 billion, or $5.29 per diluted share in the prior year [12] - Membership fee income increased by $212 million or 14% year over year, reaching $1.72 billion [14] - Gross margin for Q4 was 11.13%, up 13 basis points year over year [17] - SG&A rate increased to 9.21%, up 17 basis points from 9.04% last year [18] Business Line Data and Key Metrics Changes - E-commerce sales exceeded $19.6 billion, increasing over 15% year over year [7] - Comparable sales were up 5.7%, or 6.4% adjusted for gas deflation and foreign exchange [12] - E-commerce comparable sales were up 13.6%, or 13.5% adjusted for foreign exchange [13] - Fresh sales were up high single digits, with double-digit growth in meat [22] - Non-foods had comparable sales in the high single digits, with strong performance in gold and jewelry, gift cards, and consumer electronics [23] Market Data and Key Metrics Changes - The company opened 10 new warehouses in Q4, bringing the total to 914 worldwide [5] - Plans to open another 35 warehouses in fiscal year 2026, including five relocations [5] - Total paid members reached 81 million, up 6.3% year over year, with 38.7 million paid executive memberships, up 9.3% [15] Company Strategy and Development Direction - The company aims to grow market share by delivering high-quality items at the best value [11] - Continued focus on expanding Kirkland Signature product sourcing to lower costs and reduce emissions [8] - Investments in technology and enhanced checkout processes to improve member experience [9] - Emphasis on digital strategy to enhance member engagement and e-commerce capabilities [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in growth despite macroeconomic uncertainties [11] - The company is adapting to changes in membership dynamics, particularly with younger members [41] - Management noted the importance of improving renewal rates for online sign-ups [42] Other Important Information - Capital expenditure in Q4 was approximately $1.97 billion, with a total of under $5.5 billion for the full year [20] - The company is focusing on mitigating tariff impacts and increasing domestic sourcing [26] - Inflation remained in the low to mid-single digit range, with varying impacts across categories [25] Q&A Session Summary Question: Awareness of extended member hours and potential comp lift - Management communicated effectively about extended hours, resulting in a 1% comp lift, with ongoing efforts to inform members [32][33][34] Question: Expected decline in membership renewal rates - Management acknowledged a potential decline in renewal rates due to increased online sign-ups but emphasized overall membership growth and engagement [38][39][41] Question: Insights on core margins and price increases - Core margins improved by 29 basis points, with effective management of tariffs and supply chain efficiencies contributing to this outcome [45][46][47] Question: Sustainability of membership fee income growth - Management remains optimistic about continued membership growth driven by new warehouse openings and younger member engagement [55][56] Question: E-commerce and grocery demand in light of competition - Management noted strong growth in Instacart-driven traffic and remains aware of competition, focusing on delivering desired products to consumers [65][66][67] Question: Future capital expenditure plans - Management indicated that capital expenditure would likely grow in 2026, focusing on warehouse openings, remodels, and technology investments [74][76]

Core Viewpoint - The opening of the upgraded Yonghui Supermarket in Xiamen's Jimei District represents a significant enhancement in the retail landscape, aligning with local consumption promotion policies and aiming to provide a high-quality shopping experience for residents [1][25]. Store Upgrade Details - The new store, located in the basement of the Anxin Vanke Mall, covers an area of 1,758 square meters and targets nearby communities and young families, focusing on "quality living + convenient service" [3]. - The store features approximately 7,100 selected products, with nearly 3,600 from first and second-tier brands, and 14.8% of imported goods, closely mirroring the product structure of the "Fat Donglai" model [5][25]. - The product upgrade emphasizes higher quality, differentiation, and local relevance, catering to the dietary habits and quality demands of residents in Fujian [5]. Product Categories - The fruit and vegetable section introduces a three-dimensional matrix focusing on "livelihood attraction + quality differentiation + trendy new products," including both traditional and trendy items [6]. - The meat and poultry section highlights local freshness and quality upgrades, featuring a mix of international and domestic brands [8]. - The seafood area enhances the coastal theme by introducing a variety of imported seafood and offering live fish cutting services, enhancing customer experience [10]. - The bakery and deli sections have added popular items and diverse instant food options to attract younger customers [12]. Environmental and Service Enhancements - The store environment has been revamped for better visibility and comfort, with upgraded lighting and wider aisles to create a pleasant shopping atmosphere [13]. - New customer service facilities include health measurement tools and convenience items, enhancing the overall shopping experience [15]. - The store implements strict food safety measures, including a freshness management system to ensure product quality [17]. Employee Welfare Improvements - The number of employees has increased from 66 to 100, with salary and welfare enhancements to improve job satisfaction and service quality [19]. - The management emphasizes the importance of employee care, aiming to foster a respectful and warm service environment [21]. Market Impact and Future Plans - The store's opening coincides with the Mid-Autumn Festival and National Day, featuring seasonal products to meet diverse consumer needs [23]. - The successful performance of the first upgraded store in Xiamen, with over 800% sales growth in the first week, validates the effectiveness of the upgrade model [23]. - Yonghui plans to continue adopting the "Fat Donglai" model to enhance quality retail, aiming to better meet the needs of mainstream Chinese families and support high-quality market development in Xiamen [25].

Core Viewpoint - The green tea restaurant, once a popular dining destination with long queues, has visibly declined in popularity over the past two years, raising questions about its current status and future prospects [1] Group 1 - The green tea restaurant was known for its high customer turnover, achieving an average of 6 to 8 table turns per day [1] - Customers used to wait up to two hours to be seated, driven by the allure of its baked goods and roasted chicken [1] - The restaurant's decline in popularity is evident, prompting an analysis of the factors contributing to this downturn [1]

Core Viewpoint - Recent changes in the marketing strategy of Green Tea Restaurant indicate a shift away from the previous emphasis on "no pre-made dishes" as the restaurant faces scrutiny over its food sourcing practices [1][2]. Group 1: Company Developments - Green Tea Restaurant has removed the slogan "no pre-made dishes, freshly made" from its storefront and has blacked out the "no pre-made dishes" label on its takeaway containers [1]. - The restaurant's staff claimed ignorance about when these changes occurred but insisted that signature dishes like roasted chicken are made fresh [1]. - In March of last year, it was revealed that the restaurant's 38 yuan "Buddha Jumps Over the Wall" dish was made from pre-made ingredients, which were not disclosed on the menu [2]. Group 2: Regulatory Scrutiny - As Green Tea Restaurant prepared for its listing on the Hong Kong Stock Exchange in July, the regulatory body required the company to disclose its food supply chain model, the proportion of pre-made dishes, and compliance with food safety regulations [2]. Group 3: Financial Performance - Green Tea Group, the parent company of Green Tea Restaurant, reported a revenue of 2.29 billion yuan for the first half of the year, reflecting a year-on-year growth of 23.1% [3]. - The company's net profit attributable to shareholders reached 234 million yuan, marking a 34% increase compared to the previous year [3]. - Following the release of its first half-year report since going public, the stock price of Green Tea Group fell by 1% to 6.94 HKD, with a total market capitalization of 4.674 billion HKD [3][4].

Group 1 - The controversy surrounding "Xibei pre-made dishes" is impacting the industry, with reports of restaurants like Green Tea removing signs claiming "no pre-made dishes" [2] - Green Tea Restaurant previously faced allegations of using pre-made dishes without proper labeling, particularly regarding a dish priced at 38 yuan [4] - The company submitted its listing application in July 2022, prompting inquiries from the regulatory body regarding food safety and the proportion of pre-made dishes [4] Group 2 - Green Tea Group reported a revenue of 2.29 billion yuan for the first half of the year, a year-on-year increase of 23.1%, with a net profit of 234 million yuan, up 34% [4] - The company has established a digital and standardized business model supported by a flexible supply chain and strict food safety controls [4] - In contrast to Green Tea, Haidilao has started labeling some menu items as "partially pre-processed" [5][6] Group 3 - As of September 18, the pre-made dish sector saw a decline of 0.56%, with stocks of companies like Jiahe Foods and Delisi dropping approximately 6% and over 3% respectively [7]

Core Viewpoint - The article discusses the prevalence and consumption of white feather chickens in China, questioning their safety and nutritional value in the context of their rapid growth and market dominance [1] Industry Overview - White feather chickens are produced and marketed in China, with a growth cycle of just 40 days from hatch to market [1] - The consumption rate is significant, with an estimated 7 billion chickens consumed annually in China [1] Market Dynamics - The article highlights the characteristics of white feather chickens, noting their larger size compared to traditional breeds, which may appeal to consumers seeking value [1] - The pricing of whole roasted chickens in supermarkets is mentioned, with a typical price point of 20 yuan per chicken, indicating affordability for consumers [1]

Group 1: Overall Consumption Performance - The total retail sales of consumer goods in the province reached 1,205.1 billion yuan in the first half of the year, with a year-on-year growth of 5.5%, an increase of 1.4 percentage points compared to the same period last year [2] - The province has implemented special actions to boost consumption, focusing on expanding demand, optimizing supply, and addressing shortcomings to continuously stimulate consumption vitality [2] Group 2: Trade-in Policy Impact - The trade-in policy has significantly boosted consumption, with retail sales of household appliances and audio-visual equipment increasing by 21.3%, furniture by 12.8%, computers by 151.3%, and smartphones by 99.3% [3] - A total of 8 billion yuan in trade-in subsidies and 620 million yuan in consumer vouchers were issued in the first half of the year, driving a growth of 11.2% in retail sales of related goods [3] Group 3: Online Consumption Growth - Online retail sales in the province reached 241.27 billion yuan, with a year-on-year growth of 10.2%, and physical goods online retail sales accounted for 16.7% of total retail sales [4] - Over a thousand enterprises participated in the "entering e-commerce platforms" initiative, with more than 400 new enterprises joining major platforms like JD and Alibaba [4] Group 4: Innovation in Physical Retail - The introduction of new stores, such as Sam's Club and Pop Mart, has led to the opening of 637 new stores in the province, with warehouse membership stores seeing retail sales growth of over 30% [5] - Traditional retail formats are innovating, with stores like Yonghui Supermarket adopting new models that combine fresh food and dining, resulting in a 5.9% increase in retail sales [5] Group 5: Emerging Consumption Trends - Night economy and cultural tourism integration are thriving, with the Hefei night market attracting over 50,000 visitors daily and the Huangshan "intangible cultural heritage market" boosting surrounding dining and accommodation consumption by 18% [6] - The shift in physical commerce from "selling products" to "selling experiences" reflects a broader trend in consumer behavior [6]