沉默已久的马云再次发声，依旧是语出惊人，他说：中国未来会出现一个非常恐怖的商业模式，就是：爆品获客+跨界盈利模式，举个例子你就明白了：！ 马云重回大众视野，这次带来的一番话听着着实有些让人脊背发凉。他口中那个"非常恐怖的商业模式"，被总结为简单的八个字：爆品获客，跨界盈利。 乍一听像是什么商学院的黑话，但你要是把目光转向几年前上海闵行区的那个夏天，或许就能读懂这背后的杀机。 时间倒回2019年8月，Costco在中国大陆的首店开张，那场面只能用"失控"来形容。明明是大热天，门外却排成了长龙，不到四个小时，这家店就被涌入的 人潮逼得暂停营业，周边的交通甚至一度瘫痪。 这不是什么抢这类廉价甩卖的集市，而是一家不交"门票"就不让进的超市。也就是这短短三天，它的会员费收入就轻松过了千万。 这种现象级的一幕，恰恰验证了马云所说的逻辑：在这个新游戏规则里，商品根本不是用来赚钱的，它只是一个为了让你心甘情愿掏出"入场费"的诱饵。 这套打法完全颠覆了我们要低买高卖的传统生意经。在传统老板眼里，进货一百块卖一百二那是天经地义，但在Costco这里，它规定毛利要是超过14%都算 违规，那份万年不涨价的热狗套餐，就是这种"反商业" ...

Core Insights - Costco has demonstrated significant growth since its IPO in 1985, with current net sales reaching $65.98 billion, an increase of 8.2% year over year [2] - The company has expanded its global presence to 921 warehouses and plans to open 28 new stores in fiscal year 2026, with new locations generating an average of $192 million in sales [2] - Costco's membership base has grown to 81.4 million, with a renewal rate of 92.2% in the U.S. and Canada, reflecting strong customer loyalty [3] Financial Performance - Costco's market capitalization stands at $388 billion, with a current share price of $873.35 and a gross margin of 12.88% [3] - The company has increased its dividend by 85% since Berkshire Hathaway sold its shares in 2020, marking 21 consecutive years of annual dividend hikes [7][11] - Share buybacks have been a key strategy, with $2.18 billion repurchased in the 2025 fiscal year, enhancing shareholder value [8][9] Historical Context - An investment of $100 at Costco's IPO would now be worth approximately $86,058, reflecting a 50,858% increase when adjusted for stock splits [10] - Initial dividends paid in 2004 were $0.10 per share, and current annual dividends for early investors amount to $1,329 [11][12] Competitive Position - Despite challenges faced by brick-and-mortar retailers, Costco has successfully raised prices and maintained growth, contrasting with competitors like Kohl's and Macy's [3][4] - The company's commitment to low prices and customer satisfaction has garnered admiration from notable investors, including the late Charlie Munger of Berkshire Hathaway [6]

笔者家附近有一个烧饼店，厨房和柜台加起来不过3平方米。店里的烧饼种类齐全，用料实在，香气四 溢，几年来，生意越做越红火。他们家的畅销产品——椒盐味烧饼，一直维持"一元一个、买二送一"的 定价，也就是说，两元钱即可买到3个热乎乎、香喷喷的小烧饼。作为老顾客，笔者曾真诚地向老板提 议烧饼涨价，但是两次提议均遭拒绝。 那么，这种不涨价行为的背后是什么样的逻辑支撑呢？ 如果仔细观察，生活中还真的有不少销量可观但价格稳定的商品，比如，炎炎夏日备受青睐的"老中 街"冰棍，零售价始终维持每支1元，已经是其生产商——沈阳中街冰点的经典产品。国货护肤品"千纤 草"丝瓜水19年未涨价，500毫升的丝瓜水标价一直是十几元，曾拒绝头部主播包装提价的建议，坚守平 价定位。 从商业领域的知名案例来说，美国零售巨头开市客（Costco）店内的热狗套餐，从1985年以来，在美国 市场一直坚守1.5美元的价格，已经成为Costco的金字招牌。2019年进入上海市场以来，热狗套餐一直 保持人民币10.9元的价格。有人说，Costco很实诚，但也真会营销。从Costco最近发布的2025财年（截 至2025年8月31日）业绩看，这家全球会员店巨头 ...

Core Insights - Costco continues to show significant growth despite economic uncertainties, with net sales reaching $269.9 billion and net profit at $8.099 billion for the fiscal year 2025, marking an 8% and 9.9% increase respectively [1][2] - Membership fees contribute significantly to Costco's profitability, accounting for 65.7% of net profit, highlighting its business model as a service provider rather than a traditional retailer [2][3] Membership and Customer Base - The total number of paid members reached 81 million, a 6.3% increase year-over-year, with a high renewal rate of 92.3% in North America and 89.8% globally, indicating strong customer satisfaction [3][4] - Costco's e-commerce segment is the fastest-growing area, with a sales increase of 16.1% year-over-year, attracting a younger demographic [5][6] Premium Membership Strategy - As of Q3 2025, Costco had 37.6 million premium members, representing 47.7% of total paid members and contributing 74.2% of global sales [7][8] - The company has implemented benefits for premium members, such as exclusive shopping hours and discounts on online grocery orders, which have positively impacted sales and member upgrades [8][10] Product Offerings and Brand Loyalty - Costco's iconic $1.50 hot dog and soda combo has remained unchanged for 40 years, symbolizing the company's commitment to value and customer loyalty [11][14] - The Kirkland Signature brand has seen increased penetration, providing members with 15% to 20% more value compared to similar products, which helps mitigate inflationary pressures [11][12] International Expansion and Market Position - Costco is cautiously expanding in China, having opened its seventh store in Nanjing, and is focusing on building relationships with local suppliers to enhance its market presence [15][16] - The company acknowledges the slower pace of international expansion compared to the U.S. market but remains optimistic about future growth opportunities [16][17]

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]