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]