<p>知名宠物用品零售商 <strong>Chewy</strong>(CHWY -1.62%) 正在押注市场份额和客户忠诚度将在长期内带来回报，即使短期收益有所下降。随着公司的成熟，其战略已从快速增长转向培养忠诚度和重复购买。Chewy 的会员计划 Chewy+ 和自动配送计划持续稳步增长。</p>
<p>Chewy 的未来可能不再是高增长股票，而是一个有价值、稳定且防御性的业务。即使在经济放缓的情况下，它仍将展现出韧性，因为宠物主人会继续照顾他们的动物。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ3NzAvZG9nLXdpdGgtYm94LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ3NzAvZG9nLXdpdGgtYm94LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>不断增长的客户基础和市场份额</h2>
<p>在 2025 财年第二季度（截至 8 月 3 日），Chewy 报告净销售额为 31 亿美元，比去年同期增长 8.6%。这个增长率并不算令人兴奋，但却是可持续的，展示了公司的稳定性。自动配送计划（重复交付）占 Chewy 总净销售额的 83%，同比增长 15%。</p>
<p>这是一个非常积极的信号，因为重复收入将帮助 Chewy 顺利度过潜在的经济波动期。Chewy+ 会员仍然较小，但它将在 Chewy 持续、可持续增长中发挥关键作用。</p>
<p>Chewy 的客户基础正在增长，消费也在增加。公司报告称活跃客户达 2100 万，平均每年消费 591 美元。Chewy 在宠物用品市场的份额中占据了 41%，远超 <strong>Petco</strong> 和 PetSmart，后者分别仅占 9.7% 和 6%。</p>
<p>Chewy 脱颖而出的原因在于其早期采用自动配送和电子商务的卓越表现，相较于以实体店为主的竞争对手。Chewy 的在线存在帮助其在疫情初期迅速超越行业竞争对手，因为人们在家购物的同时收养了更多宠物。Petco 是 Chewy 在这一领域最大的竞争对手，但其收入持续下降，销售疲软，债务负担沉重。</p>
<h2>短期利润下降；长期前景向好</h2>
<p>公司最近的季度报告显示，按公认会计原则（GAAP）计算的收益下降，这让投资者感到不安。Chewy 解释称，这一急剧下降主要是由于 2024 年获得的一次性税收减免。其他重要指标显示出稳固的改善，包括利润率的提升。毛利率增长 90 个基点，达到 30.4%，考虑到 Chewy 所参与的高开销业务，这一数字相当可观。</p>
<p>Chewy 还报告调整后的息税折旧摊销前利润（EBITDA）增加至 1.833 亿美元，利润率为 5.9%，比 2024 年增加 80 个基点。调整后的净收益增加至 0.33 美元，比去年增加 0.10 美元。尽管一些指标有所下降，但 Chewy 的运营趋势正朝着看涨的方向发展，这才是长期投资者最关心的。</p>
<p>即使最近股价下跌，Chewy 仍然相对昂贵。不过，这不应吓跑潜在买家。如果公司能够继续在自动配送和会员计划的增长上取得成功，就像拥有一只金毛寻回犬一样，购买 Chewy 将会有很多值得期待和收益的地方。由于重复购买的原因，该公司的业绩比竞争对手更具可预测性。</p>
<p>Chewy 面临的最大风险包括对其持续扩大利润率能力的担忧，但会员计划和对兽医护理的投资应能提供帮助。公司在短期内也可能面临供应链和通货膨胀问题的困扰。</p>
<h2>Chewy 将在未来几年继续保持领先地位</h2>
<p>Chewy 在吸引宠物主的消费方面做得非常出色。自动配送和会员计划是客户忠诚度的领先指标。Chewy 的领导层表示，公司将继续关注这些指标。</p>
<p>这些领域的增长对 Chewy 股票的投资者来说也是一个积极的信号。Chewy 的竞争对手没有威胁到这只大狗的领先地位。</p>
<p>总体而言，Chewy 正在接受其作为成熟价值股的地位。虽然它可能不会很快再次看到高双位数的增长数字，但 Chewy 应该会在这一新篇章中继续占据主导地位。投资者明智的做法是将 Chewy 视为一台出色的客户保留现金机器，只要人类热爱他们的动物，它就会继续运转。</p>

CHWY

<p>Chewy (CHWY) 正在专注于客户忠诚度和市场份额，以实现长期成功，尽管短期内收益有所下降。该公司报告 2025 年第二季度净销售额为 31 亿美元，同比增长 8.6%，其中 83% 的销售来自其自动配送计划。Chewy 拥有 2100 万活跃客户，年均消费为 591 美元。尽管近期收益因一次性税收减免而下降，但运营趋势依然积极。Chewy 的自动配送和会员计划表明客户忠诚度强，定位为成熟的价值股，具有可持续的增长潜力</p>

<p>Popular pet supply retailer <strong>Chewy</strong>(CHWY -1.62%) is betting that market share and customer loyalty will pay off in the long run, even as short-term earnings dip. As the company matures, its strategy has shifted from rapid growth to nurturing loyalty and recurring purchases. Chewy's membership plan, Chewy+, and autoship program continue to grow steadily.</p>
<div class="lb-trans"><p>知名宠物用品零售商 <strong>Chewy</strong>(CHWY -1.62%) 正在押注市场份额和客户忠诚度将在长期内带来回报，即使短期收益有所下降。随着公司的成熟，其战略已从快速增长转向培养忠诚度和重复购买。Chewy 的会员计划 Chewy+ 和自动配送计划持续稳步增长。</p>
</div><p>Chewy's future might not be as a high-growth stock, but instead as a valuable, steady, and defensive business. It'll continue to show resilience, even through a slowing economy, as pet owners keep up care for their animals.</p>
<div class="lb-trans"><p>Chewy 的未来可能不再是高增长股票，而是一个有价值、稳定且防御性的业务。即使在经济放缓的情况下，它仍将展现出韧性，因为宠物主人会继续照顾他们的动物。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ3NzAvZG9nLXdpdGgtYm94LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834770%2Fdog-with-box.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Growing customer base and market share</h2>
<div class="lb-trans"><h2>不断增长的客户基础和市场份额</h2>
</div><p>In the fiscal second quarter of 2025 (ended Aug. 3) , Chewy reported net sales of $3.1 billion, an 8.6% increase from the same quarter last year. That growth rate isn't necessarily exciting so much as it is sustainable, and demonstrates the company's consistency. The autoship program (repeat deliveries) accounted for 83% of Chewy's total net sales and grew 15% year over year.</p>
<div class="lb-trans"><p>在 2025 财年第二季度（截至 8 月 3 日），Chewy 报告净销售额为 31 亿美元，比去年同期增长 8.6%。这个增长率并不算令人兴奋，但却是可持续的，展示了公司的稳定性。自动配送计划（重复交付）占 Chewy 总净销售额的 83%，同比增长 15%。</p>
</div><p>This is a very positive sign, as the recurring revenue will help Chewy sail smoothly through potentially volatile economic times. Chewy+ membership is still small, but it will play a crucial role in Chewy's continued, sustainable growth.</p>
<div class="lb-trans"><p>这是一个非常积极的信号，因为重复收入将帮助 Chewy 顺利度过潜在的经济波动期。Chewy+ 会员仍然较小，但它将在 Chewy 持续、可持续增长中发挥关键作用。</p>
</div><p>Chewy's customer base is growing and spending more as well. The company reported 21 million active customers, spending an average of $591 per year. Chewy wins in market share among pet owners, hogging an estimated 41% of the customer base for online pet supplies. <strong>Petco</strong> and PetSmart trail significantly in second and third place, with just 9.7% and 6% share, respectively.</p>
<div class="lb-trans"><p>Chewy 的客户基础正在增长，消费也在增加。公司报告称活跃客户达 2100 万，平均每年消费 591 美元。Chewy 在宠物用品市场的份额中占据了 41%，远超 <strong>Petco</strong> 和 PetSmart，后者分别仅占 9.7% 和 6%。</p>
</div><p>What makes Chewy stand out is its early adoption of autoship and e-commerce excellence compared to its brick-and-mortar-focused competitors. Chewy's online presence helped it rocket past industry rivals during the initial years of the pandemic as people adopted more pets, but shopped from home. Petco is Chewy's largest rival in the space, but it continues to see declining revenue, weaker sales, and debt burdens.</p>
<div class="lb-trans"><p>Chewy 脱颖而出的原因在于其早期采用自动配送和电子商务的卓越表现，相较于以实体店为主的竞争对手。Chewy 的在线存在帮助其在疫情初期迅速超越行业竞争对手，因为人们在家购物的同时收养了更多宠物。Petco 是 Chewy 在这一领域最大的竞争对手，但其收入持续下降，销售疲软，债务负担沉重。</p>
</div><h2>Short-term profits down; long-term prospects up</h2>
<div class="lb-trans"><h2>短期利润下降；长期前景向好</h2>
</div><p>The company's most recent quarterly report showed a decline in earnings on a generally accepted accounting principles (GAAP) basis, and that spooked investors. Chewy explained this sharp decline was mostly due to a one-time tax break received in 2024. Other important metrics displayed solid improvement, including a margin increase. Gross margin grew 90 basis points to 30.4%, an impressive amount considering the high-overhead business Chewy participates in.</p>
<div class="lb-trans"><p>公司最近的季度报告显示，按公认会计原则（GAAP）计算的收益下降，这让投资者感到不安。Chewy 解释称，这一急剧下降主要是由于 2024 年获得的一次性税收减免。其他重要指标显示出稳固的改善，包括利润率的提升。毛利率增长 90 个基点，达到 30.4%，考虑到 Chewy 所参与的高开销业务，这一数字相当可观。</p>
</div><p>Chewy also reported an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increase to $183.3 million, with margin coming in at 5.9%, an 80-basis-point increase from 2024. Adjusted net earnings increased to $0.33, a $0.10 hike from last year. Despite some dips in metrics, Chewy's operational trends are moving in a bullish direction, and that's what long-term investors should care about the most.</p>
<div class="lb-trans"><p>Chewy 还报告调整后的息税折旧摊销前利润（EBITDA）增加至 1.833 亿美元，利润率为 5.9%，比 2024 年增加 80 个基点。调整后的净收益增加至 0.33 美元，比去年增加 0.10 美元。尽管一些指标有所下降，但 Chewy 的运营趋势正朝着看涨的方向发展，这才是长期投资者最关心的。</p>
</div><p>Even with the recent dip in stock price, Chewy is still fairly expensive. This shouldn't scare away potential buyers, though. If the company can continue to deliver on its autoship and membership program growth, much like owning a golden retriever, there is a lot to love and gain from buying Chewy. The company's results are more predictable than its competitors because of the recurring purchases.</p>
<div class="lb-trans"><p>即使最近股价下跌，Chewy 仍然相对昂贵。不过，这不应吓跑潜在买家。如果公司能够继续在自动配送和会员计划的增长上取得成功，就像拥有一只金毛寻回犬一样，购买 Chewy 将会有很多值得期待和收益的地方。由于重复购买的原因，该公司的业绩比竞争对手更具可预测性。</p>
</div><p>The biggest risks with Chewy include concerns about its ability to continue expanding margins, yet the membership program and investments in veterinary care should help. The company could also run into trouble with supply chain and inflationary problems in the short term.</p>
<div class="lb-trans"><p>Chewy 面临的最大风险包括对其持续扩大利润率能力的担忧，但会员计划和对兽医护理的投资应能提供帮助。公司在短期内也可能面临供应链和通货膨胀问题的困扰。</p>
</div><h2>Chewy will remain the top dog for years to come</h2>
<div class="lb-trans"><h2>Chewy 将在未来几年继续保持领先地位</h2>
</div><p>Chewy has done an excellent job capturing the wallets of pet owners. The autoship and membership programs are a leading indicator of loyalty among customer. Chewy's leadership has indicated the company will continue to focus on these metrics.</p>
<div class="lb-trans"><p>Chewy 在吸引宠物主的消费方面做得非常出色。自动配送和会员计划是客户忠诚度的领先指标。Chewy 的领导层表示，公司将继续关注这些指标。</p>
</div><p>The growth in these areas is also a positive sign for investors in Chewy stock. None of Chewy's competitors are threatening the big dog's top spot.</p>
<div class="lb-trans"><p>这些领域的增长对 Chewy 股票的投资者来说也是一个积极的信号。Chewy 的竞争对手没有威胁到这只大狗的领先地位。</p>
</div><p>Overall, Chewy is embracing its status as a mature value stock. While it likely won't see high-double-digit growth numbers again anytime soon, Chewy should continue to dominate in this new chapter. Investors would be smart to see Chewy for what it is: a terrific customer retention cash machine that'll continue to purr so long as humans love their animals.</p>
<div class="lb-trans"><p>总体而言，Chewy 正在接受其作为成熟价值股的地位。虽然它可能不会很快再次看到高双位数的增长数字，但 Chewy 应该会在这一新篇章中继续占据主导地位。投资者明智的做法是将 Chewy 视为一台出色的客户保留现金机器，只要人类热爱他们的动物，它就会继续运转。</p>
</div>

为什么客户忠诚度将使 Chewy 成为投资者的长期赢家