<p><strong>开市客</strong>(COST -0.10%) 并不像科技巨头那样引人注目，但它悄然成为市场上最受关注的公司之一。</p>
<p>该股票交易接近历史最高点，并且估值处于溢价状态，这自然引起了人们的关注。然而，在表面之下，开市客继续提供投资者所珍视的稳定增长和客户忠诚度。</p>
<p>本文将重点讨论投资者密切关注该公司的三个原因：以客户为中心的商业模式、长期增长的广阔空间，以及今天的估值是否留有足够的上行空间。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU3NjQvY29zdGNvLXNob3BwaW5nLXdhcmVob3VzZS13aG9sZXNhbGUuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU3NjQvY29zdGNvLXNob3BwaW5nLXdhcmVob3VzZS13aG9sZXNhbGUuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. 以用户为中心的商业模式</h2>
<p>开市客并不是一个典型的零售商。它围绕会员而非利润建立了自己的身份。其大部分利润并不是来自销售产品，而是来自会员费。在 2025 财年（截至 2025 年 8 月 31 日），这些费用产生了 53 亿美元的收入，占开市客 81 亿美元净收入的主要部分。</p>
<p>这只有在会员保持忠诚的情况下才有可能。美国的续费率超过 90%，全球接近这一水平。会员们不断回归，因为他们知道开市客会将节省的成本转嫁给他们。该公司以极薄的利润率著称，通常将价格限制在大约 14% 到 15% 的毛利率，这远低于许多竞争对手。</p>
<p>结果是一个自我强化的零售生态系统。顾客感到被重视，他们随着时间的推移续费，而开市客则将资金再投资于更低的价格。然而，会员费为开市客带来了数十亿美元的底线利润。</p>
<p>这是一种良性循环，更像是一个订阅平台，而不是传统零售商。很少有零售商能够将用户牢牢置于其模型的中心——这也是开市客能够在数十年的市场变迁中稳步积累成功的原因。</p>
<h2>2. 巨头仍有广阔的增长空间</h2>
<p>开市客在全球拥有 914 家仓库，仍然有显著的空白市场。大约三分之二的地点在美国，这使得国际市场成为下一个篇章。该公司通常每年开设 20 到 30 家新仓库——虽然不显眼，但却是持续不断的。</p>
<p>国际门店显示出令人鼓舞的迹象。例如，在中国，早期的开业吸引了大量人群，反映出对开市客模式在新市场中强烈的需求。如果开市客能够在海外复制其北美的成功，即使是其中的一小部分，增长空间将延续到下一个十年。</p>
<p>而扩张不仅仅是关于实体仓库。开市客一直在投资电子商务和数字服务，使会员更容易在线购物，同时仍然利用其采购能力和低成本理念。随着 Kirkland Signature（其自有品牌）的日益重要，开市客的长期增长杠杆似乎既多样又持久。</p>
<p>对于投资者来说，这意味着开市客不仅仅是在成熟的美国业务上维持生计——它正在悄然建立全球规模，并在此过程中扩大护城河。</p>
<h2>3. 关于估值的一些看法</h2>
<p>这就是辩论变得有趣的地方。开市客目前的交易市盈率约为 52 倍，远高于其历史倍数和同行。投资者实际上是在为确定性付费，这包括可预测的经常性收入、忠诚的会员和广阔的扩张空间。</p>
<p>这并不意味着该股票便宜。尤其是在消费者支出减弱或国际增长需要更长时间才能扩大时，倍数压缩的时期是可能的。更高的利率也可能对防御性行业的溢价倍数施加压力。</p>
<p>但对于长期投资者来说，单靠估值很少能定义开市客的故事。该公司通过在周期中提供持续增长赢得了其溢价，而其经常性会员基础提供了少数零售商能够匹敌的缓冲。问题不在于开市客今天是否 “便宜”，而在于它在十年后是否仍能继续增长。</p>
<h2>这对投资者意味着什么？</h2>
<p>开市客已成为市场的宠儿，因为它结合了三种罕见的特质：以会员为中心的模式产生粘性的经常性收入、长期执行的良好记录，以及长期扩张的潜力。</p>
<p>鉴于这种乐观情绪，股票以溢价交易并不令人惊讶。但对于愿意在周期中持有的长期投资者来说，开市客仍然是零售领域中最有趣的复合故事之一。这就是为什么今天每个人都在谈论开市客股票——以及为什么他们可能在十年后仍会谈论它。</p>

开市客

<p>开市客 (COST) 正在引起关注，因为其股票交易接近历史最高点，这得益于以客户为中心的商业模式、显著的增长潜力和高估值。该公司通过会员费产生可观的收入，拥有高续费率。随着国际扩张计划和对电子商务的投资，开市客的增长前景依然强劲。然而，其当前的估值为 52 倍收益，这引发了对未来表现的质疑，尤其是在潜在经济挑战的背景下。尽管如此，开市客的一贯增长和忠实的客户基础使其成为长期投资者的一个有吸引力的选择</p>

<p><strong>Costco Wholesale</strong>(COST -0.10%) doesn't grab headlines the way tech giants do, yet it's quietly become one of the most talked-about companies in the market.</p>
<div class="lb-trans"><p><strong>开市客</strong>(COST -0.10%) 并不像科技巨头那样引人注目，但它悄然成为市场上最受关注的公司之一。</p>
</div><p>The stock trades near all-time highs and sits at a premium valuation, which naturally raises eyebrows. However, beneath the surface, Costco continues to deliver the kind of steady growth and loyalty that investors prize.</p>
<div class="lb-trans"><p>该股票交易接近历史最高点，并且估值处于溢价状态，这自然引起了人们的关注。然而，在表面之下，开市客继续提供投资者所珍视的稳定增长和客户忠诚度。</p>
</div><p>This article will focus on three reasons investors are keeping a close eye on the company: its customer-first business model, its long runway for growth, and the question of whether today's valuation leaves enough upside.</p>
<div class="lb-trans"><p>本文将重点讨论投资者密切关注该公司的三个原因：以客户为中心的商业模式、长期增长的广阔空间，以及今天的估值是否留有足够的上行空间。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU3NjQvY29zdGNvLXNob3BwaW5nLXdhcmVob3VzZS13aG9sZXNhbGUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835764%2Fcostco-shopping-warehouse-wholesale.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>1. Keeping users at the center of its business model</h2>
<div class="lb-trans"><h2>1. 以用户为中心的商业模式</h2>
</div><p>Costco is not a typical retailer. It has built its identity around members, not margins. The bulk of its profit doesn't come from selling products, it comes from membership fees. In fiscal 2025 (year ended Aug. 31, 2025), those fees generated $5.3 billion in revenue, representing the bulk of Costco's net income of $8.1 billion.</p>
<div class="lb-trans"><p>开市客并不是一个典型的零售商。它围绕会员而非利润建立了自己的身份。其大部分利润并不是来自销售产品，而是来自会员费。在 2025 财年（截至 2025 年 8 月 31 日），这些费用产生了 53 亿美元的收入，占开市客 81 亿美元净收入的主要部分。</p>
</div><p>That's only possible because members stay loyal. Renewal rates exceed 90% in the U.S. and are close to that mark worldwide. Members keep coming back because they know Costco will pass savings on to them. The company famously operates on razor-thin markups, generally capping prices at a gross margin of around 14% to 15%, which is far below that of many competitors.</p>
<div class="lb-trans"><p>这只有在会员保持忠诚的情况下才有可能。美国的续费率超过 90%，全球接近这一水平。会员们不断回归，因为他们知道开市客会将节省的成本转嫁给他们。该公司以极薄的利润率著称，通常将价格限制在大约 14% 到 15% 的毛利率，这远低于许多竞争对手。</p>
</div><p>The result is a retail ecosystem that reinforces itself. Customers feel valued, they renew their membership over time, and Costco reinvests in lower prices. Yet, the membership fees generate billions of bottom-line profits for Costco.</p>
<div class="lb-trans"><p>结果是一个自我强化的零售生态系统。顾客感到被重视，他们随着时间的推移续费，而开市客则将资金再投资于更低的价格。然而，会员费为开市客带来了数十亿美元的底线利润。</p>
</div><p>It's a virtuous cycle that resembles a subscription platform more than a traditional retailer. Few retailers have managed to keep users firmly at the center of their model -- and it's the reason Costco has been able to compound its success steadily through decades of market shifts.</p>
<div class="lb-trans"><p>这是一种良性循环，更像是一个订阅平台，而不是传统零售商。很少有零售商能够将用户牢牢置于其模型的中心——这也是开市客能够在数十年的市场变迁中稳步积累成功的原因。</p>
</div><h2>2. The giant still has plenty of room for growth</h2>
<div class="lb-trans"><h2>2. 巨头仍有广阔的增长空间</h2>
</div><p>With 914 warehouses worldwide, Costco still has significant white space ahead of it. Roughly two-thirds of those locations are in the U.S., leaving international markets as the next chapter. The company typically opens 20 to 30 new warehouses annually -- not flashy, but relentless.</p>
<div class="lb-trans"><p>开市客在全球拥有 914 家仓库，仍然有显著的空白市场。大约三分之二的地点在美国，这使得国际市场成为下一个篇章。该公司通常每年开设 20 到 30 家新仓库——虽然不显眼，但却是持续不断的。</p>
</div><p>International stores have shown encouraging signs. In China, for instance, early openings drew huge crowds, reflecting strong demand for Costco's model in new markets. If Costco can replicate even a fraction of its North American success abroad, the growth runway extends well into the next decade.</p>
<div class="lb-trans"><p>国际门店显示出令人鼓舞的迹象。例如，在中国，早期的开业吸引了大量人群，反映出对开市客模式在新市场中强烈的需求。如果开市客能够在海外复制其北美的成功，即使是其中的一小部分，增长空间将延续到下一个十年。</p>
</div><p>And expansion isn't just about physical warehouses. Costco has been investing in e-commerce and digital services, making it easier for members to shop online while still leveraging its buying power and low-cost ethos. With the growing role of Kirkland Signature, its private-label brand, Costco's long-term growth levers appear both diverse and durable.</p>
<div class="lb-trans"><p>而扩张不仅仅是关于实体仓库。开市客一直在投资电子商务和数字服务，使会员更容易在线购物，同时仍然利用其采购能力和低成本理念。随着 Kirkland Signature（其自有品牌）的日益重要，开市客的长期增长杠杆似乎既多样又持久。</p>
</div><p>For investors, this means Costco is not just coasting on a mature U.S. business -- it's quietly building global scale and widening its moat in the process.</p>
<div class="lb-trans"><p>对于投资者来说，这意味着开市客不仅仅是在成熟的美国业务上维持生计——它正在悄然建立全球规模，并在此过程中扩大护城河。</p>
</div><h2>3. A word on valuation</h2>
<div class="lb-trans"><h2>3. 关于估值的一些看法</h2>
</div><p>This is where the debate gets interesting. Costco currently trades at around 52 times earnings, a steep premium to its historical multiples and its peers. Investors are effectively paying up for certainty, which includes predictable recurring income, loyal members, and a long runway for expansion.</p>
<div class="lb-trans"><p>这就是辩论变得有趣的地方。开市客目前的交易市盈率约为 52 倍，远高于其历史倍数和同行。投资者实际上是在为确定性付费，这包括可预测的经常性收入、忠诚的会员和广阔的扩张空间。</p>
</div><p>That doesn't mean the stock is a bargain. Periods of multiple compression are possible, especially if consumer spending weakens or international growth takes longer to scale. Higher interest rates could also pressure premium multiples across defensive sectors.</p>
<div class="lb-trans"><p>这并不意味着该股票便宜。尤其是在消费者支出减弱或国际增长需要更长时间才能扩大时，倍数压缩的时期是可能的。更高的利率也可能对防御性行业的溢价倍数施加压力。</p>
</div><p>But for long-term investors, valuation alone rarely defines the Costco story. The company has earned its premium by delivering consistent growth across cycles, and its recurring membership base provides a cushion few retailers can match. The question is not whether Costco is &#34;cheap&#34; today, but instead whether it will continue to grow a decade from now.</p>
<div class="lb-trans"><p>但对于长期投资者来说，单靠估值很少能定义开市客的故事。该公司通过在周期中提供持续增长赢得了其溢价，而其经常性会员基础提供了少数零售商能够匹敌的缓冲。问题不在于开市客今天是否 “便宜”，而在于它在十年后是否仍能继续增长。</p>
</div><h2>What does it mean for investors?</h2>
<div class="lb-trans"><h2>这对投资者意味着什么？</h2>
</div><p>Costco has become a market favorite because it combines three rare traits: a member-first model that generates sticky recurring revenue, a proven track record of long-term execution, and long-term expansion potential.</p>
<div class="lb-trans"><p>开市客已成为市场的宠儿，因为它结合了三种罕见的特质：以会员为中心的模式产生粘性的经常性收入、长期执行的良好记录，以及长期扩张的潜力。</p>
</div><p>Given the optimism, it is not surprising that the stock trades at a premium. But for long-term investors willing to hold through cycles, Costco remains one of the most interesting compounding stories in retail. That's why everyone is talking about Costco stock today -- and why they probably still will be a decade from now.</p>
<div class="lb-trans"><p>鉴于这种乐观情绪，股票以溢价交易并不令人惊讶。但对于愿意在周期中持有的长期投资者来说，开市客仍然是零售领域中最有趣的复合故事之一。这就是为什么今天每个人都在谈论开市客股票——以及为什么他们可能在十年后仍会谈论它。</p>
</div>

为什么大家都在讨论开市客的股票？