<p>当大多数人想到 <strong>开市客</strong>(COST 0.29%) 时，他们脑海中浮现的是超大的购物车、大宗商品的货盘，以及周末人潮涌动的寻宝场景。这是一个容易让人产生共鸣的形象：开市客是一家典型的大型零售商。</p>
<p>然而，这种看法忽略了更广泛的叙述。开市客不仅仅是在销售食品或纸巾——它在销售的是一种访问权。仓储模式更像是一种订阅业务，而不是传统商店。对于投资者来说，这种区别至关重要。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU3Njcvc2hvcHBpbmcuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU3Njcvc2hvcHBpbmcuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>会员制是核心</h2>
<p>开市客所做的一切都始于会员制。购物者支付年费加入，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。由于运营会员制的成本极低，几乎所有的收入都直接流入底线。</p>
<p>在 2025 财年的第四季度，公司拥有 8100 万付费会员（同比增长 6.3%），这推动了会员收入同比增长 14%。总会员收入增长率更高，因为公司在 2024 年 9 月 1 日分别将两种付费会员的费用提高了 5 美元和 10 美元。</p>
<p>最棒的部分？即使在开市客去年提高费用后，会员收入依然非常稳定。全球的续费率达到 90%——在美国和加拿大甚至更高。这是大多数企业梦寐以求的粘性。</p>
<p>很难不看到与流媒体服务或 <strong>亚马逊</strong> Prime 的相似之处。一旦客户购买，离开就像是放弃他们已经支付的价值。这种动态使得开市客的会员基础异常坚韧。</p>
<h2>自我强化的模式</h2>
<p>拥有像开市客的会员制这样高利润、可重复的收入来源是件好事。但会员制不仅仅是产生利润——它推动了开市客的整个战略。费用收入为公司提供了财务喘息空间，使其能够保持低价。这些低价吸引了更多的购物者，从而提升了销售量。更高的销售量改善了开市客与供应商的议价能力，带来了更好的价格。</p>
<p>这是一个随着时间推移而增强的循环。与许多通过促销或广告来吸引流量的零售商不同，开市客受益于一个鼓励客户自发回归的系统。对于投资者来说，这意味着更大的可预测性和减少对消费者行为波动的依赖。</p>
<p>此外，随着开市客随着时间的推移增加可比销售额，它由于更有效地利用固定资产而获得巨大的经营杠杆。经营杠杆直接流入利润率，开市客将其进一步回收用于提升客户价值——再次以更低的价格。</p>
<p>换句话说，存在一个自我强化的良性循环，使得开市客的商业模式随着时间的推移变得更加吸引人。</p>
<h2>总会员数量在未来有望进一步增长</h2>
<p>开市客已经拥有 1.45 亿持卡人——其中 8100 万是付费会员，每个付费会员有权获得两张会员卡。但尽管规模庞大，这家巨头只有 914 家门店。随着新门店的开设——通常每年 20 到 30 家——这些会员数量将自然增长。</p>
<p>国际市场是最明显的增长杠杆。例如，在中国，开市客在上海开设的第一家仓库吸引了数小时的排队。新开设地区的续费率已经接近北美水平，表明这一模式在不同文化中都有效。每个新仓库不仅增加销售额——还增加了每年复合增长的费用收入。</p>
<p>数字化举措是会员增长的另一个关键驱动因素。电子商务等服务对会员的费用低于非会员，会员可以访问全部库存。换句话说，非会员最终转为会员以享受开市客提供的全方位服务是有意义的，且费用更低。</p>
<h2>这对投资者意味着什么？</h2>
<p>开市客表面上可能看起来像一家传统的仓储连锁店，但在表面之下，它的运作方式更像是一种基于订阅的业务。会员制创造了粘性、可重复的收入，推动了低价和高流量的自我强化循环，并为开市客提供了一个坚实的基础，以继续在国内和国际上增长。</p>
<p>投资者通常重视订阅业务的稳定性和复合回报的潜力。开市客值得被纳入同样的讨论——不是因为它销售数字内容，而是因为它销售同样有价值的东西：客户渴望续费的日常节省。</p>
<p>对于长期投资者来说，这是一种值得关注的商业模式。</p>

开市客

<p>开市客的运营更像是一种订阅业务，而非传统零售商，会员费为其带来了可观的收入，2025 财年的会员费达到了 53 亿美元。开市客拥有 8100 万付费会员，续费率高达 90%，这一模式促进了客户忠诚度，并使其能够提供低价，从而推动销售量和供应商的议价能力。公司计划扩大门店数量，特别是在国际市场，进一步推动会员增长。投资者应认识到开市客类似订阅的稳定性和复合回报的潜力，使其成为一个值得关注的投资机会</p>

<p>When most people think about <strong>Costco Wholesale</strong>(COST 0.29%), they picture oversized shopping carts, pallets of bulk goods, and weekend crowds hunting for bargains. It's an easy image to latch onto: Costco is a big-box retailer, through and through.</p>
<div class="lb-trans"><p>当大多数人想到 <strong>开市客</strong>(COST 0.29%) 时，他们脑海中浮现的是超大的购物车、大宗商品的货盘，以及周末人潮涌动的寻宝场景。这是一个容易让人产生共鸣的形象：开市客是一家典型的大型零售商。</p>
</div><p>However, that view overlooks the broader narrative. Costco isn't just selling groceries or paper towels -- it's selling access. The warehouse model operates more like a subscription business than a traditional store. For investors, this distinction is crucial.</p>
<div class="lb-trans"><p>然而，这种看法忽略了更广泛的叙述。开市客不仅仅是在销售食品或纸巾——它在销售的是一种访问权。仓储模式更像是一种订阅业务，而不是传统商店。对于投资者来说，这种区别至关重要。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU3Njcvc2hvcHBpbmcuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835767%2Fshopping.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>Membership at the core</h2>
<div class="lb-trans"><h2>会员制是核心</h2>
</div><p>Everything Costco does starts with membership. Shoppers pay an annual fee to join, and in fiscal 2025 (year ended Aug. 31, 2025), these fees generated $5.3 billion in revenue. And since the costs of running this membership are minimal, nearly all of that goes straight to the bottom line.</p>
<div class="lb-trans"><p>开市客所做的一切都始于会员制。购物者支付年费加入，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。由于运营会员制的成本极低，几乎所有的收入都直接流入底线。</p>
</div><p>In the fourth quarter of fiscal 2025, the company had 81 million paid memberships (up 6.3% year over year), contributing to a 14% year-over-year growth in membership revenue. The total membership revenue growth rate came in higher because the company raised its fees by $5 and $10, respectively, for its two types of paid memberships on Sept. 1, 2024.</p>
<div class="lb-trans"><p>在 2025 财年的第四季度，公司拥有 8100 万付费会员（同比增长 6.3%），这推动了会员收入同比增长 14%。总会员收入增长率更高，因为公司在 2024 年 9 月 1 日分别将两种付费会员的费用提高了 5 美元和 10 美元。</p>
</div><p>The best part? Membership income is remarkably steady, even after Costco raised its fees last year. Renewal rates run at 90% globally -- it's even higher in the U.S. and Canada. That's the kind of stickiness most businesses dream about.</p>
<div class="lb-trans"><p>最棒的部分？即使在开市客去年提高费用后，会员收入依然非常稳定。全球的续费率达到 90%——在美国和加拿大甚至更高。这是大多数企业梦寐以求的粘性。</p>
</div><p>It's hard not to see the parallels to streaming services or <strong>Amazon</strong> Prime. Once customers buy in, leaving feels like walking away from the value they've already paid for. That dynamic makes Costco's membership base unusually resilient.</p>
<div class="lb-trans"><p>很难不看到与流媒体服务或 <strong>亚马逊</strong> Prime 的相似之处。一旦客户购买，离开就像是放弃他们已经支付的价值。这种动态使得开市客的会员基础异常坚韧。</p>
</div><h2>A self-reinforcing model</h2>
<div class="lb-trans"><h2>自我强化的模式</h2>
</div><p>It's nice to have a high-margin, recurring revenue source like Costco's membership. But memberships do more than generate profit -- they power Costco's entire strategy. Fee income gives the company financial breathing room to keep prices low. Those low prices attract more shoppers, which in turn boosts sales volume. Higher volume improves Costco's leverage with suppliers, resulting in even better prices.</p>
<div class="lb-trans"><p>拥有像开市客的会员制这样高利润、可重复的收入来源是件好事。但会员制不仅仅是产生利润——它推动了开市客的整个战略。费用收入为公司提供了财务喘息空间，使其能够保持低价。这些低价吸引了更多的购物者，从而提升了销售量。更高的销售量改善了开市客与供应商的议价能力，带来了更好的价格。</p>
</div><p>It's a loop that strengthens over time. Unlike many retailers that chase traffic with promotions or ads, Costco benefits from a system that encourages customers to return on their own. For investors, this means greater predictability and reduced dependence on fickle consumer behavior.</p>
<div class="lb-trans"><p>这是一个随着时间推移而增强的循环。与许多通过促销或广告来吸引流量的零售商不同，开市客受益于一个鼓励客户自发回归的系统。对于投资者来说，这意味着更大的可预测性和减少对消费者行为波动的依赖。</p>
</div><p>Besides, as Costco increases its comparable sales over time, it gains enormous operating leverage thanks to the more efficient use of its fixed assets. Operating leverage flows directly into margins, which Costco recycles back further into enhancing customer value -- again, with even lower prices.</p>
<div class="lb-trans"><p>此外，随着开市客随着时间的推移增加可比销售额，它由于更有效地利用固定资产而获得巨大的经营杠杆。经营杠杆直接流入利润率，开市客将其进一步回收用于提升客户价值——再次以更低的价格。</p>
</div><p>In other words, there is a self-reinforcing virtuous cycle that makes Costco's business model more attractive over time.</p>
<div class="lb-trans"><p>换句话说，存在一个自我强化的良性循环，使得开市客的商业模式随着时间的推移变得更加吸引人。</p>
</div><h2>Total membership numbers are well-positioned to rise further in the future</h2>
<div class="lb-trans"><h2>总会员数量在未来有望进一步增长</h2>
</div><p>Costco already has 145 million cardholders -- there are 81 million paid memberships, and every paid membership is entitled to two membership cards. But despite its scale, the giant only has 914 stores. As it opens new stores -- typically 20 to 30 per year -- these memberships will naturally grow over time.</p>
<div class="lb-trans"><p>开市客已经拥有 1.45 亿持卡人——其中 8100 万是付费会员，每个付费会员有权获得两张会员卡。但尽管规模庞大，这家巨头只有 914 家门店。随着新门店的开设——通常每年 20 到 30 家——这些会员数量将自然增长。</p>
</div><p>International markets are the clearest growth lever. In China, for example, the opening of Costco's first warehouse in Shanghai drew hours-long lines. Renewal rates in newer places are already approaching North American levels, suggesting the model is effective across cultures. Each new warehouse doesn't just add sales -- it adds recurring fee income that compounds year after year.</p>
<div class="lb-trans"><p>国际市场是最明显的增长杠杆。例如，在中国，开市客在上海开设的第一家仓库吸引了数小时的排队。新开设地区的续费率已经接近北美水平，表明这一模式在不同文化中都有效。每个新仓库不仅增加销售额——还增加了每年复合增长的费用收入。</p>
</div><p>Digital initiatives are another key driver of membership growth. Services like e-commerce cost less for members than non-members, and members get access to the full inventory. In other words, it makes sense for non-members to eventually convert to benefit from the full scope of services that Costco has to offer, at a lower price.</p>
<div class="lb-trans"><p>数字化举措是会员增长的另一个关键驱动因素。电子商务等服务对会员的费用低于非会员，会员可以访问全部库存。换句话说，非会员最终转为会员以享受开市客提供的全方位服务是有意义的，且费用更低。</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 might appear to be a traditional warehouse chain on the surface, but beneath the surface, it operates like a subscription-based business. Memberships create sticky, recurring revenue, power a self-reinforcing cycle of low prices and high traffic, and provide Costco with a solid foundation to continue growing both domestically and internationally.</p>
<div class="lb-trans"><p>开市客表面上可能看起来像一家传统的仓储连锁店，但在表面之下，它的运作方式更像是一种基于订阅的业务。会员制创造了粘性、可重复的收入，推动了低价和高流量的自我强化循环，并为开市客提供了一个坚实的基础，以继续在国内和国际上增长。</p>
</div><p>Investors often prize subscription businesses for their stability and potential for compounding returns. Costco deserves to be in that same conversation -- not because it sells digital content, but because it sells something just as valuable: everyday savings that customers are eager to renew.</p>
<div class="lb-trans"><p>投资者通常重视订阅业务的稳定性和复合回报的潜力。开市客值得被纳入同样的讨论——不是因为它销售数字内容，而是因为它销售同样有价值的东西：客户渴望续费的日常节省。</p>
</div><p>For long-term investors, that's the kind of business model worth paying attention to.</p>
<div class="lb-trans"><p>对于长期投资者来说，这是一种值得关注的商业模式。</p>
</div>

开市客不仅仅是一家零售商——它实际上是一家伪装成零售商的订阅服务公司