<p>當大多數人想到 <strong>開市客</strong>(COST 0.29%) 時，他們腦海中浮現的是超大的購物車、大宗商品的貨盤，以及週末人潮湧動的尋寶場景。這是一個容易讓人產生共鳴的形象：開市客是一家典型的大型零售商。</p>
<p>然而，這種看法忽略了更廣泛的敍述。開市客不僅僅是在銷售食品或紙巾——它在銷售的是一種訪問權。倉儲模式更像是一種訂閲業務，而不是傳統商店。對於投資者來説，這種區別至關重要。</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>圖片來源：Getty Images。</p>
<h2>會員制是核心</h2>
<p>開市客所做的一切都始於會員制。購物者支付年費加入，在 2025 財年（截至 2025 年 8 月 31 日），這些費用產生了 53 億美元的收入。由於運營會員制的成本極低，幾乎所有的收入都直接流入底線。</p>
<p>在 2025 財年的第四季度，公司擁有 8100 萬付費會員（同比增長 6.3%），這推動了會員收入同比增長 14%。總會員收入增長率更高，因為公司在 2024 年 9 月 1 日分別將兩種付費會員的費用提高了 5 美元和 10 美元。</p>
<p>最棒的部分？即使在開市客去年提高費用後，會員收入依然非常穩定。全球的續費率達到 90%——在美國和加拿大甚至更高。這是大多數企業夢寐以求的粘性。</p>
<p>很難不看到與流媒體服務或 <strong>亞馬遜</strong> Prime 的相似之處。一旦客户購買，離開就像是放棄他們已經支付的價值。這種動態使得開市客的會員基礎異常堅韌。</p>
<h2>自我強化的模式</h2>
<p>擁有像開市客的會員制這樣高利潤、可重複的收入來源是件好事。但會員制不僅僅是產生利潤——它推動了開市客的整個戰略。費用收入為公司提供了財務喘息空間，使其能夠保持低價。這些低價吸引了更多的購物者，從而提升了銷售量。更高的銷售量改善了開市客與供應商的議價能力，帶來了更好的價格。</p>
<p>這是一個隨着時間推移而增強的循環。與許多通過促銷或廣告來吸引流量的零售商不同，開市客受益於一個鼓勵客户自發迴歸的系統。對於投資者來説，這意味着更大的可預測性和減少對消費者行為波動的依賴。</p>
<p>此外，隨着開市客隨着時間的推移增加可比銷售額，它由於更有效地利用固定資產而獲得巨大的經營槓桿。經營槓桿直接流入利潤率，開市客將其進一步回收用於提升客户價值——再次以更低的價格。</p>
<p>換句話説，存在一個自我強化的良性循環，使得開市客的商業模式隨着時間的推移變得更加吸引人。</p>
<h2>總會員數量在未來有望進一步增長</h2>
<p>開市客已經擁有 1.45 億持卡人——其中 8100 萬是付費會員，每個付費會員有權獲得兩張會員卡。但儘管規模龐大，這家巨頭只有 914 家門店。隨着新門店的開設——通常每年 20 到 30 家——這些會員數量將自然增長。</p>
<p>國際市場是最明顯的增長槓桿。例如，在中國，開市客在上海開設的第一家倉庫吸引了數小時的排隊。新開設地區的續費率已經接近北美水平，表明這一模式在不同文化中都有效。每個新倉庫不僅增加銷售額——還增加了每年複合增長的費用收入。</p>
<p>數字化舉措是會員增長的另一個關鍵驅動因素。電子商務等服務對會員的費用低於非會員，會員可以訪問全部庫存。換句話説，非會員最終轉為會員以享受開市客提供的全方位服務是有意義的，且費用更低。</p>
<h2>這對投資者意味着什麼？</h2>
<p>開市客表面上可能看起來像一家傳統的倉儲連鎖店，但在表面之下，它的運作方式更像是一種基於訂閲的業務。會員制創造了粘性、可重複的收入，推動了低價和高流量的自我強化循環，併為開市客提供了一個堅實的基礎，以繼續在國內和國際上增長。</p>
<p>投資者通常重視訂閲業務的穩定性和複合回報的潛力。開市客值得被納入同樣的討論——不是因為它銷售數字內容，而是因為它銷售同樣有價值的東西：客户渴望續費的日常節省。</p>
<p>對於長期投資者來説，這是一種值得關注的商業模式。</p>

開市客

<p>開市客的運營更像是一種訂閲業務，而非傳統零售商，會員費為其帶來了可觀的收入，2025 財年的會員費達到了 53 億美元。開市客擁有 8100 萬付費會員，續費率高達 90%，這一模式促進了客户忠誠度，並使其能夠提供低價，從而推動銷售量和供應商的議價能力。公司計劃擴大門店數量，特別是在國際市場，進一步推動會員增長。投資者應認識到開市客類似訂閲的穩定性和複合回報的潛力，使其成為一個值得關注的投資機會</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>當大多數人想到 <strong>開市客</strong>(COST 0.29%) 時，他們腦海中浮現的是超大的購物車、大宗商品的貨盤，以及週末人潮湧動的尋寶場景。這是一個容易讓人產生共鳴的形象：開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，這種看法忽略了更廣泛的敍述。開市客不僅僅是在銷售食品或紙巾——它在銷售的是一種訪問權。倉儲模式更像是一種訂閲業務，而不是傳統商店。對於投資者來説，這種區別至關重要。</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>圖片來源：Getty Images。</p>
</div><h2>Membership at the core</h2>
<div class="lb-trans"><h2>會員制是核心</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>開市客所做的一切都始於會員制。購物者支付年費加入，在 2025 財年（截至 2025 年 8 月 31 日），這些費用產生了 53 億美元的收入。由於運營會員制的成本極低，幾乎所有的收入都直接流入底線。</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 財年的第四季度，公司擁有 8100 萬付費會員（同比增長 6.3%），這推動了會員收入同比增長 14%。總會員收入增長率更高，因為公司在 2024 年 9 月 1 日分別將兩種付費會員的費用提高了 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？即使在開市客去年提高費用後，會員收入依然非常穩定。全球的續費率達到 90%——在美國和加拿大甚至更高。這是大多數企業夢寐以求的粘性。</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>很難不看到與流媒體服務或 <strong>亞馬遜</strong> Prime 的相似之處。一旦客户購買，離開就像是放棄他們已經支付的價值。這種動態使得開市客的會員基礎異常堅韌。</p>
</div><h2>A self-reinforcing model</h2>
<div class="lb-trans"><h2>自我強化的模式</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>擁有像開市客的會員制這樣高利潤、可重複的收入來源是件好事。但會員制不僅僅是產生利潤——它推動了開市客的整個戰略。費用收入為公司提供了財務喘息空間，使其能夠保持低價。這些低價吸引了更多的購物者，從而提升了銷售量。更高的銷售量改善了開市客與供應商的議價能力，帶來了更好的價格。</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>這是一個隨着時間推移而增強的循環。與許多通過促銷或廣告來吸引流量的零售商不同，開市客受益於一個鼓勵客户自發迴歸的系統。對於投資者來説，這意味着更大的可預測性和減少對消費者行為波動的依賴。</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，隨着開市客隨着時間的推移增加可比銷售額，它由於更有效地利用固定資產而獲得巨大的經營槓桿。經營槓桿直接流入利潤率，開市客將其進一步回收用於提升客户價值——再次以更低的價格。</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>換句話説，存在一個自我強化的良性循環，使得開市客的商業模式隨着時間的推移變得更加吸引人。</p>
</div><h2>Total membership numbers are well-positioned to rise further in the future</h2>
<div class="lb-trans"><h2>總會員數量在未來有望進一步增長</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>開市客已經擁有 1.45 億持卡人——其中 8100 萬是付費會員，每個付費會員有權獲得兩張會員卡。但儘管規模龐大，這家巨頭只有 914 家門店。隨着新門店的開設——通常每年 20 到 30 家——這些會員數量將自然增長。</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>國際市場是最明顯的增長槓桿。例如，在中國，開市客在上海開設的第一家倉庫吸引了數小時的排隊。新開設地區的續費率已經接近北美水平，表明這一模式在不同文化中都有效。每個新倉庫不僅增加銷售額——還增加了每年複合增長的費用收入。</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>數字化舉措是會員增長的另一個關鍵驅動因素。電子商務等服務對會員的費用低於非會員，會員可以訪問全部庫存。換句話説，非會員最終轉為會員以享受開市客提供的全方位服務是有意義的，且費用更低。</p>
</div><h2>What does it mean for investors?</h2>
<div class="lb-trans"><h2>這對投資者意味着什麼？</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>開市客表面上可能看起來像一家傳統的倉儲連鎖店，但在表面之下，它的運作方式更像是一種基於訂閲的業務。會員制創造了粘性、可重複的收入，推動了低價和高流量的自我強化循環，併為開市客提供了一個堅實的基礎，以繼續在國內和國際上增長。</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>投資者通常重視訂閲業務的穩定性和複合回報的潛力。開市客值得被納入同樣的討論——不是因為它銷售數字內容，而是因為它銷售同樣有價值的東西：客户渴望續費的日常節省。</p>
</div><p>For long-term investors, that's the kind of business model worth paying attention to.</p>
<div class="lb-trans"><p>對於長期投資者來説，這是一種值得關注的商業模式。</p>
</div>

開市客不僅僅是一家零售商——它實際上是一家偽裝成零售商的訂閲服務公司