wen｜xinpinlvecaijing  wuwenwu

yilukuangbiaodeshanmu，youchushile，zheizhijiefanyingchushanmuzaizhongguoshichangbingbushimeiyoujiaolv。

01 山姆一路狂飙，但又出事儿了

linjinsuimo，quanqiulingshoujutouwoermaqixiadeshanmuhuiyuandian（yixiajiancheng：shanmu）rengzaizhongguoshichangyilujixukuangbiao。

jumeitibaodao，youyijiashanmudianliangdeng。jinri，zhejiangjiaxingshanmuyiliangdeng，bingjinrukaiyedezuihouzhunbeijieduan，yujijiangyu2025niandiyijiduzhengshikaiye。yucitongshi，shanmuquanzhoudianhewenzhoudianyejiangyu12yueluxukaiye。

chushanmujiaxingdianwai，woerma11yuedezhaopinxinxitouluchuqita4jiaxindiandekaiyejihua，baokuoshaoxingdian（yiyu11yue22rikaiye）、wenzhoudian、quanzhoudianhewuhanjiangandian。qizhong，wenzhouluchengdianyuji12yue18rikaiye，quanzhoujinjiangdiandingyu12yue26rikaiye。

zhengtikan，shanmu2024nianzaizhongguoshichangjixubaochiyilukuangbiaofazhantaishi，jixuyiqijuechen。

gongkaixinxixianshi，shanmujinniandexindiankaiyeshuliangyu2022niandelishixingaochiping。nanjingjiangbei、chengdouwuhou、dongguanliaobu、shaoxingyuecheng4jiadianyikaiye。

woermazhongguocengzai2023niandibiaoshi，weilaimeiniandoujiangyou6zhi7jiaxindiankaiye。jiehemeitibaodaoxinxikan，shanmuhuiyuandianjinnianyijingwanchengleqinianduneidexindiankaiyemubiao。

shanmujixuyilukuangbiao，zhuandepenmanboman，yejibiaoxianliangyan。

juwoermacaibaoxianshi，sanjiduwoermazhongguoshichangjingxiaoshouedadao49yimeiyuan（yueherenminbi355yiyuan），tongbizengzhang17.0%。jiezhi2024nian11yuezhong，shanmuhuiyuandiandexiaoshouedadao906yiyuan，tichuquanqiugouyewuhou，shanmuzhongguoxiaoshoueyue850yiyuan，yichaoguoqunianquannianxiaoshou。

《xinpinlvecaijing》renwei，shanmuzhongguodeyejiliangyanbiaoxian，zaidangqiandexiaofeihuanjingxia，yijizhenggechuantongshangchaodabaituidebeijingxia，zanshimeiyouqitayoushangnengyuzhipidi。

raner，kuangbiaodeshanmuyeyoulingyimian，shanmunianduneiyijingjielianfashengleshucifumianshijian。zuijin，shanmuyouchushierle。

jutianyanchaapptianyanfengxianxinxixianshi，jinri，hangzhoushanmuhuiyuanshangdianyouxiangongsiyinshengchan、xiaoshoubufuhebaozhangrentijiankangherenshen、caichananquandeguojiabiaozhun、xingyebiaozhundechanpin，beihangzhoushishangchengqushichangjianduguanlijufakuan1.8wanyuyuan。

chufaliyoushi，dangshirenjingyingde“60zhilflanjingtiansichuangli”jingjianduchoujian，“jiaquanhanliang”xiangmubufuhealeifangzhipinyaoqiu，jianyanjielunweibuhege。

suiranzheiciduishanmudechufakuanjinebuduo，danduizhenggeshanmulaishuoyouzengjialeyicifumian，bijingshichanpinzhiliangwenti。

lingjuhangzhoujiaotong918baodao，bujiuqian，youxiaofeizhezaihangzhoudeyijiashanmudianmaidaodeyoujixiangjiaoshifameide，shangmianzhangle“baimao”。

shanmujinqiyoujielianxinzenglefumianshijian，zheiduiyijiaquanqiulingshoujutoulaishuo，dequeshibuguangcaideshiqing，tebieshishipinwentihechanpinzhiliang。

shanmumeizengjiayicifumianshijian，shanmudewanghongguanghuanxiaoyinglvjingjiuhuijiandiaoyiceng。

shanmushiyigefuzaduomiandewanghongti。yifangmian，shanmuyilugaogemengjin，mendianshuliangyichaoguo50jia，shengyibaoman。lingyifangmian，jinyiliangnianyilai，shanmushucifashengfumianshijian，pincizengjia，zheiduishanmulaishuokebushigehaoxinhao。

02 山姆不是没有焦虑

raner，yilugaogemengjindeshanmu，quebingbunenggaozhenwuyou，yeyoujiaolvzhichu。

zai《xinpinlvecaijing》kanlai，suiranshanmuzaizhongguoshichangyilukuangbiao，zhuandepenmanboman，dansuizhefumianshijianjielianfasheng，gaoguangzhixiadeshanmubushimeiyoujiaolv，jutibiaoxianzaipinpaishengyushousun、gongyinglianguanlibentuhuapinkong、zhongguobentuqianzaijingzhengduishoudezhuijidengfangmian。

shouxianshizaipinpaishengyushousunfangmian，yuelaiyueduodefumianshijianfasheng，duishanmudepinpaixingxiangjielianzaochengbuguangcaideyingxiang。

jinnianshanmuzaishenzhen、hangzhou、shanghaidoufashenglefumianchouwenshijian。biru，shanggeyue，youxiaofeizhezaishenzhenqianhaishanmudiangoumaidaobianzhideyezishui，haizihelezhihou，duziteng，quezhenweijixingchangweiyan。

jumeitibaodao，zaiheimaotousupingtaishangjiansuo“shanmu”guanjianci，gongxianshichu8675tiaoxiangguantousu，bushaojunshi“famei”“yiwu”“zhangchong”zhileideshipinanquanchouwen。

shipinanquanchouwenduishanmulaishuobushijiafenxiang，dangshanmumendianfashengleisiwentihou，yixiesheshimendianbingmeiyoudiyishijianyijijidetaiduqujiejue，fanershiduocibeimeitipuguangfajiaohoucaijiasutuijinjiejue，xianranyougaijinzhichu。

xiangxinyishanmudeqiangdashili，nenghenrongyijijidizaidiyishijianqujiejuewenti，zaikehufuwuxiangying，tebieshifumianshijianfashenghoudekehufuwuxiangyingfangmian，shanmuhaixuyaofangdizitai，erzaizheiyidianshang，yushanmutongyangshiwanghongdepangdonglaidezuofajiuzhidedianzan。

qicishigongyinglianguanlibentuhuapinkongwenti，zuijinyiliangnianyilai，shanmufumianshijianpinfadebeihouzhuyaoshigongyinglianguanlibentuhuacunzaiyixiepinkongwenti。

shanmuzaizhongguoshichangkuaisukuangbiao，jiasutuijingongyinglianguanlibentuhua，zuodehenbucuo。biru，yazhuqianzhicang、falidianshangdexianshangyewu，yuezhanzongyingshoudeyiban，shanmuxuedaolezhongguodianshangbentuhuadejingsui。

jumeitibaodao，shanmuzhongguochaoguo70%deshangpincaiyonglezhongguodegongyingshang，erbushizaiquanqiufanweineixunqiugongyingshang，zheikenenghuidaozhishanmuzhongguoyuquanqiuqitadifangdeshanmubiaozhunhuabuyiyang。

youyeneirenshixianglianshangwangbiaoshi，shanmuzhongguoyushanmuquanqiuzaishangpincaigoucengmiankenengmeiyouxingchengtaiduodexietongxiaoying，zheifangmianshanmuzuodeburucostco，xiangduilaishuo，costcodequanqiuyizhixingyaohaoyushanmu。

shanmuzaizhongguodalifazhanbentuhuazhengceshizhengquede，danzaikuangbiaofazhanmoshixia，fumianshijianpinfayebaoluchuleshanmuzaibentugongyinglianguanlifangmianhaicunzaizhuduozhidegaijinhetishengzhichu，shanmuxuyaobuduantishengzhongguobentugongyinglianguanlibiaozhunhua，yaodadaoshanmuquanqiutongyibiaozhun。

disangefangmianshi，zhongguocangchuhuiyuanzhichaoshisaidaojingzhengjilie，weilaihuijinrucunliangfazhanjieduan，zhongguobentupinpaizhengzaijiasuchuangxin，weilaishuobuzhunyehuiduishanmuxingchengyidingtiaozhan。

suiranxianjieduanshanmushizhongguocangchuhuiyuanzhichaoshidejueduilingpaozhe，danxingyejingzhengjiaju，guoneiwaijingzhengduishouyezaifenlizhuigan。

biru，costcosuiranfazhanbufajiaoman，danweilaikendinghuiduishanmuxingchengjingzheng。lingwai，zhongguobentuhuapinpai，biruhemayemeiyoufangqihemaxhuiyuandian。

wanghongpinpaipangdonglaijueqi，weizhongguobentushangchaopinpaitigonglexinyangben，tebieshibeipangdonglaidiaogaihoudeyonghuichaoshi，gaibianhenda，yeguofuchaoditouziyonghuichaoshi，mudeyeshixiangdazaoweilaizhongguobanshanmu。

congzhangyuanjiaodukan，xianzaicangchuhuiyuanzhichaoshihaichuyuzengzhangqi，zhihoubiranhuijinrufazhanwendingqi，jieshijiushijinrushengengxizuodeshidai，shanmusuiranyoushisuiranhaizai，danzhongguobentushangchaopinpaihuanxinshengjiyetongyangzhideqidai。

03 山姆中国新一把手的新挑战

gaoguangxiadeshanmuzhongguoyaohuanshuaile。

genjurenminghanjian，woermazhongguofushouxizhixingguanjianshanmuhuiyuandianzongcaiwenande(andrew miles)jiangyu2025nian1yue31rituixiu，youxianwoermaguojibuyingyungaojifuzongcaijane ewingdailitadezhiwu。

jijiangtuixiudewenandezaozai2012nianjiujiarulewoermazhongguo，danrenshanmucoo，houlaiyu2017nianshengrenshanmuzhongguozongcai，2020nianqidanrenwoermazhongguofuceojianshanmuzongcai。

shanmujinxienianlaizaizhongguoshichangyilukuangbiao，zhengshizaiwenandedecaopanxiashixiandefengshuochengguo，yerangshanmuzhongguoxianzaichengqilewoermazhongguosanfenzhierdeyeji，chengweiyejidingliangzhu。

genjuanpai，jane ewingjiangyu2025nian1yuedilvxinwoermazhongguo，danrenshanmuhuiyuandiandailizongcaizhiwu，zhijiexiangwoermazhongguozongcaijiceozhuxiaojinghuibao。

zhideguanzhudeshi，xinrenshanmuzhongguoyibashoujane ewingmuqiandanrenwoermaguojibuyingyungaojifuzongcaijiqizhangqidanrenguojigongyinglianbumengaoguan，congqilvlikan，shichangyujijane ewingshangrenhoudeqizhongyigezhongyaorenwujiushidailingtuanduizhongxinshulibingshengjishanmuzhongguogongyingliantixi。

zhongxinshuliheshengjishanmuzhongguogongyingliantixishishanmujiexialaijinianzaizhongguoshichangjixushengeng，tishengpinzhi，jianshaofumianshijianfashengyijigaishantishengpinpaishengyudeguanjianzhanlve。

jiexialaijinianjiweilai，shanmuyiranshizhongguocangchuhuiyuanzhichaoshisaidaodejueduitoubuqiye，xiangshouxingyefazhanhongli，rengshixingyebiaogan，danzheibingbudaibiaoshanmunengyizhigaozhenwuyou，weilaixuyaojingenzhongguoxiaofeishichangdekuaisubianhua，jijichuangxin。

zaizhongguolingshouxingyeliyouyigeguandianjiushishanmushizuiqiangjingdi，ranerpangdonglaichuangshirenyudonglaijinqiquebiaoshi，pangdonglaigenshanmubushiduishou，gengxiangshizhanyou。

zhongguoshangchaojingyingzhemenkeyixuexishanmu，jiasuchuangxin，zhuiganshanmu。zhongguohuoxuchuxianbulezhongguobanshanmu，danxiaofeiduoyuanhuanengrongdexiabaokuoshanmuzaineidesuoyouguoneiwaixingyewanjia。