通过海豚投研的Costco系列一、二文的分析，我们从营收端和成本/费用端两个角度，探讨了Costco在经营上，追求“少而精”而非“大而全”和“走得稳和久”而非“走得快”，与一般企业与众不同的理念。在这种理念下，Costco虽在增长速度、门店总数、总市值等指标上并非最强，但有着极强穿越经济/科技周期的业绩确定性，和“尽管我走的慢，对手也超不过我”的低毛利高壁垒。 在商业层面，Costco在其所属赛道...
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