Jiuxiaoer and Waima Songjiu have both crossed RMB 6 billion in GMV — one betting on private-domain, self-built operations, the other leaning on the Meituan ecosystem. This article takes a cool-eyed look at the two routes, and points out that a distributor's real moat is not which route they pick, but whether they manage to hold user assets in their own hands.
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