Bell Potter more conjecture assertion and bs! Analysts they are not!, page-47

Personally, I considered that could contribute to stronger CBEC sales, but it is also offset by several factors that could have (in theory) worked against 11/11 demand and CBEC demand in general.

For instance, A2M distribution in MBS stores is up rapidly around 30% from the beginning of FY21, meaning some CBEC customers now able to purchase the more premium China label product physically in store.

Much was also made of the higher pull-through of sales earlier in the year as COVID hit in China, and given the relatively long shelf-life of IF, many families could have still had well stocked pantries, so to speak.

Lastly, all the talk of 'China tension' which the posters above were referring to.

Given the very strong 11/11 results in the previous year (where these factors weren't relevant), I would agree with@Greg234 that 24% 11/11 growth on top of that is impressive. This is even when considering the possible explanation you raised alongside the constrasting explanations above as to why it should be lower.

Also, lastly, if more former daigou customers are switching to regular CBEC channel, that is hardly a bad thing longer-term either - if it means less reliance on daigou overall.