Thanks for clarifying, it's interesting to understand how the...

Thanks for clarifying, it's interesting to understand how the online streaming stuff fits in. I did a bit more digging in the reports and noticed this is useful to put the Tmall live rankings you posted in perspective. Since you can read/speak Chinese I'd be interested to know if my interpretation below is correct.



These are figures all for the milk powder category, monthly since Sept 2020. The top line is the 'sales growth % from previous quarter' which I think means previous corresponding period. Then I think the bar chat % beneath this is the proportion of sales for that month attributable to Tmall Live.

So, for instance, in November 2020 Tmall milk powder sales grew by 41.4%, and Tmall Live streaming sales accounted for 21.7% of the overall monthly sales, which was the highest proportion of sales in any month. You can also see that the next biggest jump in the 'impact' of Tmall Live is during June, coinciding with 618 festival. In normal periods, streaming sales only account for a smaller % of overall sales. I think your point about discounting is correct and these periods where promotional discounting is highest tends to be where livestreaming sales take off.

Looking back at previous months, it seems that A2 has previously ranked first in Tmall live in June 2021 and April 2021. Then in most other months, they aren't even in the top 10. So it seems that when A2M chooses to participate in the promotions, they top the list in terms of sales easily. You can see the earlier months figures by simply changing the number for month at the end of the link you provided.