Great write up npa864. I have similar sentiments to you but my review was not as technical. I will add that I assume it costs more to get the tmall stores set up compared to running the stores when they are set up. So I am expecting the profit margin for stores that are in full swing (however many months that takes) to be higher then when they first launched.
Quarterly (Q3 21) - Level Set & Expectations, page-2
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