This is Singles' day now. Maybe you mean 618 earlier this year.
There are several contributing reasons why FY21 sales performance was poor, so I don't think it would be reasonable to expect a strong 11/11 showing would have magically counteracted everything else. But if you took it out, then the FY21 would have been worse - so it probably shouldn't be taken for granted either. They need to do well, but also it's not enough to just do well for a single festival.
In the festival pre-sales last year they ranked 10th, now they ranked 4th. Then in the main last year they ranked 3rd, which was strong, but performance after the festival ended was weak, at least in part because of the oversupply issues. If they are mostly resolved then it could be a different story now. Just IMO.
The most compelling information provided about growth in China, page-81
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