Most people’s perception of this company is limited to: large packaging, cheap prices, suitable for household stockpiling. But if you read the related analysis articles carefully, you will find an interesting business logic — it doesn’t rely on selling products to make money at all; the real cash cow is the membership card that needs to be renewed every year.

This model is actually quite worth pondering. It seems to be retail, but the core is actually a membership business. Attract users to sign up and renew their cards with low-margin products, then use membership fees to stabilize cash flow and profits. This logic is also fully applicable to today’s exchanges and DeFi platforms — offering low or free trading fees to attract users, then generating real revenue through platform tokens, VIP privileges, and ecosystem participation. It’s a very typical “bait + stickiness” operational approach.