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spirits to consumers, but we also offer one stop e commerce solutions for spirits producers by providing branding, marketing, sales, logistics and other services. In addition, we have received a total of 930 million yuan in financing. This has helped us set up very high entry barriers for competitors. Jiuxian has achieved profits after just three years. How did you do it? Hao: Our average gross margin in online retail is around 10%. The other revenue stream is the service fees for value added services for branded spirits producers. How do we make profits? First, the overall environment for spirits e commerce is relatively healthy, not like other verticals where competitors are fighting against each other for market share and sales volumes
at the cost of bottom lines. As a major player
in the market, we will not destroy the pricing structure in the industry. Our gross margin has stabilized at 10% and our revenue is growing at more than 300% every year. Secondly, we are very cautious about spending on marketing

2014. American Journal of Clinical Nutrition: Rapid Aminoacidemia Enhances Myofibrillar Protein Synthesis and Anabolic Intramuscular Signaling Responses After Resistance Exercise Institute of Medicine: Dietary Reference Intakes for Energy, Carbohydrate, Fiber, Fat, Fatty Acids, Cholesterol, Protein, and Amino Acids European Food Information Council: Nutrient Bioavailability Getting the Most Out of Food International Journal of Sport Nutrition and Exercise Metabolism: A Review of Issues of Dietary Protein Intake in Humans American Journal of Clinical Nutrition: Ingestion of a Protein Hydrolysate Is Accompanied by an Accelerated In Vivo Digestion and When Compared With Its Intact Protein Journal of the International Society of Sports Nutrition: International Society of Sports Nutrition Position Stand: Protein and Exercise Journal of the American Dietetic Association: Moderating the Portion Size of a Protein Rich Meal Improves Anabolic Efficiency in Young and Elderly Academy of Nutrition and Dietetics: Protein and

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