Xiaohongshu wins high-ticket seeding—why scale is hard
36Kr cites +47% conversion above ¥3,000 vs Douyin and ~72% GMV growth; Huxiu cites 76% ad revenue, ¥850B GMV, 0.7%–1.2% on-platform conversion. Strong seeding, fat ads, weak loop—why high-AOV reputation does not equal scale. Conflicting metrics flagged.
Aug 12, 2026