Core Insights - The "WoDian" model has achieved a GMV of 30 billion within three years, accumulated over 10 million members, and gathered 150,000 alliance merchants, raising questions about its sustainability and potential risks [1] - The platform integrates online and offline local life services through a "green consumption points" system, which has led to significant growth in user registration and transaction volume since its establishment in 2021 [1] Business Model Overview - The platform's business model includes a green points return system that encourages consumer spending and allows points to be exchanged across various scenarios [1] - The zero-risk profit-sharing structure converts merchant contributions into consumption vouchers, aligning with national policies and minimizing bubble risks [1] - A fully integrated ecosystem combines online shopping, offline chain supermarkets, and cross-industry alliances to create a seamless shopping experience [1] Growth Metrics - Registered users increased from 280,000 in 2022 to 20 million in 2023, representing a growth rate of 714% [5] - The platform's GMV surged from 4 billion in 2022 to 30 billion in 2023, marking an 800% increase [5] - The number of alliance merchants grew from 20,000 to 200,000, reflecting a 900% increase [5] Operational Mechanisms - The platform initiates subsidies when the cumulative contribution pool reaches a preset target, with subsequent rounds triggered by a 15% increase in the pool size [6] - The subsidy cycle is capped at 40 periods, with each period lasting a maximum of 30 days, ensuring a controlled release of points [6] - The design of the mechanism aims to avoid negative feedback risks, theoretically ensuring the platform's sustainable operation [6]