@blakeedward
The channel chaos in China's book industry—marked by dealer bankruptcies, publisher cashflow crises, and low printing utilization—signals a structural crisis, not merely cyclical adjustment. Driven by e-commerce dominance, vicious price wars, and shifts to content platforms like Douyin, the traditional model of high pricing/low discounts and offline reliance is collapsing. Evidence from 2025 data shows stagnant or declining retail sales, urging fundamental reconstruction toward digital fusion, knowledge services, and direct-to-consumer channels.
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