It was not so much the many blows he received as the lack of

It was not so much the many blows he received as the lack of fighting spirit that led to his losing
呼.这个句子真吊,理解不了,主要是理解不了主句,as后面的可以理解.
补充，刚才理解错了，现在整个句子都不知怎么理解。