A2M's customers are actually the babies born into middle-class families. The number of middle-class people itself is irrelevant to A2M's financial performance.
The number of babies being born into middle-class families is decreasing dramatically year on year, BUT the number of people becoming middle-class in China is increasing. The problem is, however, adults do not consume infant formula.
What the CCP is aiming for is to eventually have a smaller population, but a much more sophisticated one.
It is very difficult to understand the dynamics, but it is what it is. The concept is very counter-intuitive at first glance.
china announces three child policy, page-37
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