Goldman still bleeting about declining birth rates. A2 has consistently managed to gain market share during the birth rate declines. A2 play in a field where higher income families devote more resources to raising their child. If China's GDP per capita continues to increase, then more and more families from previously lower income areas will potentially become A2 customers.
The declining birth rate, combined with increased per capita GDP, could be seen as a positive for A2M.
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