Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-57

Werdplaya, if you’re so eager to dismiss the impact of regulatory changes without doing any homework, you’re missing the point. The fact is, China’s SAMR tightened its rules on infant formula registration and distribution frequently, extending approval timelines and imposing stricter controls, that directly affected channels like AZ Global’s.

These changes are documented in multiple reputable sources, yet you choose to ignore them and cling to your narrative.If you’re not willing to verify these facts yourself instead of expecting me to do all the legwork, then your argument falls flat.

The data is out there so check the official SAMR announcements and see how these regulatory shifts played a significant role in exposing the vulnerabilities of the old model.

Until then, your claim that there were no regulatory changes only shows a lack of proper research.