A2 China Label Store Data, page-14

After about 9 months it looks like A2M's overall China label store distribution is increasing again, nearing ~35k stores.




Every time they update the store list on a2nutrition.cn, they remove stores which either no longer exist or no longer stock the product, as well as also adding in new stockists. For much of last year the figure was going backwards a little, presumably as the old stores being removed outnumbered new stores being added. That's no longer the case which seems like a positive sign.

Adding new store distribution is one component of growing China label sales but of course increasing sales turnover within store is most important longer term.

Remember that 1H23 is now complete and A2M management most likely have the sales figures in front of them at present. No revenue update or change in guidance over next week or so probably suggests they tracking consistent with expectations.