google translate for others with my additions in {}:I think the...

google translate for others with my additions in {}:

I think the a2 management seems to be counting on Daigou to come back. This {is an} unrealistic expectation {that} has caused no normal expectations and continuously lowered their expectations. If you are down-to-earth, don't count on purchasing agents and spend your own money to market in China. Feihe also released a2 milk powder, the concept of a2 is still the future direction

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have to agree with this.

I think A2 management enjoyed the benefits of an easier time - less competition. Now that things are getting tougher (distribution, competition, government agendas). This will be the true test of mgt competency.

I think the BOD milked this cow (company) for all its worth and if things stay difficult for longer some may bail as shareholders and media complain how they keep milking the company without suffering any downside like the shareholders.

skin in the game requires that a person (in this case BOD / mgt) must also suffer a loss just like shareholders. they have no skin in the game, only enjoying asymmetric incentives - free/cheap shares.

I think the company has probably hit bottom. and will grow but at a slower rate, reliant mostly on Chinese label product in a highly competitive environment - which will mean lower operating margins too. USA is a weaker market for now - personally i think they should be trying south east Asia where there is a high incidence of lactose intolerance but also a desire for dairy products.

I think Chinese students wont be back for this year and at best at a much lower rate next year. The Diagou channel will be much weaker in the future. A2M need to work out a strategy for reducing reliance on china - tough but necessary long term goal.

I had planned to buy more expecting this downgrade, but i think i will wait and do some more watching and thinking about its future. As pointed out in the Chinese post above, A2 has a great future but there will be challenges for A2M to keep its position and justify its price. The future is going to be a lot more competitive.