Appreciate your passion for the stock and the company—you’re...

Appreciate your passion for the stock and the company—you’re clearly someone who wants to see A2M succeed, as do many of us. Let’s break down your points one by one:

On Reporting New Markets and Products

You’re right: A2M could improve how they communicate new launches. The Vietnam launch was reported through industry news outlets, but it’s fair to say the company could have done more to directly inform shareholders and the broader public. Frequent updates and proactive announcements on new products and market entries would certainly enhance transparency and potentially boost market sentiment.

That said, it’s not accurate to call these “stealth launches.” They were publicized, just not on the channels you expected. The fact that Vietnam has significant demand—evidenced by your witnessing airport purchases—suggests that this market could grow further, and hopefully, we’ll see updates on progress during the upcoming 1H25 results. As for senior nutrition, yes, it came later than ideal, but better late than never, especially given how they’re using this to tap into China’s aging population—a demographic that’s becoming increasingly significant.

On MVM’s Contribution

You’re skeptical of MVM’s role in the company’s growth. Fair enough. But here’s the reality: MVM has been a strategic move for both production diversity and revenue generation. The upgraded revenue forecast in November 2024 was attributed partly to MVM’s external ingredient sales—a clear sign it’s delivering value. True, this hasn’t translated into a massive share price rally yet, but improvements in operational execution often take time to show up in market performance.

On Synlait

You’re not wrong that Synlait has been a challenging partner, but diversification in supply chains is easier said than done. Relationships like the one with Synlait are long-term and deeply integrated into A2M’s operational model. Could A2M have acted sooner? Possibly. But these transitions take time and significant capital—neither of which are quick fixes.

The added license slot through Synlait is still a positive development. It secures production capacity in the short term while A2M works on other supply chain diversification efforts, including MVM. Let’s see how they address this further in the February results.

On Share Price and Management Accountability

Yes, the share price is lower than it was when the current management took over, but attributing this entirely to management overlooks broader market dynamics. The China infant formula market contracted significantly over these years due to low birth rates—a structural issue that no company can fix overnight.

That said, management hasn’t been perfect, and constructive criticism is valid. They’ve made some slower-than-ideal decisions, like delaying senior nutrition and waiting on diversification. However, they’ve also achieved measurable wins: new products, expanded markets, revenue growth, and a solid balance sheet.

Your point about management’s accountability is a fair one, though. Shareholders deserve to see executives align their interests with the company’s, such as buying shares themselves. This is something that could bolster confidence.

In Summary

I get the frustration—any long-term holder feels it. But outright dismissing the progress made ignores the tangible steps A2M has taken to position itself for future growth. The February results should shed more light on these efforts, and if they don’t deliver, then criticism is fair game. For now, the strategy seems to be about setting a foundation for long-term growth, even if short-term share price performance hasn’t been stellar. Let’s give them the chance to prove it.