Ann: 2023 Annual Meeting, page-42

Nothing was ever going to satisfy you but the picture seems a lot clearer (at least to me) in terms of capital allocation.

A large amount of the cash is going to invested in the supply chain to obtain additional China label registrations and speed up ownership of its own production.

DB made the point that they are the only company in the top 10 IF companies in China to not control their own manufacturing (and therefore, their own registrations as well as supply chain issues).

They are also an outlier in terms of having only one product series (A2 Platinum) whereas the other companies have as many as 27 different product series in the market (that example would be Feihe), allowing them to target much more differentiated consumer segments.

So the proposition they are putting to us as shareholders (which does not include you @Goldsu) is that future growth is possible but it mainly requires supply autonomy, more registration slots, and more products in adjacent categories as well. The question is whether or not you agree with this approach.

There is clearly not going to be any dividend or buyback until they have deployed the capital in line with those goals.

It sounds to me like the first item will be to buy a blending and canning facility rather than building their own, which certainly would accelerate things but also probably involves a serious financial outlay.