Ouch 3%~4% growth yoy is not pretty, not horrible either. Definitely means BAL fair value is around $9-$10 rather than $15. Looks like BAL will need to get rid of stage 1/2 inventory and focus on stage 3, this year. SAMR will help growth for sure but currently daigou's will have to carry BAL until that is approved. The pre-cursor to BAL getting approval will be Wattle as they applied one month before BAL.
