Given that China, like much of the developed world has an aging...

Given that China, like much of the developed world has an aging population, A2M need to develop a product for the elderly population to take advantage of this growing group. This way the market can focus on the growing 60+ population and not just the declining birth rate.

On the birth rate, my hypothesis is that the premium segment and hence A2M will do better ie spend more money on less children theme. Also their IF market share is tiny. Something like 3%. Even if the overall pie is shrinking, they can continue to grow their share of that pie from such a low base. Feels like everyone is drawing a correlation between DB's conservative guidance/declining birth rate and extrapolating this into infinity.