Ann: FY24 Results commentary and outlook, page-159

The baby market is shrinking, but A2m is gaining market share in every report. It is 5th/4th in the Chinese market of millions, the largest global market, and has been climbing since a2m entered, which gives their strategy a lot of credibility.
Net profit increase was driven by marketing and distribution strategies.
Consistent revenue and profit growth and gross margins.
While 5th, the leaders are well ahead, so A2M has plenty of ground to steal, and they have been.
There is plenty of opportunity within the tier 1 market and satellite cities they are now chasing.
Competitors are entering the A2 protein market, but A2m is the original pioneer. A2m has the reputation of being the "Hermes of formula," which means TOP SHELF and its bigger competitors legitimise the A2 protein market.
Despite the challenges of birthrate, the market remains large, and large pockets are untapped with significant growth opportunities outside of infant formula. They have great opportunities in other nutritionals, specifically the Grey Hair Market.
As Investbest92 can tell you, it has a robust balance sheet and a strong cash position, which provides flexibility for future growth investments and the potential for shareholder returns within two years.
Company prioritising investment in growth opportunity in the supply chain for long-term growth to set us up long-term
Also, new markets a2m are entering outside of China.
There is a lot to cover.
DYOR