Spoke to some colleagues in the industry including a friend who manages several Chemist warehouse stores. Apparently Chemist warehouse sales down dramatically across all infant formula brands, everything was based on Daigous sales and that's dried up completely. The Grassfed Organic range from the first batch of production still on shelf. Tmall doing promotion buy one get one free not a good sign. From the P&L, $6M in trade receivables vs $11M in payables, $30M in finished inventory is also a worry. Chemists not even selling much A2 anymore, saying competition amongst accounts to get rid off stock has brought price down. This is what part of the market is saying, could be a different story in China but DYOR as always.
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