Announcement Date, page-14

Interesting, although not surprising. A2M is a heavy daigou brand, and price is lower than BAL as lots of traders competing on price. BAL seem to contol the brand and sales more tightly, focusing more on flagship store sales and always at at higher price than A2 platinum. I would wager that BAL is selling less, at significatly higer margins.

The BAL strategy is lower risk in the long term, but there is no denying A2 IF is popular in China.

I like BAL because they are brand builders, and also have a very strong domestic business.