Chart Update, page-17802

No one cares about the A2 only part, no one. No one cares about the science either. The most important part isntead is the brand perception because a2m is a pure brand play. When I say competition, I refer to literally every other premium infant formula brands being sold in China, including all offerings by Chinese domestic brands. The competitive environment is getting more intense against the backdrop of the seismic fall in Chinese births.

The boom has gone to a complete bust. It is that simple, just pure fact.