Probably because BUB is primarily an infant formula company...

Probably because BUB is primarily an infant formula company whereas Bega is not (though not for lack of trying, see: https://www.transtainer.com.au/news/multi-million-dollar-cut-for-begas-baby-formula-venture/)

The comparison between BUB and AHF is fair they are both trying to break into the Chinese market (BUB having to start all over again due to the failure of its supply and distribution partnership with Andy Zhang).

The above link and BUB's experience show difficult it is for smaller IF producers to break into the Chinese market as there has been strong consolidation of the major brands market share. These larger brands have diversified away from daigou channels and are therefore more sustainable and predictable in terms of sales. No hidden suprises such as inventory getting 'lost' in daigou warehouses.

I would argue that BUB would have been better sticking to its goat formula rather than trying to develop an A2 formula to compete with A2 Platinum. It actually had some Chinese sales/market share in the goat category which it since squandered. Most of BUB's current market cap is based on USA and Australia sales, so if you only counted it's China sales it would actually be very similar looking to AHF.