tmall, page-5

Bellamy's is currently ranked number 1 for sales of Stage 3 formula on Tmall. Have been keeping an eye on this over the months and Bellamy's has been near/at the top all the time.

This is even after the price increase, which now sees Bellamy's the most expensive of all the brands.

Sales ratio compared to A2 is always hovering around 2:1 - 3:1.

This avenue of sales is a bonanza for BAL. Last report showed that ~50% of revenue from here goes straight to EBITDA.

Stage 3

Bellamy's (2 tins @ 440Y - 220Y/tin) = 3,320
Aptamil (3 tins @ 499Y - 166Y/tin) = 3,274
A2 (2 tins @ 410Y - 205Y/tin) = 1,102

Stage 2

Aptamil (2 tins @ 350Y - 175Y/tin) = 1,119
Bellamy's (2 tins @ 480Y) - 240Y/tin = 378
A2M (1 tin @ 198Y - 198Y/tin) = 295

Stage 1

Nutrilon (1 tin @112Y - 112Y/tin) = 2,536
Aptamil (2 tins @323Y - 162Y/tin) = 878
Bellamy's (1 tin @250Y - 250Y/tin) = 525
Bellamy's Special (1 tin @167Y - 167Y/tin) = 485
A2 (1 tin @198Y) - 198Y/tin = 210
A2 (2 tins @490Y - 245Y/tin) = 160
A2 (1 tin @245Y - 245Y/tin) = 178