Short Term Trading Week Starting: 26 Mar, page-168

For an infant formula business, fresh milk supply especially organic (currently BAL imports fresh milk from Europe), CNCA licensed infant formula production facility and markable/differentiated brand are three key assets to an infant formula business. Daigou and/or exporting wines just are a loss making business which worthy nothing, imo. The 51% ownership and around $2m annual revenue for JAT are the facts. In China, A2M is doing well due to a2 protein; BAL is due to Organic. Other brands are hard to grow rapidly.
There's reason why JAT's 51% Golden Koala infant formula entered into Chinese market over 6 years still with annual revenue around $2m.