For an infant formula business, fresh milk supply especially...

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.