The a2 Milk Co Ltd

ATM: XNZE (NZL)

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A2 Milk: Sluggish Chinese Birth Numbers a Headwind (Corrected)

Angus Hewitt

Jul 15, 2025

Our prior note had financial data in millions when it should have been thousands. This has been corrected. Calendar 2024 births in China rose about 6% to 9.5 million, per the Bureau of Statistics of China. But this is well below about 15 million births in 2019, weighing on A2 Milk's target market.

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The a2 Milk Co Ltd

A2 Milk: Sluggish Chinese Birth Numbers a Headwind (Corrected)

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