"we expect FY19 performance to be impacted by slower category...

"we expect FY19 performance to be impacted by slower category growth and a more competitive trading environment" 

This statement by management translated is if we don't get SAMR we are doomed. But had they said this the share price would have been absolutely hammered. They just tried to give a softer statement. Competition has not suddenly increased in fact it's probably been reduced by the new regulations. I believe Bellamy's strategy while risky is probably on the right path as baby formula in China is a highly dynamic market and requires continual changes in strategy. The re-formulation is keeping up with the changing market and the same approach year after year will lead to staleness and slowing sales and ultimately to extinction in the China market.