Expansion of strategic partnership with China State Farm

NZX Code: ATM
ASX Code: A2M








10 November 2025
NZX/ASX Market Release

Expansion of strategic partnership with China State Farm to include
English Label infant milk formula products

The a2 Milk Company (a2MC, the Company) is pleased to advise that it has expanded its long term strategic
cooperation arrangements with China State Farm Agribusiness Holding Shanghai Co., Ltd (CSFA) to include English
label (EL) infant milk formula (IMF) products in the cross-border eCommerce (CBEC) channel, starting initially with
a2 Genesis™ from early CY26, with the intention of further expanding the scope of the arrangements to include
other English label IMF products over time, particularly a2 Platinum
TM
.

CSFA is a China State-Owned Enterprise (SOE) and has been a2MC’s strategic distribution partner in China since
2013 and is the exclusive import agent and master distributor for a2MC’s China label products, including a2 至初®
China label (CL) IMF. During that time, China label IMF distribution has grown significantly to over 100 active
distributors serving ~30,000 mother and baby stores and major online platforms throughout China, and a2 至初®
has become one of the leading ultra-premium CL brands in the market elevating a2MC to a top-4 brand position in
the world’s largest IMF market. CSFA’s China expertise, strategic advice and operational capability as a
distribution partner has been of significant value to a2MC in developing the market and managing its business
effectively.

CSFA is a wholly owned subsidiary of China National Agriculture Development Group Co, Ltd (CNADC), which is a
leading Central Government SOE and offers comprehensive agricultural services in mainland China. CNADC is
responsible for meeting China’s agricultural needs with 17 subsidiaries and three publicly listed companies.
CNADC’s knowledge of the Chinese market and the business interests and expertise of its group companies
position it as a strong strategic partner for a2MC for the long term.

Including a2 Genesis™ within CSFA’s exclusive import agent and master distribution arrangements enables a2MC
to further control its EL distribution with CSFA, develop its Flag Ship, retailer self-run and POP store network, and
simplify logistics and warehousing arrangements. The partnership between a2MC and CSFA also provides trade
partners and consumers with the additional confidence of high-quality IMF product with traceability and customer
service provided by a leading international brand and SOE. All of these factors provide a strong platform for
a2MC’s future growth ambitions for a2 Genesis™ and other EL products.

David Bortolussi, Managing Director and CEO said: “The a2 Milk Company’s close strategic partnership with China
State Farm is a key factor to our success in China, and I am delighted to be able to extend our cooperation to
include the English label cross-border eCommerce channel”. Zhang Lei, Chairman of CSFA acknowledged the
importance of the announcement and said: “CSF values its long-term exclusive relationship with The a2 Milk
Company which is a leading example of successful cooperation in the dairy nutrition sector and also reflects the
strong relationship between China and New Zealand”. Pip Greenwood, Chair of a2MC said: “The a2 Milk Company
Board appreciates the support of CNADC and CSFA over many years in helping to successfully develop our brand
and business in China”.

2
a2 Genesis™ is the Company’s newest and most premium English label IMF product targeted at the growing
human milk oligosaccharides (HMO) product segment that supports gut health and immunity. Since its launch in
2H25, a2MC is pleased with the growth and development of a2 Genesis™, which continues in line with
expectations. Consumer sales on major eCommerce platforms maintain month-on-month growth, with
distribution recently expanded to key O2O retailers.

The expansion of a2MC’s strategic relationship with CSFA and CNADC has been 12 months in the making and was
recognised at a signing ceremony held recently in Shanghai at the China International Import Expo (CIIE).

Authorised for release by

David Bortolussi
Managing Director and Chief Executive Officer
The a2 Milk Company Limited


For further information, please contact:


Investors / Analysts
Chante Mueller
Head of Investor Relations
M +61 400 374 133
chante.mueller@a2milk.com


Media – New Zealand
Barry Akers
M +64 21 571 234
barryakers9@gmail.com
Media – Other markets
Rick Willis
M +61 411 839 344
rick@networkfour.com.au