1. Executive Summary 2. Research Methodology 3. Infant Formula Market Overview 3.1 Introduction 3.2 Infant Formula Value Chain Analysis 3.3 China IMF Distribution Channel 4. China Infant Milk Formula Market Analysis 4.1 Market Sizing (Actual & Forecasted) 4.2 China Infant Milk Formula Trade 4.3 Market Segmentation 4.3.1 Product Category 4.3.2 Competitors 4.3.3 City Tiers in China 4.4 China IMF Pricing Analysis 5. China Infant Milk Formula Market Dynamics 5.1 Market Trends & Developments 5.1.1 High Demand for Premium IMF 5.1.2 Growth of Overseas Purchases & Stagnant E-Commerce Sales 5.1.3 Tightening of E-Commerce Tax Loophole 5.1.4 End to Chinese Practice “Daigou” 5.1.5 Mergers & Acquisitions 5.2 Growth Drivers 5.2.1 Preference of Formula Milk over Breastfeed 5.2.2 Mini baby boom in China 5.2.3 Emergence of Baby food E-commerce 5.3 Challenges 5.3.1 Regulatory Pressure 5.3.2 Smuggling of Formula Milk 5.3.3 Counterfeit Baby Formula 6. Regulations & Government Interventions 6.1 Regulations 6.2 Government Intervention 7. Competitive Landscape 8. Company Profiles 8.1 Nestle SA 8.1.1 Business Overview 8.1.2 Product Analysis 8.1.3 Financial Overview 8.1.4 Business Strategies 8.2 Mead Johnson Nutrition Co 8.2.1 Business Overview 8.2.2 Product Analysis 8.2.3 Financial Overview 8.2.4 Business Strategies 8.3 Danone SA 8.3.1 Business Overview 8.3.2 Product Analysis 8.3.3 Financial Overview 8.3.4 Business Strategies 8.4 Inner Mongolia Yili Industrial Group Co., Ltd. 8.4.1 Business Overview 8.4.2 Product Analysis 8.4.3 Financial Overview 8.4.4 Business Strategies 8.5 Beingmate Baby & Child Food Co Ltd 8.5.1 Business Overview 8.5.2 Product Analysis 8.5.3 Financial Overview 8.5.4 Business Strategies

Table 1: Five Stage Segmentation of Infant/Child Nutrition Products Figure 1: Value Chain Analysis of Infant Milk Formula Figure 2: Infant Formula Value Chain Analysis in China (RMB/900 gm) Figure 3: China Infant Formula Market Sales by Distribution Channel Figure 4: Infant Milk Formula per capita Consumption of by Nations (2014) Figure 5: China Infant Milk Formula Market Size, 2009-15 (US$ Billions) Figure 6: China Infant Milk Formula Market Size Forecast, 2016F-20F (US$ Billions) Figure 7: China Infant formula Imports, 2010-2015 (Thousand Ton) Figure 8: Infant formula Imports to China by country, 2014-2015 (Thousand Tons) Table 2: Leading Exporters of Infant Milk Formula in China, 2010-15 (Tons) Figure 9: China Infant Milk Formula Market Segmentation by Sales Value, 2009-15 (US$ Billions) Figure 10: China Infant Milk Formula Market Segmentation Forecast by Sales Value, 2016F-2020F (US$ Billions) Figure 11: China Infant Formula Market Share by Competitors (2015) Figure 12: Foreign and Domestic IMF Companies Market Share Breakdown by City Tiers Figure 13: Infant Milk Formula Market Share by Competitors in 3rd Tier Cities (2014) Figure 14: Infant Milk Formula Market Share by Competitors in 4th Tier Cities (2014) Figure 15: Infant Milk Formula Market Share by Competitors in 5th Tier Cities (2014) Table 3: China Infant Milk Formula Price Comparison Figure 16: Chinese Infant Milk Formula, Origin: China, weighted average price (CNY/kg), 2015Q3 – 2016Q2 Figure 17: Chinese Infant Milk Formula, Origin: New Zealand, weighted average price (CNY/kg), 2015Q3 – 2016Q2 Figure 18: Chinese Infant Milk Formula, Origin: Netherland, weighted average price (CNY/kg), 2015Q3 – 2016Q2 Figure 19: Infant Milk Formula Growth Opportunity across Segments in China (2010-18F) Figure 20: IMF Sales in China by Price Tier, 2012-15 Figure 21: Purchase Channel in Baby Products Market in 27 Major Cities in China, 2013-15 (%) Table 4: Overseas Partnerships in China Infant Milk Formula Market Figure 22: Breastfeeding Rate in China, 1998-2013 (%) Figure 23: Newly-born Population and Birth rate in China, 2011-2015 (Millions) Figure 24: Growth of Online Retail of Infant Milk Formula in China, 2010-14 (%) Table 6: Policy Reforms after the 2008 Crisis Table 7: National Standards for Exporters of Infant Milk Formula in China Table 9: NDRC Penalty & Price cuts Table 10: Fines Imposed on Milk Powder Producers in China Table 11: Potential Beneficiaries from Two-Child Policy Table 12: Major Players within Chinese Infant Milk Formula Market Table 13: Chinese Infant Milk Formula Companies Comparison Table 13: Chinese Infant Formula Peer Financial Comparison, 2011-15 Table 14: Chinese Infant Milk Formula Companies – Competitive Landscape Figure 25: Nestle S.A. Revenue by Business Segment (FY 2015) Figure 26: Nestle S.A. Consolidated Sales and Net Income, FY2014 – FY2015 (US$ Billions) Figure 27: Mead Johnson Nutrition Co Revenue Share by Products Category (2015) Figure 28: Mead Johnson Nutrition Co Revenue and Net Income, FY2012-FY2015 (US$ Million) Figure 29: Danone Consolidated Sales by Business Segment (FY2015) Figure 30: Danone Revenue and Net Income, FY2012-FY2015 (US$ Million) Figure 31: Inner Mongolia Yili Revenue by Products (FY2015E) Figure 32: Inner Mongolia Yili Revenue and Profit, FY2012 – FY2015 (US$ Millions) Figure 33: Beingmate Baby & Child Food Co Ltd, Revenue and Net Income, FY2012 – FY2015 (US$ Millions)

Nestle SA,Mead Johnson Nutrition Co., Danone SA, Inner Mongolia Yili Industrial Group Co., Ltd. and Beingmate Baby & Child Food Co Ltd.