Well, reality caught up with ATM in 2020/2021.
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Yes indeed, Covid reality (not declining birth rates) that shutdown their informal channel and with it sales. Subsequently they've uncovered other issues related to covid-effects, as evidenced by multiple downgrades .. there's no secret there and the 1H21 is clear about Bortolussi's plan, as was the results call. I think declining birth rates are the least of their worries based on historical growth in spite of declining birth rates.
Grant Davies at Hamilton Hindin Greene was quoted in the media as saying it would be “drawing a long bow” to attribute the share price rise to those Chinese developments