A2 Milk said it was targeting sales revenue of $2 billion over the next five years.
It also said its sales margins would probably be in the "teens" in the medium term.
For the June year, a2 Milk's revenue came to $1.2 billion, down 30.3 per cent on the previous year's.
The alternative milk company's net profit came to $80.6m, down 79.2 per cent from the previous year's profit.
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A2 Milk's sales have been disrupted, particularly in the important unofficial daigou sales channel from Australia to China, due to Covid-19, and the rising popularity of China's domestic infant formula brands.
"The market landscape has experienced unprecedented change over the past 12 months, requiring us to adapt," chief executive David Bortolussi said in material prepared for presentation at today's investor day.
"As a result, we have adapted our growth strategy to achieve the full potential of our business.
"Importantly, our brand is strong, we have a relatively small share in China IMF and significant opportunity to capture."
While the China infant formula market remained the largest and most attractive in the world, 2021 marked an inflection point where volume growth started to decline, Bortolussi said.