Good analyasis. I know, however, that this is being branded as "premium spring water". That suggests a higher than average cost per case. The Chinese economy, especially the large urban dwellers, are rapidly going the way of Japan and Europe in the quest for quality and premium products and for the first time they have sufficient money to support this lifestyle.
Just my opinion; but I don't think Aquagold is selling merely "drinking water".
I'm glad you asked that and I have something for you to consider: Aquagold has BRANDED themselves as a PREMIUM SPRING WATER. They are not entering the market as a "normal" water. The Chinese hold in high regard anything that is from the Earth - they see it as "wholesome and pure" (Taoism, Buddhism) - and in the case of Aquagold, the water will bear a *premium price to it. I would estimate the price of a case to be between $6 and $8 which would be more inline with a PREMIUM BRAND of water. And we must also factor in the DEMAND for WATER over there. VERY HIGH DEMAND.