DDM Analysis: 000623.SZ

Valuation Snapshot

Stable Growth	$25.82 - $42.65	$33.28
Multi-Stage	$48.78 - $53.70	$51.19
Blended Fair Value	$42.24
Current Price	$20.01
Upside	111.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	34.50%	27.97%	0.94	0.35	0.33	0.23	0.22	0.21	0.31	0.24	0.26	0.18
YoY Growth	-	-	164.62%	6.04%	47.73%	1.35%	4.76%	-31.48%	29.79%	-8.24%	47.70%	122.01%
Dividend Yield	-	-	5.68%	2.40%	2.18%	1.27%	1.40%	1.35%	1.67%	1.16%	1.11%	0.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,567.77
(-) Cash Dividends Paid (M)	296.00
(=) Cash Retained (M)	2,271.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	513.55	320.97	192.58
Cash Retained (M)	2,271.77	2,271.77	2,271.77
(-) Cash Required (M)	-513.55	-320.97	-192.58
(=) Excess Retained (M)	1,758.22	1,950.80	2,079.19
(/) Shares Outstanding (M)	1,133.09	1,133.09	1,133.09
(=) Excess Retained per Share	1.55	1.72	1.83
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	1.55	1.72	1.83
(=) Adjusted Dividend	1.81	1.98	2.10
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-0.46%	0.54%	1.54%
Fair Value	$25.82	$33.28	$42.65
Upside / Downside	29.02%	66.32%	113.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,567.77	2,581.70	2,595.70	2,609.77	2,623.93	2,638.16	2,717.30
Payout Ratio	11.53%	27.22%	42.92%	58.61%	74.31%	90.00%	92.50%
Projected Dividends (M)	296.00	702.79	1,113.98	1,529.61	1,949.72	2,374.34	2,513.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-0.46%	0.54%	1.54%
Year 1 PV (M)	653.13	659.69	666.26
Year 2 PV (M)	962.12	981.55	1,001.17
Year 3 PV (M)	1,227.75	1,265.13	1,303.25
Year 4 PV (M)	1,454.38	1,513.71	1,574.83
Year 5 PV (M)	1,645.98	1,730.33	1,818.11
PV of Terminal Value (M)	49,324.28	51,852.12	54,482.55
Equity Value (M)	55,267.64	58,002.53	60,846.17
Shares Outstanding (M)	1,133.09	1,133.09	1,133.09
Fair Value	$48.78	$51.19	$53.70
Upside / Downside	143.76%	155.82%	168.36%

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Jilin Aodong Pharmaceutical Group Co., Ltd. (000623.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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