DDM Analysis: 002550.SZ

Valuation Snapshot

Stable Growth	$4.79 - $8.59	$6.38
Multi-Stage	$8.03 - $8.83	$8.42
Blended Fair Value	$7.40
Current Price	$9.02
Upside	-17.93%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.29%	6.52%	0.12	0.13	0.13	0.12	0.25	0.14	0.10	0.10	0.09	0.08
YoY Growth	-	-	-4.58%	2.34%	2.41%	-51.69%	84.34%	37.40%	4.63%	6.78%	6.52%	29.16%
Dividend Yield	-	-	2.10%	2.57%	2.10%	2.08%	6.40%	2.90%	1.92%	1.57%	1.34%	1.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	429.67
(-) Cash Dividends Paid (M)	151.16
(=) Cash Retained (M)	278.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	85.93	53.71	32.23
Cash Retained (M)	278.51	278.51	278.51
(-) Cash Required (M)	-85.93	-53.71	-32.23
(=) Excess Retained (M)	192.58	224.80	246.29
(/) Shares Outstanding (M)	1,240.00	1,240.00	1,240.00
(=) Excess Retained per Share	0.16	0.18	0.20
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.16	0.18	0.20
(=) Adjusted Dividend	0.28	0.30	0.32
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	0.70%	1.70%	2.70%
Fair Value	$4.79	$6.38	$8.59
Upside / Downside	-46.92%	-29.23%	-4.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	429.67	436.99	444.42	451.99	459.68	467.50	481.53
Payout Ratio	35.18%	46.14%	57.11%	68.07%	79.04%	90.00%	92.50%
Projected Dividends (M)	151.16	201.64	253.80	307.68	363.31	420.75	445.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	0.70%	1.70%	2.70%
Year 1 PV (M)	187.42	189.28	191.14
Year 2 PV (M)	219.25	223.63	228.05
Year 3 PV (M)	247.04	254.48	262.06
Year 4 PV (M)	271.13	282.06	293.32
Year 5 PV (M)	291.85	306.63	322.00
PV of Terminal Value (M)	8,745.22	9,188.14	9,648.83
Equity Value (M)	9,961.91	10,444.21	10,945.40
Shares Outstanding (M)	1,240.00	1,240.00	1,240.00
Fair Value	$8.03	$8.42	$8.83
Upside / Downside	-10.93%	-6.62%	-2.14%

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Changzhou Qianhong Biopharma CO.,LTD (002550.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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