DDM Analysis: 600201.SS

Valuation Snapshot

Stable Growth	$0.66 - $0.95	$0.80
Multi-Stage	$0.96 - $1.05	$1.01
Blended Fair Value	$0.91
Current Price	$9.64
Upside	-90.61%
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	-25.39%	0.91%	0.08	0.06	0.11	0.12	0.06	0.35	0.25	0.28	0.21	0.08
YoY Growth	-	-	33.33%	-44.40%	-10.69%	101.12%	-82.63%	43.07%	-11.89%	34.42%	169.09%	3.82%
Dividend Yield	-	-	1.14%	0.69%	0.93%	1.06%	0.32%	1.66%	1.38%	1.34%	1.12%	0.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	100.76
(-) Cash Dividends Paid (M)	33.30
(=) Cash Retained (M)	67.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.15	12.59	7.56
Cash Retained (M)	67.46	67.46	67.46
(-) Cash Required (M)	-20.15	-12.59	-7.56
(=) Excess Retained (M)	47.30	54.86	59.90
(/) Shares Outstanding (M)	1,089.30	1,089.30	1,089.30
(=) Excess Retained per Share	0.04	0.05	0.05
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.04	0.05	0.05
(=) Adjusted Dividend	0.07	0.08	0.09
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	-1.09%	-0.09%	0.91%
Fair Value	$0.66	$0.80	$0.95
Upside / Downside	-93.15%	-91.68%	-90.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	100.76	100.66	100.57	100.48	100.39	100.30	103.30
Payout Ratio	33.05%	44.44%	55.83%	67.22%	78.61%	90.00%	92.50%
Projected Dividends (M)	33.30	44.74	56.15	67.54	78.92	90.27	95.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	-1.09%	-0.09%	0.91%
Year 1 PV (M)	40.27	40.68	41.08
Year 2 PV (M)	45.49	46.42	47.35
Year 3 PV (M)	49.26	50.77	52.31
Year 4 PV (M)	51.80	53.93	56.12
Year 5 PV (M)	53.33	56.09	58.95
PV of Terminal Value (M)	808.29	849.99	893.39
Equity Value (M)	1,048.45	1,097.86	1,149.20
Shares Outstanding (M)	1,089.30	1,089.30	1,089.30
Fair Value	$0.96	$1.01	$1.05
Upside / Downside	-90.02%	-89.54%	-89.06%

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Jinyu Bio-technology Co., Ltd. (600201.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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