DDM Analysis: 000623.SZ

Valuation Snapshot

Stable Growth	$31.65 - $57.51	$42.41
Multi-Stage	$78.32 - $86.33	$82.25
Blended Fair Value	$62.33
Current Price	$20.01
Upside	211.48%
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	5.24%	5.24%	5.24%
Growth Rate	-0.46%	0.54%	1.54%
Fair Value	$31.65	$42.41	$57.51
Upside / Downside	58.19%	111.94%	187.42%

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	5.24%	5.24%	5.24%
Growth Rate	-0.46%	0.54%	1.54%
Year 1 PV (M)	661.13	667.78	674.42
Year 2 PV (M)	985.84	1,005.75	1,025.85
Year 3 PV (M)	1,273.43	1,312.20	1,351.74
Year 4 PV (M)	1,526.97	1,589.26	1,653.44
Year 5 PV (M)	1,749.30	1,838.95	1,932.24
PV of Terminal Value (M)	82,548.68	86,779.25	91,181.51
Equity Value (M)	88,745.36	93,193.18	97,819.20
Shares Outstanding (M)	1,133.09	1,133.09	1,133.09
Fair Value	$78.32	$82.25	$86.33
Upside / Downside	291.41%	311.03%	331.43%

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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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