DDM Analysis: 300573.SZ

Valuation Snapshot

Stable Growth	$160.24 - $608.40	$466.34
Multi-Stage	$75.99 - $83.11	$79.48
Blended Fair Value	$272.91
Current Price	$65.73
Upside	315.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	87.75%	46.09%	2.21	0.84	0.38	0.19	0.05	0.09	0.09	0.05	0.03	0.05
YoY Growth	-	-	163.44%	123.39%	92.56%	299.61%	-48.48%	0.00%	100.00%	52.51%	-38.11%	0.58%
Dividend Yield	-	-	3.95%	0.75%	0.78%	0.59%	0.15%	0.28%	1.34%	0.53%	0.18%	1.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	646.21
(-) Cash Dividends Paid (M)	266.95
(=) Cash Retained (M)	379.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	129.24	80.78	48.47
Cash Retained (M)	379.25	379.25	379.25
(-) Cash Required (M)	-129.24	-80.78	-48.47
(=) Excess Retained (M)	250.01	298.48	330.79
(/) Shares Outstanding (M)	211.23	211.23	211.23
(=) Excess Retained per Share	1.18	1.41	1.57
LTM Dividend per Share	1.26	1.26	1.26
(+) Excess Retained per Share	1.18	1.41	1.57
(=) Adjusted Dividend	2.45	2.68	2.83
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$160.24	$466.34	$608.40
Upside / Downside	143.79%	609.48%	825.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	646.21	688.21	732.94	780.58	831.32	885.36	911.92
Payout Ratio	41.31%	51.05%	60.79%	70.52%	80.26%	90.00%	92.50%
Projected Dividends (M)	266.95	351.32	445.53	550.50	667.24	796.82	843.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	324.92	328.00	331.08
Year 2 PV (M)	381.08	388.34	395.66
Year 3 PV (M)	435.47	447.97	460.71
Year 4 PV (M)	488.15	506.92	526.23
Year 5 PV (M)	539.14	565.18	592.21
PV of Terminal Value (M)	13,882.08	14,552.59	15,248.76
Equity Value (M)	16,050.83	16,788.99	17,554.65
Shares Outstanding (M)	211.23	211.23	211.23
Fair Value	$75.99	$79.48	$83.11
Upside / Downside	15.60%	20.92%	26.44%

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Shenyang Xingqi Pharmaceutical Co.,Ltd (300573.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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