DDM Analysis: 002019.SZ

Valuation Snapshot

Stable Growth	$3.68 - $5.93	$4.69
Multi-Stage	$10.43 - $11.50	$10.95
Blended Fair Value	$7.82
Current Price	$13.87
Upside	-43.61%
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	0.26%	0.00%	0.17	0.06	0.07	0.12	0.17	0.16	0.41	0.15	0.08	0.06
YoY Growth	-	-	168.84%	-16.11%	-37.58%	-31.48%	5.01%	-60.16%	173.73%	82.37%	47.89%	0.00%
Dividend Yield	-	-	1.43%	0.54%	0.53%	0.79%	0.85%	1.01%	2.99%	0.68%	0.49%	0.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	407.37
(-) Cash Dividends Paid (M)	162.90
(=) Cash Retained (M)	244.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	81.47	50.92	30.55
Cash Retained (M)	244.48	244.48	244.48
(-) Cash Required (M)	-81.47	-50.92	-30.55
(=) Excess Retained (M)	163.00	193.56	213.93
(/) Shares Outstanding (M)	1,168.90	1,168.90	1,168.90
(=) Excess Retained per Share	0.14	0.17	0.18
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.14	0.17	0.18
(=) Adjusted Dividend	0.28	0.30	0.32
WACC / Discount Rate	5.43%	5.43%	5.43%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.68	$4.69	$5.93
Upside / Downside	-73.50%	-66.17%	-57.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	407.37	403.30	399.27	395.27	391.32	387.41	399.03
Payout Ratio	39.99%	49.99%	59.99%	69.99%	80.00%	90.00%	92.50%
Projected Dividends (M)	162.90	201.61	239.53	276.67	313.05	348.67	369.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.43%	5.43%	5.43%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	189.28	191.22	193.15
Year 2 PV (M)	211.14	215.47	219.85
Year 3 PV (M)	228.97	236.06	243.28
Year 4 PV (M)	243.24	253.32	263.72
Year 5 PV (M)	254.36	267.61	281.40
PV of Terminal Value (M)	11,059.79	11,635.69	12,235.35
Equity Value (M)	12,186.79	12,799.37	13,436.73
Shares Outstanding (M)	1,168.90	1,168.90	1,168.90
Fair Value	$10.43	$10.95	$11.50
Upside / Downside	-24.83%	-21.05%	-17.12%

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Yifan Pharmaceutical Co., Ltd. (002019.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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