DDM Analysis: 300573.SZ

Valuation Snapshot

Stable Growth	$84.50 - $288.19	$138.69
Multi-Stage	$55.32 - $60.41	$57.82
Blended Fair Value	$98.25
Current Price	$65.73
Upside	49.48%
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	8.56%	8.56%	8.56%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$84.50	$138.69	$288.19
Upside / Downside	28.56%	111.00%	338.45%

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	8.56%	8.56%	8.56%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	320.59	323.63	326.67
Year 2 PV (M)	371.00	378.07	385.20
Year 3 PV (M)	418.32	430.33	442.57
Year 4 PV (M)	462.68	480.48	498.78
Year 5 PV (M)	504.21	528.57	553.85
PV of Terminal Value (M)	9,607.81	10,071.87	10,553.69
Equity Value (M)	11,684.63	12,212.95	12,760.77
Shares Outstanding (M)	211.23	211.23	211.23
Fair Value	$55.32	$57.82	$60.41
Upside / Downside	-15.84%	-12.04%	-8.09%

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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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