DDM Analysis: 002019.SZ

Valuation Snapshot

Stable Growth	$3.61 - $5.80	$4.60
Multi-Stage	$9.91 - $10.93	$10.41
Blended Fair Value	$7.51
Current Price	$13.87
Upside	-45.88%
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	5.56%	5.56%	5.56%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.61	$4.60	$5.80
Upside / Downside	-73.94%	-66.81%	-58.18%

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	5.56%	5.56%	5.56%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	189.06	190.99	192.92
Year 2 PV (M)	210.65	214.97	219.33
Year 3 PV (M)	228.17	235.23	242.43
Year 4 PV (M)	242.10	252.14	262.48
Year 5 PV (M)	252.87	266.04	279.75
PV of Terminal Value (M)	10,463.80	11,008.68	11,576.02
Equity Value (M)	11,586.66	12,168.04	12,772.93
Shares Outstanding (M)	1,168.90	1,168.90	1,168.90
Fair Value	$9.91	$10.41	$10.93
Upside / Downside	-28.53%	-24.95%	-21.22%

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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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