DDM Analysis: 002266.SZ

Valuation Snapshot

Stable Growth	$14.35 - $35.13	$32.92
Multi-Stage	$5.12 - $5.60	$5.36
Blended Fair Value	$19.14
Current Price	$4.05
Upside	372.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.40%	15.43%	0.07	0.10	0.13	0.09	0.01	0.04	0.02	0.01	0.01	0.02
YoY Growth	-	-	-24.88%	-23.29%	47.76%	747.56%	-74.01%	125.14%	16.99%	9.52%	-23.95%	2.03%
Dividend Yield	-	-	2.19%	2.75%	3.12%	1.62%	0.18%	1.08%	0.34%	0.35%	0.25%	0.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	934.59
(-) Cash Dividends Paid (M)	349.61
(=) Cash Retained (M)	584.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	186.92	116.82	70.09
Cash Retained (M)	584.98	584.98	584.98
(-) Cash Required (M)	-186.92	-116.82	-70.09
(=) Excess Retained (M)	398.06	468.15	514.88
(/) Shares Outstanding (M)	5,290.37	5,290.37	5,290.37
(=) Excess Retained per Share	0.08	0.09	0.10
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.08	0.09	0.10
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.35	$32.92	$35.13
Upside / Downside	254.20%	712.96%	767.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	934.59	995.34	1,060.04	1,128.94	1,202.32	1,280.47	1,318.88
Payout Ratio	37.41%	47.93%	58.44%	68.96%	79.48%	90.00%	92.50%
Projected Dividends (M)	349.61	477.03	619.54	778.55	955.62	1,152.42	1,219.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	443.55	447.75	451.96
Year 2 PV (M)	535.61	545.82	556.11
Year 3 PV (M)	625.84	643.81	662.12
Year 4 PV (M)	714.26	741.73	769.98
Year 5 PV (M)	800.89	839.58	879.74
PV of Terminal Value (M)	23,954.33	25,111.33	26,312.61
Equity Value (M)	27,074.49	28,330.01	29,632.52
Shares Outstanding (M)	5,290.37	5,290.37	5,290.37
Fair Value	$5.12	$5.36	$5.60
Upside / Downside	26.36%	32.22%	38.30%

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Zhefu Holding Group Co., Ltd. (002266.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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