DDM Analysis: 002755.SZ

Valuation Snapshot

Stable Growth	$0.68 - $0.87	$0.78
Multi-Stage	$3.11 - $3.50	$3.30
Blended Fair Value	$2.04
Current Price	$20.73
Upside	-90.17%
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	-59.88%	-20.48%	0.00	0.00	0.10	0.20	0.22	0.12	0.00	1.14	0.00	0.01
YoY Growth	-	-	2.94%	-98.79%	-50.00%	-9.09%	83.33%	22,718.04%	-99.95%	29,564.21%	-53.33%	-33.68%
Dividend Yield	-	-	0.01%	0.01%	1.10%	1.70%	1.48%	0.78%	0.00%	7.70%	0.02%	0.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	256.59
(-) Cash Dividends Paid (M)	83.89
(=) Cash Retained (M)	172.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.32	32.07	19.24
Cash Retained (M)	172.70	172.70	172.70
(-) Cash Required (M)	-51.32	-32.07	-19.24
(=) Excess Retained (M)	121.38	140.63	153.45
(/) Shares Outstanding (M)	920.17	920.17	920.17
(=) Excess Retained per Share	0.13	0.15	0.17
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.13	0.15	0.17
(=) Adjusted Dividend	0.22	0.24	0.26
WACC / Discount Rate	5.36%	5.36%	5.36%
Growth Rate	-20.75%	-19.75%	-18.75%
Fair Value	$0.68	$0.78	$0.87
Upside / Downside	-96.73%	-96.24%	-95.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	256.59	205.91	165.23	132.60	106.40	85.39	87.95
Payout Ratio	32.69%	44.16%	55.62%	67.08%	78.54%	90.00%	92.50%
Projected Dividends (M)	83.89	90.92	91.90	88.94	83.57	76.85	81.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.36%	5.36%	5.36%
Growth Rate	-20.75%	-19.75%	-18.75%
Year 1 PV (M)	85.22	86.30	87.37
Year 2 PV (M)	80.74	82.79	84.87
Year 3 PV (M)	73.25	76.06	78.94
Year 4 PV (M)	64.51	67.83	71.27
Year 5 PV (M)	55.61	59.20	62.99
PV of Terminal Value (M)	2,498.98	2,660.68	2,830.64
Equity Value (M)	2,858.31	3,032.86	3,216.08
Shares Outstanding (M)	920.17	920.17	920.17
Fair Value	$3.11	$3.30	$3.50
Upside / Downside	-85.02%	-84.10%	-83.14%

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Beijing Aosaikang Pharmaceutical Co., Ltd. (002755.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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