DDM Analysis: 300411.SZ

Valuation Snapshot

Stable Growth	$0.02 - $0.03	$0.03
Multi-Stage	$0.04 - $0.04	$0.04
Blended Fair Value	$0.04
Current Price	$12.81
Upside	-99.73%
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	-34.82%	-25.69%	0.00	0.00	0.00	0.01	0.00	0.01	0.05	0.03	0.03	0.03
YoY Growth	-	-	1.44%	-65.44%	-41.39%	33.15%	-56.99%	-77.64%	44.66%	14.95%	2.92%	13.94%
Dividend Yield	-	-	0.01%	0.01%	0.05%	0.09%	0.07%	0.10%	0.38%	0.17%	0.14%	0.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6.38
(-) Cash Dividends Paid (M)	0.25
(=) Cash Retained (M)	6.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.28	0.80	0.48
Cash Retained (M)	6.13	6.13	6.13
(-) Cash Required (M)	-1.28	-0.80	-0.48
(=) Excess Retained (M)	4.86	5.33	5.65
(/) Shares Outstanding (M)	407.80	407.80	407.80
(=) Excess Retained per Share	0.01	0.01	0.01
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.01	0.01	0.01
(=) Adjusted Dividend	0.01	0.01	0.01
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-26.77%	-25.77%	-24.77%
Fair Value	$0.02	$0.03	$0.03
Upside / Downside	-99.81%	-99.78%	-99.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6.38	4.74	3.52	2.61	1.94	1.44	1.48
Payout Ratio	3.90%	21.12%	38.34%	55.56%	72.78%	90.00%	92.50%
Projected Dividends (M)	0.25	1.00	1.35	1.45	1.41	1.29	1.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-26.77%	-25.77%	-24.77%
Year 1 PV (M)	0.90	0.91	0.92
Year 2 PV (M)	1.08	1.11	1.14
Year 3 PV (M)	1.05	1.09	1.13
Year 4 PV (M)	0.91	0.96	1.02
Year 5 PV (M)	0.75	0.80	0.86
PV of Terminal Value (M)	11.36	12.15	12.99
Equity Value (M)	16.05	17.03	18.07
Shares Outstanding (M)	407.80	407.80	407.80
Fair Value	$0.04	$0.04	$0.04
Upside / Downside	-99.69%	-99.67%	-99.65%

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Zhejiang Jindun Fans Co., Ltd (300411.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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