DDM Analysis: 002286.SZ

Valuation Snapshot

Stable Growth	$13.20 - $74.76	$24.13
Multi-Stage	$7.86 - $8.60	$8.22
Blended Fair Value	$16.18
Current Price	$9.63
Upside	68.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.53%	15.62%	0.15	0.14	0.14	0.11	0.07	0.12	0.17	0.10	0.08	0.05
YoY Growth	-	-	11.17%	-5.25%	34.84%	60.20%	-42.49%	-30.96%	66.57%	31.95%	47.42%	45.83%
Dividend Yield	-	-	1.96%	2.17%	1.60%	0.89%	0.62%	1.45%	2.33%	0.91%	0.52%	0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	144.09
(-) Cash Dividends Paid (M)	44.21
(=) Cash Retained (M)	99.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.82	18.01	10.81
Cash Retained (M)	99.88	99.88	99.88
(-) Cash Required (M)	-28.82	-18.01	-10.81
(=) Excess Retained (M)	71.07	81.87	89.08
(/) Shares Outstanding (M)	364.73	364.73	364.73
(=) Excess Retained per Share	0.19	0.22	0.24
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.19	0.22	0.24
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	8.03%	8.03%	8.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.20	$24.13	$74.76
Upside / Downside	37.10%	150.61%	676.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	144.09	153.46	163.43	174.05	185.37	197.42	203.34
Payout Ratio	30.68%	42.54%	54.41%	66.27%	78.14%	90.00%	92.50%
Projected Dividends (M)	44.21	65.29	88.92	115.35	144.84	177.67	188.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.03%	8.03%	8.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	59.87	60.44	61.00
Year 2 PV (M)	74.77	76.20	77.63
Year 3 PV (M)	88.95	91.50	94.10
Year 4 PV (M)	102.42	106.36	110.41
Year 5 PV (M)	115.21	120.78	126.56
PV of Terminal Value (M)	2,427.00	2,544.22	2,665.94
Equity Value (M)	2,868.22	2,999.50	3,135.65
Shares Outstanding (M)	364.73	364.73	364.73
Fair Value	$7.86	$8.22	$8.60
Upside / Downside	-18.34%	-14.60%	-10.72%

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Baolingbao Biology Co.,Ltd. (002286.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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