DDM Analysis: 002294.SZ

Valuation Snapshot

Stable Growth	$5.09 - $7.65	$6.30
Multi-Stage	$10.90 - $11.97	$11.43
Blended Fair Value	$8.86
Current Price	$60.35
Upside	-85.31%
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	-8.53%	3.36%	0.49	0.49	0.40	0.01	0.48	0.77	0.76	1.04	0.19	0.41
YoY Growth	-	-	-0.61%	24.52%	2,738.49%	-97.09%	-37.28%	1.10%	-27.35%	462.52%	-55.02%	16.98%
Dividend Yield	-	-	1.49%	1.67%	1.12%	0.06%	1.27%	4.31%	2.75%	2.41%	0.65%	1.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	672.56
(-) Cash Dividends Paid (M)	557.47
(=) Cash Retained (M)	115.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	134.51	84.07	50.44
Cash Retained (M)	115.09	115.09	115.09
(-) Cash Required (M)	-134.51	-84.07	-50.44
(=) Excess Retained (M)	-19.42	31.02	64.65
(/) Shares Outstanding (M)	1,114.15	1,114.15	1,114.15
(=) Excess Retained per Share	-0.02	0.03	0.06
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	-0.02	0.03	0.06
(=) Adjusted Dividend	0.48	0.53	0.56
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-2.18%	-1.18%	-0.18%
Fair Value	$5.09	$6.30	$7.65
Upside / Downside	-91.57%	-89.56%	-87.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	672.56	664.65	656.83	649.10	641.46	633.91	652.93
Payout Ratio	82.89%	84.31%	85.73%	87.16%	88.58%	90.00%	92.50%
Projected Dividends (M)	557.47	560.37	563.12	565.72	568.19	570.52	603.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-2.18%	-1.18%	-0.18%
Year 1 PV (M)	517.87	523.16	528.46
Year 2 PV (M)	480.95	490.83	500.81
Year 3 PV (M)	446.53	460.36	474.48
Year 4 PV (M)	414.47	431.68	449.42
Year 5 PV (M)	384.61	404.67	425.56
PV of Terminal Value (M)	9,903.79	10,420.46	10,958.46
Equity Value (M)	12,148.21	12,731.16	13,337.19
Shares Outstanding (M)	1,114.15	1,114.15	1,114.15
Fair Value	$10.90	$11.43	$11.97
Upside / Downside	-81.93%	-81.07%	-80.16%

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Shenzhen Salubris Pharmaceuticals Co., Ltd. (002294.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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