DDM Analysis: 002365.SZ

Valuation Snapshot

Stable Growth	$0.90 - $1.44	$1.14
Multi-Stage	$2.39 - $2.63	$2.51
Blended Fair Value	$1.83
Current Price	$18.08
Upside	-89.90%
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	0.03%	18.18%	0.10	0.12	0.01	0.11	0.16	0.10	0.07	0.06	0.02	0.04
YoY Growth	-	-	-16.65%	2,185.23%	-94.91%	-32.39%	52.74%	51.54%	5.06%	233.33%	-50.00%	100.00%
Dividend Yield	-	-	1.24%	1.64%	0.05%	1.06%	1.75%	0.93%	0.57%	0.32%	0.12%	0.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	25.41
(-) Cash Dividends Paid (M)	11.82
(=) Cash Retained (M)	13.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.08	3.18	1.91
Cash Retained (M)	13.59	13.59	13.59
(-) Cash Required (M)	-5.08	-3.18	-1.91
(=) Excess Retained (M)	8.51	10.41	11.68
(/) Shares Outstanding (M)	289.70	289.70	289.70
(=) Excess Retained per Share	0.03	0.04	0.04
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.03	0.04	0.04
(=) Adjusted Dividend	0.07	0.08	0.08
WACC / Discount Rate	5.68%	5.68%	5.68%
Growth Rate	-1.97%	-0.97%	0.03%
Fair Value	$0.90	$1.14	$1.44
Upside / Downside	-95.03%	-93.68%	-92.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	25.41	25.16	24.92	24.67	24.44	24.20	24.92
Payout Ratio	46.52%	55.22%	63.91%	72.61%	81.30%	90.00%	92.50%
Projected Dividends (M)	11.82	13.89	15.92	17.92	19.87	21.78	23.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.68%	5.68%	5.68%
Growth Rate	-1.97%	-0.97%	0.03%
Year 1 PV (M)	13.01	13.15	13.28
Year 2 PV (M)	13.97	14.26	14.55
Year 3 PV (M)	14.72	15.18	15.64
Year 4 PV (M)	15.29	15.93	16.58
Year 5 PV (M)	15.70	16.52	17.37
PV of Terminal Value (M)	619.65	651.90	685.49
Equity Value (M)	692.35	726.93	762.91
Shares Outstanding (M)	289.70	289.70	289.70
Fair Value	$2.39	$2.51	$2.63
Upside / Downside	-86.78%	-86.12%	-85.43%

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Qianjiang Yongan Pharmaceutical Co., Ltd. (002365.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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