DDM Analysis: 300119.SZ

Valuation Snapshot

Stable Growth	$74.95 - $182.39	$170.93
Multi-Stage	$26.64 - $29.15	$27.87
Blended Fair Value	$99.40
Current Price	$21.19
Upside	369.10%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	28.89%	18.72%	0.47	0.31	0.36	0.35	0.22	0.13	0.13	0.13	0.13	0.09
YoY Growth	-	-	55.01%	-14.96%	2.25%	60.00%	64.91%	0.00%	0.00%	3.94%	50.00%	0.32%
Dividend Yield	-	-	2.67%	1.91%	1.66%	1.85%	0.79%	0.97%	0.86%	1.18%	0.83%	0.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	418.29
(-) Cash Dividends Paid (M)	160.70
(=) Cash Retained (M)	257.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	83.66	52.29	31.37
Cash Retained (M)	257.59	257.59	257.59
(-) Cash Required (M)	-83.66	-52.29	-31.37
(=) Excess Retained (M)	173.94	205.31	226.22
(/) Shares Outstanding (M)	456.09	456.09	456.09
(=) Excess Retained per Share	0.38	0.45	0.50
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.38	0.45	0.50
(=) Adjusted Dividend	0.73	0.80	0.85
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$74.95	$170.93	$182.39
Upside / Downside	253.70%	706.65%	760.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	418.29	445.48	474.44	505.28	538.12	573.10	590.29
Payout Ratio	38.42%	48.73%	59.05%	69.37%	79.68%	90.00%	92.50%
Projected Dividends (M)	160.70	217.10	280.16	350.50	428.79	515.79	546.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	201.87	203.79	205.70
Year 2 PV (M)	242.24	246.85	251.51
Year 3 PV (M)	281.80	289.89	298.13
Year 4 PV (M)	320.57	332.90	345.58
Year 5 PV (M)	358.57	375.88	393.87
PV of Terminal Value (M)	10,744.61	11,263.58	11,802.41
Equity Value (M)	12,149.66	12,712.89	13,297.20
Shares Outstanding (M)	456.09	456.09	456.09
Fair Value	$26.64	$27.87	$29.15
Upside / Downside	25.71%	31.54%	37.59%

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Tianjin Ringpu Bio-Technology Co.,Ltd. (300119.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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