DDM Analysis: 301207.SZ

Valuation Snapshot

Stable Growth	$0.85 - $1.23	$1.04
Multi-Stage	$1.52 - $1.66	$1.59
Blended Fair Value	$1.32
Current Price	$17.28
Upside	-92.39%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	0.56	0.21	0.15	0.02	0.01	0.00	0.00	0.17	0.00	0.00
YoY Growth	-	-	165.15%	38.74%	611.92%	178.26%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.32%	0.87%	0.48%	0.07%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	70.46
(-) Cash Dividends Paid (M)	60.82
(=) Cash Retained (M)	9.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.09	8.81	5.28
Cash Retained (M)	9.65	9.65	9.65
(-) Cash Required (M)	-14.09	-8.81	-5.28
(=) Excess Retained (M)	-4.45	0.84	4.36
(/) Shares Outstanding (M)	595.71	595.71	595.71
(=) Excess Retained per Share	-0.01	0.00	0.01
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	-0.01	0.00	0.01
(=) Adjusted Dividend	0.09	0.10	0.11
WACC / Discount Rate	8.86%	8.86%	8.86%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.85	$1.04	$1.23
Upside / Downside	-95.06%	-93.99%	-92.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	70.46	69.76	69.06	68.37	67.69	67.01	69.02
Payout Ratio	86.31%	87.05%	87.79%	88.52%	89.26%	90.00%	92.50%
Projected Dividends (M)	60.82	60.72	60.63	60.52	60.42	60.31	63.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.86%	8.86%	8.86%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	55.22	55.78	56.34
Year 2 PV (M)	50.13	51.16	52.19
Year 3 PV (M)	45.50	46.91	48.35
Year 4 PV (M)	41.30	43.02	44.78
Year 5 PV (M)	37.49	39.44	41.47
PV of Terminal Value (M)	676.77	712.01	748.70
Equity Value (M)	906.41	948.31	991.84
Shares Outstanding (M)	595.71	595.71	595.71
Fair Value	$1.52	$1.59	$1.66
Upside / Downside	-91.19%	-90.79%	-90.36%

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Hualan Biological Bacterin Inc. (301207.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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