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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 4.8% - 5.3% | 5.0% |
| Discount Rate | 8.6% - 7.6% | 8.1% |
| Fair Value | ¥119.05 - ¥196.82 | ¥148.59 |
| Upside | 52.6% - 152.3% | 90.5% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (CNY in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 130 | 140 | 217 | 390 | 546 | 658 | 658 | |
| % Growth | 27.9% | 7.3% | 55.0% | 79.8% | 39.9% | 20.5% | ||
| Payout Ratio | 19.3% | 33.0% | 47.0% | 61.0% | 75.0% | 90.0% | 92.5% | |
| Projected Dividends | 25 | 46 | 102 | 238 | 410 | 592 | 609 | |
| % Growth | 83.4% | 120.8% | 133.4% | 72.1% | 44.6% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (CNY in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 0 | 1 | 0 | 0 | 25 | 0 | 0 | |
| % Growth | NM | -55% | -77% | 29670% | -100% | |||
| Net Income to Common | 35 | 73 | 60 | 102 | 130 | 102 | 130 | |
| % Growth | 107% | -17% | 69% | 28% | 28% | |||
| Payout Ratio | 0% | 1% | 1% | 0% | 19% | 0% | 0% | |
| Retention Ratio | 100% | 99% | 99% | 100% | 81% | 100% | 100% | |
| Adjusted EBITDA | 48 | 75 | 79 | 128 | 179 | 128 | 179 | |
| % Growth | 55% | 6% | 62% | 39% | 39% | |||
| Total Debt | 21 | 36 | 50 | 23 | 8 | 23 | 8 | |
| Shareholder's Equity | 548 | 813 | 1,032 | 1,134 | 1,768 | 1,134 | 1,768 | |
| Debt / EBITDA | 0.4 | 0.5 | 0.6 | 0.2 | 0.0 | 0.0 | ||
| Debt / Equity | 4% | 4% | 5% | 2% | 0% | 2% | 0% | |
| 3-Yr Avg. Dividend Growth | 9845.9% | |||||||
| 5-Yr Median Payout Ratio | 0.6% | |||||||