# Ping An Bank (000001.SHE)

Canonical: https://gigainvestors.com/s/000001.SHE

Analysis as of: 2026-10-16T07:34:15.081Z. Financial observations: FY2015–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 11.41 per share; close as of 2026-10-15.

Estimated value: low CNY 24.63 per share, central CNY 27.10 per share, high CNY 30.11 per share. Buy at or below the central value CNY 27.10 per share. Valuation as of 2026-10-16T07:34:15.081Z; scenarios are not confidence intervals.

Expected annual return: 23.7% at the stated quote. About 23.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.14×

Chart: Net income; fiscal year observations.

- FY2016: CNY 23B

- FY2017: CNY 22B

- FY2018: CNY 24B

- FY2019: CNY 27B

- FY2020: CNY 27B

- FY2021: CNY 33B

- FY2022: CNY 43B

- FY2023: CNY 46B

- FY2024: CNY 45B

- FY2025: CNY 43B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 9.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 8.8%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 13.3%

- FY2017: 11.8%

- FY2018: 10.5%

- FY2019: 9.1%

- FY2020: 7.7%

- FY2021: 8.8%

- FY2022: 10.2%

- FY2023: 10.1%

- FY2024: 9.3%

- FY2025: 9.2%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 12.2%

- Book return interval: 10 years

- Starting book value per share: CNY 8.62

- Ending book value per share: CNY 22.40

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 16.3%

- FY2017: 12.5%

- FY2018: 20.1%

- FY2019: 34.5%

- FY2020: 7.5%

- FY2021: 10.0%

- FY2022: 5.0%

- FY2023: 11.2%

- FY2024: 9.4%

- FY2025: -0.6%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 1.8%

- Diluted shares, 5-year annual growth: 1.2%

- Share growth excluding flagged crisis recapitalisations: 1.8%

- Five-year share growth excluding flagged crisis recapitalisations: 1.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.03×

- Book value created per share: CNY 13.78

- Earnings retained per share after dividends and buybacks: CNY 13.36

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 99

- FY2017: 101

- FY2018: 102

- FY2019: 101

- FY2020: 112

- FY2021: 112

- FY2022: 120

- FY2023: 120

- FY2024: 120

- FY2025: 119

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 41% since Oct 2021 · net income -4.2%

Story as of 2026-10-16T09:59:59.865Z; price observation 2026-10-15.

The price assumes profits shrink 13.7% a year forever

### Net income · FY2025

net income -4.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 23B 

- FY2017: CNY 22B 

- FY2018: CNY 24B 

- FY2019: CNY 27B 

- FY2020: CNY 27B 

- FY2021: CNY 33B 

- FY2022: CNY 43B 

- FY2023: CNY 46B 

- FY2024: CNY 45B 

- FY2025: CNY 43B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are CNY 227.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.081Z); FY2025: revenue 227635000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000001.SHE: Ping An Bank Co., Ltd. provides commercial banking products and services for individual and corporate customers, government agencies, institutions, and other small businesses in China and internationally. The company operates through three segments: Wholesale Financial Services, Retail Financial Services, and Other Businesses. It offers deposit products, including demand, time, call, negotiated, agreement, and margin deposits; foreign currency, corporate, and structured deposits. The company also provides loans, such as working capital, fixed asset, corporate fixed deposit certificate pledge, commercial property mortgage, syndicated, cross-border syndicated, real estate development, government platform, and cross-border working capital loans, as well as corporate client account overdraft, online banking revolving loans for small and medium-sized enterprises, offshore foreign exchange deposits, and offshore cross-border financing loans. In addition, it offers settlement, offshore, corporate finance, cash management, trade finance, custody, corporate e-banking, corporate intermediary, interbank, and wealth management services, as well as bank cards. The company was founded in 1987 and is headquartered in Shenzhen, China.

### Why customers stay

It earns 9.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.081Z); 10-year return on tangible equity observations [[2016,0.13302998016235085],[2017,0.11755130852543301],[2018,0.10515452145997198],[2019,0.09075116092129651],[2020,0.07721335597698965],[2021,0.08764417829820534],[2022,0.10153176928037541],[2023,0.10139957829300342],[2024,0.09252529956177916],[2025,0.09240342538346999]]; median 0.09696243892739129. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.081Z); Dividend observations: [[2016,2189000000],[2017,3587000000],[2018,3209000000],[2019,3364000000],[2020,5924000000],[2021,6342000000],[2022,7274000000],[2023,8380000000],[2024,21576000000],[2025,14124000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 50.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000001.SHE SharesStats.PercentInsiders = 50.870000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits shrink 13.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.081Z); Price 11.41; FX 1; original perpetual distributable cash 2.7098194194422414; discount 0.1; growth -0.13749512878547251. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 9.15 per share

- 2016-11: CNY 9.55 per share

- 2016-12: CNY 9.10 per share

- 2017-01: CNY 9.33 per share

- 2017-02: CNY 9.48 per share

- 2017-03: CNY 9.17 per share

- 2017-04: CNY 8.99 per share

- 2017-05: CNY 9.20 per share

- 2017-06: CNY 9.39 per share

- 2017-07: CNY 10.67 per share

- 2017-08: CNY 11.28 per share

- 2017-09: CNY 11.11 per share

- 2017-10: CNY 11.54 per share

- 2017-11: CNY 13.38 per share

- 2017-12: CNY 13.30 per share

- 2018-01: CNY 14.05 per share

- 2018-02: CNY 12.05 per share

- 2018-03: CNY 10.90 per share

- 2018-04: CNY 10.85 per share

- 2018-05: CNY 10.18 per share

- 2018-06: CNY 9.09 per share

- 2018-07: CNY 9.42 per share

- 2018-08: CNY 10.13 per share

- 2018-09: CNY 11.05 per share

- 2018-10: CNY 10.91 per share

- 2018-11: CNY 10.36 per share

- 2018-12: CNY 9.38 per share

- 2019-01: CNY 11.10 per share

- 2019-02: CNY 12.36 per share

- 2019-03: CNY 12.82 per share

- 2019-04: CNY 13.79 per share

- 2019-05: CNY 12.18 per share

- 2019-06: CNY 13.78 per share

- 2019-07: CNY 14.13 per share

- 2019-08: CNY 14.16 per share

- 2019-09: CNY 15.59 per share

- 2019-10: CNY 16.26 per share

- 2019-11: CNY 15.29 per share

- 2019-12: CNY 16.45 per share

- 2020-01: CNY 15.55 per share

- 2020-02: CNY 14.50 per share

- 2020-03: CNY 12.81 per share

- 2020-04: CNY 13.95 per share

- 2020-05: CNY 12.97 per share

- 2020-06: CNY 12.80 per share

- 2020-07: CNY 13.36 per share

- 2020-08: CNY 15.08 per share

- 2020-09: CNY 15.13 per share

- 2020-10: CNY 17.71 per share

- 2020-11: CNY 19.74 per share

- 2020-12: CNY 19.34 per share

- 2021-01: CNY 23.09 per share

- 2021-02: CNY 21.38 per share

- 2021-03: CNY 22.01 per share

- 2021-04: CNY 23.29 per share

- 2021-05: CNY 24.20 per share

- 2021-06: CNY 22.62 per share

- 2021-07: CNY 17.69 per share

- 2021-08: CNY 17.80 per share

- 2021-09: CNY 17.93 per share

- 2021-10: CNY 19.50 per share

- 2021-11: CNY 17.44 per share

- 2021-12: CNY 16.48 per share

- 2022-01: CNY 15.83 per share

- 2022-02: CNY 15.75 per share

- 2022-03: CNY 15.38 per share

- 2022-04: CNY 15.32 per share

- 2022-05: CNY 14.16 per share

- 2022-06: CNY 14.98 per share

- 2022-07: CNY 12.68 per share

- 2022-08: CNY 12.75 per share

- 2022-09: CNY 11.84 per share

- 2022-10: CNY 10.34 per share

- 2022-11: CNY 13.03 per share

- 2022-12: CNY 13.16 per share

- 2023-01: CNY 14.99 per share

- 2023-02: CNY 13.78 per share

- 2023-03: CNY 12.53 per share

- 2023-04: CNY 12.55 per share

- 2023-05: CNY 11.60 per share

- 2023-06: CNY 11.23 per share

- 2023-07: CNY 12.32 per share

- 2023-08: CNY 11.13 per share

- 2023-09: CNY 11.20 per share

- 2023-10: CNY 10.46 per share

- 2023-11: CNY 9.68 per share

- 2023-12: CNY 9.39 per share

- 2024-01: CNY 9.46 per share

- 2024-02: CNY 10.59 per share

- 2024-03: CNY 10.52 per share

- 2024-04: CNY 10.79 per share

- 2024-05: CNY 11.11 per share

- 2024-06: CNY 10.15 per share

- 2024-07: CNY 10.27 per share

- 2024-08: CNY 10.16 per share

- 2024-09: CNY 12.21 per share

- 2024-10: CNY 11.38 per share

- 2024-11: CNY 11.38 per share

- 2024-12: CNY 11.70 per share

- 2025-01: CNY 11.47 per share

- 2025-02: CNY 11.53 per share

- 2025-03: CNY 11.26 per share

- 2025-04: CNY 10.91 per share

- 2025-05: CNY 11.56 per share

- 2025-06: CNY 12.07 per share

- 2025-07: CNY 12.23 per share

- 2025-08: CNY 12.05 per share

- 2025-09: CNY 11.34 per share

- 2025-10: CNY 11.32 per share

- 2025-11: CNY 11.61 per share

- 2025-12: CNY 11.41 per share

- 2026-01: CNY 10.83 per share

- 2026-02: CNY 10.90 per share

- 2026-03: CNY 11.08 per share

- 2026-04: CNY 11.49 per share

- 2026-05: CNY 10.93 per share

- 2026-06: CNY 10.05 per share

- 2026-07: CNY 11.63 per share

- 2026-08: CNY 11.72 per share

- 2026-09: CNY 11.57 per share

- 2026-10: CNY 11.57 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 24.31 per share, central CNY 30.38 per share, high CNY 40.51 per share

- FY2017: low CNY 24.34 per share, central CNY 30.42 per share, high CNY 40.56 per share

- FY2018: low CNY 26.08 per share, central CNY 32.60 per share, high CNY 43.47 per share

- FY2019: low CNY 31.09 per share, central CNY 38.86 per share, high CNY 51.81 per share

- FY2020: low CNY 26.54 per share, central CNY 33.18 per share, high CNY 44.24 per share

- FY2021: low CNY 21.58 per share, central CNY 26.97 per share, high CNY 35.96 per share

- FY2022: low CNY 20.22 per share, central CNY 25.27 per share, high CNY 33.69 per share

- FY2023: low CNY 21.59 per share, central CNY 26.99 per share, high CNY 35.99 per share

- FY2024: low CNY 22.15 per share, central CNY 24.37 per share, high CNY 27.07 per share

- FY2025: low CNY 20.01 per share, central CNY 22.01 per share, high CNY 24.46 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:59.414Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Ping An Bank

000001 · SHE

CSI 300

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: CNY 11.41
Buy up to: CNY 27.10
Expected / yr: 23.7% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: CNY 30B
Worst year: CNY 22B
Latest · 2025: CNY 43B

Earned a median 9.7% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 9.7%
Worst year: 7.7%
Latest · 2025: 9.2%

Book value plus dividends grew 12.2% a year (minimum 7%).

Annual book + dividend return

10y median: 10.6%
Worst year: -0.6%
Latest · 2025: -0.6%

Ordinary share growth was 1.8% over the full period and 1.2% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 112
Worst year: 120
Latest · 2025: 119

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 2.16 CNY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CNY 9.15 · Value 30.38 · Buy at or below 30.38; 2016-11 · Price CNY 9.55 · Value 30.38 · Buy at or below 30.38; 2016-12 · Price CNY 9.10 · Value 30.38 · Buy at or below 30.38; 2017-01 · Price CNY 9.33 · Value 30.38 · Buy at or below 30.38; 2017-02 · Price CNY 9.48 · Value 30.42 · Buy at or below 30.42; 2017-03 · Price CNY 9.17 · Value 30.42 · Buy at or below 30.42; 2017-04 · Price CNY 8.99 · Value 30.42 · Buy at or below 30.42; 2017-05 · Price CNY 9.20 · Value 30.42 · Buy at or below 30.42; 2017-06 · Price CNY 9.39 · Value 30.42 · Buy at or below 30.42; 2017-07 · Price CNY 10.67 · Value 30.42 · Buy at or below 30.42; 2017-08 · Price CNY 11.28 · Value 30.42 · Buy at or below 30.42; 2017-09 · Price CNY 11.11 · Value 30.42 · Buy at or below 30.42; 2017-10 · Price CNY 11.54 · Value 30.42 · Buy at or below 30.42; 2017-11 · Price CNY 13.38 · Value 30.42 · Buy at or below 30.42; 2017-12 · Price CNY 13.30 · Value 30.42 · Buy at or below 30.42; 2018-01 · Price CNY 14.05 · Value 30.42 · Buy at or below 30.42; 2018-02 · Price CNY 12.05 · Value 32.60 · Buy at or below 32.60; 2018-03 · Price CNY 10.90 · Value 32.60 · Buy at or below 32.60; 2018-04 · Price CNY 10.85 · Value 32.60 · Buy at or below 32.60; 2018-05 · Price CNY 10.18 · Value 32.60 · Buy at or below 32.60; 2018-06 · Price CNY 9.09 · Value 32.60 · Buy at or below 32.60; 2018-07 · Price CNY 9.42 · Value 32.60 · Buy at or below 32.60; 2018-08 · Price CNY 10.13 · Value 32.60 · Buy at or below 32.60; 2018-09 · Price CNY 11.05 · Value 32.60 · Buy at or below 32.60; 2018-10 · Price CNY 10.91 · Value 32.60 · Buy at or below 32.60; 2018-11 · Price CNY 10.36 · Value 32.60 · Buy at or below 32.60; 2018-12 · Price CNY 9.38 · Value 32.60 · Buy at or below 32.60; 2019-01 · Price CNY 11.10 · Value 32.60 · Buy at or below 32.60; 2019-02 · Price CNY 12.36 · Value 38.86 · Buy at or below 38.86; 2019-03 · Price CNY 12.82 · Value 38.86 · Buy at or below 38.86; 2019-04 · Price CNY 13.79 · Value 38.86 · Buy at or below 38.86; 2019-05 · Price CNY 12.18 · Value 38.86 · Buy at or below 38.86; 2019-06 · Price CNY 13.78 · Value 38.86 · Buy at or below 38.86; 2019-07 · Price CNY 14.13 · Value 38.86 · Buy at or below 38.86; 2019-08 · Price CNY 14.16 · Value 38.86 · Buy at or below 38.86; 2019-09 · Price CNY 15.59 · Value 38.86 · Buy at or below 38.86; 2019-10 · Price CNY 16.26 · Value 38.86 · Buy at or below 38.86; 2019-11 · Price CNY 15.29 · Value 38.86 · Buy at or below 38.86; 2019-12 · Price CNY 16.45 · Value 38.86 · Buy at or below 38.86; 2020-01 · Price CNY 15.55 · Value 38.86 · Buy at or below 38.86; 2020-02 · Price CNY 14.50 · Value 33.18 · Buy at or below 33.18; 2020-03 · Price CNY 12.81 · Value 33.18 · Buy at or below 33.18; 2020-04 · Price CNY 13.95 · Value 33.18 · Buy at or below 33.18; 2020-05 · Price CNY 12.97 · Value 33.18 · Buy at or below 33.18; 2020-06 · Price CNY 12.80 · Value 33.18 · Buy at or below 33.18; 2020-07 · Price CNY 13.36 · Value 33.18 · Buy at or below 33.18; 2020-08 · Price CNY 15.08 · Value 33.18 · Buy at or below 33.18; 2020-09 · Price CNY 15.13 · Value 33.18 · Buy at or below 33.18; 2020-10 · Price CNY 17.71 · Value 33.18 · Buy at or below 33.18; 2020-11 · Price CNY 19.74 · Value 33.18 · Buy at or below 33.18; 2020-12 · Price CNY 19.34 · Value 33.18 · Buy at or below 33.18; 2021-01 · Price CNY 23.09 · Value 33.18 · Buy at or below 33.18; 2021-02 · Price CNY 21.38 · Value 26.97 · Buy at or below 26.97; 2021-03 · Price CNY 22.01 · Value 26.97 · Buy at or below 26.97; 2021-04 · Price CNY 23.29 · Value 26.97 · Buy at or below 26.97; 2021-05 · Price CNY 24.20 · Value 26.97 · Buy at or below 26.97; 2021-06 · Price CNY 22.62 · Value 26.97 · Buy at or below 26.97; 2021-07 · Price CNY 17.69 · Value 26.97 · Buy at or below 26.97; 2021-08 · Price CNY 17.80 · Value 26.97 · Buy at or below 26.97; 2021-09 · Price CNY 17.93 · Value 26.97 · Buy at or below 26.97; 2021-10 · Price CNY 19.50 · Value 26.97 · Buy at or below 26.97; 2021-11 · Price CNY 17.44 · Value 26.97 · Buy at or below 26.97; 2021-12 · Price CNY 16.48 · Value 26.97 · Buy at or below 26.97; 2022-01 · Price CNY 15.83 · Value 26.97 · Buy at or below 26.97; 2022-02 · Price CNY 15.75 · Value 25.27 · Buy at or below 25.27; 2022-03 · Price CNY 15.38 · Value 25.27 · Buy at or below 25.27; 2022-04 · Price CNY 15.32 · Value 25.27 · Buy at or below 25.27; 2022-05 · Price CNY 14.16 · Value 25.27 · Buy at or below 25.27; 2022-06 · Price CNY 14.98 · Value 25.27 · Buy at or below 25.27; 2022-07 · Price CNY 12.68 · Value 25.27 · Buy at or below 25.27; 2022-08 · Price CNY 12.75 · Value 25.27 · Buy at or below 25.27; 2022-09 · Price CNY 11.84 · Value 25.27 · Buy at or below 25.27; 2022-10 · Price CNY 10.34 · Value 25.27 · Buy at or below 25.27; 2022-11 · Price CNY 13.03 · Value 25.27 · Buy at or below 25.27; 2022-12 · Price CNY 13.16 · Value 25.27 · Buy at or below 25.27; 2023-01 · Price CNY 14.99 · Value 25.27 · Buy at or below 25.27; 2023-02 · Price CNY 13.78 · Value 26.99 · Buy at or below 26.99; 2023-03 · Price CNY 12.53 · Value 26.99 · Buy at or below 26.99; 2023-04 · Price CNY 12.55 · Value 26.99 · Buy at or below 26.99; 2023-05 · Price CNY 11.60 · Value 26.99 · Buy at or below 26.99; 2023-06 · Price CNY 11.23 · Value 26.99 · Buy at or below 26.99; 2023-07 · Price CNY 12.32 · Value 26.99 · Buy at or below 26.99; 2023-08 · Price CNY 11.13 · Value 26.99 · Buy at or below 26.99; 2023-09 · Price CNY 11.20 · Value 26.99 · Buy at or below 26.99; 2023-10 · Price CNY 10.46 · Value 26.99 · Buy at or below 26.99; 2023-11 · Price CNY 9.68 · Value 26.99 · Buy at or below 26.99; 2023-12 · Price CNY 9.39 · Value 26.99 · Buy at or below 26.99; 2024-01 · Price CNY 9.46 · Value 26.99 · Buy at or below 26.99; 2024-02 · Price CNY 10.59 · Value 24.37 · Buy at or below 24.37; 2024-03 · Price CNY 10.52 · Value 24.37 · Buy at or below 24.37; 2024-04 · Price CNY 10.79 · Value 24.37 · Buy at or below 24.37; 2024-05 · Price CNY 11.11 · Value 24.37 · Buy at or below 24.37; 2024-06 · Price CNY 10.15 · Value 24.37 · Buy at or below 24.37; 2024-07 · Price CNY 10.27 · Value 24.37 · Buy at or below 24.37; 2024-08 · Price CNY 10.16 · Value 24.37 · Buy at or below 24.37; 2024-09 · Price CNY 12.21 · Value 24.37 · Buy at or below 24.37; 2024-10 · Price CNY 11.38 · Value 24.37 · Buy at or below 24.37; 2024-11 · Price CNY 11.38 · Value 24.37 · Buy at or below 24.37; 2024-12 · Price CNY 11.70 · Value 24.37 · Buy at or below 24.37; 2025-01 · Price CNY 11.47 · Value 24.37 · Buy at or below 24.37; 2025-02 · Price CNY 11.53 · Value 22.01 · Buy at or below 22.01; 2025-03 · Price CNY 11.26 · Value 22.01 · Buy at or below 22.01; 2025-04 · Price CNY 10.91 · Value 22.01 · Buy at or below 22.01; 2025-05 · Price CNY 11.56 · Value 22.01 · Buy at or below 22.01; 2025-06 · Price CNY 12.07 · Value 22.01 · Buy at or below 22.01; 2025-07 · Price CNY 12.23 · Value 22.01 · Buy at or below 22.01; 2025-08 · Price CNY 12.05 · Value 22.01 · Buy at or below 22.01; 2025-09 · Price CNY 11.34 · Value 22.01 · Buy at or below 22.01; 2025-10 · Price CNY 11.32 · Value 22.01 · Buy at or below 22.01; 2025-11 · Price CNY 11.61 · Value 22.01 · Buy at or below 22.01; 2025-12 · Price CNY 11.41 · Value 22.01 · Buy at or below 22.01; 2026-01 · Price CNY 10.83 · Value 22.01 · Buy at or below 22.01; 2026-02 · Price CNY 10.90 · Value 27.10 · Buy at or below 27.10; 2026-03 · Price CNY 11.08 · Value 27.10 · Buy at or below 27.10; 2026-04 · Price CNY 11.49 · Value 27.10 · Buy at or below 27.10; 2026-05 · Price CNY 10.93 · Value 27.10 · Buy at or below 27.10; 2026-06 · Price CNY 10.05 · Value 27.10 · Buy at or below 27.10; 2026-07 · Price CNY 11.63 · Value 27.10 · Buy at or below 27.10; 2026-08 · Price CNY 11.72 · Value 27.10 · Buy at or below 27.10; 2026-09 · Price CNY 11.57 · Value 27.10 · Buy at or below 27.10; 2026-10 · Price CNY 11.57 · Value 27.10 · Buy at or below 27.10; 2026-10 · Price CNY 11.41 · Value 27.10 · Buy at or below 27.10

CNY per share · annual estimates

Price & return math
Value range	CNY 24.63 – CNY 30.11
Buy at or below	Central value CNY 27.10
Discount to value	1 − 11.41 / 27.10 = 57.9%
Return / year	About 23.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CNY 27.58/share; ROE 9.8%; first payout CNY 2.71/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCNY 43B

Net income

Book / shareCNY 22.40

Book / share

Dividend / shareCNY 0.69

Dividend / share

Return on tangible equity9.2%

Return on tangible equity

Diluted shares21B

Diluted shares

Prices 15 Oct 2026 · FY2025