# CNPC Capital (000617.SHE)

Canonical: https://gigainvestors.com/s/000617.SHE

Analysis as of: 2026-10-16T07:35:32.035Z. Financial observations: FY2016–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 6.53 per share; close as of 2026-10-15.

Estimated value: low CNY 3.74 per share, central CNY 4.25 per share, high CNY 4.94 per share. Buy at or below the central value CNY 4.25 per share. Valuation as of 2026-10-16T07:35:32.035Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% 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

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.50×

- FY2017: 0.55×

- FY2018: 0.51×

- FY2019: 0.56×

- FY2020: 0.61×

- FY2021: 0.44×

- FY2022: 0.40×

- FY2023: 0.35×

- FY2024: 0.35×

- FY2025: 0.83×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.8%

- ROIC, second-lowest year: 6.2%

- Typical minus recent gross margin: 1.3 pp

- Typical gross margin (annual median): 96.0%

- Recent gross margin (lower of latest and 3-year median): 94.7%

- Years with nonpositive capital: 2

- Capital spending / revenue: 2.6%

- ROIC including acquisitions, ten-year median: 4.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.0%

- FY2017: 6.2%

- FY2018: 10.3%

- FY2019: 8.9%

- FY2020: 11.7%

- FY2021: 8.8%

- FY2022: 8.3%

- FY2023: 8.7%

- FY2024: 7.5%

- FY2025: 18.8%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 26B

- Net income, five-year total: CNY 24B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 38.1 pp

- Working capital / revenue, change between three-year averages: 286.1 pp

- Working capital / revenue, final three-year average: 522.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.12×

- FY2022: 1.06×

- FY2023: 1.05×

- FY2024: 0.99×

- FY2025: 0.99×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.2% vs 8.7%

- Per-share earnings: 0.56 to 0.37 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: CNY -93B

- Cumulative retained earnings: CNY 34B

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -5.6%

- Per-share value change: CNY -0.19

- Per-share value, starting three-year median: CNY 0.56

- Per-share value, ending three-year median: CNY 0.37

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 199M

- Cumulative net income, 10 years: CNY 60B

- ROIC, first three-year median: 6.2%

- ROIC, last three-year median: 8.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.49

- FY2017: CNY 0.56

- FY2018: CNY 0.59

- FY2019: CNY 0.63

- FY2020: CNY 0.64

- FY2021: CNY 0.45

- FY2022: CNY 0.39

- FY2023: CNY 0.40

- FY2024: CNY 0.37

- FY2025: CNY 0.34

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 2.0%

- Receivables to sales index (DSRI): 0.00×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -4.25×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 3.9%

- FY2017: -5.1%

- FY2018: 3.9%

- FY2019: -2.4%

- FY2020: 4.4%

- FY2021: -3.3%

- FY2022: -3.8%

- FY2023: -3.3%

- FY2024: -0.1%

- FY2025: 2.0%

## Holders

## Price story

Down 49% since Aug 2025 · sales -13.4%

Story as of 2026-10-16T10:00:05.480Z; price observation 2026-10-15.

Price needs cash profits to grow 6.3% a year for ten years

### Sales · FY2024–2025

sales -13.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 29B 

- FY2017: CNY 29B 

- FY2018: CNY 34B 

- FY2019: CNY 33B 

- FY2020: CNY 30B 

- FY2021: CNY 31B 

- FY2022: CNY 32B 

- FY2023: CNY 39B 

- FY2024: CNY 39B 

- FY2025: CNY 34B 

### Gross margin · FY2025

gross margin 94.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 97.0% 

- FY2017: 98.3% 

- FY2018: 97.5% 

- FY2019: 97.1% 

- FY2020: 96.0% 

- FY2021: 96.0% 

- FY2022: 94.8% 

- FY2023: 94.9% 

- FY2024: 94.7% 

- FY2025: 94.7% 

## Owner memo

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

### How it makes money

Operates in financial conglomerates; annual sales are CNY 33.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.035Z); FY2025: revenue 33796846677.45; grossProfit 31989722756.2; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000617.SHE: CNPC Capital Company Limited provides financial services in China and internationally. It provides savings deposits, personal loans, bank cards, investment and wealth management, and credit cards; deposit settlement, traditional financing, investment banking, supply chain financing, and corporate credit; and international settlement, international trade finance, and foreign exchange business. The company also offers payment and collection, internal transfer settlement, bill acceptance and discounting; financial leasing, operating leasing and sale-leaseback; and asset servicing trust, asset management trust, and charitable trust. In addition, it provides property loss insurance, liability insurance, credit insurance, guarantee insurance, short-term health insurance, accident insurance, and reinsurance services, as well as life and investment-linked insurances, and group employee benefit plans. Further, the company engages in insurance brokerage, insurance loss assessment, and risk consulting; provision of risk reduction, claims investigation and inspection, loss assessment and settlement, residual value processing, marine claims settlement, and claims consulting; and corporate credit enhancement, credit product creation and trading, and asset investment. Additionally, it offers securities brokerage; securities investment consulting; financial advisory services related to securities trading and investment activities; securities underwriting and sponsorship; proprietary securities trading; securities asset management; margin trading; distribution of mutual funds and financial products; and management of publicly offered mutual funds, as well as services to futures companies. The company was formerly known as Jinan Diesel Engine Co., Ltd. and changed its name to CNPC Capital Company Limited in February 2017. The company was founded in 1996 and is based in Beijing, China. CNPC Capital Company Limited is a subsidiary of China National Petroleum Corporation.

### Why customers stay

Margins ranged from 94.7% to 94.9% during 2023–25; it earns 8.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.035Z); FY2023: grossProfit / revenue = 94.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.035Z); FY2024: grossProfit / revenue = 94.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.035Z); FY2025: grossProfit / revenue = 94.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.035Z); 10-year return on capital observations [[2016,0.060335265472886125],[2017,0.06237279158911701],[2018,0.10281579076185213],[2019,0.08895986137937192],[2020,0.11703560975918323],[2021,0.0883906635868091],[2022,0.08304924437893477],[2023,0.08725032576692193],[2024,0.07484572454334235],[2025,0.18829545801514716]]; median 0.08782049467686551. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 95% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.035Z); Gross margin observations: [[2021,0.960113051175706],[2022,0.948313462339619],[2023,0.9490067323367077]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.035Z); FY2016: growth capex 0; upkeep 1629193000; owner earnings 4357319000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.035Z); FY2017: growth capex 106677168.08994818; upkeep 3684602831.910052; owner earnings 3646302168.089948. Growth capex / owner earnings = 0.02925626104811526.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.035Z); FY2018: growth capex 1163794722.386896; upkeep 1943710277.613104; owner earnings 6008047964.386896. Growth capex / owner earnings = 0.19370596394791895.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.035Z); FY2019: growth capex 0; upkeep 1204462000; owner earnings 7310725923. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.035Z); FY2020: growth capex 0; upkeep 130580000; owner earnings 8455791684. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.035Z); FY2021: growth capex 0; upkeep 127390000; owner earnings 6200312566.690001. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.035Z); FY2022: growth capex 0; upkeep 150146000; owner earnings 5232357915.238368. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.035Z); FY2023: growth capex 0; upkeep 324027000; owner earnings 5311939620.471356. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.035Z); FY2024: growth capex 9199520.16682291; upkeep 945142479.8331771; owner earnings 4620462087.788941. Growth capex / owner earnings = 0.001991038989614395.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.035Z); FY2025: growth capex 0; upkeep 930154721.78; owner earnings 4258858601.8970714. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.035Z); Dividend observations: [[2016,35341000],[2017,1772165000],[2018,4729599000],[2019,5222136000],[2020,4575126000],[2021,4303579000],[2022,3601929000],[2023,3307267000],[2024,2735056000],[2025,2677952452.65]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 82.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000617.SHE SharesStats.PercentInsiders = 82.25099999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.035Z); Ten-year compound average after fade. Initial solved rate 0.07704939464765637. Price 6.53; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: CNY 17.35 per share

- 2016-11: CNY 16.75 per share

- 2016-12: CNY 18.75 per share

- 2017-01: CNY 18.68 per share

- 2017-02: CNY 20.09 per share

- 2017-03: CNY 18.81 per share

- 2017-04: CNY 17.45 per share

- 2017-05: CNY 14.93 per share

- 2017-06: CNY 15.60 per share

- 2017-07: CNY 17.67 per share

- 2017-08: CNY 17.54 per share

- 2017-09: CNY 16.85 per share

- 2017-10: CNY 15.79 per share

- 2017-11: CNY 14.55 per share

- 2017-12: CNY 15.00 per share

- 2018-01: CNY 14.29 per share

- 2018-02: CNY 13.58 per share

- 2018-03: CNY 13.41 per share

- 2018-04: CNY 12.94 per share

- 2018-05: CNY 12.45 per share

- 2018-06: CNY 11.24 per share

- 2018-07: CNY 11.36 per share

- 2018-08: CNY 11.02 per share

- 2018-09: CNY 11.15 per share

- 2018-10: CNY 10.91 per share

- 2018-11: CNY 10.88 per share

- 2018-12: CNY 10.75 per share

- 2019-01: CNY 10.06 per share

- 2019-02: CNY 12.70 per share

- 2019-03: CNY 13.86 per share

- 2019-04: CNY 13.35 per share

- 2019-05: CNY 12.05 per share

- 2019-06: CNY 12.36 per share

- 2019-07: CNY 12.15 per share

- 2019-08: CNY 12.37 per share

- 2019-09: CNY 12.37 per share

- 2019-10: CNY 12.11 per share

- 2019-11: CNY 11.51 per share

- 2019-12: CNY 12.17 per share

- 2020-01: CNY 10.85 per share

- 2020-02: CNY 10.62 per share

- 2020-03: CNY 9.74 per share

- 2020-04: CNY 10.05 per share

- 2020-05: CNY 9.69 per share

- 2020-06: CNY 10.38 per share

- 2020-07: CNY 7.38 per share

- 2020-08: CNY 7.33 per share

- 2020-09: CNY 6.83 per share

- 2020-10: CNY 6.72 per share

- 2020-11: CNY 7.06 per share

- 2020-12: CNY 6.78 per share

- 2021-01: CNY 6.25 per share

- 2021-02: CNY 6.58 per share

- 2021-03: CNY 8.05 per share

- 2021-04: CNY 5.93 per share

- 2021-05: CNY 6.10 per share

- 2021-06: CNY 6.02 per share

- 2021-07: CNY 5.13 per share

- 2021-08: CNY 5.26 per share

- 2021-09: CNY 5.31 per share

- 2021-10: CNY 5.07 per share

- 2021-11: CNY 4.93 per share

- 2021-12: CNY 5.18 per share

- 2022-01: CNY 5.04 per share

- 2022-02: CNY 5.63 per share

- 2022-03: CNY 5.11 per share

- 2022-04: CNY 4.62 per share

- 2022-05: CNY 4.81 per share

- 2022-06: CNY 4.81 per share

- 2022-07: CNY 4.53 per share

- 2022-08: CNY 4.86 per share

- 2022-09: CNY 4.48 per share

- 2022-10: CNY 4.50 per share

- 2022-11: CNY 6.95 per share

- 2022-12: CNY 5.57 per share

- 2023-01: CNY 5.95 per share

- 2023-02: CNY 5.90 per share

- 2023-03: CNY 6.98 per share

- 2023-04: CNY 7.33 per share

- 2023-05: CNY 7.83 per share

- 2023-06: CNY 7.23 per share

- 2023-07: CNY 7.40 per share

- 2023-08: CNY 6.73 per share

- 2023-09: CNY 6.62 per share

- 2023-10: CNY 5.93 per share

- 2023-11: CNY 5.75 per share

- 2023-12: CNY 5.40 per share

- 2024-01: CNY 6.15 per share

- 2024-02: CNY 6.20 per share

- 2024-03: CNY 5.73 per share

- 2024-04: CNY 5.87 per share

- 2024-05: CNY 5.68 per share

- 2024-06: CNY 5.52 per share

- 2024-07: CNY 5.58 per share

- 2024-08: CNY 5.21 per share

- 2024-09: CNY 7.37 per share

- 2024-10: CNY 8.83 per share

- 2024-11: CNY 7.46 per share

- 2024-12: CNY 6.89 per share

- 2025-01: CNY 6.53 per share

- 2025-02: CNY 6.32 per share

- 2025-03: CNY 6.38 per share

- 2025-04: CNY 6.87 per share

- 2025-05: CNY 6.79 per share

- 2025-06: CNY 7.30 per share

- 2025-07: CNY 8.66 per share

- 2025-08: CNY 12.68 per share

- 2025-09: CNY 10.50 per share

- 2025-10: CNY 10.47 per share

- 2025-11: CNY 9.16 per share

- 2025-12: CNY 9.60 per share

- 2026-01: CNY 8.99 per share

- 2026-02: CNY 9.09 per share

- 2026-03: CNY 10.20 per share

- 2026-04: CNY 9.44 per share

- 2026-05: CNY 7.80 per share

- 2026-06: CNY 6.59 per share

- 2026-07: CNY 7.20 per share

- 2026-08: CNY 7.30 per share

- 2026-09: CNY 6.56 per share

- 2026-10: CNY 6.64 per share

## Annual estimated value (CNY per share)

- FY2020: low CNY 4.73 per share, central CNY 5.38 per share, high CNY 6.25 per share

- FY2021: low CNY 5.51 per share, central CNY 6.27 per share, high CNY 7.28 per share

- FY2022: low CNY 5.63 per share, central CNY 6.40 per share, high CNY 7.44 per share

- FY2023: low CNY 6.74 per share, central CNY 7.67 per share, high CNY 8.91 per share

- FY2024: low CNY 5.47 per share, central CNY 6.23 per share, high CNY 7.23 per share

- FY2025: low CNY 3.98 per share, central CNY 4.53 per share, high CNY 5.26 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

## 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.