# Bank of Ningbo (002142.SHE)

Canonical: https://gigainvestors.com/s/002142.SHE

Analysis as of: 2026-10-16T07:34:11.744Z. 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 34.66 per share; close as of 2026-10-15.

Estimated value: low CNY 63.12 per share, central CNY 78.90 per share, high CNY 105.20 per share. Buy at or below the central value CNY 78.90 per share. Valuation as of 2026-10-16T07:34:11.744Z; scenarios are not confidence intervals.

Expected annual return: 15.1% at the stated quote. About 15.1% 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 7.6B

- FY2017: CNY 9.1B

- FY2018: CNY 11B

- FY2019: CNY 13B

- FY2020: CNY 14B

- FY2021: CNY 19B

- FY2022: CNY 23B

- FY2023: CNY 26B

- FY2024: CNY 27B

- FY2025: CNY 29B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 12.9%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 12.1%

- Years with reported combined ratio: 0

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

- FY2016: 16.8%

- FY2017: 17.5%

- FY2018: 13.6%

- FY2019: 13.0%

- FY2020: 12.2%

- FY2021: 12.7%

- FY2022: 14.0%

- FY2023: 12.9%

- FY2024: 11.9%

- FY2025: 12.1%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 25.9%

- Book return interval: 10 years

- Starting book value per share: CNY 8.34

- Ending book value per share: CNY 35.50

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

- FY2016: 21.3%

- FY2017: 31.6%

- FY2018: 77.1%

- FY2019: 23.0%

- FY2020: 13.3%

- FY2021: 23.1%

- FY2022: 14.2%

- FY2023: 28.7%

- FY2024: 22.1%

- FY2025: 15.0%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- Diluted shares, 10-year annual growth: 3.6%

- Diluted shares, 5-year annual growth: 2.6%

- Share growth excluding flagged crisis recapitalisations: 3.6%

- Five-year share growth excluding flagged crisis recapitalisations: 2.6%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 2.51×

- Book value created per share: CNY 27.16

- Earnings retained per share after dividends and buybacks: CNY 10.84

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

- FY2015: 100

- FY2016: 105

- FY2017: 107

- FY2018: 105

- FY2019: 114

- FY2020: 126

- FY2021: 137

- FY2022: 143

- FY2023: 142

- FY2024: 143

- FY2025: 143

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 0.9% a year forever · net income +8.1%

Story as of 2026-10-16T09:59:59.508Z; price observation 2026-10-15.

The price assumes profits grow 0.9% a year forever

### Net income · FY2025

net income +8.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 7.6B 

- FY2017: CNY 9.1B 

- FY2018: CNY 11B 

- FY2019: CNY 13B 

- FY2020: CNY 14B 

- FY2021: CNY 19B 

- FY2022: CNY 23B 

- FY2023: CNY 26B 

- FY2024: CNY 27B 

- FY2025: CNY 29B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are CNY 32.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.744Z); FY2025: revenue 32160000000.

### Why customers stay

It earns 12.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.744Z); 10-year return on tangible equity observations [[2016,0.16798955962049542],[2017,0.17546596366817804],[2018,0.1361350361467147],[2019,0.12971339364342327],[2020,0.1219038036851664],[2021,0.12690382757991855],[2022,0.13992311050742215],[2023,0.12897116015960403],[2024,0.11854082091932827],[2025,0.120861643434872]]; median 0.12934227690151365. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CNY 806.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.744Z); Dividend observations: [[2016,5663219000],[2017,8396347000],[2018,10218696000],[2019,7266000000],[2020,7735000000],[2021,9720000000],[2022,10703000000],[2023,13756000000],[2024,14952000000],[2025,19393000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.744Z); FY2025: cash repurchases 806189345.3525 CNY.

### Are managers owners

Insiders own 38% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002142.SHE SharesStats.PercentInsiders = 37.951 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 0.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.744Z); Price 34.66; FX 1; original perpetual distributable cash 3.1558711809785263; discount 0.1; growth 0.008947744345685904. 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 16.05 per share

- 2016-11: CNY 16.75 per share

- 2016-12: CNY 15.90 per share

- 2017-01: CNY 16.97 per share

- 2017-02: CNY 18.00 per share

- 2017-03: CNY 17.61 per share

- 2017-04: CNY 16.83 per share

- 2017-05: CNY 17.63 per share

- 2017-06: CNY 18.45 per share

- 2017-07: CNY 15.11 per share

- 2017-08: CNY 15.21 per share

- 2017-09: CNY 15.08 per share

- 2017-10: CNY 16.39 per share

- 2017-11: CNY 17.57 per share

- 2017-12: CNY 17.02 per share

- 2018-01: CNY 19.16 per share

- 2018-02: CNY 19.38 per share

- 2018-03: CNY 18.19 per share

- 2018-04: CNY 17.31 per share

- 2018-05: CNY 16.27 per share

- 2018-06: CNY 15.57 per share

- 2018-07: CNY 16.66 per share

- 2018-08: CNY 16.04 per share

- 2018-09: CNY 16.97 per share

- 2018-10: CNY 16.83 per share

- 2018-11: CNY 16.16 per share

- 2018-12: CNY 15.50 per share

- 2019-01: CNY 16.68 per share

- 2019-02: CNY 18.45 per share

- 2019-03: CNY 20.30 per share

- 2019-04: CNY 21.89 per share

- 2019-05: CNY 22.17 per share

- 2019-06: CNY 23.17 per share

- 2019-07: CNY 22.55 per share

- 2019-08: CNY 21.83 per share

- 2019-09: CNY 24.10 per share

- 2019-10: CNY 25.82 per share

- 2019-11: CNY 25.40 per share

- 2019-12: CNY 26.91 per share

- 2020-01: CNY 25.74 per share

- 2020-02: CNY 24.05 per share

- 2020-03: CNY 22.04 per share

- 2020-04: CNY 24.90 per share

- 2020-05: CNY 24.48 per share

- 2020-06: CNY 25.11 per share

- 2020-07: CNY 27.69 per share

- 2020-08: CNY 33.93 per share

- 2020-09: CNY 30.09 per share

- 2020-10: CNY 32.48 per share

- 2020-11: CNY 35.27 per share

- 2020-12: CNY 33.78 per share

- 2021-01: CNY 36.78 per share

- 2021-02: CNY 38.33 per share

- 2021-03: CNY 37.16 per share

- 2021-04: CNY 40.36 per share

- 2021-05: CNY 40.43 per share

- 2021-06: CNY 37.25 per share

- 2021-07: CNY 30.97 per share

- 2021-08: CNY 30.87 per share

- 2021-09: CNY 33.60 per share

- 2021-10: CNY 36.51 per share

- 2021-11: CNY 37.16 per share

- 2021-12: CNY 38.28 per share

- 2022-01: CNY 39.09 per share

- 2022-02: CNY 38.10 per share

- 2022-03: CNY 37.39 per share

- 2022-04: CNY 36.31 per share

- 2022-05: CNY 32.75 per share

- 2022-06: CNY 35.81 per share

- 2022-07: CNY 31.20 per share

- 2022-08: CNY 29.83 per share

- 2022-09: CNY 31.55 per share

- 2022-10: CNY 23.76 per share

- 2022-11: CNY 32.11 per share

- 2022-12: CNY 32.45 per share

- 2023-01: CNY 32.80 per share

- 2023-02: CNY 29.54 per share

- 2023-03: CNY 27.31 per share

- 2023-04: CNY 27.38 per share

- 2023-05: CNY 24.60 per share

- 2023-06: CNY 25.30 per share

- 2023-07: CNY 29.12 per share

- 2023-08: CNY 26.17 per share

- 2023-09: CNY 26.87 per share

- 2023-10: CNY 24.99 per share

- 2023-11: CNY 22.92 per share

- 2023-12: CNY 20.11 per share

- 2024-01: CNY 21.51 per share

- 2024-02: CNY 22.28 per share

- 2024-03: CNY 20.63 per share

- 2024-04: CNY 22.93 per share

- 2024-05: CNY 24.77 per share

- 2024-06: CNY 22.06 per share

- 2024-07: CNY 21.49 per share

- 2024-08: CNY 20.25 per share

- 2024-09: CNY 25.70 per share

- 2024-10: CNY 25.54 per share

- 2024-11: CNY 24.67 per share

- 2024-12: CNY 24.31 per share

- 2025-01: CNY 26.38 per share

- 2025-02: CNY 24.28 per share

- 2025-03: CNY 25.82 per share

- 2025-04: CNY 23.90 per share

- 2025-05: CNY 26.71 per share

- 2025-06: CNY 27.36 per share

- 2025-07: CNY 27.87 per share

- 2025-08: CNY 28.22 per share

- 2025-09: CNY 26.43 per share

- 2025-10: CNY 28.34 per share

- 2025-11: CNY 28.37 per share

- 2025-12: CNY 28.09 per share

- 2026-01: CNY 30.95 per share

- 2026-02: CNY 31.29 per share

- 2026-03: CNY 30.45 per share

- 2026-04: CNY 33.20 per share

- 2026-05: CNY 31.03 per share

- 2026-06: CNY 29.69 per share

- 2026-07: CNY 31.88 per share

- 2026-08: CNY 34.12 per share

- 2026-09: CNY 35.43 per share

- 2026-10: CNY 35.50 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 18.79 per share, central CNY 23.49 per share, high CNY 31.32 per share

- FY2017: low CNY 22.32 per share, central CNY 27.90 per share, high CNY 37.20 per share

- FY2018: low CNY 32.10 per share, central CNY 40.13 per share, high CNY 53.50 per share

- FY2019: low CNY 36.81 per share, central CNY 46.01 per share, high CNY 61.35 per share

- FY2020: low CNY 39.14 per share, central CNY 48.92 per share, high CNY 65.23 per share

- FY2021: low CNY 41.09 per share, central CNY 51.36 per share, high CNY 68.48 per share

- FY2022: low CNY 40.13 per share, central CNY 50.17 per share, high CNY 66.89 per share

- FY2023: low CNY 46.18 per share, central CNY 57.73 per share, high CNY 76.97 per share

- FY2024: low CNY 52.03 per share, central CNY 65.04 per share, high CNY 86.72 per share

- FY2025: low CNY 43.44 per share, central CNY 47.79 per share, high CNY 53.10 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.

## Reported holder observations