# East Money Information (300059.SHE)

Canonical: https://gigainvestors.com/s/300059.SHE

Analysis as of: 2026-10-16T07:34:01.296Z. 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 18.32 per share; close as of 2026-10-15.

Estimated value: low CNY 7.40 per share, central CNY 9.24 per share, high CNY 12.33 per share. Buy at or below the central value CNY 9.24 per share. Valuation as of 2026-10-16T07:34:01.296Z; scenarios are not confidence intervals.

Expected annual return: 8.0% at the stated quote. About 8.0% 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): 0.41×

Chart: Net income; fiscal year observations.

- FY2016: CNY 714M

- FY2017: CNY 637M

- FY2018: CNY 959M

- FY2019: CNY 1.8B

- FY2020: CNY 4.8B

- FY2021: CNY 8.6B

- FY2022: CNY 8.5B

- FY2023: CNY 8.2B

- FY2024: CNY 9.6B

- FY2025: CNY 12B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 12.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 7.3%

- Years with reported combined ratio: 0

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

- FY2016: 7.3%

- FY2017: 5.5%

- FY2018: 7.5%

- FY2019: 10.1%

- FY2020: 15.9%

- FY2021: 20.9%

- FY2022: 13.7%

- FY2023: 11.9%

- FY2024: 12.4%

- FY2025: 13.6%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 26.6%

- Book return interval: 10 years

- Starting book value per share: CNY 0.66

- Ending book value per share: CNY 5.61

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

- FY2016: 71.2%

- FY2017: 20.8%

- FY2018: 11.9%

- FY2019: 33.6%

- FY2020: 64.3%

- FY2021: 34.7%

- FY2022: 1.1%

- FY2023: 14.5%

- FY2024: 15.4%

- FY2025: 15.3%

### 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: 7.6%

- Diluted shares, 5-year annual growth: 9.7%

- Share growth excluding flagged crisis recapitalisations: 7.6%

- Five-year share growth excluding flagged crisis recapitalisations: 9.7%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.42×

- Book value created per share: CNY 4.95

- Earnings retained per share after dividends and buybacks: CNY 3.47

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

- FY2015: 100

- FY2016: 116

- FY2017: 117

- FY2018: 117

- FY2019: 127

- FY2020: 131

- FY2021: 136

- FY2022: 209

- FY2023: 208

- FY2024: 207

- FY2025: 208

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 51% since Dec 2021 · net income +25.7%

Story as of 2026-10-16T09:59:58.799Z; price observation 2026-10-15.

The price assumes profits grow 8% a year forever

### Net income · FY2025

net income +25.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 714M 

- FY2017: CNY 637M 

- FY2018: CNY 959M 

- FY2019: CNY 1.8B 

- FY2020: CNY 4.8B 

- FY2021: CNY 8.6B 

- FY2022: CNY 8.5B 

- FY2023: CNY 8.2B 

- FY2024: CNY 9.6B 

- FY2025: CNY 12B 

## Owner memo

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

### How it makes money

Operates in capital markets; annual sales are CNY 16.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.296Z); FY2025: revenue 16067741000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300059.SHE: East Money Information Co.,Ltd. provides internet-based financial information, data, trading, and other services in China. The company operates in the securities, financial e-commerce service, and financial data service businesses. It also provides online wealth management services across finance, securities, funds, futures, and social networking, as well as internet advertising services. The company was formerly known as Shanghai Dong Cai Information Technology Company Limited and changed its name to East Money Information Co.,Ltd. in January 2008. East Money Information Co.,Ltd. was founded in 2005 and is based in Shanghai, China.

### Why customers stay

It earns 12.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.296Z); 10-year return on tangible equity observations [[2016,0.0726512076450491],[2017,0.054545635163219405],[2018,0.07536243538408653],[2019,0.101297911042159],[2020,0.15907782070698318],[2021,0.20901604290502937],[2022,0.13714920281451207],[2023,0.11900666307638527],[2024,0.12378441614999237],[2025,0.1360374798350182]]; median 0.12139553961318883. 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 2026-10-16T07:34:01.296Z); Dividend observations: [[2016,226464446.81],[2017,262960495.91],[2018,376354651.75],[2019,339130209.78],[2020,519300895.7],[2021,1126035283.74],[2022,1728220252.58],[2023,1729872020.9],[2024,1677574635],[2025,947133000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 22.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300059.SHE SharesStats.PercentInsiders = 22.215 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 8% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.296Z); Price 18.32; FX 1; original perpetual distributable cash 0.3697922156922744; discount 0.1; growth 0.07981483538797629. 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 19.46 per share

- 2016-11: CNY 21.68 per share

- 2016-12: CNY 16.93 per share

- 2017-01: CNY 15.92 per share

- 2017-02: CNY 16.53 per share

- 2017-03: CNY 14.98 per share

- 2017-04: CNY 11.10 per share

- 2017-05: CNY 11.79 per share

- 2017-06: CNY 12.02 per share

- 2017-07: CNY 11.51 per share

- 2017-08: CNY 14.84 per share

- 2017-09: CNY 13.83 per share

- 2017-10: CNY 12.36 per share

- 2017-11: CNY 13.61 per share

- 2017-12: CNY 12.95 per share

- 2018-01: CNY 15.29 per share

- 2018-02: CNY 13.79 per share

- 2018-03: CNY 16.93 per share

- 2018-04: CNY 14.33 per share

- 2018-05: CNY 13.27 per share

- 2018-06: CNY 13.18 per share

- 2018-07: CNY 13.44 per share

- 2018-08: CNY 12.69 per share

- 2018-09: CNY 11.25 per share

- 2018-10: CNY 12.37 per share

- 2018-11: CNY 12.82 per share

- 2018-12: CNY 12.10 per share

- 2019-01: CNY 12.87 per share

- 2019-02: CNY 19.60 per share

- 2019-03: CNY 19.38 per share

- 2019-04: CNY 1,000,000.00 per share

- 2019-05: CNY 12.65 per share

- 2019-06: CNY 13.55 per share

- 2019-07: CNY 14.55 per share

- 2019-08: CNY 14.47 per share

- 2019-09: CNY 14.78 per share

- 2019-10: CNY 14.92 per share

- 2019-11: CNY 13.85 per share

- 2019-12: CNY 15.77 per share

- 2020-01: CNY 15.08 per share

- 2020-02: CNY 17.35 per share

- 2020-03: CNY 16.06 per share

- 2020-04: CNY 18.24 per share

- 2020-05: CNY 14.25 per share

- 2020-06: CNY 20.20 per share

- 2020-07: CNY 26.69 per share

- 2020-08: CNY 26.18 per share

- 2020-09: CNY 24.00 per share

- 2020-10: CNY 23.38 per share

- 2020-11: CNY 27.50 per share

- 2020-12: CNY 31.00 per share

- 2021-01: CNY 35.20 per share

- 2021-02: CNY 30.38 per share

- 2021-03: CNY 27.26 per share

- 2021-04: CNY 32.24 per share

- 2021-05: CNY 31.80 per share

- 2021-06: CNY 32.79 per share

- 2021-07: CNY 31.05 per share

- 2021-08: CNY 30.95 per share

- 2021-09: CNY 34.37 per share

- 2021-10: CNY 32.90 per share

- 2021-11: CNY 34.64 per share

- 2021-12: CNY 37.11 per share

- 2022-01: CNY 31.36 per share

- 2022-02: CNY 26.74 per share

- 2022-03: CNY 25.34 per share

- 2022-04: CNY 22.78 per share

- 2022-05: CNY 22.64 per share

- 2022-06: CNY 25.40 per share

- 2022-07: CNY 22.25 per share

- 2022-08: CNY 22.20 per share

- 2022-09: CNY 17.62 per share

- 2022-10: CNY 15.61 per share

- 2022-11: CNY 18.50 per share

- 2022-12: CNY 19.40 per share

- 2023-01: CNY 22.49 per share

- 2023-02: CNY 20.92 per share

- 2023-03: CNY 20.03 per share

- 2023-04: CNY 16.09 per share

- 2023-05: CNY 14.02 per share

- 2023-06: CNY 14.20 per share

- 2023-07: CNY 16.08 per share

- 2023-08: CNY 15.87 per share

- 2023-09: CNY 15.20 per share

- 2023-10: CNY 15.27 per share

- 2023-11: CNY 14.64 per share

- 2023-12: CNY 14.04 per share

- 2024-01: CNY 12.48 per share

- 2024-02: CNY 14.04 per share

- 2024-03: CNY 12.89 per share

- 2024-04: CNY 13.05 per share

- 2024-05: CNY 12.41 per share

- 2024-06: CNY 10.56 per share

- 2024-07: CNY 11.14 per share

- 2024-08: CNY 10.80 per share

- 2024-09: CNY 20.30 per share

- 2024-10: CNY 23.19 per share

- 2024-11: CNY 27.26 per share

- 2024-12: CNY 25.82 per share

- 2025-01: CNY 22.94 per share

- 2025-02: CNY 23.23 per share

- 2025-03: CNY 22.58 per share

- 2025-04: CNY 20.57 per share

- 2025-05: CNY 20.62 per share

- 2025-06: CNY 23.13 per share

- 2025-07: CNY 23.23 per share

- 2025-08: CNY 28.91 per share

- 2025-09: CNY 27.12 per share

- 2025-10: CNY 25.50 per share

- 2025-11: CNY 23.40 per share

- 2025-12: CNY 23.18 per share

- 2026-01: CNY 22.70 per share

- 2026-02: CNY 22.52 per share

- 2026-03: CNY 18.89 per share

- 2026-04: CNY 20.36 per share

- 2026-05: CNY 19.16 per share

- 2026-06: CNY 20.38 per share

- 2026-07: CNY 20.17 per share

- 2026-08: CNY 19.39 per share

- 2026-09: CNY 17.79 per share

- 2026-10: CNY 18.06 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 0.53 per share, central CNY 0.66 per share, high CNY 0.88 per share

- FY2017: low CNY 0.52 per share, central CNY 0.61 per share, high CNY 0.75 per share

- FY2018: low CNY 0.60 per share, central CNY 0.70 per share, high CNY 0.85 per share

- FY2019: low CNY 0.73 per share, central CNY 0.86 per share, high CNY 1.05 per share

- FY2020: low CNY 1.04 per share, central CNY 1.28 per share, high CNY 1.64 per share

- FY2021: low CNY 1.99 per share, central CNY 2.49 per share, high CNY 3.32 per share

- FY2022: low CNY 2.97 per share, central CNY 3.71 per share, high CNY 4.95 per share

- FY2023: low CNY 4.36 per share, central CNY 5.46 per share, high CNY 7.27 per share

- FY2024: low CNY 5.43 per share, central CNY 5.97 per share, high CNY 6.63 per share

- FY2025: low CNY 6.89 per share, central CNY 8.61 per share, high CNY 11.48 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.

East Money Information

300059 · SHE

CSI 300

Not a wonderful business

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

Share price: CNY 18.32
Buy up to: CNY 9.24
Expected / yr: 8.0% 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 6.5B
Worst year: CNY 637M
Latest · 2025: CNY 12B

Earned a median 12.1% on tangible equity (minimum 12%), and the second-worst year 7.3% (minimum 5%).

Return on tangible common equity

10y median: 12.1%
Worst year: 5.5%
Latest · 2025: 13.6%

Book value plus dividends grew 26.6% a year (minimum 7%).

Annual book + dividend return

10y median: 18.1%
Worst year: 1.1%
Latest · 2025: 15.3%

Ordinary share growth was 7.6% over the full period and 9.7% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 131
Worst year: 209
Latest · 2025: 208

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 0.63 CNY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CNY 19.46 · Value 0.66 · Buy at or below 0.66; 2016-11 · Price CNY 21.68 · Value 0.66 · Buy at or below 0.66; 2016-12 · Price CNY 16.93 · Value 0.66 · Buy at or below 0.66; 2017-01 · Price CNY 15.92 · Value 0.66 · Buy at or below 0.66; 2017-02 · Price CNY 16.53 · Value 0.61 · Buy at or below 0.61; 2017-03 · Price CNY 14.98 · Value 0.61 · Buy at or below 0.61; 2017-04 · Price CNY 11.10 · Value 0.61 · Buy at or below 0.61; 2017-05 · Price CNY 11.79 · Value 0.61 · Buy at or below 0.61; 2017-06 · Price CNY 12.02 · Value 0.61 · Buy at or below 0.61; 2017-07 · Price CNY 11.51 · Value 0.61 · Buy at or below 0.61; 2017-08 · Price CNY 14.84 · Value 0.61 · Buy at or below 0.61; 2017-09 · Price CNY 13.83 · Value 0.61 · Buy at or below 0.61; 2017-10 · Price CNY 12.36 · Value 0.61 · Buy at or below 0.61; 2017-11 · Price CNY 13.61 · Value 0.61 · Buy at or below 0.61; 2017-12 · Price CNY 12.95 · Value 0.61 · Buy at or below 0.61; 2018-01 · Price CNY 15.29 · Value 0.61 · Buy at or below 0.61; 2018-02 · Price CNY 13.79 · Value 0.70 · Buy at or below 0.70; 2018-03 · Price CNY 16.93 · Value 0.70 · Buy at or below 0.70; 2018-04 · Price CNY 14.33 · Value 0.70 · Buy at or below 0.70; 2018-05 · Price CNY 13.27 · Value 0.70 · Buy at or below 0.70; 2018-06 · Price CNY 13.18 · Value 0.70 · Buy at or below 0.70; 2018-07 · Price CNY 13.44 · Value 0.70 · Buy at or below 0.70; 2018-08 · Price CNY 12.69 · Value 0.70 · Buy at or below 0.70; 2018-09 · Price CNY 11.25 · Value 0.70 · Buy at or below 0.70; 2018-10 · Price CNY 12.37 · Value 0.70 · Buy at or below 0.70; 2018-11 · Price CNY 12.82 · Value 0.70 · Buy at or below 0.70; 2018-12 · Price CNY 12.10 · Value 0.70 · Buy at or below 0.70; 2019-01 · Price CNY 12.87 · Value 0.70 · Buy at or below 0.70; 2019-02 · Price CNY 19.60 · Value 0.86 · Buy at or below 0.86; 2019-03 · Price CNY 19.38 · Value 0.86 · Buy at or below 0.86; 2019-04 · Price CNY 1000000.00 · Value 0.86 · Buy at or below 0.86; 2019-05 · Price CNY 12.65 · Value 0.86 · Buy at or below 0.86; 2019-06 · Price CNY 13.55 · Value 0.86 · Buy at or below 0.86; 2019-07 · Price CNY 14.55 · Value 0.86 · Buy at or below 0.86; 2019-08 · Price CNY 14.47 · Value 0.86 · Buy at or below 0.86; 2019-09 · Price CNY 14.78 · Value 0.86 · Buy at or below 0.86; 2019-10 · Price CNY 14.92 · Value 0.86 · Buy at or below 0.86; 2019-11 · Price CNY 13.85 · Value 0.86 · Buy at or below 0.86; 2019-12 · Price CNY 15.77 · Value 0.86 · Buy at or below 0.86; 2020-01 · Price CNY 15.08 · Value 0.86 · Buy at or below 0.86; 2020-02 · Price CNY 17.35 · Value 1.28 · Buy at or below 1.28; 2020-03 · Price CNY 16.06 · Value 1.28 · Buy at or below 1.28; 2020-04 · Price CNY 18.24 · Value 1.28 · Buy at or below 1.28; 2020-05 · Price CNY 14.25 · Value 1.28 · Buy at or below 1.28; 2020-06 · Price CNY 20.20 · Value 1.28 · Buy at or below 1.28; 2020-07 · Price CNY 26.69 · Value 1.28 · Buy at or below 1.28; 2020-08 · Price CNY 26.18 · Value 1.28 · Buy at or below 1.28; 2020-09 · Price CNY 24.00 · Value 1.28 · Buy at or below 1.28; 2020-10 · Price CNY 23.38 · Value 1.28 · Buy at or below 1.28; 2020-11 · Price CNY 27.50 · Value 1.28 · Buy at or below 1.28; 2020-12 · Price CNY 31.00 · Value 1.28 · Buy at or below 1.28; 2021-01 · Price CNY 35.20 · Value 1.28 · Buy at or below 1.28; 2021-02 · Price CNY 30.38 · Value 2.49 · Buy at or below 2.49; 2021-03 · Price CNY 27.26 · Value 2.49 · Buy at or below 2.49; 2021-04 · Price CNY 32.24 · Value 2.49 · Buy at or below 2.49; 2021-05 · Price CNY 31.80 · Value 2.49 · Buy at or below 2.49; 2021-06 · Price CNY 32.79 · Value 2.49 · Buy at or below 2.49; 2021-07 · Price CNY 31.05 · Value 2.49 · Buy at or below 2.49; 2021-08 · Price CNY 30.95 · Value 2.49 · Buy at or below 2.49; 2021-09 · Price CNY 34.37 · Value 2.49 · Buy at or below 2.49; 2021-10 · Price CNY 32.90 · Value 2.49 · Buy at or below 2.49; 2021-11 · Price CNY 34.64 · Value 2.49 · Buy at or below 2.49; 2021-12 · Price CNY 37.11 · Value 2.49 · Buy at or below 2.49; 2022-01 · Price CNY 31.36 · Value 2.49 · Buy at or below 2.49; 2022-02 · Price CNY 26.74 · Value 3.71 · Buy at or below 3.71; 2022-03 · Price CNY 25.34 · Value 3.71 · Buy at or below 3.71; 2022-04 · Price CNY 22.78 · Value 3.71 · Buy at or below 3.71; 2022-05 · Price CNY 22.64 · Value 3.71 · Buy at or below 3.71; 2022-06 · Price CNY 25.40 · Value 3.71 · Buy at or below 3.71; 2022-07 · Price CNY 22.25 · Value 3.71 · Buy at or below 3.71; 2022-08 · Price CNY 22.20 · Value 3.71 · Buy at or below 3.71; 2022-09 · Price CNY 17.62 · Value 3.71 · Buy at or below 3.71; 2022-10 · Price CNY 15.61 · Value 3.71 · Buy at or below 3.71; 2022-11 · Price CNY 18.50 · Value 3.71 · Buy at or below 3.71; 2022-12 · Price CNY 19.40 · Value 3.71 · Buy at or below 3.71; 2023-01 · Price CNY 22.49 · Value 3.71 · Buy at or below 3.71; 2023-02 · Price CNY 20.92 · Value 5.46 · Buy at or below 5.46; 2023-03 · Price CNY 20.03 · Value 5.46 · Buy at or below 5.46; 2023-04 · Price CNY 16.09 · Value 5.46 · Buy at or below 5.46; 2023-05 · Price CNY 14.02 · Value 5.46 · Buy at or below 5.46; 2023-06 · Price CNY 14.20 · Value 5.46 · Buy at or below 5.46; 2023-07 · Price CNY 16.08 · Value 5.46 · Buy at or below 5.46; 2023-08 · Price CNY 15.87 · Value 5.46 · Buy at or below 5.46; 2023-09 · Price CNY 15.20 · Value 5.46 · Buy at or below 5.46; 2023-10 · Price CNY 15.27 · Value 5.46 · Buy at or below 5.46; 2023-11 · Price CNY 14.64 · Value 5.46 · Buy at or below 5.46; 2023-12 · Price CNY 14.04 · Value 5.46 · Buy at or below 5.46; 2024-01 · Price CNY 12.48 · Value 5.46 · Buy at or below 5.46; 2024-02 · Price CNY 14.04 · Value 5.97 · Buy at or below 5.97; 2024-03 · Price CNY 12.89 · Value 5.97 · Buy at or below 5.97; 2024-04 · Price CNY 13.05 · Value 5.97 · Buy at or below 5.97; 2024-05 · Price CNY 12.41 · Value 5.97 · Buy at or below 5.97; 2024-06 · Price CNY 10.56 · Value 5.97 · Buy at or below 5.97; 2024-07 · Price CNY 11.14 · Value 5.97 · Buy at or below 5.97; 2024-08 · Price CNY 10.80 · Value 5.97 · Buy at or below 5.97; 2024-09 · Price CNY 20.30 · Value 5.97 · Buy at or below 5.97; 2024-10 · Price CNY 23.19 · Value 5.97 · Buy at or below 5.97; 2024-11 · Price CNY 27.26 · Value 5.97 · Buy at or below 5.97; 2024-12 · Price CNY 25.82 · Value 5.97 · Buy at or below 5.97; 2025-01 · Price CNY 22.94 · Value 5.97 · Buy at or below 5.97; 2025-02 · Price CNY 23.23 · Value 8.61 · Buy at or below 8.61; 2025-03 · Price CNY 22.58 · Value 8.61 · Buy at or below 8.61; 2025-04 · Price CNY 20.57 · Value 8.61 · Buy at or below 8.61; 2025-05 · Price CNY 20.62 · Value 8.61 · Buy at or below 8.61; 2025-06 · Price CNY 23.13 · Value 8.61 · Buy at or below 8.61; 2025-07 · Price CNY 23.23 · Value 8.61 · Buy at or below 8.61; 2025-08 · Price CNY 28.91 · Value 8.61 · Buy at or below 8.61; 2025-09 · Price CNY 27.12 · Value 8.61 · Buy at or below 8.61; 2025-10 · Price CNY 25.50 · Value 8.61 · Buy at or below 8.61; 2025-11 · Price CNY 23.40 · Value 8.61 · Buy at or below 8.61; 2025-12 · Price CNY 23.18 · Value 8.61 · Buy at or below 8.61; 2026-01 · Price CNY 22.70 · Value 8.61 · Buy at or below 8.61; 2026-02 · Price CNY 22.52 · Value 9.24 · Buy at or below 9.24; 2026-03 · Price CNY 18.89 · Value 9.24 · Buy at or below 9.24; 2026-04 · Price CNY 20.36 · Value 9.24 · Buy at or below 9.24; 2026-05 · Price CNY 19.16 · Value 9.24 · Buy at or below 9.24; 2026-06 · Price CNY 20.38 · Value 9.24 · Buy at or below 9.24; 2026-07 · Price CNY 20.17 · Value 9.24 · Buy at or below 9.24; 2026-08 · Price CNY 19.39 · Value 9.24 · Buy at or below 9.24; 2026-09 · Price CNY 17.79 · Value 9.24 · Buy at or below 9.24; 2026-10 · Price CNY 18.06 · Value 9.24 · Buy at or below 9.24; 2026-10 · Price CNY 18.32 · Value 9.24 · Buy at or below 9.24

CNY per share · annual estimates

Price & return math
Value range	CNY 7.40 – CNY 12.33
Buy at or below	Central value CNY 9.24
Discount to value	1 − 18.32 / 9.24 = -98.2%
Return / year	About 8.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CNY 6.02/share; ROE 12.1%; first payout CNY 0.37/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCNY 12B

Net income

Book / shareCNY 5.61

Book / share

Dividend / shareCNY 0.06

Dividend / share

Return on tangible equity13.6%

Return on tangible equity

Diluted shares16B

Diluted shares

Prices 15 Oct 2026 · FY2025