# Shanghai Pudong Development Bank (600000.SHG)

Canonical: https://gigainvestors.com/s/600000.SHG

Analysis as of: 2026-10-01T19:02:42.651Z. Financial observations: FY2015–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed. Published buy qualification: no.

Share price: CNY 9.64 per share; close as of 2026-10-15.

Estimated value: low CNY 19.19 per share, central CNY 21.11 per share, high CNY 23.46 per share. Buy at or below the central value CNY 21.11 per share. Valuation as of 2026-10-01T19:02:42.651Z; scenarios are not confidence intervals.

Expected annual return: 21.9% at the stated quote. About 21.9% 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): 0.36×

Chart: Net income; fiscal year observations.

- FY2016: CNY 51B

- FY2017: CNY 53B

- FY2018: CNY 54B

- FY2019: CNY 57B

- FY2020: CNY 55B

- FY2021: CNY 53B

- FY2022: CNY 46B

- FY2023: CNY 37B

- FY2024: CNY 45B

- FY2025: CNY 50B

### 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: 8.5%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 6.2%

- Years with reported combined ratio: 0

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

- FY2016: 15.7%

- FY2017: 14.1%

- FY2018: 11.9%

- FY2019: 10.7%

- FY2020: 8.9%

- FY2021: 8.1%

- FY2022: 6.7%

- FY2023: 5.2%

- FY2024: 6.3%

- FY2025: 6.2%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 16.7%

- Book return interval: 10 years

- Starting book value per share: CNY 10.66

- Ending book value per share: CNY 26.50

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

- FY2016: 13.4%

- FY2017: 13.6%

- FY2018: 27.9%

- FY2019: 26.2%

- FY2020: 15.0%

- FY2021: 23.2%

- FY2022: -4.8%

- FY2023: -14.5%

- FY2024: 39.1%

- FY2025: 40.5%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 1.3%

- Share growth excluding flagged crisis recapitalisations: 1.3%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 12.75×

- Book value created per share: CNY 15.84

- Earnings retained per share after dividends and buybacks: CNY 1.24

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

- FY2015: 100

- FY2016: 105

- FY2017: 107

- FY2018: 110

- FY2019: 111

- FY2020: 121

- FY2021: 112

- FY2022: 133

- FY2023: 172

- FY2024: 136

- FY2025: 114

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 32% since Jun 2025 · net income +10.5%

Story as of 2026-10-03T17:10:00Z; price observation 2026-09-30.

The price assumes profits shrink 12.3% a year forever

### Net income · FY2025

net income +10.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-01.

- FY2016: CNY 51B 

- FY2017: CNY 53B 

- FY2018: CNY 54B 

- FY2019: CNY 57B 

- FY2020: CNY 55B 

- FY2021: CNY 53B 

- FY2022: CNY 46B 

- FY2023: CNY 37B 

- FY2024: CNY 45B 

- FY2025: CNY 50B 

## Owner memo

Memo as of 2026-10-02T06:52:09.009Z.

### How it makes money

Operates in regional banking; annual sales are CNY 173.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:02:42.651Z); FY2025: revenue 173725000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); 600000.SHG: Shanghai Pudong Development Bank Co., Ltd., together with its subsidiaries, provides commercial banking products and services in China and internationally. It offers personal banking services, including saving products, premium weekly deposit, and private deposit; leisure banking and oriental debit cards, foreign currency exchange, remittance, and bill payment; wealth management services, such as open-ended funds, special investments, SPDB structured deposits, security investment custody accounts, individual FX trading, collective security investments, and insurance products distribution; deposit treasury bond pledged loans and car mortgages; online payment and consumption; and instant messaging services. The company also provides corporate and investment banking services comprising small and medium enterprises services, offshore banking, and multinational company services; and cash management, trade and supply chain finance solutions, assets custody, and occupational pension. In addition, it offers treasury and market products, which include FX and interest rate risk management; CNY bond and foreign currency securities; gold commodity; and structured products, such as RMB structured, premium, callable interest rate step up, callable fixed interest rate, callable reverse floating rate, callable interest rate linked daily range accrual, and gold price linked daily range accrual deposits, as well as other structured products. The company was founded in 1992 and is headquartered in Shanghai, China.

### Why customers stay

It earns 8.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:02:42.651Z); 10-year return on tangible equity observations [[2016,0.156795360903403],[2017,0.14079045048763297],[2018,0.11919651400403415],[2019,0.10658629732555734],[2020,0.08908943131386107],[2021,0.0812321452655068],[2022,0.06732574918226943],[2023,0.05171983749300693],[2024,0.06273548158149361],[2025,0.06233844251731797]]; median 0.08516078828968393. 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 2026-10-01T19:02:42.651Z); Dividend observations: [[2016,11846000000],[2017,6048000000],[2018,33954000000],[2019,42301000000],[2020,52921000000],[2021,57392000000],[2022,56410000000],[2023,41710000000],[2024,57414000000],[2025,45376000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 50.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); 600000.SHG SharesStats.PercentInsiders = 50.429 percentage points; cache date 2026-10-02.

### What the price says

The price assumes profits shrink 12.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:02:42.651Z); Price 9.48; FX 1; original perpetual distributable cash 2.1113919896624673; discount 0.1; growth -0.12272067401502817. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-09-30.

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

- 2016-09: CNY 16.49 per share

- 2016-10: CNY 16.27 per share

- 2016-11: CNY 17.16 per share

- 2016-12: CNY 16.21 per share

- 2017-01: CNY 16.74 per share

- 2017-02: CNY 16.59 per share

- 2017-03: CNY 16.01 per share

- 2017-04: CNY 15.21 per share

- 2017-05: CNY 12.84 per share

- 2017-06: CNY 12.65 per share

- 2017-07: CNY 13.36 per share

- 2017-08: CNY 12.71 per share

- 2017-09: CNY 12.87 per share

- 2017-10: CNY 12.61 per share

- 2017-11: CNY 12.91 per share

- 2017-12: CNY 12.59 per share

- 2018-01: CNY 13.17 per share

- 2018-02: CNY 12.46 per share

- 2018-03: CNY 11.65 per share

- 2018-04: CNY 11.61 per share

- 2018-05: CNY 10.55 per share

- 2018-06: CNY 9.56 per share

- 2018-07: CNY 10.17 per share

- 2018-08: CNY 10.33 per share

- 2018-09: CNY 10.62 per share

- 2018-10: CNY 10.98 per share

- 2018-11: CNY 10.71 per share

- 2018-12: CNY 9.80 per share

- 2019-01: CNY 10.73 per share

- 2019-02: CNY 11.74 per share

- 2019-03: CNY 11.28 per share

- 2019-04: CNY 11.32 per share

- 2019-05: CNY 11.13 per share

- 2019-06: CNY 11.68 per share

- 2019-07: CNY 11.87 per share

- 2019-08: CNY 11.28 per share

- 2019-09: CNY 11.84 per share

- 2019-10: CNY 12.51 per share

- 2019-11: CNY 11.91 per share

- 2019-12: CNY 12.37 per share

- 2020-01: CNY 11.35 per share

- 2020-02: CNY 10.85 per share

- 2020-03: CNY 10.15 per share

- 2020-04: CNY 10.63 per share

- 2020-05: CNY 10.57 per share

- 2020-06: CNY 10.58 per share

- 2020-07: CNY 10.36 per share

- 2020-08: CNY 10.36 per share

- 2020-09: CNY 9.39 per share

- 2020-10: CNY 9.26 per share

- 2020-11: CNY 10.06 per share

- 2020-12: CNY 9.68 per share

- 2021-01: CNY 9.96 per share

- 2021-02: CNY 10.54 per share

- 2021-03: CNY 10.99 per share

- 2021-04: CNY 10.05 per share

- 2021-05: CNY 10.27 per share

- 2021-06: CNY 10.00 per share

- 2021-07: CNY 9.03 per share

- 2021-08: CNY 9.05 per share

- 2021-09: CNY 9.00 per share

- 2021-10: CNY 8.94 per share

- 2021-11: CNY 8.51 per share

- 2021-12: CNY 8.53 per share

- 2022-01: CNY 8.41 per share

- 2022-02: CNY 8.39 per share

- 2022-03: CNY 8.00 per share

- 2022-04: CNY 8.03 per share

- 2022-05: CNY 7.94 per share

- 2022-06: CNY 8.01 per share

- 2022-07: CNY 7.26 per share

- 2022-08: CNY 7.27 per share

- 2022-09: CNY 7.04 per share

- 2022-10: CNY 6.64 per share

- 2022-11: CNY 7.22 per share

- 2022-12: CNY 7.28 per share

- 2023-01: CNY 7.37 per share

- 2023-02: CNY 7.18 per share

- 2023-03: CNY 7.19 per share

- 2023-04: CNY 7.60 per share

- 2023-05: CNY 7.35 per share

- 2023-06: CNY 7.24 per share

- 2023-07: CNY 7.60 per share

- 2023-08: CNY 6.98 per share

- 2023-09: CNY 7.10 per share

- 2023-10: CNY 6.82 per share

- 2023-11: CNY 6.85 per share

- 2023-12: CNY 6.62 per share

- 2024-01: CNY 6.83 per share

- 2024-02: CNY 7.15 per share

- 2024-03: CNY 7.13 per share

- 2024-04: CNY 7.70 per share

- 2024-05: CNY 8.34 per share

- 2024-06: CNY 8.23 per share

- 2024-07: CNY 8.40 per share

- 2024-08: CNY 8.43 per share

- 2024-09: CNY 10.13 per share

- 2024-10: CNY 9.84 per share

- 2024-11: CNY 9.46 per share

- 2024-12: CNY 10.29 per share

- 2025-01: CNY 10.65 per share

- 2025-02: CNY 10.17 per share

- 2025-03: CNY 10.43 per share

- 2025-04: CNY 10.96 per share

- 2025-05: CNY 12.33 per share

- 2025-06: CNY 13.88 per share

- 2025-07: CNY 12.81 per share

- 2025-08: CNY 13.63 per share

- 2025-09: CNY 11.90 per share

- 2025-10: CNY 11.49 per share

- 2025-11: CNY 11.48 per share

- 2025-12: CNY 12.44 per share

- 2026-01: CNY 10.04 per share

- 2026-02: CNY 9.72 per share

- 2026-03: CNY 10.18 per share

- 2026-04: CNY 9.27 per share

- 2026-05: CNY 9.37 per share

- 2026-06: CNY 8.61 per share

- 2026-07: CNY 9.51 per share

- 2026-08: CNY 9.16 per share

- 2026-09: CNY 9.18 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 32.72 per share, central CNY 40.90 per share, high CNY 50.93 per share

- FY2017: low CNY 34.55 per share, central CNY 43.19 per share, high CNY 56.37 per share

- FY2018: low CNY 34.53 per share, central CNY 43.16 per share, high CNY 57.55 per share

- FY2019: low CNY 35.87 per share, central CNY 44.83 per share, high CNY 59.78 per share

- FY2020: low CNY 36.47 per share, central CNY 45.59 per share, high CNY 60.79 per share

- FY2021: low CNY 35.55 per share, central CNY 44.43 per share, high CNY 59.25 per share

- FY2022: low CNY 26.35 per share, central CNY 32.94 per share, high CNY 43.92 per share

- FY2023: low CNY 16.36 per share, central CNY 17.99 per share, high CNY 19.99 per share

- FY2024: low CNY 18.46 per share, central CNY 20.31 per share, high CNY 22.57 per share

- FY2025: low CNY 21.12 per share, central CNY 23.23 per share, high CNY 25.81 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