# Hua Xia Bank (600015.SHG)

Canonical: https://gigainvestors.com/s/600015.SHG

Analysis as of: 2026-10-16T07:35:08.676Z. 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 6.27 per share; close as of 2026-10-15.

Estimated value: low CNY 18.09 per share, central CNY 19.90 per share, high CNY 22.12 per share. Buy at or below the central value CNY 19.90 per share. Valuation as of 2026-10-16T07:35:08.676Z; scenarios are not confidence intervals.

Expected annual return: 31.7% at the stated quote. About 31.7% 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): 0.30×

Chart: Net income; fiscal year observations.

- FY2016: CNY 20B

- FY2017: CNY 19B

- FY2018: CNY 20B

- FY2019: CNY 21B

- FY2020: CNY 18B

- FY2021: CNY 21B

- FY2022: CNY 22B

- FY2023: CNY 26B

- FY2024: CNY 28B

- FY2025: CNY 27B

### 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: 7.8%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 6.9%

- Years with reported combined ratio: 0

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

- FY2016: 14.9%

- FY2017: 12.8%

- FY2018: 9.6%

- FY2019: 7.9%

- FY2020: 6.6%

- FY2021: 7.0%

- FY2022: 7.0%

- FY2023: 8.3%

- FY2024: 7.7%

- FY2025: 6.9%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 14.6%

- Book return interval: 10 years

- Starting book value per share: CNY 9.27

- Ending book value per share: CNY 24.75

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

- FY2016: 15.5%

- FY2017: 14.5%

- FY2018: 47.5%

- FY2019: 11.4%

- FY2020: 7.0%

- FY2021: 11.1%

- FY2022: 7.9%

- FY2023: 4.2%

- FY2024: 18.7%

- FY2025: 13.3%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 2.3%

- Diluted shares, 5-year annual growth: 0.6%

- Share growth excluding flagged crisis recapitalisations: 2.3%

- Five-year share growth excluding flagged crisis recapitalisations: 0.6%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 3.75×

- Book value created per share: CNY 15.48

- Earnings retained per share after dividends and buybacks: CNY 4.13

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

- FY2015: 100

- FY2016: 101

- FY2017: 102

- FY2018: 101

- FY2019: 120

- FY2020: 122

- FY2021: 121

- FY2022: 126

- FY2023: 126

- FY2024: 126

- FY2025: 126

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 22% since Dec 2024 · net income -1.7%

Story as of 2026-10-16T10:00:03.812Z; price observation 2026-10-15.

The price assumes profits shrink 21.7% a year forever

### Net income · FY2025

net income -1.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 20B 

- FY2017: CNY 19B 

- FY2018: CNY 20B 

- FY2019: CNY 21B 

- FY2020: CNY 18B 

- FY2021: CNY 21B 

- FY2022: CNY 22B 

- FY2023: CNY 26B 

- FY2024: CNY 28B 

- FY2025: CNY 27B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are CNY 91.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:08.676Z); FY2025: revenue 91723000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600015.SHG: Hua Xia Bank Co., Limited provides commercial banking services in China and Hong Kong. It offers current, time, corporate agreement, foreign currency, and notice deposit products; debit and credit services; housing loans, business loans, life loans, and personal loans, as well as working capital, credit, stock pledge, fixed asset, guarantee, and syndicate loans; financial services, such as trading, investment, foreign exchange, and third-party depositary; and fund products. The company also provides intermediary services, including agency sales, guarantees, agency collection and payment services, settlement, and other services; asset custody services; internet and mobile banking; internet fund; online payment services; and wealth management, and FX trading and advisory services. In addition, it offers insurance services, trust services, brokerage, personal exchange settlement, personal deposit certification, and safe-deposit boxes. The company was incorporated in 1992 and is headquartered in Beijing, China.

### Why customers stay

It earns 7.8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:08.676Z); 10-year return on tangible equity observations [[2016,0.1489305339004859],[2017,0.12824168547373543],[2018,0.09567150266497765],[2019,0.07874530855151995],[2020,0.0659294827235881],[2021,0.0696014057773694],[2022,0.06953239238623599],[2023,0.08321995536432998],[2024,0.07683594487445725],[2025,0.06904114039718962]]; median 0.0777906267129886. 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 2026-10-16T07:35:08.676Z); Dividend observations: [[2016,4758000000],[2017,4879000000],[2018,7044000000],[2019,8663000000],[2020,10776000000],[2021,12719000000],[2022,13979000000],[2023,15251000000],[2024,15702000000],[2025,14064000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 58.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600015.SHG SharesStats.PercentInsiders = 58.135000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits shrink 21.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:08.676Z); Price 6.27; FX 1; original perpetual distributable cash 1.9903797084782457; discount 0.1; growth -0.21744492958185738. 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 10.41 per share

- 2016-11: CNY 11.55 per share

- 2016-12: CNY 10.85 per share

- 2017-01: CNY 11.59 per share

- 2017-02: CNY 11.67 per share

- 2017-03: CNY 11.29 per share

- 2017-04: CNY 10.63 per share

- 2017-05: CNY 10.71 per share

- 2017-06: CNY 9.22 per share

- 2017-07: CNY 10.00 per share

- 2017-08: CNY 9.52 per share

- 2017-09: CNY 9.27 per share

- 2017-10: CNY 9.09 per share

- 2017-11: CNY 9.27 per share

- 2017-12: CNY 9.00 per share

- 2018-01: CNY 9.85 per share

- 2018-02: CNY 9.30 per share

- 2018-03: CNY 8.91 per share

- 2018-04: CNY 8.71 per share

- 2018-05: CNY 8.33 per share

- 2018-06: CNY 7.45 per share

- 2018-07: CNY 7.61 per share

- 2018-08: CNY 7.75 per share

- 2018-09: CNY 8.17 per share

- 2018-10: CNY 8.00 per share

- 2018-11: CNY 7.79 per share

- 2018-12: CNY 7.39 per share

- 2019-01: CNY 7.57 per share

- 2019-02: CNY 8.32 per share

- 2019-03: CNY 8.25 per share

- 2019-04: CNY 8.22 per share

- 2019-05: CNY 7.50 per share

- 2019-06: CNY 7.70 per share

- 2019-07: CNY 7.56 per share

- 2019-08: CNY 7.24 per share

- 2019-09: CNY 7.38 per share

- 2019-10: CNY 7.49 per share

- 2019-11: CNY 7.43 per share

- 2019-12: CNY 7.67 per share

- 2020-01: CNY 7.40 per share

- 2020-02: CNY 6.95 per share

- 2020-03: CNY 6.47 per share

- 2020-04: CNY 6.56 per share

- 2020-05: CNY 6.37 per share

- 2020-06: CNY 6.12 per share

- 2020-07: CNY 6.36 per share

- 2020-08: CNY 6.43 per share

- 2020-09: CNY 6.13 per share

- 2020-10: CNY 6.06 per share

- 2020-11: CNY 6.53 per share

- 2020-12: CNY 6.25 per share

- 2021-01: CNY 6.10 per share

- 2021-02: CNY 6.24 per share

- 2021-03: CNY 6.44 per share

- 2021-04: CNY 6.24 per share

- 2021-05: CNY 6.43 per share

- 2021-06: CNY 6.19 per share

- 2021-07: CNY 5.48 per share

- 2021-08: CNY 5.60 per share

- 2021-09: CNY 5.57 per share

- 2021-10: CNY 5.63 per share

- 2021-11: CNY 5.64 per share

- 2021-12: CNY 5.60 per share

- 2022-01: CNY 5.63 per share

- 2022-02: CNY 5.63 per share

- 2022-03: CNY 5.56 per share

- 2022-04: CNY 5.45 per share

- 2022-05: CNY 5.32 per share

- 2022-06: CNY 5.21 per share

- 2022-07: CNY 5.12 per share

- 2022-08: CNY 5.14 per share

- 2022-09: CNY 5.03 per share

- 2022-10: CNY 4.79 per share

- 2022-11: CNY 5.24 per share

- 2022-12: CNY 5.19 per share

- 2023-01: CNY 5.21 per share

- 2023-02: CNY 5.22 per share

- 2023-03: CNY 5.38 per share

- 2023-04: CNY 5.76 per share

- 2023-05: CNY 5.78 per share

- 2023-06: CNY 5.41 per share

- 2023-07: CNY 5.80 per share

- 2023-08: CNY 5.54 per share

- 2023-09: CNY 5.72 per share

- 2023-10: CNY 5.60 per share

- 2023-11: CNY 5.80 per share

- 2023-12: CNY 5.62 per share

- 2024-01: CNY 6.06 per share

- 2024-02: CNY 6.34 per share

- 2024-03: CNY 6.48 per share

- 2024-04: CNY 6.71 per share

- 2024-05: CNY 6.89 per share

- 2024-06: CNY 6.40 per share

- 2024-07: CNY 6.28 per share

- 2024-08: CNY 6.02 per share

- 2024-09: CNY 7.43 per share

- 2024-10: CNY 7.07 per share

- 2024-11: CNY 7.57 per share

- 2024-12: CNY 8.01 per share

- 2025-01: CNY 7.60 per share

- 2025-02: CNY 7.22 per share

- 2025-03: CNY 7.83 per share

- 2025-04: CNY 7.27 per share

- 2025-05: CNY 7.53 per share

- 2025-06: CNY 7.91 per share

- 2025-07: CNY 7.95 per share

- 2025-08: CNY 7.57 per share

- 2025-09: CNY 6.58 per share

- 2025-10: CNY 6.81 per share

- 2025-11: CNY 6.93 per share

- 2025-12: CNY 6.87 per share

- 2026-01: CNY 6.34 per share

- 2026-02: CNY 6.69 per share

- 2026-03: CNY 7.32 per share

- 2026-04: CNY 6.89 per share

- 2026-05: CNY 6.71 per share

- 2026-06: CNY 6.39 per share

- 2026-07: CNY 6.97 per share

- 2026-08: CNY 6.23 per share

- 2026-09: CNY 6.27 per share

- 2026-10: CNY 6.32 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 23.99 per share, central CNY 29.99 per share, high CNY 39.99 per share

- FY2017: low CNY 24.08 per share, central CNY 30.10 per share, high CNY 40.13 per share

- FY2018: low CNY 30.27 per share, central CNY 37.83 per share, high CNY 50.44 per share

- FY2019: low CNY 32.65 per share, central CNY 40.82 per share, high CNY 54.42 per share

- FY2020: low CNY 27.98 per share, central CNY 34.98 per share, high CNY 46.64 per share

- FY2021: low CNY 24.68 per share, central CNY 30.85 per share, high CNY 41.14 per share

- FY2022: low CNY 19.56 per share, central CNY 24.45 per share, high CNY 32.60 per share

- FY2023: low CNY 12.82 per share, central CNY 15.86 per share, high CNY 20.81 per share

- FY2024: low CNY 13.03 per share, central CNY 15.41 per share, high CNY 18.86 per share

- FY2025: low CNY 18.09 per share, central CNY 19.90 per share, high CNY 22.12 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.

Hua Xia Bank

600015 · SHG

CSI 300

Not a wonderful business

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

Share price: CNY 6.27
Buy up to: CNY 19.90
Expected / yr: 31.7% 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 21B
Worst year: CNY 18B
Latest · 2025: CNY 27B

Earned a median 7.8% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 7.8%
Worst year: 6.6%
Latest · 2025: 6.9%

Book value plus dividends grew 14.6% a year (minimum 7%).

Annual book + dividend return

10y median: 12.3%
Worst year: 4.2%
Latest · 2025: 13.3%

Ordinary share growth was 2.3% over the full period and 0.6% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 121
Worst year: 126
Latest · 2025: 126

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 1.7 CNY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CNY 10.41 · Value 29.99 · Buy at or below 29.99; 2016-11 · Price CNY 11.55 · Value 29.99 · Buy at or below 29.99; 2016-12 · Price CNY 10.85 · Value 29.99 · Buy at or below 29.99; 2017-01 · Price CNY 11.59 · Value 29.99 · Buy at or below 29.99; 2017-02 · Price CNY 11.67 · Value 30.10 · Buy at or below 30.10; 2017-03 · Price CNY 11.29 · Value 30.10 · Buy at or below 30.10; 2017-04 · Price CNY 10.63 · Value 30.10 · Buy at or below 30.10; 2017-05 · Price CNY 10.71 · Value 30.10 · Buy at or below 30.10; 2017-06 · Price CNY 9.22 · Value 30.10 · Buy at or below 30.10; 2017-07 · Price CNY 10.00 · Value 30.10 · Buy at or below 30.10; 2017-08 · Price CNY 9.52 · Value 30.10 · Buy at or below 30.10; 2017-09 · Price CNY 9.27 · Value 30.10 · Buy at or below 30.10; 2017-10 · Price CNY 9.09 · Value 30.10 · Buy at or below 30.10; 2017-11 · Price CNY 9.27 · Value 30.10 · Buy at or below 30.10; 2017-12 · Price CNY 9.00 · Value 30.10 · Buy at or below 30.10; 2018-01 · Price CNY 9.85 · Value 30.10 · Buy at or below 30.10; 2018-02 · Price CNY 9.30 · Value 37.83 · Buy at or below 37.83; 2018-03 · Price CNY 8.91 · Value 37.83 · Buy at or below 37.83; 2018-04 · Price CNY 8.71 · Value 37.83 · Buy at or below 37.83; 2018-05 · Price CNY 8.33 · Value 37.83 · Buy at or below 37.83; 2018-06 · Price CNY 7.45 · Value 37.83 · Buy at or below 37.83; 2018-07 · Price CNY 7.61 · Value 37.83 · Buy at or below 37.83; 2018-08 · Price CNY 7.75 · Value 37.83 · Buy at or below 37.83; 2018-09 · Price CNY 8.17 · Value 37.83 · Buy at or below 37.83; 2018-10 · Price CNY 8.00 · Value 37.83 · Buy at or below 37.83; 2018-11 · Price CNY 7.79 · Value 37.83 · Buy at or below 37.83; 2018-12 · Price CNY 7.39 · Value 37.83 · Buy at or below 37.83; 2019-01 · Price CNY 7.57 · Value 37.83 · Buy at or below 37.83; 2019-02 · Price CNY 8.32 · Value 40.82 · Buy at or below 40.82; 2019-03 · Price CNY 8.25 · Value 40.82 · Buy at or below 40.82; 2019-04 · Price CNY 8.22 · Value 40.82 · Buy at or below 40.82; 2019-05 · Price CNY 7.50 · Value 40.82 · Buy at or below 40.82; 2019-06 · Price CNY 7.70 · Value 40.82 · Buy at or below 40.82; 2019-07 · Price CNY 7.56 · Value 40.82 · Buy at or below 40.82; 2019-08 · Price CNY 7.24 · Value 40.82 · Buy at or below 40.82; 2019-09 · Price CNY 7.38 · Value 40.82 · Buy at or below 40.82; 2019-10 · Price CNY 7.49 · Value 40.82 · Buy at or below 40.82; 2019-11 · Price CNY 7.43 · Value 40.82 · Buy at or below 40.82; 2019-12 · Price CNY 7.67 · Value 40.82 · Buy at or below 40.82; 2020-01 · Price CNY 7.40 · Value 40.82 · Buy at or below 40.82; 2020-02 · Price CNY 6.95 · Value 34.98 · Buy at or below 34.98; 2020-03 · Price CNY 6.47 · Value 34.98 · Buy at or below 34.98; 2020-04 · Price CNY 6.56 · Value 34.98 · Buy at or below 34.98; 2020-05 · Price CNY 6.37 · Value 34.98 · Buy at or below 34.98; 2020-06 · Price CNY 6.12 · Value 34.98 · Buy at or below 34.98; 2020-07 · Price CNY 6.36 · Value 34.98 · Buy at or below 34.98; 2020-08 · Price CNY 6.43 · Value 34.98 · Buy at or below 34.98; 2020-09 · Price CNY 6.13 · Value 34.98 · Buy at or below 34.98; 2020-10 · Price CNY 6.06 · Value 34.98 · Buy at or below 34.98; 2020-11 · Price CNY 6.53 · Value 34.98 · Buy at or below 34.98; 2020-12 · Price CNY 6.25 · Value 34.98 · Buy at or below 34.98; 2021-01 · Price CNY 6.10 · Value 34.98 · Buy at or below 34.98; 2021-02 · Price CNY 6.24 · Value 30.85 · Buy at or below 30.85; 2021-03 · Price CNY 6.44 · Value 30.85 · Buy at or below 30.85; 2021-04 · Price CNY 6.24 · Value 30.85 · Buy at or below 30.85; 2021-05 · Price CNY 6.43 · Value 30.85 · Buy at or below 30.85; 2021-06 · Price CNY 6.19 · Value 30.85 · Buy at or below 30.85; 2021-07 · Price CNY 5.48 · Value 30.85 · Buy at or below 30.85; 2021-08 · Price CNY 5.60 · Value 30.85 · Buy at or below 30.85; 2021-09 · Price CNY 5.57 · Value 30.85 · Buy at or below 30.85; 2021-10 · Price CNY 5.63 · Value 30.85 · Buy at or below 30.85; 2021-11 · Price CNY 5.64 · Value 30.85 · Buy at or below 30.85; 2021-12 · Price CNY 5.60 · Value 30.85 · Buy at or below 30.85; 2022-01 · Price CNY 5.63 · Value 30.85 · Buy at or below 30.85; 2022-02 · Price CNY 5.63 · Value 24.45 · Buy at or below 24.45; 2022-03 · Price CNY 5.56 · Value 24.45 · Buy at or below 24.45; 2022-04 · Price CNY 5.45 · Value 24.45 · Buy at or below 24.45; 2022-05 · Price CNY 5.32 · Value 24.45 · Buy at or below 24.45; 2022-06 · Price CNY 5.21 · Value 24.45 · Buy at or below 24.45; 2022-07 · Price CNY 5.12 · Value 24.45 · Buy at or below 24.45; 2022-08 · Price CNY 5.14 · Value 24.45 · Buy at or below 24.45; 2022-09 · Price CNY 5.03 · Value 24.45 · Buy at or below 24.45; 2022-10 · Price CNY 4.79 · Value 24.45 · Buy at or below 24.45; 2022-11 · Price CNY 5.24 · Value 24.45 · Buy at or below 24.45; 2022-12 · Price CNY 5.19 · Value 24.45 · Buy at or below 24.45; 2023-01 · Price CNY 5.21 · Value 24.45 · Buy at or below 24.45; 2023-02 · Price CNY 5.22 · Value 15.86 · Buy at or below 15.86; 2023-03 · Price CNY 5.38 · Value 15.86 · Buy at or below 15.86; 2023-04 · Price CNY 5.76 · Value 15.86 · Buy at or below 15.86; 2023-05 · Price CNY 5.78 · Value 15.86 · Buy at or below 15.86; 2023-06 · Price CNY 5.41 · Value 15.86 · Buy at or below 15.86; 2023-07 · Price CNY 5.80 · Value 15.86 · Buy at or below 15.86; 2023-08 · Price CNY 5.54 · Value 15.86 · Buy at or below 15.86; 2023-09 · Price CNY 5.72 · Value 15.86 · Buy at or below 15.86; 2023-10 · Price CNY 5.60 · Value 15.86 · Buy at or below 15.86; 2023-11 · Price CNY 5.80 · Value 15.86 · Buy at or below 15.86; 2023-12 · Price CNY 5.62 · Value 15.86 · Buy at or below 15.86; 2024-01 · Price CNY 6.06 · Value 15.86 · Buy at or below 15.86; 2024-02 · Price CNY 6.34 · Value 15.41 · Buy at or below 15.41; 2024-03 · Price CNY 6.48 · Value 15.41 · Buy at or below 15.41; 2024-04 · Price CNY 6.71 · Value 15.41 · Buy at or below 15.41; 2024-05 · Price CNY 6.89 · Value 15.41 · Buy at or below 15.41; 2024-06 · Price CNY 6.40 · Value 15.41 · Buy at or below 15.41; 2024-07 · Price CNY 6.28 · Value 15.41 · Buy at or below 15.41; 2024-08 · Price CNY 6.02 · Value 15.41 · Buy at or below 15.41; 2024-09 · Price CNY 7.43 · Value 15.41 · Buy at or below 15.41; 2024-10 · Price CNY 7.07 · Value 15.41 · Buy at or below 15.41; 2024-11 · Price CNY 7.57 · Value 15.41 · Buy at or below 15.41; 2024-12 · Price CNY 8.01 · Value 15.41 · Buy at or below 15.41; 2025-01 · Price CNY 7.60 · Value 15.41 · Buy at or below 15.41; 2025-02 · Price CNY 7.22 · Value 19.90 · Buy at or below 19.90; 2025-03 · Price CNY 7.83 · Value 19.90 · Buy at or below 19.90; 2025-04 · Price CNY 7.27 · Value 19.90 · Buy at or below 19.90; 2025-05 · Price CNY 7.53 · Value 19.90 · Buy at or below 19.90; 2025-06 · Price CNY 7.91 · Value 19.90 · Buy at or below 19.90; 2025-07 · Price CNY 7.95 · Value 19.90 · Buy at or below 19.90; 2025-08 · Price CNY 7.57 · Value 19.90 · Buy at or below 19.90; 2025-09 · Price CNY 6.58 · Value 19.90 · Buy at or below 19.90; 2025-10 · Price CNY 6.81 · Value 19.90 · Buy at or below 19.90; 2025-11 · Price CNY 6.93 · Value 19.90 · Buy at or below 19.90; 2025-12 · Price CNY 6.87 · Value 19.90 · Buy at or below 19.90; 2026-01 · Price CNY 6.34 · Value 19.90 · Buy at or below 19.90; 2026-02 · Price CNY 6.69 · Value 19.90 · Buy at or below 19.90; 2026-03 · Price CNY 7.32 · Value 19.90 · Buy at or below 19.90; 2026-04 · Price CNY 6.89 · Value 19.90 · Buy at or below 19.90; 2026-05 · Price CNY 6.71 · Value 19.90 · Buy at or below 19.90; 2026-06 · Price CNY 6.39 · Value 19.90 · Buy at or below 19.90; 2026-07 · Price CNY 6.97 · Value 19.90 · Buy at or below 19.90; 2026-08 · Price CNY 6.23 · Value 19.90 · Buy at or below 19.90; 2026-09 · Price CNY 6.27 · Value 19.90 · Buy at or below 19.90; 2026-10 · Price CNY 6.32 · Value 19.90 · Buy at or below 19.90; 2026-10 · Price CNY 6.27 · Value 19.90 · Buy at or below 19.90

CNY per share · annual estimates

Price & return math
Value range	CNY 18.09 – CNY 22.12
Buy at or below	Central value CNY 19.90
Discount to value	1 − 6.27 / 19.90 = 68.5%
Return / year	About 31.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CNY 24.75/share; ROE 8.0%; first payout CNY 1.99/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCNY 27B

Net income

Book / shareCNY 24.75

Book / share

Dividend / shareCNY 0.88

Dividend / share

Return on tangible equity6.9%

Return on tangible equity

Diluted shares16B

Diluted shares

Prices 15 Oct 2026 · FY2025