# China Minsheng Banking (600016.SHG)

Canonical: https://gigainvestors.com/s/600016.SHG

Analysis as of: 2026-10-16T07:34:37.053Z. 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 3.51 per share; close as of 2026-10-15.

Estimated value: low CNY 9.28 per share, central CNY 10.21 per share, high CNY 11.34 per share. Buy at or below the central value CNY 10.21 per share. Valuation as of 2026-10-16T07:34:37.053Z; scenarios are not confidence intervals.

Expected annual return: 29.1% at the stated quote. About 29.1% 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): 0.43×

Chart: Net income; fiscal year observations.

- FY2016: CNY 48B

- FY2017: CNY 49B

- FY2018: CNY 50B

- FY2019: CNY 53B

- FY2020: CNY 31B

- FY2021: CNY 31B

- FY2022: CNY 35B

- FY2023: CNY 36B

- FY2024: CNY 32B

- FY2025: CNY 31B

### 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: 6.3%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 5.1%

- Years with reported combined ratio: 0

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

- FY2016: 14.6%

- FY2017: 13.5%

- FY2018: 12.0%

- FY2019: 10.4%

- FY2020: 5.9%

- FY2021: 5.5%

- FY2022: 5.9%

- FY2023: 6.6%

- FY2024: 5.1%

- FY2025: 4.5%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 12.7%

- Book return interval: 10 years

- Starting book value per share: CNY 6.80

- Ending book value per share: CNY 14.03

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

- FY2016: 13.7%

- FY2017: 19.7%

- FY2018: 18.1%

- FY2019: 35.5%

- FY2020: -5.0%

- FY2021: 23.7%

- FY2022: -3.7%

- FY2023: -3.3%

- FY2024: 20.7%

- FY2025: 14.7%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 1.1%

- Diluted shares, 5-year annual growth: -0.3%

- Share growth excluding flagged crisis recapitalisations: 1.1%

- Five-year share growth excluding flagged crisis recapitalisations: -0.3%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 3.18×

- Book value created per share: CNY 7.23

- Earnings retained per share after dividends and buybacks: CNY 2.28

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

- FY2015: 100

- FY2016: 103

- FY2017: 102

- FY2018: 104

- FY2019: 100

- FY2020: 113

- FY2021: 101

- FY2022: 114

- FY2023: 114

- FY2024: 116

- FY2025: 112

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 28% since Jul 2025 · net income -5.4%

Story as of 2026-10-16T10:00:01.605Z; price observation 2026-10-15.

The price assumes profits shrink 19.1% a year forever

### Net income · FY2025

net income -5.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 48B 

- FY2017: CNY 49B 

- FY2018: CNY 50B 

- FY2019: CNY 53B 

- FY2020: CNY 31B 

- FY2021: CNY 31B 

- FY2022: CNY 35B 

- FY2023: CNY 36B 

- FY2024: CNY 32B 

- FY2025: CNY 31B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are CNY 142.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.053Z); FY2025: revenue 142865000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600016.SHG: China Minsheng Banking Corp., Ltd. provides banking products and services in the People's Republic of China. The company operates through Corporate Banking, Retail Banking, and Others segments. Its deposit products include saving accounts, deposit books and certificates, contracted and agreement deposits, call deposits, and corporate term and current deposits. The company also offers personal housing mortgage, individual automobile purchase, and household composite; corporate loans; medium and long term, and short-term working capital loans, as well as debit and credit cards. In addition, it provides appointed and domestic remittance, payment and collection agent, clearing, safe deposit box, VIP, and salary and welfare agent card services, as well as internet, mobile, telephone, and self-serve banking services. Further, the company offers gross settlement; wages distribution agency and letter of guarantee; cash management; trade finance; industrial chain finance; international credit; and comprehensive credit granting and financial product investment services. It operates through branch-level institutions, business outlets, general sub-branches, community sub-branches, and small business sub-branches. The company serves individuals, corporate customers, government agencies, and financial institutions, as well as micro-, small-, and medium-sized enterprises. China Minsheng Banking Corp., Ltd. was incorporated in 1996 and is headquartered in Beijing, the People's Republic of China.

### Why customers stay

It earns 6.3% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.053Z); 10-year return on tangible equity observations [[2016,0.14604981989132426],[2017,0.13542287709735115],[2018,0.11991077214375706],[2019,0.10359280971256744],[2020,0.05903938055543377],[2021,0.05459330597778504],[2022,0.059358532673363974],[2023,0.06590659047506908],[2024,0.050873462186727156],[2025,0.04489105880210215]]; median 0.06263256157421652. 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 8.2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.053Z); Dividend observations: [[2016,18702000000],[2017,23216000000],[2018,23168000000],[2019,28502000000],[2020,29899000000],[2021,10736000000],[2022,23866000000],[2023,32169000000],[2024,30692000000],[2025,19476000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.053Z); FY2025: cash repurchases 8213539185.237499 CNY.

### Are managers owners

Insiders own 25.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600016.SHG SharesStats.PercentInsiders = 25.395 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits shrink 19.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.053Z); Price 3.51; FX 1; original perpetual distributable cash 1.020926165687088; discount 0.1; growth -0.19086215546640686. 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 9.20 per share

- 2016-11: CNY 9.50 per share

- 2016-12: CNY 9.08 per share

- 2017-01: CNY 9.25 per share

- 2017-02: CNY 9.03 per share

- 2017-03: CNY 8.48 per share

- 2017-04: CNY 7.87 per share

- 2017-05: CNY 8.03 per share

- 2017-06: CNY 8.22 per share

- 2017-07: CNY 8.60 per share

- 2017-08: CNY 8.40 per share

- 2017-09: CNY 8.02 per share

- 2017-10: CNY 8.29 per share

- 2017-11: CNY 8.85 per share

- 2017-12: CNY 8.39 per share

- 2018-01: CNY 9.06 per share

- 2018-02: CNY 8.49 per share

- 2018-03: CNY 7.99 per share

- 2018-04: CNY 7.72 per share

- 2018-05: CNY 7.66 per share

- 2018-06: CNY 7.00 per share

- 2018-07: CNY 6.08 per share

- 2018-08: CNY 5.97 per share

- 2018-09: CNY 6.34 per share

- 2018-10: CNY 6.39 per share

- 2018-11: CNY 6.10 per share

- 2018-12: CNY 5.73 per share

- 2019-01: CNY 5.95 per share

- 2019-02: CNY 6.53 per share

- 2019-03: CNY 6.34 per share

- 2019-04: CNY 6.28 per share

- 2019-05: CNY 6.11 per share

- 2019-06: CNY 6.35 per share

- 2019-07: CNY 6.07 per share

- 2019-08: CNY 5.81 per share

- 2019-09: CNY 6.02 per share

- 2019-10: CNY 6.15 per share

- 2019-11: CNY 6.17 per share

- 2019-12: CNY 6.31 per share

- 2020-01: CNY 6.08 per share

- 2020-02: CNY 5.72 per share

- 2020-03: CNY 5.71 per share

- 2020-04: CNY 5.89 per share

- 2020-05: CNY 5.69 per share

- 2020-06: CNY 5.67 per share

- 2020-07: CNY 5.54 per share

- 2020-08: CNY 5.55 per share

- 2020-09: CNY 5.30 per share

- 2020-10: CNY 5.28 per share

- 2020-11: CNY 5.30 per share

- 2020-12: CNY 5.20 per share

- 2021-01: CNY 5.11 per share

- 2021-02: CNY 5.18 per share

- 2021-03: CNY 5.05 per share

- 2021-04: CNY 4.70 per share

- 2021-05: CNY 4.72 per share

- 2021-06: CNY 4.41 per share

- 2021-07: CNY 3.98 per share

- 2021-08: CNY 3.97 per share

- 2021-09: CNY 3.91 per share

- 2021-10: CNY 3.89 per share

- 2021-11: CNY 3.89 per share

- 2021-12: CNY 3.90 per share

- 2022-01: CNY 3.88 per share

- 2022-02: CNY 3.91 per share

- 2022-03: CNY 3.82 per share

- 2022-04: CNY 3.70 per share

- 2022-05: CNY 3.81 per share

- 2022-06: CNY 3.72 per share

- 2022-07: CNY 3.64 per share

- 2022-08: CNY 3.60 per share

- 2022-09: CNY 3.39 per share

- 2022-10: CNY 3.30 per share

- 2022-11: CNY 3.52 per share

- 2022-12: CNY 3.45 per share

- 2023-01: CNY 3.49 per share

- 2023-02: CNY 3.41 per share

- 2023-03: CNY 3.45 per share

- 2023-04: CNY 3.63 per share

- 2023-05: CNY 3.96 per share

- 2023-06: CNY 3.75 per share

- 2023-07: CNY 4.02 per share

- 2023-08: CNY 3.78 per share

- 2023-09: CNY 3.84 per share

- 2023-10: CNY 3.72 per share

- 2023-11: CNY 3.85 per share

- 2023-12: CNY 3.74 per share

- 2024-01: CNY 3.95 per share

- 2024-02: CNY 4.04 per share

- 2024-03: CNY 4.05 per share

- 2024-04: CNY 3.95 per share

- 2024-05: CNY 3.91 per share

- 2024-06: CNY 3.79 per share

- 2024-07: CNY 3.55 per share

- 2024-08: CNY 3.43 per share

- 2024-09: CNY 4.02 per share

- 2024-10: CNY 3.78 per share

- 2024-11: CNY 3.96 per share

- 2024-12: CNY 4.13 per share

- 2025-01: CNY 4.15 per share

- 2025-02: CNY 4.12 per share

- 2025-03: CNY 3.90 per share

- 2025-04: CNY 3.98 per share

- 2025-05: CNY 4.35 per share

- 2025-06: CNY 4.75 per share

- 2025-07: CNY 4.89 per share

- 2025-08: CNY 4.60 per share

- 2025-09: CNY 3.98 per share

- 2025-10: CNY 3.91 per share

- 2025-11: CNY 4.09 per share

- 2025-12: CNY 3.83 per share

- 2026-01: CNY 3.75 per share

- 2026-02: CNY 3.88 per share

- 2026-03: CNY 3.79 per share

- 2026-04: CNY 3.70 per share

- 2026-05: CNY 3.55 per share

- 2026-06: CNY 3.22 per share

- 2026-07: CNY 3.62 per share

- 2026-08: CNY 3.53 per share

- 2026-09: CNY 3.51 per share

- 2026-10: CNY 3.54 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 15.62 per share, central CNY 19.52 per share, high CNY 26.03 per share

- FY2017: low CNY 17.53 per share, central CNY 21.91 per share, high CNY 29.21 per share

- FY2018: low CNY 19.09 per share, central CNY 23.86 per share, high CNY 31.81 per share

- FY2019: low CNY 24.51 per share, central CNY 30.64 per share, high CNY 40.86 per share

- FY2020: low CNY 18.89 per share, central CNY 23.62 per share, high CNY 31.49 per share

- FY2021: low CNY 20.03 per share, central CNY 25.03 per share, high CNY 33.38 per share

- FY2022: low CNY 13.84 per share, central CNY 15.22 per share, high CNY 16.91 per share

- FY2023: low CNY 11.22 per share, central CNY 12.34 per share, high CNY 13.71 per share

- FY2024: low CNY 9.75 per share, central CNY 10.73 per share, high CNY 11.92 per share

- FY2025: low CNY 8.38 per share, central CNY 9.21 per share, high CNY 10.24 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

Prior published observations retained from 2026-10-15T06:40:22.146Z where newer inputs omit a numeric field or fiscal period.

## 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.

China Minsheng Banking

600016 · SHG

CSI 300

Not a wonderful business

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

Share price: CNY 3.51
Buy up to: CNY 10.21
Expected / yr: 29.1% 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 36B
Worst year: CNY 31B
Latest · 2025: CNY 31B

Earned a median 6.3% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 6.3%
Worst year: 4.5%
Latest · 2025: 4.5%

Book value plus dividends grew 12.7% a year (minimum 7%).

Annual book + dividend return

10y median: 16.4%
Worst year: -5.0%
Latest · 2025: 14.7%

Ordinary share growth was 1.1% over the full period and -0.3% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 104
Worst year: 116
Latest · 2025: 112

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 0.66 CNY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CNY 9.20 · Value 19.52 · Buy at or below 19.52; 2016-11 · Price CNY 9.50 · Value 19.52 · Buy at or below 19.52; 2016-12 · Price CNY 9.08 · Value 19.52 · Buy at or below 19.52; 2017-01 · Price CNY 9.25 · Value 19.52 · Buy at or below 19.52; 2017-02 · Price CNY 9.03 · Value 21.91 · Buy at or below 21.91; 2017-03 · Price CNY 8.48 · Value 21.91 · Buy at or below 21.91; 2017-04 · Price CNY 7.87 · Value 21.91 · Buy at or below 21.91; 2017-05 · Price CNY 8.03 · Value 21.91 · Buy at or below 21.91; 2017-06 · Price CNY 8.22 · Value 21.91 · Buy at or below 21.91; 2017-07 · Price CNY 8.60 · Value 21.91 · Buy at or below 21.91; 2017-08 · Price CNY 8.40 · Value 21.91 · Buy at or below 21.91; 2017-09 · Price CNY 8.02 · Value 21.91 · Buy at or below 21.91; 2017-10 · Price CNY 8.29 · Value 21.91 · Buy at or below 21.91; 2017-11 · Price CNY 8.85 · Value 21.91 · Buy at or below 21.91; 2017-12 · Price CNY 8.39 · Value 21.91 · Buy at or below 21.91; 2018-01 · Price CNY 9.06 · Value 21.91 · Buy at or below 21.91; 2018-02 · Price CNY 8.49 · Value 23.86 · Buy at or below 23.86; 2018-03 · Price CNY 7.99 · Value 23.86 · Buy at or below 23.86; 2018-04 · Price CNY 7.72 · Value 23.86 · Buy at or below 23.86; 2018-05 · Price CNY 7.66 · Value 23.86 · Buy at or below 23.86; 2018-06 · Price CNY 7.00 · Value 23.86 · Buy at or below 23.86; 2018-07 · Price CNY 6.08 · Value 23.86 · Buy at or below 23.86; 2018-08 · Price CNY 5.97 · Value 23.86 · Buy at or below 23.86; 2018-09 · Price CNY 6.34 · Value 23.86 · Buy at or below 23.86; 2018-10 · Price CNY 6.39 · Value 23.86 · Buy at or below 23.86; 2018-11 · Price CNY 6.10 · Value 23.86 · Buy at or below 23.86; 2018-12 · Price CNY 5.73 · Value 23.86 · Buy at or below 23.86; 2019-01 · Price CNY 5.95 · Value 23.86 · Buy at or below 23.86; 2019-02 · Price CNY 6.53 · Value 30.64 · Buy at or below 30.64; 2019-03 · Price CNY 6.34 · Value 30.64 · Buy at or below 30.64; 2019-04 · Price CNY 6.28 · Value 30.64 · Buy at or below 30.64; 2019-05 · Price CNY 6.11 · Value 30.64 · Buy at or below 30.64; 2019-06 · Price CNY 6.35 · Value 30.64 · Buy at or below 30.64; 2019-07 · Price CNY 6.07 · Value 30.64 · Buy at or below 30.64; 2019-08 · Price CNY 5.81 · Value 30.64 · Buy at or below 30.64; 2019-09 · Price CNY 6.02 · Value 30.64 · Buy at or below 30.64; 2019-10 · Price CNY 6.15 · Value 30.64 · Buy at or below 30.64; 2019-11 · Price CNY 6.17 · Value 30.64 · Buy at or below 30.64; 2019-12 · Price CNY 6.31 · Value 30.64 · Buy at or below 30.64; 2020-01 · Price CNY 6.08 · Value 30.64 · Buy at or below 30.64; 2020-02 · Price CNY 5.72 · Value 23.62 · Buy at or below 23.62; 2020-03 · Price CNY 5.71 · Value 23.62 · Buy at or below 23.62; 2020-04 · Price CNY 5.89 · Value 23.62 · Buy at or below 23.62; 2020-05 · Price CNY 5.69 · Value 23.62 · Buy at or below 23.62; 2020-06 · Price CNY 5.67 · Value 23.62 · Buy at or below 23.62; 2020-07 · Price CNY 5.54 · Value 23.62 · Buy at or below 23.62; 2020-08 · Price CNY 5.55 · Value 23.62 · Buy at or below 23.62; 2020-09 · Price CNY 5.30 · Value 23.62 · Buy at or below 23.62; 2020-10 · Price CNY 5.28 · Value 23.62 · Buy at or below 23.62; 2020-11 · Price CNY 5.30 · Value 23.62 · Buy at or below 23.62; 2020-12 · Price CNY 5.20 · Value 23.62 · Buy at or below 23.62; 2021-01 · Price CNY 5.11 · Value 23.62 · Buy at or below 23.62; 2021-02 · Price CNY 5.18 · Value 25.03 · Buy at or below 25.03; 2021-03 · Price CNY 5.05 · Value 25.03 · Buy at or below 25.03; 2021-04 · Price CNY 4.70 · Value 25.03 · Buy at or below 25.03; 2021-05 · Price CNY 4.72 · Value 25.03 · Buy at or below 25.03; 2021-06 · Price CNY 4.41 · Value 25.03 · Buy at or below 25.03; 2021-07 · Price CNY 3.98 · Value 25.03 · Buy at or below 25.03; 2021-08 · Price CNY 3.97 · Value 25.03 · Buy at or below 25.03; 2021-09 · Price CNY 3.91 · Value 25.03 · Buy at or below 25.03; 2021-10 · Price CNY 3.89 · Value 25.03 · Buy at or below 25.03; 2021-11 · Price CNY 3.89 · Value 25.03 · Buy at or below 25.03; 2021-12 · Price CNY 3.90 · Value 25.03 · Buy at or below 25.03; 2022-01 · Price CNY 3.88 · Value 25.03 · Buy at or below 25.03; 2022-02 · Price CNY 3.91 · Value 15.22 · Buy at or below 15.22; 2022-03 · Price CNY 3.82 · Value 15.22 · Buy at or below 15.22; 2022-04 · Price CNY 3.70 · Value 15.22 · Buy at or below 15.22; 2022-05 · Price CNY 3.81 · Value 15.22 · Buy at or below 15.22; 2022-06 · Price CNY 3.72 · Value 15.22 · Buy at or below 15.22; 2022-07 · Price CNY 3.64 · Value 15.22 · Buy at or below 15.22; 2022-08 · Price CNY 3.60 · Value 15.22 · Buy at or below 15.22; 2022-09 · Price CNY 3.39 · Value 15.22 · Buy at or below 15.22; 2022-10 · Price CNY 3.30 · Value 15.22 · Buy at or below 15.22; 2022-11 · Price CNY 3.52 · Value 15.22 · Buy at or below 15.22; 2022-12 · Price CNY 3.45 · Value 15.22 · Buy at or below 15.22; 2023-01 · Price CNY 3.49 · Value 15.22 · Buy at or below 15.22; 2023-02 · Price CNY 3.41 · Value 12.34 · Buy at or below 12.34; 2023-03 · Price CNY 3.45 · Value 12.34 · Buy at or below 12.34; 2023-04 · Price CNY 3.63 · Value 12.34 · Buy at or below 12.34; 2023-05 · Price CNY 3.96 · Value 12.34 · Buy at or below 12.34; 2023-06 · Price CNY 3.75 · Value 12.34 · Buy at or below 12.34; 2023-07 · Price CNY 4.02 · Value 12.34 · Buy at or below 12.34; 2023-08 · Price CNY 3.78 · Value 12.34 · Buy at or below 12.34; 2023-09 · Price CNY 3.84 · Value 12.34 · Buy at or below 12.34; 2023-10 · Price CNY 3.72 · Value 12.34 · Buy at or below 12.34; 2023-11 · Price CNY 3.85 · Value 12.34 · Buy at or below 12.34; 2023-12 · Price CNY 3.74 · Value 12.34 · Buy at or below 12.34; 2024-01 · Price CNY 3.95 · Value 12.34 · Buy at or below 12.34; 2024-02 · Price CNY 4.04 · Value 10.73 · Buy at or below 10.73; 2024-03 · Price CNY 4.05 · Value 10.73 · Buy at or below 10.73; 2024-04 · Price CNY 3.95 · Value 10.73 · Buy at or below 10.73; 2024-05 · Price CNY 3.91 · Value 10.73 · Buy at or below 10.73; 2024-06 · Price CNY 3.79 · Value 10.73 · Buy at or below 10.73; 2024-07 · Price CNY 3.55 · Value 10.73 · Buy at or below 10.73; 2024-08 · Price CNY 3.43 · Value 10.73 · Buy at or below 10.73; 2024-09 · Price CNY 4.02 · Value 10.73 · Buy at or below 10.73; 2024-10 · Price CNY 3.78 · Value 10.73 · Buy at or below 10.73; 2024-11 · Price CNY 3.96 · Value 10.73 · Buy at or below 10.73; 2024-12 · Price CNY 4.13 · Value 10.73 · Buy at or below 10.73; 2025-01 · Price CNY 4.15 · Value 10.73 · Buy at or below 10.73; 2025-02 · Price CNY 4.12 · Value 9.21 · Buy at or below 9.21; 2025-03 · Price CNY 3.90 · Value 9.21 · Buy at or below 9.21; 2025-04 · Price CNY 3.98 · Value 9.21 · Buy at or below 9.21; 2025-05 · Price CNY 4.35 · Value 9.21 · Buy at or below 9.21; 2025-06 · Price CNY 4.75 · Value 9.21 · Buy at or below 9.21; 2025-07 · Price CNY 4.89 · Value 9.21 · Buy at or below 9.21; 2025-08 · Price CNY 4.60 · Value 9.21 · Buy at or below 9.21; 2025-09 · Price CNY 3.98 · Value 9.21 · Buy at or below 9.21; 2025-10 · Price CNY 3.91 · Value 9.21 · Buy at or below 9.21; 2025-11 · Price CNY 4.09 · Value 9.21 · Buy at or below 9.21; 2025-12 · Price CNY 3.83 · Value 9.21 · Buy at or below 9.21; 2026-01 · Price CNY 3.75 · Value 9.21 · Buy at or below 9.21; 2026-02 · Price CNY 3.88 · Value 10.21 · Buy at or below 10.21; 2026-03 · Price CNY 3.79 · Value 10.21 · Buy at or below 10.21; 2026-04 · Price CNY 3.70 · Value 10.21 · Buy at or below 10.21; 2026-05 · Price CNY 3.55 · Value 10.21 · Buy at or below 10.21; 2026-06 · Price CNY 3.22 · Value 10.21 · Buy at or below 10.21; 2026-07 · Price CNY 3.62 · Value 10.21 · Buy at or below 10.21; 2026-08 · Price CNY 3.53 · Value 10.21 · Buy at or below 10.21; 2026-09 · Price CNY 3.51 · Value 10.21 · Buy at or below 10.21; 2026-10 · Price CNY 3.54 · Value 10.21 · Buy at or below 10.21; 2026-10 · Price CNY 3.51 · Value 10.21 · Buy at or below 10.21

CNY per share · annual estimates

Price & return math
Value range	CNY 9.28 – CNY 11.34
Buy at or below	Central value CNY 10.21
Discount to value	1 − 3.51 / 10.21 = 65.6%
Return / year	About 29.1% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CNY 15.55/share; ROE 6.6%; first payout CNY 1.02/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCNY 31B

Net income

Book / shareCNY 14.03

Book / share

Dividend / shareCNY 0.40

Dividend / share

Return on tangible equity4.5%

Return on tangible equity

Diluted shares49B

Diluted shares

Prices 15 Oct 2026 · FY2025