# China Yangtze Power (600900.SHG)

Canonical: https://gigainvestors.com/s/600900.SHG

Analysis as of: 2026-10-16T07:33:39.713Z. Financial observations: FY2000–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 29.60 per share; close as of 2026-10-15.

Estimated value: low CNY 17.56 per share, central CNY 19.94 per share, high CNY 23.11 per share. Buy at or below the central value CNY 19.94 per share. Valuation as of 2026-10-16T07:33:39.713Z; scenarios are not confidence intervals.

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

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.64×

- FY2017: 0.58×

- FY2018: 0.61×

- FY2019: 0.60×

- FY2020: 0.60×

- FY2021: 0.58×

- FY2022: 0.53×

- FY2023: 0.54×

- FY2024: 0.55×

- FY2025: 0.49×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 10.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 9.2%

- ROIC, second-lowest year: 7.0%

- Typical minus recent gross margin: 10.6 pp

- Typical gross margin (annual median): 59.8%

- Recent gross margin (lower of latest and 3-year median): 49.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.4%

- ROIC including acquisitions, ten-year median: 11.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.4%

- FY2017: 8.9%

- FY2018: 11.2%

- FY2019: 9.7%

- FY2020: 10.1%

- FY2021: 9.5%

- FY2022: 6.1%

- FY2023: 7.0%

- FY2024: 7.7%

- FY2025: 7.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.17×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 169B

- Net income, five-year total: CNY 144B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.0 pp

- Working capital / revenue, final three-year average: 9.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.30×

- FY2022: 1.18×

- FY2023: 1.25×

- FY2024: 1.16×

- FY2025: 1.03×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 9.4% vs 7.7%

- Per-share earnings: 0.94 to 1.33 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 4.0%

- Ordinary dilution, 5-year annual growth: 2.1%

- Market cap gain: CNY 387B

- Cumulative retained earnings: CNY 66B

- Diluted shares, 10-year annual growth: 4.0%

- Diluted shares, 5-year annual growth: 2.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.4%

- Per-share value change: CNY 0.38

- Per-share value, starting three-year median: CNY 0.94

- Per-share value, ending three-year median: CNY 1.33

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 27B

- Cumulative net income, 10 years: CNY 257B

- ROIC, first three-year median: 9.4%

- ROIC, last three-year median: 7.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.94

- FY2017: CNY 1.01

- FY2018: CNY 1.03

- FY2019: CNY 0.98

- FY2020: CNY 1.20

- FY2021: CNY 1.16

- FY2022: CNY 0.97

- FY2023: CNY 1.11

- FY2024: CNY 1.33

- FY2025: CNY 1.40

### accounting: pass

- Sloan accruals: -4.7%

- Receivables to sales index (DSRI): 0.71×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.77×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.11×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.1%

- FY2017: -5.8%

- FY2018: -5.8%

- FY2019: -5.0%

- FY2020: -4.5%

- FY2021: -2.9%

- FY2022: -3.4%

- FY2023: -6.5%

- FY2024: -4.8%

- FY2025: -4.7%

## Holders

## Price story

Price needs cash profits to grow 5.9% a year for ten years · sales +4.1%

Story as of 2026-10-16T09:59:57.079Z; price observation 2026-10-15.

Price needs cash profits to grow 5.9% a year for ten years

### Sales · FY2024–2025

sales +4.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 48B 

- FY2017: CNY 49B 

- FY2018: CNY 51B 

- FY2019: CNY 49B 

- FY2020: CNY 57B 

- FY2021: CNY 54B 

- FY2022: CNY 67B 

- FY2023: CNY 77B 

- FY2024: CNY 83B 

- FY2025: CNY 86B 

### Gross margin · FY2025

gross margin 49.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 59.5% 

- FY2017: 60.1% 

- FY2018: 62.2% 

- FY2019: 61.4% 

- FY2020: 62.4% 

- FY2021: 61.0% 

- FY2022: 55.8% 

- FY2023: 56.5% 

- FY2024: 57.7% 

- FY2025: 49.1% 

## Owner memo

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

### How it makes money

Operates in utilities renewable; annual sales are CNY 85.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.713Z); FY2025: revenue 85882000000; grossProfit 42183000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 49.1% to 57.7% during 2023–25; it earns 9.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.713Z); FY2023: grossProfit / revenue = 56.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.713Z); FY2024: grossProfit / revenue = 57.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.713Z); FY2025: grossProfit / revenue = 49.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.713Z); 10-year return on capital observations [[2016,0.09430970529304877],[2017,0.08901480245719047],[2018,0.11170635759656973],[2019,0.09739164929311832],[2020,0.10121064507515297],[2021,0.09549097452792481],[2022,0.06090918473434776],[2023,0.06999559351796078],[2024,0.0765770773108199],[2025,0.07938767380896081]]; median 0.09166225387511961. 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 2026-10-16T07:33:39.713Z); FY2016: growth capex 0; upkeep 2253519000; owner earnings 30844599597. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.713Z); FY2017: growth capex 0; upkeep 2556287000; owner earnings 32000459324. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.713Z); FY2018: growth capex 0; upkeep 3118888618; owner earnings 31715201802. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.713Z); FY2019: growth capex 0; upkeep 2716833000; owner earnings 30885114635. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.713Z); FY2020: growth capex 0; upkeep 3627863000; owner earnings 34306271000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.713Z); FY2021: growth capex 0; upkeep 3473877000; owner earnings 34165878707.696. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.713Z); FY2022: growth capex 0; upkeep 12469722000; owner earnings 28103727776.77. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.713Z); FY2023: growth capex 0; upkeep 12417112000; owner earnings 33934239892.524002. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.713Z); FY2024: growth capex 0; upkeep 14420080000; owner earnings 37737547283.718. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.713Z); FY2025: growth capex 0; upkeep 18488466859.29; owner earnings 35056941780.341995. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.713Z); Dividend observations: [[2016,15289390000],[2017,19591181000],[2018,18945350238],[2019,18641214000],[2020,19182973000],[2021,19980683000],[2022,32921798000],[2023,34564120000],[2024,31508024000],[2025,33541650979.21]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 60.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600900.SHG SharesStats.PercentInsiders = 60.577999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.9% yearly over ten years; actual growth was 2.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.713Z); Ten-year compound average after fade. Initial solved rate 0.07173995195538366. Price 29.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.1562966446661134 → FY2025 1.4327469207228267. Closing-price date 2026-10-15.

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

- 2016-10: CNY 13.45 per share

- 2016-11: CNY 13.34 per share

- 2016-12: CNY 12.66 per share

- 2017-01: CNY 13.03 per share

- 2017-02: CNY 12.97 per share

- 2017-03: CNY 13.27 per share

- 2017-04: CNY 13.89 per share

- 2017-05: CNY 14.81 per share

- 2017-06: CNY 15.38 per share

- 2017-07: CNY 15.21 per share

- 2017-08: CNY 14.98 per share

- 2017-09: CNY 15.07 per share

- 2017-10: CNY 15.91 per share

- 2017-11: CNY 16.46 per share

- 2017-12: CNY 15.59 per share

- 2018-01: CNY 15.90 per share

- 2018-02: CNY 16.47 per share

- 2018-03: CNY 16.05 per share

- 2018-04: CNY 16.11 per share

- 2018-05: CNY 17.11 per share

- 2018-06: CNY 16.14 per share

- 2018-07: CNY 16.84 per share

- 2018-08: CNY 15.82 per share

- 2018-09: CNY 16.38 per share

- 2018-10: CNY 15.61 per share

- 2018-11: CNY 14.35 per share

- 2018-12: CNY 15.88 per share

- 2019-01: CNY 16.43 per share

- 2019-02: CNY 16.30 per share

- 2019-03: CNY 16.87 per share

- 2019-04: CNY 16.56 per share

- 2019-05: CNY 17.71 per share

- 2019-06: CNY 17.90 per share

- 2019-07: CNY 18.72 per share

- 2019-08: CNY 18.62 per share

- 2019-09: CNY 18.23 per share

- 2019-10: CNY 17.86 per share

- 2019-11: CNY 18.13 per share

- 2019-12: CNY 18.38 per share

- 2020-01: CNY 17.15 per share

- 2020-02: CNY 17.03 per share

- 2020-03: CNY 17.29 per share

- 2020-04: CNY 17.45 per share

- 2020-05: CNY 17.39 per share

- 2020-06: CNY 18.94 per share

- 2020-07: CNY 18.37 per share

- 2020-08: CNY 19.30 per share

- 2020-09: CNY 19.13 per share

- 2020-10: CNY 18.96 per share

- 2020-11: CNY 20.11 per share

- 2020-12: CNY 19.16 per share

- 2021-01: CNY 19.68 per share

- 2021-02: CNY 19.75 per share

- 2021-03: CNY 21.44 per share

- 2021-04: CNY 19.97 per share

- 2021-05: CNY 19.86 per share

- 2021-06: CNY 20.64 per share

- 2021-07: CNY 19.00 per share

- 2021-08: CNY 19.34 per share

- 2021-09: CNY 22.00 per share

- 2021-10: CNY 21.25 per share

- 2021-11: CNY 19.53 per share

- 2021-12: CNY 22.70 per share

- 2022-01: CNY 21.92 per share

- 2022-02: CNY 23.18 per share

- 2022-03: CNY 22.00 per share

- 2022-04: CNY 22.72 per share

- 2022-05: CNY 24.02 per share

- 2022-06: CNY 23.12 per share

- 2022-07: CNY 23.88 per share

- 2022-08: CNY 23.98 per share

- 2022-09: CNY 22.74 per share

- 2022-10: CNY 20.26 per share

- 2022-11: CNY 21.22 per share

- 2022-12: CNY 21.00 per share

- 2023-01: CNY 20.79 per share

- 2023-02: CNY 21.16 per share

- 2023-03: CNY 21.25 per share

- 2023-04: CNY 21.88 per share

- 2023-05: CNY 22.51 per share

- 2023-06: CNY 22.06 per share

- 2023-07: CNY 21.46 per share

- 2023-08: CNY 22.06 per share

- 2023-09: CNY 22.24 per share

- 2023-10: CNY 22.57 per share

- 2023-11: CNY 22.83 per share

- 2023-12: CNY 23.34 per share

- 2024-01: CNY 24.40 per share

- 2024-02: CNY 25.05 per share

- 2024-03: CNY 24.93 per share

- 2024-04: CNY 25.79 per share

- 2024-05: CNY 26.61 per share

- 2024-06: CNY 28.92 per share

- 2024-07: CNY 29.86 per share

- 2024-08: CNY 29.38 per share

- 2024-09: CNY 30.05 per share

- 2024-10: CNY 27.58 per share

- 2024-11: CNY 27.32 per share

- 2024-12: CNY 29.55 per share

- 2025-01: CNY 28.90 per share

- 2025-02: CNY 27.38 per share

- 2025-03: CNY 27.81 per share

- 2025-04: CNY 29.50 per share

- 2025-05: CNY 30.20 per share

- 2025-06: CNY 30.14 per share

- 2025-07: CNY 27.84 per share

- 2025-08: CNY 28.09 per share

- 2025-09: CNY 27.25 per share

- 2025-10: CNY 28.10 per share

- 2025-11: CNY 27.98 per share

- 2025-12: CNY 27.19 per share

- 2026-01: CNY 26.36 per share

- 2026-02: CNY 26.04 per share

- 2026-03: CNY 27.04 per share

- 2026-04: CNY 27.32 per share

- 2026-05: CNY 27.75 per share

- 2026-06: CNY 26.47 per share

- 2026-07: CNY 29.09 per share

- 2026-08: CNY 28.09 per share

- 2026-09: CNY 28.54 per share

- 2026-10: CNY 29.15 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 19.17 per share, central CNY 27.34 per share, high CNY 32.09 per share

- FY2017: low CNY 16.12 per share, central CNY 18.31 per share, high CNY 21.22 per share

- FY2018: low CNY 16.46 per share, central CNY 18.69 per share, high CNY 21.67 per share

- FY2019: low CNY 15.65 per share, central CNY 17.77 per share, high CNY 20.58 per share

- FY2020: low CNY 18.24 per share, central CNY 20.69 per share, high CNY 23.97 per share

- FY2021: low CNY 16.94 per share, central CNY 19.21 per share, high CNY 22.22 per share

- FY2022: low CNY 19.20 per share, central CNY 21.80 per share, high CNY 25.26 per share

- FY2023: low CNY 20.99 per share, central CNY 23.85 per share, high CNY 27.66 per share

- FY2024: low CNY 17.06 per share, central CNY 19.38 per share, high CNY 22.48 per share

- FY2025: low CNY 17.36 per share, central CNY 19.71 per share, high CNY 22.83 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.

China Yangtze Power

600900 · SHG

CSI 300

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: CNY 29.60
Buy up to: CNY 19.94
Expected / yr: 7.6% 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

Margins varied 7.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 58.3%
Worst year: 49.1%
Latest · 2025: 49.1%

Capital return excluding acquisitions: median 9.2% (minimum 15%), and the second-worst year 7% (minimum 10%), and gross margin fell 10.6 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 9.2%
Worst year: 6.1%
Latest · 2025: 7.9%

Each $1 of profit left $1.17 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.17×
Annual median: 1.18×
Latest · 2025: 1.03×

Share growth was 4% over ten years and 2.1% over five (either must be at most 1% a year).

Earnings per share

10y median: CNY 1.07
Worst year: CNY 0.94
Latest · 2025: CNY 1.40

Profits were backed by cash: accruals were -4.7% of assets (limit 10%).

Sloan accruals

10y median: -4.9%
Worst year: -2.9%
Latest · 2025: -4.7%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 57.2%, three-year average owner earnings per share 1.45 CNY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CNY 13.45 · Value 27.34 · Buy at or below 27.34; 2016-11 · Price CNY 13.34 · Value 27.34 · Buy at or below 27.34; 2016-12 · Price CNY 12.66 · Value 27.34 · Buy at or below 27.34; 2017-01 · Price CNY 13.03 · Value 27.34 · Buy at or below 27.34; 2017-02 · Price CNY 12.97 · Value 18.31 · Buy at or below 18.31; 2017-03 · Price CNY 13.27 · Value 18.31 · Buy at or below 18.31; 2017-04 · Price CNY 13.89 · Value 18.31 · Buy at or below 18.31; 2017-05 · Price CNY 14.81 · Value 18.31 · Buy at or below 18.31; 2017-06 · Price CNY 15.38 · Value 18.31 · Buy at or below 18.31; 2017-07 · Price CNY 15.21 · Value 18.31 · Buy at or below 18.31; 2017-08 · Price CNY 14.98 · Value 18.31 · Buy at or below 18.31; 2017-09 · Price CNY 15.07 · Value 18.31 · Buy at or below 18.31; 2017-10 · Price CNY 15.91 · Value 18.31 · Buy at or below 18.31; 2017-11 · Price CNY 16.46 · Value 18.31 · Buy at or below 18.31; 2017-12 · Price CNY 15.59 · Value 18.31 · Buy at or below 18.31; 2018-01 · Price CNY 15.90 · Value 18.31 · Buy at or below 18.31; 2018-02 · Price CNY 16.47 · Value 18.69 · Buy at or below 18.69; 2018-03 · Price CNY 16.05 · Value 18.69 · Buy at or below 18.69; 2018-04 · Price CNY 16.11 · Value 18.69 · Buy at or below 18.69; 2018-05 · Price CNY 17.11 · Value 18.69 · Buy at or below 18.69; 2018-06 · Price CNY 16.14 · Value 18.69 · Buy at or below 18.69; 2018-07 · Price CNY 16.84 · Value 18.69 · Buy at or below 18.69; 2018-08 · Price CNY 15.82 · Value 18.69 · Buy at or below 18.69; 2018-09 · Price CNY 16.38 · Value 18.69 · Buy at or below 18.69; 2018-10 · Price CNY 15.61 · Value 18.69 · Buy at or below 18.69; 2018-11 · Price CNY 14.35 · Value 18.69 · Buy at or below 18.69; 2018-12 · Price CNY 15.88 · Value 18.69 · Buy at or below 18.69; 2019-01 · Price CNY 16.43 · Value 18.69 · Buy at or below 18.69; 2019-02 · Price CNY 16.30 · Value 17.77 · Buy at or below 17.77; 2019-03 · Price CNY 16.87 · Value 17.77 · Buy at or below 17.77; 2019-04 · Price CNY 16.56 · Value 17.77 · Buy at or below 17.77; 2019-05 · Price CNY 17.71 · Value 17.77 · Buy at or below 17.77; 2019-06 · Price CNY 17.90 · Value 17.77 · Buy at or below 17.77; 2019-07 · Price CNY 18.72 · Value 17.77 · Buy at or below 17.77; 2019-08 · Price CNY 18.62 · Value 17.77 · Buy at or below 17.77; 2019-09 · Price CNY 18.23 · Value 17.77 · Buy at or below 17.77; 2019-10 · Price CNY 17.86 · Value 17.77 · Buy at or below 17.77; 2019-11 · Price CNY 18.13 · Value 17.77 · Buy at or below 17.77; 2019-12 · Price CNY 18.38 · Value 17.77 · Buy at or below 17.77; 2020-01 · Price CNY 17.15 · Value 17.77 · Buy at or below 17.77; 2020-02 · Price CNY 17.03 · Value 20.69 · Buy at or below 20.69; 2020-03 · Price CNY 17.29 · Value 20.69 · Buy at or below 20.69; 2020-04 · Price CNY 17.45 · Value 20.69 · Buy at or below 20.69; 2020-05 · Price CNY 17.39 · Value 20.69 · Buy at or below 20.69; 2020-06 · Price CNY 18.94 · Value 20.69 · Buy at or below 20.69; 2020-07 · Price CNY 18.37 · Value 20.69 · Buy at or below 20.69; 2020-08 · Price CNY 19.30 · Value 20.69 · Buy at or below 20.69; 2020-09 · Price CNY 19.13 · Value 20.69 · Buy at or below 20.69; 2020-10 · Price CNY 18.96 · Value 20.69 · Buy at or below 20.69; 2020-11 · Price CNY 20.11 · Value 20.69 · Buy at or below 20.69; 2020-12 · Price CNY 19.16 · Value 20.69 · Buy at or below 20.69; 2021-01 · Price CNY 19.68 · Value 20.69 · Buy at or below 20.69; 2021-02 · Price CNY 19.75 · Value 19.21 · Buy at or below 19.21; 2021-03 · Price CNY 21.44 · Value 19.21 · Buy at or below 19.21; 2021-04 · Price CNY 19.97 · Value 19.21 · Buy at or below 19.21; 2021-05 · Price CNY 19.86 · Value 19.21 · Buy at or below 19.21; 2021-06 · Price CNY 20.64 · Value 19.21 · Buy at or below 19.21; 2021-07 · Price CNY 19.00 · Value 19.21 · Buy at or below 19.21; 2021-08 · Price CNY 19.34 · Value 19.21 · Buy at or below 19.21; 2021-09 · Price CNY 22.00 · Value 19.21 · Buy at or below 19.21; 2021-10 · Price CNY 21.25 · Value 19.21 · Buy at or below 19.21; 2021-11 · Price CNY 19.53 · Value 19.21 · Buy at or below 19.21; 2021-12 · Price CNY 22.70 · Value 19.21 · Buy at or below 19.21; 2022-01 · Price CNY 21.92 · Value 19.21 · Buy at or below 19.21; 2022-02 · Price CNY 23.18 · Value 21.80 · Buy at or below 21.80; 2022-03 · Price CNY 22.00 · Value 21.80 · Buy at or below 21.80; 2022-04 · Price CNY 22.72 · Value 21.80 · Buy at or below 21.80; 2022-05 · Price CNY 24.02 · Value 21.80 · Buy at or below 21.80; 2022-06 · Price CNY 23.12 · Value 21.80 · Buy at or below 21.80; 2022-07 · Price CNY 23.88 · Value 21.80 · Buy at or below 21.80; 2022-08 · Price CNY 23.98 · Value 21.80 · Buy at or below 21.80; 2022-09 · Price CNY 22.74 · Value 21.80 · Buy at or below 21.80; 2022-10 · Price CNY 20.26 · Value 21.80 · Buy at or below 21.80; 2022-11 · Price CNY 21.22 · Value 21.80 · Buy at or below 21.80; 2022-12 · Price CNY 21.00 · Value 21.80 · Buy at or below 21.80; 2023-01 · Price CNY 20.79 · Value 21.80 · Buy at or below 21.80; 2023-02 · Price CNY 21.16 · Value 23.85 · Buy at or below 23.85; 2023-03 · Price CNY 21.25 · Value 23.85 · Buy at or below 23.85; 2023-04 · Price CNY 21.88 · Value 23.85 · Buy at or below 23.85; 2023-05 · Price CNY 22.51 · Value 23.85 · Buy at or below 23.85; 2023-06 · Price CNY 22.06 · Value 23.85 · Buy at or below 23.85; 2023-07 · Price CNY 21.46 · Value 23.85 · Buy at or below 23.85; 2023-08 · Price CNY 22.06 · Value 23.85 · Buy at or below 23.85; 2023-09 · Price CNY 22.24 · Value 23.85 · Buy at or below 23.85; 2023-10 · Price CNY 22.57 · Value 23.85 · Buy at or below 23.85; 2023-11 · Price CNY 22.83 · Value 23.85 · Buy at or below 23.85; 2023-12 · Price CNY 23.34 · Value 23.85 · Buy at or below 23.85; 2024-01 · Price CNY 24.40 · Value 23.85 · Buy at or below 23.85; 2024-02 · Price CNY 25.05 · Value 19.38 · Buy at or below 19.38; 2024-03 · Price CNY 24.93 · Value 19.38 · Buy at or below 19.38; 2024-04 · Price CNY 25.79 · Value 19.38 · Buy at or below 19.38; 2024-05 · Price CNY 26.61 · Value 19.38 · Buy at or below 19.38; 2024-06 · Price CNY 28.92 · Value 19.38 · Buy at or below 19.38; 2024-07 · Price CNY 29.86 · Value 19.38 · Buy at or below 19.38; 2024-08 · Price CNY 29.38 · Value 19.38 · Buy at or below 19.38; 2024-09 · Price CNY 30.05 · Value 19.38 · Buy at or below 19.38; 2024-10 · Price CNY 27.58 · Value 19.38 · Buy at or below 19.38; 2024-11 · Price CNY 27.32 · Value 19.38 · Buy at or below 19.38; 2024-12 · Price CNY 29.55 · Value 19.38 · Buy at or below 19.38; 2025-01 · Price CNY 28.90 · Value 19.38 · Buy at or below 19.38; 2025-02 · Price CNY 27.38 · Value 19.71 · Buy at or below 19.71; 2025-03 · Price CNY 27.81 · Value 19.71 · Buy at or below 19.71; 2025-04 · Price CNY 29.50 · Value 19.71 · Buy at or below 19.71; 2025-05 · Price CNY 30.20 · Value 19.71 · Buy at or below 19.71; 2025-06 · Price CNY 30.14 · Value 19.71 · Buy at or below 19.71; 2025-07 · Price CNY 27.84 · Value 19.71 · Buy at or below 19.71; 2025-08 · Price CNY 28.09 · Value 19.71 · Buy at or below 19.71; 2025-09 · Price CNY 27.25 · Value 19.71 · Buy at or below 19.71; 2025-10 · Price CNY 28.10 · Value 19.71 · Buy at or below 19.71; 2025-11 · Price CNY 27.98 · Value 19.71 · Buy at or below 19.71; 2025-12 · Price CNY 27.19 · Value 19.71 · Buy at or below 19.71; 2026-01 · Price CNY 26.36 · Value 19.71 · Buy at or below 19.71; 2026-02 · Price CNY 26.04 · Value 19.94 · Buy at or below 19.94; 2026-03 · Price CNY 27.04 · Value 19.94 · Buy at or below 19.94; 2026-04 · Price CNY 27.32 · Value 19.94 · Buy at or below 19.94; 2026-05 · Price CNY 27.75 · Value 19.94 · Buy at or below 19.94; 2026-06 · Price CNY 26.47 · Value 19.94 · Buy at or below 19.94; 2026-07 · Price CNY 29.09 · Value 19.94 · Buy at or below 19.94; 2026-08 · Price CNY 28.09 · Value 19.94 · Buy at or below 19.94; 2026-09 · Price CNY 28.54 · Value 19.94 · Buy at or below 19.94; 2026-10 · Price CNY 29.15 · Value 19.94 · Buy at or below 19.94; 2026-10 · Price CNY 29.60 · Value 19.94 · Buy at or below 19.94

CNY per share · annual estimates

Price & return math
Value range	CNY 17.56 – CNY 23.11
Buy at or below	Central value CNY 19.94
Discount to value	1 − 29.60 / 19.94 = -48.4%
Return / year	About 7.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CNY 1.58/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash CNY 0.31/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCNY 86B

Revenue

Owner earningsCNY 35B

Owner earnings

Operating margin49.1%

Operating margin

Net cash / debtCNY -207B

Net cash / debt

Diluted shares24B

Diluted shares

Prices 15 Oct 2026 · FY2025