# Zhongtai Securities (600918.SHG)

Canonical: https://gigainvestors.com/s/600918.SHG

Analysis as of: 2026-10-16T07:36:50.561Z. 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 5.55 per share; close as of 2026-10-15.

Estimated value: low CNY 2.85 per share, central CNY 3.14 per share, high CNY 3.49 per share. Buy at or below the central value CNY 3.14 per share. Valuation as of 2026-10-16T07:36:50.561Z; scenarios are not confidence intervals.

Expected annual return: 5.7% at the stated quote. About 5.7% 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): 0.48×

Chart: Net income; fiscal year observations.

- FY2016: CNY 2.5B

- FY2017: CNY 1.8B

- FY2018: CNY 1.0B

- FY2019: CNY 2.2B

- FY2020: CNY 2.5B

- FY2021: CNY 3.2B

- FY2022: CNY 590M

- FY2023: CNY 1.8B

- FY2024: CNY 937M

- FY2025: CNY 1.4B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 5.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 2.3%

- Years with reported combined ratio: 0

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

- FY2016: 7.8%

- FY2017: 5.5%

- FY2018: 3.2%

- FY2019: 6.7%

- FY2020: 7.6%

- FY2021: 9.0%

- FY2022: 1.6%

- FY2023: 4.6%

- FY2024: 2.3%

- FY2025: 3.0%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 10.4%

- Book return interval: 10 years

- Starting book value per share: CNY 4.36

- Ending book value per share: CNY 6.06

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

- FY2016: 9.2%

- FY2017: 11.8%

- FY2018: 3.5%

- FY2019: 12.5%

- FY2020: 9.7%

- FY2021: 10.7%

- FY2022: 13.4%

- FY2023: 6.7%

- FY2024: -0.2%

- FY2025: 29.3%

### 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: 2.6%

- Share growth excluding flagged crisis recapitalisations: 1.1%

- Five-year share growth excluding flagged crisis recapitalisations: 2.6%

- Flagged crisis recapitalisations: 0

- Book value created per share: CNY 1.70

- Earnings retained per share after dividends and buybacks: CNY -1.30

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 47% since Nov 2021 · net income +53.1%

Story as of 2026-10-16T10:00:08.232Z; price observation 2026-10-15.

The price assumes profits grow 4.3% a year forever

### Net income · FY2025

net income +53.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 2.5B 

- FY2017: CNY 1.8B 

- FY2018: CNY 1.0B 

- FY2019: CNY 2.2B 

- FY2020: CNY 2.5B 

- FY2021: CNY 3.2B 

- FY2022: CNY 590M 

- FY2023: CNY 1.8B 

- FY2024: CNY 937M 

- FY2025: CNY 1.4B 

## Owner memo

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

### How it makes money

Operates in capital markets; annual sales are CNY 11.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.561Z); FY2025: revenue 11382442714.65.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600918.SHG: Zhongtai Securities Co., Ltd. operates as a securities company in China. It offers wealth management services, such as transaction service system, financial product and services system, and fintech platform; and capital intermediary services, including margin trading, securities lending and borrowing, stock-pledged repurchase transactions, repurchase agreements, and equity incentive financing, as well as option financing and coupon source position occupancy services. The company also provides income certificates and trust plans, securities investment funds, securities asset management plans, insurance asset management products, and futures asset management products; buyback offering product; custody and fund services comprising private equity funds and public funds, trading, clearing, reporting, and valuation. In addition, it offers equity financing, bond financing, asset securitization, mergers and acquisitions, and market capitalization management financial advisory; research services; and shareholding management. Further, the company is involved in the options and futures business; and propriety investment, market making, and OTC derivatives business. Additionally, it operates XTP, an instant trading platform; Zhongtai Qifutong application, SmartX, a specialized trading terminal, programmatic, algorithmic, grid trading, arbitrage, and backtesting research product; Shangyuan, an institutional service platform; shareholding integrated management platform; FundConnect, a wealth management platform; and management service platform. The company was formerly known as Qilu Securities Co., Ltd. Zhongtai Securities Co., Ltd. was founded in 2001 and is headquartered in Jinan, China.

### Why customers stay

It earns 5.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.561Z); 10-year return on tangible equity observations [[2016,0.07808199371179089],[2017,0.055109903717595624],[2018,0.03216384083271425],[2019,0.0667287897821135],[2020,0.07635814903964896],[2021,0.08996301482274091],[2022,0.015536997856727736],[2023,0.04633826910442379],[2024,0.022503813000034213],[2025,0.029688730250445904]]; median 0.05072408641100971. 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 3.6 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.561Z); Dividend observations: [[2016,2659321214.02],[2017,2541496776.58],[2018,2347259722.69],[2019,2576088136],[2020,2179618203.84],[2021,2711320774],[2022,2613749490.75],[2023,2370321897],[2024,2412856382],[2025,2068090451.9]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.561Z); FY2025: cash repurchases 3599212871.8050003 CNY.

### Are managers owners

Insiders own 66.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600918.SHG SharesStats.PercentInsiders = 66.217 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 4.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.561Z); Price 5.55; FX 1; original perpetual distributable cash 0.31367218482948084; discount 0.1; growth 0.043482489219913364. 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)

- 2020-06: CNY 12.84 per share

- 2020-07: CNY 17.15 per share

- 2020-08: CNY 15.89 per share

- 2020-09: CNY 15.41 per share

- 2020-10: CNY 13.55 per share

- 2020-11: CNY 16.64 per share

- 2020-12: CNY 18.50 per share

- 2021-01: CNY 14.51 per share

- 2021-02: CNY 13.87 per share

- 2021-03: CNY 13.34 per share

- 2021-04: CNY 10.63 per share

- 2021-05: CNY 11.27 per share

- 2021-06: CNY 10.82 per share

- 2021-07: CNY 9.13 per share

- 2021-08: CNY 9.83 per share

- 2021-09: CNY 9.58 per share

- 2021-10: CNY 9.25 per share

- 2021-11: CNY 10.40 per share

- 2021-12: CNY 9.97 per share

- 2022-01: CNY 8.68 per share

- 2022-02: CNY 8.56 per share

- 2022-03: CNY 8.15 per share

- 2022-04: CNY 7.24 per share

- 2022-05: CNY 7.28 per share

- 2022-06: CNY 7.65 per share

- 2022-07: CNY 7.29 per share

- 2022-08: CNY 7.41 per share

- 2022-09: CNY 6.60 per share

- 2022-10: CNY 6.36 per share

- 2022-11: CNY 6.89 per share

- 2022-12: CNY 6.41 per share

- 2023-01: CNY 6.91 per share

- 2023-02: CNY 6.97 per share

- 2023-03: CNY 6.70 per share

- 2023-04: CNY 7.47 per share

- 2023-05: CNY 6.81 per share

- 2023-06: CNY 6.91 per share

- 2023-07: CNY 7.72 per share

- 2023-08: CNY 7.31 per share

- 2023-09: CNY 7.10 per share

- 2023-10: CNY 7.16 per share

- 2023-11: CNY 7.19 per share

- 2023-12: CNY 6.86 per share

- 2024-01: CNY 6.53 per share

- 2024-02: CNY 6.95 per share

- 2024-03: CNY 6.66 per share

- 2024-04: CNY 6.66 per share

- 2024-05: CNY 6.26 per share

- 2024-06: CNY 5.67 per share

- 2024-07: CNY 6.04 per share

- 2024-08: CNY 5.83 per share

- 2024-09: CNY 7.32 per share

- 2024-10: CNY 6.81 per share

- 2024-11: CNY 6.96 per share

- 2024-12: CNY 6.57 per share

- 2025-01: CNY 6.21 per share

- 2025-02: CNY 6.31 per share

- 2025-03: CNY 6.42 per share

- 2025-04: CNY 6.10 per share

- 2025-05: CNY 6.09 per share

- 2025-06: CNY 6.43 per share

- 2025-07: CNY 6.68 per share

- 2025-08: CNY 7.21 per share

- 2025-09: CNY 6.95 per share

- 2025-10: CNY 6.98 per share

- 2025-11: CNY 6.63 per share

- 2025-12: CNY 6.50 per share

- 2026-01: CNY 6.39 per share

- 2026-02: CNY 6.41 per share

- 2026-03: CNY 6.07 per share

- 2026-04: CNY 6.02 per share

- 2026-05: CNY 5.44 per share

- 2026-06: CNY 5.32 per share

- 2026-07: CNY 5.64 per share

- 2026-08: CNY 5.69 per share

- 2026-09: CNY 5.42 per share

- 2026-10: CNY 5.52 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 4.44 per share, central CNY 5.55 per share, high CNY 7.40 per share

- FY2017: low CNY 2.74 per share, central CNY 3.23 per share, high CNY 3.93 per share

- FY2018: low CNY 3.03 per share, central CNY 3.34 per share, high CNY 3.71 per share

- FY2019: low CNY 2.71 per share, central CNY 3.02 per share, high CNY 3.41 per share

- FY2020: low CNY 2.68 per share, central CNY 3.01 per share, high CNY 3.43 per share

- FY2021: low CNY 3.15 per share, central CNY 3.50 per share, high CNY 3.95 per share

- FY2022: low CNY 3.52 per share, central CNY 3.87 per share, high CNY 4.30 per share

- FY2023: low CNY 3.37 per share, central CNY 3.71 per share, high CNY 4.12 per share

- FY2024: low CNY 2.71 per share, central CNY 2.98 per share, high CNY 3.31 per share

- FY2025: low CNY 2.80 per share, central CNY 3.08 per share, high CNY 3.42 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 2026-10-15T06:42:35.059Z 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.

## Reported holder observations