# Bank of Hangzhou (600926.SHG)

Canonical: https://gigainvestors.com/s/600926.SHG

Analysis as of: 2026-10-16T07:34:52.468Z. 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 16.77 per share; close as of 2026-10-15.

Estimated value: low CNY 21.53 per share, central CNY 23.68 per share, high CNY 26.31 per share. Buy at or below the central value CNY 23.68 per share. Valuation as of 2026-10-16T07:34:52.468Z; scenarios are not confidence intervals.

Expected annual return: 14.1% at the stated quote. About 14.1% 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): 0.15×

Chart: Net income; fiscal year observations.

- FY2016: CNY 4.0B

- FY2017: CNY 4.6B

- FY2018: CNY 4.9B

- FY2019: CNY 6.1B

- FY2020: CNY 6.6B

- FY2021: CNY 8.5B

- FY2022: CNY 12B

- FY2023: CNY 14B

- FY2024: CNY 17B

- FY2025: CNY 19B

### 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: 10.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 8.7%

- Years with reported combined ratio: 0

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

- FY2016: 10.5%

- FY2017: 10.9%

- FY2018: 8.7%

- FY2019: 9.9%

- FY2020: 8.3%

- FY2021: 9.5%

- FY2022: 12.0%

- FY2023: 13.1%

- FY2024: 12.6%

- FY2025: 11.8%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 20.9%

- Book return interval: 10 years

- Starting book value per share: CNY 6.90

- Ending book value per share: CNY 21.32

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

- FY2016: 24.1%

- FY2017: 1.2%

- FY2018: 41.8%

- FY2019: 26.0%

- FY2020: 18.7%

- FY2021: -3.6%

- FY2022: 23.6%

- FY2023: 24.7%

- FY2024: 35.2%

- FY2025: 24.3%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- Diluted shares, 10-year annual growth: 5.2%

- Diluted shares, 5-year annual growth: 4.7%

- Share growth excluding flagged crisis recapitalisations: 5.2%

- Five-year share growth excluding flagged crisis recapitalisations: 4.7%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 14.31×

- Book value created per share: CNY 14.42

- Earnings retained per share after dividends and buybacks: CNY 1.01

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

- FY2015: 100

- FY2016: 100

- FY2017: 112

- FY2018: 113

- FY2019: 111

- FY2020: 132

- FY2021: 164

- FY2022: 161

- FY2023: 159

- FY2024: 158

- FY2025: 165

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits shrink 4.1% a year forever · net income +12.1%

Story as of 2026-10-16T10:00:02.873Z; price observation 2026-10-15.

The price assumes profits shrink 4.1% a year forever

### Net income · FY2025

net income +12.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 4.0B 

- FY2017: CNY 4.6B 

- FY2018: CNY 4.9B 

- FY2019: CNY 6.1B 

- FY2020: CNY 6.6B 

- FY2021: CNY 8.5B 

- FY2022: CNY 12B 

- FY2023: CNY 14B 

- FY2024: CNY 17B 

- FY2025: CNY 19B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are CNY 38.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.468Z); FY2025: revenue 38799000000.

### Why customers stay

It earns 10.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.468Z); 10-year return on tangible equity observations [[2016,0.10483167289045958],[2017,0.10925551961430661],[2018,0.08732144095455087],[2019,0.09905504344221724],[2020,0.08299329324078271],[2021,0.09508678764406772],[2022,0.11989439613165641],[2023,0.13097154880289888],[2024,0.12625991144062668],[2025,0.11771471849725106]]; median 0.1070435962523831. 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 2026-10-16T07:34:52.468Z); Dividend observations: [[2016,713999000],[2017,1949702000],[2018,3499738000],[2019,8063831000],[2020,6862175000],[2021,6794998000],[2022,10628163000],[2023,10141989000],[2024,13071816000],[2025,13005754000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 44.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600926.SHG SharesStats.PercentInsiders = 44.66 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits shrink 4.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.468Z); Price 16.77; FX 1; original perpetual distributable cash 2.367900411603893; discount 0.1; growth -0.041198593417047874. 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)

- 2016-11: CNY 11.88 per share

- 2016-12: CNY 10.69 per share

- 2017-01: CNY 10.28 per share

- 2017-02: CNY 11.71 per share

- 2017-03: CNY 11.58 per share

- 2017-04: CNY 10.91 per share

- 2017-05: CNY 10.89 per share

- 2017-06: CNY 10.61 per share

- 2017-07: CNY 10.61 per share

- 2017-08: CNY 10.68 per share

- 2017-09: CNY 9.95 per share

- 2017-10: CNY 9.19 per share

- 2017-11: CNY 8.60 per share

- 2017-12: CNY 8.24 per share

- 2018-01: CNY 8.94 per share

- 2018-02: CNY 8.39 per share

- 2018-03: CNY 8.07 per share

- 2018-04: CNY 8.14 per share

- 2018-05: CNY 8.37 per share

- 2018-06: CNY 7.92 per share

- 2018-07: CNY 8.13 per share

- 2018-08: CNY 8.02 per share

- 2018-09: CNY 7.82 per share

- 2018-10: CNY 7.98 per share

- 2018-11: CNY 7.72 per share

- 2018-12: CNY 7.40 per share

- 2019-01: CNY 7.78 per share

- 2019-02: CNY 8.81 per share

- 2019-03: CNY 8.61 per share

- 2019-04: CNY 8.88 per share

- 2019-05: CNY 8.21 per share

- 2019-06: CNY 8.33 per share

- 2019-07: CNY 8.47 per share

- 2019-08: CNY 7.98 per share

- 2019-09: CNY 8.45 per share

- 2019-10: CNY 9.00 per share

- 2019-11: CNY 8.71 per share

- 2019-12: CNY 9.16 per share

- 2020-01: CNY 9.17 per share

- 2020-02: CNY 8.59 per share

- 2020-03: CNY 7.70 per share

- 2020-04: CNY 8.28 per share

- 2020-05: CNY 9.10 per share

- 2020-06: CNY 8.92 per share

- 2020-07: CNY 9.44 per share

- 2020-08: CNY 12.95 per share

- 2020-09: CNY 11.78 per share

- 2020-10: CNY 12.97 per share

- 2020-11: CNY 15.20 per share

- 2020-12: CNY 14.92 per share

- 2021-01: CNY 14.70 per share

- 2021-02: CNY 16.02 per share

- 2021-03: CNY 16.89 per share

- 2021-04: CNY 16.54 per share

- 2021-05: CNY 16.52 per share

- 2021-06: CNY 14.75 per share

- 2021-07: CNY 12.10 per share

- 2021-08: CNY 13.39 per share

- 2021-09: CNY 14.93 per share

- 2021-10: CNY 14.28 per share

- 2021-11: CNY 13.76 per share

- 2021-12: CNY 12.82 per share

- 2022-01: CNY 14.10 per share

- 2022-02: CNY 14.32 per share

- 2022-03: CNY 14.09 per share

- 2022-04: CNY 15.28 per share

- 2022-05: CNY 13.62 per share

- 2022-06: CNY 14.98 per share

- 2022-07: CNY 14.30 per share

- 2022-08: CNY 14.33 per share

- 2022-09: CNY 14.25 per share

- 2022-10: CNY 12.11 per share

- 2022-11: CNY 13.22 per share

- 2022-12: CNY 13.08 per share

- 2023-01: CNY 13.02 per share

- 2023-02: CNY 12.13 per share

- 2023-03: CNY 11.61 per share

- 2023-04: CNY 12.56 per share

- 2023-05: CNY 11.61 per share

- 2023-06: CNY 11.75 per share

- 2023-07: CNY 12.26 per share

- 2023-08: CNY 11.20 per share

- 2023-09: CNY 11.16 per share

- 2023-10: CNY 10.70 per share

- 2023-11: CNY 9.94 per share

- 2023-12: CNY 10.01 per share

- 2024-01: CNY 10.91 per share

- 2024-02: CNY 11.08 per share

- 2024-03: CNY 11.11 per share

- 2024-04: CNY 12.90 per share

- 2024-05: CNY 13.59 per share

- 2024-06: CNY 13.05 per share

- 2024-07: CNY 13.46 per share

- 2024-08: CNY 12.74 per share

- 2024-09: CNY 14.10 per share

- 2024-10: CNY 13.84 per share

- 2024-11: CNY 14.15 per share

- 2024-12: CNY 14.61 per share

- 2025-01: CNY 14.76 per share

- 2025-02: CNY 14.41 per share

- 2025-03: CNY 14.44 per share

- 2025-04: CNY 14.70 per share

- 2025-05: CNY 16.66 per share

- 2025-06: CNY 16.82 per share

- 2025-07: CNY 16.05 per share

- 2025-08: CNY 15.87 per share

- 2025-09: CNY 15.27 per share

- 2025-10: CNY 15.70 per share

- 2025-11: CNY 15.59 per share

- 2025-12: CNY 15.28 per share

- 2026-01: CNY 16.16 per share

- 2026-02: CNY 16.25 per share

- 2026-03: CNY 16.75 per share

- 2026-04: CNY 17.40 per share

- 2026-05: CNY 16.01 per share

- 2026-06: CNY 14.45 per share

- 2026-07: CNY 16.45 per share

- 2026-08: CNY 16.73 per share

- 2026-09: CNY 17.11 per share

- 2026-10: CNY 17.14 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 19.28 per share, central CNY 24.10 per share, high CNY 32.13 per share

- FY2017: low CNY 17.96 per share, central CNY 22.45 per share, high CNY 29.94 per share

- FY2018: low CNY 16.19 per share, central CNY 20.24 per share, high CNY 26.99 per share

- FY2019: low CNY 16.03 per share, central CNY 20.04 per share, high CNY 26.72 per share

- FY2020: low CNY 13.82 per share, central CNY 17.28 per share, high CNY 23.04 per share

- FY2021: low CNY 11.05 per share, central CNY 13.34 per share, high CNY 16.82 per share

- FY2022: low CNY 12.46 per share, central CNY 14.54 per share, high CNY 17.45 per share

- FY2023: low CNY 14.28 per share, central CNY 16.46 per share, high CNY 19.42 per share

- FY2024: low CNY 17.65 per share, central CNY 20.16 per share, high CNY 23.51 per share

- FY2025: low CNY 20.58 per share, central CNY 22.64 per share, high CNY 25.16 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.

Bank of Hangzhou

600926 · SHG

CSI 300

Not a wonderful business

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

Share price: CNY 16.77
Buy up to: CNY 23.68
Expected / yr: 14.1% 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 7.5B
Worst year: CNY 4.0B
Latest · 2025: CNY 19B

Earned a median 10.7% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 10.7%
Worst year: 8.3%
Latest · 2025: 11.8%

Book value plus dividends grew 20.9% a year (minimum 7%).

Annual book + dividend return

10y median: 24.2%
Worst year: -3.6%
Latest · 2025: 24.3%

Ordinary share growth was 5.2% over the full period and 4.7% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 132
Worst year: 165
Latest · 2025: 165

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 2.27 CNY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price CNY 11.88 · Value 24.10 · Buy at or below 24.10; 2016-12 · Price CNY 10.69 · Value 24.10 · Buy at or below 24.10; 2017-01 · Price CNY 10.28 · Value 24.10 · Buy at or below 24.10; 2017-02 · Price CNY 11.71 · Value 22.45 · Buy at or below 22.45; 2017-03 · Price CNY 11.58 · Value 22.45 · Buy at or below 22.45; 2017-04 · Price CNY 10.91 · Value 22.45 · Buy at or below 22.45; 2017-05 · Price CNY 10.89 · Value 22.45 · Buy at or below 22.45; 2017-06 · Price CNY 10.61 · Value 22.45 · Buy at or below 22.45; 2017-07 · Price CNY 10.61 · Value 22.45 · Buy at or below 22.45; 2017-08 · Price CNY 10.68 · Value 22.45 · Buy at or below 22.45; 2017-09 · Price CNY 9.95 · Value 22.45 · Buy at or below 22.45; 2017-10 · Price CNY 9.19 · Value 22.45 · Buy at or below 22.45; 2017-11 · Price CNY 8.60 · Value 22.45 · Buy at or below 22.45; 2017-12 · Price CNY 8.24 · Value 22.45 · Buy at or below 22.45; 2018-01 · Price CNY 8.94 · Value 22.45 · Buy at or below 22.45; 2018-02 · Price CNY 8.39 · Value 20.24 · Buy at or below 20.24; 2018-03 · Price CNY 8.07 · Value 20.24 · Buy at or below 20.24; 2018-04 · Price CNY 8.14 · Value 20.24 · Buy at or below 20.24; 2018-05 · Price CNY 8.37 · Value 20.24 · Buy at or below 20.24; 2018-06 · Price CNY 7.92 · Value 20.24 · Buy at or below 20.24; 2018-07 · Price CNY 8.13 · Value 20.24 · Buy at or below 20.24; 2018-08 · Price CNY 8.02 · Value 20.24 · Buy at or below 20.24; 2018-09 · Price CNY 7.82 · Value 20.24 · Buy at or below 20.24; 2018-10 · Price CNY 7.98 · Value 20.24 · Buy at or below 20.24; 2018-11 · Price CNY 7.72 · Value 20.24 · Buy at or below 20.24; 2018-12 · Price CNY 7.40 · Value 20.24 · Buy at or below 20.24; 2019-01 · Price CNY 7.78 · Value 20.24 · Buy at or below 20.24; 2019-02 · Price CNY 8.81 · Value 20.04 · Buy at or below 20.04; 2019-03 · Price CNY 8.61 · Value 20.04 · Buy at or below 20.04; 2019-04 · Price CNY 8.88 · Value 20.04 · Buy at or below 20.04; 2019-05 · Price CNY 8.21 · Value 20.04 · Buy at or below 20.04; 2019-06 · Price CNY 8.33 · Value 20.04 · Buy at or below 20.04; 2019-07 · Price CNY 8.47 · Value 20.04 · Buy at or below 20.04; 2019-08 · Price CNY 7.98 · Value 20.04 · Buy at or below 20.04; 2019-09 · Price CNY 8.45 · Value 20.04 · Buy at or below 20.04; 2019-10 · Price CNY 9.00 · Value 20.04 · Buy at or below 20.04; 2019-11 · Price CNY 8.71 · Value 20.04 · Buy at or below 20.04; 2019-12 · Price CNY 9.16 · Value 20.04 · Buy at or below 20.04; 2020-01 · Price CNY 9.17 · Value 20.04 · Buy at or below 20.04; 2020-02 · Price CNY 8.59 · Value 17.28 · Buy at or below 17.28; 2020-03 · Price CNY 7.70 · Value 17.28 · Buy at or below 17.28; 2020-04 · Price CNY 8.28 · Value 17.28 · Buy at or below 17.28; 2020-05 · Price CNY 9.10 · Value 17.28 · Buy at or below 17.28; 2020-06 · Price CNY 8.92 · Value 17.28 · Buy at or below 17.28; 2020-07 · Price CNY 9.44 · Value 17.28 · Buy at or below 17.28; 2020-08 · Price CNY 12.95 · Value 17.28 · Buy at or below 17.28; 2020-09 · Price CNY 11.78 · Value 17.28 · Buy at or below 17.28; 2020-10 · Price CNY 12.97 · Value 17.28 · Buy at or below 17.28; 2020-11 · Price CNY 15.20 · Value 17.28 · Buy at or below 17.28; 2020-12 · Price CNY 14.92 · Value 17.28 · Buy at or below 17.28; 2021-01 · Price CNY 14.70 · Value 17.28 · Buy at or below 17.28; 2021-02 · Price CNY 16.02 · Value 13.34 · Buy at or below 13.34; 2021-03 · Price CNY 16.89 · Value 13.34 · Buy at or below 13.34; 2021-04 · Price CNY 16.54 · Value 13.34 · Buy at or below 13.34; 2021-05 · Price CNY 16.52 · Value 13.34 · Buy at or below 13.34; 2021-06 · Price CNY 14.75 · Value 13.34 · Buy at or below 13.34; 2021-07 · Price CNY 12.10 · Value 13.34 · Buy at or below 13.34; 2021-08 · Price CNY 13.39 · Value 13.34 · Buy at or below 13.34; 2021-09 · Price CNY 14.93 · Value 13.34 · Buy at or below 13.34; 2021-10 · Price CNY 14.28 · Value 13.34 · Buy at or below 13.34; 2021-11 · Price CNY 13.76 · Value 13.34 · Buy at or below 13.34; 2021-12 · Price CNY 12.82 · Value 13.34 · Buy at or below 13.34; 2022-01 · Price CNY 14.10 · Value 13.34 · Buy at or below 13.34; 2022-02 · Price CNY 14.32 · Value 14.54 · Buy at or below 14.54; 2022-03 · Price CNY 14.09 · Value 14.54 · Buy at or below 14.54; 2022-04 · Price CNY 15.28 · Value 14.54 · Buy at or below 14.54; 2022-05 · Price CNY 13.62 · Value 14.54 · Buy at or below 14.54; 2022-06 · Price CNY 14.98 · Value 14.54 · Buy at or below 14.54; 2022-07 · Price CNY 14.30 · Value 14.54 · Buy at or below 14.54; 2022-08 · Price CNY 14.33 · Value 14.54 · Buy at or below 14.54; 2022-09 · Price CNY 14.25 · Value 14.54 · Buy at or below 14.54; 2022-10 · Price CNY 12.11 · Value 14.54 · Buy at or below 14.54; 2022-11 · Price CNY 13.22 · Value 14.54 · Buy at or below 14.54; 2022-12 · Price CNY 13.08 · Value 14.54 · Buy at or below 14.54; 2023-01 · Price CNY 13.02 · Value 14.54 · Buy at or below 14.54; 2023-02 · Price CNY 12.13 · Value 16.46 · Buy at or below 16.46; 2023-03 · Price CNY 11.61 · Value 16.46 · Buy at or below 16.46; 2023-04 · Price CNY 12.56 · Value 16.46 · Buy at or below 16.46; 2023-05 · Price CNY 11.61 · Value 16.46 · Buy at or below 16.46; 2023-06 · Price CNY 11.75 · Value 16.46 · Buy at or below 16.46; 2023-07 · Price CNY 12.26 · Value 16.46 · Buy at or below 16.46; 2023-08 · Price CNY 11.20 · Value 16.46 · Buy at or below 16.46; 2023-09 · Price CNY 11.16 · Value 16.46 · Buy at or below 16.46; 2023-10 · Price CNY 10.70 · Value 16.46 · Buy at or below 16.46; 2023-11 · Price CNY 9.94 · Value 16.46 · Buy at or below 16.46; 2023-12 · Price CNY 10.01 · Value 16.46 · Buy at or below 16.46; 2024-01 · Price CNY 10.91 · Value 16.46 · Buy at or below 16.46; 2024-02 · Price CNY 11.08 · Value 20.16 · Buy at or below 20.16; 2024-03 · Price CNY 11.11 · Value 20.16 · Buy at or below 20.16; 2024-04 · Price CNY 12.90 · Value 20.16 · Buy at or below 20.16; 2024-05 · Price CNY 13.59 · Value 20.16 · Buy at or below 20.16; 2024-06 · Price CNY 13.05 · Value 20.16 · Buy at or below 20.16; 2024-07 · Price CNY 13.46 · Value 20.16 · Buy at or below 20.16; 2024-08 · Price CNY 12.74 · Value 20.16 · Buy at or below 20.16; 2024-09 · Price CNY 14.10 · Value 20.16 · Buy at or below 20.16; 2024-10 · Price CNY 13.84 · Value 20.16 · Buy at or below 20.16; 2024-11 · Price CNY 14.15 · Value 20.16 · Buy at or below 20.16; 2024-12 · Price CNY 14.61 · Value 20.16 · Buy at or below 20.16; 2025-01 · Price CNY 14.76 · Value 20.16 · Buy at or below 20.16; 2025-02 · Price CNY 14.41 · Value 22.64 · Buy at or below 22.64; 2025-03 · Price CNY 14.44 · Value 22.64 · Buy at or below 22.64; 2025-04 · Price CNY 14.70 · Value 22.64 · Buy at or below 22.64; 2025-05 · Price CNY 16.66 · Value 22.64 · Buy at or below 22.64; 2025-06 · Price CNY 16.82 · Value 22.64 · Buy at or below 22.64; 2025-07 · Price CNY 16.05 · Value 22.64 · Buy at or below 22.64; 2025-08 · Price CNY 15.87 · Value 22.64 · Buy at or below 22.64; 2025-09 · Price CNY 15.27 · Value 22.64 · Buy at or below 22.64; 2025-10 · Price CNY 15.70 · Value 22.64 · Buy at or below 22.64; 2025-11 · Price CNY 15.59 · Value 22.64 · Buy at or below 22.64; 2025-12 · Price CNY 15.28 · Value 22.64 · Buy at or below 22.64; 2026-01 · Price CNY 16.16 · Value 22.64 · Buy at or below 22.64; 2026-02 · Price CNY 16.25 · Value 23.68 · Buy at or below 23.68; 2026-03 · Price CNY 16.75 · Value 23.68 · Buy at or below 23.68; 2026-04 · Price CNY 17.40 · Value 23.68 · Buy at or below 23.68; 2026-05 · Price CNY 16.01 · Value 23.68 · Buy at or below 23.68; 2026-06 · Price CNY 14.45 · Value 23.68 · Buy at or below 23.68; 2026-07 · Price CNY 16.45 · Value 23.68 · Buy at or below 23.68; 2026-08 · Price CNY 16.73 · Value 23.68 · Buy at or below 23.68; 2026-09 · Price CNY 17.11 · Value 23.68 · Buy at or below 23.68; 2026-10 · Price CNY 17.14 · Value 23.68 · Buy at or below 23.68; 2026-10 · Price CNY 16.77 · Value 23.68 · Buy at or below 23.68

CNY per share · annual estimates

Price & return math
Value range	CNY 21.53 – CNY 26.31
Buy at or below	Central value CNY 23.68
Discount to value	1 − 16.77 / 23.68 = 29.2%
Return / year	About 14.1% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CNY 22.30/share; ROE 10.6%; first payout CNY 2.37/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCNY 19B

Net income

Book / shareCNY 21.32

Book / share

Dividend / shareCNY 1.72

Dividend / share

Return on tangible equity11.8%

Return on tangible equity

Diluted shares7.6B

Diluted shares

Prices 15 Oct 2026 · FY2025