# Industrial Bank (601166.SHG)

Canonical: https://gigainvestors.com/s/601166.SHG

Analysis as of: 2026-10-16T07:33:51.339Z. 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 18.36 per share; close as of 2026-10-15.

Estimated value: low CNY 49.45 per share, central CNY 54.39 per share, high CNY 60.44 per share. Buy at or below the central value CNY 54.39 per share. Valuation as of 2026-10-16T07:33:51.339Z; scenarios are not confidence intervals.

Expected annual return: 29.6% at the stated quote. About 29.6% 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

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.20×

Chart: Net income; fiscal year observations.

- FY2016: CNY 53B

- FY2017: CNY 56B

- FY2018: CNY 59B

- FY2019: CNY 64B

- FY2020: CNY 64B

- FY2021: CNY 78B

- FY2022: CNY 91B

- FY2023: CNY 77B

- FY2024: CNY 77B

- FY2025: CNY 77B

### 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: 11.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 8.8%

- Years with reported combined ratio: 0

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

- FY2016: 16.3%

- FY2017: 14.3%

- FY2018: 12.7%

- FY2019: 11.9%

- FY2020: 10.4%

- FY2021: 11.5%

- FY2022: 12.3%

- FY2023: 9.7%

- FY2024: 8.8%

- FY2025: 8.6%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 17.8%

- Book return interval: 10 years

- Starting book value per share: CNY 15.10

- Ending book value per share: CNY 37.30

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

- FY2016: 23.1%

- FY2017: 23.5%

- FY2018: 29.3%

- FY2019: 25.7%

- FY2020: 21.8%

- FY2021: 11.9%

- FY2022: 10.6%

- FY2023: 13.7%

- FY2024: 17.1%

- FY2025: 3.8%

### 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: 2.4%

- Diluted shares, 5-year annual growth: 2.9%

- Share growth excluding flagged crisis recapitalisations: 2.4%

- Five-year share growth excluding flagged crisis recapitalisations: 2.9%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.98×

- Book value created per share: CNY 22.19

- Earnings retained per share after dividends and buybacks: CNY 11.18

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

- FY2015: 100

- FY2016: 101

- FY2017: 109

- FY2018: 110

- FY2019: 110

- FY2020: 110

- FY2021: 118

- FY2022: 124

- FY2023: 125

- FY2024: 126

- FY2025: 127

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 21% since Jun 2025 · net income +0.3%

Story as of 2026-10-16T09:59:58.015Z; price observation 2026-10-15.

The price assumes profits shrink 19.6% a year forever

### Net income · FY2025

net income +0.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 53B 

- FY2017: CNY 56B 

- FY2018: CNY 59B 

- FY2019: CNY 64B 

- FY2020: CNY 64B 

- FY2021: CNY 78B 

- FY2022: CNY 91B 

- FY2023: CNY 77B 

- FY2024: CNY 77B 

- FY2025: CNY 77B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are CNY 363.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:51.339Z); FY2025: revenue 363931000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601166.SHG: Industrial Bank Co., Ltd. provides banking products and services in the People's Republic of China. The company's banking services include accepting deposits from the public; granting short-term, medium-term, and long-term loans; domestic and overseas settlement services; issuance of discount and acceptance bills and notes, as well as financial bonds; agency issuance and encashment, and underwriting of government bonds and debentures; trading of government and financial bonds and debentures; agency trading and trading of marketable securities except stock; asset custody business; settlement and sale of foreign exchanges; and inter-bank lending and borrowings. It also provides bank cards; letters of credit and guarantees; remittance and insurance agent services; safety deposit box and financial advisory services; and credit investigation, advisory, and attestation services. In addition, the company is involved in finance leasing, trust, fund raising and marketing, asset management, consumer finance, equity investment, industrial investment, and investment management and consulting; financial, business, and enterprise management consulting; financial data processing, commodity and financial futures brokerage, futures investment consulting, and economic information consulting; import and export of gold and its products; sale of public offering of fund; custody of securities investment funds; wealth management consulting and advisory services; and application software development and operational, and system integration services. Further, it engages in the acquisition, transfer, and disposal of bad debts in batches of financial and non-financial institutions; issuance of wealth management products and debt-to-equity swaps services; and other banking activities. Additionally, the company offers debit and credit card, and internet and mobile banking services. Industrial Bank Co., Ltd. was founded in 1988 and is headquartered in Fuzhou, the People's Republic of China.

### Why customers stay

It earns 11.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:51.339Z); 10-year return on tangible equity observations [[2016,0.16309850960586256],[2017,0.1429007429976892],[2018,0.12722801778756893],[2019,0.11919338147768989],[2020,0.10430183838969173],[2021,0.11486811113584963],[2022,0.12270820995636987],[2023,0.09704947741330598],[2024,0.08770763893149022],[2025,0.08606471323427302]]; median 0.11703074630676977. 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 2026-10-16T07:33:51.339Z); Dividend observations: [[2016,32557000000],[2017,42420000000],[2018,43728000000],[2019,43970000000],[2020,44994000000],[2021,52800000000],[2022,50653000000],[2023,59065000000],[2024,54284000000],[2025,22433000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 31.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601166.SHG SharesStats.PercentInsiders = 31.418000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits shrink 19.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:51.339Z); Price 18.36; FX 1; original perpetual distributable cash 5.439468342740702; discount 0.1; growth -0.19626733892923218. 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 16.31 per share

- 2016-11: CNY 16.84 per share

- 2016-12: CNY 16.14 per share

- 2017-01: CNY 17.07 per share

- 2017-02: CNY 16.75 per share

- 2017-03: CNY 16.21 per share

- 2017-04: CNY 15.46 per share

- 2017-05: CNY 16.55 per share

- 2017-06: CNY 16.86 per share

- 2017-07: CNY 17.76 per share

- 2017-08: CNY 17.65 per share

- 2017-09: CNY 17.29 per share

- 2017-10: CNY 17.44 per share

- 2017-11: CNY 17.49 per share

- 2017-12: CNY 16.99 per share

- 2018-01: CNY 18.68 per share

- 2018-02: CNY 17.86 per share

- 2018-03: CNY 16.69 per share

- 2018-04: CNY 16.11 per share

- 2018-05: CNY 15.93 per share

- 2018-06: CNY 14.40 per share

- 2018-07: CNY 15.45 per share

- 2018-08: CNY 15.08 per share

- 2018-09: CNY 15.95 per share

- 2018-10: CNY 16.12 per share

- 2018-11: CNY 15.94 per share

- 2018-12: CNY 14.94 per share

- 2019-01: CNY 16.40 per share

- 2019-02: CNY 17.86 per share

- 2019-03: CNY 18.17 per share

- 2019-04: CNY 18.95 per share

- 2019-05: CNY 17.57 per share

- 2019-06: CNY 18.29 per share

- 2019-07: CNY 19.13 per share

- 2019-08: CNY 17.17 per share

- 2019-09: CNY 17.53 per share

- 2019-10: CNY 18.72 per share

- 2019-11: CNY 18.89 per share

- 2019-12: CNY 19.80 per share

- 2020-01: CNY 18.59 per share

- 2020-02: CNY 17.29 per share

- 2020-03: CNY 15.91 per share

- 2020-04: CNY 16.62 per share

- 2020-05: CNY 16.10 per share

- 2020-06: CNY 15.78 per share

- 2020-07: CNY 15.66 per share

- 2020-08: CNY 16.16 per share

- 2020-09: CNY 16.13 per share

- 2020-10: CNY 17.80 per share

- 2020-11: CNY 21.02 per share

- 2020-12: CNY 20.87 per share

- 2021-01: CNY 23.10 per share

- 2021-02: CNY 24.68 per share

- 2021-03: CNY 24.09 per share

- 2021-04: CNY 21.74 per share

- 2021-05: CNY 23.11 per share

- 2021-06: CNY 20.55 per share

- 2021-07: CNY 17.67 per share

- 2021-08: CNY 18.50 per share

- 2021-09: CNY 18.30 per share

- 2021-10: CNY 18.63 per share

- 2021-11: CNY 18.01 per share

- 2021-12: CNY 19.04 per share

- 2022-01: CNY 20.88 per share

- 2022-02: CNY 22.07 per share

- 2022-03: CNY 20.67 per share

- 2022-04: CNY 20.48 per share

- 2022-05: CNY 19.65 per share

- 2022-06: CNY 19.90 per share

- 2022-07: CNY 17.77 per share

- 2022-08: CNY 17.11 per share

- 2022-09: CNY 16.65 per share

- 2022-10: CNY 15.03 per share

- 2022-11: CNY 17.70 per share

- 2022-12: CNY 17.59 per share

- 2023-01: CNY 17.62 per share

- 2023-02: CNY 16.91 per share

- 2023-03: CNY 16.89 per share

- 2023-04: CNY 17.22 per share

- 2023-05: CNY 16.56 per share

- 2023-06: CNY 15.65 per share

- 2023-07: CNY 16.66 per share

- 2023-08: CNY 15.81 per share

- 2023-09: CNY 16.29 per share

- 2023-10: CNY 15.08 per share

- 2023-11: CNY 14.60 per share

- 2023-12: CNY 16.21 per share

- 2024-01: CNY 15.73 per share

- 2024-02: CNY 16.65 per share

- 2024-03: CNY 15.78 per share

- 2024-04: CNY 16.85 per share

- 2024-05: CNY 17.89 per share

- 2024-06: CNY 17.62 per share

- 2024-07: CNY 16.75 per share

- 2024-08: CNY 16.51 per share

- 2024-09: CNY 19.27 per share

- 2024-10: CNY 18.28 per share

- 2024-11: CNY 18.05 per share

- 2024-12: CNY 19.16 per share

- 2025-01: CNY 20.31 per share

- 2025-02: CNY 20.75 per share

- 2025-03: CNY 21.60 per share

- 2025-04: CNY 20.87 per share

- 2025-05: CNY 22.64 per share

- 2025-06: CNY 23.34 per share

- 2025-07: CNY 22.64 per share

- 2025-08: CNY 22.41 per share

- 2025-09: CNY 19.85 per share

- 2025-10: CNY 20.23 per share

- 2025-11: CNY 21.11 per share

- 2025-12: CNY 21.06 per share

- 2026-01: CNY 18.70 per share

- 2026-02: CNY 18.31 per share

- 2026-03: CNY 18.82 per share

- 2026-04: CNY 17.93 per share

- 2026-05: CNY 18.50 per share

- 2026-06: CNY 16.56 per share

- 2026-07: CNY 18.90 per share

- 2026-08: CNY 17.54 per share

- 2026-09: CNY 18.05 per share

- 2026-10: CNY 18.15 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 53.43 per share, central CNY 66.79 per share, high CNY 89.05 per share

- FY2017: low CNY 57.69 per share, central CNY 72.11 per share, high CNY 96.14 per share

- FY2018: low CNY 58.98 per share, central CNY 73.73 per share, high CNY 98.31 per share

- FY2019: low CNY 57.87 per share, central CNY 72.33 per share, high CNY 96.44 per share

- FY2020: low CNY 57.12 per share, central CNY 71.40 per share, high CNY 95.20 per share

- FY2021: low CNY 50.41 per share, central CNY 61.67 per share, high CNY 79.40 per share

- FY2022: low CNY 44.30 per share, central CNY 53.28 per share, high CNY 66.84 per share

- FY2023: low CNY 41.75 per share, central CNY 49.19 per share, high CNY 59.87 per share

- FY2024: low CNY 43.33 per share, central CNY 50.57 per share, high CNY 60.72 per share

- FY2025: low CNY 41.20 per share, central CNY 45.32 per share, high CNY 50.36 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.