# Bank of Shanghai (601229.SHG)

Canonical: https://gigainvestors.com/s/601229.SHG

Analysis as of: 2026-10-01T19:02:45.190Z. Financial observations: FY2015–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed. Published buy qualification: no.

Share price: CNY 9.65 per share; close as of 2026-10-15.

Estimated value: low CNY 17.31 per share, central CNY 19.05 per share, high CNY 21.16 per share. Buy at or below the central value CNY 19.05 per share. Valuation as of 2026-10-01T19:02:45.190Z; scenarios are not confidence intervals.

Expected annual return: 19.7% at the stated quote. About 19.7% 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): 0.10×

Chart: Net income; fiscal year observations.

- FY2016: CNY 14B

- FY2017: CNY 15B

- FY2018: CNY 17B

- FY2019: CNY 19B

- FY2020: CNY 20B

- FY2021: CNY 21B

- FY2022: CNY 21B

- FY2023: CNY 23B

- FY2024: CNY 24B

- FY2025: CNY 24B

### 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: 10.4%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 9.5%

- Years with reported combined ratio: 0

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

- FY2016: 12.4%

- FY2017: 12.1%

- FY2018: 10.6%

- FY2019: 10.9%

- FY2020: 10.5%

- FY2021: 10.3%

- FY2022: 9.7%

- FY2023: 9.5%

- FY2024: 9.3%

- FY2025: 9.5%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 15.9%

- Book return interval: 10 years

- Starting book value per share: CNY 7.15

- Ending book value per share: CNY 17.91

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

- FY2016: 15.1%

- FY2017: 13.1%

- FY2018: 38.0%

- FY2019: 17.3%

- FY2020: 14.1%

- FY2021: 3.2%

- FY2022: 1.3%

- FY2023: 8.4%

- FY2024: 30.1%

- FY2025: 23.1%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 1.0%

- Share growth excluding flagged crisis recapitalisations: 1.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 2.73×

- Book value created per share: CNY 10.76

- Earnings retained per share after dividends and buybacks: CNY 3.95

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

- FY2015: 100

- FY2016: 110

- FY2017: 111

- FY2018: 110

- FY2019: 110

- FY2020: 111

- FY2021: 123

- FY2022: 139

- FY2023: 143

- FY2024: 127

- FY2025: 111

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits shrink 9.5% a year forever · net income +2.7%

Story as of 2026-10-03T17:10:00Z; price observation 2026-09-30.

The price assumes profits shrink 9.5% a year forever

### Net income · FY2025

net income +2.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-01.

- FY2016: CNY 14B 

- FY2017: CNY 15B 

- FY2018: CNY 17B 

- FY2019: CNY 19B 

- FY2020: CNY 20B 

- FY2021: CNY 21B 

- FY2022: CNY 21B 

- FY2023: CNY 23B 

- FY2024: CNY 24B 

- FY2025: CNY 24B 

## Owner memo

Memo as of 2026-10-02T06:52:09.009Z.

### How it makes money

Operates in regional banking; annual sales are CNY 54.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:02:45.190Z); FY2025: revenue 54602740000.

### Why customers stay

It earns 10.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:02:45.190Z); 10-year return on tangible equity observations [[2016,0.12421489445471505],[2017,0.12119836900517136],[2018,0.10572351049057323],[2019,0.10943989466267184],[2020,0.10464525065019327],[2021,0.10288884667019554],[2022,0.0966497402862568],[2023,0.09501753156244734],[2024,0.09318161028762686],[2025,0.09504541667497395]]; median 0.1037670486601944. 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 2026-10-01T19:02:45.190Z); Dividend observations: [[2016,897311000],[2017,5627142000],[2018,12410918000],[2019,12118381000],[2020,12286199000],[2021,13370076000],[2022,14201485000],[2023,6467991000],[2024,20869887000],[2025,17721556000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 44.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); 601229.SHG SharesStats.PercentInsiders = 44.596999999999994 percentage points; cache date 2026-10-02.

### What the price says

The price assumes profits shrink 9.5% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:02:45.190Z); Price 9.75; FX 1; original perpetual distributable cash 1.9045949495682577; discount 0.1; growth -0.09534307175059054. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-09-30.

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

- 2016-12: CNY 9.84 per share

- 2017-01: CNY 9.84 per share

- 2017-02: CNY 10.35 per share

- 2017-03: CNY 10.14 per share

- 2017-04: CNY 9.59 per share

- 2017-05: CNY 10.10 per share

- 2017-06: CNY 10.79 per share

- 2017-07: CNY 10.85 per share

- 2017-08: CNY 10.40 per share

- 2017-09: CNY 9.81 per share

- 2017-10: CNY 9.68 per share

- 2017-11: CNY 8.30 per share

- 2017-12: CNY 7.79 per share

- 2018-01: CNY 8.77 per share

- 2018-02: CNY 8.38 per share

- 2018-03: CNY 8.13 per share

- 2018-04: CNY 8.34 per share

- 2018-05: CNY 8.55 per share

- 2018-06: CNY 8.66 per share

- 2018-07: CNY 8.69 per share

- 2018-08: CNY 9.01 per share

- 2018-09: CNY 9.38 per share

- 2018-10: CNY 9.39 per share

- 2018-11: CNY 8.82 per share

- 2018-12: CNY 8.61 per share

- 2019-01: CNY 8.85 per share

- 2019-02: CNY 9.46 per share

- 2019-03: CNY 9.22 per share

- 2019-04: CNY 9.75 per share

- 2019-05: CNY 8.66 per share

- 2019-06: CNY 9.12 per share

- 2019-07: CNY 9.31 per share

- 2019-08: CNY 9.02 per share

- 2019-09: CNY 9.35 per share

- 2019-10: CNY 9.33 per share

- 2019-11: CNY 9.19 per share

- 2019-12: CNY 9.49 per share

- 2020-01: CNY 8.91 per share

- 2020-02: CNY 8.61 per share

- 2020-03: CNY 8.24 per share

- 2020-04: CNY 8.17 per share

- 2020-05: CNY 8.10 per share

- 2020-06: CNY 8.30 per share

- 2020-07: CNY 8.28 per share

- 2020-08: CNY 8.42 per share

- 2020-09: CNY 8.14 per share

- 2020-10: CNY 7.85 per share

- 2020-11: CNY 8.07 per share

- 2020-12: CNY 7.84 per share

- 2021-01: CNY 8.10 per share

- 2021-02: CNY 8.38 per share

- 2021-03: CNY 8.79 per share

- 2021-04: CNY 8.18 per share

- 2021-05: CNY 8.51 per share

- 2021-06: CNY 8.20 per share

- 2021-07: CNY 7.15 per share

- 2021-08: CNY 7.21 per share

- 2021-09: CNY 7.31 per share

- 2021-10: CNY 7.29 per share

- 2021-11: CNY 7.15 per share

- 2021-12: CNY 7.13 per share

- 2022-01: CNY 7.03 per share

- 2022-02: CNY 6.99 per share

- 2022-03: CNY 6.64 per share

- 2022-04: CNY 6.49 per share

- 2022-05: CNY 6.41 per share

- 2022-06: CNY 6.55 per share

- 2022-07: CNY 5.96 per share

- 2022-08: CNY 5.91 per share

- 2022-09: CNY 5.85 per share

- 2022-10: CNY 5.58 per share

- 2022-11: CNY 5.97 per share

- 2022-12: CNY 5.91 per share

- 2023-01: CNY 5.99 per share

- 2023-02: CNY 5.98 per share

- 2023-03: CNY 5.99 per share

- 2023-04: CNY 6.28 per share

- 2023-05: CNY 6.17 per share

- 2023-06: CNY 5.75 per share

- 2023-07: CNY 6.17 per share

- 2023-08: CNY 5.95 per share

- 2023-09: CNY 6.17 per share

- 2023-10: CNY 6.07 per share

- 2023-11: CNY 5.89 per share

- 2023-12: CNY 5.97 per share

- 2024-01: CNY 6.40 per share

- 2024-02: CNY 6.53 per share

- 2024-03: CNY 6.72 per share

- 2024-04: CNY 7.30 per share

- 2024-05: CNY 7.81 per share

- 2024-06: CNY 7.26 per share

- 2024-07: CNY 7.29 per share

- 2024-08: CNY 7.08 per share

- 2024-09: CNY 7.89 per share

- 2024-10: CNY 7.75 per share

- 2024-11: CNY 8.20 per share

- 2024-12: CNY 9.15 per share

- 2025-01: CNY 9.30 per share

- 2025-02: CNY 9.36 per share

- 2025-03: CNY 9.85 per share

- 2025-04: CNY 10.38 per share

- 2025-05: CNY 10.58 per share

- 2025-06: CNY 10.61 per share

- 2025-07: CNY 10.23 per share

- 2025-08: CNY 9.54 per share

- 2025-09: CNY 8.96 per share

- 2025-10: CNY 9.49 per share

- 2025-11: CNY 9.88 per share

- 2025-12: CNY 10.10 per share

- 2026-01: CNY 9.24 per share

- 2026-02: CNY 9.68 per share

- 2026-03: CNY 9.91 per share

- 2026-04: CNY 9.38 per share

- 2026-05: CNY 9.03 per share

- 2026-06: CNY 8.68 per share

- 2026-07: CNY 9.45 per share

- 2026-08: CNY 9.48 per share

- 2026-09: CNY 9.55 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 17.57 per share, central CNY 21.96 per share, high CNY 29.28 per share

- FY2017: low CNY 21.71 per share, central CNY 27.14 per share, high CNY 36.19 per share

- FY2018: low CNY 22.84 per share, central CNY 28.56 per share, high CNY 38.07 per share

- FY2019: low CNY 21.95 per share, central CNY 27.43 per share, high CNY 36.58 per share

- FY2020: low CNY 19.42 per share, central CNY 24.28 per share, high CNY 32.37 per share

- FY2021: low CNY 15.43 per share, central CNY 19.29 per share, high CNY 25.71 per share

- FY2022: low CNY 13.20 per share, central CNY 16.45 per share, high CNY 21.83 per share

- FY2023: low CNY 13.24 per share, central CNY 16.40 per share, high CNY 21.53 per share

- FY2024: low CNY 15.34 per share, central CNY 18.10 per share, high CNY 22.07 per share

- FY2025: low CNY 17.31 per share, central CNY 19.05 per share, high CNY 21.16 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 Shanghai

601229 · SHG

CSI 300

Not a wonderful business

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

Share price: CNY 9.65
Buy up to: CNY 19.05
Expected / yr: 19.7% 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?

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: CNY 20B
Worst year: CNY 14B
Latest · 2025: CNY 24B

Earned a median 10.4% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 10.4%
Worst year: 9.3%
Latest · 2025: 9.5%

Book value plus dividends grew 15.9% a year (minimum 7%).

Annual book + dividend return

10y median: 14.6%
Worst year: 1.3%
Latest · 2025: 23.1%

Ordinary shares grew 1% a year (growth limit 2%).

Shares (first year = 100)

11y median: 111
Worst year: 143
Latest · 2025: 111

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-12 · Price CNY 9.84 · Value 21.96 · Buy at or below 16.47; 2017-01 · Price CNY 9.84 · Value 21.96 · Buy at or below 16.47; 2017-02 · Price CNY 10.35 · Value 27.14 · Buy at or below 20.36; 2017-03 · Price CNY 10.14 · Value 27.14 · Buy at or below 20.36; 2017-04 · Price CNY 9.59 · Value 27.14 · Buy at or below 20.36; 2017-05 · Price CNY 10.10 · Value 27.14 · Buy at or below 20.36; 2017-06 · Price CNY 10.79 · Value 27.14 · Buy at or below 20.36; 2017-07 · Price CNY 10.85 · Value 27.14 · Buy at or below 20.36; 2017-08 · Price CNY 10.40 · Value 27.14 · Buy at or below 20.36; 2017-09 · Price CNY 9.81 · Value 27.14 · Buy at or below 20.36; 2017-10 · Price CNY 9.68 · Value 27.14 · Buy at or below 20.36; 2017-11 · Price CNY 8.30 · Value 27.14 · Buy at or below 20.36; 2017-12 · Price CNY 7.79 · Value 27.14 · Buy at or below 20.36; 2018-01 · Price CNY 8.77 · Value 27.14 · Buy at or below 20.36; 2018-02 · Price CNY 8.38 · Value 28.56 · Buy at or below 21.42; 2018-03 · Price CNY 8.13 · Value 28.56 · Buy at or below 21.42; 2018-04 · Price CNY 8.34 · Value 28.56 · Buy at or below 21.42; 2018-05 · Price CNY 8.55 · Value 28.56 · Buy at or below 21.42; 2018-06 · Price CNY 8.66 · Value 28.56 · Buy at or below 21.42; 2018-07 · Price CNY 8.69 · Value 28.56 · Buy at or below 21.42; 2018-08 · Price CNY 9.01 · Value 28.56 · Buy at or below 21.42; 2018-09 · Price CNY 9.38 · Value 28.56 · Buy at or below 21.42; 2018-10 · Price CNY 9.39 · Value 28.56 · Buy at or below 21.42; 2018-11 · Price CNY 8.82 · Value 28.56 · Buy at or below 21.42; 2018-12 · Price CNY 8.61 · Value 28.56 · Buy at or below 21.42; 2019-01 · Price CNY 8.85 · Value 28.56 · Buy at or below 21.42; 2019-02 · Price CNY 9.46 · Value 27.43 · Buy at or below 20.57; 2019-03 · Price CNY 9.22 · Value 27.43 · Buy at or below 20.57; 2019-04 · Price CNY 9.75 · Value 27.43 · Buy at or below 20.57; 2019-05 · Price CNY 8.66 · Value 27.43 · Buy at or below 20.57; 2019-06 · Price CNY 9.12 · Value 27.43 · Buy at or below 20.57; 2019-07 · Price CNY 9.31 · Value 27.43 · Buy at or below 20.57; 2019-08 · Price CNY 9.02 · Value 27.43 · Buy at or below 20.57; 2019-09 · Price CNY 9.35 · Value 27.43 · Buy at or below 20.57; 2019-10 · Price CNY 9.33 · Value 27.43 · Buy at or below 20.57; 2019-11 · Price CNY 9.19 · Value 27.43 · Buy at or below 20.57; 2019-12 · Price CNY 9.49 · Value 27.43 · Buy at or below 20.57; 2020-01 · Price CNY 8.91 · Value 27.43 · Buy at or below 20.57; 2020-02 · Price CNY 8.61 · Value 24.28 · Buy at or below 18.21; 2020-03 · Price CNY 8.24 · Value 24.28 · Buy at or below 18.21; 2020-04 · Price CNY 8.17 · Value 24.28 · Buy at or below 18.21; 2020-05 · Price CNY 8.10 · Value 24.28 · Buy at or below 18.21; 2020-06 · Price CNY 8.30 · Value 24.28 · Buy at or below 18.21; 2020-07 · Price CNY 8.28 · Value 24.28 · Buy at or below 18.21; 2020-08 · Price CNY 8.42 · Value 24.28 · Buy at or below 18.21; 2020-09 · Price CNY 8.14 · Value 24.28 · Buy at or below 18.21; 2020-10 · Price CNY 7.85 · Value 24.28 · Buy at or below 18.21; 2020-11 · Price CNY 8.07 · Value 24.28 · Buy at or below 18.21; 2020-12 · Price CNY 7.84 · Value 24.28 · Buy at or below 18.21; 2021-01 · Price CNY 8.10 · Value 24.28 · Buy at or below 18.21; 2021-02 · Price CNY 8.38 · Value 19.29 · Buy at or below 14.46; 2021-03 · Price CNY 8.79 · Value 19.29 · Buy at or below 14.46; 2021-04 · Price CNY 8.18 · Value 19.29 · Buy at or below 14.46; 2021-05 · Price CNY 8.51 · Value 19.29 · Buy at or below 14.46; 2021-06 · Price CNY 8.20 · Value 19.29 · Buy at or below 14.46; 2021-07 · Price CNY 7.15 · Value 19.29 · Buy at or below 14.46; 2021-08 · Price CNY 7.21 · Value 19.29 · Buy at or below 14.46; 2021-09 · Price CNY 7.31 · Value 19.29 · Buy at or below 14.46; 2021-10 · Price CNY 7.29 · Value 19.29 · Buy at or below 14.46; 2021-11 · Price CNY 7.15 · Value 19.29 · Buy at or below 14.46; 2021-12 · Price CNY 7.13 · Value 19.29 · Buy at or below 14.46; 2022-01 · Price CNY 7.03 · Value 19.29 · Buy at or below 14.46; 2022-02 · Price CNY 6.99 · Value 16.45 · Buy at or below 12.34; 2022-03 · Price CNY 6.64 · Value 16.45 · Buy at or below 12.34; 2022-04 · Price CNY 6.49 · Value 16.45 · Buy at or below 12.34; 2022-05 · Price CNY 6.41 · Value 16.45 · Buy at or below 12.34; 2022-06 · Price CNY 6.55 · Value 16.45 · Buy at or below 12.34; 2022-07 · Price CNY 5.96 · Value 16.45 · Buy at or below 12.34; 2022-08 · Price CNY 5.91 · Value 16.45 · Buy at or below 12.34; 2022-09 · Price CNY 5.85 · Value 16.45 · Buy at or below 12.34; 2022-10 · Price CNY 5.58 · Value 16.45 · Buy at or below 12.34; 2022-11 · Price CNY 5.97 · Value 16.45 · Buy at or below 12.34; 2022-12 · Price CNY 5.91 · Value 16.45 · Buy at or below 12.34; 2023-01 · Price CNY 5.99 · Value 16.45 · Buy at or below 12.34; 2023-02 · Price CNY 5.98 · Value 16.40 · Buy at or below 12.30; 2023-03 · Price CNY 5.99 · Value 16.40 · Buy at or below 12.30; 2023-04 · Price CNY 6.28 · Value 16.40 · Buy at or below 12.30; 2023-05 · Price CNY 6.17 · Value 16.40 · Buy at or below 12.30; 2023-06 · Price CNY 5.75 · Value 16.40 · Buy at or below 12.30; 2023-07 · Price CNY 6.17 · Value 16.40 · Buy at or below 12.30; 2023-08 · Price CNY 5.95 · Value 16.40 · Buy at or below 12.30; 2023-09 · Price CNY 6.17 · Value 16.40 · Buy at or below 12.30; 2023-10 · Price CNY 6.07 · Value 16.40 · Buy at or below 12.30; 2023-11 · Price CNY 5.89 · Value 16.40 · Buy at or below 12.30; 2023-12 · Price CNY 5.97 · Value 16.40 · Buy at or below 12.30; 2024-01 · Price CNY 6.40 · Value 16.40 · Buy at or below 12.30; 2024-02 · Price CNY 6.53 · Value 18.10 · Buy at or below 13.57; 2024-03 · Price CNY 6.72 · Value 18.10 · Buy at or below 13.57; 2024-04 · Price CNY 7.30 · Value 18.10 · Buy at or below 13.57; 2024-05 · Price CNY 7.81 · Value 18.10 · Buy at or below 13.57; 2024-06 · Price CNY 7.26 · Value 18.10 · Buy at or below 13.57; 2024-07 · Price CNY 7.29 · Value 18.10 · Buy at or below 13.57; 2024-08 · Price CNY 7.08 · Value 18.10 · Buy at or below 13.57; 2024-09 · Price CNY 7.89 · Value 18.10 · Buy at or below 13.57; 2024-10 · Price CNY 7.75 · Value 18.10 · Buy at or below 13.57; 2024-11 · Price CNY 8.20 · Value 18.10 · Buy at or below 13.57; 2024-12 · Price CNY 9.15 · Value 18.10 · Buy at or below 13.57; 2025-01 · Price CNY 9.30 · Value 18.10 · Buy at or below 13.57; 2025-02 · Price CNY 9.36 · Value 19.05 · Buy at or below 14.28; 2025-03 · Price CNY 9.85 · Value 19.05 · Buy at or below 14.28; 2025-04 · Price CNY 10.38 · Value 19.05 · Buy at or below 14.28; 2025-05 · Price CNY 10.58 · Value 19.05 · Buy at or below 14.28; 2025-06 · Price CNY 10.61 · Value 19.05 · Buy at or below 14.28; 2025-07 · Price CNY 10.23 · Value 19.05 · Buy at or below 14.28; 2025-08 · Price CNY 9.54 · Value 19.05 · Buy at or below 14.28; 2025-09 · Price CNY 8.96 · Value 19.05 · Buy at or below 14.28; 2025-10 · Price CNY 9.49 · Value 19.05 · Buy at or below 14.28; 2025-11 · Price CNY 9.88 · Value 19.05 · Buy at or below 14.28; 2025-12 · Price CNY 10.10 · Value 19.05 · Buy at or below 14.28; 2026-01 · Price CNY 9.24 · Value 19.05 · Buy at or below 14.28; 2026-02 · Price CNY 9.68 · Value 19.05 · Buy at or below 14.28; 2026-03 · Price CNY 9.91 · Value 19.05 · Buy at or below 14.28; 2026-04 · Price CNY 9.38 · Value 19.05 · Buy at or below 14.28; 2026-05 · Price CNY 9.03 · Value 19.05 · Buy at or below 14.28; 2026-06 · Price CNY 8.68 · Value 19.05 · Buy at or below 14.28; 2026-07 · Price CNY 9.45 · Value 19.05 · Buy at or below 14.28; 2026-08 · Price CNY 9.48 · Value 19.05 · Buy at or below 14.28; 2026-09 · Price CNY 9.55 · Value 19.05 · Buy at or below 14.28; 2026-10 · Price CNY 9.65 · Value 19.05 · Buy at or below 14.28

CNY per share · annual estimates

Price & return math
Value range	CNY 17.31 – CNY 21.16
Buy at or below	Central value CNY 19.05
Discount to value	1 − 9.65 / 19.05 = 49.3%
Return / year	About 19.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CNY 17.91/share; ROE 10.6%; first payout CNY 1.90/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCNY 24B

Net income

Book / shareCNY 17.91

Book / share

Dividend / shareCNY 1.25

Dividend / share

Return on tangible equity9.5%

Return on tangible equity

Diluted shares14B

Diluted shares

Prices 15 Oct 2026 · FY2025