# Agricultural Bank of China (601288.SHG)

Canonical: https://gigainvestors.com/s/601288.SHG

Analysis as of: 2026-10-16T07:33:30.281Z. 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 7.26 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.18×

Chart: Net income; fiscal year observations.

- FY2016: CNY 179B

- FY2017: CNY 188B

- FY2018: CNY 198B

- FY2019: CNY 207B

- FY2020: CNY 206B

- FY2021: CNY 227B

- FY2022: CNY 259B

- FY2023: CNY 269B

- FY2024: CNY 282B

- FY2025: CNY 291B

### 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: 9.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 9.2%

- Years with reported combined ratio: 0

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

- FY2016: 14.8%

- FY2017: 14.3%

- FY2018: 12.0%

- FY2019: 10.8%

- FY2020: 9.5%

- FY2021: 9.5%

- FY2022: 9.8%

- FY2023: 9.4%

- FY2024: 9.2%

- FY2025: 9.1%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 14.0%

- Book return interval: 10 years

- Starting book value per share: CNY 3.43

- Ending book value per share: CNY 8.57

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

- FY2016: 15.5%

- FY2017: 14.2%

- FY2018: 21.5%

- FY2019: 22.0%

- FY2020: 32.6%

- FY2021: 20.4%

- FY2022: -15.0%

- FY2023: 12.5%

- FY2024: 9.9%

- FY2025: 13.0%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 1.5%

- Diluted shares, 5-year annual growth: 4.6%

- Share growth excluding flagged crisis recapitalisations: 1.5%

- Five-year share growth excluding flagged crisis recapitalisations: 4.6%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.36×

- Book value created per share: CNY 5.14

- Earnings retained per share after dividends and buybacks: CNY 3.77

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

- FY2015: 100

- FY2016: 100

- FY2017: 99

- FY2018: 106

- FY2019: 105

- FY2020: 93

- FY2021: 87

- FY2022: 117

- FY2023: 116

- FY2024: 117

- FY2025: 116

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Up 102% since Oct 2023 · net income +3.2%

Story as of 2026-10-16T09:59:56.479Z; price observation 2026-10-15.

### Net income · FY2025

net income +3.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 179B 

- FY2017: CNY 188B 

- FY2018: CNY 198B 

- FY2019: CNY 207B 

- FY2020: CNY 206B 

- FY2021: CNY 227B 

- FY2022: CNY 259B 

- FY2023: CNY 269B 

- FY2024: CNY 282B 

- FY2025: CNY 291B 

## Owner memo

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

### How it makes money

Operates in diversified banking; annual sales are CNY 724.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.281Z); FY2025: revenue 724170000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601288.SHG: Agricultural Bank of China Limited, together with its subsidiaries, provides banking products and services. The company operates through Corporate Banking, Personal Banking, Treasury operations, and Others segments. The Corporate Banking segment offers corporate loans and advances, trade finance, deposit products, corporate wealth management services, and other corporate intermediary services. The Personal Banking segment provides personal loans, deposit products, card business, and other personal intermediary services. The Treasury Operations segment conducts money market and repurchase transactions, debt instruments investments, precious metals transactions, and derivative transactions. It offers asset and fund management, financial leasing, life insurance, and investment banking services. It also provides inclusive finance, green finance, pension finance, digital and online financial services, and cross-border financial solutions, as well as services for rural revitalization. In addition, it provides demand, personal call, foreign currency call and time, time or demand optional, savings, agreed-term, and negotiated deposit accounts; certificates of deposit; and loans, including housing, consumer, personal auto, business, fixed asset, working capital, real estate, bonds, commercial drafts, entrusted syndicated loans, trade finances, guarantees and commitments, and loans with custody of export rebates accounts. In addition, it offers credit and debit cards, payment and settlement, private banking, cash management, custody, financial market, financial institution services, and trading. Further, it offers agro-related personal and corporate banking products and services; telephone, mobile, self-service, and SMS banking services; asset custodian services; and reinsurance. The company operates domestic and overseas branches, and representative offices. The company was founded in 1951 and is based in Beijing, the People's Republic of China.

### Why customers stay

It earns 9.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.281Z); 10-year return on tangible equity observations [[2016,0.1480142318678625],[2017,0.14263365137058912],[2018,0.12045123859049023],[2019,0.10785526567476984],[2020,0.0946803406005925],[2021,0.09527363017314631],[2022,0.09823803487550282],[2023,0.0942070017658829],[2024,0.0921742875422913],[2025,0.09102404197399894]]; median 0.09675583252432457. 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 18.9 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.281Z); Dividend observations: [[2016,58776000000],[2017,59815000000],[2018,62511000000],[2019,65462000000],[2020,73192000000],[2021,78580000000],[2022,87679000000],[2023,95765000000],[2024,100094000000],[2025,232861000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.281Z); FY2025: cash repurchases 18873350475.28 CNY.

### Are managers owners

Insiders own 84.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601288.SHG SharesStats.PercentInsiders = 84.273 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.7 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.281Z); Closing price 7.26 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 1.9408007806485599; price multiple 3.740723969398815. FY2025 cash earnings/share 0.7800000000010184. Closing-price date 2026-10-15.

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

- 2016-10: CNY 3.16 per share

- 2016-11: CNY 3.21 per share

- 2016-12: CNY 3.10 per share

- 2017-01: CNY 3.21 per share

- 2017-02: CNY 3.25 per share

- 2017-03: CNY 3.34 per share

- 2017-04: CNY 3.38 per share

- 2017-05: CNY 3.54 per share

- 2017-06: CNY 3.52 per share

- 2017-07: CNY 3.71 per share

- 2017-08: CNY 3.77 per share

- 2017-09: CNY 3.82 per share

- 2017-10: CNY 3.74 per share

- 2017-11: CNY 3.74 per share

- 2017-12: CNY 3.83 per share

- 2018-01: CNY 4.46 per share

- 2018-02: CNY 4.13 per share

- 2018-03: CNY 3.91 per share

- 2018-04: CNY 3.81 per share

- 2018-05: CNY 3.59 per share

- 2018-06: CNY 3.44 per share

- 2018-07: CNY 3.64 per share

- 2018-08: CNY 3.63 per share

- 2018-09: CNY 3.89 per share

- 2018-10: CNY 3.87 per share

- 2018-11: CNY 3.57 per share

- 2018-12: CNY 3.60 per share

- 2019-01: CNY 3.72 per share

- 2019-02: CNY 3.80 per share

- 2019-03: CNY 3.73 per share

- 2019-04: CNY 3.72 per share

- 2019-05: CNY 3.68 per share

- 2019-06: CNY 3.60 per share

- 2019-07: CNY 3.60 per share

- 2019-08: CNY 3.40 per share

- 2019-09: CNY 3.46 per share

- 2019-10: CNY 3.64 per share

- 2019-11: CNY 3.62 per share

- 2019-12: CNY 3.69 per share

- 2020-01: CNY 3.52 per share

- 2020-02: CNY 3.41 per share

- 2020-03: CNY 3.37 per share

- 2020-04: CNY 3.46 per share

- 2020-05: CNY 3.40 per share

- 2020-06: CNY 3.38 per share

- 2020-07: CNY 3.23 per share

- 2020-08: CNY 3.21 per share

- 2020-09: CNY 3.17 per share

- 2020-10: CNY 3.15 per share

- 2020-11: CNY 3.29 per share

- 2020-12: CNY 3.14 per share

- 2021-01: CNY 3.15 per share

- 2021-02: CNY 3.26 per share

- 2021-03: CNY 3.40 per share

- 2021-04: CNY 3.20 per share

- 2021-05: CNY 3.26 per share

- 2021-06: CNY 3.03 per share

- 2021-07: CNY 2.93 per share

- 2021-08: CNY 2.96 per share

- 2021-09: CNY 2.94 per share

- 2021-10: CNY 2.94 per share

- 2021-11: CNY 2.91 per share

- 2021-12: CNY 2.94 per share

- 2022-01: CNY 2.96 per share

- 2022-02: CNY 2.98 per share

- 2022-03: CNY 3.08 per share

- 2022-04: CNY 3.06 per share

- 2022-05: CNY 3.03 per share

- 2022-06: CNY 3.02 per share

- 2022-07: CNY 2.85 per share

- 2022-08: CNY 2.85 per share

- 2022-09: CNY 2.86 per share

- 2022-10: CNY 2.76 per share

- 2022-11: CNY 2.88 per share

- 2022-12: CNY 2.91 per share

- 2023-01: CNY 2.91 per share

- 2023-02: CNY 2.93 per share

- 2023-03: CNY 3.11 per share

- 2023-04: CNY 3.42 per share

- 2023-05: CNY 3.52 per share

- 2023-06: CNY 3.53 per share

- 2023-07: CNY 3.62 per share

- 2023-08: CNY 3.46 per share

- 2023-09: CNY 3.60 per share

- 2023-10: CNY 3.59 per share

- 2023-11: CNY 3.66 per share

- 2023-12: CNY 3.64 per share

- 2024-01: CNY 3.89 per share

- 2024-02: CNY 4.19 per share

- 2024-03: CNY 4.23 per share

- 2024-04: CNY 4.40 per share

- 2024-05: CNY 4.39 per share

- 2024-06: CNY 4.36 per share

- 2024-07: CNY 4.59 per share

- 2024-08: CNY 4.52 per share

- 2024-09: CNY 4.80 per share

- 2024-10: CNY 4.73 per share

- 2024-11: CNY 4.81 per share

- 2024-12: CNY 5.34 per share

- 2025-01: CNY 5.16 per share

- 2025-02: CNY 5.13 per share

- 2025-03: CNY 5.18 per share

- 2025-04: CNY 5.42 per share

- 2025-05: CNY 5.53 per share

- 2025-06: CNY 5.88 per share

- 2025-07: CNY 6.30 per share

- 2025-08: CNY 7.02 per share

- 2025-09: CNY 6.67 per share

- 2025-10: CNY 7.96 per share

- 2025-11: CNY 8.04 per share

- 2025-12: CNY 7.68 per share

- 2026-01: CNY 6.72 per share

- 2026-02: CNY 6.40 per share

- 2026-03: CNY 6.70 per share

- 2026-04: CNY 6.92 per share

- 2026-05: CNY 6.32 per share

- 2026-06: CNY 6.07 per share

- 2026-07: CNY 6.90 per share

- 2026-08: CNY 6.92 per share

- 2026-09: CNY 6.97 per share

- 2026-10: CNY 7.25 per share

## Annual estimated value (CNY 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.