# Ping An Insurance Group Co of China (601318.SHG)

Canonical: https://gigainvestors.com/s/601318.SHG

Analysis as of: 2026-10-16T07:33:36.822Z. Financial observations: FY2015–FY2026.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: CNY 51.78 per share; close as of 2026-10-15.

Estimated value: low CNY 117.44 per share, central CNY 146.81 per share, high CNY 195.74 per share. Buy at or below the central value CNY 146.81 per share. Valuation as of 2026-10-16T07:33:36.822Z; scenarios are not confidence intervals.

Expected annual return: 17.3% at the stated quote. About 17.3% 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: 8

- Return on common equity variation (informational): 0.27×

Chart: Net income; fiscal year observations.

- FY2016: CNY 62B

- FY2017: CNY 89B

- FY2018: CNY 107B

- FY2019: CNY 149B

- FY2020: CNY 143B

- FY2021: CNY 102B

- FY2022: CNY 84B

- FY2023: CNY 86B

- FY2024: CNY 127B

- FY2025: CNY 135B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 15.0%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 9.6%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 16.3%

- FY2017: 18.8%

- FY2018: 19.3%

- FY2019: 22.2%

- FY2020: 18.8%

- FY2021: 12.5%

- FY2022: 9.6%

- FY2023: 9.5%

- FY2024: 13.6%

- FY2025: 13.5%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 17.9%

- Book return interval: 10 years

- Starting book value per share: CNY 18.40

- Ending book value per share: CNY 55.23

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

- FY2016: 19.7%

- FY2017: 29.4%

- FY2018: 28.8%

- FY2019: 28.7%

- FY2020: 19.7%

- FY2021: 12.9%

- FY2022: 12.9%

- FY2023: 7.0%

- FY2024: 9.4%

- FY2025: 12.7%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: 0.5%

- Share growth excluding flagged crisis recapitalisations: -0.0%

- Five-year share growth excluding flagged crisis recapitalisations: 0.5%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.04×

- Book value created per share: CNY 36.83

- Earnings retained per share after dividends and buybacks: CNY 35.31

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

- FY2015: 100

- FY2016: 98

- FY2017: 98

- FY2018: 99

- FY2019: 98

- FY2020: 97

- FY2021: 97

- FY2022: 97

- FY2023: 99

- FY2024: 100

- FY2025: 100

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 24% since Dec 2025 · "Ping An interim profit misses estimates as China rate cut erodes insurer's investments" (finance.yahoo.com, Aug 2025) · net income +18.2%

Story as of 2026-10-16T09:59:56.913Z; price observation 2026-10-15.

The price assumes profits shrink 1.3% a year forever

- 2025-08-26: Ping An interim profit misses estimates as China rate cut erodes insurer's investments ([finance.yahoo.com](https://finance.yahoo.com/news/ping-interim-profit-misses-estimates-093000558.html))

### Net income · FY2026

net income +18.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: CNY 89B 

- FY2018: CNY 107B 

- FY2019: CNY 149B 

- FY2020: CNY 143B 

- FY2021: CNY 102B 

- FY2022: CNY 84B 

- FY2023: CNY 86B 

- FY2024: CNY 127B 

- FY2025: CNY 135B 

- FY2026: CNY 159B 

## Owner memo

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

### How it makes money

Operates in insurance life; annual sales are CNY 1.1 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:36.822Z); FY2025: revenue 1060036000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601318.SHG: Ping An Insurance (Group) Company of China, Ltd. provides financial products and services in the People's Republic of China. It operates through Life and Health Insurance; Property and Casualty Insurance; Banking; Asset Management; and Finance Enablement segments. The company offers life insurance products, including term, whole-life, endowment, annuity, investment-linked, universal life, and health care and medical insurance; property and casualty insurance, such as auto insurance, non-auto insurance, accident, and health insurance. It also undertakes loan and intermediary business with corporate customers and retail customers. In addition, the company provides wealth management and credit card services to individual customers; trust services, brokerage services, trading services, investment banking services, investment management services, finance lease business, and other asset management services; and financial and daily-life services through internet platforms comprising financial transaction information service platform, and health care service platform. Further, it is involved in the real estate investment and management; expressway operation; production and sale of consumer chemicals; logistics and real estate activities; consulting services; warehousing; IT services; infant products; and hospital management. Ping An Insurance (Group) Company of China, Ltd. was incorporated in 1988 and is based in Shenzhen, China.

### Why customers stay

It earns 15% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:36.822Z); 10-year return on tangible equity observations [[2016,0.16271785817670667],[2017,0.1882070598773426],[2018,0.1929963270968252],[2019,0.22194838976114184],[2020,0.187656053294167],[2021,0.12508293277367816],[2022,0.0963815778120114],[2023,0.09528804430646566],[2024,0.13634180486754255],[2025,0.13472155166985034]]; median 0.14952983152212462. 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 2026-10-16T07:33:36.822Z); Dividend observations: [[2016,10054000000],[2017,19194000000],[2018,58578000000],[2019,35932000000],[2020,43074000000],[2021,46942000000],[2022,49582000000],[2023,50707000000],[2024,56907000000],[2025,46536000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 17.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601318.SHG SharesStats.PercentInsiders = 17.861 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits shrink 1.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:36.822Z); Price 51.78; FX 1; original perpetual distributable cash 5.872201511092286; discount 0.1; growth -0.013406749924532363. 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 34.61 per share

- 2016-11: CNY 36.33 per share

- 2016-12: CNY 35.43 per share

- 2017-01: CNY 36.51 per share

- 2017-02: CNY 36.23 per share

- 2017-03: CNY 37.01 per share

- 2017-04: CNY 37.96 per share

- 2017-05: CNY 45.07 per share

- 2017-06: CNY 49.61 per share

- 2017-07: CNY 52.02 per share

- 2017-08: CNY 56.03 per share

- 2017-09: CNY 54.16 per share

- 2017-10: CNY 64.36 per share

- 2017-11: CNY 69.92 per share

- 2017-12: CNY 69.98 per share

- 2018-01: CNY 75.08 per share

- 2018-02: CNY 67.76 per share

- 2018-03: CNY 65.29 per share

- 2018-04: CNY 60.89 per share

- 2018-05: CNY 62.13 per share

- 2018-06: CNY 58.58 per share

- 2018-07: CNY 61.60 per share

- 2018-08: CNY 62.98 per share

- 2018-09: CNY 68.50 per share

- 2018-10: CNY 63.63 per share

- 2018-11: CNY 63.49 per share

- 2018-12: CNY 56.10 per share

- 2019-01: CNY 62.98 per share

- 2019-02: CNY 70.01 per share

- 2019-03: CNY 77.10 per share

- 2019-04: CNY 86.10 per share

- 2019-05: CNY 79.00 per share

- 2019-06: CNY 88.61 per share

- 2019-07: CNY 88.09 per share

- 2019-08: CNY 87.32 per share

- 2019-09: CNY 87.04 per share

- 2019-10: CNY 88.12 per share

- 2019-11: CNY 83.62 per share

- 2019-12: CNY 85.46 per share

- 2020-01: CNY 83.49 per share

- 2020-02: CNY 77.72 per share

- 2020-03: CNY 69.17 per share

- 2020-04: CNY 74.46 per share

- 2020-05: CNY 70.71 per share

- 2020-06: CNY 71.40 per share

- 2020-07: CNY 75.90 per share

- 2020-08: CNY 76.62 per share

- 2020-09: CNY 76.26 per share

- 2020-10: CNY 77.83 per share

- 2020-11: CNY 90.03 per share

- 2020-12: CNY 86.98 per share

- 2021-01: CNY 79.08 per share

- 2021-02: CNY 85.18 per share

- 2021-03: CNY 78.70 per share

- 2021-04: CNY 72.50 per share

- 2021-05: CNY 71.80 per share

- 2021-06: CNY 64.28 per share

- 2021-07: CNY 53.67 per share

- 2021-08: CNY 49.90 per share

- 2021-09: CNY 48.36 per share

- 2021-10: CNY 49.57 per share

- 2021-11: CNY 48.22 per share

- 2021-12: CNY 50.41 per share

- 2022-01: CNY 49.97 per share

- 2022-02: CNY 50.76 per share

- 2022-03: CNY 48.45 per share

- 2022-04: CNY 44.56 per share

- 2022-05: CNY 44.20 per share

- 2022-06: CNY 46.69 per share

- 2022-07: CNY 42.12 per share

- 2022-08: CNY 43.84 per share

- 2022-09: CNY 41.58 per share

- 2022-10: CNY 36.15 per share

- 2022-11: CNY 44.95 per share

- 2022-12: CNY 47.00 per share

- 2023-01: CNY 50.98 per share

- 2023-02: CNY 48.20 per share

- 2023-03: CNY 45.60 per share

- 2023-04: CNY 51.80 per share

- 2023-05: CNY 47.00 per share

- 2023-06: CNY 46.40 per share

- 2023-07: CNY 52.60 per share

- 2023-08: CNY 48.79 per share

- 2023-09: CNY 48.30 per share

- 2023-10: CNY 45.46 per share

- 2023-11: CNY 40.80 per share

- 2023-12: CNY 40.30 per share

- 2024-01: CNY 40.51 per share

- 2024-02: CNY 42.90 per share

- 2024-03: CNY 40.81 per share

- 2024-04: CNY 41.36 per share

- 2024-05: CNY 43.07 per share

- 2024-06: CNY 41.36 per share

- 2024-07: CNY 42.56 per share

- 2024-08: CNY 44.03 per share

- 2024-09: CNY 57.09 per share

- 2024-10: CNY 55.92 per share

- 2024-11: CNY 53.25 per share

- 2024-12: CNY 52.65 per share

- 2025-01: CNY 50.85 per share

- 2025-02: CNY 50.38 per share

- 2025-03: CNY 51.63 per share

- 2025-04: CNY 50.71 per share

- 2025-05: CNY 53.28 per share

- 2025-06: CNY 55.48 per share

- 2025-07: CNY 58.69 per share

- 2025-08: CNY 59.88 per share

- 2025-09: CNY 55.11 per share

- 2025-10: CNY 57.83 per share

- 2025-11: CNY 58.99 per share

- 2025-12: CNY 68.40 per share

- 2026-01: CNY 66.75 per share

- 2026-02: CNY 63.09 per share

- 2026-03: CNY 56.78 per share

- 2026-04: CNY 59.37 per share

- 2026-05: CNY 53.50 per share

- 2026-06: CNY 47.74 per share

- 2026-07: CNY 54.90 per share

- 2026-08: CNY 55.82 per share

- 2026-09: CNY 53.29 per share

- 2026-10: CNY 51.69 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 42.86 per share, central CNY 53.58 per share, high CNY 71.44 per share

- FY2017: low CNY 60.71 per share, central CNY 75.89 per share, high CNY 101.18 per share

- FY2018: low CNY 74.57 per share, central CNY 93.21 per share, high CNY 124.28 per share

- FY2019: low CNY 95.57 per share, central CNY 119.46 per share, high CNY 159.29 per share

- FY2020: low CNY 112.93 per share, central CNY 141.17 per share, high CNY 188.22 per share

- FY2021: low CNY 116.97 per share, central CNY 146.21 per share, high CNY 194.95 per share

- FY2022: low CNY 79.72 per share, central CNY 87.69 per share, high CNY 97.43 per share

- FY2023: low CNY 77.94 per share, central CNY 85.73 per share, high CNY 95.26 per share

- FY2024: low CNY 80.74 per share, central CNY 88.81 per share, high CNY 98.68 per share

- FY2025: low CNY 113.93 per share, central CNY 142.42 per share, high CNY 189.89 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 2026-10-15T06:39:22.465Z 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.

Ping An Insurance Group Co of China

601318 · SHG

Hang Seng · CSI 300

A wonderful business at a fair price

Passes the quality tests.

Share price: CNY 51.78
Buy up to: CNY 146.81
Expected / yr: 17.3% 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 8 needed).

Net income

10y median: CNY 105B
Worst year: CNY 62B
Latest · 2025: CNY 135B

Earned a median 15% on equity (minimum 10%).

Return on common equity

10y median: 15.0%
Worst year: 9.5%
Latest · 2025: 13.5%

Book value plus dividends grew 17.9% a year (minimum 7%).

Annual book + dividend return

10y median: 16.3%
Worst year: 7.0%
Latest · 2025: 12.7%

Ordinary share growth was 0% over the full period and 0.5% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 98
Worst year: 100
Latest · 2025: 100

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 6.39 CNY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CNY 34.61 · Value 53.58 · Buy at or below 53.58; 2016-11 · Price CNY 36.33 · Value 53.58 · Buy at or below 53.58; 2016-12 · Price CNY 35.43 · Value 53.58 · Buy at or below 53.58; 2017-01 · Price CNY 36.51 · Value 53.58 · Buy at or below 53.58; 2017-02 · Price CNY 36.23 · Value 75.89 · Buy at or below 75.89; 2017-03 · Price CNY 37.01 · Value 75.89 · Buy at or below 75.89; 2017-04 · Price CNY 37.96 · Value 75.89 · Buy at or below 75.89; 2017-05 · Price CNY 45.07 · Value 75.89 · Buy at or below 75.89; 2017-06 · Price CNY 49.61 · Value 75.89 · Buy at or below 75.89; 2017-07 · Price CNY 52.02 · Value 75.89 · Buy at or below 75.89; 2017-08 · Price CNY 56.03 · Value 75.89 · Buy at or below 75.89; 2017-09 · Price CNY 54.16 · Value 75.89 · Buy at or below 75.89; 2017-10 · Price CNY 64.36 · Value 75.89 · Buy at or below 75.89; 2017-11 · Price CNY 69.92 · Value 75.89 · Buy at or below 75.89; 2017-12 · Price CNY 69.98 · Value 75.89 · Buy at or below 75.89; 2018-01 · Price CNY 75.08 · Value 75.89 · Buy at or below 75.89; 2018-02 · Price CNY 67.76 · Value 93.21 · Buy at or below 93.21; 2018-03 · Price CNY 65.29 · Value 93.21 · Buy at or below 93.21; 2018-04 · Price CNY 60.89 · Value 93.21 · Buy at or below 93.21; 2018-05 · Price CNY 62.13 · Value 93.21 · Buy at or below 93.21; 2018-06 · Price CNY 58.58 · Value 93.21 · Buy at or below 93.21; 2018-07 · Price CNY 61.60 · Value 93.21 · Buy at or below 93.21; 2018-08 · Price CNY 62.98 · Value 93.21 · Buy at or below 93.21; 2018-09 · Price CNY 68.50 · Value 93.21 · Buy at or below 93.21; 2018-10 · Price CNY 63.63 · Value 93.21 · Buy at or below 93.21; 2018-11 · Price CNY 63.49 · Value 93.21 · Buy at or below 93.21; 2018-12 · Price CNY 56.10 · Value 93.21 · Buy at or below 93.21; 2019-01 · Price CNY 62.98 · Value 93.21 · Buy at or below 93.21; 2019-02 · Price CNY 70.01 · Value 119.46 · Buy at or below 119.46; 2019-03 · Price CNY 77.10 · Value 119.46 · Buy at or below 119.46; 2019-04 · Price CNY 86.10 · Value 119.46 · Buy at or below 119.46; 2019-05 · Price CNY 79.00 · Value 119.46 · Buy at or below 119.46; 2019-06 · Price CNY 88.61 · Value 119.46 · Buy at or below 119.46; 2019-07 · Price CNY 88.09 · Value 119.46 · Buy at or below 119.46; 2019-08 · Price CNY 87.32 · Value 119.46 · Buy at or below 119.46; 2019-09 · Price CNY 87.04 · Value 119.46 · Buy at or below 119.46; 2019-10 · Price CNY 88.12 · Value 119.46 · Buy at or below 119.46; 2019-11 · Price CNY 83.62 · Value 119.46 · Buy at or below 119.46; 2019-12 · Price CNY 85.46 · Value 119.46 · Buy at or below 119.46; 2020-01 · Price CNY 83.49 · Value 119.46 · Buy at or below 119.46; 2020-02 · Price CNY 77.72 · Value 141.17 · Buy at or below 141.17; 2020-03 · Price CNY 69.17 · Value 141.17 · Buy at or below 141.17; 2020-04 · Price CNY 74.46 · Value 141.17 · Buy at or below 141.17; 2020-05 · Price CNY 70.71 · Value 141.17 · Buy at or below 141.17; 2020-06 · Price CNY 71.40 · Value 141.17 · Buy at or below 141.17; 2020-07 · Price CNY 75.90 · Value 141.17 · Buy at or below 141.17; 2020-08 · Price CNY 76.62 · Value 141.17 · Buy at or below 141.17; 2020-09 · Price CNY 76.26 · Value 141.17 · Buy at or below 141.17; 2020-10 · Price CNY 77.83 · Value 141.17 · Buy at or below 141.17; 2020-11 · Price CNY 90.03 · Value 141.17 · Buy at or below 141.17; 2020-12 · Price CNY 86.98 · Value 141.17 · Buy at or below 141.17; 2021-01 · Price CNY 79.08 · Value 141.17 · Buy at or below 141.17; 2021-02 · Price CNY 85.18 · Value 146.21 · Buy at or below 146.21; 2021-03 · Price CNY 78.70 · Value 146.21 · Buy at or below 146.21; 2021-04 · Price CNY 72.50 · Value 146.21 · Buy at or below 146.21; 2021-05 · Price CNY 71.80 · Value 146.21 · Buy at or below 146.21; 2021-06 · Price CNY 64.28 · Value 146.21 · Buy at or below 146.21; 2021-07 · Price CNY 53.67 · Value 146.21 · Buy at or below 146.21; 2021-08 · Price CNY 49.90 · Value 146.21 · Buy at or below 146.21; 2021-09 · Price CNY 48.36 · Value 146.21 · Buy at or below 146.21; 2021-10 · Price CNY 49.57 · Value 146.21 · Buy at or below 146.21; 2021-11 · Price CNY 48.22 · Value 146.21 · Buy at or below 146.21; 2021-12 · Price CNY 50.41 · Value 146.21 · Buy at or below 146.21; 2022-01 · Price CNY 49.97 · Value 146.21 · Buy at or below 146.21; 2022-02 · Price CNY 50.76 · Value 87.69 · Buy at or below 87.69; 2022-03 · Price CNY 48.45 · Value 87.69 · Buy at or below 87.69; 2022-04 · Price CNY 44.56 · Value 87.69 · Buy at or below 87.69; 2022-05 · Price CNY 44.20 · Value 87.69 · Buy at or below 87.69; 2022-06 · Price CNY 46.69 · Value 87.69 · Buy at or below 87.69; 2022-07 · Price CNY 42.12 · Value 87.69 · Buy at or below 87.69; 2022-08 · Price CNY 43.84 · Value 87.69 · Buy at or below 87.69; 2022-09 · Price CNY 41.58 · Value 87.69 · Buy at or below 87.69; 2022-10 · Price CNY 36.15 · Value 87.69 · Buy at or below 87.69; 2022-11 · Price CNY 44.95 · Value 87.69 · Buy at or below 87.69; 2022-12 · Price CNY 47.00 · Value 87.69 · Buy at or below 87.69; 2023-01 · Price CNY 50.98 · Value 87.69 · Buy at or below 87.69; 2023-02 · Price CNY 48.20 · Value 85.73 · Buy at or below 85.73; 2023-03 · Price CNY 45.60 · Value 85.73 · Buy at or below 85.73; 2023-04 · Price CNY 51.80 · Value 85.73 · Buy at or below 85.73; 2023-05 · Price CNY 47.00 · Value 85.73 · Buy at or below 85.73; 2023-06 · Price CNY 46.40 · Value 85.73 · Buy at or below 85.73; 2023-07 · Price CNY 52.60 · Value 85.73 · Buy at or below 85.73; 2023-08 · Price CNY 48.79 · Value 85.73 · Buy at or below 85.73; 2023-09 · Price CNY 48.30 · Value 85.73 · Buy at or below 85.73; 2023-10 · Price CNY 45.46 · Value 85.73 · Buy at or below 85.73; 2023-11 · Price CNY 40.80 · Value 85.73 · Buy at or below 85.73; 2023-12 · Price CNY 40.30 · Value 85.73 · Buy at or below 85.73; 2024-01 · Price CNY 40.51 · Value 85.73 · Buy at or below 85.73; 2024-02 · Price CNY 42.90 · Value 88.81 · Buy at or below 88.81; 2024-03 · Price CNY 40.81 · Value 88.81 · Buy at or below 88.81; 2024-04 · Price CNY 41.36 · Value 88.81 · Buy at or below 88.81; 2024-05 · Price CNY 43.07 · Value 88.81 · Buy at or below 88.81; 2024-06 · Price CNY 41.36 · Value 88.81 · Buy at or below 88.81; 2024-07 · Price CNY 42.56 · Value 88.81 · Buy at or below 88.81; 2024-08 · Price CNY 44.03 · Value 88.81 · Buy at or below 88.81; 2024-09 · Price CNY 57.09 · Value 88.81 · Buy at or below 88.81; 2024-10 · Price CNY 55.92 · Value 88.81 · Buy at or below 88.81; 2024-11 · Price CNY 53.25 · Value 88.81 · Buy at or below 88.81; 2024-12 · Price CNY 52.65 · Value 88.81 · Buy at or below 88.81; 2025-01 · Price CNY 50.85 · Value 88.81 · Buy at or below 88.81; 2025-02 · Price CNY 50.38 · Value 142.42 · Buy at or below 142.42; 2025-03 · Price CNY 51.63 · Value 142.42 · Buy at or below 142.42; 2025-04 · Price CNY 50.71 · Value 142.42 · Buy at or below 142.42; 2025-05 · Price CNY 53.28 · Value 142.42 · Buy at or below 142.42; 2025-06 · Price CNY 55.48 · Value 142.42 · Buy at or below 142.42; 2025-07 · Price CNY 58.69 · Value 142.42 · Buy at or below 142.42; 2025-08 · Price CNY 59.88 · Value 142.42 · Buy at or below 142.42; 2025-09 · Price CNY 55.11 · Value 142.42 · Buy at or below 142.42; 2025-10 · Price CNY 57.83 · Value 142.42 · Buy at or below 142.42; 2025-11 · Price CNY 58.99 · Value 142.42 · Buy at or below 142.42; 2025-12 · Price CNY 68.40 · Value 142.42 · Buy at or below 142.42; 2026-01 · Price CNY 66.75 · Value 142.42 · Buy at or below 142.42; 2026-02 · Price CNY 63.09 · Value 146.81 · Buy at or below 146.81; 2026-03 · Price CNY 56.78 · Value 146.81 · Buy at or below 146.81; 2026-04 · Price CNY 59.37 · Value 146.81 · Buy at or below 146.81; 2026-05 · Price CNY 53.50 · Value 146.81 · Buy at or below 146.81; 2026-06 · Price CNY 47.74 · Value 146.81 · Buy at or below 146.81; 2026-07 · Price CNY 54.90 · Value 146.81 · Buy at or below 146.81; 2026-08 · Price CNY 55.82 · Value 146.81 · Buy at or below 146.81; 2026-09 · Price CNY 53.29 · Value 146.81 · Buy at or below 146.81; 2026-10 · Price CNY 51.69 · Value 146.81 · Buy at or below 146.81; 2026-10 · Price CNY 51.78 · Value 146.81 · Buy at or below 146.81

CNY per share · annual estimates

Price & return math
Value range	CNY 117.44 – CNY 195.74
Buy at or below	Central value CNY 146.81
Discount to value	1 − 51.78 / 146.81 = 64.7%
Return / year	About 17.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CNY 53.49/share; ROE 17.0%; first payout CNY 5.87/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCNY 159B

Net income

Book / shareCNY 56.86

Book / share

Dividend / shareCNY 2.57

Dividend / share

Return on equity13.5%

Return on equity

Diluted shares18B

Diluted shares

Prices 15 Oct 2026 · FY2025