# New China Life Insurance (601336.SHG)

Canonical: https://gigainvestors.com/s/601336.SHG

Analysis as of: 2026-10-16T07:34:33.138Z. 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 52.37 per share; close as of 2026-10-15.

Estimated value: low CNY 58.64 per share, central CNY 73.30 per share, high CNY 97.73 per share. Buy at or below the central value CNY 73.30 per share. Valuation as of 2026-10-16T07:34:33.138Z; scenarios are not confidence intervals.

Expected annual return: 11.6% at the stated quote. About 11.6% 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: 8

- Return on common equity variation (informational): 0.52×

Chart: Net income; fiscal year observations.

- FY2016: CNY 4.9B

- FY2017: CNY 5.4B

- FY2018: CNY 7.9B

- FY2019: CNY 15B

- FY2020: CNY 14B

- FY2021: CNY 15B

- FY2022: CNY 9.8B

- FY2023: CNY 8.7B

- FY2024: CNY 26B

- FY2025: CNY 36B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 12.9%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 8.4%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 8.4%

- FY2017: 8.4%

- FY2018: 12.1%

- FY2019: 17.2%

- FY2020: 14.1%

- FY2021: 13.8%

- FY2022: 10.0%

- FY2023: 8.3%

- FY2024: 27.3%

- FY2025: 32.5%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 11.5%

- Book return interval: 10 years

- Starting book value per share: CNY 18.65

- Ending book value per share: CNY 35.75

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

- FY2016: 3.5%

- FY2017: 13.1%

- FY2018: 5.5%

- FY2019: 32.8%

- FY2020: 25.9%

- FY2021: 10.2%

- FY2022: -4.9%

- FY2023: 11.5%

- FY2024: -3.8%

- FY2025: 28.3%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.1%

- Share growth excluding flagged crisis recapitalisations: 0.1%

- Five-year share growth excluding flagged crisis recapitalisations: 0.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.53×

- Book value created per share: CNY 17.11

- Earnings retained per share after dividends and buybacks: CNY 32.13

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

- FY2015: 100

- FY2016: 102

- FY2017: 100

- FY2018: 101

- FY2019: 100

- FY2020: 100

- FY2021: 101

- FY2022: 101

- FY2023: 101

- FY2024: 101

- FY2025: 101

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 37% since Jan 2026 · net income +38.3%

Story as of 2026-10-16T10:00:01.174Z; price observation 2026-10-15.

The price assumes profits grow 4.4% a year forever

### Net income · FY2025

net income +38.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 4.9B 

- FY2017: CNY 5.4B 

- FY2018: CNY 7.9B 

- FY2019: CNY 15B 

- FY2020: CNY 14B 

- FY2021: CNY 15B 

- FY2022: CNY 9.8B 

- FY2023: CNY 8.7B 

- FY2024: CNY 26B 

- FY2025: CNY 36B 

## Owner memo

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

### How it makes money

Operates in insurance life; annual sales are CNY 134.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:33.138Z); FY2025: revenue 134213000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601336.SHG: New China Life Insurance Company Ltd. provides life insurance products and services to individuals and institutions in China. The company operates through three segments: Traditional insurance, Participating insurance, and Other Business. It provides life insurance, health insurance, and accident insurance products and services. The company also offers asset management, investment management, training, electronic commerce, and medical services; elderly care services and enterprise management service; property management; and invests in, develops, leases, and manages real estate properties. The company was incorporated in 1996 and is headquartered in Beijing, China.

### Why customers stay

It earns 12.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:33.138Z); 10-year return on tangible equity observations [[2016,0.08359552082276125],[2017,0.08448559993722043],[2018,0.12078613139799045],[2019,0.17239582716604895],[2020,0.14059626034013004],[2021,0.13776417781136804],[2022,0.10025006379178363],[2023,0.08291851865952202],[2024,0.27253740648379055],[2025,0.32528867532094957]]; median 0.12927515460467925. 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 2026-10-16T07:34:33.138Z); Dividend observations: [[2016,1814000000],[2017,2140000000],[2018,1793000000],[2019,2402000000],[2020,4399000000],[2021,4336000000],[2022,5065000000],[2023,4227000000],[2024,4699000000],[2025,12008000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 66.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601336.SHG SharesStats.PercentInsiders = 66.674 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 4.4% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:33.138Z); Price 52.37; FX 1; original perpetual distributable cash 2.9318560695683864; discount 0.1; growth 0.044016496666633834. 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 42.29 per share

- 2016-11: CNY 46.25 per share

- 2016-12: CNY 43.78 per share

- 2017-01: CNY 46.17 per share

- 2017-02: CNY 44.30 per share

- 2017-03: CNY 42.19 per share

- 2017-04: CNY 44.84 per share

- 2017-05: CNY 53.07 per share

- 2017-06: CNY 51.40 per share

- 2017-07: CNY 57.46 per share

- 2017-08: CNY 61.46 per share

- 2017-09: CNY 56.67 per share

- 2017-10: CNY 63.92 per share

- 2017-11: CNY 62.48 per share

- 2017-12: CNY 70.20 per share

- 2018-01: CNY 60.13 per share

- 2018-02: CNY 52.73 per share

- 2018-03: CNY 46.02 per share

- 2018-04: CNY 43.30 per share

- 2018-05: CNY 43.21 per share

- 2018-06: CNY 42.88 per share

- 2018-07: CNY 49.31 per share

- 2018-08: CNY 45.85 per share

- 2018-09: CNY 50.48 per share

- 2018-10: CNY 46.78 per share

- 2018-11: CNY 44.37 per share

- 2018-12: CNY 42.24 per share

- 2019-01: CNY 42.10 per share

- 2019-02: CNY 50.16 per share

- 2019-03: CNY 53.69 per share

- 2019-04: CNY 59.10 per share

- 2019-05: CNY 51.60 per share

- 2019-06: CNY 55.03 per share

- 2019-07: CNY 55.55 per share

- 2019-08: CNY 48.23 per share

- 2019-09: CNY 48.67 per share

- 2019-10: CNY 47.72 per share

- 2019-11: CNY 44.52 per share

- 2019-12: CNY 49.15 per share

- 2020-01: CNY 47.99 per share

- 2020-02: CNY 44.18 per share

- 2020-03: CNY 39.80 per share

- 2020-04: CNY 44.95 per share

- 2020-05: CNY 43.75 per share

- 2020-06: CNY 44.28 per share

- 2020-07: CNY 52.86 per share

- 2020-08: CNY 59.85 per share

- 2020-09: CNY 62.08 per share

- 2020-10: CNY 64.20 per share

- 2020-11: CNY 61.23 per share

- 2020-12: CNY 57.97 per share

- 2021-01: CNY 48.33 per share

- 2021-02: CNY 52.09 per share

- 2021-03: CNY 48.55 per share

- 2021-04: CNY 48.61 per share

- 2021-05: CNY 50.96 per share

- 2021-06: CNY 45.91 per share

- 2021-07: CNY 40.47 per share

- 2021-08: CNY 40.62 per share

- 2021-09: CNY 40.16 per share

- 2021-10: CNY 39.17 per share

- 2021-11: CNY 37.91 per share

- 2021-12: CNY 38.88 per share

- 2022-01: CNY 37.49 per share

- 2022-02: CNY 38.10 per share

- 2022-03: CNY 35.33 per share

- 2022-04: CNY 29.83 per share

- 2022-05: CNY 28.20 per share

- 2022-06: CNY 32.19 per share

- 2022-07: CNY 29.00 per share

- 2022-08: CNY 28.81 per share

- 2022-09: CNY 26.94 per share

- 2022-10: CNY 23.37 per share

- 2022-11: CNY 28.68 per share

- 2022-12: CNY 30.08 per share

- 2023-01: CNY 31.12 per share

- 2023-02: CNY 31.17 per share

- 2023-03: CNY 30.50 per share

- 2023-04: CNY 38.85 per share

- 2023-05: CNY 36.79 per share

- 2023-06: CNY 36.77 per share

- 2023-07: CNY 45.42 per share

- 2023-08: CNY 40.50 per share

- 2023-09: CNY 36.83 per share

- 2023-10: CNY 33.40 per share

- 2023-11: CNY 31.25 per share

- 2023-12: CNY 31.13 per share

- 2024-01: CNY 30.60 per share

- 2024-02: CNY 32.80 per share

- 2024-03: CNY 29.82 per share

- 2024-04: CNY 31.50 per share

- 2024-05: CNY 32.55 per share

- 2024-06: CNY 30.03 per share

- 2024-07: CNY 31.97 per share

- 2024-08: CNY 33.05 per share

- 2024-09: CNY 46.42 per share

- 2024-10: CNY 48.01 per share

- 2024-11: CNY 47.36 per share

- 2024-12: CNY 49.70 per share

- 2025-01: CNY 47.63 per share

- 2025-02: CNY 48.09 per share

- 2025-03: CNY 51.50 per share

- 2025-04: CNY 48.11 per share

- 2025-05: CNY 50.30 per share

- 2025-06: CNY 58.50 per share

- 2025-07: CNY 66.77 per share

- 2025-08: CNY 68.24 per share

- 2025-09: CNY 61.16 per share

- 2025-10: CNY 67.81 per share

- 2025-11: CNY 65.67 per share

- 2025-12: CNY 69.70 per share

- 2026-01: CNY 83.20 per share

- 2026-02: CNY 75.60 per share

- 2026-03: CNY 61.53 per share

- 2026-04: CNY 64.40 per share

- 2026-05: CNY 59.70 per share

- 2026-06: CNY 59.66 per share

- 2026-07: CNY 63.14 per share

- 2026-08: CNY 60.12 per share

- 2026-09: CNY 56.35 per share

- 2026-10: CNY 55.12 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 27.91 per share, central CNY 34.88 per share, high CNY 46.51 per share

- FY2017: low CNY 26.62 per share, central CNY 33.27 per share, high CNY 44.37 per share

- FY2018: low CNY 22.10 per share, central CNY 24.31 per share, high CNY 27.01 per share

- FY2019: low CNY 32.41 per share, central CNY 40.51 per share, high CNY 54.02 per share

- FY2020: low CNY 39.40 per share, central CNY 49.25 per share, high CNY 65.67 per share

- FY2021: low CNY 48.51 per share, central CNY 60.64 per share, high CNY 80.85 per share

- FY2022: low CNY 38.28 per share, central CNY 42.11 per share, high CNY 46.78 per share

- FY2023: low CNY 41.11 per share, central CNY 45.23 per share, high CNY 50.25 per share

- FY2024: low CNY 38.79 per share, central CNY 42.67 per share, high CNY 47.41 per share

- FY2025: low CNY 58.64 per share, central CNY 73.30 per share, high CNY 97.73 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.

New China Life Insurance

601336 · SHG

CSI 300

Not a wonderful business

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

Share price: CNY 52.37
Buy up to: CNY 73.30
Expected / yr: 11.6% 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 12B
Worst year: CNY 4.9B
Latest · 2025: CNY 36B

Earned a median 12.9% on equity (minimum 10%).

Return on common equity

10y median: 12.9%
Worst year: 8.3%
Latest · 2025: 32.5%

Book value plus dividends grew 11.5% a year (minimum 7%).

Annual book + dividend return

10y median: 10.9%
Worst year: -4.9%
Latest · 2025: 28.3%

Book value gained 17.11 per share against 32.13 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 101
Worst year: 102
Latest · 2025: 101

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 7.61 CNY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CNY 42.29 · Value 34.88 · Buy at or below 34.88; 2016-11 · Price CNY 46.25 · Value 34.88 · Buy at or below 34.88; 2016-12 · Price CNY 43.78 · Value 34.88 · Buy at or below 34.88; 2017-01 · Price CNY 46.17 · Value 34.88 · Buy at or below 34.88; 2017-02 · Price CNY 44.30 · Value 33.27 · Buy at or below 33.27; 2017-03 · Price CNY 42.19 · Value 33.27 · Buy at or below 33.27; 2017-04 · Price CNY 44.84 · Value 33.27 · Buy at or below 33.27; 2017-05 · Price CNY 53.07 · Value 33.27 · Buy at or below 33.27; 2017-06 · Price CNY 51.40 · Value 33.27 · Buy at or below 33.27; 2017-07 · Price CNY 57.46 · Value 33.27 · Buy at or below 33.27; 2017-08 · Price CNY 61.46 · Value 33.27 · Buy at or below 33.27; 2017-09 · Price CNY 56.67 · Value 33.27 · Buy at or below 33.27; 2017-10 · Price CNY 63.92 · Value 33.27 · Buy at or below 33.27; 2017-11 · Price CNY 62.48 · Value 33.27 · Buy at or below 33.27; 2017-12 · Price CNY 70.20 · Value 33.27 · Buy at or below 33.27; 2018-01 · Price CNY 60.13 · Value 33.27 · Buy at or below 33.27; 2018-02 · Price CNY 52.73 · Value 24.31 · Buy at or below 24.31; 2018-03 · Price CNY 46.02 · Value 24.31 · Buy at or below 24.31; 2018-04 · Price CNY 43.30 · Value 24.31 · Buy at or below 24.31; 2018-05 · Price CNY 43.21 · Value 24.31 · Buy at or below 24.31; 2018-06 · Price CNY 42.88 · Value 24.31 · Buy at or below 24.31; 2018-07 · Price CNY 49.31 · Value 24.31 · Buy at or below 24.31; 2018-08 · Price CNY 45.85 · Value 24.31 · Buy at or below 24.31; 2018-09 · Price CNY 50.48 · Value 24.31 · Buy at or below 24.31; 2018-10 · Price CNY 46.78 · Value 24.31 · Buy at or below 24.31; 2018-11 · Price CNY 44.37 · Value 24.31 · Buy at or below 24.31; 2018-12 · Price CNY 42.24 · Value 24.31 · Buy at or below 24.31; 2019-01 · Price CNY 42.10 · Value 24.31 · Buy at or below 24.31; 2019-02 · Price CNY 50.16 · Value 40.51 · Buy at or below 40.51; 2019-03 · Price CNY 53.69 · Value 40.51 · Buy at or below 40.51; 2019-04 · Price CNY 59.10 · Value 40.51 · Buy at or below 40.51; 2019-05 · Price CNY 51.60 · Value 40.51 · Buy at or below 40.51; 2019-06 · Price CNY 55.03 · Value 40.51 · Buy at or below 40.51; 2019-07 · Price CNY 55.55 · Value 40.51 · Buy at or below 40.51; 2019-08 · Price CNY 48.23 · Value 40.51 · Buy at or below 40.51; 2019-09 · Price CNY 48.67 · Value 40.51 · Buy at or below 40.51; 2019-10 · Price CNY 47.72 · Value 40.51 · Buy at or below 40.51; 2019-11 · Price CNY 44.52 · Value 40.51 · Buy at or below 40.51; 2019-12 · Price CNY 49.15 · Value 40.51 · Buy at or below 40.51; 2020-01 · Price CNY 47.99 · Value 40.51 · Buy at or below 40.51; 2020-02 · Price CNY 44.18 · Value 49.25 · Buy at or below 49.25; 2020-03 · Price CNY 39.80 · Value 49.25 · Buy at or below 49.25; 2020-04 · Price CNY 44.95 · Value 49.25 · Buy at or below 49.25; 2020-05 · Price CNY 43.75 · Value 49.25 · Buy at or below 49.25; 2020-06 · Price CNY 44.28 · Value 49.25 · Buy at or below 49.25; 2020-07 · Price CNY 52.86 · Value 49.25 · Buy at or below 49.25; 2020-08 · Price CNY 59.85 · Value 49.25 · Buy at or below 49.25; 2020-09 · Price CNY 62.08 · Value 49.25 · Buy at or below 49.25; 2020-10 · Price CNY 64.20 · Value 49.25 · Buy at or below 49.25; 2020-11 · Price CNY 61.23 · Value 49.25 · Buy at or below 49.25; 2020-12 · Price CNY 57.97 · Value 49.25 · Buy at or below 49.25; 2021-01 · Price CNY 48.33 · Value 49.25 · Buy at or below 49.25; 2021-02 · Price CNY 52.09 · Value 60.64 · Buy at or below 60.64; 2021-03 · Price CNY 48.55 · Value 60.64 · Buy at or below 60.64; 2021-04 · Price CNY 48.61 · Value 60.64 · Buy at or below 60.64; 2021-05 · Price CNY 50.96 · Value 60.64 · Buy at or below 60.64; 2021-06 · Price CNY 45.91 · Value 60.64 · Buy at or below 60.64; 2021-07 · Price CNY 40.47 · Value 60.64 · Buy at or below 60.64; 2021-08 · Price CNY 40.62 · Value 60.64 · Buy at or below 60.64; 2021-09 · Price CNY 40.16 · Value 60.64 · Buy at or below 60.64; 2021-10 · Price CNY 39.17 · Value 60.64 · Buy at or below 60.64; 2021-11 · Price CNY 37.91 · Value 60.64 · Buy at or below 60.64; 2021-12 · Price CNY 38.88 · Value 60.64 · Buy at or below 60.64; 2022-01 · Price CNY 37.49 · Value 60.64 · Buy at or below 60.64; 2022-02 · Price CNY 38.10 · Value 42.11 · Buy at or below 42.11; 2022-03 · Price CNY 35.33 · Value 42.11 · Buy at or below 42.11; 2022-04 · Price CNY 29.83 · Value 42.11 · Buy at or below 42.11; 2022-05 · Price CNY 28.20 · Value 42.11 · Buy at or below 42.11; 2022-06 · Price CNY 32.19 · Value 42.11 · Buy at or below 42.11; 2022-07 · Price CNY 29.00 · Value 42.11 · Buy at or below 42.11; 2022-08 · Price CNY 28.81 · Value 42.11 · Buy at or below 42.11; 2022-09 · Price CNY 26.94 · Value 42.11 · Buy at or below 42.11; 2022-10 · Price CNY 23.37 · Value 42.11 · Buy at or below 42.11; 2022-11 · Price CNY 28.68 · Value 42.11 · Buy at or below 42.11; 2022-12 · Price CNY 30.08 · Value 42.11 · Buy at or below 42.11; 2023-01 · Price CNY 31.12 · Value 42.11 · Buy at or below 42.11; 2023-02 · Price CNY 31.17 · Value 45.23 · Buy at or below 45.23; 2023-03 · Price CNY 30.50 · Value 45.23 · Buy at or below 45.23; 2023-04 · Price CNY 38.85 · Value 45.23 · Buy at or below 45.23; 2023-05 · Price CNY 36.79 · Value 45.23 · Buy at or below 45.23; 2023-06 · Price CNY 36.77 · Value 45.23 · Buy at or below 45.23; 2023-07 · Price CNY 45.42 · Value 45.23 · Buy at or below 45.23; 2023-08 · Price CNY 40.50 · Value 45.23 · Buy at or below 45.23; 2023-09 · Price CNY 36.83 · Value 45.23 · Buy at or below 45.23; 2023-10 · Price CNY 33.40 · Value 45.23 · Buy at or below 45.23; 2023-11 · Price CNY 31.25 · Value 45.23 · Buy at or below 45.23; 2023-12 · Price CNY 31.13 · Value 45.23 · Buy at or below 45.23; 2024-01 · Price CNY 30.60 · Value 45.23 · Buy at or below 45.23; 2024-02 · Price CNY 32.80 · Value 42.67 · Buy at or below 42.67; 2024-03 · Price CNY 29.82 · Value 42.67 · Buy at or below 42.67; 2024-04 · Price CNY 31.50 · Value 42.67 · Buy at or below 42.67; 2024-05 · Price CNY 32.55 · Value 42.67 · Buy at or below 42.67; 2024-06 · Price CNY 30.03 · Value 42.67 · Buy at or below 42.67; 2024-07 · Price CNY 31.97 · Value 42.67 · Buy at or below 42.67; 2024-08 · Price CNY 33.05 · Value 42.67 · Buy at or below 42.67; 2024-09 · Price CNY 46.42 · Value 42.67 · Buy at or below 42.67; 2024-10 · Price CNY 48.01 · Value 42.67 · Buy at or below 42.67; 2024-11 · Price CNY 47.36 · Value 42.67 · Buy at or below 42.67; 2024-12 · Price CNY 49.70 · Value 42.67 · Buy at or below 42.67; 2025-01 · Price CNY 47.63 · Value 42.67 · Buy at or below 42.67; 2025-02 · Price CNY 48.09 · Value 73.30 · Buy at or below 73.30; 2025-03 · Price CNY 51.50 · Value 73.30 · Buy at or below 73.30; 2025-04 · Price CNY 48.11 · Value 73.30 · Buy at or below 73.30; 2025-05 · Price CNY 50.30 · Value 73.30 · Buy at or below 73.30; 2025-06 · Price CNY 58.50 · Value 73.30 · Buy at or below 73.30; 2025-07 · Price CNY 66.77 · Value 73.30 · Buy at or below 73.30; 2025-08 · Price CNY 68.24 · Value 73.30 · Buy at or below 73.30; 2025-09 · Price CNY 61.16 · Value 73.30 · Buy at or below 73.30; 2025-10 · Price CNY 67.81 · Value 73.30 · Buy at or below 73.30; 2025-11 · Price CNY 65.67 · Value 73.30 · Buy at or below 73.30; 2025-12 · Price CNY 69.70 · Value 73.30 · Buy at or below 73.30; 2026-01 · Price CNY 83.20 · Value 73.30 · Buy at or below 73.30; 2026-02 · Price CNY 75.60 · Value 73.30 · Buy at or below 73.30; 2026-03 · Price CNY 61.53 · Value 73.30 · Buy at or below 73.30; 2026-04 · Price CNY 64.40 · Value 73.30 · Buy at or below 73.30; 2026-05 · Price CNY 59.70 · Value 73.30 · Buy at or below 73.30; 2026-06 · Price CNY 59.66 · Value 73.30 · Buy at or below 73.30; 2026-07 · Price CNY 63.14 · Value 73.30 · Buy at or below 73.30; 2026-08 · Price CNY 60.12 · Value 73.30 · Buy at or below 73.30; 2026-09 · Price CNY 56.35 · Value 73.30 · Buy at or below 73.30; 2026-10 · Price CNY 55.12 · Value 73.30 · Buy at or below 73.30; 2026-10 · Price CNY 52.37 · Value 73.30 · Buy at or below 73.30

CNY per share · annual estimates

Price & return math
Value range	CNY 58.64 – CNY 97.73
Buy at or below	Central value CNY 73.30
Discount to value	1 − 52.37 / 73.30 = 28.6%
Return / year	About 11.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CNY 34.75/share; ROE 14.4%; first payout CNY 2.93/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCNY 36B

Net income

Book / shareCNY 35.75

Book / share

Dividend / shareCNY 3.85

Dividend / share

Return on equity32.5%

Return on equity

Diluted shares3.1B

Diluted shares

Prices 15 Oct 2026 · FY2025