# Industrial and Commercial Bank of China (601398.SHG)

Canonical: https://gigainvestors.com/s/601398.SHG

Analysis as of: 2026-10-16T07:33:30.066Z. 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 8.50 per share; close as of 2026-10-15.

Estimated value: low CNY 10.79 per share, central CNY 13.49 per share, high CNY 17.98 per share. Buy at or below the central value CNY 13.49 per share. Valuation as of 2026-10-16T07:33:30.066Z; scenarios are not confidence intervals.

Expected annual return: 12.3% at the stated quote. About 12.3% 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: 9

- Return on common equity variation (informational): 0.14×

Chart: Net income; fiscal year observations.

- FY2016: CNY 274B

- FY2017: CNY 282B

- FY2018: CNY 293B

- FY2019: CNY 308B

- FY2020: CNY 307B

- FY2021: CNY 348B

- FY2022: CNY 360B

- FY2023: CNY 364B

- FY2024: CNY 366B

- FY2025: CNY 369B

### 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: 10.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 9.4%

- Years with reported combined ratio: 0

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

- FY2016: 14.1%

- FY2017: 13.4%

- FY2018: 12.7%

- FY2019: 11.6%

- FY2020: 10.7%

- FY2021: 10.8%

- FY2022: 10.4%

- FY2023: 9.7%

- FY2024: 9.3%

- FY2025: 9.4%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 13.1%

- Book return interval: 10 years

- Starting book value per share: CNY 4.85

- Ending book value per share: CNY 10.67

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

- FY2016: 16.0%

- FY2017: 13.4%

- FY2018: 15.1%

- FY2019: 20.3%

- FY2020: 13.1%

- FY2021: 17.3%

- FY2022: 9.1%

- FY2023: 12.8%

- FY2024: 9.6%

- FY2025: 4.8%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

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

- Diluted shares, 5-year annual growth: 0.3%

- Share growth excluding flagged crisis recapitalisations: 0.1%

- Five-year share growth excluding flagged crisis recapitalisations: 0.3%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.17×

- Book value created per share: CNY 5.82

- Earnings retained per share after dividends and buybacks: CNY 4.98

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

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 102

- FY2023: 102

- FY2024: 103

- FY2025: 101

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 3.7% a year forever · net income +0.7%

Story as of 2026-10-16T09:59:56.442Z; price observation 2026-10-15.

The price assumes profits grow 3.7% a year forever

### Net income · FY2025

net income +0.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 274B 

- FY2017: CNY 282B 

- FY2018: CNY 293B 

- FY2019: CNY 308B 

- FY2020: CNY 307B 

- FY2021: CNY 348B 

- FY2022: CNY 360B 

- FY2023: CNY 364B 

- FY2024: CNY 366B 

- FY2025: CNY 369B 

## Owner memo

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

### How it makes money

Operates in diversified banking; annual sales are CNY 1.5 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.066Z); FY2025: revenue 1544181000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601398.SHG: Industrial and Commercial Bank of China Limited, together with its subsidiaries, provides banking products and services in the People's Republic of China and internationally. It operates through Corporate Banking, Personal Banking, and Treasury Operations segments. The Corporate Banking segment offers corporate loans, trade financing, deposit-taking activities, corporate wealth management services, custody services, and various types of corporate intermediary services, as well as corporate loans to corporations, government agencies, and financial institutions. Its Personal Banking segment provides personal loans, deposit-taking activities, card business, personal wealth management services, and various types of personal intermediary services to individual customers. The Treasury Operations segment engages in money market transactions, investment securities, and foreign exchange transaction activities. In addition, the company is involved in the fund raising, fund sales, asset management, and other businesses; financial leasing; insurance businesses, such as life, health, and accident insurance, as well as reinsurance; debt-for-equity swaps; and issuance of wealth management products, wealth management advisory, and consulting services. Industrial and Commercial Bank of China Limited was founded in 1984 and is headquartered in Beijing, the People's Republic of China.

### Why customers stay

It earns 10.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.066Z); 10-year return on tangible equity observations [[2016,0.1410602846872783],[2017,0.13422904524126833],[2018,0.12742804164524177],[2019,0.11612041087965365],[2020,0.10704080711376722],[2021,0.10771142670995268],[2022,0.10384258737808003],[2023,0.09749424263998059],[2024,0.09293609191010985],[2025,0.0937597782502713]]; median 0.10737611691185994. 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 20.8 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.066Z); Dividend observations: [[2016,101579000000],[2017,103313000000],[2018,113246000000],[2019,118829000000],[2020,127640000000],[2021,130731000000],[2022,145093000000],[2023,172315000000],[2024,177255000000],[2025,143991000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.066Z); FY2025: cash repurchases 20822000000 CNY.

### Are managers owners

Insiders own 87.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601398.SHG SharesStats.PercentInsiders = 87.534 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 3.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.066Z); Price 8.5; FX 1; original perpetual distributable cash 0.5395180130757389; discount 0.1; growth 0.03652729257932484. 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 4.43 per share

- 2016-11: CNY 4.52 per share

- 2016-12: CNY 4.41 per share

- 2017-01: CNY 4.60 per share

- 2017-02: CNY 4.69 per share

- 2017-03: CNY 4.84 per share

- 2017-04: CNY 4.88 per share

- 2017-05: CNY 5.25 per share

- 2017-06: CNY 5.25 per share

- 2017-07: CNY 5.51 per share

- 2017-08: CNY 5.90 per share

- 2017-09: CNY 6.00 per share

- 2017-10: CNY 6.10 per share

- 2017-11: CNY 5.92 per share

- 2017-12: CNY 6.20 per share

- 2018-01: CNY 7.48 per share

- 2018-02: CNY 6.67 per share

- 2018-03: CNY 6.09 per share

- 2018-04: CNY 6.00 per share

- 2018-05: CNY 5.66 per share

- 2018-06: CNY 5.32 per share

- 2018-07: CNY 5.65 per share

- 2018-08: CNY 5.44 per share

- 2018-09: CNY 5.77 per share

- 2018-10: CNY 5.63 per share

- 2018-11: CNY 5.33 per share

- 2018-12: CNY 5.29 per share

- 2019-01: CNY 5.66 per share

- 2019-02: CNY 5.75 per share

- 2019-03: CNY 5.57 per share

- 2019-04: CNY 5.71 per share

- 2019-05: CNY 5.61 per share

- 2019-06: CNY 5.89 per share

- 2019-07: CNY 5.64 per share

- 2019-08: CNY 5.39 per share

- 2019-09: CNY 5.53 per share

- 2019-10: CNY 5.91 per share

- 2019-11: CNY 5.79 per share

- 2019-12: CNY 5.88 per share

- 2020-01: CNY 5.72 per share

- 2020-02: CNY 5.30 per share

- 2020-03: CNY 5.15 per share

- 2020-04: CNY 5.17 per share

- 2020-05: CNY 5.12 per share

- 2020-06: CNY 4.98 per share

- 2020-07: CNY 4.96 per share

- 2020-08: CNY 4.96 per share

- 2020-09: CNY 4.92 per share

- 2020-10: CNY 4.92 per share

- 2020-11: CNY 5.32 per share

- 2020-12: CNY 4.99 per share

- 2021-01: CNY 5.09 per share

- 2021-02: CNY 5.37 per share

- 2021-03: CNY 5.54 per share

- 2021-04: CNY 5.13 per share

- 2021-05: CNY 5.21 per share

- 2021-06: CNY 5.17 per share

- 2021-07: CNY 4.59 per share

- 2021-08: CNY 4.62 per share

- 2021-09: CNY 4.66 per share

- 2021-10: CNY 4.67 per share

- 2021-11: CNY 4.58 per share

- 2021-12: CNY 4.63 per share

- 2022-01: CNY 4.66 per share

- 2022-02: CNY 4.66 per share

- 2022-03: CNY 4.77 per share

- 2022-04: CNY 4.78 per share

- 2022-05: CNY 4.66 per share

- 2022-06: CNY 4.77 per share

- 2022-07: CNY 4.38 per share

- 2022-08: CNY 4.38 per share

- 2022-09: CNY 4.35 per share

- 2022-10: CNY 4.15 per share

- 2022-11: CNY 4.30 per share

- 2022-12: CNY 4.34 per share

- 2023-01: CNY 4.32 per share

- 2023-02: CNY 4.30 per share

- 2023-03: CNY 4.46 per share

- 2023-04: CNY 4.72 per share

- 2023-05: CNY 4.83 per share

- 2023-06: CNY 4.82 per share

- 2023-07: CNY 4.77 per share

- 2023-08: CNY 4.62 per share

- 2023-09: CNY 4.68 per share

- 2023-10: CNY 4.73 per share

- 2023-11: CNY 4.81 per share

- 2023-12: CNY 4.78 per share

- 2024-01: CNY 5.17 per share

- 2024-02: CNY 5.33 per share

- 2024-03: CNY 5.28 per share

- 2024-04: CNY 5.43 per share

- 2024-05: CNY 5.43 per share

- 2024-06: CNY 5.70 per share

- 2024-07: CNY 5.85 per share

- 2024-08: CNY 5.98 per share

- 2024-09: CNY 6.18 per share

- 2024-10: CNY 6.04 per share

- 2024-11: CNY 6.15 per share

- 2024-12: CNY 6.92 per share

- 2025-01: CNY 6.82 per share

- 2025-02: CNY 6.87 per share

- 2025-03: CNY 6.89 per share

- 2025-04: CNY 7.01 per share

- 2025-05: CNY 7.07 per share

- 2025-06: CNY 7.59 per share

- 2025-07: CNY 7.56 per share

- 2025-08: CNY 7.43 per share

- 2025-09: CNY 7.30 per share

- 2025-10: CNY 7.78 per share

- 2025-11: CNY 8.11 per share

- 2025-12: CNY 7.93 per share

- 2026-01: CNY 7.25 per share

- 2026-02: CNY 6.92 per share

- 2026-03: CNY 7.64 per share

- 2026-04: CNY 7.45 per share

- 2026-05: CNY 7.22 per share

- 2026-06: CNY 7.07 per share

- 2026-07: CNY 7.99 per share

- 2026-08: CNY 8.07 per share

- 2026-09: CNY 8.28 per share

- 2026-10: CNY 8.49 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 14.38 per share, central CNY 17.97 per share, high CNY 23.96 per share

- FY2017: low CNY 15.54 per share, central CNY 19.42 per share, high CNY 25.90 per share

- FY2018: low CNY 16.56 per share, central CNY 20.70 per share, high CNY 27.60 per share

- FY2019: low CNY 16.12 per share, central CNY 20.16 per share, high CNY 26.87 per share

- FY2020: low CNY 14.27 per share, central CNY 17.84 per share, high CNY 23.78 per share

- FY2021: low CNY 14.21 per share, central CNY 17.77 per share, high CNY 23.69 per share

- FY2022: low CNY 13.59 per share, central CNY 16.99 per share, high CNY 22.65 per share

- FY2023: low CNY 12.79 per share, central CNY 15.98 per share, high CNY 21.31 per share

- FY2024: low CNY 11.38 per share, central CNY 14.23 per share, high CNY 18.97 per share

- FY2025: low CNY 10.43 per share, central CNY 13.04 per share, high CNY 17.39 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 2026-10-15T06:39:15.604Z 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.

Industrial and Commercial Bank of China

601398 · SHG

Hang Seng · CSI 300

Not a wonderful business

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

Share price: CNY 8.50
Buy up to: CNY 13.49
Expected / yr: 12.3% 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 9 needed).

Net income

10y median: CNY 328B
Worst year: CNY 274B
Latest · 2025: CNY 369B

Earned a median 10.7% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 10.7%
Worst year: 9.3%
Latest · 2025: 9.4%

Book value plus dividends grew 13.1% a year (minimum 7%).

Annual book + dividend return

10y median: 13.2%
Worst year: 4.8%
Latest · 2025: 4.8%

Ordinary share growth was 0.1% over the full period and 0.3% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 100
Worst year: 103
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 0.99 CNY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CNY 4.43 · Value 17.97 · Buy at or below 17.97; 2016-11 · Price CNY 4.52 · Value 17.97 · Buy at or below 17.97; 2016-12 · Price CNY 4.41 · Value 17.97 · Buy at or below 17.97; 2017-01 · Price CNY 4.60 · Value 17.97 · Buy at or below 17.97; 2017-02 · Price CNY 4.69 · Value 19.42 · Buy at or below 19.42; 2017-03 · Price CNY 4.84 · Value 19.42 · Buy at or below 19.42; 2017-04 · Price CNY 4.88 · Value 19.42 · Buy at or below 19.42; 2017-05 · Price CNY 5.25 · Value 19.42 · Buy at or below 19.42; 2017-06 · Price CNY 5.25 · Value 19.42 · Buy at or below 19.42; 2017-07 · Price CNY 5.51 · Value 19.42 · Buy at or below 19.42; 2017-08 · Price CNY 5.90 · Value 19.42 · Buy at or below 19.42; 2017-09 · Price CNY 6.00 · Value 19.42 · Buy at or below 19.42; 2017-10 · Price CNY 6.10 · Value 19.42 · Buy at or below 19.42; 2017-11 · Price CNY 5.92 · Value 19.42 · Buy at or below 19.42; 2017-12 · Price CNY 6.20 · Value 19.42 · Buy at or below 19.42; 2018-01 · Price CNY 7.48 · Value 19.42 · Buy at or below 19.42; 2018-02 · Price CNY 6.67 · Value 20.70 · Buy at or below 20.70; 2018-03 · Price CNY 6.09 · Value 20.70 · Buy at or below 20.70; 2018-04 · Price CNY 6.00 · Value 20.70 · Buy at or below 20.70; 2018-05 · Price CNY 5.66 · Value 20.70 · Buy at or below 20.70; 2018-06 · Price CNY 5.32 · Value 20.70 · Buy at or below 20.70; 2018-07 · Price CNY 5.65 · Value 20.70 · Buy at or below 20.70; 2018-08 · Price CNY 5.44 · Value 20.70 · Buy at or below 20.70; 2018-09 · Price CNY 5.77 · Value 20.70 · Buy at or below 20.70; 2018-10 · Price CNY 5.63 · Value 20.70 · Buy at or below 20.70; 2018-11 · Price CNY 5.33 · Value 20.70 · Buy at or below 20.70; 2018-12 · Price CNY 5.29 · Value 20.70 · Buy at or below 20.70; 2019-01 · Price CNY 5.66 · Value 20.70 · Buy at or below 20.70; 2019-02 · Price CNY 5.75 · Value 20.16 · Buy at or below 20.16; 2019-03 · Price CNY 5.57 · Value 20.16 · Buy at or below 20.16; 2019-04 · Price CNY 5.71 · Value 20.16 · Buy at or below 20.16; 2019-05 · Price CNY 5.61 · Value 20.16 · Buy at or below 20.16; 2019-06 · Price CNY 5.89 · Value 20.16 · Buy at or below 20.16; 2019-07 · Price CNY 5.64 · Value 20.16 · Buy at or below 20.16; 2019-08 · Price CNY 5.39 · Value 20.16 · Buy at or below 20.16; 2019-09 · Price CNY 5.53 · Value 20.16 · Buy at or below 20.16; 2019-10 · Price CNY 5.91 · Value 20.16 · Buy at or below 20.16; 2019-11 · Price CNY 5.79 · Value 20.16 · Buy at or below 20.16; 2019-12 · Price CNY 5.88 · Value 20.16 · Buy at or below 20.16; 2020-01 · Price CNY 5.72 · Value 20.16 · Buy at or below 20.16; 2020-02 · Price CNY 5.30 · Value 17.84 · Buy at or below 17.84; 2020-03 · Price CNY 5.15 · Value 17.84 · Buy at or below 17.84; 2020-04 · Price CNY 5.17 · Value 17.84 · Buy at or below 17.84; 2020-05 · Price CNY 5.12 · Value 17.84 · Buy at or below 17.84; 2020-06 · Price CNY 4.98 · Value 17.84 · Buy at or below 17.84; 2020-07 · Price CNY 4.96 · Value 17.84 · Buy at or below 17.84; 2020-08 · Price CNY 4.96 · Value 17.84 · Buy at or below 17.84; 2020-09 · Price CNY 4.92 · Value 17.84 · Buy at or below 17.84; 2020-10 · Price CNY 4.92 · Value 17.84 · Buy at or below 17.84; 2020-11 · Price CNY 5.32 · Value 17.84 · Buy at or below 17.84; 2020-12 · Price CNY 4.99 · Value 17.84 · Buy at or below 17.84; 2021-01 · Price CNY 5.09 · Value 17.84 · Buy at or below 17.84; 2021-02 · Price CNY 5.37 · Value 17.77 · Buy at or below 17.77; 2021-03 · Price CNY 5.54 · Value 17.77 · Buy at or below 17.77; 2021-04 · Price CNY 5.13 · Value 17.77 · Buy at or below 17.77; 2021-05 · Price CNY 5.21 · Value 17.77 · Buy at or below 17.77; 2021-06 · Price CNY 5.17 · Value 17.77 · Buy at or below 17.77; 2021-07 · Price CNY 4.59 · Value 17.77 · Buy at or below 17.77; 2021-08 · Price CNY 4.62 · Value 17.77 · Buy at or below 17.77; 2021-09 · Price CNY 4.66 · Value 17.77 · Buy at or below 17.77; 2021-10 · Price CNY 4.67 · Value 17.77 · Buy at or below 17.77; 2021-11 · Price CNY 4.58 · Value 17.77 · Buy at or below 17.77; 2021-12 · Price CNY 4.63 · Value 17.77 · Buy at or below 17.77; 2022-01 · Price CNY 4.66 · Value 17.77 · Buy at or below 17.77; 2022-02 · Price CNY 4.66 · Value 16.99 · Buy at or below 16.99; 2022-03 · Price CNY 4.77 · Value 16.99 · Buy at or below 16.99; 2022-04 · Price CNY 4.78 · Value 16.99 · Buy at or below 16.99; 2022-05 · Price CNY 4.66 · Value 16.99 · Buy at or below 16.99; 2022-06 · Price CNY 4.77 · Value 16.99 · Buy at or below 16.99; 2022-07 · Price CNY 4.38 · Value 16.99 · Buy at or below 16.99; 2022-08 · Price CNY 4.38 · Value 16.99 · Buy at or below 16.99; 2022-09 · Price CNY 4.35 · Value 16.99 · Buy at or below 16.99; 2022-10 · Price CNY 4.15 · Value 16.99 · Buy at or below 16.99; 2022-11 · Price CNY 4.30 · Value 16.99 · Buy at or below 16.99; 2022-12 · Price CNY 4.34 · Value 16.99 · Buy at or below 16.99; 2023-01 · Price CNY 4.32 · Value 16.99 · Buy at or below 16.99; 2023-02 · Price CNY 4.30 · Value 15.98 · Buy at or below 15.98; 2023-03 · Price CNY 4.46 · Value 15.98 · Buy at or below 15.98; 2023-04 · Price CNY 4.72 · Value 15.98 · Buy at or below 15.98; 2023-05 · Price CNY 4.83 · Value 15.98 · Buy at or below 15.98; 2023-06 · Price CNY 4.82 · Value 15.98 · Buy at or below 15.98; 2023-07 · Price CNY 4.77 · Value 15.98 · Buy at or below 15.98; 2023-08 · Price CNY 4.62 · Value 15.98 · Buy at or below 15.98; 2023-09 · Price CNY 4.68 · Value 15.98 · Buy at or below 15.98; 2023-10 · Price CNY 4.73 · Value 15.98 · Buy at or below 15.98; 2023-11 · Price CNY 4.81 · Value 15.98 · Buy at or below 15.98; 2023-12 · Price CNY 4.78 · Value 15.98 · Buy at or below 15.98; 2024-01 · Price CNY 5.17 · Value 15.98 · Buy at or below 15.98; 2024-02 · Price CNY 5.33 · Value 14.23 · Buy at or below 14.23; 2024-03 · Price CNY 5.28 · Value 14.23 · Buy at or below 14.23; 2024-04 · Price CNY 5.43 · Value 14.23 · Buy at or below 14.23; 2024-05 · Price CNY 5.43 · Value 14.23 · Buy at or below 14.23; 2024-06 · Price CNY 5.70 · Value 14.23 · Buy at or below 14.23; 2024-07 · Price CNY 5.85 · Value 14.23 · Buy at or below 14.23; 2024-08 · Price CNY 5.98 · Value 14.23 · Buy at or below 14.23; 2024-09 · Price CNY 6.18 · Value 14.23 · Buy at or below 14.23; 2024-10 · Price CNY 6.04 · Value 14.23 · Buy at or below 14.23; 2024-11 · Price CNY 6.15 · Value 14.23 · Buy at or below 14.23; 2024-12 · Price CNY 6.92 · Value 14.23 · Buy at or below 14.23; 2025-01 · Price CNY 6.82 · Value 14.23 · Buy at or below 14.23; 2025-02 · Price CNY 6.87 · Value 13.04 · Buy at or below 13.04; 2025-03 · Price CNY 6.89 · Value 13.04 · Buy at or below 13.04; 2025-04 · Price CNY 7.01 · Value 13.04 · Buy at or below 13.04; 2025-05 · Price CNY 7.07 · Value 13.04 · Buy at or below 13.04; 2025-06 · Price CNY 7.59 · Value 13.04 · Buy at or below 13.04; 2025-07 · Price CNY 7.56 · Value 13.04 · Buy at or below 13.04; 2025-08 · Price CNY 7.43 · Value 13.04 · Buy at or below 13.04; 2025-09 · Price CNY 7.30 · Value 13.04 · Buy at or below 13.04; 2025-10 · Price CNY 7.78 · Value 13.04 · Buy at or below 13.04; 2025-11 · Price CNY 8.11 · Value 13.04 · Buy at or below 13.04; 2025-12 · Price CNY 7.93 · Value 13.04 · Buy at or below 13.04; 2026-01 · Price CNY 7.25 · Value 13.04 · Buy at or below 13.04; 2026-02 · Price CNY 6.92 · Value 13.49 · Buy at or below 13.49; 2026-03 · Price CNY 7.64 · Value 13.49 · Buy at or below 13.49; 2026-04 · Price CNY 7.45 · Value 13.49 · Buy at or below 13.49; 2026-05 · Price CNY 7.22 · Value 13.49 · Buy at or below 13.49; 2026-06 · Price CNY 7.07 · Value 13.49 · Buy at or below 13.49; 2026-07 · Price CNY 7.99 · Value 13.49 · Buy at or below 13.49; 2026-08 · Price CNY 8.07 · Value 13.49 · Buy at or below 13.49; 2026-09 · Price CNY 8.28 · Value 13.49 · Buy at or below 13.49; 2026-10 · Price CNY 8.49 · Value 13.49 · Buy at or below 13.49; 2026-10 · Price CNY 8.50 · Value 13.49 · Buy at or below 13.49

CNY per share · annual estimates

Price & return math
Value range	CNY 10.79 – CNY 17.98
Buy at or below	Central value CNY 13.49
Discount to value	1 − 8.50 / 13.49 = 37.0%
Return / year	About 12.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CNY 11.03/share; ROE 10.9%; first payout CNY 0.54/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCNY 369B

Net income

Book / shareCNY 10.67

Book / share

Dividend / shareCNY 0.39

Dividend / share

Return on tangible equity9.4%

Return on tangible equity

Diluted shares369B

Diluted shares

Prices 15 Oct 2026 · FY2025