# China Pacific Insurance Group (601601.SHG)

Canonical: https://gigainvestors.com/s/601601.SHG

Analysis as of: 2026-10-16T07:34:02.702Z. 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 29.38 per share; close as of 2026-10-15.

Estimated value: low CNY 40.74 per share, central CNY 50.93 per share, high CNY 67.90 per share. Buy at or below the central value CNY 50.93 per share. Valuation as of 2026-10-16T07:34:02.702Z; scenarios are not confidence intervals.

Expected annual return: 12.9% at the stated quote. About 12.9% 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): 0.24×

Chart: Net income; fiscal year observations.

- FY2016: CNY 12B

- FY2017: CNY 15B

- FY2018: CNY 18B

- FY2019: CNY 28B

- FY2020: CNY 25B

- FY2021: CNY 27B

- FY2022: CNY 37B

- FY2023: CNY 27B

- FY2024: CNY 45B

- FY2025: CNY 54B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 11.9%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 10.7%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 9.2%

- FY2017: 10.7%

- FY2018: 12.0%

- FY2019: 15.5%

- FY2020: 11.4%

- FY2021: 11.8%

- FY2022: 19.0%

- FY2023: 10.9%

- FY2024: 15.4%

- FY2025: 17.7%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 14.3%

- Book return interval: 10 years

- Starting book value per share: CNY 14.69

- Ending book value per share: CNY 31.28

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

- FY2016: 7.3%

- FY2017: 11.9%

- FY2018: 15.7%

- FY2019: 25.3%

- FY2020: 19.4%

- FY2021: 11.2%

- FY2022: -6.3%

- FY2023: 33.1%

- FY2024: 22.0%

- FY2025: 8.6%

### 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: 0.6%

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

- Share growth excluding flagged crisis recapitalisations: 0.6%

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

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.94×

- Book value created per share: CNY 16.59

- Earnings retained per share after dividends and buybacks: CNY 17.60

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

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 106

- FY2021: 106

- FY2022: 106

- FY2023: 106

- FY2024: 106

- FY2025: 106

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 35% since Jan 2026 · net income +19%

Story as of 2026-10-16T09:59:58.876Z; price observation 2026-10-15.

The price assumes profits grow 3.1% a year forever

### Net income · FY2025

net income +19%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 12B 

- FY2017: CNY 15B 

- FY2018: CNY 18B 

- FY2019: CNY 28B 

- FY2020: CNY 25B 

- FY2021: CNY 27B 

- FY2022: CNY 37B 

- FY2023: CNY 27B 

- FY2024: CNY 45B 

- FY2025: CNY 54B 

## Owner memo

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

### How it makes money

Operates in insurance life; annual sales are CNY 386.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.702Z); FY2025: revenue 386399000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601601.SHG: China Pacific Insurance (Group) Co., Ltd., together with its subsidiaries, provides insurance products to in the People's Republic of China. It operates through Life and Health Insurance, Property and Casualty Insurance, Asset Management, and Other Business segments. The company offers life, health, automobile, liability, agricultural, property and casualty, commercial property, and accident insurance products; pension and annuity insurance products; investments with insurance funds, etc.; and reinsurance products. It also provides real estate and property management, consulting, medical and health consulting, insurance agency, fund management, seniors and disabled care, elderly, nursing, real estate development and operation, technical and seniors care consulting, technical, cloud computing, bid data, business, hospital management, and medical services; and senior living property investment, construction, and management services. In addition, the company offers investment management, pension fund and insurance asset management, private equity investment fund management, and non-residential real estate leasing services. China Pacific Insurance (Group) Co., Ltd. was founded in 1991 and is headquartered in Shanghai, the People's Republic of China.

### Why customers stay

It earns 11.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.702Z); 10-year return on tangible equity observations [[2016,0.09150450805986461],[2017,0.10663427831677552],[2018,0.12046718724929133],[2019,0.15547534846183594],[2020,0.1142251793480281],[2021,0.118346483432639],[2022,0.19025636588506542],[2023,0.10920884985536047],[2024,0.15428063565269012],[2025,0.1770850226548356]]; median 0.11940683534096516. 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 2026-10-16T07:34:02.702Z); Dividend observations: [[2016,11094000000],[2017,9921000000],[2018,9544000000],[2019,9062000000],[2020,10874000000],[2021,12506000000],[2022,15835000000],[2023,12444000000],[2024,13014000000],[2025,15277000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 40.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601601.SHG SharesStats.PercentInsiders = 40.424 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 3.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.702Z); Price 29.38; FX 1; original perpetual distributable cash 2.0370114546756883; discount 0.1; growth 0.030666730610085485. 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 29.32 per share

- 2016-11: CNY 30.21 per share

- 2016-12: CNY 27.77 per share

- 2017-01: CNY 29.02 per share

- 2017-02: CNY 27.34 per share

- 2017-03: CNY 27.42 per share

- 2017-04: CNY 27.75 per share

- 2017-05: CNY 30.35 per share

- 2017-06: CNY 33.87 per share

- 2017-07: CNY 34.17 per share

- 2017-08: CNY 38.22 per share

- 2017-09: CNY 36.93 per share

- 2017-10: CNY 42.78 per share

- 2017-11: CNY 41.74 per share

- 2017-12: CNY 41.42 per share

- 2018-01: CNY 39.53 per share

- 2018-02: CNY 40.03 per share

- 2018-03: CNY 33.95 per share

- 2018-04: CNY 31.60 per share

- 2018-05: CNY 33.27 per share

- 2018-06: CNY 31.85 per share

- 2018-07: CNY 34.23 per share

- 2018-08: CNY 32.76 per share

- 2018-09: CNY 35.51 per share

- 2018-10: CNY 33.66 per share

- 2018-11: CNY 31.39 per share

- 2018-12: CNY 28.43 per share

- 2019-01: CNY 30.82 per share

- 2019-02: CNY 34.02 per share

- 2019-03: CNY 34.04 per share

- 2019-04: CNY 36.21 per share

- 2019-05: CNY 34.42 per share

- 2019-06: CNY 36.51 per share

- 2019-07: CNY 38.60 per share

- 2019-08: CNY 37.80 per share

- 2019-09: CNY 34.87 per share

- 2019-10: CNY 34.51 per share

- 2019-11: CNY 34.25 per share

- 2019-12: CNY 37.84 per share

- 2020-01: CNY 35.96 per share

- 2020-02: CNY 31.89 per share

- 2020-03: CNY 28.22 per share

- 2020-04: CNY 30.77 per share

- 2020-05: CNY 28.28 per share

- 2020-06: CNY 27.25 per share

- 2020-07: CNY 29.51 per share

- 2020-08: CNY 30.82 per share

- 2020-09: CNY 31.21 per share

- 2020-10: CNY 31.91 per share

- 2020-11: CNY 38.65 per share

- 2020-12: CNY 38.40 per share

- 2021-01: CNY 34.69 per share

- 2021-02: CNY 44.19 per share

- 2021-03: CNY 37.84 per share

- 2021-04: CNY 32.89 per share

- 2021-05: CNY 34.40 per share

- 2021-06: CNY 28.97 per share

- 2021-07: CNY 26.02 per share

- 2021-08: CNY 26.30 per share

- 2021-09: CNY 27.14 per share

- 2021-10: CNY 27.40 per share

- 2021-11: CNY 27.09 per share

- 2021-12: CNY 27.12 per share

- 2022-01: CNY 26.26 per share

- 2022-02: CNY 26.44 per share

- 2022-03: CNY 22.92 per share

- 2022-04: CNY 20.80 per share

- 2022-05: CNY 21.25 per share

- 2022-06: CNY 23.53 per share

- 2022-07: CNY 20.19 per share

- 2022-08: CNY 20.97 per share

- 2022-09: CNY 20.33 per share

- 2022-10: CNY 19.03 per share

- 2022-11: CNY 24.34 per share

- 2022-12: CNY 24.52 per share

- 2023-01: CNY 25.80 per share

- 2023-02: CNY 27.62 per share

- 2023-03: CNY 25.92 per share

- 2023-04: CNY 31.21 per share

- 2023-05: CNY 27.85 per share

- 2023-06: CNY 25.98 per share

- 2023-07: CNY 29.90 per share

- 2023-08: CNY 27.70 per share

- 2023-09: CNY 28.59 per share

- 2023-10: CNY 27.75 per share

- 2023-11: CNY 24.09 per share

- 2023-12: CNY 23.78 per share

- 2024-01: CNY 24.86 per share

- 2024-02: CNY 25.62 per share

- 2024-03: CNY 23.00 per share

- 2024-04: CNY 25.80 per share

- 2024-05: CNY 28.78 per share

- 2024-06: CNY 27.86 per share

- 2024-07: CNY 29.55 per share

- 2024-08: CNY 29.64 per share

- 2024-09: CNY 39.10 per share

- 2024-10: CNY 36.80 per share

- 2024-11: CNY 33.90 per share

- 2024-12: CNY 34.08 per share

- 2025-01: CNY 32.35 per share

- 2025-02: CNY 30.87 per share

- 2025-03: CNY 32.16 per share

- 2025-04: CNY 29.85 per share

- 2025-05: CNY 34.43 per share

- 2025-06: CNY 37.51 per share

- 2025-07: CNY 37.46 per share

- 2025-08: CNY 40.31 per share

- 2025-09: CNY 35.12 per share

- 2025-10: CNY 35.50 per share

- 2025-11: CNY 34.75 per share

- 2025-12: CNY 41.91 per share

- 2026-01: CNY 45.55 per share

- 2026-02: CNY 40.81 per share

- 2026-03: CNY 37.09 per share

- 2026-04: CNY 37.23 per share

- 2026-05: CNY 32.18 per share

- 2026-06: CNY 28.52 per share

- 2026-07: CNY 32.36 per share

- 2026-08: CNY 32.00 per share

- 2026-09: CNY 31.06 per share

- 2026-10: CNY 30.10 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 11.51 per share, central CNY 13.68 per share, high CNY 16.86 per share

- FY2017: low CNY 12.25 per share, central CNY 14.32 per share, high CNY 17.22 per share

- FY2018: low CNY 14.38 per share, central CNY 17.12 per share, high CNY 21.14 per share

- FY2019: low CNY 18.53 per share, central CNY 22.21 per share, high CNY 27.69 per share

- FY2020: low CNY 21.57 per share, central CNY 25.90 per share, high CNY 32.40 per share

- FY2021: low CNY 24.06 per share, central CNY 29.05 per share, high CNY 36.66 per share

- FY2022: low CNY 21.35 per share, central CNY 23.49 per share, high CNY 26.10 per share

- FY2023: low CNY 27.26 per share, central CNY 29.99 per share, high CNY 33.32 per share

- FY2024: low CNY 32.84 per share, central CNY 36.12 per share, high CNY 40.14 per share

- FY2025: low CNY 38.31 per share, central CNY 47.88 per share, high CNY 63.84 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 2026-10-15T06:39:49.546Z 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.

China Pacific Insurance Group

601601 · SHG

CSI 300

Not a wonderful business

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

Share price: CNY 29.38
Buy up to: CNY 50.93
Expected / yr: 12.9% 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 27B
Worst year: CNY 12B
Latest · 2025: CNY 54B

Earned a median 11.9% on equity (minimum 10%).

Return on common equity

10y median: 11.9%
Worst year: 9.2%
Latest · 2025: 17.7%

Book value plus dividends grew 14.3% a year (minimum 7%).

Annual book + dividend return

10y median: 13.8%
Worst year: -6.3%
Latest · 2025: 8.6%

Book value gained 16.59 per share against 17.6 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 106
Worst year: 106
Latest · 2025: 106

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 4.35 CNY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CNY 29.32 · Value 13.68 · Buy at or below 13.68; 2016-11 · Price CNY 30.21 · Value 13.68 · Buy at or below 13.68; 2016-12 · Price CNY 27.77 · Value 13.68 · Buy at or below 13.68; 2017-01 · Price CNY 29.02 · Value 13.68 · Buy at or below 13.68; 2017-02 · Price CNY 27.34 · Value 14.32 · Buy at or below 14.32; 2017-03 · Price CNY 27.42 · Value 14.32 · Buy at or below 14.32; 2017-04 · Price CNY 27.75 · Value 14.32 · Buy at or below 14.32; 2017-05 · Price CNY 30.35 · Value 14.32 · Buy at or below 14.32; 2017-06 · Price CNY 33.87 · Value 14.32 · Buy at or below 14.32; 2017-07 · Price CNY 34.17 · Value 14.32 · Buy at or below 14.32; 2017-08 · Price CNY 38.22 · Value 14.32 · Buy at or below 14.32; 2017-09 · Price CNY 36.93 · Value 14.32 · Buy at or below 14.32; 2017-10 · Price CNY 42.78 · Value 14.32 · Buy at or below 14.32; 2017-11 · Price CNY 41.74 · Value 14.32 · Buy at or below 14.32; 2017-12 · Price CNY 41.42 · Value 14.32 · Buy at or below 14.32; 2018-01 · Price CNY 39.53 · Value 14.32 · Buy at or below 14.32; 2018-02 · Price CNY 40.03 · Value 17.12 · Buy at or below 17.12; 2018-03 · Price CNY 33.95 · Value 17.12 · Buy at or below 17.12; 2018-04 · Price CNY 31.60 · Value 17.12 · Buy at or below 17.12; 2018-05 · Price CNY 33.27 · Value 17.12 · Buy at or below 17.12; 2018-06 · Price CNY 31.85 · Value 17.12 · Buy at or below 17.12; 2018-07 · Price CNY 34.23 · Value 17.12 · Buy at or below 17.12; 2018-08 · Price CNY 32.76 · Value 17.12 · Buy at or below 17.12; 2018-09 · Price CNY 35.51 · Value 17.12 · Buy at or below 17.12; 2018-10 · Price CNY 33.66 · Value 17.12 · Buy at or below 17.12; 2018-11 · Price CNY 31.39 · Value 17.12 · Buy at or below 17.12; 2018-12 · Price CNY 28.43 · Value 17.12 · Buy at or below 17.12; 2019-01 · Price CNY 30.82 · Value 17.12 · Buy at or below 17.12; 2019-02 · Price CNY 34.02 · Value 22.21 · Buy at or below 22.21; 2019-03 · Price CNY 34.04 · Value 22.21 · Buy at or below 22.21; 2019-04 · Price CNY 36.21 · Value 22.21 · Buy at or below 22.21; 2019-05 · Price CNY 34.42 · Value 22.21 · Buy at or below 22.21; 2019-06 · Price CNY 36.51 · Value 22.21 · Buy at or below 22.21; 2019-07 · Price CNY 38.60 · Value 22.21 · Buy at or below 22.21; 2019-08 · Price CNY 37.80 · Value 22.21 · Buy at or below 22.21; 2019-09 · Price CNY 34.87 · Value 22.21 · Buy at or below 22.21; 2019-10 · Price CNY 34.51 · Value 22.21 · Buy at or below 22.21; 2019-11 · Price CNY 34.25 · Value 22.21 · Buy at or below 22.21; 2019-12 · Price CNY 37.84 · Value 22.21 · Buy at or below 22.21; 2020-01 · Price CNY 35.96 · Value 22.21 · Buy at or below 22.21; 2020-02 · Price CNY 31.89 · Value 25.90 · Buy at or below 25.90; 2020-03 · Price CNY 28.22 · Value 25.90 · Buy at or below 25.90; 2020-04 · Price CNY 30.77 · Value 25.90 · Buy at or below 25.90; 2020-05 · Price CNY 28.28 · Value 25.90 · Buy at or below 25.90; 2020-06 · Price CNY 27.25 · Value 25.90 · Buy at or below 25.90; 2020-07 · Price CNY 29.51 · Value 25.90 · Buy at or below 25.90; 2020-08 · Price CNY 30.82 · Value 25.90 · Buy at or below 25.90; 2020-09 · Price CNY 31.21 · Value 25.90 · Buy at or below 25.90; 2020-10 · Price CNY 31.91 · Value 25.90 · Buy at or below 25.90; 2020-11 · Price CNY 38.65 · Value 25.90 · Buy at or below 25.90; 2020-12 · Price CNY 38.40 · Value 25.90 · Buy at or below 25.90; 2021-01 · Price CNY 34.69 · Value 25.90 · Buy at or below 25.90; 2021-02 · Price CNY 44.19 · Value 29.05 · Buy at or below 29.05; 2021-03 · Price CNY 37.84 · Value 29.05 · Buy at or below 29.05; 2021-04 · Price CNY 32.89 · Value 29.05 · Buy at or below 29.05; 2021-05 · Price CNY 34.40 · Value 29.05 · Buy at or below 29.05; 2021-06 · Price CNY 28.97 · Value 29.05 · Buy at or below 29.05; 2021-07 · Price CNY 26.02 · Value 29.05 · Buy at or below 29.05; 2021-08 · Price CNY 26.30 · Value 29.05 · Buy at or below 29.05; 2021-09 · Price CNY 27.14 · Value 29.05 · Buy at or below 29.05; 2021-10 · Price CNY 27.40 · Value 29.05 · Buy at or below 29.05; 2021-11 · Price CNY 27.09 · Value 29.05 · Buy at or below 29.05; 2021-12 · Price CNY 27.12 · Value 29.05 · Buy at or below 29.05; 2022-01 · Price CNY 26.26 · Value 29.05 · Buy at or below 29.05; 2022-02 · Price CNY 26.44 · Value 23.49 · Buy at or below 23.49; 2022-03 · Price CNY 22.92 · Value 23.49 · Buy at or below 23.49; 2022-04 · Price CNY 20.80 · Value 23.49 · Buy at or below 23.49; 2022-05 · Price CNY 21.25 · Value 23.49 · Buy at or below 23.49; 2022-06 · Price CNY 23.53 · Value 23.49 · Buy at or below 23.49; 2022-07 · Price CNY 20.19 · Value 23.49 · Buy at or below 23.49; 2022-08 · Price CNY 20.97 · Value 23.49 · Buy at or below 23.49; 2022-09 · Price CNY 20.33 · Value 23.49 · Buy at or below 23.49; 2022-10 · Price CNY 19.03 · Value 23.49 · Buy at or below 23.49; 2022-11 · Price CNY 24.34 · Value 23.49 · Buy at or below 23.49; 2022-12 · Price CNY 24.52 · Value 23.49 · Buy at or below 23.49; 2023-01 · Price CNY 25.80 · Value 23.49 · Buy at or below 23.49; 2023-02 · Price CNY 27.62 · Value 29.99 · Buy at or below 29.99; 2023-03 · Price CNY 25.92 · Value 29.99 · Buy at or below 29.99; 2023-04 · Price CNY 31.21 · Value 29.99 · Buy at or below 29.99; 2023-05 · Price CNY 27.85 · Value 29.99 · Buy at or below 29.99; 2023-06 · Price CNY 25.98 · Value 29.99 · Buy at or below 29.99; 2023-07 · Price CNY 29.90 · Value 29.99 · Buy at or below 29.99; 2023-08 · Price CNY 27.70 · Value 29.99 · Buy at or below 29.99; 2023-09 · Price CNY 28.59 · Value 29.99 · Buy at or below 29.99; 2023-10 · Price CNY 27.75 · Value 29.99 · Buy at or below 29.99; 2023-11 · Price CNY 24.09 · Value 29.99 · Buy at or below 29.99; 2023-12 · Price CNY 23.78 · Value 29.99 · Buy at or below 29.99; 2024-01 · Price CNY 24.86 · Value 29.99 · Buy at or below 29.99; 2024-02 · Price CNY 25.62 · Value 36.12 · Buy at or below 36.12; 2024-03 · Price CNY 23.00 · Value 36.12 · Buy at or below 36.12; 2024-04 · Price CNY 25.80 · Value 36.12 · Buy at or below 36.12; 2024-05 · Price CNY 28.78 · Value 36.12 · Buy at or below 36.12; 2024-06 · Price CNY 27.86 · Value 36.12 · Buy at or below 36.12; 2024-07 · Price CNY 29.55 · Value 36.12 · Buy at or below 36.12; 2024-08 · Price CNY 29.64 · Value 36.12 · Buy at or below 36.12; 2024-09 · Price CNY 39.10 · Value 36.12 · Buy at or below 36.12; 2024-10 · Price CNY 36.80 · Value 36.12 · Buy at or below 36.12; 2024-11 · Price CNY 33.90 · Value 36.12 · Buy at or below 36.12; 2024-12 · Price CNY 34.08 · Value 36.12 · Buy at or below 36.12; 2025-01 · Price CNY 32.35 · Value 36.12 · Buy at or below 36.12; 2025-02 · Price CNY 30.87 · Value 47.88 · Buy at or below 47.88; 2025-03 · Price CNY 32.16 · Value 47.88 · Buy at or below 47.88; 2025-04 · Price CNY 29.85 · Value 47.88 · Buy at or below 47.88; 2025-05 · Price CNY 34.43 · Value 47.88 · Buy at or below 47.88; 2025-06 · Price CNY 37.51 · Value 47.88 · Buy at or below 47.88; 2025-07 · Price CNY 37.46 · Value 47.88 · Buy at or below 47.88; 2025-08 · Price CNY 40.31 · Value 47.88 · Buy at or below 47.88; 2025-09 · Price CNY 35.12 · Value 47.88 · Buy at or below 47.88; 2025-10 · Price CNY 35.50 · Value 47.88 · Buy at or below 47.88; 2025-11 · Price CNY 34.75 · Value 47.88 · Buy at or below 47.88; 2025-12 · Price CNY 41.91 · Value 47.88 · Buy at or below 47.88; 2026-01 · Price CNY 45.55 · Value 47.88 · Buy at or below 47.88; 2026-02 · Price CNY 40.81 · Value 50.93 · Buy at or below 50.93; 2026-03 · Price CNY 37.09 · Value 50.93 · Buy at or below 50.93; 2026-04 · Price CNY 37.23 · Value 50.93 · Buy at or below 50.93; 2026-05 · Price CNY 32.18 · Value 50.93 · Buy at or below 50.93; 2026-06 · Price CNY 28.52 · Value 50.93 · Buy at or below 50.93; 2026-07 · Price CNY 32.36 · Value 50.93 · Buy at or below 50.93; 2026-08 · Price CNY 32.00 · Value 50.93 · Buy at or below 50.93; 2026-09 · Price CNY 31.06 · Value 50.93 · Buy at or below 50.93; 2026-10 · Price CNY 30.10 · Value 50.93 · Buy at or below 50.93; 2026-10 · Price CNY 29.38 · Value 50.93 · Buy at or below 50.93

CNY per share · annual estimates

Price & return math
Value range	CNY 40.74 – CNY 67.90
Buy at or below	Central value CNY 50.93
Discount to value	1 − 29.38 / 50.93 = 42.3%
Return / year	About 12.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CNY 32.32/share; ROE 12.3%; first payout CNY 2.04/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCNY 54B

Net income

Book / shareCNY 31.28

Book / share

Dividend / shareCNY 1.58

Dividend / share

Return on equity17.7%

Return on equity

Diluted shares9.7B

Diluted shares

Prices 15 Oct 2026 · FY2025