# 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.

## Reported holder observations