# China Life Insurance Co Ltd A (601628.SHG)

Canonical: https://gigainvestors.com/s/601628.SHG

Analysis as of: 2026-10-16T07:33:36.268Z. 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 34.55 per share; close as of 2026-10-15.

Estimated value: low CNY 20.93 per share, central CNY 23.02 per share, high CNY 25.58 per share. Buy at or below the central value CNY 23.02 per share. Valuation as of 2026-10-16T07:33:36.268Z; scenarios are not confidence intervals.

Expected annual return: 6.7% at the stated quote. About 6.7% 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 19B

- FY2017: CNY 32B

- FY2018: CNY 11B

- FY2019: CNY 58B

- FY2020: CNY 50B

- FY2021: CNY 51B

- FY2022: CNY 32B

- FY2023: CNY 51B

- FY2024: CNY 107B

- FY2025: CNY 154B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 10.9%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 6.2%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 6.2%

- FY2017: 9.9%

- FY2018: 3.5%

- FY2019: 14.3%

- FY2020: 11.1%

- FY2021: 10.6%

- FY2022: 7.4%

- FY2023: 15.6%

- FY2024: 21.0%

- FY2025: 25.9%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 10.8%

- Book return interval: 10 years

- Starting book value per share: CNY 12.36

- Ending book value per share: CNY 21.05

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

- FY2016: -8.8%

- FY2017: 9.5%

- FY2018: 11.6%

- FY2019: 24.2%

- FY2020: 16.8%

- FY2021: 11.2%

- FY2022: -3.0%

- FY2023: -20.1%

- FY2024: 63.6%

- FY2025: 22.1%

### 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: 0.8%

- Diluted shares, 5-year annual growth: 0.2%

- Share growth excluding flagged crisis recapitalisations: 0.8%

- Five-year share growth excluding flagged crisis recapitalisations: 0.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.71×

- Book value created per share: CNY 8.69

- Earnings retained per share after dividends and buybacks: CNY 12.32

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

- FY2015: 100

- FY2016: 109

- FY2017: 110

- FY2018: 102

- FY2019: 107

- FY2020: 107

- FY2021: 108

- FY2022: 108

- FY2023: 108

- FY2024: 108

- FY2025: 108

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 31% since Jan 2026 · net income +44.1%

Story as of 2026-10-16T09:59:56.867Z; price observation 2026-10-15.

The price assumes profits grow 3.3% a year forever

### Net income · FY2025

net income +44.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 19B 

- FY2017: CNY 32B 

- FY2018: CNY 11B 

- FY2019: CNY 58B 

- FY2020: CNY 50B 

- FY2021: CNY 51B 

- FY2022: CNY 32B 

- FY2023: CNY 51B 

- FY2024: CNY 107B 

- FY2025: CNY 154B 

## Owner memo

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

### How it makes money

Operates in insurance life; annual sales are CNY 608.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:36.268Z); FY2025: revenue 608882000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601628.SHG: China Life Insurance Company Limited, together with its subsidiaries, operates as a life insurance company in the People's Republic of China. The company operates through Life Insurance Business, Health Insurance Business, Accident Insurance Business, and Other Businesses segments. It offers life, annuity, health, and accident insurance products to individuals and groups. The company was founded in 1949 and is based in Beijing, the People's Republic of China. China Life Insurance Company Limited operates as a subsidiary of China Life Insurance (Group) Company.

### Why customers stay

It earns 10.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:36.268Z); 10-year return on tangible equity observations [[2016,0.06172497949746559],[2017,0.0993135638902824],[2018,0.03458543648761979],[2019,0.14338326349055389],[2020,0.11122171463106813],[2021,0.10596980342795594],[2022,0.07355405817469834],[2023,0.15615161203719521],[2024,0.20981017314955608],[2025,0.25886543291807024]]; median 0.10859575902951203. 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 2026-10-16T07:33:36.268Z); Dividend observations: [[2016,17299000000],[2017,12970000000],[2018,15829000000],[2019,8247000000],[2020,24774000000],[2021,26680000000],[2022,26386000000],[2023,22189000000],[2024,26915000000],[2025,26602000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601628.SHG SharesStats.PercentInsiders = 0.611 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 3.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:36.268Z); Price 34.55; FX 1; original perpetual distributable cash 2.3021897200153747; discount 0.1; growth 0.03336643357408467. 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 21.83 per share

- 2016-11: CNY 25.79 per share

- 2016-12: CNY 24.09 per share

- 2017-01: CNY 25.72 per share

- 2017-02: CNY 25.67 per share

- 2017-03: CNY 25.30 per share

- 2017-04: CNY 26.13 per share

- 2017-05: CNY 28.08 per share

- 2017-06: CNY 26.98 per share

- 2017-07: CNY 27.60 per share

- 2017-08: CNY 29.27 per share

- 2017-09: CNY 27.74 per share

- 2017-10: CNY 31.40 per share

- 2017-11: CNY 30.98 per share

- 2017-12: CNY 30.45 per share

- 2018-01: CNY 30.26 per share

- 2018-02: CNY 26.86 per share

- 2018-03: CNY 25.41 per share

- 2018-04: CNY 24.51 per share

- 2018-05: CNY 24.56 per share

- 2018-06: CNY 22.52 per share

- 2018-07: CNY 23.45 per share

- 2018-08: CNY 22.10 per share

- 2018-09: CNY 22.68 per share

- 2018-10: CNY 21.87 per share

- 2018-11: CNY 21.58 per share

- 2018-12: CNY 20.39 per share

- 2019-01: CNY 22.76 per share

- 2019-02: CNY 28.38 per share

- 2019-03: CNY 28.32 per share

- 2019-04: CNY 30.08 per share

- 2019-05: CNY 26.12 per share

- 2019-06: CNY 28.32 per share

- 2019-07: CNY 29.69 per share

- 2019-08: CNY 28.85 per share

- 2019-09: CNY 27.48 per share

- 2019-10: CNY 33.45 per share

- 2019-11: CNY 32.81 per share

- 2019-12: CNY 34.87 per share

- 2020-01: CNY 32.26 per share

- 2020-02: CNY 29.45 per share

- 2020-03: CNY 26.34 per share

- 2020-04: CNY 28.54 per share

- 2020-05: CNY 25.60 per share

- 2020-06: CNY 27.21 per share

- 2020-07: CNY 36.49 per share

- 2020-08: CNY 43.68 per share

- 2020-09: CNY 44.43 per share

- 2020-10: CNY 46.08 per share

- 2020-11: CNY 42.41 per share

- 2020-12: CNY 38.39 per share

- 2021-01: CNY 36.15 per share

- 2021-02: CNY 33.16 per share

- 2021-03: CNY 31.82 per share

- 2021-04: CNY 33.07 per share

- 2021-05: CNY 36.40 per share

- 2021-06: CNY 33.89 per share

- 2021-07: CNY 28.00 per share

- 2021-08: CNY 28.84 per share

- 2021-09: CNY 29.80 per share

- 2021-10: CNY 29.80 per share

- 2021-11: CNY 29.55 per share

- 2021-12: CNY 30.09 per share

- 2022-01: CNY 27.56 per share

- 2022-02: CNY 28.78 per share

- 2022-03: CNY 26.24 per share

- 2022-04: CNY 25.45 per share

- 2022-05: CNY 24.85 per share

- 2022-06: CNY 31.08 per share

- 2022-07: CNY 27.87 per share

- 2022-08: CNY 30.70 per share

- 2022-09: CNY 31.63 per share

- 2022-10: CNY 26.60 per share

- 2022-11: CNY 36.15 per share

- 2022-12: CNY 37.12 per share

- 2023-01: CNY 34.04 per share

- 2023-02: CNY 35.77 per share

- 2023-03: CNY 33.29 per share

- 2023-04: CNY 39.00 per share

- 2023-05: CNY 37.34 per share

- 2023-06: CNY 34.96 per share

- 2023-07: CNY 36.67 per share

- 2023-08: CNY 35.63 per share

- 2023-09: CNY 36.26 per share

- 2023-10: CNY 33.60 per share

- 2023-11: CNY 30.04 per share

- 2023-12: CNY 28.35 per share

- 2024-01: CNY 28.74 per share

- 2024-02: CNY 30.33 per share

- 2024-03: CNY 28.50 per share

- 2024-04: CNY 30.66 per share

- 2024-05: CNY 31.35 per share

- 2024-06: CNY 31.05 per share

- 2024-07: CNY 32.20 per share

- 2024-08: CNY 33.38 per share

- 2024-09: CNY 44.00 per share

- 2024-10: CNY 41.88 per share

- 2024-11: CNY 42.10 per share

- 2024-12: CNY 41.92 per share

- 2025-01: CNY 40.60 per share

- 2025-02: CNY 38.91 per share

- 2025-03: CNY 37.60 per share

- 2025-04: CNY 36.31 per share

- 2025-05: CNY 38.29 per share

- 2025-06: CNY 41.19 per share

- 2025-07: CNY 40.92 per share

- 2025-08: CNY 42.08 per share

- 2025-09: CNY 39.64 per share

- 2025-10: CNY 43.97 per share

- 2025-11: CNY 43.52 per share

- 2025-12: CNY 45.50 per share

- 2026-01: CNY 49.72 per share

- 2026-02: CNY 44.48 per share

- 2026-03: CNY 36.34 per share

- 2026-04: CNY 36.67 per share

- 2026-05: CNY 33.83 per share

- 2026-06: CNY 35.35 per share

- 2026-07: CNY 39.52 per share

- 2026-08: CNY 38.50 per share

- 2026-09: CNY 36.70 per share

- 2026-10: CNY 35.38 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 11.15 per share, central CNY 13.56 per share, high CNY 17.30 per share

- FY2017: low CNY 11.14 per share, central CNY 13.48 per share, high CNY 17.06 per share

- FY2018: low CNY 10.88 per share, central CNY 13.06 per share, high CNY 16.34 per share

- FY2019: low CNY 13.32 per share, central CNY 15.99 per share, high CNY 20.00 per share

- FY2020: low CNY 14.67 per share, central CNY 17.95 per share, high CNY 23.14 per share

- FY2021: low CNY 16.27 per share, central CNY 20.03 per share, high CNY 26.06 per share

- FY2022: low CNY 14.85 per share, central CNY 18.29 per share, high CNY 23.79 per share

- FY2023: low CNY 11.17 per share, central CNY 12.29 per share, high CNY 13.65 per share

- FY2024: low CNY 17.53 per share, central CNY 19.28 per share, high CNY 21.43 per share

- FY2025: low CNY 20.92 per share, central CNY 23.02 per share, high CNY 25.57 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 2026-10-15T06:39:21.918Z 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 Life Insurance Co Ltd A

601628 · SHG

Hang Seng · CSI 300

Not a wonderful business

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

Share price: CNY 34.55
Buy up to: CNY 23.02
Expected / yr: 6.7% 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 50B
Worst year: CNY 11B
Latest · 2025: CNY 154B

Earned a median 10.9% on equity (minimum 10%).

Return on common equity

10y median: 10.9%
Worst year: 3.5%
Latest · 2025: 25.9%

Book value plus dividends grew 10.8% a year (minimum 7%).

Annual book + dividend return

10y median: 11.4%
Worst year: -20.1%
Latest · 2025: 22.1%

Book value gained 8.69 per share against 12.32 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 108
Worst year: 110
Latest · 2025: 108

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 3.68 CNY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CNY 21.83 · Value 13.56 · Buy at or below 13.56; 2016-11 · Price CNY 25.79 · Value 13.56 · Buy at or below 13.56; 2016-12 · Price CNY 24.09 · Value 13.56 · Buy at or below 13.56; 2017-01 · Price CNY 25.72 · Value 13.56 · Buy at or below 13.56; 2017-02 · Price CNY 25.67 · Value 13.48 · Buy at or below 13.48; 2017-03 · Price CNY 25.30 · Value 13.48 · Buy at or below 13.48; 2017-04 · Price CNY 26.13 · Value 13.48 · Buy at or below 13.48; 2017-05 · Price CNY 28.08 · Value 13.48 · Buy at or below 13.48; 2017-06 · Price CNY 26.98 · Value 13.48 · Buy at or below 13.48; 2017-07 · Price CNY 27.60 · Value 13.48 · Buy at or below 13.48; 2017-08 · Price CNY 29.27 · Value 13.48 · Buy at or below 13.48; 2017-09 · Price CNY 27.74 · Value 13.48 · Buy at or below 13.48; 2017-10 · Price CNY 31.40 · Value 13.48 · Buy at or below 13.48; 2017-11 · Price CNY 30.98 · Value 13.48 · Buy at or below 13.48; 2017-12 · Price CNY 30.45 · Value 13.48 · Buy at or below 13.48; 2018-01 · Price CNY 30.26 · Value 13.48 · Buy at or below 13.48; 2018-02 · Price CNY 26.86 · Value 13.06 · Buy at or below 13.06; 2018-03 · Price CNY 25.41 · Value 13.06 · Buy at or below 13.06; 2018-04 · Price CNY 24.51 · Value 13.06 · Buy at or below 13.06; 2018-05 · Price CNY 24.56 · Value 13.06 · Buy at or below 13.06; 2018-06 · Price CNY 22.52 · Value 13.06 · Buy at or below 13.06; 2018-07 · Price CNY 23.45 · Value 13.06 · Buy at or below 13.06; 2018-08 · Price CNY 22.10 · Value 13.06 · Buy at or below 13.06; 2018-09 · Price CNY 22.68 · Value 13.06 · Buy at or below 13.06; 2018-10 · Price CNY 21.87 · Value 13.06 · Buy at or below 13.06; 2018-11 · Price CNY 21.58 · Value 13.06 · Buy at or below 13.06; 2018-12 · Price CNY 20.39 · Value 13.06 · Buy at or below 13.06; 2019-01 · Price CNY 22.76 · Value 13.06 · Buy at or below 13.06; 2019-02 · Price CNY 28.38 · Value 15.99 · Buy at or below 15.99; 2019-03 · Price CNY 28.32 · Value 15.99 · Buy at or below 15.99; 2019-04 · Price CNY 30.08 · Value 15.99 · Buy at or below 15.99; 2019-05 · Price CNY 26.12 · Value 15.99 · Buy at or below 15.99; 2019-06 · Price CNY 28.32 · Value 15.99 · Buy at or below 15.99; 2019-07 · Price CNY 29.69 · Value 15.99 · Buy at or below 15.99; 2019-08 · Price CNY 28.85 · Value 15.99 · Buy at or below 15.99; 2019-09 · Price CNY 27.48 · Value 15.99 · Buy at or below 15.99; 2019-10 · Price CNY 33.45 · Value 15.99 · Buy at or below 15.99; 2019-11 · Price CNY 32.81 · Value 15.99 · Buy at or below 15.99; 2019-12 · Price CNY 34.87 · Value 15.99 · Buy at or below 15.99; 2020-01 · Price CNY 32.26 · Value 15.99 · Buy at or below 15.99; 2020-02 · Price CNY 29.45 · Value 17.95 · Buy at or below 17.95; 2020-03 · Price CNY 26.34 · Value 17.95 · Buy at or below 17.95; 2020-04 · Price CNY 28.54 · Value 17.95 · Buy at or below 17.95; 2020-05 · Price CNY 25.60 · Value 17.95 · Buy at or below 17.95; 2020-06 · Price CNY 27.21 · Value 17.95 · Buy at or below 17.95; 2020-07 · Price CNY 36.49 · Value 17.95 · Buy at or below 17.95; 2020-08 · Price CNY 43.68 · Value 17.95 · Buy at or below 17.95; 2020-09 · Price CNY 44.43 · Value 17.95 · Buy at or below 17.95; 2020-10 · Price CNY 46.08 · Value 17.95 · Buy at or below 17.95; 2020-11 · Price CNY 42.41 · Value 17.95 · Buy at or below 17.95; 2020-12 · Price CNY 38.39 · Value 17.95 · Buy at or below 17.95; 2021-01 · Price CNY 36.15 · Value 17.95 · Buy at or below 17.95; 2021-02 · Price CNY 33.16 · Value 20.03 · Buy at or below 20.03; 2021-03 · Price CNY 31.82 · Value 20.03 · Buy at or below 20.03; 2021-04 · Price CNY 33.07 · Value 20.03 · Buy at or below 20.03; 2021-05 · Price CNY 36.40 · Value 20.03 · Buy at or below 20.03; 2021-06 · Price CNY 33.89 · Value 20.03 · Buy at or below 20.03; 2021-07 · Price CNY 28.00 · Value 20.03 · Buy at or below 20.03; 2021-08 · Price CNY 28.84 · Value 20.03 · Buy at or below 20.03; 2021-09 · Price CNY 29.80 · Value 20.03 · Buy at or below 20.03; 2021-10 · Price CNY 29.80 · Value 20.03 · Buy at or below 20.03; 2021-11 · Price CNY 29.55 · Value 20.03 · Buy at or below 20.03; 2021-12 · Price CNY 30.09 · Value 20.03 · Buy at or below 20.03; 2022-01 · Price CNY 27.56 · Value 20.03 · Buy at or below 20.03; 2022-02 · Price CNY 28.78 · Value 18.29 · Buy at or below 18.29; 2022-03 · Price CNY 26.24 · Value 18.29 · Buy at or below 18.29; 2022-04 · Price CNY 25.45 · Value 18.29 · Buy at or below 18.29; 2022-05 · Price CNY 24.85 · Value 18.29 · Buy at or below 18.29; 2022-06 · Price CNY 31.08 · Value 18.29 · Buy at or below 18.29; 2022-07 · Price CNY 27.87 · Value 18.29 · Buy at or below 18.29; 2022-08 · Price CNY 30.70 · Value 18.29 · Buy at or below 18.29; 2022-09 · Price CNY 31.63 · Value 18.29 · Buy at or below 18.29; 2022-10 · Price CNY 26.60 · Value 18.29 · Buy at or below 18.29; 2022-11 · Price CNY 36.15 · Value 18.29 · Buy at or below 18.29; 2022-12 · Price CNY 37.12 · Value 18.29 · Buy at or below 18.29; 2023-01 · Price CNY 34.04 · Value 18.29 · Buy at or below 18.29; 2023-02 · Price CNY 35.77 · Value 12.29 · Buy at or below 12.29; 2023-03 · Price CNY 33.29 · Value 12.29 · Buy at or below 12.29; 2023-04 · Price CNY 39.00 · Value 12.29 · Buy at or below 12.29; 2023-05 · Price CNY 37.34 · Value 12.29 · Buy at or below 12.29; 2023-06 · Price CNY 34.96 · Value 12.29 · Buy at or below 12.29; 2023-07 · Price CNY 36.67 · Value 12.29 · Buy at or below 12.29; 2023-08 · Price CNY 35.63 · Value 12.29 · Buy at or below 12.29; 2023-09 · Price CNY 36.26 · Value 12.29 · Buy at or below 12.29; 2023-10 · Price CNY 33.60 · Value 12.29 · Buy at or below 12.29; 2023-11 · Price CNY 30.04 · Value 12.29 · Buy at or below 12.29; 2023-12 · Price CNY 28.35 · Value 12.29 · Buy at or below 12.29; 2024-01 · Price CNY 28.74 · Value 12.29 · Buy at or below 12.29; 2024-02 · Price CNY 30.33 · Value 19.28 · Buy at or below 19.28; 2024-03 · Price CNY 28.50 · Value 19.28 · Buy at or below 19.28; 2024-04 · Price CNY 30.66 · Value 19.28 · Buy at or below 19.28; 2024-05 · Price CNY 31.35 · Value 19.28 · Buy at or below 19.28; 2024-06 · Price CNY 31.05 · Value 19.28 · Buy at or below 19.28; 2024-07 · Price CNY 32.20 · Value 19.28 · Buy at or below 19.28; 2024-08 · Price CNY 33.38 · Value 19.28 · Buy at or below 19.28; 2024-09 · Price CNY 44.00 · Value 19.28 · Buy at or below 19.28; 2024-10 · Price CNY 41.88 · Value 19.28 · Buy at or below 19.28; 2024-11 · Price CNY 42.10 · Value 19.28 · Buy at or below 19.28; 2024-12 · Price CNY 41.92 · Value 19.28 · Buy at or below 19.28; 2025-01 · Price CNY 40.60 · Value 19.28 · Buy at or below 19.28; 2025-02 · Price CNY 38.91 · Value 23.02 · Buy at or below 23.02; 2025-03 · Price CNY 37.60 · Value 23.02 · Buy at or below 23.02; 2025-04 · Price CNY 36.31 · Value 23.02 · Buy at or below 23.02; 2025-05 · Price CNY 38.29 · Value 23.02 · Buy at or below 23.02; 2025-06 · Price CNY 41.19 · Value 23.02 · Buy at or below 23.02; 2025-07 · Price CNY 40.92 · Value 23.02 · Buy at or below 23.02; 2025-08 · Price CNY 42.08 · Value 23.02 · Buy at or below 23.02; 2025-09 · Price CNY 39.64 · Value 23.02 · Buy at or below 23.02; 2025-10 · Price CNY 43.97 · Value 23.02 · Buy at or below 23.02; 2025-11 · Price CNY 43.52 · Value 23.02 · Buy at or below 23.02; 2025-12 · Price CNY 45.50 · Value 23.02 · Buy at or below 23.02; 2026-01 · Price CNY 49.72 · Value 23.02 · Buy at or below 23.02; 2026-02 · Price CNY 44.48 · Value 23.02 · Buy at or below 23.02; 2026-03 · Price CNY 36.34 · Value 23.02 · Buy at or below 23.02; 2026-04 · Price CNY 36.67 · Value 23.02 · Buy at or below 23.02; 2026-05 · Price CNY 33.83 · Value 23.02 · Buy at or below 23.02; 2026-06 · Price CNY 35.35 · Value 23.02 · Buy at or below 23.02; 2026-07 · Price CNY 39.52 · Value 23.02 · Buy at or below 23.02; 2026-08 · Price CNY 38.50 · Value 23.02 · Buy at or below 23.02; 2026-09 · Price CNY 36.70 · Value 23.02 · Buy at or below 23.02; 2026-10 · Price CNY 35.38 · Value 23.02 · Buy at or below 23.02; 2026-10 · Price CNY 34.55 · Value 23.02 · Buy at or below 23.02

CNY per share · annual estimates

Price & return math
Value range	CNY 20.93 – CNY 25.58
Buy at or below	Central value CNY 23.02
Discount to value	1 − 34.55 / 23.02 = -50.1%
Return / year	About 6.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CNY 20.77/share; ROE 11.1%; first payout CNY 2.30/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCNY 154B

Net income

Book / shareCNY 21.05

Book / share

Dividend / shareCNY 0.94

Dividend / share

Return on equity25.9%

Return on equity

Diluted shares28B

Diluted shares

Prices 15 Oct 2026 · FY2025