# China Construction Bank (601939.SHG)

Canonical: https://gigainvestors.com/s/601939.SHG

Analysis as of: 2026-10-16T07:33:30.160Z. 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 11.45 per share; close as of 2026-10-15.

Estimated value: low CNY 16.93 per share, central CNY 21.16 per share, high CNY 28.22 per share. Buy at or below the central value CNY 21.16 per share. Valuation as of 2026-10-16T07:33:30.160Z; scenarios are not confidence intervals.

Expected annual return: 13.4% at the stated quote. About 13.4% 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): 0.12×

Chart: Net income; fiscal year observations.

- FY2016: CNY 230B

- FY2017: CNY 241B

- FY2018: CNY 251B

- FY2019: CNY 263B

- FY2020: CNY 265B

- FY2021: CNY 298B

- FY2022: CNY 324B

- FY2023: CNY 333B

- FY2024: CNY 336B

- FY2025: CNY 339B

### 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: 11.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 10.4%

- Years with reported combined ratio: 0

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

- FY2016: 14.7%

- FY2017: 13.6%

- FY2018: 12.7%

- FY2019: 12.1%

- FY2020: 11.5%

- FY2021: 11.7%

- FY2022: 11.7%

- FY2023: 11.1%

- FY2024: 10.4%

- FY2025: 9.6%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 13.3%

- Book return interval: 10 years

- Starting book value per share: CNY 5.72

- Ending book value per share: CNY 13.48

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

- FY2016: 14.7%

- FY2017: 18.3%

- FY2018: 16.7%

- FY2019: 14.2%

- FY2020: 9.7%

- FY2021: 14.5%

- FY2022: 11.1%

- FY2023: 13.0%

- FY2024: 10.7%

- FY2025: 10.8%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: 0.6%

- Share growth excluding flagged crisis recapitalisations: 0.4%

- Five-year share growth excluding flagged crisis recapitalisations: 0.6%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.07×

- Book value created per share: CNY 7.77

- Earnings retained per share after dividends and buybacks: CNY 7.28

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

- FY2015: 100

- FY2016: 101

- FY2017: 101

- FY2018: 100

- FY2019: 100

- FY2020: 101

- FY2021: 100

- FY2022: 101

- FY2023: 102

- FY2024: 102

- FY2025: 104

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 2.6% a year forever · net income +1%

Story as of 2026-10-16T09:59:56.458Z; price observation 2026-10-15.

The price assumes profits grow 2.6% a year forever

### Net income · FY2025

net income +1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 230B 

- FY2017: CNY 241B 

- FY2018: CNY 251B 

- FY2019: CNY 263B 

- FY2020: CNY 265B 

- FY2021: CNY 298B 

- FY2022: CNY 324B 

- FY2023: CNY 333B 

- FY2024: CNY 336B 

- FY2025: CNY 339B 

## Owner memo

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

### How it makes money

Operates in diversified banking; annual sales are CNY 1.4 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.160Z); FY2025: revenue 1358837000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601939.SHG: China Construction Bank Corporation engages in the provision of various banking and related financial services to individuals and corporate customers in the People's Republic of China and internationally. It operates through Corporate Finance Business, Personal Finance Business, Treasury and Asset Management Business, and Others segments. The company offers corporate and personal loans; trade financing; deposit taking and wealth management, agency, financial consulting and advisory, cash management, remittance and settlement, guarantee, and investment banking services to individuals, corporations, government agencies, and financial institutions. It is also involved in inter-bank deposit and placement transactions, repurchase and resale transactions, and invests in debt securities; trades in derivatives and foreign currencies; precious metal trading; and custody services. In addition, the company provides finance leasing, transfer and purchase of finance lease assets, and fixed-income investment; motor vehicle, business and household property, construction and engineering, liability insurance, hull and cargo, and short-term health and accidental injury insurance, as well as reinsurance; and cost consulting, whole-process engineering consulting, project management, investment consulting, and bidding agency services; and debt-to-equity swaps and relevant supporting businesses. Further, it engages in private equity investment and management of development funds and other private equity funds; investment banking related services, such as sponsoring and underwriting of public offerings, corporate merger and acquisition and restructuring, direct investment, asset management, and securities brokerage and market research; house rental business; raising and selling of funds; management of annuity and pension funds; and pension advisory service. China Construction Bank Corporation was founded in 1954 and is headquartered in Beijing, the People's Republic of China.

### Why customers stay

It earns 11.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.160Z); 10-year return on tangible equity observations [[2016,0.1466580179941615],[2017,0.1359549377570442],[2018,0.12726368285471365],[2019,0.12115096901503258],[2020,0.11453967673113172],[2021,0.11730186230361607],[2022,0.11705648628495897],[2023,0.11084154849561402],[2024,0.10441832424485224],[2025,0.09640653766416414]]; median 0.11717917429428752. 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 2026-10-16T07:33:30.160Z); Dividend observations: [[2016,80192000000],[2017,83396000000],[2018,88146000000],[2019,81010000000],[2020,86140000000],[2021,86364000000],[2022,95855000000],[2023,128678000000],[2024,136945000000],[2025,108178000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 58.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601939.SHG SharesStats.PercentInsiders = 58.318000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 2.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.160Z); Price 11.45; FX 1; original perpetual distributable cash 0.846510976071491; discount 0.1; growth 0.026068910386769353. 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 5.26 per share

- 2016-11: CNY 5.57 per share

- 2016-12: CNY 5.44 per share

- 2017-01: CNY 5.75 per share

- 2017-02: CNY 5.92 per share

- 2017-03: CNY 5.94 per share

- 2017-04: CNY 5.98 per share

- 2017-05: CNY 6.37 per share

- 2017-06: CNY 6.15 per share

- 2017-07: CNY 6.74 per share

- 2017-08: CNY 6.99 per share

- 2017-09: CNY 6.97 per share

- 2017-10: CNY 7.16 per share

- 2017-11: CNY 7.14 per share

- 2017-12: CNY 7.68 per share

- 2018-01: CNY 9.51 per share

- 2018-02: CNY 8.31 per share

- 2018-03: CNY 7.75 per share

- 2018-04: CNY 7.48 per share

- 2018-05: CNY 7.12 per share

- 2018-06: CNY 6.55 per share

- 2018-07: CNY 7.01 per share

- 2018-08: CNY 6.88 per share

- 2018-09: CNY 7.24 per share

- 2018-10: CNY 7.15 per share

- 2018-11: CNY 6.65 per share

- 2018-12: CNY 6.37 per share

- 2019-01: CNY 7.07 per share

- 2019-02: CNY 7.18 per share

- 2019-03: CNY 6.95 per share

- 2019-04: CNY 7.26 per share

- 2019-05: CNY 6.98 per share

- 2019-06: CNY 7.44 per share

- 2019-07: CNY 7.37 per share

- 2019-08: CNY 6.90 per share

- 2019-09: CNY 6.99 per share

- 2019-10: CNY 7.29 per share

- 2019-11: CNY 7.10 per share

- 2019-12: CNY 7.23 per share

- 2020-01: CNY 6.97 per share

- 2020-02: CNY 6.50 per share

- 2020-03: CNY 6.34 per share

- 2020-04: CNY 6.43 per share

- 2020-05: CNY 6.37 per share

- 2020-06: CNY 6.31 per share

- 2020-07: CNY 6.12 per share

- 2020-08: CNY 6.20 per share

- 2020-09: CNY 6.15 per share

- 2020-10: CNY 6.29 per share

- 2020-11: CNY 7.15 per share

- 2020-12: CNY 6.28 per share

- 2021-01: CNY 6.76 per share

- 2021-02: CNY 7.26 per share

- 2021-03: CNY 7.35 per share

- 2021-04: CNY 6.73 per share

- 2021-05: CNY 6.93 per share

- 2021-06: CNY 6.65 per share

- 2021-07: CNY 5.76 per share

- 2021-08: CNY 5.85 per share

- 2021-09: CNY 5.97 per share

- 2021-10: CNY 5.93 per share

- 2021-11: CNY 5.76 per share

- 2021-12: CNY 5.86 per share

- 2022-01: CNY 5.99 per share

- 2022-02: CNY 6.03 per share

- 2022-03: CNY 6.29 per share

- 2022-04: CNY 6.07 per share

- 2022-05: CNY 5.98 per share

- 2022-06: CNY 6.06 per share

- 2022-07: CNY 5.57 per share

- 2022-08: CNY 5.52 per share

- 2022-09: CNY 5.52 per share

- 2022-10: CNY 5.34 per share

- 2022-11: CNY 5.59 per share

- 2022-12: CNY 5.63 per share

- 2023-01: CNY 5.61 per share

- 2023-02: CNY 5.64 per share

- 2023-03: CNY 5.94 per share

- 2023-04: CNY 6.31 per share

- 2023-05: CNY 6.40 per share

- 2023-06: CNY 6.26 per share

- 2023-07: CNY 6.16 per share

- 2023-08: CNY 6.00 per share

- 2023-09: CNY 6.30 per share

- 2023-10: CNY 6.27 per share

- 2023-11: CNY 6.40 per share

- 2023-12: CNY 6.51 per share

- 2024-01: CNY 6.86 per share

- 2024-02: CNY 7.00 per share

- 2024-03: CNY 6.87 per share

- 2024-04: CNY 7.12 per share

- 2024-05: CNY 7.04 per share

- 2024-06: CNY 7.40 per share

- 2024-07: CNY 7.44 per share

- 2024-08: CNY 7.53 per share

- 2024-09: CNY 7.93 per share

- 2024-10: CNY 7.93 per share

- 2024-11: CNY 7.98 per share

- 2024-12: CNY 8.79 per share

- 2025-01: CNY 8.54 per share

- 2025-02: CNY 8.51 per share

- 2025-03: CNY 8.83 per share

- 2025-04: CNY 9.06 per share

- 2025-05: CNY 9.03 per share

- 2025-06: CNY 9.44 per share

- 2025-07: CNY 9.41 per share

- 2025-08: CNY 9.00 per share

- 2025-09: CNY 8.61 per share

- 2025-10: CNY 9.13 per share

- 2025-11: CNY 9.66 per share

- 2025-12: CNY 9.28 per share

- 2026-01: CNY 8.72 per share

- 2026-02: CNY 8.59 per share

- 2026-03: CNY 9.65 per share

- 2026-04: CNY 9.95 per share

- 2026-05: CNY 9.96 per share

- 2026-06: CNY 9.63 per share

- 2026-07: CNY 10.85 per share

- 2026-08: CNY 10.98 per share

- 2026-09: CNY 11.06 per share

- 2026-10: CNY 11.37 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 16.69 per share, central CNY 20.86 per share, high CNY 27.82 per share

- FY2017: low CNY 12.42 per share, central CNY 13.66 per share, high CNY 15.18 per share

- FY2018: low CNY 20.27 per share, central CNY 25.34 per share, high CNY 33.79 per share

- FY2019: low CNY 19.41 per share, central CNY 24.26 per share, high CNY 32.34 per share

- FY2020: low CNY 17.15 per share, central CNY 21.43 per share, high CNY 28.58 per share

- FY2021: low CNY 16.65 per share, central CNY 20.81 per share, high CNY 27.75 per share

- FY2022: low CNY 15.90 per share, central CNY 19.88 per share, high CNY 26.50 per share

- FY2023: low CNY 15.63 per share, central CNY 19.54 per share, high CNY 26.05 per share

- FY2024: low CNY 13.80 per share, central CNY 15.18 per share, high CNY 16.87 per share

- FY2025: low CNY 15.70 per share, central CNY 19.63 per share, high CNY 26.17 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 2026-10-15T06:39:15.705Z 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