# China International Capital (601995.SHG)

Canonical: https://gigainvestors.com/s/601995.SHG

Analysis as of: 2026-10-16T07:34:36.905Z. 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 31.92 per share; close as of 2026-10-15.

Estimated value: low CNY 12.02 per share, central CNY 15.02 per share, high CNY 20.03 per share. Buy at or below the central value CNY 15.02 per share. Valuation as of 2026-10-16T07:34:36.905Z; scenarios are not confidence intervals.

Expected annual return: 7.9% at the stated quote. About 7.9% 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: 9

- Return on common equity variation (informational): 0.24×

Chart: Net income; fiscal year observations.

- FY2016: CNY 1.8B

- FY2017: CNY 2.7B

- FY2018: CNY 3.4B

- FY2019: CNY 4.2B

- FY2020: CNY 7.1B

- FY2021: CNY 10B

- FY2022: CNY 7.6B

- FY2023: CNY 6.2B

- FY2024: CNY 5.7B

- FY2025: CNY 9.8B

### 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: 8.4%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 6.0%

- Years with reported combined ratio: 0

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

- FY2016: 9.9%

- FY2017: 7.8%

- FY2018: 8.5%

- FY2019: 9.0%

- FY2020: 10.2%

- FY2021: 12.7%

- FY2022: 7.9%

- FY2023: 6.0%

- FY2024: 5.1%

- FY2025: 8.2%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 12.1%

- Book return interval: 10 years

- Starting book value per share: CNY 9.27

- Ending book value per share: CNY 24.74

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

- FY2016: -4.1%

- FY2017: 5.6%

- FY2018: 11.4%

- FY2019: 12.9%

- FY2020: 44.6%

- FY2021: 12.8%

- FY2022: 19.2%

- FY2023: 6.2%

- FY2024: 11.8%

- FY2025: 6.8%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 10.5%

- Diluted shares, 5-year annual growth: 1.1%

- Share growth excluding flagged crisis recapitalisations: 10.5%

- Five-year share growth excluding flagged crisis recapitalisations: 1.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.45×

- Book value created per share: CNY 15.47

- Earnings retained per share after dividends and buybacks: CNY 10.69

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

- FY2015: 100

- FY2016: 117

- FY2017: 214

- FY2018: 226

- FY2019: 234

- FY2020: 257

- FY2021: 272

- FY2022: 272

- FY2023: 272

- FY2024: 272

- FY2025: 272

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 35% since Dec 2021 · net income +71.9%

Story as of 2026-10-16T10:00:01.587Z; price observation 2026-10-15.

The price assumes profits grow 8.1% a year forever

### Net income · FY2025

net income +71.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 1.8B 

- FY2017: CNY 2.7B 

- FY2018: CNY 3.4B 

- FY2019: CNY 4.2B 

- FY2020: CNY 7.1B 

- FY2021: CNY 10B 

- FY2022: CNY 7.6B 

- FY2023: CNY 6.2B 

- FY2024: CNY 5.7B 

- FY2025: CNY 9.8B 

## Owner memo

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

### How it makes money

Operates in capital markets; annual sales are CNY 40.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.905Z); FY2025: revenue 40103575616.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601995.SHG: China International Capital Corporation Limited provides financial services in Mainland China and internationally. It operates in six segments: Investment Banking; Equities; Fixed Income, Commodities, and Currencies (FICC); Asset Management; Private Equity; and Wealth Management. The Investment Banking segment provides investment banking services, including equity and debt financing, and asset securitization services; sponsorship and underwriting of listings and refinancings; underwriting of domestic and overseas fixed income financing instruments; and financial advisory services for transactions, such as corporate mergers and acquisitions, debt restructurings, and private financing. Its Equity segment offers investment research, sales, and trading; product structuring and cross-border services; and institutional trading and capital services, such as primary brokerage, over-the-counter derivatives, capital introduction, and market-making transactions to professional investors. The FICC segment provides sales, trading, research, advisory, fixed-income structuring, commodity and foreign exchange securities, and derivatives services in interest rate, credit, structured, foreign exchange, and commodity business. Its Asset Management segment engages in social security and annuity plans, institutional entrusted investment management, offshore asset management, retail and mutual fund products and services to investors. The Private Equity segment provides corporate equity investment funds, funds of funds, dollar funds, real asset funds, and infrastructure funds. Its Wealth Management segment offers trading and capital services, such as margin financing, securities lending and stock-pledged repo, and product allocation services. China International Capital Corporation Limited was incorporated in 1995 and is headquartered in Beijing, the People's Republic of China.

### Why customers stay

It earns 8.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.905Z); 10-year return on tangible equity observations [[2016,0.09867835070898225],[2017,0.07763889317034192],[2018,0.08517915347987921],[2019,0.0900727524580559],[2020,0.10187469699507208],[2021,0.12654825563942912],[2022,0.07851775710517822],[2023,0.06042014683216187],[2024,0.050580477726308734],[2025,0.08198556730772051]]; median 0.08358236039379986. 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 2026-10-16T07:34:36.905Z); Dividend observations: [[2016,57000000],[2017,637620929],[2018,670826859],[2019,670827000],[2020,4136836000],[2021,868906000],[2022,1448177060],[2023,868906000],[2024,1303359000],[2025,868906236]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 67.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601995.SHG SharesStats.PercentInsiders = 67.842 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 8.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.905Z); Price 31.92; FX 1; original perpetual distributable cash 0.6008681462136232; discount 0.1; growth 0.08117580995571357. 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)

- 2020-11: CNY 65.19 per share

- 2020-12: CNY 75.27 per share

- 2021-01: CNY 61.01 per share

- 2021-02: CNY 57.80 per share

- 2021-03: CNY 49.00 per share

- 2021-04: CNY 49.93 per share

- 2021-05: CNY 62.00 per share

- 2021-06: CNY 61.50 per share

- 2021-07: CNY 51.73 per share

- 2021-08: CNY 54.02 per share

- 2021-09: CNY 57.22 per share

- 2021-10: CNY 48.16 per share

- 2021-11: CNY 47.60 per share

- 2021-12: CNY 49.03 per share

- 2022-01: CNY 43.45 per share

- 2022-02: CNY 42.34 per share

- 2022-03: CNY 41.61 per share

- 2022-04: CNY 37.48 per share

- 2022-05: CNY 38.50 per share

- 2022-06: CNY 44.49 per share

- 2022-07: CNY 42.41 per share

- 2022-08: CNY 41.70 per share

- 2022-09: CNY 34.41 per share

- 2022-10: CNY 34.64 per share

- 2022-11: CNY 38.39 per share

- 2022-12: CNY 38.13 per share

- 2023-01: CNY 39.93 per share

- 2023-02: CNY 41.91 per share

- 2023-03: CNY 38.88 per share

- 2023-04: CNY 42.08 per share

- 2023-05: CNY 41.65 per share

- 2023-06: CNY 35.52 per share

- 2023-07: CNY 39.91 per share

- 2023-08: CNY 39.00 per share

- 2023-09: CNY 37.46 per share

- 2023-10: CNY 36.84 per share

- 2023-11: CNY 40.60 per share

- 2023-12: CNY 38.05 per share

- 2024-01: CNY 32.32 per share

- 2024-02: CNY 34.90 per share

- 2024-03: CNY 32.21 per share

- 2024-04: CNY 33.34 per share

- 2024-05: CNY 31.52 per share

- 2024-06: CNY 29.61 per share

- 2024-07: CNY 30.25 per share

- 2024-08: CNY 28.59 per share

- 2024-09: CNY 38.61 per share

- 2024-10: CNY 35.42 per share

- 2024-11: CNY 35.56 per share

- 2024-12: CNY 33.69 per share

- 2025-01: CNY 31.18 per share

- 2025-02: CNY 35.27 per share

- 2025-03: CNY 34.53 per share

- 2025-04: CNY 32.85 per share

- 2025-05: CNY 33.09 per share

- 2025-06: CNY 35.36 per share

- 2025-07: CNY 36.21 per share

- 2025-08: CNY 38.55 per share

- 2025-09: CNY 36.89 per share

- 2025-10: CNY 36.85 per share

- 2025-11: CNY 34.89 per share

- 2025-12: CNY 35.00 per share

- 2026-01: CNY 34.53 per share

- 2026-02: CNY 34.65 per share

- 2026-03: CNY 32.39 per share

- 2026-04: CNY 34.23 per share

- 2026-05: CNY 33.79 per share

- 2026-06: CNY 36.15 per share

- 2026-07: CNY 35.32 per share

- 2026-08: CNY 34.73 per share

- 2026-09: CNY 30.63 per share

- 2026-10: CNY 30.83 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 6.85 per share, central CNY 8.57 per share, high CNY 11.42 per share

- FY2017: low CNY 5.32 per share, central CNY 6.66 per share, high CNY 8.87 per share

- FY2018: low CNY 5.35 per share, central CNY 6.69 per share, high CNY 8.92 per share

- FY2019: low CNY 6.49 per share, central CNY 8.11 per share, high CNY 10.81 per share

- FY2020: low CNY 9.57 per share, central CNY 11.97 per share, high CNY 15.95 per share

- FY2021: low CNY 11.94 per share, central CNY 14.93 per share, high CNY 19.90 per share

- FY2022: low CNY 14.03 per share, central CNY 17.53 per share, high CNY 23.38 per share

- FY2023: low CNY 18.23 per share, central CNY 20.05 per share, high CNY 22.28 per share

- FY2024: low CNY 18.86 per share, central CNY 20.74 per share, high CNY 23.05 per share

- FY2025: low CNY 12.02 per share, central CNY 15.02 per share, high CNY 20.03 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 2026-10-15T06:40:23.721Z 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.