# China Citic Bank (601998.SHG)

Canonical: https://gigainvestors.com/s/601998.SHG

Analysis as of: 2026-10-01T19:02:42.740Z. Financial observations: FY2015–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed. Published buy qualification: no.

Share price: CNY 9.15 per share; close as of 2026-10-15.

Estimated value: low CNY 11.57 per share, central CNY 12.73 per share, high CNY 14.14 per share. Buy at or below the central value CNY 12.73 per share. Valuation as of 2026-10-01T19:02:42.740Z; scenarios are not confidence intervals.

Expected annual return: 13.9% at the stated quote. About 13.9% 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): 0.12×

Chart: Net income; fiscal year observations.

- FY2016: CNY 42B

- FY2017: CNY 41B

- FY2018: CNY 43B

- FY2019: CNY 47B

- FY2020: CNY 46B

- FY2021: CNY 53B

- FY2022: CNY 62B

- FY2023: CNY 67B

- FY2024: CNY 69B

- FY2025: CNY 71B

### 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: 9.4%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 8.5%

- Years with reported combined ratio: 0

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

- FY2016: 12.2%

- FY2017: 11.4%

- FY2018: 10.0%

- FY2019: 9.1%

- FY2020: 8.5%

- FY2021: 8.5%

- FY2022: 9.4%

- FY2023: 9.4%

- FY2024: 8.7%

- FY2025: 9.4%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 10.6%

- Book return interval: 10 years

- Starting book value per share: CNY 6.71

- Ending book value per share: CNY 13.56

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

- FY2016: 5.5%

- FY2017: -3.6%

- FY2018: 19.7%

- FY2019: 31.1%

- FY2020: -7.9%

- FY2021: 24.0%

- FY2022: 10.1%

- FY2023: 11.1%

- FY2024: 18.8%

- FY2025: 3.4%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 1.7%

- Share growth excluding flagged crisis recapitalisations: 1.7%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.25×

- Book value created per share: CNY 6.85

- Earnings retained per share after dividends and buybacks: CNY 5.49

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

- FY2015: 100

- FY2016: 106

- FY2017: 120

- FY2018: 124

- FY2019: 115

- FY2020: 135

- FY2021: 128

- FY2022: 128

- FY2023: 128

- FY2024: 123

- FY2025: 118

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits shrink 4% a year forever · net income +3%

Story as of 2026-10-03T17:10:00Z; price observation 2026-09-30.

The price assumes profits shrink 4% a year forever

### Net income · FY2025

net income +3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-01.

- FY2016: CNY 42B 

- FY2017: CNY 41B 

- FY2018: CNY 43B 

- FY2019: CNY 47B 

- FY2020: CNY 46B 

- FY2021: CNY 53B 

- FY2022: CNY 62B 

- FY2023: CNY 67B 

- FY2024: CNY 69B 

- FY2025: CNY 71B 

## Owner memo

Memo as of 2026-10-02T06:52:09.009Z.

### How it makes money

Operates in regional banking; annual sales are CNY 356.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:02:42.740Z); FY2025: revenue 356177000000.

### Why customers stay

It earns 9.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:02:42.740Z); 10-year return on tangible equity observations [[2016,0.12191436210870349],[2017,0.1140152237807289],[2018,0.0997544427837826],[2019,0.09090236441557481],[2020,0.08509086601289043],[2021,0.08466312341953376],[2022,0.09410429464586068],[2023,0.0942733471286552],[2024,0.08746001703899071],[2025,0.09358099915321506]]; median 0.09384264689953786. 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 2026-10-01T19:02:42.740Z); Dividend observations: [[2016,10374000000],[2017,11851000000],[2018,14102000000],[2019,13052000000],[2020,14706000000],[2021,15439000000],[2022,20035000000],[2023,21492000000],[2024,29925000000],[2025,26745000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 87.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); 601998.SHG SharesStats.PercentInsiders = 87.191 percentage points; cache date 2026-10-02.

### What the price says

The price assumes profits shrink 4% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:02:42.740Z); Price 9.1; FX 1; original perpetual distributable cash 1.272625354648249; discount 0.1; growth -0.039848940071236155. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-09-30.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 6.07 per share

- 2016-11: CNY 6.72 per share

- 2016-12: CNY 6.41 per share

- 2017-01: CNY 6.98 per share

- 2017-02: CNY 6.90 per share

- 2017-03: CNY 6.71 per share

- 2017-04: CNY 6.02 per share

- 2017-05: CNY 6.19 per share

- 2017-06: CNY 6.29 per share

- 2017-07: CNY 6.65 per share

- 2017-08: CNY 6.53 per share

- 2017-09: CNY 6.30 per share

- 2017-10: CNY 6.22 per share

- 2017-11: CNY 6.36 per share

- 2017-12: CNY 6.20 per share

- 2018-01: CNY 7.22 per share

- 2018-02: CNY 6.84 per share

- 2018-03: CNY 6.45 per share

- 2018-04: CNY 6.39 per share

- 2018-05: CNY 6.41 per share

- 2018-06: CNY 6.21 per share

- 2018-07: CNY 6.27 per share

- 2018-08: CNY 5.97 per share

- 2018-09: CNY 6.06 per share

- 2018-10: CNY 5.92 per share

- 2018-11: CNY 5.67 per share

- 2018-12: CNY 5.45 per share

- 2019-01: CNY 5.72 per share

- 2019-02: CNY 6.55 per share

- 2019-03: CNY 6.29 per share

- 2019-04: CNY 6.29 per share

- 2019-05: CNY 5.78 per share

- 2019-06: CNY 5.97 per share

- 2019-07: CNY 5.94 per share

- 2019-08: CNY 5.59 per share

- 2019-09: CNY 5.64 per share

- 2019-10: CNY 6.13 per share

- 2019-11: CNY 6.00 per share

- 2019-12: CNY 6.17 per share

- 2020-01: CNY 5.82 per share

- 2020-02: CNY 5.43 per share

- 2020-03: CNY 5.18 per share

- 2020-04: CNY 5.20 per share

- 2020-05: CNY 5.02 per share

- 2020-06: CNY 5.15 per share

- 2020-07: CNY 5.16 per share

- 2020-08: CNY 5.22 per share

- 2020-09: CNY 5.05 per share

- 2020-10: CNY 5.05 per share

- 2020-11: CNY 5.24 per share

- 2020-12: CNY 5.11 per share

- 2021-01: CNY 5.23 per share

- 2021-02: CNY 5.23 per share

- 2021-03: CNY 5.45 per share

- 2021-04: CNY 5.18 per share

- 2021-05: CNY 5.26 per share

- 2021-06: CNY 5.10 per share

- 2021-07: CNY 4.54 per share

- 2021-08: CNY 4.59 per share

- 2021-09: CNY 4.56 per share

- 2021-10: CNY 4.54 per share

- 2021-11: CNY 4.50 per share

- 2021-12: CNY 4.62 per share

- 2022-01: CNY 4.65 per share

- 2022-02: CNY 4.60 per share

- 2022-03: CNY 5.09 per share

- 2022-04: CNY 5.03 per share

- 2022-05: CNY 4.65 per share

- 2022-06: CNY 4.75 per share

- 2022-07: CNY 4.36 per share

- 2022-08: CNY 4.48 per share

- 2022-09: CNY 4.56 per share

- 2022-10: CNY 4.33 per share

- 2022-11: CNY 5.03 per share

- 2022-12: CNY 4.98 per share

- 2023-01: CNY 5.05 per share

- 2023-02: CNY 4.92 per share

- 2023-03: CNY 5.43 per share

- 2023-04: CNY 6.50 per share

- 2023-05: CNY 6.45 per share

- 2023-06: CNY 5.98 per share

- 2023-07: CNY 6.01 per share

- 2023-08: CNY 5.46 per share

- 2023-09: CNY 5.72 per share

- 2023-10: CNY 5.38 per share

- 2023-11: CNY 5.39 per share

- 2023-12: CNY 5.29 per share

- 2024-01: CNY 6.26 per share

- 2024-02: CNY 6.43 per share

- 2024-03: CNY 6.24 per share

- 2024-04: CNY 6.88 per share

- 2024-05: CNY 7.21 per share

- 2024-06: CNY 6.70 per share

- 2024-07: CNY 6.27 per share

- 2024-08: CNY 6.15 per share

- 2024-09: CNY 7.01 per share

- 2024-10: CNY 6.52 per share

- 2024-11: CNY 6.79 per share

- 2024-12: CNY 6.98 per share

- 2025-01: CNY 6.64 per share

- 2025-02: CNY 6.90 per share

- 2025-03: CNY 7.11 per share

- 2025-04: CNY 7.21 per share

- 2025-05: CNY 7.96 per share

- 2025-06: CNY 8.50 per share

- 2025-07: CNY 8.19 per share

- 2025-08: CNY 7.90 per share

- 2025-09: CNY 7.20 per share

- 2025-10: CNY 7.74 per share

- 2025-11: CNY 7.76 per share

- 2025-12: CNY 7.70 per share

- 2026-01: CNY 7.19 per share

- 2026-02: CNY 7.20 per share

- 2026-03: CNY 8.30 per share

- 2026-04: CNY 8.41 per share

- 2026-05: CNY 7.42 per share

- 2026-06: CNY 6.93 per share

- 2026-07: CNY 7.82 per share

- 2026-08: CNY 8.85 per share

- 2026-09: CNY 9.02 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 13.58 per share, central CNY 16.98 per share, high CNY 22.64 per share

- FY2017: low CNY 12.61 per share, central CNY 15.76 per share, high CNY 21.02 per share

- FY2018: low CNY 13.33 per share, central CNY 16.66 per share, high CNY 22.21 per share

- FY2019: low CNY 15.99 per share, central CNY 19.98 per share, high CNY 26.64 per share

- FY2020: low CNY 10.31 per share, central CNY 12.89 per share, high CNY 17.18 per share

- FY2021: low CNY 10.08 per share, central CNY 12.60 per share, high CNY 16.80 per share

- FY2022: low CNY 9.92 per share, central CNY 12.39 per share, high CNY 16.53 per share

- FY2023: low CNY 9.14 per share, central CNY 11.43 per share, high CNY 15.24 per share

- FY2024: low CNY 11.62 per share, central CNY 12.79 per share, high CNY 14.21 per share

- FY2025: low CNY 11.57 per share, central CNY 12.73 per share, high CNY 14.14 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

## 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 Citic Bank

601998 · SHG

CSI 300

Not a wonderful business

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

Share price: CNY 9.15
Buy up to: CNY 12.73
Expected / yr: 13.9% 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?

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: CNY 50B
Worst year: CNY 41B
Latest · 2025: CNY 71B

Earned a median 9.4% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 9.4%
Worst year: 8.5%
Latest · 2025: 9.4%

Book value plus dividends grew 10.6% a year (minimum 7%).

Annual book + dividend return

10y median: 10.6%
Worst year: -7.9%
Latest · 2025: 3.4%

Ordinary shares grew 1.7% a year (growth limit 2%).

Shares (first year = 100)

11y median: 123
Worst year: 135
Latest · 2025: 118

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CNY 6.07 · Value 16.98 · Buy at or below 12.73; 2016-11 · Price CNY 6.72 · Value 16.98 · Buy at or below 12.73; 2016-12 · Price CNY 6.41 · Value 16.98 · Buy at or below 12.73; 2017-01 · Price CNY 6.98 · Value 16.98 · Buy at or below 12.73; 2017-02 · Price CNY 6.90 · Value 15.76 · Buy at or below 11.82; 2017-03 · Price CNY 6.71 · Value 15.76 · Buy at or below 11.82; 2017-04 · Price CNY 6.02 · Value 15.76 · Buy at or below 11.82; 2017-05 · Price CNY 6.19 · Value 15.76 · Buy at or below 11.82; 2017-06 · Price CNY 6.29 · Value 15.76 · Buy at or below 11.82; 2017-07 · Price CNY 6.65 · Value 15.76 · Buy at or below 11.82; 2017-08 · Price CNY 6.53 · Value 15.76 · Buy at or below 11.82; 2017-09 · Price CNY 6.30 · Value 15.76 · Buy at or below 11.82; 2017-10 · Price CNY 6.22 · Value 15.76 · Buy at or below 11.82; 2017-11 · Price CNY 6.36 · Value 15.76 · Buy at or below 11.82; 2017-12 · Price CNY 6.20 · Value 15.76 · Buy at or below 11.82; 2018-01 · Price CNY 7.22 · Value 15.76 · Buy at or below 11.82; 2018-02 · Price CNY 6.84 · Value 16.66 · Buy at or below 12.49; 2018-03 · Price CNY 6.45 · Value 16.66 · Buy at or below 12.49; 2018-04 · Price CNY 6.39 · Value 16.66 · Buy at or below 12.49; 2018-05 · Price CNY 6.41 · Value 16.66 · Buy at or below 12.49; 2018-06 · Price CNY 6.21 · Value 16.66 · Buy at or below 12.49; 2018-07 · Price CNY 6.27 · Value 16.66 · Buy at or below 12.49; 2018-08 · Price CNY 5.97 · Value 16.66 · Buy at or below 12.49; 2018-09 · Price CNY 6.06 · Value 16.66 · Buy at or below 12.49; 2018-10 · Price CNY 5.92 · Value 16.66 · Buy at or below 12.49; 2018-11 · Price CNY 5.67 · Value 16.66 · Buy at or below 12.49; 2018-12 · Price CNY 5.45 · Value 16.66 · Buy at or below 12.49; 2019-01 · Price CNY 5.72 · Value 16.66 · Buy at or below 12.49; 2019-02 · Price CNY 6.55 · Value 19.98 · Buy at or below 14.99; 2019-03 · Price CNY 6.29 · Value 19.98 · Buy at or below 14.99; 2019-04 · Price CNY 6.29 · Value 19.98 · Buy at or below 14.99; 2019-05 · Price CNY 5.78 · Value 19.98 · Buy at or below 14.99; 2019-06 · Price CNY 5.97 · Value 19.98 · Buy at or below 14.99; 2019-07 · Price CNY 5.94 · Value 19.98 · Buy at or below 14.99; 2019-08 · Price CNY 5.59 · Value 19.98 · Buy at or below 14.99; 2019-09 · Price CNY 5.64 · Value 19.98 · Buy at or below 14.99; 2019-10 · Price CNY 6.13 · Value 19.98 · Buy at or below 14.99; 2019-11 · Price CNY 6.00 · Value 19.98 · Buy at or below 14.99; 2019-12 · Price CNY 6.17 · Value 19.98 · Buy at or below 14.99; 2020-01 · Price CNY 5.82 · Value 19.98 · Buy at or below 14.99; 2020-02 · Price CNY 5.43 · Value 12.89 · Buy at or below 9.67; 2020-03 · Price CNY 5.18 · Value 12.89 · Buy at or below 9.67; 2020-04 · Price CNY 5.20 · Value 12.89 · Buy at or below 9.67; 2020-05 · Price CNY 5.02 · Value 12.89 · Buy at or below 9.67; 2020-06 · Price CNY 5.15 · Value 12.89 · Buy at or below 9.67; 2020-07 · Price CNY 5.16 · Value 12.89 · Buy at or below 9.67; 2020-08 · Price CNY 5.22 · Value 12.89 · Buy at or below 9.67; 2020-09 · Price CNY 5.05 · Value 12.89 · Buy at or below 9.67; 2020-10 · Price CNY 5.05 · Value 12.89 · Buy at or below 9.67; 2020-11 · Price CNY 5.24 · Value 12.89 · Buy at or below 9.67; 2020-12 · Price CNY 5.11 · Value 12.89 · Buy at or below 9.67; 2021-01 · Price CNY 5.23 · Value 12.89 · Buy at or below 9.67; 2021-02 · Price CNY 5.23 · Value 12.60 · Buy at or below 9.45; 2021-03 · Price CNY 5.45 · Value 12.60 · Buy at or below 9.45; 2021-04 · Price CNY 5.18 · Value 12.60 · Buy at or below 9.45; 2021-05 · Price CNY 5.26 · Value 12.60 · Buy at or below 9.45; 2021-06 · Price CNY 5.10 · Value 12.60 · Buy at or below 9.45; 2021-07 · Price CNY 4.54 · Value 12.60 · Buy at or below 9.45; 2021-08 · Price CNY 4.59 · Value 12.60 · Buy at or below 9.45; 2021-09 · Price CNY 4.56 · Value 12.60 · Buy at or below 9.45; 2021-10 · Price CNY 4.54 · Value 12.60 · Buy at or below 9.45; 2021-11 · Price CNY 4.50 · Value 12.60 · Buy at or below 9.45; 2021-12 · Price CNY 4.62 · Value 12.60 · Buy at or below 9.45; 2022-01 · Price CNY 4.65 · Value 12.60 · Buy at or below 9.45; 2022-02 · Price CNY 4.60 · Value 12.39 · Buy at or below 9.30; 2022-03 · Price CNY 5.09 · Value 12.39 · Buy at or below 9.30; 2022-04 · Price CNY 5.03 · Value 12.39 · Buy at or below 9.30; 2022-05 · Price CNY 4.65 · Value 12.39 · Buy at or below 9.30; 2022-06 · Price CNY 4.75 · Value 12.39 · Buy at or below 9.30; 2022-07 · Price CNY 4.36 · Value 12.39 · Buy at or below 9.30; 2022-08 · Price CNY 4.48 · Value 12.39 · Buy at or below 9.30; 2022-09 · Price CNY 4.56 · Value 12.39 · Buy at or below 9.30; 2022-10 · Price CNY 4.33 · Value 12.39 · Buy at or below 9.30; 2022-11 · Price CNY 5.03 · Value 12.39 · Buy at or below 9.30; 2022-12 · Price CNY 4.98 · Value 12.39 · Buy at or below 9.30; 2023-01 · Price CNY 5.05 · Value 12.39 · Buy at or below 9.30; 2023-02 · Price CNY 4.92 · Value 11.43 · Buy at or below 8.57; 2023-03 · Price CNY 5.43 · Value 11.43 · Buy at or below 8.57; 2023-04 · Price CNY 6.50 · Value 11.43 · Buy at or below 8.57; 2023-05 · Price CNY 6.45 · Value 11.43 · Buy at or below 8.57; 2023-06 · Price CNY 5.98 · Value 11.43 · Buy at or below 8.57; 2023-07 · Price CNY 6.01 · Value 11.43 · Buy at or below 8.57; 2023-08 · Price CNY 5.46 · Value 11.43 · Buy at or below 8.57; 2023-09 · Price CNY 5.72 · Value 11.43 · Buy at or below 8.57; 2023-10 · Price CNY 5.38 · Value 11.43 · Buy at or below 8.57; 2023-11 · Price CNY 5.39 · Value 11.43 · Buy at or below 8.57; 2023-12 · Price CNY 5.29 · Value 11.43 · Buy at or below 8.57; 2024-01 · Price CNY 6.26 · Value 11.43 · Buy at or below 8.57; 2024-02 · Price CNY 6.43 · Value 12.79 · Buy at or below 9.59; 2024-03 · Price CNY 6.24 · Value 12.79 · Buy at or below 9.59; 2024-04 · Price CNY 6.88 · Value 12.79 · Buy at or below 9.59; 2024-05 · Price CNY 7.21 · Value 12.79 · Buy at or below 9.59; 2024-06 · Price CNY 6.70 · Value 12.79 · Buy at or below 9.59; 2024-07 · Price CNY 6.27 · Value 12.79 · Buy at or below 9.59; 2024-08 · Price CNY 6.15 · Value 12.79 · Buy at or below 9.59; 2024-09 · Price CNY 7.01 · Value 12.79 · Buy at or below 9.59; 2024-10 · Price CNY 6.52 · Value 12.79 · Buy at or below 9.59; 2024-11 · Price CNY 6.79 · Value 12.79 · Buy at or below 9.59; 2024-12 · Price CNY 6.98 · Value 12.79 · Buy at or below 9.59; 2025-01 · Price CNY 6.64 · Value 12.79 · Buy at or below 9.59; 2025-02 · Price CNY 6.90 · Value 12.73 · Buy at or below 9.54; 2025-03 · Price CNY 7.11 · Value 12.73 · Buy at or below 9.54; 2025-04 · Price CNY 7.21 · Value 12.73 · Buy at or below 9.54; 2025-05 · Price CNY 7.96 · Value 12.73 · Buy at or below 9.54; 2025-06 · Price CNY 8.50 · Value 12.73 · Buy at or below 9.54; 2025-07 · Price CNY 8.19 · Value 12.73 · Buy at or below 9.54; 2025-08 · Price CNY 7.90 · Value 12.73 · Buy at or below 9.54; 2025-09 · Price CNY 7.20 · Value 12.73 · Buy at or below 9.54; 2025-10 · Price CNY 7.74 · Value 12.73 · Buy at or below 9.54; 2025-11 · Price CNY 7.76 · Value 12.73 · Buy at or below 9.54; 2025-12 · Price CNY 7.70 · Value 12.73 · Buy at or below 9.54; 2026-01 · Price CNY 7.19 · Value 12.73 · Buy at or below 9.54; 2026-02 · Price CNY 7.20 · Value 12.73 · Buy at or below 9.54; 2026-03 · Price CNY 8.30 · Value 12.73 · Buy at or below 9.54; 2026-04 · Price CNY 8.41 · Value 12.73 · Buy at or below 9.54; 2026-05 · Price CNY 7.42 · Value 12.73 · Buy at or below 9.54; 2026-06 · Price CNY 6.93 · Value 12.73 · Buy at or below 9.54; 2026-07 · Price CNY 7.82 · Value 12.73 · Buy at or below 9.54; 2026-08 · Price CNY 8.85 · Value 12.73 · Buy at or below 9.54; 2026-09 · Price CNY 9.02 · Value 12.73 · Buy at or below 9.54; 2026-10 · Price CNY 9.15 · Value 12.73 · Buy at or below 9.54

CNY per share · annual estimates

Price & return math
Value range	CNY 11.57 – CNY 14.14
Buy at or below	Central value CNY 12.73
Discount to value	1 − 9.15 / 12.73 = 28.1%
Return / year	About 13.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CNY 13.56/share; ROE 9.4%; first payout CNY 1.27/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCNY 71B

Net income

Book / shareCNY 13.56

Book / share

Dividend / shareCNY 0.48

Dividend / share

Return on tangible equity9.4%

Return on tangible equity

Diluted shares56B

Diluted shares

Prices 15 Oct 2026 · FY2025