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China Pacific Insurance Group Co Ltd (601601) Fair Value & Analysis

Financial Services · CN · Market cap 286B CNY (≈ $42.7B) · ISIN CNE1000008M8

What is China Pacific Insurance Group Co Ltd really worth?

CP China Pacific Insurance Group Co Ltd 601601 · SHG
Price¥34.21
Fair Value¥57.51
Upside+68.1%
Quality64/100

A solid business, trading 41% below our fair value of ¥57.51.

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Strengths

Solidly profitable · 16.3% net margin
Low debt · generates free cash flow
Ranks above peers (13/15)

Risks

!Weak Growth (revenue 5y −1.6 %/yr)
!Moderate moat 58/100

For context

·3.36% dividend yield
Evidence: High Range ¥43.14 – ¥71.89

Fair value as of: Aug 19, 2026

From 6 valuation models · updated 16 days ago

Share price +6.8% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price is below even our cautious bear case (¥43.14). The market is more pessimistic than our downside scenario.
  • Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

¥47.89 ¥17.33 Fair Value ¥57.51 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.

How to read this chart

60‑month range ¥17.33 – ¥47.89 · fair‑value band ¥43.14 – ¥71.89 · the ¥34.21 price screens below the ¥57.51 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 19, 2026.

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Analysis

China Pacific Insurance Group Co Ltd (601601) currently trades at ¥34.21, while our model-based Fair Value estimate is ¥57.51, implying the stock looks roughly 40.5% undervalued today. The Quality Score stands at 64/100 (solid quality), in the Financial Services sector. Bull case: the Economic Profit group reads highest at a median of ¥50.46 per share, and 3 of the 6 models we run sit above the ¥34.21 price. Bear case: the Asset-Based group reads lowest at ¥21.04, and 3 of the 6 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, China Pacific Insurance Group Co Ltd generated revenue of 334B CNY at a net margin of 16.0%. Revenue declined 3.3% year over year. It earns a return on equity of 17.0%. Net debt stands at 166B CNY. Fundamentals as of Aug 19, 2026

Our scenario range runs from ¥43.14 (bear case) to ¥71.89 (bull case); at ¥34.21, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 29% below its 52-week high and 11% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −35% fair-value upside, at 68%, 601601 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ¥2.93 per share, which is 5.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
DDM Multi-Stage ¥15.28 ¥27.32 ¥34.75 64
Gordon GGM ¥15.28 ¥33.35 ¥56.11 63
Residual Income ¥38.14 ¥50.46 ¥188.56 63
All 6 models by family
Dividend Discount
Gordon GGM ¥15.28 ¥33.35 ¥56.11 63
DDM Multi-Stage ¥15.28 ¥27.32 ¥34.75 64
Multiples
P/E Multiple ¥54.23 ¥72.30 ¥90.38 61
P/B Multiple ¥32.98 ¥43.97 ¥54.96 53
Asset-Based
NCAV (Graham) ¥15.70 ¥21.04 ¥31.41 52
Economic Profit
Residual Income ¥38.14 ¥50.46 ¥188.56 63

Widest divergence: Economic Profit (¥50.46) versus Asset-Based (¥21.04). Highest evidence: DDM Multi-Stage (64).

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Key figures & financial health

P/E ratio 5.7 as of Jun 7, 2026
P/S ratio 0.78 P/E × margin
EPS (TTM) ¥5.48 price ÷ EPS = P/E 5.7
Dividend yield 3.4% payout 21.0%
Net margin 13.8% FY2025
Return on equity 17.0% TTM
More key figures
Profitability
Return on assets (EBIT) 1.8% avg 5y
Operating margin 16.3% TTM
Growth
Revenue (TTM) 334B CNY TTM
Revenue growth (YoY) −3.3% 3y avg +12.2%
EPS growth (YoY) −6.0%
Balance sheet & cash flow
Free cash flow 265B CNY FY2025
Net debt 166B CNY FY2025 · ≈ 0.6 yrs of FCF

Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 56 · Market factors (momentum, volatility) 44

Profitability 35
Margins and returns on capital today
Quality Growth 70
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 8
Balance sheet, leverage, solvency risk
Investment 53
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 25
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

China Pacific Insurance Group Co Ltd reported revenue of 386B CNY in FY2025 versus 437B CNY in FY2021, a compound −3.0%/yr. Reported net income was 53.5B CNY in FY2025, compounding +18.8%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
386B CNY
Latest YoY
+23.3%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.2%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−1.6%
Avg. revenue growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.9%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+18.2% (14.8 + 3.4)
Revenue −3.0%/yr
FY21 437B CNY
FY22 274B CNY
FY23 276B CNY
FY24 313B CNY
FY25 386B CNY
Net income +18.8%/yr
FY21 26.8B CNY
FY22 37.4B CNY
FY23 27.3B CNY
FY24 45.0B CNY
FY25 53.5B CNY
Character of growth · EPS growth decomposed (2014-2025) +12.6 % p.a.
Revenue per share +2.6 %

of which total revenue +3.3 % · buybacks/dilution −0.7 %

EBIT margin +8.6 %
Tax rate +1.2 %
Residual (interest, one-offs) −0.2 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "China Pacific Insurance Group Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/601601

Peer Group

Insurance - Life · 96 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 59 · Top 25%
Fair Value upside +68% · Top 25%
Return on equity (TTM) 17% · Top 25%
Return on assets 1% · Above median
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 16% · Below median
Revenue growth −3% · Below median
Dividend yield (TTM) 3.4% · Above median
Debt / equity 0.08× · Lower than 75% of peers

Valuation Multiples vs Insurance - Life median · lower = cheaper

P/E (TTM) 5.7× · Cheaper than 75% of peers
P/B 0.95× · Cheaper than median
P/S (TTM) 0.87× · Cheaper than median
P/FCF 0.2× · Cheaper than median
EV/EBITDA 3.2× · Cheaper than median
PEG 0.88× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 18
FUTURE0 · sector 43
PAST69 · sector 43
HEALTH96 · sector 84
DIVIDEND67 · sector 54

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Insurance - Life stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).

Stock Price Fair Value vs Fair Value
China Life Insurance Company 601628 ¥37.03 ¥49.98 +35%
Ping An Insurance (Group) Company 601318 ¥55.82 ¥84.72 +52%
AIA Group 1299 HK$73.00 HK$33.57 −54%
Manulife Financial Corporation MFC C$59.80 C$38.80 −35%
Aflac Incorporated AFL $116.52 $74.34 −36%
Great-West Lifeco Inc GWO C$90.25 C$39.53 −56%
MetLife, Inc MET $96.51 $68.27 −29%
Life Insurance Corporation LICI ₹412.15 ₹392.93 −5%
Samsung Life Insurance Co 032830 301,000 KRW 191,293 KRW −36%
Power Corporation POW C$94.43 C$31.01 −67%

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Frequently asked questions

Is China Pacific Insurance Group Co Ltd (601601) overvalued or undervalued?
As of Aug 19, 2026, our model estimates a fair value of ¥57.51 versus a price of ¥34.21, about +68% upside (undervalued).
What is the fair value of 601601?
Our model-based fair value for China Pacific Insurance Group Co Ltd is ¥57.51 (as of Aug 19, 2026), built from audited fundamentals. The current price: ¥34.21.
What is the quality score of 601601?
China Pacific Insurance Group Co Ltd has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of China Pacific Insurance Group Co Ltd (601601)?
China Pacific Insurance Group Co Ltd reported trailing-twelve-month revenue of about 334B CNY (latest available figure, as of Aug 19, 2026).
What is the net profit margin of 601601?
The net profit margin of China Pacific Insurance Group Co Ltd is about 16.0%, meaning it keeps roughly 16.0% of revenue as net income. Based on the latest reported figures.
Does China Pacific Insurance Group Co Ltd pay a dividend?
China Pacific Insurance Group Co Ltd currently shows a dividend yield of about 3.36% relative to its recent price (as of Aug 19, 2026).
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