China's big four state-owned banks, Agricultural Bank of China, Bank of China, China Construction Bank, and the Industrial and Commercial Bank of China, posted interim revenue and profit growth of 9%-11% and 3%-5% year on year, respectively.
601288 is trading within a range we consider fairly valued.
Price
CN¥6.97
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say
Bulls
ABC has limited off-balance-sheet exposure to the property sector, given its relatively small scale of wealth management products and simple product structure.
Bears
The weak revenue growth and hefty technology investment led to a deteriorating trend of ABC's cost/income ratio.
As one of the Big Four banks, ABC is headquartered in Beijing. The bank evolved from a state-owned specialized bank to a state-controlled commercial bank. It was listed on the Hong Kong and Shanghai Stock Exchanges in 2010. ABC operates a more than 22,000-branch network in China, providing corporate and retail banking products and services, and carries out treasury operations for its accounts or for its customers. Shareholders Central Huijin, China's state-owned investment company, and the Ministry of Finance own 40.14% and 35.29%, respectively. Corporate banking, retail banking, and wholesale banking accounted for 36%, 53%, and 7% of total revenue in 2025, respectively. Rural banking and urban banking contributed 49.6% and 50.4%, respectively, of total revenue during the same period.