{
  "snapshot_id": "09880-HK-20260905-current",
  "meta": {
    "company": "优必选",
    "code": "09880.HK",
    "market": "香港联合交易所主板",
    "as_of_date": "2026-09-05",
    "currency": "HKD",
    "report_period_end": "2026-06-30",
    "latest_operating_info_date": "2026-08-28"
  },
  "market": {
    "price": 85.65,
    "price_type": "香港市场最新完整交易日未复权收盘价",
    "price_timestamp": "2026-09-04T16:00:00+08:00",
    "diluted_shares": 503401373,
    "shares_date": "2026-08-31",
    "platform_market_cap": 43116327697.45
  },
  "financials": {
    "annual": {
      "period_end": "2025-12-31",
      "basis": "audited_converted_to_hkd_at_2026-09-04_central_parity",
      "revenue": 2314417404.98,
      "attributable_profit": -813332485.14,
      "deduct_profit": -813332485.14,
      "cfo": -906927062.85,
      "capex": 473089823.96
    },
    "current_cumulative": {
      "period_end": "2026-06-30",
      "basis": "interim_results_unaudited_converted_to_hkd_at_2026-09-04_central_parity",
      "revenue": 1467915057.02,
      "attributable_profit": -360265099.82,
      "deduct_profit": -360265099.82,
      "cfo": null,
      "capex": null
    },
    "prior_year_same_period": {
      "period_end": "2025-06-30",
      "basis": "reported_comparative_converted_to_hkd_at_2026-09-04_central_parity",
      "revenue": 718799879.71,
      "attributable_profit": -478438085.54,
      "deduct_profit": -478438085.54,
      "cfo": null,
      "capex": null
    }
  },
  "balance_sheet": {
    "period_end": "2026-06-30",
    "equity": 8057173425.25,
    "cash_available": 2754184690.83,
    "non_operating_financial_assets": 406706146.34,
    "interest_bearing_debt": 1153508061.72,
    "minority_interest": 1032184501.84
  },
  "normalization": {
    "adjustments": [
      {
        "description": "港股法定披露无A股式扣非归母，以归母亏损作保守代理",
        "amount": 0,
        "basis": "2026H1归母亏损3.115亿元人民币；集团非GAAP净亏损3.388亿元人民币，未制造扣非指标"
      }
    ]
  },
  "valuation": {
    "scenarios": [
      {
        "name": "悲观",
        "role": "pessimistic",
        "method": "pb",
        "multiple_low": 1.5,
        "multiple_high": 3.0,
        "assumption": "规模交付放缓、应收和存货继续上升，现金消耗与并购整合压低估值倍数。"
      },
      {
        "name": "基准",
        "role": "base",
        "method": "pb",
        "multiple_low": 3.0,
        "multiple_high": 5.0,
        "assumption": "全尺寸人形机器人收入继续增长、亏损收窄，但仍以未盈利平台公司估值并计入现金与并购风险。"
      },
      {
        "name": "乐观",
        "role": "optimistic",
        "method": "pb",
        "multiple_low": 5.0,
        "multiple_high": 7.0,
        "assumption": "规模订单持续转化为收入和回款，毛利率维持改善，费用率下降并接近盈亏平衡。"
      }
    ],
    "reverse_pe_multiples": [20, 25, 30, 40, 50, 60, 75, 100],
    "exit_pe_multiples": [20, 25, 30, 40, 50, 60],
    "holding_period": {
      "years": 5,
      "required_return": 0.1,
      "cumulative_dividend_per_share": 0
    }
  },
  "institutions": {
    "coverage_status": "no_usable_forecasts",
    "forecasts": []
  },
  "sources": [
    {
      "id": "SRC-HKEX-09880-H1-20260828",
      "source_type": "archived_primary",
      "title": "优必选截至2026年6月30日止六个月中期业绩公告",
      "publish_date": "2026-08-28",
      "period_end": "2026-06-30",
      "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0828/2026082801691.pdf",
      "supports": ["financials.current_cumulative", "financials.prior_year_same_period", "balance_sheet.equity", "balance_sheet.cash_available", "balance_sheet.interest_bearing_debt", "analysis"],
      "revision_status": "current"
    },
    {
      "id": "SRC-HKEX-09880-ANNUAL-2025",
      "source_type": "archived_primary",
      "title": "优必选2025年度报告",
      "publish_date": "2026-04-14",
      "period_end": "2025-12-31",
      "url": "https://www.hkexnews.hk/listedco/listconews/sehk/2026/0414/2026041401168.pdf",
      "supports": ["financials.annual"],
      "revision_status": "current"
    },
    {
      "id": "SRC-HKEX-09880-SHARES-202608",
      "source_type": "archived_primary",
      "title": "优必选截至2026年8月31日证券变动月报表",
      "publish_date": "2026-09-03",
      "period_end": "2026-08-31",
      "url": "https://www1.hkexnews.hk/search/titlesearch.xhtml?category=0&market=SEHK&stockId=1000208870",
      "supports": ["market.diluted_shares", "market.shares_date"],
      "revision_status": "current"
    },
    {
      "id": "SRC-EM-09880-20260904",
      "source_type": "quote_provider",
      "title": "东方财富优必选2026-09-04未复权日K与总股本",
      "publish_date": "2026-09-05",
      "period_end": "2026-09-04",
      "url": "https://push2his.eastmoney.com/api/qt/stock/kline/get?secid=116.09880",
      "supports": ["market.price", "market.platform_market_cap"],
      "revision_status": "current"
    },
    {
      "id": "SRC-FX-HKD-CNY-20260904",
      "source_type": "professional_database",
      "title": "2026-09-04人民币汇率中间价：1港元兑0.86458人民币",
      "publish_date": "2026-09-04",
      "period_end": "2026-09-04",
      "url": "https://hzf.mofcom.gov.cn/article/zyfw/jrfw/jrfwywzn/jrfwwh/hlfxglzy/202609/7872.html",
      "supports": ["financials", "balance_sheet", "valuation"],
      "revision_status": "current"
    }
  ],
  "analysis": {
    "company_type": "高速增长但仍亏损的人形机器人平台公司，并表锋龙电气后业务边界扩大",
    "primary_model": "PB情景为主，PS、收入结构、亏损收窄、现金消耗和并购整合交叉验证；负利润不使用PE",
    "cross_checks": ["2026H1收入与毛利率", "PB", "前瞻PS", "现金和债务", "应收与存货", "客户集中度"],
    "profit_sources": ["2026H1收入12.69亿元人民币，同比增长104%；其中全尺寸人形机器人收入5.90亿元，占46.5%。"],
    "profit_source_quality": ["毛利率升至44.7%，但归母仍亏损3.11亿元；单一客户贡献24%收入，应收账款和存货均明显增加。"],
    "risks": ["仍未实现可持续盈利，估值依赖远期商业化。", "现金从2025年末48.88亿元降至2026H1的23.81亿元，主要受并购付款影响。", "信用减值损失升至0.91亿元，应收和存货增长带来回款及交付风险。", "锋龙电气并表改变收入结构并增加商誉和整合复杂度。", "客户集中度提高，单一大客户收入占24%。"],
    "upgrade_triggers": ["全尺寸机器人订单持续转化为收入、回款和经营现金流。", "毛利率维持且费用率下降，归母亏损继续快速收窄。"],
    "downgrade_triggers": ["应收或存货继续快于收入增长。", "现金消耗超预期、并购整合不及预期或需要再次大额股权融资。"],
    "fx_rate_cny_per_hkd": 0.86458,
    "executive_conclusion": "85.65港元高于基准合理区间约48.02—80.03港元、但仍在乐观区间内，判断为偏贵；收入与毛利率改善真实，但价格已要求规模交付、回款和亏损收窄同时兑现。",
    "information_cutoff": "2026-09-05T23:30:00+08:00"
  }
}