{
  "batch_id": "BATCH-STOCK-VALUATION-20260805-003",
  "ticker": "09880.HK",
  "company": "优必选",
  "as_of": "2026-08-04",
  "information_cutoff": "2026-08-04T23:59:59+08:00",
  "raw_register": "ana-data/cases/股票估值/BATCH-STOCK-VALUATION-20260805-003/raw/09880_HK/优必选公开数据登记_20260804.json",
  "raw_register_sha256": "261da4ccd99b1fa1a7c60bf89d8df845c0be02a569395ebcaf32bb982e1d936e",
  "snapshot_sha256": "07d1de9cfcbbbf50ae7deb80fd0e4a71ad7e378d341927d3e715b54310c7e876",
  "calculation_sha256": "2382ddae1d747a14f00ef60c3aadf571c72113e67e46ae6c5c89d14bfdc33a46",
  "formal_report_sha256": "28d391a4ad0c4381ab90ca6b6c2e2f625cc8b865276b6964a2810b8fbe647cb4",
  "source_urls": {
    "hkex_title_search": "https://www1.hkexnews.hk/search/titlesearch.xhtml?category=0&market=SEHK&stockId=1000208870",
    "hkex_2025_annual_results": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0331/2026033102607.pdf",
    "hkex_2025_annual_report": "https://www.hkexnews.hk/listedco/listconews/sehk/2026/0414/2026041401168.pdf",
    "hkex_2026_july_monthly_return": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0803/2026080302180.pdf",
    "eastmoney_hk_kline": "https://push2his.eastmoney.com/api/qt/stock/kline/get?secid=116.09880",
    "eastmoney_hk_cashflow": "https://datacenter-web.eastmoney.com/api/data/v1/get?reportName=RPT_HKF10_FN_CASHFLOW_PC",
    "etnet_consensus": "https://www.etnet.com.hk/www/eng/stocks/realtime/quote_profit.php?code=9880",
    "kgi_report": "https://www.kgi.com.hk/en/-/media/files/kgishk/research-reports/investment-perspectives/2026/kgis-global-markets-weekly-kickstart_20260413.pdf",
    "fx_history": "https://www.exchangerates.org.uk/HKD-CNY-spot-exchange-rates-history-2026.html"
  },
  "checks": {
    "price_times_shares_hkd": 43770749382.35,
    "result_market_cap_hkd": 43770749382.35,
    "shares_from_hkex_monthly_return": 503401373,
    "cny_per_hkd": 0.8612,
    "institution_count": 7,
    "qa": {
      "error_count": 0,
      "info_count": 0,
      "issues": [
        {
          "action": "使用正常化情景、PB 或反向估值。",
          "field": "metrics.ttm_attributable_profit",
          "issue_id": "QA-NEGATIVE-TTM-PROFIT",
          "message": "TTM 归母利润不为正，报告 PE 不适用。",
          "recalc_scope": "PE 模块",
          "severity": "WARNING"
        },
        {
          "action": "检查主营盈利恢复条件。",
          "field": "metrics.ttm_deduct_profit",
          "issue_id": "QA-NEGATIVE-TTM-DEDUCT",
          "message": "TTM 扣非利润不为正，扣非 PE 不适用。",
          "recalc_scope": "扣非 PE 模块",
          "severity": "WARNING"
        },
        {
          "action": "拆解营运资本、资本开支与回款持续性。",
          "field": "metrics.annual_fcf",
          "issue_id": "QA-NEGATIVE-FCF",
          "message": "最近完整年度简化自由现金流为负。",
          "recalc_scope": "DCF 与现金流交叉验证",
          "severity": "WARNING"
        }
      ],
      "status": "PASS_WITH_WARNINGS",
      "warning_count": 3
    }
  },
  "bounded_gaps": [
    "港股没有A股式扣非归母净利润字段；主报告以归母亏损作为保守代理，不制造扣非数。",
    "公开机构明细页给出7家2026年盈利预测；汇总均值由逐家数字复算，不把评级或目标价作为估值输入。",
    "2026年上半年中报尚未披露；TTM采用最新已审计2025全年口径，不外推2026年中期利润。"
  ]
}