{
  "as_of": "2026-09-13",
  "universe": 812,
  "comparison_scope": 175,
  "compared_count": 175,
  "mechanisms": {
    "业务模式/产品结构变化": 22,
    "已有业务扩展/效率改善": 67,
    "周期/订单/利用率修复": 51,
    "新药/新产品商业化": 17,
    "并购/剥离占重要贡献": 16,
    "成熟平台的新一轮需求增长": 2
  },
  "items": [
    {
      "ticker": "AAON",
      "name": "AAON, INC.",
      "mechanism": "业务模式/产品结构变化",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-10",
          "report_date": "2026-06-30",
          "revenue": 626976000.0,
          "revenue_yoy_pct": 101.23312160787248,
          "gross_margin": 0.24321664625121217,
          "operating_margin": 0.1098670443525749,
          "ttm_fcf_margin": null,
          "prior_revenue_yoy_pct": 54.30207356530272,
          "prior_gross_margin": 0.26552555309130943,
          "prior_operating_margin": 0.07568837521303604,
          "prior_ttm_fcf_margin": null,
          "changes_pp": {
            "demand": 46.931048042569756,
            "gross_margin": -2.230890684009726,
            "operating_margin": 3.417866913953886,
            "cash_margin": null
          },
          "signals": [
            "demand",
            "operating_margin"
          ],
          "accession": "0000824142-26-000055",
          "currency": "USD",
          "net_margin": 0.09036869034859389,
          "prior_net_margin": 0.049706804635921004,
          "net_margin_yoy_pp": 4.066188571267289
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 0,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "BASX数据中心需求与产能爬坡带来收入翻倍，Alpha Class订单增长50%；2025年ERP扰动后生产恢复。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "毛利率仍下降，收入改善不等于单位盈利改善；需拆BASX占比与低基数。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "7bce47b9a3b6e6e2bc4470deb30be76a40fac852f290cb7d84a33a6c2f3136a4",
          "navigation_offsets": [
            6547,
            2739
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "05cfcfca13e285275bf0b9f53509cf03e34292679a7493ac6216a17ffd851b2c",
          "navigation_offsets": [
            3252,
            4875
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 79.80000305175781,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 82453639.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.06370996235252457,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.3725921729695698,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.0465574170722336,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": null
      },
      "market_cap": 6579800643.828537,
      "ttm_revenue": 1932367000.0,
      "reported_fcf_yield": null,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 411552643.1321031,
          "required_cash_to_current_sales": 0.21297850932669782
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 317652585.3334011,
          "required_cash_to_current_sales": 0.16438522564989005
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 246040337.57297257,
          "required_cash_to_current_sales": 0.12732588456176935
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "结构变化线索：进入业务与现金反证比较",
      "second_pass_decision": "BASX增长很强但最新毛利仍同比下降；还不能用订单/产能证明单位经济改善。",
      "deep_source_recheck": false,
      "industry": "Building Products & Equipment",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-11-06",
          "report_date": "2025-09-30",
          "revenue": 384238000.0,
          "revenue_yoy_pct": 17.413491743365974,
          "gross_margin": 0.278111482987107,
          "operating_margin": 0.11345832530879299,
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          "prior_revenue_yoy_pct": -0.6375053417781218,
          "prior_gross_margin": 0.34883820419737693,
          "prior_operating_margin": 0.20021268013640864,
          "prior_ttm_fcf_margin": null,
          "changes_pp": {
            "demand": 18.050997085144097,
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            "operating_margin": -8.675435482761564,
            "cash_margin": null
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          "signals": [
            "demand"
          ],
          "accession": "0000824142-25-000199",
          "currency": "USD",
          "net_margin": 0.08011180570375652,
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          "net_margin_yoy_pp": -8.069698996441359
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          "period": "2025Q4",
          "filed_at": "2026-03-02",
          "report_date": "2025-12-31",
          "revenue": 424217000.0,
          "revenue_yoy_pct": 42.48953707871208,
          "gross_margin": 0.2587590784904895,
          "operating_margin": 0.10362621017073809,
          "ttm_fcf_margin": null,
          "prior_revenue_yoy_pct": 17.413491743365974,
          "prior_gross_margin": 0.2606997225562445,
          "prior_operating_margin": 0.0988485748258419,
          "prior_ttm_fcf_margin": null,
          "changes_pp": {
            "demand": 25.07604533534611,
            "gross_margin": -0.1940644065755004,
            "operating_margin": 0.47776353448961834,
            "cash_margin": null
          },
          "signals": [
            "demand"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.075508525118041,
          "prior_net_margin": 0.08293082715858631,
          "net_margin_yoy_pp": -0.7422302040545309
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-05-07",
          "report_date": "2026-03-31",
          "revenue": 496936000.0,
          "revenue_yoy_pct": 54.30207356530272,
          "gross_margin": 0.2514710143760967,
          "operating_margin": 0.11482162692982598,
          "ttm_fcf_margin": null,
          "prior_revenue_yoy_pct": 42.48953707871208,
          "prior_gross_margin": 0.268166208151428,
          "prior_operating_margin": 0.10902208946325771,
          "prior_ttm_fcf_margin": null,
          "changes_pp": {
            "demand": 11.812536486590638,
            "gross_margin": -1.6695193775331296,
            "operating_margin": 0.5799537466568263,
            "cash_margin": null
          },
          "signals": [
            "demand"
          ],
          "accession": "0000824142-26-000036",
          "currency": "USD",
          "net_margin": 0.08012098137385901,
          "prior_net_margin": 0.09095369099591993,
          "net_margin_yoy_pp": -1.0832709622060928
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        {
          "period": "2026Q2",
          "filed_at": "2026-08-10",
          "report_date": "2026-06-30",
          "revenue": 626976000.0,
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          "operating_margin": 0.1098670443525749,
          "ttm_fcf_margin": null,
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          "prior_gross_margin": 0.26552555309130943,
          "prior_operating_margin": 0.07568837521303604,
          "prior_ttm_fcf_margin": null,
          "changes_pp": {
            "demand": 46.931048042569756,
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          },
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            "operating_margin"
          ],
          "accession": "0000824142-26-000055",
          "currency": "USD",
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          "prior_net_margin": 0.049706804635921004,
          "net_margin_yoy_pp": 4.066188571267289
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      ],
      "financial_reason": "2025Q3 收入同比17.41%，毛利率27.81%，营业利润率11.35%，净利率8.01%；2025Q4 收入同比42.49%，毛利率25.88%，营业利润率10.36%，净利率7.55%；2026Q1 收入同比54.30%，毛利率25.15%，营业利润率11.48%，净利率8.01%；2026Q2 收入同比101.23%，毛利率24.32%，营业利润率10.99%，净利率9.04%",
      "primary_source": {
        "ticker": "AAON",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/824142/000082414226000055/aaon-20260630.htm",
        "sha256": "485542bfab561baab330c026d7534c91641fcb40910eff5da0e6ec62b7ee104a",
        "checks": {
          "revenue": {
            "local": 626976000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
                "value": 626976000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
              "current": 626976000.0,
              "prior": 311567000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 68884000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 68884000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 68884000.0,
              "prior": 23582000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 56659000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 56659000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 56659000.0,
              "prior": 15487000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "AAON为商业建筑、工业设施和数据中心制造空调与制冷设备。它根据客户的温度、空气洁净度和能耗要求，提供屋顶空调机组、空气处理设备及定制冷却系统。公司主要通过销售这些设备，以及相关零部件和服务获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "24c2a65b00736b9f5e2f02853e3ebecb472f63ad932d1d63552aa965373ef4f9",
          "business_evidence_sha256": "5b6f24a55bd14a4a166313f40517303e421c2abb06d403d436535cdeb04832de",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/824142/000082414226000055/aaon-20260630.htm"
        }
      }
    },
    {
      "ticker": "ABBV",
      "name": "AbbVie Inc.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-03",
          "report_date": "2026-06-30",
          "revenue": 16990000000.0,
          "revenue_yoy_pct": 10.160150424690407,
          "gross_margin": 0.7474396703943497,
          "operating_margin": 0.37857563272513245,
          "ttm_fcf_margin": 0.28282545895070355,
          "prior_revenue_yoy_pct": 12.433485722850923,
          "prior_gross_margin": 0.718213058419244,
          "prior_operating_margin": 0.3173182908642936,
          "prior_ttm_fcf_margin": 0.31269716088328076,
          "changes_pp": {
            "demand": -2.273335298160516,
            "gross_margin": 2.9226611975105676,
            "operating_margin": 6.1257341860838865,
            "cash_margin": -2.987170193257721
          },
          "signals": [
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001551152-26-000026",
          "currency": "USD",
          "net_margin": 0.21265450264861682,
          "prior_net_margin": 0.060818258445179275,
          "net_margin_yoy_pp": 15.183624420343754
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Skyrizi/Rinvoq接替Humira的组合迁移已有跨期销售证据，2026销售继续双位数增长。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "GAAP利润跃升部分来自收购研发费用变化；Apogee交易与研发成本需单独桥接。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "44bdbcade54527200a8b8029dc49e3453e05808133c1eddadf9b870669877ca8",
          "offset": 2023,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-31"
        },
        {
          "period": "2026Q2",
          "content_hash": "44bdbcade54527200a8b8029dc49e3453e05808133c1eddadf9b870669877ca8",
          "offset": 19033,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-31"
        },
        {
          "period": "2025Q2",
          "content_hash": "20137fc7edbf7621fe165b59839a3384f55b105ca3c5412a655b1f0b9a69e311",
          "offset": 2159,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-31"
        },
        {
          "period": "2025Q2",
          "content_hash": "20137fc7edbf7621fe165b59839a3384f55b105ca3c5412a655b1f0b9a69e311",
          "offset": 20629,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-31"
        }
      ],
      "market": {
        "close": 257.1199951171875,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 1767117285.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": 0.033606692374009706,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.129056338387725,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.13435472688530448,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 18210000000.0
      },
      "market_cap": 454361187690.69763,
      "ttm_revenue": 64386000000.0,
      "reported_fcf_yield": 0.04007824720362404,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 28419333328.303352,
          "required_cash_to_current_sales": 0.4413899501180901
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 21935163959.789093,
          "required_cash_to_current_sales": 0.3406821973688239
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 16990055786.010704,
          "required_cash_to_current_sales": 0.2638781068246312
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；GAAP利润跃升部分来自收购研发费用变化；Apogee交易与研发成本需单独桥接。",
      "deep_source_recheck": false,
      "industry": "Drug Manufacturers - General",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-11-04",
          "report_date": "2025-09-30",
          "revenue": 15776000000.0,
          "revenue_yoy_pct": 9.100968188105107,
          "gross_margin": 0.6637931034482759,
          "operating_margin": 0.1206896551724138,
          "ttm_fcf_margin": 0.33002481389578164,
          "prior_revenue_yoy_pct": 6.645000691467295,
          "prior_gross_margin": 0.7087136929460581,
          "prior_operating_margin": 0.2649377593360996,
          "prior_ttm_fcf_margin": 0.28132821925701834,
          "changes_pp": {
            "demand": 2.455967496637811,
            "gross_margin": -4.4920589497782215,
            "operating_margin": -14.424810416368578,
            "cash_margin": 4.86965946387633
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          "signals": [
            "demand",
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        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "艾伯维是一家研发和销售处方药的生物制药公司，业务覆盖免疫疾病、肿瘤、神经科学和医美等领域。它把药物研发、临床试验和生产连接起来，通过医疗体系向患者提供治疗产品。公司主要依靠已商业化药品的销售赚钱，并通过研发和引进新药延续产品组合。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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      "name": "ASCENT INDUSTRIES CO.",
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                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 670000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 670000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 670000.0,
              "prior": 6286000.0,
              "prior_periods": [
                "2025-06-30"
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Ascent是一家工业材料企业，本轮研究关注的是其聚焦特种化学品的业务。它为工业客户提供化学配方和相关生产服务，让材料满足加工、性能及使用环境的要求。公司过去还经营金属管材，因此理解它时需要把保留业务与已调整的业务区分开。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "abf9473e2ba4c23d03b9875b8badddccfd8f6f232829a8aba9dc529335e6047b",
          "business_evidence_sha256": "43f2366d6ab75381c88cf025cb39502d48a43ffae70a55a3331d6c31b8171a32",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/95953/000009595326000109/acnt-20260630.htm"
        }
      }
    },
    {
      "ticker": "ADI",
      "name": "ANALOG DEVICES INC",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
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        "operating_margin_improvement": {
          "positive": 4,
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        "net_margin_improvement": {
          "positive": 4,
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        },
        "gross_margin_improvement": {
          "positive": 4,
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "数据中心光学和供电内容增长叠加工业复苏，四季收入及经营利润率同步提高。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "需拆分周期补库存与结构性份额增长；2025片段有EPS转录错误，不采用该数字。",
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          "source": "defeatbeta-api",
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        },
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          "source": "defeatbeta-api",
          "published_date": "2026-08-19"
        },
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          "period": "2025Q2",
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          "offset": 4877,
          "characters_read": 470,
          "source": "youtube_transcript",
          "published_date": "2025-08-20"
        },
        {
          "period": "2025Q2",
          "content_hash": "152a67b70673feb0b55dbd3153f6f880373aca0f746a135e3cc5421ba1e32c47",
          "offset": 9779,
          "characters_read": 470,
          "source": "youtube_transcript",
          "published_date": "2025-08-20"
        }
      ],
      "market": {
        "close": 378.7799987792969,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
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        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-08-01",
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          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.40105461791547814,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": false,
        "local_reported_fcf": 4937495000.0
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      "market_cap": 183543706241.18942,
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      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；需拆分周期补库存与结构性份额增长；2025片段有EPS转录错误，不采用该数字。",
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      "primary_source": {
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        "summary": "亚德诺为电子设备设计和生产模拟、混合信号及电源管理芯片。它的芯片负责把温度、声音、电压等现实世界信号转换成数字信息，并管理设备供电。客户主要是工业、汽车和通信设备制造商，公司通过销售芯片及配套方案获得收入。",
        "version": "2026-09-14-editorial-v1",
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        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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      "business_evidence": "2025验证IG产量提升至少20%的制造工艺，2026已进入商业生产并兑现毛利率；ASCENIV使用量持续增加",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "标准IG供给增加和价格竞争，收入增速显著放缓；高毛利不等于需求加速",
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.4939693169924584,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": false,
        "local_reported_fcf": 116469000.0
      },
      "market_cap": 2067378493.8679504,
      "ttm_revenue": 512275000.0,
      "reported_fcf_yield": 0.05633656359755052,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 99806690.04854739,
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        {
          "cash_growth": 0.2,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；标准IG供给增加和价格竞争，收入增速显著放缓；高毛利不等于需求加速",
      "deep_source_recheck": false,
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            "operating_margin"
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            "demand": 6.3836209161759,
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
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          "accession": "derived:q4_synth",
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          "period": "2026Q1",
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          "revenue": 114493000.0,
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          "prior_gross_margin": 0.5321945610703647,
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            "demand": -18.656384826548575,
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            "operating_margin": 20.513817767515384,
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      "financial_reason": "2025-09-30（本地期标2025Q3）收入134.22百万美元、同比12.00%；毛利率56.34%、营业率38.01%、净利率27.14%；2025-12-31（本地期标2025Q4）收入139.16百万美元、同比18.39%；毛利率63.82%、营业率45.09%、净利率35.48%；2026-03-31（本地期标2026Q1）收入114.49百万美元、同比-0.27%；毛利率70.53%、营业率50.90%、净利率39.59%；2026-06-30（本地期标2026Q2）收入124.39百万美元、同比1.98%；毛利率69.36%、营业率42.16%、净利率30.40%；最新净利率同比变化2.35个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "ADMA",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1368514/000114036126031445/ef20075111_10q.htm",
        "sha256": "ee3bab4e29f4a8b47773d19a55acd003afa4cfe895660dd27644595b4216426e",
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              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 124395000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 124395000.0,
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                "2025-06-30"
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            }
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                "concept": "us-gaap:OperatingIncomeLoss",
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 52445000.0,
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                "2025-06-30"
              ]
            }
          },
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            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 37822000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 37822000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "ADMA把采集来的血浆加工成治疗免疫缺陷及相关感染问题的生物制品。它同时经营血浆采集和药品生产，产品包括用于静脉输注的免疫球蛋白。公司通过向医疗渠道销售这些血浆制品赚钱，业务既依赖原料供应，也依赖生产能力和产品质量。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "302f1d3d499ae83ee8b8f309cdead1852589f904ea71d01df4af4ef06e16402c",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1368514/000114036126031445/ef20075111_10q.htm"
        }
      }
    },
    {
      "ticker": "ADSK",
      "name": "Autodesk, Inc.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
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        "operating_margin_improvement": {
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        "net_margin_improvement": {
          "positive": 3,
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        },
        "gross_margin_improvement": {
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        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "交易模式改变、销售费用优化及SBC收入占比下降，与连续营业利润率改善相符。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "收入需扣除新交易模式毛额变化；MaintainX收购后价格分析需要重建现金与债务。",
      "sources": [
        {
          "period": "2027Q2",
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          "offset": 2231,
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          "source": "defeatbeta-api",
          "published_date": "2026-08-27"
        },
        {
          "period": "2027Q2",
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          "offset": 7535,
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          "source": "defeatbeta-api",
          "published_date": "2026-08-27"
        },
        {
          "period": "2026Q2",
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          "source": "youtube_transcript",
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        },
        {
          "period": "2026Q2",
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          "offset": 3917,
          "characters_read": 470,
          "source": "youtube_transcript",
          "published_date": "2025-08-29"
        }
      ],
      "market": {
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        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 209000000.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-07-31",
        "returns": {
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          "1y": {
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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            "end": "2026-09-11",
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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      ],
      "normalized_cash_verified": false,
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      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；收入需扣除新交易模式毛额变化；MaintainX收购后价格分析需要重建现金与债务。",
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          "accession": "derived:q4_synth",
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            "cash_margin": 10.576780299943362
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          "prior_ttm_fcf_margin": 0.28523845571536716,
          "changes_pp": {
            "demand": -2.380149351558302,
            "gross_margin": 0.41656755652327293,
            "operating_margin": 4.092292474448989,
            "cash_margin": 7.920313606897173
          },
          "signals": [
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0000769397-26-000061",
          "currency": "USD",
          "net_margin": 0.2404692082111437,
          "prior_net_margin": 0.1775382870107771,
          "net_margin_yoy_pp": 6.293092120036661
        }
      ],
      "financial_reason": "2025Q4收入1853.00百万美元/同比18.03%，毛利率91.10%，营业率25.36%，净利率18.51%；2026Q1收入1957.00百万美元/同比19.40%，毛利率91.52%，营业率22.02%，净利率16.15%；2026Q2收入1934.00百万美元/同比18.43%，毛利率90.95%，营业率27.97%，净利率25.39%；2026Q3收入2046.00百万美元/同比16.05%，毛利率91.40%，营业率29.28%，净利率24.05%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "ADSK",
        "period": "2026-07-31",
        "source_period": "2026-07-31",
        "url": "https://www.sec.gov/Archives/edgar/data/769397/000076939726000061/adsk-20260731.htm",
        "sha256": "c791fb00a68c4c8945d2a4698a9c2b6430a75c767273bab253653bf3c4ff6b5e",
        "checks": {
          "revenue": {
            "local": 2046000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 2046000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 2046000000.0,
              "prior": 1763000000.0,
              "prior_periods": [
                "2025-07-31"
              ]
            }
          },
          "operating_income": {
            "local": 599000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 599000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 599000000.0,
              "prior": 444000000.0,
              "prior_periods": [
                "2025-07-31"
              ]
            }
          },
          "net_income": {
            "local": 492000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 492000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 492000000.0,
              "prior": 313000000.0,
              "prior_periods": [
                "2025-07-31"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "欧特克为建筑师、工程师、制造商和内容创作者提供设计软件。AutoCAD、Revit等工具帮助用户完成绘图、三维建模，并在设计和施工团队之间协作。公司主要通过软件订阅和云服务收费，而不是直接参与建筑施工或产品制造。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "bc14f811160e8e0f960f30488fc6877da212280c1223a9124ca26f33e20f9cb6",
          "business_evidence_sha256": "5da19a535a205b457656ae61fcf9f652d3b139db77f2e552570268548d08c133",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/769397/000076939726000061/adsk-20260731.htm"
        }
      }
    },
    {
      "ticker": "AEIS",
      "name": "ADVANCED ENERGY INDUSTRIES INC",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-03",
          "report_date": "2026-06-30",
          "revenue": 574100000.0,
          "revenue_yoy_pct": 30.0339750849377,
          "gross_margin": 0.4112523950531266,
          "operating_margin": 0.1656505835220345,
          "ttm_fcf_margin": 0.042938463048385514,
          "prior_revenue_yoy_pct": 26.29757785467128,
          "prior_gross_margin": 0.3701019252548131,
          "prior_operating_margin": 0.07157417893544733,
          "prior_ttm_fcf_margin": 0.0772558873156775,
          "changes_pp": {
            "demand": 3.7363972302664195,
            "gross_margin": 4.11504697983135,
            "operating_margin": 9.407640458658715,
            "cash_margin": -3.431742426729198
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0000927003-26-000032",
          "currency": "USD",
          "net_margin": 0.09423445392788712,
          "prior_net_margin": 0.057078142695356736,
          "net_margin_yoy_pp": 3.715631123253039
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "2025新平台设计赢单在2026放量，产品组合升级和制造效率提升对应连续毛利率改善。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "工业渠道周期回暖及成熟产品提价也有贡献；最新净利率回落需核验非经营项。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "864bd75200dc45f25dffda0f1832e00219181db9723978e94bc0b46369d46865",
          "offset": 2134,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-03"
        },
        {
          "period": "2026Q2",
          "content_hash": "864bd75200dc45f25dffda0f1832e00219181db9723978e94bc0b46369d46865",
          "offset": 5209,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-03"
        },
        {
          "period": "2025Q2",
          "content_hash": "d682ce9c5d1bd674ad8a4b361176d476719cbc1d11b79e153305a5710b9c0685",
          "offset": 3257,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-05"
        },
        {
          "period": "2025Q2",
          "content_hash": "d682ce9c5d1bd674ad8a4b361176d476719cbc1d11b79e153305a5710b9c0685",
          "offset": 1359,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-05"
        }
      ],
      "market": {
        "close": 287.25,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 40050442.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.14843473922996042,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.18940654130435453,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.3723873725772082,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 87500000.0
      },
      "market_cap": 11504489464.5,
      "ttm_revenue": 2037800000.0,
      "reported_fcf_yield": 0.007605726466176816,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 719581534.9574883,
          "required_cash_to_current_sales": 0.3531168588465445
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 555401450.4629315,
          "required_cash_to_current_sales": 0.27254953894539774
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 430190612.85773027,
          "required_cash_to_current_sales": 0.21110541410233108
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；工业渠道周期回暖及成熟产品提价也有贡献；最新净利率回落需核验非经营项。",
      "deep_source_recheck": false,
      "industry": "Electrical Equipment & Parts",
      "financial_history": [
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          "filed_at": "2025-11-04",
          "report_date": "2025-09-30",
          "revenue": 463300000.0,
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          "prior_gross_margin": 0.3582627192244072,
          "prior_operating_margin": -0.02952297730995652,
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            "demand": 2.8287013095233284,
            "gross_margin": 1.816723976544815,
            "operating_margin": 13.571766757544324,
            "cash_margin": 3.9432974188990007
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            "operating_margin",
            "cash_margin"
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          "accession": "0000927003-25-000023",
          "currency": "USD",
          "net_margin": 0.09971940427368875,
          "prior_net_margin": -0.03982983135453493,
          "net_margin_yoy_pp": 13.95492356282237
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        {
          "period": "2025Q4",
          "filed_at": "2026-02-13",
          "report_date": "2025-12-31",
          "revenue": 489400000.0,
          "revenue_yoy_pct": 17.813304188944223,
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          "prior_gross_margin": 0.37242147986413193,
          "prior_operating_margin": 0.08187230231847147,
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            "demand": -5.991867676577645,
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            "operating_margin": 3.377951623485914,
            "cash_margin": 1.9397038557079664
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          "signals": [
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            "operating_margin"
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          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.10686554965263588,
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          "net_margin_yoy_pp": -1.0788872679412753
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        {
          "period": "2026Q1",
          "filed_at": "2026-05-04",
          "report_date": "2026-03-31",
          "revenue": 511000000.0,
          "revenue_yoy_pct": 26.29757785467128,
          "gross_margin": 0.39315068493150684,
          "operating_margin": 0.13365949119373777,
          "ttm_fcf_margin": 0.03663657358807474,
          "prior_revenue_yoy_pct": 17.813304188944223,
          "prior_gross_margin": 0.3719723183391003,
          "prior_operating_margin": 0.07563025210084033,
          "prior_ttm_fcf_margin": 0.06463836138142996,
          "changes_pp": {
            "demand": 8.48427366572706,
            "gross_margin": 2.117836659240652,
            "operating_margin": 5.802923909289744,
            "cash_margin": -2.800178779335522
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0000927003-26-000014",
          "currency": "USD",
          "net_margin": 0.13072407045009785,
          "prior_net_margin": 0.06104794859120118,
          "net_margin_yoy_pp": 6.967612185889665
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-08-03",
          "report_date": "2026-06-30",
          "revenue": 574100000.0,
          "revenue_yoy_pct": 30.0339750849377,
          "gross_margin": 0.4112523950531266,
          "operating_margin": 0.1656505835220345,
          "ttm_fcf_margin": 0.042938463048385514,
          "prior_revenue_yoy_pct": 26.29757785467128,
          "prior_gross_margin": 0.3701019252548131,
          "prior_operating_margin": 0.07157417893544733,
          "prior_ttm_fcf_margin": 0.0772558873156775,
          "changes_pp": {
            "demand": 3.7363972302664195,
            "gross_margin": 4.11504697983135,
            "operating_margin": 9.407640458658715,
            "cash_margin": -3.431742426729198
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0000927003-26-000032",
          "currency": "USD",
          "net_margin": 0.09423445392788712,
          "prior_net_margin": 0.057078142695356736,
          "net_margin_yoy_pp": 3.715631123253039
        }
      ],
      "financial_reason": "2025Q3收入463.30百万美元/同比23.81%，毛利率37.64%，营业率10.62%，净利率9.97%；2025Q4收入489.40百万美元/同比17.81%，毛利率38.64%，营业率11.57%，净利率10.69%；2026Q1收入511.00百万美元/同比26.30%，毛利率39.32%，营业率13.37%，净利率13.07%；2026Q2收入574.10百万美元/同比30.03%，毛利率41.13%，营业率16.57%，净利率9.42%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "AEIS",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/927003/000092700326000032/aeis-20260630x10q.htm",
        "sha256": "7cdf6386beaaef25c88e05c5571daa29c53a0280d7d0129c2c3c7f30191c73a3",
        "checks": {
          "revenue": {
            "local": 574100000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 574100000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 574100000.0,
              "prior": 441500000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 95100000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 95100000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 95100000.0,
              "prior": 31600000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 54100000.0,
            "alternatives": [
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 54100000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:ProfitLoss",
              "current": 54100000.0,
              "prior": 25200000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Advanced Energy为半导体设备和其他精密设备提供电源转换与控制系统。它的产品让设备在特定电压、功率和稳定性要求下运行，用于芯片加工、工业生产、医疗和数据中心等场景。公司通过向设备制造商销售电源、测量控制产品及提供服务赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "6fd882b1754dc1a2f130ab128d60d955bb62687de83d58048e5ad664d15d66e9",
          "business_evidence_sha256": "78ee464e868249d985047b983a65721862e6073b75a31fe61674b2d754f8aa16",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/927003/000092700326000032/aeis-20260630x10q.htm"
        }
      }
    },
    {
      "ticker": "AGX",
      "name": "ARGAN INC",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q3",
          "filed_at": "2026-09-02",
          "report_date": "2026-07-31",
          "revenue": 383976000.0,
          "revenue_yoy_pct": 61.508856201865036,
          "gross_margin": 0.19328812217430255,
          "operating_margin": 0.1479389336833552,
          "ttm_fcf_margin": 0.45929285694446664,
          "prior_revenue_yoy_pct": 50.239595166787154,
          "prior_gross_margin": 0.18619685963414276,
          "prior_operating_margin": 0.1264180228229643,
          "prior_ttm_fcf_margin": 0.15235018487650467,
          "changes_pp": {
            "demand": 11.269261035077882,
            "gross_margin": 0.7091262540159793,
            "operating_margin": 2.15209108603909,
            "cash_margin": 30.694267206796198
          },
          "signals": [
            "demand",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001104659-26-104745",
          "currency": "USD",
          "net_margin": 0.1388159676646457,
          "prior_net_margin": 0.14837450524305656,
          "net_margin_yoy_pp": -0.9558537578410853
        },
        "revenue_growth": {
          "positive": 3,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "电力工程扩张且工业分部增长111%至7600万美元，占比20%；电力建设订单兑现",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "项目确认与里程碑导致波动，利润率从较高季度回落；并购Teledata需剔除",
      "sources": [
        {
          "period": "2027Q2",
          "published_date": "2026-09-02",
          "content_hash": "6fbec2c7a5ba5939b21c7826cb78d5bfa30b87cce205b6e0f2a4d828fc73366b",
          "offsets": [
            2455,
            4489
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2026Q2",
          "published_date": "2025-09-04",
          "content_hash": "43af89e95f8a2a75e950fc8128eed57ffda565d06b257b4748e2f81f3a6a1a53",
          "offsets": [
            3643,
            1857
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 413.739990234375,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 14029842.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-07-31",
        "returns": {
          "1m": {
            "value": -0.2768047406213787,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.3552237954169415,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.32216638792863583,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 545701000.0
      },
      "market_cap": 5804706692.069824,
      "ttm_revenue": 1188133000.0,
      "reported_fcf_yield": 0.09401009025064376,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 363072152.34075963,
          "required_cash_to_current_sales": 0.3055820790608119
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 280233427.6749744,
          "required_cash_to_current_sales": 0.23586031839446794
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 217057031.2595279,
          "required_cash_to_current_sales": 0.18268748638370275
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；项目确认与里程碑导致波动，利润率从较高季度回落；并购Teledata需剔除",
      "deep_source_recheck": false,
      "industry": "Engineering & Construction",
      "financial_history": [
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          "filed_at": "2025-12-04",
          "report_date": "2025-10-31",
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          "prior_revenue_yoy_pct": 4.725678919895171,
          "prior_gross_margin": 0.1724732304052792,
          "prior_operating_margin": 0.1180196725393762,
          "prior_ttm_fcf_margin": 0.175779743233874,
          "changes_pp": {
            "demand": -7.003818121787719,
            "gross_margin": 1.4460630627637001,
            "operating_margin": 1.1913077616903052,
            "cash_margin": 13.347241243315331
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          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001104659-25-118471",
          "currency": "USD",
          "net_margin": 0.12238356698904651,
          "prior_net_margin": 0.10898493432111063,
          "net_margin_yoy_pp": 1.3398632667935881
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          "period": "2026Q1",
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          "report_date": "2026-01-31",
          "revenue": 262050000.0,
          "revenue_yoy_pct": 12.72228292196116,
          "gross_margin": 0.25033008967754244,
          "operating_margin": 0.18191566494943712,
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          "prior_revenue_yoy_pct": -2.2781392018925484,
          "prior_gross_margin": 0.20481000025809337,
          "prior_operating_margin": 0.14051893975240243,
          "prior_ttm_fcf_margin": 0.18417395064397565,
          "changes_pp": {
            "demand": 15.000422123853708,
            "gross_margin": 4.552008941944907,
            "operating_margin": 4.139672519703469,
            "cash_margin": 25.075976775290087
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.18779622209502003,
          "prior_net_margin": 0.13493551967101697,
          "net_margin_yoy_pp": 5.2860702424003065
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-06-04",
          "report_date": "2026-04-30",
          "revenue": 290954000.0,
          "revenue_yoy_pct": 50.239595166787154,
          "gross_margin": 0.21004694900224777,
          "operating_margin": 0.15602122672312463,
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          "prior_revenue_yoy_pct": 12.72228292196116,
          "prior_gross_margin": 0.19034906537230198,
          "prior_operating_margin": 0.1256945161623464,
          "prior_ttm_fcf_margin": 0.19615846496813188,
          "changes_pp": {
            "demand": 37.517312244825995,
            "gross_margin": 1.969788362994579,
            "operating_margin": 3.032671056077824,
            "cash_margin": 27.11550967940334
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001104659-26-070536",
          "currency": "USD",
          "net_margin": 0.15831712229424583,
          "prior_net_margin": 0.11644118558298049,
          "net_margin_yoy_pp": 4.1875936711265345
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        {
          "period": "2026Q3",
          "filed_at": "2026-09-02",
          "report_date": "2026-07-31",
          "revenue": 383976000.0,
          "revenue_yoy_pct": 61.508856201865036,
          "gross_margin": 0.19328812217430255,
          "operating_margin": 0.1479389336833552,
          "ttm_fcf_margin": 0.45929285694446664,
          "prior_revenue_yoy_pct": 50.239595166787154,
          "prior_gross_margin": 0.18619685963414276,
          "prior_operating_margin": 0.1264180228229643,
          "prior_ttm_fcf_margin": 0.15235018487650467,
          "changes_pp": {
            "demand": 11.269261035077882,
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            "operating_margin": 2.15209108603909,
            "cash_margin": 30.694267206796198
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          "signals": [
            "demand",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001104659-26-104745",
          "currency": "USD",
          "net_margin": 0.1388159676646457,
          "prior_net_margin": 0.14837450524305656,
          "net_margin_yoy_pp": -0.9558537578410853
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      ],
      "financial_reason": "2025-10-31（本地期标2025Q4）收入251.15百万美元、同比-2.28%；毛利率18.69%、营业率12.99%、净利率12.24%；2026-01-31（本地期标2026Q1）收入262.05百万美元、同比12.72%；毛利率25.03%、营业率18.19%、净利率18.78%；2026-04-30（本地期标2026Q2）收入290.95百万美元、同比50.24%；毛利率21.00%、营业率15.60%、净利率15.83%；2026-07-31（本地期标2026Q3）收入383.98百万美元、同比61.51%；毛利率19.33%、营业率14.79%、净利率13.88%；最新净利率同比变化-0.96个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "AGX",
        "period": "2026-07-31",
        "source_period": "2026-07-31",
        "url": "https://www.sec.gov/Archives/edgar/data/100591/000110465926104745/agx-20260731x10q.htm",
        "sha256": "2f387f2090d205e0c52f907624452e1032d95782acb6ab2d947e995bdce21899",
        "checks": {
          "revenue": {
            "local": 383976000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 383976000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 383976000.0,
              "prior": 237743000.0,
              "prior_periods": [
                "2025-07-31"
              ]
            }
          },
          "operating_income": {
            "local": 56805000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 56805000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 56805000.0,
              "prior": 30055000.0,
              "prior_periods": [
                "2025-07-31"
              ]
            }
          },
          "net_income": {
            "local": 53302000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 53302000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 53302000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 53302000.0,
              "prior": 35275000.0,
              "prior_periods": [
                "2025-07-31"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Argan是一家以发电项目为重点的工程建设公司。它帮助电站业主完成设计、设备采购、施工和调试，把建设计划变成可以运行的设施。公司主要按工程合同获得收入，业务取决于项目获取、施工进度和交付成本。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "b28b133c0a73833c7043e03e6df2527e1dcbc2c56ae2ce4ac5750b0c43c85e35",
          "business_evidence_sha256": "cbdb8c512b816918fff8933f5fb3232bfb510009febfa5c43bafb01a6a2e69cb",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/100591/000110465926104745/agx-20260731x10q.htm"
        }
      }
    },
    {
      "ticker": "AIN",
      "name": "ALBANY INTERNATIONAL CORP /DE/",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-04",
          "report_date": "2026-06-30",
          "revenue": 329482000.0,
          "revenue_yoy_pct": 5.807019290363802,
          "gross_margin": 0.3274867822824919,
          "operating_margin": 0.09754098858207733,
          "ttm_fcf_margin": 0.048354046532156886,
          "prior_revenue_yoy_pct": 7.811991384265893,
          "prior_gross_margin": 0.3131256041284654,
          "prior_operating_margin": 0.07151596504805731,
          "prior_ttm_fcf_margin": 0.08193078828205665,
          "changes_pp": {
            "demand": -2.004972093902091,
            "gross_margin": 1.4361178154026488,
            "operating_margin": 2.6025023534020018,
            "cash_margin": -3.357674174989976
          },
          "signals": [
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001628280-26-052329",
          "currency": "USD",
          "net_margin": 0.0528526596293576,
          "prior_net_margin": 0.02948949739722992,
          "net_margin_yoy_pp": 2.336316223212768
        },
        "revenue_growth": {
          "positive": 3,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Engineered Composites收敛到专有3D织物并改善执行，2025重组到2026两分部盈利增强有连续线索。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "2025Q3严重亏损形成低基数，需拆出项目退出损失及Machine Clothing弱需求。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "9a3c86f6ba6565c683463c28c3da9e91becfdf265681ac297ee440e97c0fd264",
          "offset": 3920,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-04"
        },
        {
          "period": "2026Q2",
          "content_hash": "9a3c86f6ba6565c683463c28c3da9e91becfdf265681ac297ee440e97c0fd264",
          "offset": 9922,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-04"
        },
        {
          "period": "2025Q2",
          "content_hash": "4989402b937bfa5c3a52e0a3bde354ecb6c0fbff5ee7795ba0787e9db5019db7",
          "offset": 1472,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-01"
        },
        {
          "period": "2025Q2",
          "content_hash": "4989402b937bfa5c3a52e0a3bde354ecb6c0fbff5ee7795ba0787e9db5019db7",
          "offset": 3616,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-01"
        }
      ],
      "market": {
        "close": 60.279998779296875,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 28400000.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.0557644324057337,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.15038757756013776,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.18895459313997054,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 59159000.0
      },
      "market_cap": 1711951965.3320312,
      "ttm_revenue": 1223455000.0,
      "reported_fcf_yield": 0.034556460226689935,
      "price_hurdles": [
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          "cash_growth": 0.1,
          "required_starting_cash": 107078982.23458031,
          "required_cash_to_current_sales": 0.08752179870496284
        },
        {
          "cash_growth": 0.15,
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          "required_cash_to_current_sales": 0.06755278114624337
        },
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          "required_starting_cash": 64015501.72406456,
          "required_cash_to_current_sales": 0.05232354416309922
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；2025Q3严重亏损形成低基数，需拆出项目退出损失及Machine Clothing弱需求。",
      "deep_source_recheck": false,
      "industry": "Textile Manufacturing",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-11-06",
          "report_date": "2025-09-30",
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          "gross_margin": -0.19101570568479997,
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          "ttm_fcf_margin": 0.07958558552283303,
          "prior_revenue_yoy_pct": -6.2034253631089715,
          "prior_gross_margin": 0.3029096539381875,
          "prior_operating_margin": 0.08435717493448085,
          "prior_ttm_fcf_margin": 0.09274406728036273,
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            "demand": -6.18053366982153,
            "gross_margin": -49.392535962298744,
            "operating_margin": -53.00031123412451,
            "cash_margin": -1.3158481757529705
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          "accession": "0001628280-25-050028",
          "currency": "USD",
          "net_margin": -0.373937590366976,
          "prior_net_margin": 0.060421735604217354,
          "net_margin_yoy_pp": -43.43593259711934
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-02-27",
          "report_date": "2025-12-31",
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          "revenue_yoy_pct": 11.95552534811175,
          "gross_margin": 0.31090639651812235,
          "operating_margin": 0.09299639483695821,
          "ttm_fcf_margin": 0.06987072343641809,
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          "prior_ttm_fcf_margin": 0.11229507197620701,
          "changes_pp": {
            "demand": 24.339484381042254,
            "gross_margin": -0.39120974084387306,
            "operating_margin": 0.8278456843545751,
            "cash_margin": -4.242434853978892
          },
          "signals": [
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          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.04321214423142781,
          "prior_net_margin": 0.06161969990066398,
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        {
          "period": "2026Q1",
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          "revenue": 311333000.0,
          "revenue_yoy_pct": 7.811991384265893,
          "gross_margin": 0.32053781642164497,
          "operating_margin": 0.0814979459292783,
          "ttm_fcf_margin": 0.07671905436661877,
          "prior_revenue_yoy_pct": 11.95552534811175,
          "prior_gross_margin": 0.33412287809844377,
          "prior_operating_margin": 0.09787238463296558,
          "prior_ttm_fcf_margin": 0.11771895073126605,
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            "demand": -4.143533963845858,
            "gross_margin": -1.3585061676798793,
            "operating_margin": -1.637443870368728,
            "cash_margin": -4.099989636464728
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          "signals": [],
          "accession": "0001628280-26-028744",
          "currency": "USD",
          "net_margin": 0.04908249366434011,
          "prior_net_margin": 0.06009890087057699,
          "net_margin_yoy_pp": -1.101640720623688
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        {
          "period": "2026Q2",
          "filed_at": "2026-08-04",
          "report_date": "2026-06-30",
          "revenue": 329482000.0,
          "revenue_yoy_pct": 5.807019290363802,
          "gross_margin": 0.3274867822824919,
          "operating_margin": 0.09754098858207733,
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          "prior_gross_margin": 0.3131256041284654,
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            "demand": -2.004972093902091,
            "gross_margin": 1.4361178154026488,
            "operating_margin": 2.6025023534020018,
            "cash_margin": -3.357674174989976
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          "signals": [
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001628280-26-052329",
          "currency": "USD",
          "net_margin": 0.0528526596293576,
          "prior_net_margin": 0.02948949739722992,
          "net_margin_yoy_pp": 2.336316223212768
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      ],
      "financial_reason": "2025Q3收入261.43百万美元/同比-12.38%，毛利率-19.10%，营业率-44.56%，净利率-37.39%；2025Q4收入321.21百万美元/同比11.96%，毛利率31.09%，营业率9.30%，净利率4.32%；2026Q1收入311.33百万美元/同比7.81%，毛利率32.05%，营业率8.15%，净利率4.91%；2026Q2收入329.48百万美元/同比5.81%，毛利率32.75%，营业率9.75%，净利率5.29%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "AIN",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/819793/000162828026052329/ain-20260630.htm",
        "sha256": "37811f31ec702e952dc05dbcdcae522b7feedfeab6b2cfb663cded9e162f7749",
        "checks": {
          "revenue": {
            "local": 329482000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 329482000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 329482000.0,
              "prior": 311399000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 32138000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 32138000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 32138000.0,
              "prior": 22270000.0,
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                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 17414000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 17414000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 17704000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 17414000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 17414000.0,
              "prior": 9183000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Albany International有两类主要业务：造纸机用工业织物，以及航空领域的复合材料部件。前者帮助纸厂完成纸张成形、压榨和干燥，后者用于制造轻量化的飞机及发动机结构。公司分别向造纸企业和航空产业客户销售这些专业材料与零部件。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "b4e6d32b8a223b0a77805d03dedc727edd436ad7f18ea4752498944f3e0e2bbe",
          "business_evidence_sha256": "cf5ec8fd428c77d0a931c6ec185d26819f0c540f1b1c3fc4dd68848812ab542b",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/819793/000162828026052329/ain-20260630.htm"
        }
      }
    },
    {
      "ticker": "ALAB",
      "name": "Astera Labs, Inc.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
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          "filed_at": "2026-08-05",
          "report_date": "2026-06-30",
          "revenue": 392400000.0,
          "revenue_yoy_pct": 104.45486518171161,
          "gross_margin": 0.7328414882772681,
          "operating_margin": 0.2274413863404689,
          "ttm_fcf_margin": 0.2301952128221619,
          "prior_revenue_yoy_pct": 93.40010787621831,
          "prior_gross_margin": 0.7584368894099257,
          "prior_operating_margin": 0.20723720203204377,
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            "operating_margin": 2.020418430842513,
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          "accession": "0001736297-26-000035",
          "currency": "USD",
          "net_margin": 0.3901325178389399,
          "prior_net_margin": 0.26686987104337634,
          "net_margin_yoy_pp": 12.326264679556353
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Aries PCIe6与Taurus AEC量产、附着率和ASP提高，连续两期产品采用支持高速增长。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "光学2027/2028仍是路线图，客户集中、SBC与价格预期要求高。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "47d3207a60698bda1c7845db806727a5a264c8a15a5cb3857d86d192ed454d46",
          "navigation_offsets": [
            6373,
            14729
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "9a229e2c6411e8ea3c4aee14f52e4f85e5de2c719b103b6bafca147c6607b37a",
          "navigation_offsets": [
            4953,
            14889
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 291.2200012207031,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 173485104.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.08651188089184081,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.20680918953573302,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.7505409963468244,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 276676000.0
      },
      "market_cap": 50522332198.65381,
      "ttm_revenue": 1201919000.0,
      "reported_fcf_yield": 0.005476310929434334,
      "price_hurdles": [
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          "cash_growth": 0.1,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；光学2027/2028仍是路线图，客户集中、SBC与价格预期要求高。",
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          "accession": "derived:q4_synth",
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          "report_date": "2026-03-31",
          "revenue": 308361000.0,
          "revenue_yoy_pct": 93.40010787621831,
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          "accession": "0001736297-26-000020",
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            "operating_margin": 2.020418430842513,
            "cash_margin": -12.158804501494128
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          "accession": "0001736297-26-000035",
          "currency": "USD",
          "net_margin": 0.3901325178389399,
          "prior_net_margin": 0.26686987104337634,
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      ],
      "financial_reason": "2025Q3 收入同比103.89%，毛利率76.25%，营业利润率24.03%，净利率39.52%；2025Q4 收入同比91.77%，毛利率75.57%，营业利润率24.75%，净利率16.62%；2026Q1 收入同比93.40%，毛利率76.26%，营业利润率20.05%，净利率26.04%；2026Q2 收入同比104.45%，毛利率73.28%，营业利润率22.74%，净利率39.01%",
      "primary_source": {
        "ticker": "ALAB",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1736297/000173629726000035/alab-20260630.htm",
        "sha256": "766a9309bf6a9ff65c4ae778080dc8fbea11cc427275a7b4e5355023bb74aee6",
        "checks": {
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 392400000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
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            }
          },
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                "concept": "us-gaap:OperatingIncomeLoss",
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            ],
            "status": "matched",
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          },
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                "concept": "us-gaap:NetIncomeLoss",
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            ],
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            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Astera Labs为云计算和AI服务器提供高速连接芯片及配套软件。它解决的是处理器、加速卡、内存等部件之间传输数据时的连接、信号质量和管理问题。客户主要是数据中心及服务器产业链，公司通过芯片、模块和相关解决方案获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "5b1f31bd68da1ff57252f9cd610f8335c8190bbdcadcc7b35d8b2812ba444b96",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1736297/000173629726000035/alab-20260630.htm"
        }
      }
    },
    {
      "ticker": "ALNT",
      "name": "ALLIENT INC",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
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          "report_date": "2026-06-30",
          "revenue": 153770000.0,
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          "gross_margin": 0.3485205176562398,
          "operating_margin": 0.10151525004877414,
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          "prior_gross_margin": 0.33211537634870825,
          "prior_operating_margin": 0.08365931593804181,
          "prior_ttm_fcf_margin": 0.10655037297634352,
          "changes_pp": {
            "demand": 5.565485814958594,
            "gross_margin": 1.6405141307531568,
            "operating_margin": 1.785593411073233,
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            "operating_margin"
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        "revenue_growth": {
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          "positive": 4,
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        "gross_margin_improvement": {
          "positive": 4,
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
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      "business_evidence": "2025重组和供应链行动延续到2026，数据中心/国防/医疗组合带来34.9%毛利与1.31订单出货比",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "2025有300万至400万美元提前拉货，需核对真实终端需求和重组净收益",
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        {
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      ],
      "market": {
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": false,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；2025有300万至400万美元提前拉货，需核对真实终端需求和重组净收益",
      "deep_source_recheck": false,
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          "accession": "derived:q4_synth",
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      "financial_reason": "2025-09-30（本地期标2025Q3）收入138.74百万美元、同比10.81%；毛利率33.29%、营业率8.78%、净利率4.67%；2025-12-31（本地期标2025Q4）收入143.35百万美元、同比17.49%；毛利率32.38%、营业率7.92%、净利率4.45%；2026-03-31（本地期标2026Q1）收入138.91百万美元、同比4.60%；毛利率32.66%、营业率6.71%、净利率3.86%；2026-06-30（本地期标2026Q2）收入153.77百万美元、同比10.17%；毛利率34.85%、营业率10.15%、净利率6.76%；最新净利率同比变化2.73个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "ALNT",
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        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/46129/000110465926091098/alnt-20260630x10q.htm",
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 153770000.0
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            ],
            "status": "matched",
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            ],
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Allient为工业设备提供精密运动控制和电力相关部件。它的电机、驱动器、控制器及传感产品，让机器能够按要求转动、定位和运行。公司面向工业、医疗及其他设备制造商销售单个部件，也提供组合后的系统方案。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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    },
    {
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      "name": "ALNYLAM PHARMACEUTICALS, INC.",
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "AMVUTTRA心肌病适应症从上市初期到单季超10亿美元，产品扩张已带动规模及营业盈利。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "Sanofi累进版税压低毛利率，研发扩大；权益现金流须处理售出版税与研发融资。",
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      ],
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      ],
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      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "商业化线索：需单产品现金、竞争及融资模型",
      "second_pass_decision": "商业化线索：需单产品现金、竞争及融资模型；Sanofi累进版税压低毛利率，研发扩大；权益现金流须处理售出版税与研发融资。",
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      "primary_source": {
        "ticker": "ALNY",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Alnylam开发RNA干扰药物，通过抑制特定蛋白质的产生来治疗疾病。它把这种技术应用于遗传性和其他严重疾病，并将部分药物自行商业化、部分交由合作伙伴推广。公司收入来自药品销售，以及合作项目带来的授权和相关收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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      }
    },
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      "ticker": "AMAT",
      "name": "APPLIED MATERIALS INC /DE",
      "mechanism": "周期/订单/利用率修复",
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        "operating_margin_improvement": {
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        "net_margin_improvement": {
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        "gross_margin_improvement": {
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
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      "business_evidence": "先进制造设备与服务订阅扩张，服务连续24季增长，AI需求推动设备与服务共同放量",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "公司级AI效率表述需量化，设备仍受客户资本开支周期影响",
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；公司级AI效率表述需量化，设备仍受客户资本开支周期影响",
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      },
      "company_profile": {
        "summary": "应用材料为芯片工厂提供制造半导体所需的设备、材料工程方案和软件。它的设备参与薄膜沉积、材料去除及检测等制造环节，而不是自己设计面向消费者的芯片。公司既靠销售新设备赚钱，也从已安装设备的零件、升级和维护服务获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "2b5405ea55894dd47930892b41b69f1ae6df36c2ea027cc7b0724220f77da254",
          "business_evidence_sha256": "808098aac40c07d1ff418e68ce6849b1b832bee25faea0bcfa61db5eda666069",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/6951/000162828026058235/amat-20260726.htm"
        }
      }
    },
    {
      "ticker": "AMD",
      "name": "ADVANCED MICRO DEVICES INC",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
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          "filed_at": "2026-08-05",
          "report_date": "2026-06-27",
          "revenue": 11536000000.0,
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          "gross_margin": 0.5377080443828016,
          "operating_margin": 0.17250346740638003,
          "ttm_fcf_margin": 0.2034378404551507,
          "prior_revenue_yoy_pct": 37.84619521376713,
          "prior_gross_margin": 0.39804814573845154,
          "prior_operating_margin": -0.017436564736499675,
          "prior_ttm_fcf_margin": 0.13658783783783784,
          "changes_pp": {
            "demand": 12.264409861053949,
            "gross_margin": 13.965989864435008,
            "operating_margin": 18.99400321428797,
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            "operating_margin",
            "cash_margin"
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          "currency": "USD",
          "net_margin": 0.19911581137309292,
          "prior_net_margin": 0.11346779440468445,
          "net_margin_yoy_pp": 8.564801696840847
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "数据中心收入同比107%至67亿美元，占总收入58%对上年42%；EPYC及Instinct扩大部署",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "出口政策、客户集中与ZT收购影响需拆分；高增长可能已被价格反映",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-04",
          "content_hash": "d8846ffbeb66c5548e13eeff8bfc7b176556678648d3b2810c7aa6cdd5b126a8",
          "offsets": [
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            2586
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-06",
          "content_hash": "21d7aad102ac06d7d93a0a9c62e594d266908f027370768e8c6a238b16e1dee7",
          "offsets": [
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            10301
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 516.1300048828125,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 1632475042.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-27",
        "returns": {
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            "start": "2026-08-12",
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          },
          "3m": {
            "value": 0.008913731245592249,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 1.4100205269754098,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 8403000000.0
      },
      "market_cap": 842569351398.5295,
      "ttm_revenue": 41305000000.0,
      "reported_fcf_yield": 0.009973066295435946,
      "price_hurdles": [
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；出口政策、客户集中与ZT收购影响需拆分；高增长可能已被价格反映",
      "deep_source_recheck": false,
      "industry": "Semiconductors",
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          "report_date": "2025-09-27",
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          "report_date": "2025-12-27",
          "revenue": 10270000000.0,
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          "accession": "derived:q4_synth",
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          "period": "2026Q1",
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          "prior_gross_margin": 0.5022855606345792,
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            "cash_margin": 12.971360231914513
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            "operating_margin",
            "cash_margin"
          ],
          "accession": "0000002488-26-000076",
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          "net_margin": 0.1348873500438896,
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          "revenue": 11536000000.0,
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          "gross_margin": 0.5377080443828016,
          "operating_margin": 0.17250346740638003,
          "ttm_fcf_margin": 0.2034378404551507,
          "prior_revenue_yoy_pct": 37.84619521376713,
          "prior_gross_margin": 0.39804814573845154,
          "prior_operating_margin": -0.017436564736499675,
          "prior_ttm_fcf_margin": 0.13658783783783784,
          "changes_pp": {
            "demand": 12.264409861053949,
            "gross_margin": 13.965989864435008,
            "operating_margin": 18.99400321428797,
            "cash_margin": 6.685000261731286
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          "signals": [
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            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0000002488-26-000123",
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          "net_margin": 0.19911581137309292,
          "prior_net_margin": 0.11346779440468445,
          "net_margin_yoy_pp": 8.564801696840847
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      ],
      "financial_reason": "2025-09-27（本地期标2025Q3）收入9246.00百万美元、同比35.59%；毛利率51.70%、营业率13.74%、净利率13.44%；2025-12-27（本地期标2025Q4）收入10270.00百万美元、同比34.11%；毛利率54.30%、营业率17.06%、净利率14.71%；2026-03-28（本地期标2026Q1）收入10253.00百万美元、同比37.85%；毛利率52.82%、营业率14.40%、净利率13.49%；2026-06-27（本地期标2026Q2）收入11536.00百万美元、同比50.11%；毛利率53.77%、营业率17.25%、净利率19.91%；最新净利率同比变化8.56个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "AMD",
        "period": "2026-06-27",
        "source_period": "2026-06-27",
        "url": "https://www.sec.gov/Archives/edgar/data/2488/000000248826000123/amd-20260627.htm",
        "sha256": "1050bc4dcf2b23a3a07ff62279451637e3893f15564e719d82bd8e76772899b7",
        "checks": {
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            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 11536000000.0
              }
            ],
            "status": "matched",
            "comparable": {
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            }
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                "concept": "us-gaap:OperatingIncomeLoss",
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                "concept": "us-gaap:NetIncomeLoss",
                "value": 2297000000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "AMD设计用于电脑、服务器、游戏机和嵌入式设备的处理器及图形芯片。它同时提供数据中心CPU、AI加速器和相关软件，帮助客户处理通用计算与高强度计算任务。公司主要向设备厂商和云计算客户销售芯片，制造环节主要依靠外部代工伙伴。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "d66e553cddb90e127f457a47e057960fc507e9c762120dd50fbda46d45c8b03e",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/2488/000000248826000123/amd-20260627.htm"
        }
      }
    },
    {
      "ticker": "AMGN",
      "name": "AMGEN INC",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
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          "filed_at": "2026-08-05",
          "report_date": "2026-06-30",
          "revenue": 10054000000.0,
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          "prior_gross_margin": 0.6719686240331191,
          "prior_operating_margin": 0.28935613901296436,
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            "operating_margin"
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          "currency": "USD",
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          "prior_net_margin": 0.15600827976903803,
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        "revenue_growth": {
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          "available": 4
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        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Repatha及生物类似药和罕见病组合扩张，多产品增长伴随经营利润率提升。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "需拆分产品组合、摊销与税项，成熟药企增长不自动等于早期转型。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "30d2b8d4a7ba1b293d19c738e68aab0fc54cfb8a8eb5a1dff2641b25ba083cb4",
          "offset": 5114,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-04"
        },
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          "period": "2026Q2",
          "content_hash": "30d2b8d4a7ba1b293d19c738e68aab0fc54cfb8a8eb5a1dff2641b25ba083cb4",
          "offset": 2124,
          "characters_read": 470,
          "source": "defeatbeta-api",
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        },
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          "offset": 1815,
          "characters_read": 470,
          "source": "youtube_transcript",
          "published_date": "2025-08-06"
        },
        {
          "period": "2025Q2",
          "content_hash": "c02ee45cef6e5ad5afc46cf3948bad2359491bbeb543ff47d59f04b7eebabcbe",
          "offset": 10250,
          "characters_read": 470,
          "source": "youtube_transcript",
          "published_date": "2025-08-06"
        }
      ],
      "market": {
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        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 540632005.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
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            "start": "2026-08-12",
            "reason": null
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            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.16087113837991462,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 10175000000.0
      },
      "market_cap": 204007490386.5059,
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      "price_hurdles": [
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；需拆分产品组合、摊销与税项，成熟药企增长不自动等于早期转型。",
      "deep_source_recheck": false,
      "industry": "Drug Manufacturers - General",
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          "signals": [
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          "accession": "derived:q4_synth",
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          "net_margin": 0.13511048043786741,
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          "period": "2026Q1",
          "filed_at": "2026-05-01",
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          "revenue": 8618000000.0,
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          "filed_at": "2026-08-05",
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      ],
      "financial_reason": "2025Q3收入9557.00百万美元/同比12.40%，毛利率67.75%，营业率26.43%，净利率33.65%；2025Q4收入9866.00百万美元/同比8.58%，毛利率69.84%，营业率27.57%，净利率13.51%；2026Q1收入8618.00百万美元/同比5.76%，毛利率68.16%，营业率30.94%，净利率21.11%；2026Q2收入10054.00百万美元/同比9.53%，毛利率72.04%，营业率34.95%，净利率23.62%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "AMGN",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/318154/000031815426000126/amgn-20260630.htm",
        "sha256": "035686a556bc306e8750d2a5fa54dbe6306137a78bf0fbad6e49f293f97ebb57",
        "checks": {
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
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            "status": "matched",
            "comparable": {
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            }
          },
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            "local": 3514000000.0,
            "alternatives": [
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                "concept": "us-gaap:OperatingIncomeLoss",
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          },
          "net_income": {
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            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
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            ],
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            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 2375000000.0,
              "prior": 1432000000.0,
              "prior_periods": [
                "2025-06-30"
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "安进是一家研发、生产和销售治疗性药物的生物制药公司。它的产品覆盖炎症、肿瘤、骨骼健康及心血管等疾病领域，客户通过医院、药房和其他医疗渠道获得药品。公司主要依靠药品销售赚钱，并通过研发和收购补充后续产品。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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        }
      }
    },
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      "name": "AMKOR TECHNOLOGY, INC.",
      "mechanism": "周期/订单/利用率修复",
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
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          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "先进封装组合及利用率从50%多提升至70%多，通信与计算需求转化为利润增长。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "终端周期及产能投资影响现金，先进封装收入占比需原始分部佐证。",
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          "content_hash": "0373c34e438939369b87c01444478405f5232fb81dd1407451eaa0ee93f0ff10",
          "navigation_offsets": [
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            1714
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "e05d77285e7d72846e97e3dfd9664e0243aab3900b0792e5c9dbe9aeb9e85539",
          "navigation_offsets": [
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          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 51.72999954223633,
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        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 248452472.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
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            "start": "2025-12-31",
            "end": "2026-09-11",
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            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": false,
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      "reported_fcf_yield": -0.013412699533985509,
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      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；终端周期及产能投资影响现金，先进封装收入占比需原始分部佐证。",
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      "financial_reason": "2025Q3 收入同比6.74%，毛利率14.32%，营业利润率8.00%，净利率6.37%；2025Q4 收入同比15.89%，毛利率16.66%，营业利润率9.80%，净利率9.10%；2026Q1 收入同比27.48%，毛利率14.19%，营业利润率5.95%，净利率4.95%；2026Q2 收入同比25.58%，毛利率16.79%，营业利润率10.53%，净利率9.15%",
      "primary_source": {
        "ticker": "AMKR",
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        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1047127/000104712726000046/amkr-20260630.htm",
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          "operating_income": {
            "local": 199854000.0,
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              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 199854000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 199854000.0,
              "prior": 91967000.0,
              "prior_periods": [
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            }
          },
          "net_income": {
            "local": 173753000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 173753000.0
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              {
                "concept": "us-gaap:ProfitLoss",
                "value": 174869000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 173753000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 173753000.0,
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              "prior_periods": [
                "2025-06-30"
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "安靠为芯片公司提供封装和测试服务。芯片完成晶圆制造后，需要被封装、连接并检测，才能可靠地装进手机、汽车或服务器等设备。安靠承接这些生产环节，按客户所需的封装工艺、产量和测试服务获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "4d087c79c0e1b1a7805c6275493d393e8cba6c31df5fc969f044f14c5a74579d",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1047127/000104712726000046/amkr-20260630.htm"
        }
      }
    },
    {
      "ticker": "AMRX",
      "name": "Amneal Pharmaceuticals, Inc.",
      "mechanism": "并购/剥离占重要贡献",
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        "net_margin_improvement": {
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        "gross_margin_improvement": {
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
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      "business_evidence": "Affordable新上市产品贡献44.8m同比增量，女性健康受市场需求支持，是真实产品组合变化；CREXONT于2024年9月、BREKIYA于2025年10月上市，Q2分别贡献17.6m和5.5m同比收入增量，UNITHROID另+5.9m，部分抵消RYTARY下降。新品牌商业化值得研究，但净利率改善比真实经营进步更大。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "Specialty H1摊销少28m，是毛利率与营业利润大幅跃升的重要非现金口径因素。；AvKARE Q2收入-3.7%，毛利率16.7% vs20.4%，营业利润9.336m vs18.147m；5.6m库存过时费用。此前低毛利分销收缩并未保证最近季度盈利改善。；Q2税率1.9% vs31.1%，净利率不能按原值外推；利息下降10.1m也贡献净利改善。；Affordable R&D下降21.2%，部分减少授权/里程碑支出，需确认是否可持续而非短期费用节奏。",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2026-06-30",
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          "url": "https://www.sec.gov/Archives/edgar/data/1723128/000172312826000031/amrx-20260630.htm"
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          "period": "2025-12-31",
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          "url": "https://www.sec.gov/Archives/edgar/data/1723128/000172312826000011/amrx-20251231.htm"
        },
        {
          "period": "2026Q2",
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          "source": "defeatbeta-api"
        }
      ],
      "market": {
        "close": 17.010000228881836,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 319353919.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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          "3m": {
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            "reason": null
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          "1y": {
            "value": null,
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": false,
        "local_reported_fcf": 127835000.0
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      "market_cap": 5432210235.284311,
      "ttm_revenue": 3117548000.0,
      "reported_fcf_yield": 0.023532778457222094,
      "price_hurdles": [
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；Specialty H1摊销少28m，是毛利率与营业利润大幅跃升的重要非现金口径因素。；AvKARE Q2收入-3.7%，毛利率16.7% vs20.4%，营业利润9.336m vs18.147m；5.6m库存过时费用。此前低毛利分销收缩并未保证最近季度盈利改善。；Q2税率1.9% vs31.1%，净利率不能按原值外推；利息下降10.1m也贡献净利改善。；Affordable R&D下降21.2%，部分减少授权/里程碑支出，需确认是否可持续而非短期费用节奏。",
      "deep_source_recheck": false,
      "industry": "Drug Manufacturers - Specialty & Generic",
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          "filed_at": "2025-11-06",
          "report_date": "2025-09-30",
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          "report_date": "2025-12-31",
          "revenue": 814319000.0,
          "revenue_yoy_pct": 11.471449026581148,
          "gross_margin": 0.3649552570921224,
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          "accession": "derived:q4_synth",
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          "report_date": "2026-03-31",
          "revenue": 722519000.0,
          "revenue_yoy_pct": 3.8967818009260524,
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          "prior_gross_margin": 0.36796612119294814,
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          "revenue_yoy_pct": 9.894852782854024,
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          "prior_gross_margin": 0.3950998470686314,
          "prior_operating_margin": 0.15372086988687494,
          "prior_ttm_fcf_margin": 0.099192264470643,
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            "operating_margin": 0.9265175024120692,
            "cash_margin": -5.818728235007901
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            "gross_margin"
          ],
          "accession": "0001723128-26-000031",
          "currency": "USD",
          "net_margin": 0.0724217750129679,
          "prior_net_margin": 0.030940997200859067,
          "net_margin_yoy_pp": 4.148077781210883
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      ],
      "financial_reason": "2025Q3 收入同比11.68%，毛利率34.92%，营业利润率8.97%，净利率0.30%；2025Q4 收入同比11.47%，毛利率36.50%，营业利润率13.76%，净利率4.31%；2026Q1 收入同比3.90%，毛利率44.31%，营业利润率19.62%，净利率8.62%；2026Q2 收入同比9.89%，毛利率42.01%，营业利润率16.30%，净利率7.24%；原文复核：2026Q2收入796.197m vs724.508m，+9.9%。Affordable Medicines489.913m，+13%，毛利率42.3% vs41.7%，营业利润+20.2%。Specialty149.295m，+16.6%；毛利率67.7% vs56.4%，但包括14.1m摊销减少。",
      "primary_source": {
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        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1723128/000172312826000031/amrx-20260630.htm",
        "sha256": "c91c71c0a34b771530c5583da75d5d9737bbcff1668e67b92ad24998888038ef",
        "checks": {
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            ],
            "status": "matched",
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          },
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                "concept": "us-gaap:NetIncomeLoss",
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              {
                "concept": "us-gaap:ProfitLoss",
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              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 57662000.0
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            ],
            "status": "matched",
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              "concept": "us-gaap:NetIncomeLoss",
              "current": 57662000.0,
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              "prior_periods": [
                "2025-06-30"
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            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Amneal开发、制造和销售仿制药、注射剂、生物类似药及部分品牌处方药。它的产品既包括面向广泛患者的常用药，也包括特定疾病领域的专科药。公司通过医疗分销和其他销售渠道赚钱，业务同时涉及药品研发、生产和分销。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "7ea21d9ad7b7bb36cf601e554cf3bced196becd742b63897b983710a252676c5",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1723128/000172312826000031/amrx-20260630.htm"
        }
      }
    },
    {
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      "name": "AMAZON COM INC",
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          "prior_gross_margin": 0.5181393185531479,
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          "available": 4
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "四季经营利润率提升且收入加速，AWS AI容量长期合同和零售效率是可调查驱动。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "最新净利率31%远超经营率14%，非经营收益不能计为经营改善；AI资本开支庞大。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "d79a36af9d4ed9422c1600b46b4ab89f92c90d0b84c6b421e3625f53fd5a1855",
          "offset": 2420,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-30"
        },
        {
          "period": "2026Q2",
          "content_hash": "d79a36af9d4ed9422c1600b46b4ab89f92c90d0b84c6b421e3625f53fd5a1855",
          "offset": 11877,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-30"
        },
        {
          "period": "2025Q2",
          "content_hash": "093f8732835493b26f1d23ff3e948fd5e9ab5d5c403419ce129f161bcaf46ed7",
          "offset": 2212,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-31"
        },
        {
          "period": "2025Q2",
          "content_hash": "093f8732835493b26f1d23ff3e948fd5e9ab5d5c403419ce129f161bcaf46ed7",
          "offset": 3019,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-31"
        }
      ],
      "market": {
        "close": 256.7799987792969,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 10786313572.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.03928464549519184,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.07642001884017469,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.11246854965485609,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": -11625000000.0
      },
      "market_cap": 2769709585851.2734,
      "ttm_revenue": 775680000000.0,
      "reported_fcf_yield": -0.004197190947160997,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 173239488925.0262,
          "required_cash_to_current_sales": 0.22333886257867447
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 133713080105.788,
          "required_cash_to_current_sales": 0.17238175549941728
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 103568530168.32884,
          "required_cash_to_current_sales": 0.13351966038615
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；最新净利率31%远超经营率14%，非经营收益不能计为经营改善；AI资本开支庞大。",
      "deep_source_recheck": false,
      "industry": "Internet Retail",
      "financial_history": [
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          "filed_at": "2025-10-31",
          "report_date": "2025-09-30",
          "revenue": 180169000000.0,
          "revenue_yoy_pct": 13.401562214795092,
          "gross_margin": 0.5078509621522015,
          "operating_margin": 0.09669810011711227,
          "ttm_fcf_margin": 0.015274904893466217,
          "prior_revenue_yoy_pct": 13.329774221669588,
          "prior_gross_margin": 0.4903164082906903,
          "prior_operating_margin": 0.1095879202150091,
          "prior_ttm_fcf_margin": 0.06926473244233448,
          "changes_pp": {
            "demand": 0.0717879931255041,
            "gross_margin": 1.7534553861511204,
            "operating_margin": -1.2889820097896827,
            "cash_margin": -5.398982754886827
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          "signals": [
            "gross_margin"
          ],
          "accession": "0001018724-25-000123",
          "currency": "USD",
          "net_margin": 0.11759514677885763,
          "prior_net_margin": 0.09647714898946984,
          "net_margin_yoy_pp": 2.1117997789387792
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          "period": "2025Q4",
          "filed_at": "2026-02-06",
          "report_date": "2025-12-31",
          "revenue": 213386000000.0,
          "revenue_yoy_pct": 13.6289085797052,
          "gross_margin": 0.48469440356911886,
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          "ttm_fcf_margin": 0.010733355278941701,
          "prior_revenue_yoy_pct": 13.401562214795092,
          "prior_gross_margin": 0.47339077276987307,
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          "prior_ttm_fcf_margin": 0.05153622724971354,
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            "demand": 0.22734636491010818,
            "gross_margin": 1.130363079924579,
            "operating_margin": 0.4143957494142564,
            "cash_margin": -4.080287197077183
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          "signals": [
            "gross_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.0993129821075422,
          "prior_net_margin": 0.10652210956803272,
          "net_margin_yoy_pp": -0.7209127460490516
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-04-30",
          "report_date": "2026-03-31",
          "revenue": 181519000000.0,
          "revenue_yoy_pct": 16.607244952366273,
          "gross_margin": 0.5181606333221316,
          "operating_margin": 0.13140222235688825,
          "ttm_fcf_margin": -0.0033280558337910756,
          "prior_revenue_yoy_pct": 13.6289085797052,
          "prior_gross_margin": 0.5055085535148747,
          "prior_operating_margin": 0.11823315153500742,
          "prior_ttm_fcf_margin": 0.03199997539646293,
          "changes_pp": {
            "demand": 2.9783363726610723,
            "gross_margin": 1.265207980725691,
            "operating_margin": 1.3169070821880833,
            "cash_margin": -3.5328031230254004
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001018724-26-000014",
          "currency": "USD",
          "net_margin": 0.16667676661947234,
          "prior_net_margin": 0.1100233190078822,
          "net_margin_yoy_pp": 5.665344761159013
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        {
          "period": "2026Q2",
          "filed_at": "2026-07-31",
          "report_date": "2026-06-30",
          "revenue": 200606000000.0,
          "revenue_yoy_pct": 19.620517346245126,
          "gross_margin": 0.5225566533403787,
          "operating_margin": 0.1368902226254449,
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          "prior_revenue_yoy_pct": 16.607244952366273,
          "prior_gross_margin": 0.5181393185531479,
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            "demand": 3.0132723938788537,
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            "cash_margin": -3.5106604649513895
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          "signals": [
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            "operating_margin"
          ],
          "accession": "0001018724-26-000026",
          "currency": "USD",
          "net_margin": 0.312288765041923,
          "prior_net_margin": 0.10831117100571251,
          "net_margin_yoy_pp": 20.397759403621045
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      ],
      "financial_reason": "2025Q3收入180169.00百万美元/同比13.40%，毛利率50.79%，营业率9.67%，净利率11.76%；2025Q4收入213386.00百万美元/同比13.63%，毛利率48.47%，营业率11.71%，净利率9.93%；2026Q1收入181519.00百万美元/同比16.61%，毛利率51.82%，营业率13.14%，净利率16.67%；2026Q2收入200606.00百万美元/同比19.62%，毛利率52.26%，营业率13.69%，净利率31.23%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "AMZN",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm",
        "sha256": "d07b8a88fa442c2c55bd65b3f1d336ca16e7d1e9fda831e1063d24adea60e4eb",
        "checks": {
          "revenue": {
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            "alternatives": [
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 200606000000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 200606000000.0,
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              "prior_periods": [
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            }
          },
          "operating_income": {
            "local": 27461000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 27461000000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
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            }
          },
          "net_income": {
            "local": 62647000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 62647000000.0,
              "prior": 18164000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "亚马逊通过自营电商和第三方卖家平台销售商品，并向卖家提供仓储、配送和广告服务。它的AWS云计算业务向企业提供计算、存储、数据库及AI基础设施，让客户不必自己建设和维护数据中心。此外，亚马逊通过Prime会员、流媒体内容和智能设备吸引并留住用户，带动购物及其他服务的消费。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "8a97b1e34cf87f395b22c3cbd9a6caef89315d5212e76afee6c343568e8ff5b9",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm"
        }
      }
    },
    {
      "ticker": "ANIP",
      "name": "ANI PHARMACEUTICALS INC",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
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          "filed_at": "2026-08-07",
          "report_date": "2026-06-30",
          "revenue": 266044000.0,
          "revenue_yoy_pct": 25.865894564533455,
          "gross_margin": null,
          "operating_margin": 0.15208010704996167,
          "ttm_fcf_margin": 0.176813893184543,
          "prior_revenue_yoy_pct": 20.46448392366149,
          "prior_gross_margin": null,
          "prior_operating_margin": 0.06572330168282309,
          "prior_ttm_fcf_margin": 0.16783940037382977,
          "changes_pp": {
            "demand": 5.4014106408719655,
            "gross_margin": null,
            "operating_margin": 8.635680536713858,
            "cash_margin": 0.8974492810713219
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          "signals": [
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            "operating_margin"
          ],
          "accession": "0001023024-26-000069",
          "currency": "USD",
          "net_margin": 0.09288313211348499,
          "prior_net_margin": 0.04044547265235061,
          "net_margin_yoy_pp": 5.243765946113439
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 0,
          "available": 0
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "连续两期Cortrophin商业化放量；2025Q2已见81.6m、同比+66%，2026Q2继续+43.5%，销售队伍扩张、痛风团队及预充针是可核验执行线索。不是凭换CEO叙事。Rare Disease & Brands占比62.16% vs55.43%包含新增Harmony授权；剔除Brands及授权后的Rare Disease产品占比仅51.06% vs49.19%，不夸大组合迁移。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "ILUVIEN/YUTIQ Q2收入18.718m vs22.316m下降，不能称全业务共振；产品标签合并也影响描述。；Harmony Q1含15m upfront；Q2品牌royalty及其他17.731m无同比基数，收入与利润中含许可因素。；2026电话会对全年Cortrophin预测有小幅下修，不应只引用上行增长率。；H1投资收益、无形资产购置、或有对价与里程碑需在归一化现金流中处理；历史CFO不能直接等于可分配FCF。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "0af4ef9137b9c80339bca5d009e845152a0ce5201026f4f67c6bb6a7c39e3a7c",
          "navigation_offsets": [
            4586,
            3127
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "a493ad10a3d0db0c70cbb484f27c00b77c763d9cac400645e31662a7082cf1a2",
          "navigation_offsets": [
            3035,
            4230
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2026-06-30",
          "sha256": "fa76241e21ae8f992d6ab6e1b3e2d3eb9698aa45cf13b2200079995fb8c9def7",
          "offsets": [
            20240,
            32588,
            34159
          ],
          "url": "https://www.sec.gov/Archives/edgar/data/1023024/000102302426000069/anip-20260630.htm"
        },
        {
          "period": "2025-12-31",
          "sha256": "ee6f1817c7a1b1f5964f2c1b6383a4b0ba680dedc72d8ed34775217bd04713af",
          "offsets": [
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            93983,
            610479
          ],
          "url": "https://www.sec.gov/Archives/edgar/data/1023024/000102302426000014/anip-20251231.htm"
        },
        {
          "period": "2026Q2",
          "content_hash": "0af4ef9137b9c80339bca5d009e845152a0ce5201026f4f67c6bb6a7c39e3a7c",
          "read_span": [
            1999,
            6799
          ],
          "source": "defeatbeta-api"
        }
      ],
      "market": {
        "close": 70.19000244140625,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 22970352.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.06562832967148813,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.14067088419246065,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.11084367531524653,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 172991000.0
      },
      "market_cap": 1612289062.959961,
      "ttm_revenue": 978379000.0,
      "reported_fcf_yield": 0.10729527599871587,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 100845278.03688347,
          "required_cash_to_current_sales": 0.10307383747697312
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 77836368.74080107,
          "required_cash_to_current_sales": 0.0795564589395327
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 60288778.76230952,
          "required_cash_to_current_sales": 0.061621088312718814
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；ILUVIEN/YUTIQ Q2收入18.718m vs22.316m下降，不能称全业务共振；产品标签合并也影响描述。；Harmony Q1含15m upfront；Q2品牌royalty及其他17.731m无同比基数，收入与利润中含许可因素。；2026电话会对全年Cortrophin预测有小幅下修，不应只引用上行增长率。；H1投资收益、无形资产购置、或有对价与里程碑需在归一化现金流中处理；历史CFO不能直接等于可分配FCF。",
      "deep_source_recheck": false,
      "industry": "Drug Manufacturers - Specialty & Generic",
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          "prior_ttm_fcf_margin": 0.1382215693052195,
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          "report_date": "2025-12-31",
          "revenue": 247060000.0,
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          "accession": "derived:q4_synth",
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        {
          "period": "2026Q1",
          "filed_at": "2026-05-08",
          "report_date": "2026-03-31",
          "revenue": 237462000.0,
          "revenue_yoy_pct": 20.46448392366149,
          "gross_margin": null,
          "operating_margin": 0.16376514979238785,
          "ttm_fcf_margin": 0.20696412061846517,
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          "prior_gross_margin": null,
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          "prior_ttm_fcf_margin": 0.09881792341425494,
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          "accession": "0001023024-26-000050",
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          "filed_at": "2026-08-07",
          "report_date": "2026-06-30",
          "revenue": 266044000.0,
          "revenue_yoy_pct": 25.865894564533455,
          "gross_margin": null,
          "operating_margin": 0.15208010704996167,
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            "operating_margin": 8.635680536713858,
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          "signals": [
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          "accession": "0001023024-26-000069",
          "currency": "USD",
          "net_margin": 0.09288313211348499,
          "prior_net_margin": 0.04044547265235061,
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      "financial_reason": "2025Q3 收入同比53.58%，毛利率缺失，营业利润率15.91%，净利率11.68%；2025Q4 收入同比29.64%，毛利率缺失，营业利润率14.07%，净利率11.13%；2026Q1 收入同比20.46%，毛利率缺失，营业利润率16.38%，净利率12.42%；2026Q2 收入同比25.87%，毛利率缺失，营业利润率15.21%，净利率9.29%；原文复核：2026Q2收入266.044m vs 211.371m，+25.9%；Cortrophin117.126m vs81.647m，+43.5%。Rare Disease产品收入135.844m vs103.963m，+30.7%；H1经营现金115.044m vs110.803m，仅+3.8%，显著慢于收入。",
      "primary_source": {
        "ticker": "ANIP",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1023024/000102302426000069/anip-20260630.htm",
        "sha256": "fa76241e21ae8f992d6ab6e1b3e2d3eb9698aa45cf13b2200079995fb8c9def7",
        "checks": {
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            "alternatives": [
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            ],
            "status": "matched",
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          "operating_income": {
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                "concept": "us-gaap:OperatingIncomeLoss",
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            ],
            "status": "matched",
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          },
          "net_income": {
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            "alternatives": [
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                "concept": "us-gaap:NetIncomeLoss",
                "value": 24711000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 23000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 24711000.0,
              "prior": 8549000.0,
              "prior_periods": [
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "ANI是一家同时经营品牌药和仿制药的制药公司。它向医疗渠道提供罕见病相关药品、眼科药品及多种剂型的仿制药，也具备药品生产能力。公司主要靠药品销售赚钱，不同产品的商业推广和生产要求并不相同。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "e0922c5d9bbd3fb3a421d5ce34d1b5d1ef5acecd3480c7010d54525f30f70814",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1023024/000102302426000069/anip-20260630.htm"
        }
      }
    },
    {
      "ticker": "APH",
      "name": "AMPHENOL CORP /DE/",
      "mechanism": "并购/剥离占重要贡献",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-31",
          "report_date": "2026-06-30",
          "revenue": 8758100000.0,
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          "gross_margin": 0.40511069752571904,
          "operating_margin": 0.29510966990557314,
          "ttm_fcf_margin": 0.16247638875484288,
          "prior_revenue_yoy_pct": 58.38910829349408,
          "prior_gross_margin": 0.3633966338070545,
          "prior_operating_margin": 0.25110171141355325,
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            "gross_margin": 4.171406371866454,
            "operating_margin": 4.400795849201988,
            "cash_margin": 1.2763348049135592
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            "operating_margin"
          ],
          "accession": "0001104659-26-089194",
          "currency": "USD",
          "net_margin": 0.20200728468503443,
          "prior_net_margin": 0.19314018724669488,
          "net_margin_yoy_pp": 0.886709743833955
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "通信解决方案2026Q2收入54亿、有机增长42%，高量杠杆及并购盈利修复持续兑现。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "关税追回8000万且CommScope并表；须拆有机份额与估值要求。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "be1196a4b8dd2662ae4d84031884a4781048b03c7716e9a995c03ad815fc6b7d",
          "navigation_offsets": [
            1981,
            2791
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "5dc500d712e36455c87717431f40bc68b9d37aae43e82ecbf2b5f7d48a1bc697",
          "navigation_offsets": [
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          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 83.91999816894531,
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        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 1232983457.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
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            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
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            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.37901436622787577,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 4713700000.0
      },
      "market_cap": 103471969453.77986,
      "ttm_revenue": 29011600000.0,
      "reported_fcf_yield": 0.04555533276193775,
      "price_hurdles": [
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          "cash_growth": 0.1,
          "required_starting_cash": 6471953304.349541,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；关税追回8000万且CommScope并表；须拆有机份额与估值要求。",
      "deep_source_recheck": false,
      "industry": "Electronic Components",
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      "financial_reason": "2025Q3 收入同比53.37%，毛利率38.09%，营业利润率27.48%，净利率20.11%；2025Q4 收入同比49.12%，毛利率38.22%，营业利润率26.75%，净利率18.57%；2026Q1 收入同比58.39%，毛利率36.75%，营业利润率24.04%，净利率12.24%；2026Q2 收入同比55.00%，毛利率40.51%，营业利润率29.51%，净利率20.20%",
      "primary_source": {
        "ticker": "APH",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/820313/000110465926089194/aph-20260630x10q.htm",
        "sha256": "06ec37a36c09d1774e88bb5e5f8440613b7f3482053b6b708eb051e68cdac192",
        "checks": {
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              "prior": 5650300000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 2584600000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 2584600000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 2584600000.0,
              "prior": 1418800000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 1769200000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 1769200000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 1784100000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 1769200000.0,
              "prior": 1091300000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "安费诺制造电子设备内部及设备之间使用的连接器、线缆和传感产品。无论是数据中心、汽车、飞机还是工业设备，都需要它这类产品传输数据、电力或感知状态。公司主要向设备制造商销售零部件和连接系统，而不是直接经营这些终端业务。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "ef77ad0f9f54d5a4e728ac5706abf08aeed4f7945601c4bbc17f823e7c7339de",
          "business_evidence_sha256": "12621b9c9751f0b62fad8d5be2cff967250f09afeb446b6d476b7e584e176f41",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/820313/000110465926089194/aph-20260630x10q.htm"
        }
      }
    },
    {
      "ticker": "AR",
      "name": "ANTERO RESOURCES Corp",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-29",
          "report_date": "2026-06-30",
          "revenue": 1559842000.0,
          "revenue_yoy_pct": 20.219685192906624,
          "gross_margin": null,
          "operating_margin": 0.24070322507023148,
          "ttm_fcf_margin": 0.18876385653520192,
          "prior_revenue_yoy_pct": 43.795071660012105,
          "prior_gross_margin": null,
          "prior_operating_margin": 0.1579068249308474,
          "prior_ttm_fcf_margin": 0.16109451921907267,
          "changes_pp": {
            "demand": -23.57538646710548,
            "gross_margin": null,
            "operating_margin": 8.279640013938408,
            "cash_margin": 2.7669337316129248
          },
          "signals": [
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001104659-26-088153",
          "currency": "USD",
          "net_margin": 0.17864437552008472,
          "prior_net_margin": 0.12068273200703203,
          "net_margin_yoy_pp": 5.796164351305269
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 0,
          "available": 0
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "由全部富液和外运转向干气与盆地内销售；Martica权利终止释放年化6000万美元现金流",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "大部分3亿美元降本目标尚未兑现，天然气价格和销售基差仍驱动结果",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-07-30",
          "content_hash": "e5a1e3b342b5b83e41bbb472c836cfe4e988bc8acfa1b30ddba2c2a7d97cf24e",
          "offsets": [
            3351,
            1819
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-07-31",
          "content_hash": "01c8a7b1e48e2258bcb0fc2887b995793e757f84e6239a23497017ad6b859960",
          "offsets": [
            2763,
            8580
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 38.43000030517578,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 307439000.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": 0.025346872319699232,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.10335912388357404,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.11520607446829478,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 1157234000.0
      },
      "market_cap": 11814880863.822937,
      "ttm_revenue": 6130591000.0,
      "reported_fcf_yield": 0.09794715776977832,
      "price_hurdles": [
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          "cash_growth": 0.1,
          "required_starting_cash": 738995861.881913,
          "required_cash_to_current_sales": 0.12054235258589473
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 570386194.8035767,
          "required_cash_to_current_sales": 0.09303934886597014
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        {
          "cash_growth": 0.2,
          "required_starting_cash": 441797165.822339,
          "required_cash_to_current_sales": 0.07206436799035183
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；大部分3亿美元降本目标尚未兑现，天然气价格和销售基差仍驱动结果",
      "deep_source_recheck": false,
      "industry": "Oil & Gas E&P",
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          "report_date": "2025-09-30",
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          "prior_ttm_fcf_margin": 0.03899436174036793,
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            "gross_margin": null,
            "operating_margin": 10.28865831453125,
            "cash_margin": 14.168216065357836
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            "cash_margin"
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          "accession": "0001104659-25-103735",
          "currency": "USD",
          "net_margin": 0.06275072199697856,
          "prior_net_margin": -0.019361315251155392,
          "net_margin_yoy_pp": 8.211203724813396
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          "filed_at": "2026-02-11",
          "report_date": "2025-12-31",
          "revenue": 1411629000.0,
          "revenue_yoy_pct": 20.780987567069452,
          "gross_margin": null,
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          "prior_ttm_fcf_margin": 0.054196693357400925,
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            "cash_margin": 12.500984939431762
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          "signals": [
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            "operating_margin",
            "cash_margin"
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          "accession": "derived:q4_synth",
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          "net_margin": 0.13720531386079488,
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        {
          "period": "2026Q1",
          "filed_at": "2026-04-29",
          "report_date": "2026-03-31",
          "revenue": 1945126000.0,
          "revenue_yoy_pct": 43.795071660012105,
          "gross_margin": null,
          "operating_margin": 0.3750152946390105,
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          "prior_gross_margin": null,
          "prior_operating_margin": 0.2006879538584483,
          "prior_ttm_fcf_margin": 0.09752631237006237,
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            "demand": 23.014084092942653,
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          "signals": [
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            "operating_margin",
            "cash_margin"
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          "accession": "0001104659-26-051530",
          "currency": "USD",
          "net_margin": 0.275157496223895,
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          "net_margin_yoy_pp": 12.141318943757692
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        {
          "period": "2026Q2",
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          "revenue": 1559842000.0,
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          "prior_gross_margin": null,
          "prior_operating_margin": 0.1579068249308474,
          "prior_ttm_fcf_margin": 0.16109451921907267,
          "changes_pp": {
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            "gross_margin": null,
            "operating_margin": 8.279640013938408,
            "cash_margin": 2.7669337316129248
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          "signals": [
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001104659-26-088153",
          "currency": "USD",
          "net_margin": 0.17864437552008472,
          "prior_net_margin": 0.12068273200703203,
          "net_margin_yoy_pp": 5.796164351305269
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入1213.99百万美元、同比14.97%；毛利率缺失、营业率9.73%、净利率6.28%；2025-12-31（本地期标2025Q4）收入1411.63百万美元、同比20.78%；毛利率缺失、营业率20.49%、净利率13.72%；2026-03-31（本地期标2026Q1）收入1945.13百万美元、同比43.80%；毛利率缺失、营业率37.50%、净利率27.52%；2026-06-30（本地期标2026Q2）收入1559.84百万美元、同比20.22%；毛利率缺失、营业率24.07%、净利率17.86%；最新净利率同比变化5.80个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "AR",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1433270/000110465926088153/ar-20260630x10q.htm",
        "sha256": "aa4ffe20e0dbae91fe777bc9ed62f70078bb33e4c7b63420f3bef75c174d4cc5",
        "checks": {
          "revenue": {
            "local": 1559842000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
                "value": 1392840000.0
              },
              {
                "concept": "us-gaap:Revenues",
                "value": 1559842000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:Revenues",
              "current": 1559842000.0,
              "prior": 1297493000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 375459000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 375459000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 375459000.0,
              "prior": 204883000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 278657000.0,
            "alternatives": [
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 286417000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 278657000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
              "current": 278657000.0,
              "prior": 156585000.0,
              "prior_periods": [
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              ]
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Antero Resources是一家在美国开发和生产天然气及天然气液体的能源公司。它通过钻井和开发气田取得资源，再把产出的天然气及相关产品销售给市场。公司收入主要由产量与能源售价决定，也涉及运输安排及相关中游权益。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "292550f038d9ab0112852b84fec449d7d0fe504dd1b37672a2fe6d59d8b6ec48",
          "business_evidence_sha256": "d8f409a34a24adef3e2ff2c4253f6cd9127aea1360632530caceab31b8f7d1c2",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1433270/000110465926088153/ar-20260630x10q.htm"
        }
      }
    },
    {
      "ticker": "ARQT",
      "name": "Arcutis Biotherapeutics, Inc.",
      "mechanism": "新药/新产品商业化",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-05",
          "report_date": "2026-06-30",
          "revenue": 129861000.0,
          "revenue_yoy_pct": 59.330830388692576,
          "gross_margin": 0.915763778193607,
          "operating_margin": 0.12651219380722464,
          "ttm_fcf_margin": 0.0843806104129264,
          "prior_revenue_yoy_pct": 60.067430064088946,
          "prior_gross_margin": 0.9080781311346683,
          "prior_operating_margin": -0.17926727522575578,
          "prior_ttm_fcf_margin": -0.2517260357163191,
          "changes_pp": {
            "demand": -0.73659967539637,
            "gross_margin": 0.7685647058938705,
            "operating_margin": 30.57794690329804,
            "cash_margin": 33.610664612924545
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          "signals": [
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            "cash_margin"
          ],
          "accession": "0001787306-26-000051",
          "currency": "USD",
          "net_margin": 0.11557742509298403,
          "prior_net_margin": -0.1949106792304672,
          "net_margin_yoy_pp": 31.048810432345125
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "ZORYVE适应症扩展与商业化规模使收入高增并开始自我支持研发，最新恢复经营盈利。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "2026Q1仍亏损，后续投入及新品并购会影响持续现金流。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "fefb19ac314703b21081f1c6b819fe4bf320a8144c0338d1f26732fe2780955d",
          "offset": 5565,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-05"
        },
        {
          "period": "2026Q2",
          "content_hash": "fefb19ac314703b21081f1c6b819fe4bf320a8144c0338d1f26732fe2780955d",
          "offset": 7966,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-05"
        },
        {
          "period": "2025Q2",
          "content_hash": "7cfdb8339b79a25d2c5974a0adb4d6ad495fdcf67dd1e47e5f4c16c5ed7c7c19",
          "offset": 7676,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-07"
        },
        {
          "period": "2025Q2",
          "content_hash": "7cfdb8339b79a25d2c5974a0adb4d6ad495fdcf67dd1e47e5f4c16c5ed7c7c19",
          "offset": 3626,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-07"
        }
      ],
      "market": {
        "close": 23.885000228881836,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 125691961.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.09113395719889461,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.020303484369324387,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.1775137921531259,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 39151000.0
      },
      "market_cap": 3002152517.253607,
      "ttm_revenue": 463981000.0,
      "reported_fcf_yield": 0.013040976357795322,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 187778303.6968279,
          "required_cash_to_current_sales": 0.4047111922618122
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 144934711.595745,
          "required_cash_to_current_sales": 0.31237208333044886
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 112260334.1308581,
          "required_cash_to_current_sales": 0.24195028272894384
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "商业化线索：需单产品现金、竞争及融资模型",
      "second_pass_decision": "商业化线索：需单产品现金、竞争及融资模型；2026Q1仍亏损，后续投入及新品并购会影响持续现金流。",
      "deep_source_recheck": false,
      "industry": "Biotechnology",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-10-28",
          "report_date": "2025-09-30",
          "revenue": 99219000.0,
          "revenue_yoy_pct": 121.69366551223328,
          "gross_margin": 0.9124663622894809,
          "operating_margin": 0.08593112206331449,
          "ttm_fcf_margin": -0.10456422660405311,
          "prior_revenue_yoy_pct": 164.12599650009722,
          "prior_gross_margin": 0.87704167132164,
          "prior_operating_margin": -0.8728857110937326,
          "prior_ttm_fcf_margin": -1.2097571877613404,
          "changes_pp": {
            "demand": -42.432330987863935,
            "gross_margin": 3.5424690967840844,
            "operating_margin": 95.8816833157047,
            "cash_margin": 110.51929611572872
          },
          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001787306-25-000144",
          "currency": "USD",
          "net_margin": 0.07468327638859493,
          "prior_net_margin": -0.9280974192827617,
          "net_margin_yoy_pp": 100.27806956713565
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-02-25",
          "report_date": "2025-12-31",
          "revenue": 129503000.0,
          "revenue_yoy_pct": 81.47841928251121,
          "gross_margin": 0.9097472645421342,
          "operating_margin": 0.14198126684323914,
          "ttm_fcf_margin": -0.016781361015975663,
          "prior_revenue_yoy_pct": 121.69366551223328,
          "prior_gross_margin": 0.9032371076233184,
          "prior_operating_margin": -0.10695067264573992,
          "prior_ttm_fcf_margin": -0.5713842333954066,
          "changes_pp": {
            "demand": -40.21524622972207,
            "gross_margin": 0.6510156918815735,
            "operating_margin": 24.893193948897906,
            "cash_margin": 55.460287237943085
          },
          "signals": [
            "operating_margin",
            "cash_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.13432121263600072,
          "prior_net_margin": -0.15117713004484304,
          "net_margin_yoy_pp": 28.549834268084375
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-05-06",
          "report_date": "2026-03-31",
          "revenue": 105398000.0,
          "revenue_yoy_pct": 60.067430064088946,
          "gross_margin": 0.9071709140590903,
          "operating_margin": -0.08623503292282586,
          "ttm_fcf_margin": 0.06476045656651204,
          "prior_revenue_yoy_pct": 81.47841928251121,
          "prior_gross_margin": 0.8658992193906995,
          "prior_operating_margin": -0.3725207301886219,
          "prior_ttm_fcf_margin": -0.524793369013105,
          "changes_pp": {
            "demand": -21.410989218422266,
            "gross_margin": 4.127169466839087,
            "operating_margin": 28.628569726579606,
            "cash_margin": 58.95538255796171
          },
          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001787306-26-000040",
          "currency": "USD",
          "net_margin": -0.10716522135144879,
          "prior_net_margin": -0.3805850013668256,
          "net_margin_yoy_pp": 27.341978001537683
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-08-05",
          "report_date": "2026-06-30",
          "revenue": 129861000.0,
          "revenue_yoy_pct": 59.330830388692576,
          "gross_margin": 0.915763778193607,
          "operating_margin": 0.12651219380722464,
          "ttm_fcf_margin": 0.0843806104129264,
          "prior_revenue_yoy_pct": 60.067430064088946,
          "prior_gross_margin": 0.9080781311346683,
          "prior_operating_margin": -0.17926727522575578,
          "prior_ttm_fcf_margin": -0.2517260357163191,
          "changes_pp": {
            "demand": -0.73659967539637,
            "gross_margin": 0.7685647058938705,
            "operating_margin": 30.57794690329804,
            "cash_margin": 33.610664612924545
          },
          "signals": [
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001787306-26-000051",
          "currency": "USD",
          "net_margin": 0.11557742509298403,
          "prior_net_margin": -0.1949106792304672,
          "net_margin_yoy_pp": 31.048810432345125
        }
      ],
      "financial_reason": "2025Q3收入99.22百万美元/同比121.69%，毛利率91.25%，营业率8.59%，净利率7.47%；2025Q4收入129.50百万美元/同比81.48%，毛利率90.97%，营业率14.20%，净利率13.43%；2026Q1收入105.40百万美元/同比60.07%，毛利率90.72%，营业率-8.62%，净利率-10.72%；2026Q2收入129.86百万美元/同比59.33%，毛利率91.58%，营业率12.65%，净利率11.56%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "ARQT",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1787306/000178730626000051/arqt-20260630.htm",
        "sha256": "6d907bc27da3404254816c95df49340c675499f492c3a9c54b7c0f3ba8fd3562",
        "checks": {
          "revenue": {
            "local": 129861000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
                "value": 129861000.0
              },
              {
                "concept": "us-gaap:Revenues",
                "value": 129861000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
              "current": 129861000.0,
              "prior": 81504000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 16429000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 16429000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 16429000.0,
              "prior": -14611000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 15009000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 15009000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 15009000.0,
              "prior": -15886000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Arcutis专注于皮肤疾病处方药的开发和销售。它的核心产品围绕外用治疗展开，面向银屑病、湿疹及其他皮肤疾病的相关患者群体。公司通过药品商业化获得收入，并继续开发新的剂型、适应症和候选药物。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "ec62d83c8377ddc2417ee2c21a5a49f4c40bd4840a849fb495ad83c55691575f",
          "business_evidence_sha256": "9bb6fc75198ab9edb3898871410c12855ff1c63f00f03188d043d51978810f8b",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1787306/000178730626000051/arqt-20260630.htm"
        }
      }
    },
    {
      "ticker": "ATI",
      "name": "ATI INC",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-28",
          "revenue": 1261100000.0,
          "revenue_yoy_pct": 10.584005612065939,
          "gross_margin": 0.24565855205772738,
          "operating_margin": 0.17445087621917374,
          "ttm_fcf_margin": 0.1116177468612148,
          "prior_revenue_yoy_pct": 0.6204124432016789,
          "prior_gross_margin": 0.21264468607506137,
          "prior_operating_margin": 0.1411785338477727,
          "prior_ttm_fcf_margin": 0.0522101714463149,
          "changes_pp": {
            "demand": 9.96359316886426,
            "gross_margin": 3.3013865982666006,
            "operating_margin": 3.327234237140103,
            "cash_margin": 5.940757541489989
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001628280-26-054233",
          "currency": "USD",
          "net_margin": 0.1197367377686147,
          "prior_net_margin": 0.08830235005261312,
          "net_margin_yoy_pp": 3.1434387716001573
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "AA&S由周期低利润业务转向第二盈利引擎，合同纪律、组合优化及Elevation执行与航空长期订单共同支撑改善。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "航空需求景气与商业条款贡献需拆分；扩产兑现和现金资本投入待查。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "f7610f95df9b4e77b8a16e5d434753c271a70c6c2d77619c5d9a4144d35bf700",
          "offset": 2811,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-06"
        },
        {
          "period": "2026Q2",
          "content_hash": "f7610f95df9b4e77b8a16e5d434753c271a70c6c2d77619c5d9a4144d35bf700",
          "offset": 1806,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-06"
        },
        {
          "period": "2025Q2",
          "content_hash": "aa47cf59598925735b84010670bc99b1ba05120bf214c7151a7f948e59665004",
          "offset": 1811,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-31"
        },
        {
          "period": "2025Q2",
          "content_hash": "aa47cf59598925735b84010670bc99b1ba05120bf214c7151a7f948e59665004",
          "offset": 2734,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-31"
        }
      ],
      "market": {
        "close": 198.77000427246094,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 136170383.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-28",
        "returns": {
          "1m": {
            "value": -0.13739525847169742,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.0014611474766452748,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.7320494995852564,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 526300000.0
      },
      "market_cap": 27066587610.692642,
      "ttm_revenue": 4715200000.0,
      "reported_fcf_yield": 0.019444638074438518,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 1692957929.081821,
          "required_cash_to_current_sales": 0.3590426554720523
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 1306691797.532456,
          "required_cash_to_current_sales": 0.27712330283603154
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 1012108529.2955563,
          "required_cash_to_current_sales": 0.21464805931785635
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；航空需求景气与商业条款贡献需拆分；扩产兑现和现金资本投入待查。",
      "deep_source_recheck": false,
      "industry": "Metal Fabrication",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-10-28",
          "report_date": "2025-09-28",
          "revenue": 1125500000.0,
          "revenue_yoy_pct": 7.068112633181123,
          "gross_margin": 0.22683251888049755,
          "operating_margin": 0.1442914260328743,
          "ttm_fcf_margin": 0.09692341261182631,
          "prior_revenue_yoy_pct": 4.117593353419147,
          "prior_gross_margin": 0.21385083713850836,
          "prior_operating_margin": 0.13527397260273974,
          "prior_ttm_fcf_margin": 0.04662152630836507,
          "changes_pp": {
            "demand": 2.950519279761976,
            "gross_margin": 1.2981681741989188,
            "operating_margin": 0.9017453430134548,
            "cash_margin": 5.030188630346124
          },
          "signals": [
            "demand",
            "gross_margin",
            "cash_margin"
          ],
          "accession": "0001628280-25-046675",
          "currency": "USD",
          "net_margin": 0.09773434029320302,
          "prior_net_margin": 0.07867199391171995,
          "net_margin_yoy_pp": 1.9062346381483075
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-02-20",
          "report_date": "2025-12-28",
          "revenue": 1177100000.0,
          "revenue_yoy_pct": 0.3752025240897128,
          "gross_margin": 0.2322657378302608,
          "operating_margin": 0.1449324611332937,
          "ttm_fcf_margin": 0.07274273008675938,
          "prior_revenue_yoy_pct": 7.068112633181123,
          "prior_gross_margin": 0.21198942611068475,
          "prior_operating_margin": 0.1781359256416816,
          "prior_ttm_fcf_margin": 0.03853648472066207,
          "changes_pp": {
            "demand": -6.69291010909141,
            "gross_margin": 2.027631171957606,
            "operating_margin": -3.32034645083879,
            "cash_margin": 3.4206245366097314
          },
          "signals": [
            "gross_margin",
            "cash_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.08206609463936794,
          "prior_net_margin": 0.11690969557431569,
          "net_margin_yoy_pp": -3.4843600934947747
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-04-30",
          "report_date": "2026-03-29",
          "revenue": 1151500000.0,
          "revenue_yoy_pct": 0.6204124432016789,
          "gross_margin": 0.22831089882761615,
          "operating_margin": 0.14224924012158055,
          "ttm_fcf_margin": 0.12025247578626619,
          "prior_revenue_yoy_pct": 0.3752025240897128,
          "prior_gross_margin": 0.20604683677036,
          "prior_operating_margin": 0.12836420831876966,
          "prior_ttm_fcf_margin": 0.04187203154404517,
          "changes_pp": {
            "demand": 0.2452099191119661,
            "gross_margin": 2.2264062057256147,
            "operating_margin": 1.3885031802810892,
            "cash_margin": 7.838044424222101
          },
          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001628280-26-028684",
          "currency": "USD",
          "net_margin": 0.10264871906209293,
          "prior_net_margin": 0.0847605732261447,
          "net_margin_yoy_pp": 1.7888145835948221
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-28",
          "revenue": 1261100000.0,
          "revenue_yoy_pct": 10.584005612065939,
          "gross_margin": 0.24565855205772738,
          "operating_margin": 0.17445087621917374,
          "ttm_fcf_margin": 0.1116177468612148,
          "prior_revenue_yoy_pct": 0.6204124432016789,
          "prior_gross_margin": 0.21264468607506137,
          "prior_operating_margin": 0.1411785338477727,
          "prior_ttm_fcf_margin": 0.0522101714463149,
          "changes_pp": {
            "demand": 9.96359316886426,
            "gross_margin": 3.3013865982666006,
            "operating_margin": 3.327234237140103,
            "cash_margin": 5.940757541489989
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001628280-26-054233",
          "currency": "USD",
          "net_margin": 0.1197367377686147,
          "prior_net_margin": 0.08830235005261312,
          "net_margin_yoy_pp": 3.1434387716001573
        }
      ],
      "financial_reason": "2025Q3收入1125.50百万美元/同比7.07%，毛利率22.68%，营业率14.43%，净利率9.77%；2025Q4收入1177.10百万美元/同比0.38%，毛利率23.23%，营业率14.49%，净利率8.21%；2026Q1收入1151.50百万美元/同比0.62%，毛利率22.83%，营业率14.22%，净利率10.26%；2026Q2收入1261.10百万美元/同比10.58%，毛利率24.57%，营业率17.45%，净利率11.97%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "ATI",
        "period": "2026-06-28",
        "source_period": "2026-06-28",
        "url": "https://www.sec.gov/Archives/edgar/data/1018963/000162828026054233/ati-20260628.htm",
        "sha256": "605985a1778b65c174ccdde0d2e9688ed4bb0276ae396ec51febec23684de74c",
        "checks": {
          "revenue": {
            "local": 1261100000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 1261100000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 1261100000.0,
              "prior": 1140400000.0,
              "prior_periods": [
                "2025-06-29"
              ]
            }
          },
          "operating_income": {
            "local": 220000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 220000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 220000000.0,
              "prior": 161000000.0,
              "prior_periods": [
                "2025-06-29"
              ]
            }
          },
          "net_income": {
            "local": 151000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 151000000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 154300000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 151000000.0,
              "prior": 100700000.0,
              "prior_periods": [
                "2025-06-29"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "ATI制造钛合金、镍基高温合金等特种金属，以及用这些材料加工的复杂部件。它的产品用于飞机发动机、航空结构和其他对强度、耐热性及可靠性要求较高的设备。公司主要向航空航天及工业产业链销售材料和加工部件。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "f2af39e1179ed48c723acc61a51407361ed1a221ed7ca304ef66f03b67927dab",
          "business_evidence_sha256": "8b9fb69fc1cdf4a129a73d944b2fb02f9a161d1e2e964509c9ad384609b3f8a2",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1018963/000162828026054233/ati-20260628.htm"
        }
      }
    },
    {
      "ticker": "ATRC",
      "name": "AtriCure, Inc.",
      "mechanism": "新药/新产品商业化",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-27",
          "report_date": "2026-06-30",
          "revenue": 153604000.0,
          "revenue_yoy_pct": 12.82879997649462,
          "gross_margin": 0.7723041066638889,
          "operating_margin": 0.06292153850160152,
          "ttm_fcf_margin": 0.09324429182861617,
          "prior_revenue_yoy_pct": 14.260637437307878,
          "prior_gross_margin": 0.7454293038732472,
          "prior_operating_margin": -0.04548292553933847,
          "prior_ttm_fcf_margin": 0.050579462581958855,
          "changes_pp": {
            "demand": -1.4318374608132576,
            "gross_margin": 2.6874802790641694,
            "operating_margin": 10.840446404094,
            "cash_margin": 4.266482924665731
          },
          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001323885-26-000035",
          "currency": "USD",
          "net_margin": 0.058299263040025,
          "prior_net_margin": -0.045468234671916206,
          "net_margin_yoy_pp": 10.376749771194122
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "FLEX Mini、Encompass与疼痛管理新品跨期采用提高，四季接近盈亏平衡后营业率达6%。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "新品临床和上市投入可能抵消杠杆；新适应症仍未证明。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "4903a08a894ecdb0a0d6f84a0d8b21e6f65a3819414167a14f9bd7dfa7d8e213",
          "offset": 2442,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-23"
        },
        {
          "period": "2026Q2",
          "content_hash": "4903a08a894ecdb0a0d6f84a0d8b21e6f65a3819414167a14f9bd7dfa7d8e213",
          "offset": 5777,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-23"
        },
        {
          "period": "2025Q2",
          "content_hash": "b2ff156e5d9792af0ef949cda29e7caf36917eeed16564a5fdf0579cd61d4ff6",
          "offset": 2172,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-29"
        },
        {
          "period": "2025Q2",
          "content_hash": "b2ff156e5d9792af0ef949cda29e7caf36917eeed16564a5fdf0579cd61d4ff6",
          "offset": 2937,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-29"
        }
      ],
      "market": {
        "close": 54.540000915527344,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 50866294.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": 0.25206609724692886,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.8944077520370006,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.37866529378712555,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 53114000.0
      },
      "market_cap": 2774247721.329483,
      "ttm_revenue": 569622000.0,
      "reported_fcf_yield": 0.019145370325670326,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 173523339.72112906,
          "required_cash_to_current_sales": 0.3046289288706003
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 133932167.36166081,
          "required_cash_to_current_sales": 0.23512463943046583
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 103738225.94567095,
          "required_cash_to_current_sales": 0.1821176603882416
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "商业化线索：需单产品现金、竞争及融资模型",
      "second_pass_decision": "商业化线索：需单产品现金、竞争及融资模型；新品临床和上市投入可能抵消杠杆；新适应症仍未证明。",
      "deep_source_recheck": false,
      "industry": "Medical Instruments & Supplies",
      "financial_history": [
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          "filed_at": "2025-10-30",
          "report_date": "2025-09-30",
          "revenue": 134269000.0,
          "revenue_yoy_pct": 15.839013027348802,
          "gross_margin": 0.7546939353089693,
          "operating_margin": 0.0015491289873314018,
          "ttm_fcf_margin": 0.06367293389027696,
          "prior_revenue_yoy_pct": 17.089679966285075,
          "prior_gross_margin": 0.7487964800276077,
          "prior_operating_margin": -0.06388577344491415,
          "prior_ttm_fcf_margin": -0.0025783503473176443,
          "changes_pp": {
            "demand": -1.2506669389362735,
            "gross_margin": 0.5897455281361652,
            "operating_margin": 6.543490243224556,
            "cash_margin": 6.6251284237594605
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          "signals": [
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            "cash_margin"
          ],
          "accession": "0001323885-25-000103",
          "currency": "USD",
          "net_margin": -0.001988545382776367,
          "prior_net_margin": -0.06775084116987318,
          "net_margin_yoy_pp": 6.576229578709682
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-02-19",
          "report_date": "2025-12-31",
          "revenue": 140500000.0,
          "revenue_yoy_pct": 13.053903779460407,
          "gross_margin": 0.749729537366548,
          "operating_margin": 0.017729537366548042,
          "ttm_fcf_margin": 0.09033016044061302,
          "prior_revenue_yoy_pct": 15.839013027348802,
          "prior_gross_margin": 0.745262598871875,
          "prior_operating_margin": -0.116859917764349,
          "prior_ttm_fcf_margin": 0.0016010934716219614,
          "changes_pp": {
            "demand": -2.7851092478883945,
            "gross_margin": 0.4466938494673056,
            "operating_margin": 13.458945513089704,
            "cash_margin": 8.872906696899106
          },
          "signals": [
            "operating_margin",
            "cash_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.012498220640569395,
          "prior_net_margin": -0.12526855331235867,
          "net_margin_yoy_pp": 13.776677395292808
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-05-06",
          "report_date": "2026-03-31",
          "revenue": 141249000.0,
          "revenue_yoy_pct": 14.260637437307878,
          "gross_margin": 0.7738886646985111,
          "operating_margin": 0.0037239201693463316,
          "ttm_fcf_margin": 0.0971517159068888,
          "prior_revenue_yoy_pct": 13.053903779460407,
          "prior_gross_margin": 0.7492962303834331,
          "prior_operating_margin": -0.048163727552176024,
          "prior_ttm_fcf_margin": 0.023596263924878562,
          "changes_pp": {
            "demand": 1.2067336578474706,
            "gross_margin": 2.459243431507807,
            "operating_margin": 5.188764772152235,
            "cash_margin": 7.355545198201025
          },
          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001323885-26-000023",
          "currency": "USD",
          "net_margin": 0.0007646071830597031,
          "prior_net_margin": -0.054578547160653614,
          "net_margin_yoy_pp": 5.534315434371331
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-07-27",
          "report_date": "2026-06-30",
          "revenue": 153604000.0,
          "revenue_yoy_pct": 12.82879997649462,
          "gross_margin": 0.7723041066638889,
          "operating_margin": 0.06292153850160152,
          "ttm_fcf_margin": 0.09324429182861617,
          "prior_revenue_yoy_pct": 14.260637437307878,
          "prior_gross_margin": 0.7454293038732472,
          "prior_operating_margin": -0.04548292553933847,
          "prior_ttm_fcf_margin": 0.050579462581958855,
          "changes_pp": {
            "demand": -1.4318374608132576,
            "gross_margin": 2.6874802790641694,
            "operating_margin": 10.840446404094,
            "cash_margin": 4.266482924665731
          },
          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001323885-26-000035",
          "currency": "USD",
          "net_margin": 0.058299263040025,
          "prior_net_margin": -0.045468234671916206,
          "net_margin_yoy_pp": 10.376749771194122
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      ],
      "financial_reason": "2025Q3收入134.27百万美元/同比15.84%，毛利率75.47%，营业率0.15%，净利率-0.20%；2025Q4收入140.50百万美元/同比13.05%，毛利率74.97%，营业率1.77%，净利率1.25%；2026Q1收入141.25百万美元/同比14.26%，毛利率77.39%，营业率0.37%，净利率0.08%；2026Q2收入153.60百万美元/同比12.83%，毛利率77.23%，营业率6.29%，净利率5.83%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "ATRC",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1323885/000132388526000035/atrc-20260630.htm",
        "sha256": "3f7bd8a7891f272e6554720518e6d31bf1489249da1888333cc35d770a4d59a9",
        "checks": {
          "revenue": {
            "local": 153604000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 153604000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 153604000.0,
              "prior": 136139000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 9665000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 9665000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 9665000.0,
              "prior": -6192000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 8955000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 8955000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 8955000.0,
              "prior": -6190000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "AtriCure为心脏外科等医疗场景提供手术器械。它的产品用于心脏组织消融、左心耳处理，以及通过冷冻消融暂时阻断部分疼痛信号。公司通过向医院销售设备和手术中使用的一次性器械获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "852a984fb26fd7b1264fd49e1c6714c0049f23fde55f63883cac94efc3e4c421",
          "business_evidence_sha256": "56dddfb2f74963243de829c7cc376f3fa504fa0fa6c31e7089316dbdb1dc9d75",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1323885/000132388526000035/atrc-20260630.htm"
        }
      }
    },
    {
      "ticker": "ATRO",
      "name": "ASTRONICS CORP",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q3",
          "filed_at": "2026-08-12",
          "report_date": "2026-07-04",
          "revenue": 259957000.0,
          "revenue_yoy_pct": 22.941919251632804,
          "gross_margin": 0.33427451463126595,
          "operating_margin": 0.15566805279334658,
          "ttm_fcf_margin": null,
          "prior_revenue_yoy_pct": 12.674053879752577,
          "prior_gross_margin": 0.30509300202887724,
          "prior_operating_margin": 0.1090344152435362,
          "prior_ttm_fcf_margin": 0.06085352654282863,
          "changes_pp": {
            "demand": 10.267865371880227,
            "gross_margin": 2.9181512602388713,
            "operating_margin": 4.663363754981038,
            "cash_margin": null
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0000008063-26-000043",
          "currency": "USD",
          "net_margin": 0.13486845901437544,
          "prior_net_margin": -0.052485965750282575,
          "net_margin_yoy_pp": 18.735442476465803
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "退出低增长天线/合同工程线、长期合同重定价与测试业务恢复推动利润率抬升。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "航空周期、过去测试项目估计调整与季度映射须核验。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "fb91447bc45c21bf24359f7440069a83dde007aaae629bee0bfd137feb20fb6c",
          "navigation_offsets": [
            6327,
            2725
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
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        "summary": "Astronics为航空、国防及电子设备客户制造机载系统和测试设备。它的产品包括飞机供电、照明、安全及客舱相关系统，也提供电子产品测试方案。公司主要通过承接设备厂商和运营客户的项目、销售产品及提供配套服务赚钱。",
        "version": "2026-09-14-editorial-v1",
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        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
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      "business_evidence": "重组后聚焦LUPKYNIS商业化，销售增长与成本纪律带来高营业利润和现金流",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "2025Q4净利率273%由递延税估值备抵释放推动；Gazyva竞争和缺最新电话会须核验",
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          "accession": "0001600620-26-000062",
          "currency": "USD",
          "net_margin": 0.4495794280221101,
          "prior_net_margin": 0.3072934521768941,
          "net_margin_yoy_pp": 14.228597584521602
        }
      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入73.47百万美元、同比8.41%；毛利率88.87%、营业率40.49%、净利率42.95%；2025-12-31（本地期标2025Q4）收入77.11百万美元、同比28.81%；毛利率88.59%、营业率43.10%、净利率273.35%；2026-03-31（本地期标2026Q1）收入77.70百万美元、同比24.40%；毛利率91.63%、营业率53.31%、净利率44.21%；2026-06-30（本地期标2026Q2）收入83.22百万美元、同比18.87%；毛利率92.12%、营业率55.68%、净利率44.96%；最新净利率同比变化14.23个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "AUPH",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1600620/000160062026000062/auph-20260630.htm",
        "sha256": "e37bd64b29f23e55e5340adaa41da1afde4eaac8042b1c7c30b2fc3e73c8c595",
        "checks": {
          "revenue": {
            "local": 83220000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 83220000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 83220000.0,
              "prior": 70008000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 46341000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 46341000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 46341000.0,
              "prior": 20083000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 37414000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 37414000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 37414000.0,
              "prior": 21513000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Aurinia是一家聚焦自身免疫疾病的生物制药公司。它的主要商业化产品LUPKYNIS面向活动性狼疮性肾炎这一治疗领域。公司通过药品销售获得收入，并围绕自身免疫疾病开发后续治疗产品。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "9f98b3876d88c8d2cc74a788e3920c696ecf9b70b1e25a7faff993173d3e0482",
          "business_evidence_sha256": "10bdbd14933f6450102ebfe77792d5b851e70cb89d585a0bf5d3bccb7bba0861",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1600620/000160062026000062/auph-20260630.htm"
        }
      }
    },
    {
      "ticker": "AVNT",
      "name": "AVIENT CORP",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 917000000.0,
          "revenue_yoy_pct": 5.828043854587417,
          "gross_margin": 0.33544165757906214,
          "operating_margin": 0.12257360959651036,
          "ttm_fcf_margin": 0.05727149932462854,
          "prior_revenue_yoy_pct": 2.516331962255025,
          "prior_gross_margin": 0.32071552221581073,
          "prior_operating_margin": 0.11090594345066358,
          "prior_ttm_fcf_margin": 0.04602433329236819,
          "changes_pp": {
            "demand": 3.311711892332392,
            "gross_margin": 1.4726135363251402,
            "operating_margin": 1.1667666145846773,
            "cash_margin": 1.124716603226035
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001122976-26-000126",
          "currency": "USD",
          "net_margin": 0.07066521264994548,
          "prior_net_margin": 0.06070398153491056,
          "net_margin_yoy_pp": 0.996123111503492
        },
        "revenue_growth": {
          "positive": 3,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "从配方商向材料解决方案创新转型，电子/高性能计算和新产品赢单支持组合毛利提升。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "有机增长仍温和，价格与汇率应拆分；尚缺份额独立数据。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "630cb1e88019538a0368fd204f0dd0977614eb804216db46442ad77948cc54bd",
          "offset": 2799,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-06"
        },
        {
          "period": "2026Q2",
          "content_hash": "630cb1e88019538a0368fd204f0dd0977614eb804216db46442ad77948cc54bd",
          "offset": 3616,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-06"
        },
        {
          "period": "2025Q2",
          "content_hash": "639a87163f6478a83cb33c768d8d7bd1d63f03f092bf3e8175a114e02f84d7cf",
          "offset": 4486,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-01"
        },
        {
          "period": "2025Q2",
          "content_hash": "639a87163f6478a83cb33c768d8d7bd1d63f03f092bf3e8175a114e02f84d7cf",
          "offset": 1952,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-01"
        }
      ],
      "market": {
        "close": 41.40999984741211,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 91719550.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.08647698710122409,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.0966631802999165,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.3255441789630311,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 190800000.0
      },
      "market_cap": 3798106551.5047073,
      "ttm_revenue": 3331500000.0,
      "reported_fcf_yield": 0.05023555748440238,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 237563548.62137565,
          "required_cash_to_current_sales": 0.07130828414269118
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 183360930.02890658,
          "required_cash_to_current_sales": 0.05503855021128819
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 142023667.3806874,
          "required_cash_to_current_sales": 0.0426305470150645
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；有机增长仍温和，价格与汇率应拆分；尚缺份额独立数据。",
      "deep_source_recheck": false,
      "industry": "Specialty Chemicals",
      "financial_history": [
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          "period": "2025Q3",
          "filed_at": "2025-11-05",
          "report_date": "2025-09-30",
          "revenue": 806500000.0,
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          "gross_margin": 0.303657780533168,
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          "prior_gross_margin": 0.320657507360157,
          "prior_operating_margin": 0.09470068694798822,
          "prior_ttm_fcf_margin": 0.05088860530984469,
          "changes_pp": {
            "demand": -3.044391179799888,
            "gross_margin": -1.6999726826989026,
            "operating_margin": -1.1501678888471798,
            "cash_margin": -0.43404398189479176
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          "signals": [],
          "accession": "0001122976-25-000088",
          "currency": "USD",
          "net_margin": 0.04042157470551767,
          "prior_net_margin": 0.04685966633954858,
          "net_margin_yoy_pp": -0.6438091634030911
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-02-17",
          "report_date": "2025-12-31",
          "revenue": 760600000.0,
          "revenue_yoy_pct": 1.8888144675150764,
          "gross_margin": 0.3018669471469892,
          "operating_margin": 0.052064159873783857,
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          "prior_gross_margin": 0.347622237106497,
          "prior_operating_margin": 0.11466845277963832,
          "prior_ttm_fcf_margin": 0.04163066288112579,
          "changes_pp": {
            "demand": 2.956037234934117,
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            "operating_margin": -6.260429290585446,
            "cash_margin": 1.8181618573999665
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          "signals": [
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          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.022219300552195634,
          "prior_net_margin": 0.06470194239785666,
          "net_margin_yoy_pp": -4.248264184566103
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-05-07",
          "report_date": "2026-03-31",
          "revenue": 847400000.0,
          "revenue_yoy_pct": 2.516331962255025,
          "gross_margin": 0.321689874911494,
          "operating_margin": 0.113051687514751,
          "ttm_fcf_margin": 0.06251142944224322,
          "prior_revenue_yoy_pct": 1.8888144675150764,
          "prior_gross_margin": 0.3184127752238084,
          "prior_operating_margin": 0.0008468424872973627,
          "prior_ttm_fcf_margin": 0.04277331686226066,
          "changes_pp": {
            "demand": 0.6275174947399487,
            "gross_margin": 0.32770996876855807,
            "operating_margin": 11.220484502745363,
            "cash_margin": 1.9738112579982565
          },
          "signals": [
            "operating_margin"
          ],
          "accession": "0001122976-26-000094",
          "currency": "USD",
          "net_margin": 0.06573046967193769,
          "prior_net_margin": -0.02443745463343818,
          "net_margin_yoy_pp": 9.016792430537587
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 917000000.0,
          "revenue_yoy_pct": 5.828043854587417,
          "gross_margin": 0.33544165757906214,
          "operating_margin": 0.12257360959651036,
          "ttm_fcf_margin": 0.05727149932462854,
          "prior_revenue_yoy_pct": 2.516331962255025,
          "prior_gross_margin": 0.32071552221581073,
          "prior_operating_margin": 0.11090594345066358,
          "prior_ttm_fcf_margin": 0.04602433329236819,
          "changes_pp": {
            "demand": 3.311711892332392,
            "gross_margin": 1.4726135363251402,
            "operating_margin": 1.1667666145846773,
            "cash_margin": 1.124716603226035
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001122976-26-000126",
          "currency": "USD",
          "net_margin": 0.07066521264994548,
          "prior_net_margin": 0.06070398153491056,
          "net_margin_yoy_pp": 0.996123111503492
        }
      ],
      "financial_reason": "2025Q3收入806.50百万美元/同比-1.07%，毛利率30.37%，营业率8.32%，净利率4.04%；2025Q4收入760.60百万美元/同比1.89%，毛利率30.19%，营业率5.21%，净利率2.22%；2026Q1收入847.40百万美元/同比2.52%，毛利率32.17%，营业率11.31%，净利率6.57%；2026Q2收入917.00百万美元/同比5.83%，毛利率33.54%，营业率12.26%，净利率7.07%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "AVNT",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1122976/000112297626000126/avnt-20260630.htm",
        "sha256": "5ee919220e4ae2d3e0dcd254595ffbd41425bba33768f480f7765711da486311",
        "checks": {
          "revenue": {
            "local": 917000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 917000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 917000000.0,
              "prior": 866500000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 112400000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 112400000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 112400000.0,
              "prior": 96100000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 64800000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 64800000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 65700000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 64800000.0,
              "prior": 52600000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Avient为塑料及其他材料提供配色、添加剂和特种材料配方。它帮助客户改变材料的颜色、强度、重量或其他性能，让材料适用于医疗、电子、消费品和工业产品。公司通过销售定制材料和配方产品赚钱，而不是生产这些最终消费品。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "437c6a4ef76d27ca5cf8fdba757883ed9b55ec12cf5db3a2c858492017d24400",
          "business_evidence_sha256": "4950543d25d7867a633bc12b702cc72f85d7500df56cadb156aa99f9934c3d45",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1122976/000112297626000126/avnt-20260630.htm"
        }
      }
    },
    {
      "ticker": "AXTI",
      "name": "AXT INC",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-13",
          "report_date": "2026-06-30",
          "revenue": 47589000.0,
          "revenue_yoy_pct": 164.76577278290864,
          "gross_margin": 0.4489692996280653,
          "operating_margin": 0.21902120237870096,
          "ttm_fcf_margin": -0.15588523532176976,
          "prior_revenue_yoy_pct": 39.098987394089676,
          "prior_gross_margin": 0.07972627128073885,
          "prior_operating_margin": -0.3752642706131078,
          "prior_ttm_fcf_margin": -0.16226765799256507,
          "changes_pp": {
            "demand": 125.66678538881897,
            "gross_margin": 36.92430283473265,
            "operating_margin": 59.42854729918088,
            "cash_margin": 0.6382422670795307
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001437749-26-027677",
          "currency": "USD",
          "net_margin": 0.23383555023219652,
          "prior_net_margin": -0.3898965171914988,
          "net_margin_yoy_pp": 62.37320674236953
        },
        "revenue_growth": {
          "positive": 3,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "砷化镓制造良率与利用率改善、产品组合使毛利率升至44.9%，营业转正。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "出口许可逐客户不确定，低基数及产品mix效应须核验。",
      "sources": [
        {
          "period": "2026Q2",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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      "market_cap": 4247176721.115082,
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      "normalized_cash_verified": false,
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      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；出口许可逐客户不确定，低基数及产品mix效应须核验。",
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        "summary": "AXT生产用于制造半导体器件的化合物半导体衬底。它的磷化铟、砷化镓等材料可用于光通信、激光和射频器件，处在芯片及光器件制造的上游。公司通过向器件制造商销售材料赚钱，材料纯度和制造良率是业务的重要环节。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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      "business_evidence": "成本重组后转向QNX与安全通信盈利增长，连续五季GAAP盈利，嵌入式非汽车领域拓展。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "出售业务可比性、项目版税时间及缺失季度需核验。",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2026Q1",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
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      "financial_reason": "2025Q2 收入同比-15.49%，毛利率74.20%，营业利润率1.64%，净利率1.56%；2025Q3 收入同比-10.62%，毛利率74.54%，营业利润率8.87%，净利率10.26%；2025Q4 收入同比-0.84%，毛利率77.50%，营业利润率8.39%，净利率9.66%；2026Q2 收入同比25.64%，毛利率78.29%，营业利润率10.01%，净利率5.56%",
      "primary_source": {
        "ticker": "BB",
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        "source_period": "2026-05-31",
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                "concept": "us-gaap:Revenues",
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            ],
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            "comparable": {
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          },
          "operating_income": {
            "local": 15300000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
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            "status": "matched",
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            "alternatives": [
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                "concept": "us-gaap:NetIncomeLoss",
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 8500000.0,
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "黑莓现在主要经营企业软件，包括QNX嵌入式系统和安全通信产品。QNX用于汽车及其他设备的底层运行环境，安全通信产品则帮助企业和政府保护信息与终端。公司通过软件授权、订阅和相关服务赚钱，已不是以销售手机为主的公司。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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      }
    },
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      "mechanism": "新药/新产品商业化",
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        "gross_margin_improvement": {
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
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      "business_evidence": "Attruby净产品收入7150万升至2.224亿，处方与海外版税增加，商业化而非单纯授权里程碑。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "仍大额经营亏损，研发管线和融资消耗，竞争药物及持续患者采用需核验。",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "49b0e305b24b64baa0449e5b80d2d7df1d26a613a26f7a2e35f838b4bca2fa40",
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          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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        "source": "yfinance_daily_sync",
        "shares": 195487474.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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          "1y": {
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.05294803942309445,
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "商业化线索：需单产品现金、竞争及融资模型",
      "second_pass_decision": "商业化线索：需单产品现金、竞争及融资模型；仍大额经营亏损，研发管线和融资消耗，竞争药物及持续患者采用需核验。",
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      "financial_reason": "2025Q3 收入同比4318.01%，毛利率94.56%，营业利润率-120.30%，净利率-151.40%；2025Q4 收入同比2521.18%，毛利率94.74%，营业利润率-90.52%，净利率-125.09%；2026Q1 收入同比66.78%，毛利率94.89%，营业利润率-54.47%，净利率-84.33%；2026Q2 收入同比120.39%，毛利率93.83%，营业利润率-43.94%，净利率-62.47%",
      "primary_source": {
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        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1743881/000174388126000027/bbio-20260630.htm",
        "sha256": "7efbd4cfc229c24939be8469d62d8fedec39dcd3e9601d91a1463c4fe4895cab",
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                "concept": "us-gaap:ProfitLoss",
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                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
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        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "BridgeBio是一家围绕遗传性疾病及相关病理机制开发药物的生物制药公司。它既推动在研项目，也销售已经商业化的药品，例如面向转甲状腺素蛋白淀粉样变性相关心肌病的Attruby。公司收入来自产品销售及合作安排，不能把所有研发项目都视为已经成熟的药品业务。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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          "primary_url": "https://www.sec.gov/Archives/edgar/data/1743881/000174388126000027/bbio-20260630.htm"
        }
      }
    },
    {
      "ticker": "BE",
      "name": "Bloom Energy Corp",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
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          "filed_at": "2026-07-29",
          "report_date": "2026-06-30",
          "revenue": 1065365000.0,
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          "gross_margin": 0.3337560366634909,
          "operating_margin": 0.17105592918858795,
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          "prior_gross_margin": 0.2669785316591982,
          "prior_operating_margin": -0.00873039213242881,
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            "cash_margin": 17.36346154022564
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            "gross_margin",
            "operating_margin",
            "cash_margin"
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          "accession": "0001628280-26-050325",
          "currency": "USD",
          "net_margin": 0.18424671356765052,
          "prior_net_margin": -0.10515349838750679,
          "net_margin_yoy_pp": 28.94002119551573
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        "revenue_growth": {
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        "operating_margin_improvement": {
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        },
        "net_margin_improvement": {
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          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "数据中心及时供电扩大产品需求，服务利润率连续五季双位数，堆寿命和规模改善提供经营证据",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "项目定价/维护时点波动，资本需求及客户集中需要后续验证",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-07-28",
          "content_hash": "e5b53c8d821446ea64554134fa779c623cffaed8b911e3205dcb78a5a458b68c",
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          "role": "navigation_excerpt"
        },
        {
          "period": "2026Q2",
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          "offset": 17045,
          "length": 720,
          "role": "targeted_full_source_context"
        },
        {
          "period": "2026Q2",
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          "offset": 45476,
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          "role": "targeted_full_source_context"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-07-31",
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          "offsets": [
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          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 275.75,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 294527346.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": 0.16271713502278073,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.05968026556930672,
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          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
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            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 2.1735527901597758,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 624706000.0
      },
      "market_cap": 81215915659.5,
      "ttm_revenue": 3113150000.0,
      "reported_fcf_yield": 0.00769191598625936,
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          "required_starting_cash": 5079884112.509017,
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        {
          "cash_growth": 0.15,
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        {
          "cash_growth": 0.2,
          "required_starting_cash": 3036929595.1091995,
          "required_cash_to_current_sales": 0.975516629493985
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；项目定价/维护时点波动，资本需求及客户集中需要后续验证",
      "deep_source_recheck": false,
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          "report_date": "2025-09-30",
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          "prior_revenue_yoy_pct": 19.500129554125323,
          "prior_gross_margin": 0.23829975272322254,
          "prior_operating_margin": -0.029210136834554583,
          "prior_ttm_fcf_margin": -0.26573610515106727,
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            "demand": 37.59719822229046,
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            "cash_margin": 34.007094706863164
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001628280-25-046844",
          "currency": "USD",
          "net_margin": -0.044234829919390886,
          "prior_net_margin": -0.04428584832278548,
          "net_margin_yoy_pp": 0.00510184033945954
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        {
          "period": "2025Q4",
          "filed_at": "2026-02-09",
          "report_date": "2025-12-31",
          "revenue": 777683000.0,
          "revenue_yoy_pct": 35.86545584145131,
          "gross_margin": 0.3084740183339484,
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          "prior_revenue_yoy_pct": 57.09732777641578,
          "prior_gross_margin": 0.38315699730254793,
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            "demand": -21.231871934964474,
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            "cash_margin": 0.5766705655849622
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          "signals": [],
          "accession": "derived:q4_synth",
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          "net_margin_yoy_pp": -18.18813544840185
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        {
          "period": "2026Q1",
          "filed_at": "2026-04-29",
          "report_date": "2026-03-31",
          "revenue": 751054000.0,
          "revenue_yoy_pct": 130.36982280282555,
          "gross_margin": 0.30030330708577546,
          "operating_margin": 0.09611825514543561,
          "ttm_fcf_margin": 0.0937347771176063,
          "prior_revenue_yoy_pct": 35.86545584145131,
          "prior_gross_margin": 0.27208983470389947,
          "prior_operating_margin": -0.0584931645507498,
          "prior_ttm_fcf_margin": 0.0491544370722092,
          "changes_pp": {
            "demand": 94.50436696137425,
            "gross_margin": 2.8213472381875992,
            "operating_margin": 15.461141969618541,
            "cash_margin": 4.45803400453971
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001628280-26-028021",
          "currency": "USD",
          "net_margin": 0.09407179776687162,
          "prior_net_margin": -0.07181745961149742,
          "net_margin_yoy_pp": 16.588925737836906
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-07-29",
          "report_date": "2026-06-30",
          "revenue": 1065365000.0,
          "revenue_yoy_pct": 165.5168202730522,
          "gross_margin": 0.3337560366634909,
          "operating_margin": 0.17105592918858795,
          "ttm_fcf_margin": 0.20066684869023335,
          "prior_revenue_yoy_pct": 130.36982280282555,
          "prior_gross_margin": 0.2669785316591982,
          "prior_operating_margin": -0.00873039213242881,
          "prior_ttm_fcf_margin": 0.027032233287976964,
          "changes_pp": {
            "demand": 35.14699747022664,
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            "operating_margin": 17.978632132101676,
            "cash_margin": 17.36346154022564
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
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          "accession": "0001628280-26-050325",
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          "net_margin": 0.18424671356765052,
          "prior_net_margin": -0.10515349838750679,
          "net_margin_yoy_pp": 28.94002119551573
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入519.05百万美元、同比57.10%；毛利率29.22%、营业率1.51%、净利率-4.42%；2025-12-31（本地期标2025Q4）收入777.68百万美元、同比35.87%；毛利率30.85%、营业率11.26%、净利率0.18%；2026-03-31（本地期标2026Q1）收入751.05百万美元、同比130.37%；毛利率30.03%、营业率9.61%、净利率9.41%；2026-06-30（本地期标2026Q2）收入1065.37百万美元、同比165.52%；毛利率33.38%、营业率17.11%、净利率18.42%；最新净利率同比变化28.94个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "BE",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1664703/000162828026050247/be-20260630.htm",
        "sha256": "7efdd5289ef8e4f48705fbd7e532dd5f01c7eb39638bdc87079f3a32713d6e73",
        "checks": {
          "revenue": {
            "local": 1065365000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 1060746000.0
              },
              {
                "concept": "us-gaap:Revenues",
                "value": 1065365000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:Revenues",
              "current": 1065365000.0,
              "prior": 401242000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 182237000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 182237000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 182237000.0,
              "prior": -3503000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 196290000.0,
            "alternatives": [
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 198856000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 196290000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
              "current": 196290000.0,
              "prior": -42619000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Bloom Energy提供在客户现场发电的固体氧化物燃料电池系统。它通过电化学过程将天然气、沼气或氢等燃料转化为电力，服务于数据中心和其他需要供电的设施。公司通过设备销售、安装和长期维护等安排获得收入，也经营制氢相关设备。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "3dd043949c402746318ea6acc1c34684b36a9a7bcd55e597180334148ad9fab0",
          "business_evidence_sha256": "cf84703bf1112bcd461a9427ee8c8f4a7bbbb11bfc9a6a89975fb03b9c74b388",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1664703/000162828026050247/be-20260630.htm"
        }
      }
    },
    {
      "ticker": "BELFA",
      "name": "BEL FUSE INC /NJ",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
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          "report_date": "2026-06-30",
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          "gross_margin": 0.39854284832807274,
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          "prior_gross_margin": 0.3867105568066358,
          "prior_operating_margin": 0.17742232574168593,
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            "operating_margin": 0.49304758341263133,
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            "gross_margin"
          ],
          "accession": "0001437749-26-025619",
          "currency": "USD",
          "net_margin": 0.12093884234758051,
          "prior_net_margin": 0.15960284969013483,
          "net_margin_yoy_pp": -3.866400734255432
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "按航空国防及工业数据两大终端重新组织，新增项目和防务数据需求带动收入盈利提升。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "停止去库存的周期效应与并购贡献需桥接；分部重分类不可直接拼接旧占比。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "2519bc2d3ed8445e249d893997b9dbc7deb47e54838e3fbdbc06c7802ffbc40f",
          "offset": 3090,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-30"
        },
        {
          "period": "2026Q2",
          "content_hash": "2519bc2d3ed8445e249d893997b9dbc7deb47e54838e3fbdbc06c7802ffbc40f",
          "offset": 4656,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-30"
        },
        {
          "period": "2025Q2",
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          "offset": 2432,
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          "source": "defeatbeta-api",
          "published_date": "2025-07-26"
        },
        {
          "period": "2025Q2",
          "content_hash": "6b19e6daf1f1dc44ee7c7e0cd5881a61514b7b0cb6b55e2c1ca42d0b70827649",
          "offset": 3170,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-26"
        }
      ],
      "market": {
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        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 14439450.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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          },
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            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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          "ytd": {
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            "start": "2025-12-31",
            "end": "2026-09-11",
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            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；停止去库存的周期效应与并购贡献需桥接；分部重分类不可直接拼接旧占比。",
      "deep_source_recheck": false,
      "industry": "Electronic Components",
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          "filed_at": "2025-11-04",
          "report_date": "2025-09-30",
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          "prior_revenue_yoy_pct": 26.345857888217417,
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            "operating_margin": 7.691458138153802,
            "cash_margin": -8.803004418038904
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          "signals": [
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            "operating_margin"
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          "net_margin_yoy_pp": 5.896348976250568
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          "report_date": "2025-12-31",
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          "accession": "derived:q4_synth",
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          "net_margin": -0.03097113755982221,
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          "period": "2026Q1",
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          "revenue": 178491000.0,
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          "period": "2026Q2",
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          "revenue": 210685000.0,
          "revenue_yoy_pct": 25.18493871027161,
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      "financial_reason": "2025Q3收入178.98百万美元/同比44.76%，毛利率39.75%，营业率16.95%，净利率12.43%；2025Q4收入175.94百万美元/同比17.40%，毛利率39.43%，营业率14.65%，净利率-3.10%；2026Q1收入178.49百万美元/同比17.24%，毛利率38.99%，营业率13.26%，净利率6.38%；2026Q2收入210.69百万美元/同比25.18%，毛利率39.85%，营业率18.24%，净利率12.09%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "BELFA",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/729580/000143774926025619/belfa20260630_10q.htm",
        "sha256": "493e640189eaab89aaccd2df9ac4f15f699fb94680fccca59b896900d068a8ed",
        "checks": {
          "revenue": {
            "local": 210685000.0,
            "alternatives": [
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 210685000.0
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            "status": "matched",
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          "operating_income": {
            "local": 38419000.0,
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              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 38419000.0
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            "comparable": {
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              "current": 38419000.0,
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          "net_income": {
            "local": 25480000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 25480000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 33975000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 33975000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 25480000.0,
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                "2025-06-30"
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Bel Fuse制造电子设备中的电源、保护和连接部件。它的产品包括电源模块、磁性器件、连接器及线缆，供通信、计算、航空国防和工业设备使用。公司主要向设备制造商销售这些组件及组合方案。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "66e05e390b5a695fca4018e1cdbf0175cc537c73caafc9896dbfb437beab44cf",
          "business_evidence_sha256": "4d862e942442daf27e066b6e080a2c7419cf5c02213977c0972a8d619fe5d15c",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/729580/000143774926025619/belfa20260630_10q.htm"
        }
      }
    },
    {
      "ticker": "BKTI",
      "name": "BK Technologies Corp",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
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          "filed_at": "2026-08-13",
          "report_date": "2026-06-30",
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          "gross_margin": 0.5186213376612283,
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          "prior_gross_margin": 0.4741318214032601,
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          "net_margin": 0.1353036644742462,
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        "net_margin_improvement": {
          "positive": 3,
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        },
        "gross_margin_improvement": {
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          "available": 3
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "外包制造节约、BKR产品组合升级及RelayONE新品跨期支持毛利率升至52%。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "最新净利低于上年且研发运营投入增加；联邦订单节奏及小客户市场集中需核。",
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          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-13"
        },
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          "offset": 4133,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-13"
        },
        {
          "period": "2025Q2",
          "content_hash": "0bdb213f552b84f62d6b68460e213bceb8ed53e20cf40a84469ad6dae0e640e7",
          "offset": 3028,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-14"
        },
        {
          "period": "2025Q2",
          "content_hash": "0bdb213f552b84f62d6b68460e213bceb8ed53e20cf40a84469ad6dae0e640e7",
          "offset": 4429,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-14"
        }
      ],
      "market": {
        "close": 72.66999816894531,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 3769389.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.025740692629180106,
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；最新净利低于上年且研发运营投入增加；联邦订单节奏及小客户市场集中需核。",
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          "revenue": 23414000.0,
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          "gross_margin": 0.5186213376612283,
          "operating_margin": 0.16353463739642948,
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          "prior_gross_margin": 0.4741318214032601,
          "prior_operating_margin": 0.1888495157098984,
          "prior_ttm_fcf_margin": 0.13703302970436676,
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            "gross_margin": 4.448951625796821,
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            "cash_margin": 7.973460025138593
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          "prior_net_margin": 0.17675407512402552,
          "net_margin_yoy_pp": -4.145041064977933
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      ],
      "financial_reason": "2025Q3收入24.41百万美元/同比20.97%，毛利率49.93%，营业率19.85%，净利率14.08%；2025Q4收入21.51百万美元/同比-40.49%，毛利率50.46%，营业率19.66%，净利率19.65%；2026Q1收入21.29百万美元/同比11.75%，毛利率51.80%，营业率15.45%，净利率12.97%；2026Q2收入23.41百万美元/同比10.63%，毛利率51.86%，营业率16.35%，净利率13.53%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "BKTI",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/2186/000143774926027476/bkti20260630_10q.htm",
        "sha256": "2f7213aa82ea8940b69408eb04f743e428f050b651d9aa16d7bcf0ced5013653",
        "checks": {
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            "alternatives": [
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                "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
                "value": 23414000.0
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            ],
            "status": "matched",
            "comparable": {
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          },
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            "local": 3829000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 3829000.0
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            ],
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          },
          "net_income": {
            "local": 3168000.0000000005,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 3168000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 3168000.0,
              "prior": 3741000.0,
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "BK Technologies为公共安全及政府等客户提供专业无线通信设备。它的手持和车载对讲机让消防、应急及其他现场人员在作业时保持通信。公司主要通过销售无线电设备、附件和相关产品服务赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "4111707736eebce9f42eb5258fe20aca9542c73fecd0518aa28100110637e30f",
          "business_evidence_sha256": "ddf712a9236eefb395b51a8ee2b2032624f32081597061617d94a52d6388dbc9",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/2186/000143774926027476/bkti20260630_10q.htm"
        }
      }
    },
    {
      "ticker": "BLZE",
      "name": "Backblaze, Inc.",
      "mechanism": "业务模式/产品结构变化",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-03",
          "report_date": "2026-06-30",
          "revenue": 42713000.0,
          "revenue_yoy_pct": 17.673150035814643,
          "gross_margin": 0.6282396460094116,
          "operating_margin": -0.09772200501018426,
          "ttm_fcf_margin": 0.15343915343915343,
          "prior_revenue_yoy_pct": 11.709473319273101,
          "prior_gross_margin": 0.6347732657446691,
          "prior_operating_margin": -0.1850515179899719,
          "prior_ttm_fcf_margin": 0.09502789796483253,
          "changes_pp": {
            "demand": 5.963676716541542,
            "gross_margin": -0.6533619735257457,
            "operating_margin": 8.732951297978765,
            "cash_margin": 5.84112554743209
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          "signals": [
            "demand",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001628280-26-051818",
          "currency": "USD",
          "net_margin": -0.11914405450331281,
          "prior_net_margin": -0.19552041434789796,
          "net_margin_yoy_pp": 7.637635984458516
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "B2 Overdrive从首批客户到CoreWeave多年多EB大单，容量存储切入neocloud形成新机会",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "合约尚需验证收入爬坡与资本成本，仍GAAP亏损，不能按合同总额直接DCF",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-03",
          "content_hash": "182aed99485e3a2f3533b21bcc19170ba12b84c3914382e464e9c2b653e1a0fe",
          "offsets": [
            4952,
            2077
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-08",
          "content_hash": "e8c8649526fe87e63d0cc4261299c107ea58435332b2b147c6365115843e482d",
          "offsets": [
            3959,
            2019
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 12.399999618530273,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 61900000.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.3588418034799743,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.5656565024091114,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 1.6609442112785704,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 23983000.0
      },
      "market_cap": 767559976.3870239,
      "ttm_revenue": 156303000.0,
      "reported_fcf_yield": 0.03124576676455983,
      "price_hurdles": [
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          "required_cash_to_current_sales": 0.3071550548155673
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 37055440.44506405,
          "required_cash_to_current_sales": 0.23707440321084083
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 28701586.251689404,
          "required_cash_to_current_sales": 0.18362786543885531
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "结构变化线索：进入业务与现金反证比较",
      "second_pass_decision": "neocloud合同属于未来兑现，尚缺收入爬坡与资本回报闭环，不将合同额作现有现金。",
      "deep_source_recheck": false,
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          "revenue": 37762000.0,
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          "accession": "derived:q4_synth",
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          "period": "2026Q1",
          "filed_at": "2026-05-04",
          "report_date": "2026-03-31",
          "revenue": 38666000.0,
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            "demand": -0.058714687593640846,
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          "accession": "0001628280-26-029797",
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      "financial_reason": "2025-09-30（本地期标2025Q3）收入37.16百万美元、同比14.03%；毛利率62.08%、营业率-8.94%、净利率-10.17%；2025-12-31（本地期标2025Q4）收入37.76百万美元、同比11.77%；毛利率62.03%、营业率-12.35%、净利率-14.33%；2026-03-31（本地期标2026Q1）收入38.67百万美元、同比11.71%；毛利率60.85%、营业率-13.84%、净利率-15.90%；2026-06-30（本地期标2026Q2）收入42.71百万美元、同比17.67%；毛利率62.82%、营业率-9.77%、净利率-11.91%；最新净利率同比变化7.64个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "BLZE",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1462056/000162828026051818/blze-20260630.htm",
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        "checks": {
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                "value": 42713000.0
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            "status": "matched",
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                "concept": "us-gaap:OperatingIncomeLoss",
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            "status": "matched",
            "comparable": {
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            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": -5089000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": -5089000.0,
              "prior": -7097000.0,
              "prior_periods": [
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            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Backblaze向企业和个人提供云存储及数据备份服务。客户可以把文件备份到云端，也可以把应用程序、媒体内容和其他大量数据存放在其对象存储平台。公司通过备份订阅及云存储使用收费获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "0ad33081ff54c5a3f333591a587d456a254465984c02c150c4eb78b3850f12c6",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1462056/000162828026051818/blze-20260630.htm"
        }
      }
    },
    {
      "ticker": "CAT",
      "name": "CATERPILLAR INC",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
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          "filed_at": "2026-08-05",
          "report_date": "2026-06-30",
          "revenue": 20543000000.0,
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          "gross_margin": 0.3778416005451979,
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          "prior_gross_margin": 0.34775786106584583,
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            "operating_margin"
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          "accession": "0000018230-26-000046",
          "currency": "USD",
          "net_margin": 0.17490142627659055,
          "prior_net_margin": 0.13151065242319995,
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        "revenue_growth": {
          "positive": 4,
          "available": 4
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        "operating_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "能源需求及订单积压扩大，三大分部终端销量增强，现金和利润同步改善",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "需分解电力业务占比和常规设备周期，关税/价格对毛利影响不能忽略",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-04",
          "content_hash": "9c5bd1aeaa407bf74333427cf26e07ad726799cc6bfd16da89d78a92ff8dde20",
          "offsets": [
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            3329
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-05",
          "content_hash": "1fb6b2ee2ad0d9c1e0c5d3a9907ace91156632ba0b7d8917697d70f59856f29e",
          "offsets": [
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          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 818.5700073242188,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 459674889.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
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            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.10103561424162122,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.4322363333676136,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
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      "ttm_revenue": 74729000000.0,
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      "price_hurdles": [
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          "required_cash_to_current_sales": 0.1882829593855146
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；需分解电力业务占比和常规设备周期，关税/价格对毛利影响不能忽略",
      "deep_source_recheck": false,
      "industry": "Farm & Heavy Construction Machinery",
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          "report_date": "2025-09-30",
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      "financial_reason": "2025-09-30（本地期标2025Q3）收入17638.00百万美元、同比9.51%；毛利率33.82%、营业率17.30%、净利率13.04%；2025-12-31（本地期标2025Q4）收入19133.00百万美元、同比18.00%；毛利率30.45%、营业率13.90%、净利率12.55%；2026-03-31（本地期标2026Q1）收入17415.00百万美元、同比22.22%；毛利率35.08%、营业率17.71%、净利率14.64%；2026-06-30（本地期标2026Q2）收入20543.00百万美元、同比23.98%；毛利率37.78%、营业率20.91%、净利率17.49%；最新净利率同比变化4.34个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "CAT",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/18230/000001823026000046/cat-20260630.htm",
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            ],
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "卡特彼勒制造工程机械、矿山设备、发动机和发电相关设备。客户用它的挖掘机等机械建设和采矿，也用其发动机、发电机组及燃气轮机提供动力和电力。公司通过经销网络销售设备、零件和服务，并提供相关融资支持。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "primary_url": "https://www.sec.gov/Archives/edgar/data/18230/000001823026000046/cat-20260630.htm"
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      }
    },
    {
      "ticker": "CGNX",
      "name": "COGNEX CORP",
      "mechanism": "周期/订单/利用率修复",
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        "net_margin_improvement": {
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          "available": 4
        },
        "gross_margin_improvement": {
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
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      "business_evidence": "OneVision从初始客户到数百客户采用，工业视觉自动化与效率改善共同推动利润",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "周期复苏也有贡献，AI单独收入未量化，季度日期需与原始表核对",
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          "role": "navigation_excerpt"
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        "source": "yfinance_daily_sync",
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        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2025-12-31",
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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            "end": "2026-09-11",
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        },
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      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
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      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；周期复苏也有贡献，AI单独收入未量化，季度日期需与原始表核对",
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      "financial_reason": "2025-09-28（本地期标2025Q3）收入276.89百万美元、同比17.96%；毛利率67.64%、营业率20.86%、净利率6.38%；2025-12-31（本地期标2025Q4）收入252.34百万美元、同比9.86%；毛利率65.75%、营业率13.98%、净利率12.94%；2026-04-05（本地期标2026Q2）收入268.44百万美元、同比7.77%；毛利率71.13%、营业率22.30%、净利率19.26%；2026-07-05（本地期标2026Q3）收入291.26百万美元、同比5.19%；毛利率70.65%、营业率29.36%、净利率24.98%；最新净利率同比变化18.60个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "CGNX",
        "period": "2026-07-05",
        "source_period": "2026-07-05",
        "url": "https://www.sec.gov/Archives/edgar/data/851205/000085120526000065/cgnx-20260705.htm",
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "康耐视为工厂和物流中心提供机器视觉产品。它的摄像、识别和分析系统帮助机器检查产品缺陷、读取条码、定位零件并追踪货物。公司通过向自动化客户销售视觉设备、软件及相关方案赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "1a92e5489839da6d8c607aa68c062b8425c8e5932ae4cc48da610146695411e2",
          "business_evidence_sha256": "647ea1dab04f1c72cb4dca44acda68ae4e49ac1280ccca5504014e39e9706bb6",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/851205/000085120526000065/cgnx-20260705.htm"
        }
      }
    },
    {
      "ticker": "CIEN",
      "name": "CIENA CORP",
      "mechanism": "成熟平台的新一轮需求增长",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q3",
          "filed_at": "2026-09-03",
          "report_date": "2026-08-01",
          "revenue": 1671129000.0,
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          "gross_margin": 0.45434254327463647,
          "operating_margin": 0.18022486594392173,
          "ttm_fcf_margin": 0.13525599354514461,
          "prior_revenue_yoy_pct": 39.51236279596901,
          "prior_gross_margin": 0.4125678108226688,
          "prior_operating_margin": 0.06030498981043723,
          "prior_ttm_fcf_margin": 0.13331322310137209,
          "changes_pp": {
            "demand": -2.465490807220583,
            "gross_margin": 4.177473245196767,
            "operating_margin": 11.991987613348451,
            "cash_margin": 0.1942770443772529
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "WaveLogic6光网络及AI WAN客户采用，收入持续高增长、经营杠杆兑现。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "云资本开支与客户集中风险，需分离服务商补库和云新增需求。",
      "sources": [
        {
          "period": "2026Q3",
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          "navigation_offsets": [
            7509,
            2627
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q3",
          "content_hash": "e39a562622091ad5a3f2245de690f249f998a27bc10049f6b13608800ddd55da",
          "navigation_offsets": [
            3488,
            11165
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 349.5400085449219,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 141808525.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-08-01",
        "returns": {
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            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.2162428809939706,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
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            "end": "2026-09-11",
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            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 814362000.0
      },
      "market_cap": 49567753040.24277,
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      "reported_fcf_yield": 0.016429270040520916,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；云资本开支与客户集中风险，需分离服务商补库和云新增需求。",
      "deep_source_recheck": false,
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          "accession": "0001628280-26-015152",
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          "filed_at": "2026-06-04",
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          "revenue": 1570739000.0,
          "revenue_yoy_pct": 39.51236279596901,
          "gross_margin": 0.44027301798707486,
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          "prior_revenue_yoy_pct": 33.08731091339787,
          "prior_gross_margin": 0.40220876507046055,
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          "prior_ttm_fcf_margin": 0.06844531133120947,
          "changes_pp": {
            "demand": 6.42505188257114,
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            "operating_margin": 12.22687854637517,
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          "signals": [
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            "operating_margin",
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          "accession": "0001628280-26-040767",
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          "net_margin": 0.1389282369636203,
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          "prior_gross_margin": 0.4125678108226688,
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      "financial_reason": "2025Q4 收入同比20.27%，毛利率42.69%，营业利润率0.78%，净利率1.44%；2026Q1 收入同比33.09%，毛利率43.83%，营业利润率13.27%，净利率10.53%；2026Q2 收入同比39.51%，毛利率44.03%，营业利润率15.14%，净利率13.89%；2026Q3 收入同比37.05%，毛利率45.43%，营业利润率18.02%，净利率15.94%",
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        "ticker": "CIEN",
        "period": "2026-08-01",
        "source_period": "2026-08-01",
        "url": "https://www.sec.gov/Archives/edgar/data/936395/000162828026060361/cien-20260801.htm",
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              {
                "concept": "us-gaap:Revenues",
                "value": 1671129000.0
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                "concept": "us-gaap:OperatingIncomeLoss",
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                "concept": "us-gaap:NetIncomeLoss",
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            "status": "matched",
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              "concept": "us-gaap:NetIncomeLoss",
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Ciena为通信运营商、云计算企业等客户提供光网络和数据传输设备。它帮助客户在城市、数据中心和长距离网络之间更快地传送信息，并用软件管理网络。公司通过销售网络设备、软件和安装维护等服务获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "cbd15149c97ad41d05d30fbec3d70d618a3eaee18a9f5ec91bdd267c66b53b94",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/936395/000162828026060361/cien-20260801.htm"
        }
      }
    },
    {
      "ticker": "CLH",
      "name": "CLEAN HARBORS INC",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
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          "report_date": "2026-06-30",
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            "operating_margin"
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          "prior_net_margin": 0.08188190629568978,
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        "revenue_growth": {
          "positive": 4,
          "available": 4
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        "operating_margin_improvement": {
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        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "环境服务处置/回收需求、定价和效率跨期改善，PFAS项目为新贡献",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "最新大型PFAS项目超过3000万美元，不应外推为经常增长；SKSS油价差影响",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-07-29",
          "content_hash": "8cd002e06bb8f4169a2c01ab9ff6d5daedbf03da304d56b8f1a2e95c6126a06a",
          "offsets": [
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          "role": "navigation_excerpt"
        },
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          "period": "2025Q2",
          "published_date": "2025-07-30",
          "content_hash": "c14f27718f46457b31a1736a3b86d2fd8e236a7ecbc73d203d00b72a6450ccdc",
          "offsets": [
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            3399
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 322.82000732421875,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 52787248.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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            "start": "2026-08-12",
            "reason": null
          },
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          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
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            "start": "2025-12-31",
            "end": "2026-09-11",
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
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      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；最新大型PFAS项目超过3000万美元，不应外推为经常增长；SKSS油价差影响",
      "deep_source_recheck": false,
      "industry": "Waste Management",
      "financial_history": [
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          "accession": "0000822818-26-000020",
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      "financial_reason": "2025-09-30（本地期标2025Q3）收入1549.34百万美元、同比1.30%；毛利率32.33%、营业率12.46%、净利率7.67%；2025-12-31（本地期标2025Q4）收入1499.70百万美元、同比4.79%；毛利率30.60%、营业率10.57%、净利率5.77%；2026-03-31（本地期标2026Q1）收入1459.54百万美元、同比1.93%；毛利率30.52%、营业率8.15%、净利率4.33%；2026-06-30（本地期标2026Q2）收入1735.01百万美元、同比11.95%；毛利率35.09%、营业率15.50%、净利率9.82%；最新净利率同比变化1.64个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "CLH",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/822818/000082281826000034/clh-20260630.htm",
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
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            ],
            "status": "matched",
            "comparable": {
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              {
                "concept": "us-gaap:OperatingIncomeLoss",
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          },
          "net_income": {
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            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 170464000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 170464000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Clean Harbors为企业提供危险废物处理、工业清洁和环境服务。它负责收集、运输、处理或处置废弃物，同时经营废油回收再加工等业务。客户为合规处理和现场服务付费，公司也销售回收加工后的相关产品。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "e2da3291b0113c52ccb50d085e692465fe1871c9d211871f0a6f71eb39bd08da",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/822818/000082281826000034/clh-20260630.htm"
        }
      }
    },
    {
      "ticker": "CMI",
      "name": "CUMMINS INC",
      "mechanism": "周期/订单/利用率修复",
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          "filed_at": "2026-08-04",
          "report_date": "2026-06-30",
          "revenue": 9457000000.0,
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        "net_margin_improvement": {
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          "available": 4
        },
        "gross_margin_improvement": {
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          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Distribution与Power Systems增长抵消北美卡车疲弱，利润中心向电力侧倾斜。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "HELM法规转换和周期风险；需证实电力分部绝对增长及占比。",
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          "period": "2026Q2",
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          "navigation_offsets": [
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          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "04947a90b28fdf0458eac33f44073a88314cf47f27a77137255aa7339eed974e",
          "navigation_offsets": [
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 556.75,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 137664487.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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            "start": "2026-08-12",
            "reason": null
          },
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            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
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            "start": "2025-12-31",
            "end": "2026-09-11",
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            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 3367000000.0
      },
      "market_cap": 76644703137.25,
      "ttm_revenue": 34708000000.0,
      "reported_fcf_yield": 0.04392997639994261,
      "price_hurdles": [
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          "cash_growth": 0.1,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；HELM法规转换和周期风险；需证实电力分部绝对增长及占比。",
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            "operating_margin": -2.1731401493948006,
            "cash_margin": 5.798160122944571
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      "financial_reason": "2025Q3 收入同比-1.64%，毛利率25.60%，营业利润率10.24%，净利率6.44%；2025Q4 收入同比1.05%，毛利率22.86%，营业利润率9.52%，净利率6.95%；2026Q1 收入同比2.74%，毛利率26.71%，营业利润率11.30%，净利率7.79%；2026Q2 收入同比9.42%，毛利率26.07%，营业利润率13.52%，净利率9.86%",
      "primary_source": {
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        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/26172/000002617226000029/cmi-20260630.htm",
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          },
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "康明斯制造发动机、发电系统及相关动力部件。它的产品为卡车、工程设备和各类设施提供动力或备用电力，并通过分销网络提供维护支持。公司从设备及零件销售、售后服务中获得收入，同时开发其他能源和动力技术。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "dc1af7371d8c8421e049044c2218c282b8f51f239eae70ead59c33cc350b9c3f",
          "business_evidence_sha256": "85ce58f763831e5f2279cb0b2cf928e380b2a1ef2cb9cc5d4ca6fade1b674c85",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/26172/000002617226000029/cmi-20260630.htm"
        }
      }
    },
    {
      "ticker": "CRNC",
      "name": "Cerence Inc.",
      "mechanism": "业务模式/产品结构变化",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 69587000.0,
          "revenue_yoy_pct": 11.811491741114466,
          "gross_margin": 0.7604006495466107,
          "operating_margin": 0.02694468794458735,
          "ttm_fcf_margin": 0.25408893225716817,
          "prior_revenue_yoy_pct": -17.713113703371363,
          "prior_gross_margin": 0.7373224500289222,
          "prior_operating_margin": -0.015232341410116331,
          "prior_ttm_fcf_margin": 0.1696991628277637,
          "changes_pp": {
            "demand": 29.52460544448583,
            "gross_margin": 2.3078199517688525,
            "operating_margin": 4.217702935470368,
            "cash_margin": 8.438976942940446
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001628280-26-054339",
          "currency": "USD",
          "net_margin": 0.02202997686349462,
          "prior_net_margin": -0.043720676135998456,
          "net_margin_yoy_pp": 6.5750652999493076
        },
        "revenue_growth": {
          "positive": 3,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Krzanich领导下xUI执行与经常收入占比增加、现金改善和债务减少",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "固定许可和历史一次性交易使季度剧烈波动，需核验可重复收入而非单季高毛利",
      "sources": [
        {
          "period": "2026Q3",
          "published_date": "2026-08-06",
          "content_hash": "a0c2950260b45a3f00b167dda98135ea00234a0a96f3e811079429825fb19143",
          "offsets": [
            4032,
            2648
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q3",
          "published_date": "2025-08-06",
          "content_hash": "5ff1d6de2df002caf708271497b507f566e5ae48e0a82d212f16015a9927d420",
          "offsets": [
            2984,
            14661
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 8.510000228881836,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 45230257.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.015046308943886366,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.19868170239308502,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.20392885286000162,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 78639000.0
      },
      "market_cap": 384909497.42238426,
      "ttm_revenue": 309494000.0,
      "reported_fcf_yield": 0.2043051692063205,
      "price_hurdles": [
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          "cash_growth": 0.1,
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          "required_cash_to_current_sales": 0.0777891548294146
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 18582249.46226602,
          "required_cash_to_current_sales": 0.060040742186491566
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        {
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "结构变化线索：进入业务与现金反证比较",
      "second_pass_decision": "三星4950万美元一次性许可款进入本财年；不能把表观20%现金收益率称为便宜。",
      "deep_source_recheck": true,
      "industry": "Software - Application",
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          "accession": "derived:q4_synth",
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          "report_date": "2025-12-31",
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          "report_date": "2026-03-31",
          "revenue": 64192000.0,
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          "accession": "0001628280-26-032139",
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          "report_date": "2026-06-30",
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          "gross_margin": 0.7604006495466107,
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          "prior_gross_margin": 0.7373224500289222,
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          "changes_pp": {
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            "operating_margin": 4.217702935470368,
            "cash_margin": 8.438976942940446
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            "operating_margin",
            "cash_margin"
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          "accession": "0001628280-26-054339",
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          "net_margin": 0.02202997686349462,
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          "net_margin_yoy_pp": 6.5750652999493076
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入60.64百万美元、同比10.65%；毛利率72.55%、营业率-2.91%、净利率-22.03%；2025-12-31（本地期标2025Q4）收入115.08百万美元、同比126.10%；毛利率86.33%、营业率25.47%、净利率-4.55%；2026-03-31（本地期标2026Q1）收入64.19百万美元、同比-17.71%；毛利率73.68%、营业率-3.81%、净利率2.61%；2026-06-30（本地期标2026Q2）收入69.59百万美元、同比11.81%；毛利率76.04%、营业率2.69%、净利率2.20%；最新净利率同比变化6.58个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "CRNC",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1768267/000162828026054339/crnc-20260630.htm",
        "sha256": "4857f24740f36426b7cd0a2735c4eb63877496cb2578fc6c3111ec5a8ceef1a3",
        "checks": {
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            "alternatives": [
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 69587000.0
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            ],
            "status": "matched",
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          },
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                "concept": "us-gaap:OperatingIncomeLoss",
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            "alternatives": [
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                "concept": "us-gaap:NetIncomeLoss",
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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              "prior_periods": [
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Cerence为汽车等交通工具提供语音交互和智能助手软件。它帮助驾驶者通过语音控制车内功能、查询信息或使用联网服务，并把车端软件与云端能力结合起来。公司主要向汽车制造商及相关客户收取软件授权、联网服务和开发服务费用。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "2f1cd15de8dacd98c38dd7f99c48b48219ddd4ce7a3a2247077572e6a763bef0",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1768267/000162828026054339/crnc-20260630.htm"
        }
      }
    },
    {
      "ticker": "CRS",
      "name": "CARPENTER TECHNOLOGY CORP",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
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        "latest": {
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          "filed_at": "2026-08-12",
          "report_date": "2026-06-30",
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          "prior_gross_margin": 0.2832186341979884,
          "prior_operating_margin": 0.20050291159343567,
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            "operating_margin": 4.274033164980759,
            "cash_margin": 1.6525278471010512
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          "accession": "derived:q4_synth",
          "currency": "USD",
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        "revenue_growth": {
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          "available": 4
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        "operating_margin_improvement": {
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          "available": 4
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          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "特种合金SAO利润率跨期改善，集团收入、毛利、营业和净利连续四季提高",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "管理层利润率剔除附加费和特殊项，CEO重新任命须理解背景，航空周期与价格已计入程度待查",
      "sources": [
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          "published_date": "2026-07-30",
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          "offset": 9004,
          "length": 720,
          "role": "targeted_full_source_context"
        },
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      ],
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        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 49558566.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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          "ytd": {
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            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.4084759069534676,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 362300000.0
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；管理层利润率剔除附加费和特殊项，CEO重新任命须理解背景，航空周期与价格已计入程度待查",
      "deep_source_recheck": false,
      "industry": "Metal Fabrication",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-10-23",
          "report_date": "2025-09-30",
          "revenue": 733700000.0,
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          "gross_margin": 0.294943437372223,
          "operating_margin": 0.20894098405342784,
          "ttm_fcf_margin": 0.09311489008710079,
          "prior_revenue_yoy_pct": -5.396268937022663,
          "prior_gross_margin": 0.24568004459308806,
          "prior_operating_margin": 0.15830546265328874,
          "prior_ttm_fcf_margin": 0.07298081687548666,
          "changes_pp": {
            "demand": 7.639858680612399,
            "gross_margin": 4.926339277913494,
            "operating_margin": 5.06355214001391,
            "cash_margin": 2.013407321161413
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0000017843-25-000029",
          "currency": "USD",
          "net_margin": 0.1669619735586752,
          "prior_net_margin": 0.11817168338907469,
          "net_margin_yoy_pp": 4.879029016960051
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        {
          "period": "2025Q4",
          "filed_at": "2026-01-29",
          "report_date": "2025-12-31",
          "revenue": 728000000.0,
          "revenue_yoy_pct": 7.549120992761127,
          "gross_margin": 0.29986263736263735,
          "operating_margin": 0.21318681318681318,
          "ttm_fcf_margin": 0.10756376727914954,
          "prior_revenue_yoy_pct": 2.2435897435897356,
          "prior_gross_margin": 0.2622248485743832,
          "prior_operating_margin": 0.17565371546757275,
          "prior_ttm_fcf_margin": 0.0888085889996873,
          "changes_pp": {
            "demand": 5.305531249171391,
            "gross_margin": 3.7637788788254136,
            "operating_margin": 3.753309771924043,
            "cash_margin": 1.8755178279462243
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0000017843-26-000009",
          "currency": "USD",
          "net_margin": 0.14464285714285716,
          "prior_net_margin": 0.12424287191608804,
          "net_margin_yoy_pp": 2.0399985226769113
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-04-29",
          "report_date": "2026-03-31",
          "revenue": 811500000.0,
          "revenue_yoy_pct": 11.623108665749648,
          "gross_margin": 0.3102895871842267,
          "operating_margin": 0.22982131854590265,
          "ttm_fcf_margin": 0.1345417326994189,
          "prior_revenue_yoy_pct": 7.549120992761127,
          "prior_gross_margin": 0.2762035763411279,
          "prior_operating_margin": 0.18954607977991747,
          "prior_ttm_fcf_margin": 0.07797411136223546,
          "changes_pp": {
            "demand": 4.073987672988521,
            "gross_margin": 3.4086010843098813,
            "operating_margin": 4.027523876598519,
            "cash_margin": 5.6567621337183445
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0000017843-26-000014",
          "currency": "USD",
          "net_margin": 0.17202711028958717,
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          "net_margin_yoy_pp": 4.080290121118277
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        {
          "period": "2026Q2",
          "filed_at": "2026-08-12",
          "report_date": "2026-06-30",
          "revenue": 851000000.0,
          "revenue_yoy_pct": 12.625727898358917,
          "gross_margin": 0.31609870740305523,
          "operating_margin": 0.24324324324324326,
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          "prior_revenue_yoy_pct": 11.623108665749648,
          "prior_gross_margin": 0.2832186341979884,
          "prior_operating_margin": 0.20050291159343567,
          "prior_ttm_fcf_margin": 0.09944040874491676,
          "changes_pp": {
            "demand": 1.0026192326092698,
            "gross_margin": 3.2880073205066864,
            "operating_margin": 4.274033164980759,
            "cash_margin": 1.6525278471010512
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          "signals": [
            "gross_margin",
            "operating_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.19083431257344302,
          "prior_net_margin": 0.14782953943885654,
          "net_margin_yoy_pp": 4.300477313458647
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入733.70百万美元、同比2.24%；毛利率29.49%、营业率20.89%、净利率16.70%；2025-12-31（本地期标2025Q4）收入728.00百万美元、同比7.55%；毛利率29.99%、营业率21.32%、净利率14.46%；2026-03-31（本地期标2026Q1）收入811.50百万美元、同比11.62%；毛利率31.03%、营业率22.98%、净利率17.20%；2026-06-30（本地期标2026Q2）收入851.00百万美元、同比12.63%；毛利率31.61%、营业率24.32%、净利率19.08%；最新净利率同比变化4.30个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "CRS",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/17843/000001784326000034/crs-20260630.htm",
        "sha256": "63fd8d7552988545c5df1d2cc1ee21b7a0ff5d34f4039ae20ff9ecedcc240975",
        "checks": {
          "revenue": {
            "local": 851000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 851000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 851000000.0,
              "prior": 755600000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 207000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 206900000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 206900000.0,
              "prior": 151400000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 162400000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 162400000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 162400000.0,
              "prior": 111700000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Carpenter Technology制造用于苛刻环境的特种合金和金属材料。它的产品服务于航空发动机、医疗器械和工业设备等场景，强调强度、耐热性及材料一致性。公司通过销售合金、金属粉末及加工产品赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "c286c6cb0d9cc8d1e66eb6fd195aa0ecd8edc21d8a806f40fdd8c747075e3808",
          "business_evidence_sha256": "971aa28a768a4f414d73a6817bd4e1f76c43305ffc3f8974adf0cba03cc98845",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/17843/000001784326000034/crs-20260630.htm"
        }
      }
    },
    {
      "ticker": "CRWD",
      "name": "CrowdStrike Holdings, Inc.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q3",
          "filed_at": "2026-08-27",
          "report_date": "2026-07-31",
          "revenue": 1470897000.0,
          "revenue_yoy_pct": 25.83040193267132,
          "gross_margin": 0.7457320261037993,
          "operating_margin": -0.022593016370282895,
          "ttm_fcf_margin": 0.29812356784334,
          "prior_revenue_yoy_pct": 25.574252741894842,
          "prior_gross_margin": 0.7345630958328486,
          "prior_operating_margin": -0.09664981966753126,
          "prior_ttm_fcf_margin": 0.25492006407589596,
          "changes_pp": {
            "demand": 0.2561491907764797,
            "gross_margin": 1.1168930270950672,
            "operating_margin": 7.405680329724837,
            "cash_margin": 4.320350376744403
          },
          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001535527-26-000031",
          "currency": "USD",
          "net_margin": 0.0036073226065455296,
          "prior_net_margin": -0.06644840848897132,
          "net_margin_yoy_pp": 7.005573109551685
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Falcon Flex扩展与大客户追加订阅支持ARR及收入连续加速。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "GAAP经营仍亏损，SBC与历史重述、事故恢复低基数须核，估值可能要求过高。",
      "sources": [
        {
          "period": "2027Q2",
          "content_hash": "b51c6e81c53dd03893cebc658da74f517aad47166db4af31dfe54ae06aaf6e2f",
          "offset": 3785,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-26"
        },
        {
          "period": "2027Q2",
          "content_hash": "b51c6e81c53dd03893cebc658da74f517aad47166db4af31dfe54ae06aaf6e2f",
          "offset": 21256,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-26"
        },
        {
          "period": "2026Q2",
          "content_hash": "5889dfdf47f715166bde44bbe1da25d4393e5bcaad872f6f5f75e94b36c6eb83",
          "offset": 2560,
          "characters_read": 470,
          "source": "youtube_transcript",
          "published_date": "2025-08-28"
        },
        {
          "period": "2026Q2",
          "content_hash": "5889dfdf47f715166bde44bbe1da25d4393e5bcaad872f6f5f75e94b36c6eb83",
          "offset": 14510,
          "characters_read": 470,
          "source": "youtube_transcript",
          "published_date": "2025-08-28"
        }
      ],
      "market": {
        "close": 206.74000549316406,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 1023934842.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-07-31",
        "returns": {
          "1m": {
            "value": -0.0678149218546068,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.6972173269050357,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.55896407290261,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 1608718000.0
      },
      "market_cap": 211688294859.72208,
      "ttm_revenue": 5396145000.0,
      "reported_fcf_yield": 0.007599466002907895,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 13240656060.204624,
          "required_cash_to_current_sales": 2.4537250315187276
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 10219661322.12232,
          "required_cash_to_current_sales": 1.893881895709311
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 7915719996.225804,
          "required_cash_to_current_sales": 1.4669212921865153
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；GAAP经营仍亏损，SBC与历史重述、事故恢复低基数须核，估值可能要求过高。",
      "deep_source_recheck": false,
      "industry": "Software - Infrastructure",
      "financial_history": [
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          "filed_at": "2025-12-03",
          "report_date": "2025-10-31",
          "revenue": 1234244000.0,
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          "gross_margin": 0.7506125207009311,
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          "prior_gross_margin": 0.7474831168368347,
          "prior_operating_margin": -0.05516156558547108,
          "prior_ttm_fcf_margin": 0.3108730273945099,
          "changes_pp": {
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            "gross_margin": 0.3129403864096436,
            "operating_margin": -0.11020257303465397,
            "cash_margin": -5.385116094841197
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          "accession": "0001535527-25-000033",
          "currency": "USD",
          "net_margin": -0.02754479665284984,
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          "report_date": "2026-01-31",
          "revenue": 1305375000.0,
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            "operating_margin": 9.11447362352047,
            "cash_margin": -1.2737433581959001
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          "signals": [
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            "operating_margin"
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          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.04548654601168247,
          "prior_net_margin": -0.08717873142012851,
          "net_margin_yoy_pp": 13.266527743181097
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          "report_date": "2026-04-30",
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          "gross_margin": 0.7529807762395273,
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          "prior_gross_margin": 0.7379607661174117,
          "prior_operating_margin": -0.1129709615618152,
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            "operating_margin": 9.088712815474882,
            "cash_margin": 3.1527002636344337
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            "operating_margin",
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          "accession": "0001535527-26-000025",
          "currency": "USD",
          "net_margin": 0.020044326439472616,
          "prior_net_margin": -0.09987638590074259,
          "net_margin_yoy_pp": 11.99207123402152
        },
        {
          "period": "2026Q3",
          "filed_at": "2026-08-27",
          "report_date": "2026-07-31",
          "revenue": 1470897000.0,
          "revenue_yoy_pct": 25.83040193267132,
          "gross_margin": 0.7457320261037993,
          "operating_margin": -0.022593016370282895,
          "ttm_fcf_margin": 0.29812356784334,
          "prior_revenue_yoy_pct": 25.574252741894842,
          "prior_gross_margin": 0.7345630958328486,
          "prior_operating_margin": -0.09664981966753126,
          "prior_ttm_fcf_margin": 0.25492006407589596,
          "changes_pp": {
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            "gross_margin": 1.1168930270950672,
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            "operating_margin",
            "cash_margin"
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          "accession": "0001535527-26-000031",
          "currency": "USD",
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          "prior_net_margin": -0.06644840848897132,
          "net_margin_yoy_pp": 7.005573109551685
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      ],
      "financial_reason": "2025Q4收入1234.24百万美元/同比22.18%，毛利率75.06%，营业率-5.63%，净利率-2.75%；2026Q1收入1305.38百万美元/同比23.32%，毛利率76.12%，营业率1.06%，净利率4.55%；2026Q2收入1385.63百万美元/同比25.57%，毛利率75.30%，营业率-2.21%，净利率2.00%；2026Q3收入1470.90百万美元/同比25.83%，毛利率74.57%，营业率-2.26%，净利率0.36%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "CRWD",
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              {
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            ],
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            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
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            ],
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        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "CrowdStrike通过Falcon平台向企业提供网络安全服务。它帮助客户保护电脑和服务器、云端工作负载以及身份信息，并检测和应对攻击。公司主要以软件订阅方式收费，客户可以在同一平台上购买不同的安全功能。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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    },
    {
      "ticker": "CURI",
      "name": "CuriosityStream Inc.",
      "mechanism": "业务模式/产品结构变化",
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        "gross_margin_improvement": {
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          "available": 0
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "从订阅内容增加AI训练视频音频许可，高价值授权与费用下降推动营业转正。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "授权集中及一次性交付波动，单季高利润不能外推持续合同收入。",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
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          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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        "source": "yfinance_daily_sync",
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        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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          },
          "1y": {
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
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      "screen_decision": "结构变化线索：进入业务与现金反证比较",
      "second_pass_decision": "最新季度确认30年内容许可约850万美元；许可增长还含barter交换。半年CFO为-295万美元。",
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      "financial_reason": "2025Q3 收入同比45.66%，毛利率缺失，营业利润率-24.46%，净利率-20.39%；2025Q4 收入同比35.82%，毛利率缺失，营业利润率-17.57%，净利率-19.72%；2026Q1 收入同比0.47%，毛利率缺失，营业利润率-10.18%，净利率-8.76%；2026Q2 收入同比22.26%，毛利率缺失，营业利润率39.49%，净利率38.21%",
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      },
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        "summary": "CuriosityStream制作和发行科学、历史、自然等非虚构影视内容。用户可以订阅观看，其他媒体和商业客户也可以取得内容的分发或使用授权。公司收入来自订阅和内容许可，部分许可还涉及AI训练等用途。",
        "version": "2026-09-14-editorial-v1",
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        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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      }
    },
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "国防电子订单近50%增长，海军/电力及有机业务扩大，利润增长超收入跨期兑现",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "订单不是即时收入，军方预算/项目集中与成熟估值需检查",
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          "role": "navigation_excerpt"
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      ],
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 996564363.7683707,
          "required_cash_to_current_sales": 0.27274394262056223
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 771896857.7492083,
          "required_cash_to_current_sales": 0.21125599101582507
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；订单不是即时收入，军方预算/项目集中与成熟估值需检查",
      "deep_source_recheck": false,
      "industry": "Aerospace & Defense",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-11-06",
          "report_date": "2025-09-30",
          "revenue": 869170000.0,
          "revenue_yoy_pct": 8.793393064119215,
          "gross_margin": 0.37676173821001646,
          "operating_margin": 0.19127558475327036,
          "ttm_fcf_margin": 0.15304422425662914,
          "prior_revenue_yoy_pct": 11.695470513805596,
          "prior_gross_margin": 0.37333368380734944,
          "prior_operating_margin": 0.18137405841400495,
          "prior_ttm_fcf_margin": 0.15409254389137717,
          "changes_pp": {
            "demand": -2.902077449686381,
            "gross_margin": 0.34280544026670245,
            "operating_margin": 0.9901526339265415,
            "cash_margin": -0.10483196347480239
          },
          "signals": [],
          "accession": "0001628280-25-050106",
          "currency": "USD",
          "net_margin": 0.1436220762336482,
          "prior_net_margin": 0.1391381843943934,
          "net_margin_yoy_pp": 0.44838918392547944
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-02-12",
          "report_date": "2025-12-31",
          "revenue": 946981000.0,
          "revenue_yoy_pct": 14.881240499664571,
          "gross_margin": 0.37534332790203817,
          "operating_margin": 0.19193415707390116,
          "ttm_fcf_margin": 0.15827647831619965,
          "prior_revenue_yoy_pct": 8.793393064119215,
          "prior_gross_margin": 0.38508430656801484,
          "prior_operating_margin": 0.1878364165068366,
          "prior_ttm_fcf_margin": 0.15484515676557875,
          "changes_pp": {
            "demand": 6.087847435545356,
            "gross_margin": -0.9740978665976674,
            "operating_margin": 0.40977405670645506,
            "cash_margin": 0.3431321550620897
          },
          "signals": [
            "demand"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.14466816124082743,
          "prior_net_margin": 0.14296996407917867,
          "net_margin_yoy_pp": 0.16981971616487623
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-05-07",
          "report_date": "2026-03-31",
          "revenue": 913687000.0,
          "revenue_yoy_pct": 13.410621303427694,
          "gross_margin": 0.3627971066678195,
          "operating_margin": 0.17457728959698451,
          "ttm_fcf_margin": 0.1638084257658716,
          "prior_revenue_yoy_pct": 14.881240499664571,
          "prior_gross_margin": 0.36301845105474495,
          "prior_operating_margin": 0.16037460668160294,
          "prior_ttm_fcf_margin": 0.15136944804797758,
          "changes_pp": {
            "demand": -1.4706191962368766,
            "gross_margin": -0.022134438692544833,
            "operating_margin": 1.420268291538157,
            "cash_margin": 1.2438977717894013
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          "signals": [
            "operating_margin"
          ],
          "accession": "0001628280-26-031971",
          "currency": "USD",
          "net_margin": 0.14029530900625706,
          "prior_net_margin": 0.12578368884558336,
          "net_margin_yoy_pp": 1.45116201606737
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 924008000.0,
          "revenue_yoy_pct": 5.41105391888439,
          "gross_margin": 0.39403338499233775,
          "operating_margin": 0.19338685379347365,
          "ttm_fcf_margin": 0.17113173352133615,
          "prior_revenue_yoy_pct": 13.410621303427694,
          "prior_gross_margin": 0.37208068667177746,
          "prior_operating_margin": 0.1783153999196875,
          "prior_ttm_fcf_margin": 0.15228900616315105,
          "changes_pp": {
            "demand": -7.999567384543305,
            "gross_margin": 2.195269832056029,
            "operating_margin": 1.507145387378614,
            "cash_margin": 1.8842727358185096
          },
          "signals": [
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001628280-26-054196",
          "currency": "USD",
          "net_margin": 0.1636003151487866,
          "prior_net_margin": 0.13810667871353996,
          "net_margin_yoy_pp": 2.549363643524663
        }
      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入869.17百万美元、同比8.79%；毛利率37.68%、营业率19.13%、净利率14.36%；2025-12-31（本地期标2025Q4）收入946.98百万美元、同比14.88%；毛利率37.53%、营业率19.19%、净利率14.47%；2026-03-31（本地期标2026Q1）收入913.69百万美元、同比13.41%；毛利率36.28%、营业率17.46%、净利率14.03%；2026-06-30（本地期标2026Q2）收入924.01百万美元、同比5.41%；毛利率39.40%、营业率19.34%、净利率16.36%；最新净利率同比变化2.55个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "CW",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/26324/000162828026054196/cw-20260630.htm",
        "sha256": "41d5e3808897160dfa70f4ef9cc4aa1628bfc6b66d82f3408d351245cb3fc96d",
        "checks": {
          "revenue": {
            "local": 924008000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 924008000.0
              },
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
                "value": 924008000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 924008000.0,
              "prior": 876576000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 178691000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 178691000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 178691000.0,
              "prior": 156307000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 151168000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 151168000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 151168000.0,
              "prior": 121061000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Curtiss-Wright为航空国防、电力和工业客户制造专业设备与电子系统。它的业务覆盖控制部件、国防电子，以及海军和核电等场景使用的产品。公司通过销售设备、零部件和相关服务赚钱，而不是一家直接制造整架飞机的公司。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "e9cd94ca6d96fe6c035d3a7e45c5c88be49e1d3af6a4f6c3e2407739b77c08ba",
          "business_evidence_sha256": "12f1eeef83e1ab26498df3adfc2e5a553c4476f5b7dd07d8ef62348b24be831f",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/26324/000162828026054196/cw-20260630.htm"
        }
      }
    },
    {
      "ticker": "DCI",
      "name": "DONALDSON Co INC",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-06-02",
          "report_date": "2026-04-30",
          "revenue": 995100000.0,
          "revenue_yoy_pct": 5.850441442399745,
          "gross_margin": 0.33504170435132147,
          "operating_margin": 0.15606471711385791,
          "ttm_fcf_margin": 0.10211424819435325,
          "prior_revenue_yoy_pct": 3.0229885057471373,
          "prior_gross_margin": 0.3424103818742687,
          "prior_operating_margin": 0.0929688331028614,
          "prior_ttm_fcf_margin": 0.08190695633091946,
          "changes_pp": {
            "demand": 2.827452936652608,
            "gross_margin": -0.7368677522947231,
            "operating_margin": 6.309588401099651,
            "cash_margin": 2.0207291863433783
          },
          "signals": [
            "demand",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0000029644-26-000052",
          "currency": "USD",
          "net_margin": 0.11868153954376445,
          "prior_net_margin": 0.06148282097649186,
          "net_margin_yoy_pp": 5.719871856727259
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 0,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "工业售后占比接近50%、服务网络及Facet航空发电业务扩展，提高经常性高毛利收入。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "并购与有机改善需拆分；最新毛利率未持续提升，属于成熟优化。",
      "sources": [
        {
          "period": "2026Q4",
          "content_hash": "39c15b2cfc431c3b43b1bc3499bc94c6cc575d89d802caa7be75dc49842ae775",
          "offset": 2231,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-26"
        },
        {
          "period": "2026Q4",
          "content_hash": "39c15b2cfc431c3b43b1bc3499bc94c6cc575d89d802caa7be75dc49842ae775",
          "offset": 3076,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-26"
        },
        {
          "period": "2025Q4",
          "content_hash": "21dbfae56ac4f9c2749160482f0bc1062f5a3186600db770e6376aebfe63874c",
          "offset": 2234,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-27"
        },
        {
          "period": "2025Q4",
          "content_hash": "21dbfae56ac4f9c2749160482f0bc1062f5a3186600db770e6376aebfe63874c",
          "offset": 4605,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-27"
        }
      ],
      "market": {
        "close": 89.25,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 115911056.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-04-30",
        "returns": {
          "1m": {
            "value": -0.06981765106171034,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.0329860928679202,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.009393308352849905,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 388800000.0
      },
      "market_cap": 10345061748.0,
      "ttm_revenue": 3807500000.0,
      "reported_fcf_yield": 0.0375831492813628,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 647061778.3454477,
          "required_cash_to_current_sales": 0.16994399956544914
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 499427837.94947857,
          "required_cash_to_current_sales": 0.1311694912539668
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 386835805.89611155,
          "required_cash_to_current_sales": 0.10159837318348301
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；并购与有机改善需拆分；最新毛利率未持续提升，属于成熟优化。",
      "deep_source_recheck": false,
      "industry": "Specialty Industrial Machinery",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-09-26",
          "report_date": "2025-07-31",
          "revenue": 980700000.0,
          "revenue_yoy_pct": 4.84284797947403,
          "gross_margin": 0.3454675231977159,
          "operating_margin": 0.15468542877536454,
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          "prior_revenue_yoy_pct": 1.3147968531091792,
          "prior_gross_margin": 0.35792174470814625,
          "prior_operating_margin": 0.15629677143468035,
          "prior_ttm_fcf_margin": 0.11345955441541422,
          "changes_pp": {
            "demand": 3.5280511263648506,
            "gross_margin": -1.2454221510430352,
            "operating_margin": -0.1611342659315812,
            "cash_margin": -2.136819458447868
          },
          "signals": [
            "demand"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.11654940348730498,
          "prior_net_margin": 0.11727603164421638,
          "net_margin_yoy_pp": -0.07266281569113936
        },
        {
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          "filed_at": "2025-12-04",
          "report_date": "2025-10-31",
          "revenue": 935400000.0,
          "revenue_yoy_pct": 3.9217864681702075,
          "gross_margin": 0.35150737652341246,
          "operating_margin": 0.15961086166345947,
          "ttm_fcf_margin": 0.10820675218721486,
          "prior_revenue_yoy_pct": 4.84284797947403,
          "prior_gross_margin": 0.3550716587045884,
          "prior_operating_margin": 0.14531718697922452,
          "prior_ttm_fcf_margin": 0.09340402736188566,
          "changes_pp": {
            "demand": -0.9210615113038223,
            "gross_margin": -0.35642821811759373,
            "operating_margin": 1.4293674684234952,
            "cash_margin": 1.4802724825329197
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          "signals": [
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          "accession": "0000029644-25-000147",
          "currency": "USD",
          "net_margin": 0.12176608937353003,
          "prior_net_margin": 0.1099877791356516,
          "net_margin_yoy_pp": 1.177831023787844
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-02-26",
          "report_date": "2026-01-31",
          "revenue": 896300000.0,
          "revenue_yoy_pct": 3.0229885057471373,
          "gross_margin": 0.33448622113131765,
          "operating_margin": 0.13243333705232624,
          "ttm_fcf_margin": 0.09319120586275816,
          "prior_revenue_yoy_pct": 3.9217864681702075,
          "prior_gross_margin": 0.35160919540229885,
          "prior_operating_margin": 0.1442528735632184,
          "prior_ttm_fcf_margin": 0.09517256564099741,
          "changes_pp": {
            "demand": -0.8987979624230702,
            "gross_margin": -1.7122974270981195,
            "operating_margin": -1.1819536510892155,
            "cash_margin": -0.19813597782392528
          },
          "signals": [],
          "accession": "0000029644-26-000026",
          "currency": "USD",
          "net_margin": 0.10320205288407899,
          "prior_net_margin": 0.11022988505747126,
          "net_margin_yoy_pp": -0.702783217339227
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-06-02",
          "report_date": "2026-04-30",
          "revenue": 995100000.0,
          "revenue_yoy_pct": 5.850441442399745,
          "gross_margin": 0.33504170435132147,
          "operating_margin": 0.15606471711385791,
          "ttm_fcf_margin": 0.10211424819435325,
          "prior_revenue_yoy_pct": 3.0229885057471373,
          "prior_gross_margin": 0.3424103818742687,
          "prior_operating_margin": 0.0929688331028614,
          "prior_ttm_fcf_margin": 0.08190695633091946,
          "changes_pp": {
            "demand": 2.827452936652608,
            "gross_margin": -0.7368677522947231,
            "operating_margin": 6.309588401099651,
            "cash_margin": 2.0207291863433783
          },
          "signals": [
            "demand",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0000029644-26-000052",
          "currency": "USD",
          "net_margin": 0.11868153954376445,
          "prior_net_margin": 0.06148282097649186,
          "net_margin_yoy_pp": 5.719871856727259
        }
      ],
      "financial_reason": "2025Q3收入980.70百万美元/同比4.84%，毛利率34.55%，营业率15.47%，净利率11.65%；2025Q4收入935.40百万美元/同比3.92%，毛利率35.15%，营业率15.96%，净利率12.18%；2026Q1收入896.30百万美元/同比3.02%，毛利率33.45%，营业率13.24%，净利率10.32%；2026Q2收入995.10百万美元/同比5.85%，毛利率33.50%，营业率15.61%，净利率11.87%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "DCI",
        "period": "2026-04-30",
        "source_period": "2026-04-30",
        "url": "https://www.sec.gov/Archives/edgar/data/29644/000002964426000052/dci-20260430.htm",
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        "checks": {
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          "operating_income": {
            "local": 155300000.0,
            "alternatives": [
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                "concept": "us-gaap:OperatingIncomeLoss",
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            ],
            "status": "matched",
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              "current": 155300000.0,
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          },
          "net_income": {
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            "alternatives": [
              {
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              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 118100000.0,
              "prior": 57800000.0,
              "prior_periods": [
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            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Donaldson制造过滤系统及可替换的滤芯等耗材。它帮助发动机、工业设备和部分生命科学生产过程过滤空气或液体中的杂质。公司既向设备制造商销售过滤系统，也通过设备使用过程中的更换需求获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "primary_url": "https://www.sec.gov/Archives/edgar/data/29644/000002964426000052/dci-20260430.htm"
        }
      }
    },
    {
      "ticker": "DCTH",
      "name": "DELCATH SYSTEMS, INC.",
      "mechanism": "新药/新产品商业化",
      "financial": {
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        "latest": {
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          "report_date": "2026-06-30",
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          "prior_gross_margin": 0.8626428216592151,
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        "net_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "HEPZATO商业化第三年，销量及使用扩展带动收入和90%毛利，最新营业转正",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "单产品、中心培训和患者供给限制，340B价格及临床投入影响盈利持续性",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-06",
          "content_hash": "e85e1d90070fdb1859e9b9803412ac7071dba064fefb3069d7ebbf8296544377",
          "offsets": [
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        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-06",
          "content_hash": "8a3d47420f5aeb726487648e86d6d8696c2db554f899ff996d5b0f7d424f4013",
          "offsets": [
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          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 15.90999984741211,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 34698795.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
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            "value": -0.07013446640168164,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
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            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
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            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
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            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 17507000.0
      },
      "market_cap": 552057823.1553841,
      "ttm_revenue": 95418000.0,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "商业化线索：需单产品现金、竞争及融资模型",
      "second_pass_decision": "商业化线索：需单产品现金、竞争及融资模型；单产品、中心培训和患者供给限制，340B价格及临床投入影响盈利持续性",
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      "financial_reason": "2025-09-30（本地期标2025Q3）收入20.56百万美元、同比83.60%；毛利率87.24%、营业率-1.89%、净利率4.04%；2025-12-31（本地期标2025Q4）收入20.73百万美元、同比37.27%；毛利率85.48%、营业率-10.54%、净利率-9.15%；2026-03-31（本地期标2026Q1）收入24.99百万美元、同比26.33%；毛利率85.05%、营业率-6.55%、净利率-4.28%；2026-06-30（本地期标2026Q2）收入29.13百万美元、同比20.60%；毛利率89.75%、营业率8.22%、净利率9.16%；最新净利率同比变化-2.01个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "DCTH",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/872912/000162828026053956/dcth-20260630.htm",
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Delcath开发把高剂量化疗药物集中输送到肝脏的治疗系统。它的产品结合药物和器械，目标是在治疗部分肝脏肿瘤时控制全身药物暴露。公司主要通过向开展相关治疗的医疗机构销售产品获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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      }
    },
    {
      "ticker": "DGII",
      "name": "DIGI INTERNATIONAL INC",
      "mechanism": "并购/剥离占重要贡献",
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        "latest": {
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          "report_date": "2026-06-30",
          "revenue": 138670000.0,
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          "gross_margin": 0.6484892190091585,
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          "accession": "0000854775-26-000026",
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          "available": 4
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        "net_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "IoT经常收入模型扩张，ARR约1.91亿美元，2025已占TTM约30%，2026收入/毛利/现金共同改善；前期设备subscription attach提高，说明ARR不仅由并购增加",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "收购飞轮占增长多少未拆，必须核实有机ARR与获客成本；SEC深读2026年6月季毛利率同比升130bp全部来自上年库存相关成本不再发生；Solutions增长多数来自Jolt，P&S多数内生，不能把整体增长称为纯内生；详见deep_0.json",
      "sources": [
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          "published_date": "2026-08-05",
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          "report_date": "2026-04-30",
          "revenue": 830235000.0,
          "revenue_yoy_pct": 8.71873911483474,
          "gross_margin": 0.7937090100995501,
          "operating_margin": 0.1340692695441652,
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          "prior_revenue_yoy_pct": 7.807773764189974,
          "prior_gross_margin": 0.7940572562966998,
          "prior_operating_margin": 0.0789035348469333,
          "prior_ttm_fcf_margin": 0.3022436998330118,
          "changes_pp": {
            "demand": 0.9109653506447666,
            "gross_margin": -0.0348246197149682,
            "operating_margin": 5.51657346972319,
            "cash_margin": 3.864321074527277
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          "accession": "0001261333-26-000074",
          "currency": "USD",
          "net_margin": 0.09418658572572826,
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        {
          "period": "2026Q3",
          "filed_at": "2026-09-04",
          "report_date": "2026-07-31",
          "revenue": 875746000.0,
          "revenue_yoy_pct": 9.381291872960995,
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          "operating_margin": 0.13430949156490582,
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          "prior_gross_margin": 0.7933355482391499,
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          "accession": "0001261333-26-000099",
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          "net_margin": 0.08874148440301183,
          "prior_net_margin": 0.07864997327124935,
          "net_margin_yoy_pp": 1.0091511131762474
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      ],
      "financial_reason": "2025Q4 收入同比8.42%，毛利率79.16%，营业利润率10.43%，净利率10.23%；2026Q1 收入同比7.81%，毛利率79.71%，营业利润率10.48%，净利率10.79%；2026Q2 收入同比8.72%，毛利率79.37%，营业利润率13.41%，净利率9.42%；2026Q3 收入同比9.38%，毛利率79.69%，营业利润率13.43%，净利率8.87%",
      "primary_source": {
        "ticker": "DOCU",
        "period": "2026-07-31",
        "source_period": "2026-07-31",
        "url": "https://www.sec.gov/Archives/edgar/data/1261333/000126133326000099/docu-20260731.htm",
        "sha256": "b2ed7717cb88aa0fb7b4d9fe701620aed38d184b4753d874da15f322d2364f85",
        "checks": {
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            "local": 875746000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 875746000.0
              }
            ],
            "status": "matched",
            "comparable": {
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              "current": 875746000.0,
              "prior": 800636000.0,
              "prior_periods": [
                "2025-07-31"
              ]
            }
          },
          "operating_income": {
            "local": 117621000.00000001,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 117621000.0
              }
            ],
            "status": "matched",
            "comparable": {
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              "current": 117621000.0,
              "prior": 65227000.0,
              "prior_periods": [
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            }
          },
          "net_income": {
            "local": 77715000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 77715000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 77715000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 77715000.0,
              "prior": 62970000.0,
              "prior_periods": [
                "2025-07-31"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "DocuSign帮助企业和个人在线发送、签署和管理合同等文件。除了电子签名，它还提供合同流程管理及信息提取等工具，让协议从起草到履行更容易追踪。公司主要通过软件订阅及相关服务收费。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "a8dcca4b68743824052319485a3ea0146317c7157dc8cc442d8c8fdb95647e35",
          "business_evidence_sha256": "f99f1a3e7253b38cf5cf842e3d35ebdd92a541835e8e4accf051f54fc28897b5",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1261333/000126133326000099/docu-20260731.htm"
        }
      }
    },
    {
      "ticker": "DRS",
      "name": "Leonardo DRS, Inc.",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-30",
          "report_date": "2026-06-30",
          "revenue": 913000000.0,
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          "gross_margin": 0.25958378970427165,
          "operating_margin": 0.11171960569550932,
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          "prior_revenue_yoy_pct": 5.882352941176472,
          "prior_gross_margin": 0.2376357056694813,
          "prior_operating_margin": 0.08443908323281062,
          "prior_ttm_fcf_margin": 0.0686933645133002,
          "changes_pp": {
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            "gross_margin": 2.1948084034790343,
            "operating_margin": 2.72805224626987,
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            "operating_margin",
            "cash_margin"
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          "accession": "0001833756-26-000040",
          "currency": "USD",
          "net_margin": 0.09419496166484119,
          "prior_net_margin": 0.06513872135102533,
          "net_margin_yoy_pp": 2.9056240313815858
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "国防电力推进/红外/计算平台增长，订单出货比1.2且多年大于等于1",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "锗供应限制、政府订单集中和Raft收购影响需拆开",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-07-30",
          "content_hash": "07fd84965414e581f198292bacfae49e84e8ae90e4b4b3dfd4f1ceec8946e376",
          "offsets": [
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            2483
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-07-30",
          "content_hash": "5f5d66cf03cf5760a967462349bc8c4768159dbdab14b7b026810110c47895c3",
          "offsets": [
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            2038
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 36.06999969482422,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 266891515.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.19986687484466825,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.25674839064261734,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.06009401398549974,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 363000000.0
      },
      "market_cap": 9626776864.601173,
      "ttm_revenue": 3779000000.0,
      "reported_fcf_yield": 0.03770732459114068,
      "price_hurdles": [
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          "cash_growth": 0.1,
          "required_starting_cash": 602134574.8804175,
          "required_cash_to_current_sales": 0.15933701372861006
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 464751247.796015,
          "required_cash_to_current_sales": 0.12298260063403414
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          "cash_growth": 0.2,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；锗供应限制、政府订单集中和Raft收购影响需拆开",
      "deep_source_recheck": false,
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            "cash_margin": -1.0367314007560995
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          "accession": "0001833756-25-000010",
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          "period": "2025Q4",
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          "report_date": "2025-12-31",
          "revenue": 1060000000.0,
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            "cash_margin": 0.4711962536210652
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          "accession": "derived:q4_synth",
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          "report_date": "2026-03-31",
          "revenue": 846000000.0,
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          "accession": "0001833756-26-000025",
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        {
          "period": "2026Q2",
          "filed_at": "2026-07-30",
          "report_date": "2026-06-30",
          "revenue": 913000000.0,
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          "prior_revenue_yoy_pct": 5.882352941176472,
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            "cash_margin": 2.736379346500094
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          "signals": [
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            "cash_margin"
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          "accession": "0001833756-26-000040",
          "currency": "USD",
          "net_margin": 0.09419496166484119,
          "prior_net_margin": 0.06513872135102533,
          "net_margin_yoy_pp": 2.9056240313815858
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入960.00百万美元、同比18.23%；毛利率23.12%、营业率9.69%、净利率7.50%；2025-12-31（本地期标2025Q4）收入1060.00百万美元、同比8.05%；毛利率25.38%、营业率11.89%、净利率9.62%；2026-03-31（本地期标2026Q1）收入846.00百万美元、同比5.88%；毛利率25.06%、营业率9.10%、净利率7.33%；2026-06-30（本地期标2026Q2）收入913.00百万美元、同比10.13%；毛利率25.96%、营业率11.17%、净利率9.42%；最新净利率同比变化2.91个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "DRS",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1833756/000183375626000040/drs-20260630.htm",
        "sha256": "eed9153cd6ae70b05655f9d569a6647f7c7b056d3ae6d978beeab16af7cb7091",
        "checks": {
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            "local": 913000000.0,
            "alternatives": [
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 913000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 913000000.0,
              "prior": 829000000.0,
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          },
          "operating_income": {
            "local": 102000000.0,
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                "concept": "us-gaap:OperatingIncomeLoss",
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            ],
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            "comparable": {
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              "prior": 70000000.0,
              "prior_periods": [
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          },
          "net_income": {
            "local": 86000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 86000000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 86000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 86000000.0,
              "prior": 54000000.0,
              "prior_periods": [
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Leonardo DRS为军方及国防承包商提供电子设备和任务系统。它的产品包括传感、计算、通信及电力相关系统，帮助作战平台感知环境并完成任务。公司通过国防项目中的设备交付、研发和支持服务获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "primary_url": "https://www.sec.gov/Archives/edgar/data/1833756/000183375626000040/drs-20260630.htm"
        }
      }
    },
    {
      "ticker": "DXCM",
      "name": "DEXCOM INC",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-30",
          "report_date": "2026-06-30",
          "revenue": 1308400000.0,
          "revenue_yoy_pct": 13.07579293060237,
          "gross_margin": 0.6343625802506878,
          "operating_margin": 0.24327422806481197,
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          "prior_gross_margin": 0.5952813067150635,
          "prior_operating_margin": 0.18373520006913838,
          "prior_ttm_fcf_margin": 0.13271949404761904,
          "changes_pp": {
            "demand": -1.9724696176601775,
            "gross_margin": 3.9081273535624295,
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            "cash_margin": 15.002219475540759
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            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001093557-26-000143",
          "currency": "USD",
          "net_margin": 0.19038520330174258,
          "prior_net_margin": 0.15538847117794485,
          "net_margin_yoy_pp": 3.4996732123797725
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "CGM覆盖扩张与Stelo进入非保险人群，产品与渠道扩展伴随利润改善",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "材料未量化Stelo贡献，分类增长与竞争均需查，不自动判早期",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-07-30",
          "content_hash": "adc2edb7b4059a18bf43637b1f749a54e390f3d96218d76ff59b34d27ca89b5d",
          "offsets": [
            3027,
            12355
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-07-31",
          "content_hash": "ae6c3ea24070ac8c2991f32b4848b93915d56855d24946329033551f864d9cd8",
          "offsets": [
            5641,
            2919
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 83.02999877929688,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 377360765.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.08557273140213306,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.1016318927102895,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.2510169556015698,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 1405000000.0
      },
      "market_cap": 31332263857.304535,
      "ttm_revenue": 4969200000.0,
      "reported_fcf_yield": 0.044841956087142115,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 1959766975.2929025,
          "required_cash_to_current_sales": 0.3943827930638538
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 1512625557.7296524,
          "required_cash_to_current_sales": 0.30440021688192315
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        {
          "cash_growth": 0.2,
          "required_starting_cash": 1171616161.898042,
          "required_cash_to_current_sales": 0.23577561013805884
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；材料未量化Stelo贡献，分类增长与竞争均需查，不自动判早期",
      "deep_source_recheck": false,
      "industry": "Medical Devices",
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          "filed_at": "2025-10-30",
          "report_date": "2025-09-30",
          "revenue": 1209300000.0,
          "revenue_yoy_pct": 21.635485817742904,
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          "operating_margin": 0.2005292317869842,
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          "prior_revenue_yoy_pct": 15.214577317534594,
          "prior_gross_margin": 0.5972641319653993,
          "prior_operating_margin": 0.15288674311003822,
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          "changes_pp": {
            "demand": 6.420908500208309,
            "gross_margin": 0.7548569597488286,
            "operating_margin": 4.764248867694598,
            "cash_margin": 9.984090608731295
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          "signals": [
            "demand",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001093557-25-000280",
          "currency": "USD",
          "net_margin": 0.23468122054080873,
          "prior_net_margin": 0.13538523435928385,
          "net_margin_yoy_pp": 9.929598618152488
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          "period": "2025Q4",
          "filed_at": "2026-02-12",
          "report_date": "2025-12-31",
          "revenue": 1259600000.0,
          "revenue_yoy_pct": 13.120790300853159,
          "gross_margin": 0.6293267704033026,
          "operating_margin": 0.2564306128929819,
          "ttm_fcf_margin": 0.23105963105963107,
          "prior_revenue_yoy_pct": 21.635485817742904,
          "prior_gross_margin": 0.5889537494387068,
          "prior_operating_margin": 0.16964526268522676,
          "prior_ttm_fcf_margin": 0.15638482519216465,
          "changes_pp": {
            "demand": -8.514695516889745,
            "gross_margin": 4.037302096459583,
            "operating_margin": 8.678535020775517,
            "cash_margin": 7.467480586746642
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          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.21221022546840268,
          "prior_net_margin": 0.1362370902559497,
          "net_margin_yoy_pp": 7.597313521245297
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-04-30",
          "report_date": "2026-03-31",
          "revenue": 1191900000.0,
          "revenue_yoy_pct": 15.048262548262548,
          "gross_margin": 0.6294991190536119,
          "operating_margin": 0.21419582179713062,
          "ttm_fcf_margin": 0.29668527781813653,
          "prior_revenue_yoy_pct": 13.120790300853159,
          "prior_gross_margin": 0.5685328185328186,
          "prior_operating_margin": 0.12905405405405404,
          "prior_ttm_fcf_margin": 0.1386692381870781,
          "changes_pp": {
            "demand": 1.9274722474093888,
            "gross_margin": 6.096630052079332,
            "operating_margin": 8.514176774307657,
            "cash_margin": 15.801603963105842
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          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001093557-26-000073",
          "currency": "USD",
          "net_margin": 0.16737981374276364,
          "prior_net_margin": 0.10173745173745173,
          "net_margin_yoy_pp": 6.564236200531191
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-07-30",
          "report_date": "2026-06-30",
          "revenue": 1308400000.0,
          "revenue_yoy_pct": 13.07579293060237,
          "gross_margin": 0.6343625802506878,
          "operating_margin": 0.24327422806481197,
          "ttm_fcf_margin": 0.28274168880302664,
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          "prior_gross_margin": 0.5952813067150635,
          "prior_operating_margin": 0.18373520006913838,
          "prior_ttm_fcf_margin": 0.13271949404761904,
          "changes_pp": {
            "demand": -1.9724696176601775,
            "gross_margin": 3.9081273535624295,
            "operating_margin": 5.953902799567359,
            "cash_margin": 15.002219475540759
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          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001093557-26-000143",
          "currency": "USD",
          "net_margin": 0.19038520330174258,
          "prior_net_margin": 0.15538847117794485,
          "net_margin_yoy_pp": 3.4996732123797725
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入1209.30百万美元、同比21.64%；毛利率60.48%、营业率20.05%、净利率23.47%；2025-12-31（本地期标2025Q4）收入1259.60百万美元、同比13.12%；毛利率62.93%、营业率25.64%、净利率21.22%；2026-03-31（本地期标2026Q1）收入1191.90百万美元、同比15.05%；毛利率62.95%、营业率21.42%、净利率16.74%；2026-06-30（本地期标2026Q2）收入1308.40百万美元、同比13.08%；毛利率63.44%、营业率24.33%、净利率19.04%；最新净利率同比变化3.50个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "DXCM",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1093557/000109355726000143/dxcm-20260630.htm",
        "sha256": "73982cfa437d8a4aa773f3c9f5e1e881fee7929e57f289833d6596df46cd9599",
        "checks": {
          "revenue": {
            "local": 1308400000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 1308400000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 1308400000.0,
              "prior": 1157100000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 318300000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 318300000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 318300000.0,
              "prior": 212600000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 249100000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 249100000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 249100000.0,
              "prior": 179800000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "德康为糖尿病等相关人群提供连续血糖监测系统。用户佩戴传感器后，可以在接收设备或手机上持续查看血糖变化，而不只是偶尔测量一次。公司主要通过传感器及配套产品销售赚钱，传感器需要定期更换。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "5b9a24274f8bc125a0e97a1ba284dcf50c9a3a8d2c5ee4ba6e571e540a757f59",
          "business_evidence_sha256": "c5c7cdbe8786d827474718fbd53f8e09f32937ef203a6f8b0dc458bdb42a475e",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1093557/000109355726000143/dxcm-20260630.htm"
        }
      }
    },
    {
      "ticker": "DXPE",
      "name": "DXP ENTERPRISES INC",
      "mechanism": "并购/剥离占重要贡献",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 576461000.0,
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          "gross_margin": 0.3175704861213508,
          "operating_margin": 0.0962649684887616,
          "ttm_fcf_margin": 0.05546801119840616,
          "prior_revenue_yoy_pct": 9.46116931651031,
          "prior_gross_margin": 0.3164601890583578,
          "prior_operating_margin": 0.09221507894810721,
          "prior_ttm_fcf_margin": 0.020059923922672085,
          "changes_pp": {
            "demand": 6.135744147380517,
            "gross_margin": 0.1110297062992982,
            "operating_margin": 0.40498895406543833,
            "cash_margin": 3.540808727573407
          },
          "signals": [
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            "cash_margin"
          ],
          "accession": "0001628280-26-054179",
          "currency": "USD",
          "net_margin": 0.04980042014984535,
          "prior_net_margin": 0.04734881146702708,
          "net_margin_yoy_pp": 0.24516086828182682
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "技术工程解决方案、泵/自动化交叉销售及并购多元化，最新有机收入增11.1%并有利润杠杆。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "收购和负债成本需桥接；行业资本开支周期仍有贡献。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "483f99f7b74fa3253e6f946df001596702c204bfb3182d7d9a1fe4635440e73b",
          "offset": 2802,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-06"
        },
        {
          "period": "2026Q2",
          "content_hash": "483f99f7b74fa3253e6f946df001596702c204bfb3182d7d9a1fe4635440e73b",
          "offset": 4414,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-06"
        },
        {
          "period": "2025Q2",
          "content_hash": "29284bf311a275efb4d91be1d8618b847963d9d3a13bed2791564701c734dc1a",
          "offset": 2259,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-07"
        },
        {
          "period": "2025Q2",
          "content_hash": "29284bf311a275efb4d91be1d8618b847963d9d3a13bed2791564701c734dc1a",
          "offset": 4074,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-07"
        }
      ],
      "market": {
        "close": 187.08999633789062,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 15517148.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
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            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.10763123723653956,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.7040713614879925,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 118659000.0
      },
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      "ttm_revenue": 2139233000.0,
      "reported_fcf_yield": 0.040873159980316244,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 181582975.60738626,
          "required_cash_to_current_sales": 0.08488228052175067
        },
        {
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        },
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          "required_cash_to_current_sales": 0.050745549328987415
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；收购和负债成本需桥接；行业资本开支周期仍有贡献。",
      "deep_source_recheck": false,
      "industry": "Industrial Distribution",
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          "filed_at": "2025-11-06",
          "report_date": "2025-09-30",
          "revenue": 513724000.0,
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          "gross_margin": 0.3139020174256994,
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          "prior_gross_margin": 0.3089430894308943,
          "prior_operating_margin": 0.08374935244801082,
          "prior_ttm_fcf_margin": 0.05274627913265101,
          "changes_pp": {
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            "gross_margin": 0.49589279948050735,
            "operating_margin": 0.13118866609270474,
            "cash_margin": -3.118740513519503
          },
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          "accession": "0001628280-25-050322",
          "currency": "USD",
          "net_margin": 0.042106267178484945,
          "prior_net_margin": 0.04461712497489084,
          "net_margin_yoy_pp": -0.25108577964058976
        },
        {
          "period": "2025Q4",
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          "report_date": "2025-12-31",
          "revenue": 527390000.0,
          "revenue_yoy_pct": 11.992847951005924,
          "gross_margin": 0.3158781926088853,
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          "ttm_fcf_margin": 0.026769954844485,
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          "prior_gross_margin": 0.31532721473559927,
          "prior_operating_margin": 0.08343561669434334,
          "prior_ttm_fcf_margin": 0.0428087056891079,
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            "demand": 3.3681955146245937,
            "gross_margin": 0.05509778732860071,
            "operating_margin": 0.5058666473710671,
            "cash_margin": -1.6038750844622898
          },
          "signals": [
            "demand"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.04331708981967804,
          "prior_net_margin": 0.04536497109875689,
          "net_margin_yoy_pp": -0.20478812790788517
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-05-07",
          "report_date": "2026-03-31",
          "revenue": 521658000.0,
          "revenue_yoy_pct": 9.46116931651031,
          "gross_margin": 0.32321175942859115,
          "operating_margin": 0.08142116099053402,
          "ttm_fcf_margin": 0.04714827495544407,
          "prior_revenue_yoy_pct": 11.992847951005924,
          "prior_gross_margin": 0.3153058633692078,
          "prior_operating_margin": 0.08501392243305796,
          "prior_ttm_fcf_margin": 0.019350216026589866,
          "changes_pp": {
            "demand": -2.5316786344956146,
            "gross_margin": 0.7905896059383355,
            "operating_margin": -0.3592761442523934,
            "cash_margin": 2.7798058928854203
          },
          "signals": [
            "cash_margin"
          ],
          "accession": "0001628280-26-032353",
          "currency": "USD",
          "net_margin": 0.038297121869117316,
          "prior_net_margin": 0.04320255828641813,
          "net_margin_yoy_pp": -0.49054364173008114
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 576461000.0,
          "revenue_yoy_pct": 15.596913463890827,
          "gross_margin": 0.3175704861213508,
          "operating_margin": 0.0962649684887616,
          "ttm_fcf_margin": 0.05546801119840616,
          "prior_revenue_yoy_pct": 9.46116931651031,
          "prior_gross_margin": 0.3164601890583578,
          "prior_operating_margin": 0.09221507894810721,
          "prior_ttm_fcf_margin": 0.020059923922672085,
          "changes_pp": {
            "demand": 6.135744147380517,
            "gross_margin": 0.1110297062992982,
            "operating_margin": 0.40498895406543833,
            "cash_margin": 3.540808727573407
          },
          "signals": [
            "demand",
            "cash_margin"
          ],
          "accession": "0001628280-26-054179",
          "currency": "USD",
          "net_margin": 0.04980042014984535,
          "prior_net_margin": 0.04734881146702708,
          "net_margin_yoy_pp": 0.24516086828182682
        }
      ],
      "financial_reason": "2025Q3收入513.72百万美元/同比8.62%，毛利率31.39%，营业率8.51%，净利率4.21%；2025Q4收入527.39百万美元/同比11.99%，毛利率31.59%，营业率8.85%，净利率4.33%；2026Q1收入521.66百万美元/同比9.46%，毛利率32.32%，营业率8.14%，净利率3.83%；2026Q2收入576.46百万美元/同比15.60%，毛利率31.76%，营业率9.63%，净利率4.98%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "DXPE",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1020710/000162828026054179/dxpe-20260630.htm",
        "sha256": "8840f766f136713540d8395efe89a73847bdad8226ce359db68a93b19f649ce9",
        "checks": {
          "revenue": {
            "local": 576461000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 576461000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 576461000.0,
              "prior": 498682000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 55493000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 55493000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 55493000.0,
              "prior": 45986000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 28708000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 28708000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 28686000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 28708000.0,
              "prior": 23612000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "DXP向工业企业销售维修、维护和运行所需的设备与零部件。它既经营泵、轴承等产品分销，也为客户配置泵送系统和管理相关供应链。公司通过产品销售、工程集成及维修服务获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "0bfc4079405a14bb4263da44580d8334a83ad8ec6bfab4760fe8e0e77a2502b1",
          "business_evidence_sha256": "277e125bfa9365a82fd65bdfb2949339d6ca67989feb1067c83187feb456e572",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1020710/000162828026054179/dxpe-20260630.htm"
        }
      }
    },
    {
      "ticker": "EBAY",
      "name": "EBAY INC",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 3134000000.0,
          "revenue_yoy_pct": 14.79853479853479,
          "gross_margin": 0.7345245692405871,
          "operating_margin": 0.21569878749202298,
          "ttm_fcf_margin": 0.20444703530979347,
          "prior_revenue_yoy_pct": 19.497098646034814,
          "prior_gross_margin": 0.7157509157509158,
          "prior_operating_margin": 0.1772893772893773,
          "prior_ttm_fcf_margin": 0.13457497612225405,
          "changes_pp": {
            "demand": -4.698563847500024,
            "gross_margin": 1.8773653489671305,
            "operating_margin": 3.840941020264568,
            "cash_margin": 6.987205918753942
          },
          "signals": [
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            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001065088-26-000177",
          "currency": "USD",
          "net_margin": 0.17549457562220805,
          "prior_net_margin": 0.1347985347985348,
          "net_margin_yoy_pp": 4.069604082367325
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "聚焦品类、信任验证、汽车配件适配与直播等功能带动GMV从4%增长到14%，业务再加速明确",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "需剔除并购/汇率和广告take-rate因素，成熟平台竞争及净利率变化不能仅看EPS",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-05",
          "content_hash": "438676d78bc660ff5b836cf0b0cedd6873b905b97bbd70f44000a04f778ce7ac",
          "offsets": [
            3604,
            19887
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-07-31",
          "content_hash": "e4029a2ba167389c81dd345b835d89707dc532c4c3b6e7d8a293e8cc36c042e1",
          "offsets": [
            6157,
            2576
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 107.75,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 445000000.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": 0.053171758100089006,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.007918245147948144,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.24121942994637258,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 2455000000.0
      },
      "market_cap": 47948750000.0,
      "ttm_revenue": 12008000000.0,
      "reported_fcf_yield": 0.05120050053442478,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 2999093113.237286,
          "required_cash_to_current_sales": 0.2497579208225588
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 2314818521.9396777,
          "required_cash_to_current_sales": 0.1927730281428779
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 1792961105.4807963,
          "required_cash_to_current_sales": 0.14931388286815425
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；需剔除并购/汇率和广告take-rate因素，成熟平台竞争及净利率变化不能仅看EPS",
      "deep_source_recheck": false,
      "industry": "Internet Retail",
      "financial_history": [
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          "filed_at": "2025-10-30",
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          "prior_gross_margin": 0.71777950310559,
          "prior_operating_margin": 0.23097826086956522,
          "prior_ttm_fcf_margin": 0.13559322033898305,
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            "demand": 3.3289703737333856,
            "gross_margin": -0.8914254878639616,
            "operating_margin": -2.6722941720629056,
            "cash_margin": 0.7023916117989137
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          "signals": [
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          "accession": "0001065088-25-000127",
          "currency": "USD",
          "net_margin": 0.22411347517730495,
          "prior_net_margin": 0.24611801242236025,
          "net_margin_yoy_pp": -2.20045372450553
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        {
          "period": "2025Q4",
          "filed_at": "2026-02-19",
          "report_date": "2025-12-31",
          "revenue": 2965000000.0,
          "revenue_yoy_pct": 14.967041488949206,
          "gross_margin": 0.7136593591905565,
          "operating_margin": 0.20269814502529512,
          "ttm_fcf_margin": 0.1291891891891892,
          "prior_revenue_yoy_pct": 9.472049689440997,
          "prior_gross_margin": 0.7215975184179915,
          "prior_operating_margin": 0.21054672353625437,
          "prior_ttm_fcf_margin": 0.19021686278323446,
          "changes_pp": {
            "demand": 5.49499179950821,
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            "operating_margin": -0.7848578510959242,
            "cash_margin": -6.102767359404526
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          "signals": [
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          "accession": "derived:q4_synth",
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          "net_margin": 0.17807757166947724,
          "prior_net_margin": 0.2632803412175262,
          "net_margin_yoy_pp": -8.520276954804896
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-04-29",
          "report_date": "2026-03-31",
          "revenue": 3089000000.0,
          "revenue_yoy_pct": 19.497098646034814,
          "gross_margin": 0.7403690514729686,
          "operating_margin": 0.19779864033667854,
          "ttm_fcf_margin": 0.145467080317132,
          "prior_revenue_yoy_pct": 14.967041488949206,
          "prior_gross_margin": 0.7203094777562863,
          "prior_operating_margin": 0.23829787234042554,
          "prior_ttm_fcf_margin": 0.20636152055857254,
          "changes_pp": {
            "demand": 4.530057157085608,
            "gross_margin": 2.005957371668232,
            "operating_margin": -4.0499232003747,
            "cash_margin": -6.089444024144052
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          "signals": [
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            "gross_margin"
          ],
          "accession": "0001065088-26-000093",
          "currency": "USD",
          "net_margin": 0.16574943347361606,
          "prior_net_margin": 0.19458413926499032,
          "net_margin_yoy_pp": -2.883470579137426
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 3134000000.0,
          "revenue_yoy_pct": 14.79853479853479,
          "gross_margin": 0.7345245692405871,
          "operating_margin": 0.21569878749202298,
          "ttm_fcf_margin": 0.20444703530979347,
          "prior_revenue_yoy_pct": 19.497098646034814,
          "prior_gross_margin": 0.7157509157509158,
          "prior_operating_margin": 0.1772893772893773,
          "prior_ttm_fcf_margin": 0.13457497612225405,
          "changes_pp": {
            "demand": -4.698563847500024,
            "gross_margin": 1.8773653489671305,
            "operating_margin": 3.840941020264568,
            "cash_margin": 6.987205918753942
          },
          "signals": [
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            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001065088-26-000177",
          "currency": "USD",
          "net_margin": 0.17549457562220805,
          "prior_net_margin": 0.1347985347985348,
          "net_margin_yoy_pp": 4.069604082367325
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入2820.00百万美元、同比9.47%；毛利率70.89%、营业率20.43%、净利率22.41%；2025-12-31（本地期标2025Q4）收入2965.00百万美元、同比14.97%；毛利率71.37%、营业率20.27%、净利率17.81%；2026-03-31（本地期标2026Q1）收入3089.00百万美元、同比19.50%；毛利率74.04%、营业率19.78%、净利率16.57%；2026-06-30（本地期标2026Q2）收入3134.00百万美元、同比14.80%；毛利率73.45%、营业率21.57%、净利率17.55%；最新净利率同比变化4.07个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "EBAY",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1065088/000106508826000177/ebay-20260630.htm",
        "sha256": "ac4ce95a6b9f32307e62792161a75b47467b57bd8e0a066fd70d4277bfa3d060",
        "checks": {
          "revenue": {
            "local": 3134000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 3134000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 3134000000.0,
              "prior": 2730000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 676000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 676000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 676000000.0,
              "prior": 479000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 550000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 550000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 550000000.0,
              "prior": 364000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "eBay经营连接买家和卖家的线上交易平台，商品涵盖收藏品、二手物品及新品等。它提供商品展示、交易和相关工具，让个人与商家能够把货卖给其他用户。公司主要通过平台交易服务及广告等收费赚钱，而不是以自营采购和库存销售为主。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "690a8dc36cbcc7df419b3e7c724168f4e73702aa59a9f23e0bdd5361b771867a",
          "business_evidence_sha256": "83c5acad4640007bccacf2dc8f524e4b8ba3ca28d487c1045e55932e4e8e4254",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1065088/000106508826000177/ebay-20260630.htm"
        }
      }
    },
    {
      "ticker": "ECG",
      "name": "Everus Construction Group, Inc.",
      "mechanism": "并购/剥离占重要贡献",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
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          "positive": 3,
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        "gross_margin_improvement": {
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "电气机械和输配电需求、统一运营流程提高项目毛利与积压。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "并购SE&M/Epsilon增加复杂性，需原文拆有机增长与项目现金回收。",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；并购SE&M/Epsilon增加复杂性，需原文拆有机增长与项目现金回收。",
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        "version": "2026-09-14-editorial-v1",
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        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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    },
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      "business_evidence": "先进节点增加单晶圆材料强度，过滤/CMP/沉积与运营改进共同推动毛利现金改善。",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；周期回升及CMC剥离、关税与债务影响需同口径拆分。",
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          "filed_at": "2026-04-30",
          "report_date": "2026-03-28",
          "revenue": 811900000.0,
          "revenue_yoy_pct": 5.005173305742372,
          "gross_margin": 0.4690232787289075,
          "operating_margin": 0.17440571498953072,
          "ttm_fcf_margin": 0.15618335239390474,
          "prior_revenue_yoy_pct": -3.051997030018694,
          "prior_gross_margin": 0.46107087428867044,
          "prior_operating_margin": 0.15817382307294361,
          "prior_ttm_fcf_margin": 0.08261404835629958,
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            "demand": 8.057170335761066,
            "gross_margin": 0.7952404440237038,
            "operating_margin": 1.6231891916587111,
            "cash_margin": 7.356930403760516
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          "signals": [
            "demand",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001101302-26-000102",
          "currency": "USD",
          "net_margin": 0.11331444759206799,
          "prior_net_margin": 0.0813502327987584,
          "net_margin_yoy_pp": 3.196421479330959
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        {
          "period": "2026Q2",
          "filed_at": "2026-08-04",
          "report_date": "2026-06-27",
          "revenue": 883200000.0,
          "revenue_yoy_pct": 11.45885916203937,
          "gross_margin": 0.47554347826086957,
          "operating_margin": 0.18636775362318841,
          "ttm_fcf_margin": 0.17293526953489072,
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          "prior_gross_margin": 0.44358909641595157,
          "prior_operating_margin": 0.13389702170620899,
          "prior_ttm_fcf_margin": 0.08159953784068968,
          "changes_pp": {
            "demand": 6.453685856296999,
            "gross_margin": 3.1954381844918,
            "operating_margin": 5.247073191697943,
            "cash_margin": 9.133573169420103
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
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          "accession": "0001101302-26-000150",
          "currency": "USD",
          "net_margin": 0.10597826086956522,
          "prior_net_margin": 0.06663301362948006,
          "net_margin_yoy_pp": 3.934524724008516
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      ],
      "financial_reason": "2025Q3 收入同比-0.07%，毛利率43.53%，营业利润率15.19%，净利率8.73%；2025Q4 收入同比-3.05%，毛利率43.77%，营业利润率12.73%，净利率6.00%；2026Q1 收入同比5.01%，毛利率46.90%，营业利润率17.44%，净利率11.33%；2026Q2 收入同比11.46%，毛利率47.55%，营业利润率18.64%，净利率10.60%",
      "primary_source": {
        "ticker": "ENTG",
        "period": "2026-06-27",
        "source_period": "2026-06-27",
        "url": "https://www.sec.gov/Archives/edgar/data/1101302/000110130226000150/entg-20260627.htm",
        "sha256": "1f4b96b3826b4fd83b404b07e4d03381fb7480f616d8d3b9fa35fc13bb7f8aec",
        "checks": {
          "revenue": {
            "local": 883200000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 883200000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 883200000.0,
              "prior": 792400000.0,
              "prior_periods": [
                "2025-06-28"
              ]
            }
          },
          "operating_income": {
            "local": 164600000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 164600000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 164600000.0,
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              "prior_periods": [
                "2025-06-28"
              ]
            }
          },
          "net_income": {
            "local": 93600000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 93600000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 93600000.0,
              "prior": 52800000.0,
              "prior_periods": [
                "2025-06-28"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Entegris为芯片制造提供高纯材料、过滤和污染控制产品。它帮助晶圆厂在加工过程中控制微小杂质，并稳定地输送、储存和使用化学材料。公司通过销售材料、耗材和相关系统赚钱，服务于半导体制造工艺本身。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "c332cd9976e150ac60b4b683f6f4bf1c9d4497e019438419af99872d861138e8",
          "business_evidence_sha256": "d0ff3ce17e0a13c37adf18963f4d8740637ef94c5f5b6b5ab21d5a1659960ce5",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1101302/000110130226000150/entg-20260627.htm"
        }
      }
    },
    {
      "ticker": "ETON",
      "name": "Eton Pharmaceuticals, Inc.",
      "mechanism": "新药/新产品商业化",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-13",
          "report_date": "2026-06-30",
          "revenue": 37589000.0,
          "revenue_yoy_pct": 98.58939137785292,
          "gross_margin": 0.6760754476043523,
          "operating_margin": 0.3403655324696055,
          "ttm_fcf_margin": 0.13941948008901936,
          "prior_revenue_yoy_pct": 40.411989353084145,
          "prior_gross_margin": 0.6299661876584953,
          "prior_operating_margin": -0.0779268808114962,
          "prior_ttm_fcf_margin": 0.21010295457279868,
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            "operating_margin"
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          "net_margin": 0.3080156428742451,
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          "net_margin_yoy_pp": 44.45858034828672
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "罕见病商业平台扩展、HEMANGEOL重推及产品权利收购，毛利与经营杠杆明显兑现。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "并购驱动、单品授权期限及一次性收入须核实，调整EBITDA非股东现金。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "d04e4e34ba099fc33e826a8988a9bec0ebf0bba96a611eada4799a803c8b5dc4",
          "navigation_offsets": [
            1984,
            3675
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "44fc9c11e18392e08f6b0f7bd884c8763adc7185c500ba04454fdbfd97611e04",
          "navigation_offsets": [
            1602,
            2771
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 57.08000183105469,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 28583135.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": 0.3727753563594982,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.8069009672473404,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 2.3755175840400824,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 14722000.0
      },
      "market_cap": 1631525398.1372833,
      "ttm_revenue": 105595000.0,
      "reported_fcf_yield": 0.009023457444676095,
      "price_hurdles": [
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          "cash_growth": 0.1,
          "required_starting_cash": 102048470.2025652,
          "required_cash_to_current_sales": 0.966413847270848
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        {
          "cash_growth": 0.15,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "商业化线索：需单产品现金、竞争及融资模型",
      "second_pass_decision": "商业化线索：需单产品现金、竞争及融资模型；并购驱动、单品授权期限及一次性收入须核实，调整EBITDA非股东现金。",
      "deep_source_recheck": false,
      "industry": "Drug Manufacturers - Specialty & Generic",
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            "operating_margin": -10.999096135902489,
            "cash_margin": 23.809016686302833
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          "accession": "0001437749-25-033619",
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          "net_margin": -0.08580079255532304,
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          "net_margin_yoy_pp": -14.653306686760509
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          "operating_margin": 0.11578403270523002,
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            "cash_margin": 10.329449773222668
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          "accession": "derived:q4_synth",
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          "revenue": 24266000.0,
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          "prior_gross_margin": 0.5705936812868881,
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            "operating_margin": 12.667668136320348,
            "cash_margin": 6.328060958600867
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          "accession": "0001437749-26-017064",
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          "period": "2026Q2",
          "filed_at": "2026-08-13",
          "report_date": "2026-06-30",
          "revenue": 37589000.0,
          "revenue_yoy_pct": 98.58939137785292,
          "gross_margin": 0.6760754476043523,
          "operating_margin": 0.3403655324696055,
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          "prior_revenue_yoy_pct": 40.411989353084145,
          "prior_gross_margin": 0.6299661876584953,
          "prior_operating_margin": -0.0779268808114962,
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          "changes_pp": {
            "demand": 58.177402024768774,
            "gross_margin": 4.610925994585702,
            "operating_margin": 41.829241328110164,
            "cash_margin": -7.068347448377931
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          "signals": [
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            "operating_margin"
          ],
          "accession": "0001437749-26-027684",
          "currency": "USD",
          "net_margin": 0.3080156428742451,
          "prior_net_margin": -0.13657016060862215,
          "net_margin_yoy_pp": 44.45858034828672
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      ],
      "financial_reason": "2025Q3 收入同比117.54%，毛利率34.97%，营业利润率-6.07%，净利率-8.58%；2025Q4 收入同比82.72%，毛利率61.56%，营业利润率11.58%，净利率6.97%；2026Q1 收入同比40.41%，毛利率60.72%，营业利润率9.95%，净利率6.40%；2026Q2 收入同比98.59%，毛利率67.61%，营业利润率34.04%，净利率30.80%",
      "primary_source": {
        "ticker": "ETON",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1710340/000143774926027684/eton20260630_10q.htm",
        "sha256": "b18e1272b8a9330812e942909342fff1da2552479b5e7cebfeff88ab611d2f1a",
        "checks": {
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            "local": 37589000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 37589000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
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            }
          },
          "operating_income": {
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            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 12794000.0
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            ],
            "status": "matched",
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          },
          "net_income": {
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            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 11578000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 11578000.0,
              "prior": -2585000.0,
              "prior_periods": [
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            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Eton专注于罕见病相关药品的开发、引进和商业化。它把面向较小患者群体的治疗产品推向医疗渠道，并负责相关市场和供应工作。公司主要靠药品销售获得收入，产品组合也会通过取得药品权利而扩展。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "95e4d2bcaad5eeca802fbca8a005b51ffc27aa84ddd1c903eb1a49cf95e6867e",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1710340/000143774926027684/eton20260630_10q.htm"
        }
      }
    },
    {
      "ticker": "EXPE",
      "name": "Expedia Group, Inc.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
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          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 4315000000.0,
          "revenue_yoy_pct": 13.972530375066029,
          "gross_margin": null,
          "operating_margin": 0.1853997682502897,
          "ttm_fcf_margin": 0.2840127388535032,
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          "prior_gross_margin": 0.9004226096143687,
          "prior_operating_margin": 0.12810353935552035,
          "prior_ttm_fcf_margin": 0.1424596946782708,
          "changes_pp": {
            "demand": -0.6861041630865863,
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            "operating_margin": 5.729622889476935,
            "cash_margin": 14.15530441752324
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          "signals": [
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001324424-26-000053",
          "currency": "USD",
          "net_margin": 0.20347624565469294,
          "prior_net_margin": 0.08716323296354993,
          "net_margin_yoy_pp": 11.631301269114301
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 2
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "品牌/平台执行与B2B扩大，连续营销费用杠杆改善，收入从6%到14%增长",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "旅游周期、广告效率可持续性和CarTrawler拟收购成本待核验",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-05",
          "content_hash": "ed596a59bbd4a4f089fabf7516ae2132012a7892435328d593e1aaf151331096",
          "offsets": [
            4687,
            7195
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-07",
          "content_hash": "2df5b0f713cb9a2cd8594cc4dd2accdeff9f934cf8d2f86d2bb0c5d11166662c",
          "offsets": [
            3610,
            2153
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 280.8299865722656,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 120019343.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.13742058465293083,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.24874377399812508,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.006603187488833706,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 4459000000.0
      },
      "market_cap": 33705030483.102142,
      "ttm_revenue": 15700000000.0,
      "reported_fcf_yield": 0.132294792085576,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 2108178519.84305,
          "required_cash_to_current_sales": 0.134278886614207
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 1627175449.721344,
          "required_cash_to_current_sales": 0.10364174838989453
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 1260341692.2286139,
          "required_cash_to_current_sales": 0.08027654090628114
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；旅游周期、广告效率可持续性和CarTrawler拟收购成本待核验",
      "deep_source_recheck": false,
      "industry": "Travel Services",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-11-07",
          "report_date": "2025-09-30",
          "revenue": 4412000000.0,
          "revenue_yoy_pct": 8.669950738916254,
          "gross_margin": 0.914777878513146,
          "operating_margin": 0.23481414324569355,
          "ttm_fcf_margin": 0.20862908837856645,
          "prior_revenue_yoy_pct": 6.408094435075884,
          "prior_gross_margin": 0.9044334975369458,
          "prior_operating_margin": 0.1876847290640394,
          "prior_ttm_fcf_margin": 0.1423771838136479,
          "changes_pp": {
            "demand": 2.2618563038403705,
            "gross_margin": 1.0344380976200163,
            "operating_margin": 4.712941418165414,
            "cash_margin": 6.625190456491856
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001324424-25-000051",
          "currency": "USD",
          "net_margin": 0.21736174070716227,
          "prior_net_margin": 0.1684729064039409,
          "net_margin_yoy_pp": 4.888883430322139
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-02-13",
          "report_date": "2025-12-31",
          "revenue": 3547000000.0,
          "revenue_yoy_pct": 11.400753768844218,
          "gross_margin": 0.9024527769946433,
          "operating_margin": 0.11840992387933465,
          "ttm_fcf_margin": 0.21109074865947194,
          "prior_revenue_yoy_pct": 8.669950738916254,
          "prior_gross_margin": 0.894786432160804,
          "prior_operating_margin": 0.0678391959798995,
          "prior_ttm_fcf_margin": 0.17011175224600103,
          "changes_pp": {
            "demand": 2.730803029927964,
            "gross_margin": 0.7666344833839323,
            "operating_margin": 5.057072789943515,
            "cash_margin": 4.097899641347091
          },
          "signals": [
            "demand",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.057795319988722865,
          "prior_net_margin": 0.0939070351758794,
          "net_margin_yoy_pp": -3.611171518715653
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-05-08",
          "report_date": "2026-03-31",
          "revenue": 3426000000.0,
          "revenue_yoy_pct": 14.658634538152615,
          "gross_margin": null,
          "operating_margin": 0.07326328079392878,
          "ttm_fcf_margin": 0.27031837057544,
          "prior_revenue_yoy_pct": 11.400753768844218,
          "prior_gross_margin": 0.8805220883534136,
          "prior_operating_margin": -0.023427041499330656,
          "prior_ttm_fcf_margin": 0.17280638143582305,
          "changes_pp": {
            "demand": 3.2578807693083967,
            "gross_margin": null,
            "operating_margin": 9.669032229325945,
            "cash_margin": 9.751198913961694
          },
          "signals": [
            "demand",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001324424-26-000035",
          "currency": "USD",
          "net_margin": -0.0017513134851138354,
          "prior_net_margin": -0.06693440428380187,
          "net_margin_yoy_pp": 6.5183090798688035
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 4315000000.0,
          "revenue_yoy_pct": 13.972530375066029,
          "gross_margin": null,
          "operating_margin": 0.1853997682502897,
          "ttm_fcf_margin": 0.2840127388535032,
          "prior_revenue_yoy_pct": 14.658634538152615,
          "prior_gross_margin": 0.9004226096143687,
          "prior_operating_margin": 0.12810353935552035,
          "prior_ttm_fcf_margin": 0.1424596946782708,
          "changes_pp": {
            "demand": -0.6861041630865863,
            "gross_margin": null,
            "operating_margin": 5.729622889476935,
            "cash_margin": 14.15530441752324
          },
          "signals": [
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001324424-26-000053",
          "currency": "USD",
          "net_margin": 0.20347624565469294,
          "prior_net_margin": 0.08716323296354993,
          "net_margin_yoy_pp": 11.631301269114301
        }
      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入4412.00百万美元、同比8.67%；毛利率91.48%、营业率23.48%、净利率21.74%；2025-12-31（本地期标2025Q4）收入3547.00百万美元、同比11.40%；毛利率90.25%、营业率11.84%、净利率5.78%；2026-03-31（本地期标2026Q1）收入3426.00百万美元、同比14.66%；毛利率缺失、营业率7.33%、净利率-0.18%；2026-06-30（本地期标2026Q2）收入4315.00百万美元、同比13.97%；毛利率缺失、营业率18.54%、净利率20.35%；最新净利率同比变化11.63个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "EXPE",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1324424/000132442426000053/expe-20260630.htm",
        "sha256": "40de0e82279a330a7f6e4858ad7fd4a0623a699e67106a72927d68d1fcb11df2",
        "checks": {
          "revenue": {
            "local": 4315000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 4315000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 4315000000.0,
              "prior": 3786000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 800000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 800000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 800000000.0,
              "prior": 485000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 878000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 878000000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 875000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 878000000.0,
              "prior": 330000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Expedia经营在线旅行预订平台，包括酒店、机票和度假住宿等服务。它通过Expedia、Hotels.com、Vrbo等面向消费者，也把住宿供应和预订技术提供给其他企业。公司从旅行预订相关的佣金、价差及广告等业务获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "8b31768230c1de8d8e05de3a0599028b98ead0bde4be5cc68cb2f2c9fcab8674",
          "business_evidence_sha256": "6779433b9e06c1727cc55533cd68bbdc3682231980ee68d22df530dde450204e",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1324424/000132442426000053/expe-20260630.htm"
        }
      }
    },
    {
      "ticker": "FET",
      "name": "FORUM ENERGY TECHNOLOGIES, INC.",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-31",
          "report_date": "2026-06-30",
          "revenue": 226217000.0,
          "revenue_yoy_pct": 13.242125708335827,
          "gross_margin": 0.3154139609313182,
          "operating_margin": 0.0906518961881733,
          "ttm_fcf_margin": 0.06385807609786068,
          "prior_revenue_yoy_pct": 7.97862157813316,
          "prior_gross_margin": 0.2971306141246671,
          "prior_operating_margin": 0.0735017320438117,
          "prior_ttm_fcf_margin": 0.10278387812442712,
          "changes_pp": {
            "demand": 5.263504130202667,
            "gross_margin": 1.8283346806651057,
            "operating_margin": 1.7150164144361602,
            "cash_margin": -3.892580202656644
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001401257-26-000053",
          "currency": "USD",
          "net_margin": 0.05484556863542528,
          "prior_net_margin": 0.03854548367073146,
          "net_margin_yoy_pp": 1.6300084964693817
        },
        "revenue_growth": {
          "positive": 3,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "差异产品国际化及水下设备订单推动收入/每钻机收入提升，2025到2026战略连续兑现。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "油价上升贡献与2025Q3异常费用应拆分；回购不能替代经营增长。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "1c895f05612481db4fafb08089e2ecf4db43cbb73cb098b614bc605423fa5ff2",
          "offset": 4658,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-31"
        },
        {
          "period": "2026Q2",
          "content_hash": "1c895f05612481db4fafb08089e2ecf4db43cbb73cb098b614bc605423fa5ff2",
          "offset": 2148,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-31"
        },
        {
          "period": "2025Q2",
          "content_hash": "36de703fcd08db058d3d67adc3508e7c2cb5b85ba2ee76b21bd1eed5df72c8fb",
          "offset": 3001,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-08"
        },
        {
          "period": "2025Q2",
          "content_hash": "36de703fcd08db058d3d67adc3508e7c2cb5b85ba2ee76b21bd1eed5df72c8fb",
          "offset": 1626,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-08"
        }
      ],
      "market": {
        "close": 83.0199966430664,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 11246295.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": 0.0019309200040587005,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.5675981510242707,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 1.2468198898208085,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 53216000.0
      },
      "market_cap": 933667373.1469345,
      "ttm_revenue": 833348000.0,
      "reported_fcf_yield": 0.05699674373394347,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 58398923.61864113,
          "required_cash_to_current_sales": 0.07007747497880973
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 45074595.869366534,
          "required_cash_to_current_sales": 0.054088563084529556
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 34912886.895046875,
          "required_cash_to_current_sales": 0.04189472692686234
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；油价上升贡献与2025Q3异常费用应拆分；回购不能替代经营增长。",
      "deep_source_recheck": false,
      "industry": "Oil & Gas Equipment & Services",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-10-31",
          "report_date": "2025-09-30",
          "revenue": 196231000.0,
          "revenue_yoy_pct": -5.570099034676579,
          "gross_margin": 0.20504915125540818,
          "operating_margin": -0.03111638833823402,
          "ttm_fcf_margin": 0.10074504107342602,
          "prior_revenue_yoy_pct": -2.6533923950703864,
          "prior_gross_margin": 0.31633350336371424,
          "prior_operating_margin": 0.042905402153932036,
          "prior_ttm_fcf_margin": 0.07088702142860712,
          "changes_pp": {
            "demand": -2.9167066396061925,
            "gross_margin": -11.128435210830606,
            "operating_margin": -7.402179049216606,
            "cash_margin": 2.9858019644818907
          },
          "signals": [
            "cash_margin"
          ],
          "accession": "0001401257-25-000108",
          "currency": "USD",
          "net_margin": -0.10474389877236523,
          "prior_net_margin": -0.07129245546326862,
          "net_margin_yoy_pp": -3.345144330909661
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-02-27",
          "report_date": "2025-12-31",
          "revenue": 202200000.0,
          "revenue_yoy_pct": 0.5880070441453,
          "gross_margin": 0.3020870425321464,
          "operating_margin": 0.06312561819980217,
          "ttm_fcf_margin": 0.0813507455709221,
          "prior_revenue_yoy_pct": -5.570099034676579,
          "prior_gross_margin": 0.3107433165189187,
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            "demand": 6.158106078821879,
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            "cash_margin": -2.159318681723357
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          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.010247279920870425,
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          "report_date": "2026-03-31",
          "revenue": 208700000.0,
          "revenue_yoy_pct": 7.97862157813316,
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          "prior_gross_margin": 0.30195210033164493,
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            "demand": 7.39061453398786,
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            "operating_margin": 0.7180460739152641,
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          "accession": "0001401257-26-000034",
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          "period": "2026Q2",
          "filed_at": "2026-07-31",
          "report_date": "2026-06-30",
          "revenue": 226217000.0,
          "revenue_yoy_pct": 13.242125708335827,
          "gross_margin": 0.3154139609313182,
          "operating_margin": 0.0906518961881733,
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            "operating_margin"
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          "accession": "0001401257-26-000053",
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          "net_margin": 0.05484556863542528,
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      ],
      "financial_reason": "2025Q3收入196.23百万美元/同比-5.57%，毛利率20.50%，营业率-3.11%，净利率-10.47%；2025Q4收入202.20百万美元/同比0.59%，毛利率30.21%，营业率6.31%，净利率1.02%；2026Q1收入208.70百万美元/同比7.98%，毛利率29.22%，营业率5.27%，净利率2.15%；2026Q2收入226.22百万美元/同比13.24%，毛利率31.54%，营业率9.07%，净利率5.48%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "FET",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1401257/000140125726000053/fet-20260630.htm",
        "sha256": "9fb470378019f46497ba26d72bc8b7f82c9c527454526c54331699057b7266b9",
        "checks": {
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            "alternatives": [
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 226217000.0
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            ],
            "status": "matched",
            "comparable": {
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              "current": 226217000.0,
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            }
          },
          "operating_income": {
            "local": 20507000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 20507000.0
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            ],
            "status": "matched",
            "comparable": {
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              "current": 20507000.0,
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                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 12407000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 12407000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 12407000.0,
              "prior": 7700000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Forum Energy Technologies为油气及相关工业客户制造设备和耗材。它的产品用于钻井、完井、井下作业、人工举升和水下工程等环节。公司通过设备、零部件和服务销售赚钱，本身并不以开采和出售石油为主。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "f1baebecdbc1a1247dd9458160fc7949e06f7cc79c3a7e5730d5e56cee95676c",
          "business_evidence_sha256": "9524ab9252318e46ff2a385f52a491400b841657227cff08ae30f128e0b05e6f",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1401257/000140125726000053/fet-20260630.htm"
        }
      }
    },
    {
      "ticker": "FIGS",
      "name": "FIGS, Inc.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 196619000.0,
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        "revenue_growth": {
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          "available": 4
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        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "全价销售、退货管理、国际业务和物流效率提升，收入连续接近30%增长",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "关税退款须剔除，公司已给剔除后EBITDA18.6%，需验证可持续获客效率",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-06",
          "content_hash": "9f17f3386feae9b34e0864c95afa5bf007d4ae44513ccc0e9fe483f650d72cb2",
          "offsets": [
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            3170
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-08",
          "content_hash": "b66451f76340c876f0f1d12419941af85435e93a5dd60ab2ed2cd2ba657db52a",
          "offsets": [
            3455,
            4298
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 13.350000381469727,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 166140242.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.07420247497663102,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.11622076412117766,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.1751761254343689,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": false,
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      "market_cap": 2217972294.0774727,
      "ttm_revenue": 710078000.0,
      "reported_fcf_yield": 0.043834181454659796,
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      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
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          "prior_gross_margin": 0.6762075563846567,
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          "accession": "0001628280-26-054342",
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          "net_margin_yoy_pp": 9.782685919595501
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入151.66百万美元、同比8.17%；毛利率69.94%、营业率6.35%、净利率5.77%；2025-12-31（本地期标2025Q4）收入201.90百万美元、同比32.97%；毛利率62.94%、营业率9.32%、净利率9.17%；2026-03-31（本地期标2026Q1）收入159.90百万美元、同比28.02%；毛利率67.73%、营业率2.80%、净利率3.93%；2026-06-30（本地期标2026Q2）收入196.62百万美元、同比28.81%；毛利率75.20%、营业率17.93%、净利率14.43%；最新净利率同比变化9.78个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "FIGS",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1846576/000162828026054342/figs-20260630.htm",
        "sha256": "bf12d10b87288b7be01740c68a41734c5eeab73553b88fed97487af692aa0f5c",
        "checks": {
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
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            ],
            "status": "matched",
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          },
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                "concept": "us-gaap:OperatingIncomeLoss",
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          },
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            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 28379000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 28379000.0,
              "prior": 7099000.0,
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "FIGS面向医生、护士等医护人员销售专业工作服和相关服饰。它将手术服、外套、鞋类等产品作为品牌消费品，主要通过直接面向消费者的渠道销售。公司依靠服饰销售赚钱，产品设计、品牌和客户复购是经营的重要环节。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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          "business_evidence_sha256": "f4758ba7da3902dcea31b52baadce531c89dfba5b09355983d00693d6db162d0",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1846576/000162828026054342/figs-20260630.htm"
        }
      }
    },
    {
      "ticker": "FIX",
      "name": "COMFORT SYSTEMS USA INC",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
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            "demand": null,
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            "operating_margin"
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          "net_margin": 0.1352261230209183,
          "prior_net_margin": 0.10621910543275055,
          "net_margin_yoy_pp": 2.9007017588167745
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "机械/电气服务和数据中心技术需求带来44%同店增长，订单积压141亿美元，利润和现金同步",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "合同项目周期、预收现金和估值高预期需检查，不将本季FCF直接外推",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-07-24",
          "content_hash": "ceb6e54b7f46f69bb4c2ce5c624487be53569687b5e6922caf10ca00a88c134c",
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            1532,
            2693
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          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-07-26",
          "content_hash": "3ad0bd0850e5d260ca3f551239855f3815178c31b0dbb4ac8952a25d33201f46",
          "offsets": [
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            3410
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 1690.8199462890625,
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        "currency": "USD",
        "source": "yfinance_daily_sync",
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        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2025-12-31",
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          },
          "3m": {
            "value": -0.09948287478217988,
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          "1y": {
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            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
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            "start": "2025-12-31",
            "end": "2026-09-11",
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            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": false,
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        {
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；合同项目周期、预收现金和估值高预期需检查，不将本季FCF直接外推",
      "deep_source_recheck": false,
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            "demand": 15.182236175196522,
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            "demand": 6.431399449693352,
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          "signals": [
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            "operating_margin"
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          "accession": "derived:q4_synth",
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          "revenue": 3265656000.0,
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          "accession": "0001104659-26-086258",
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      ],
      "financial_reason": "2025-06-30（本地期标2025Q2）收入2173.32百万美元、同比20.05%；毛利率23.46%、营业率13.80%、净利率10.62%；2025-09-30（本地期标2025Q3）收入2450.97百万美元、同比35.24%；毛利率24.80%、营业率15.46%、净利率11.90%；2025-12-31（本地期标2025Q4）收入2646.07百万美元、同比41.67%；毛利率25.50%、营业率16.13%、净利率12.50%；2026-06-30（本地期标2026Q2）收入3265.66百万美元、同比50.26%；毛利率25.85%、营业率17.09%、净利率13.52%；最新净利率同比变化2.90个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "FIX",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1035983/000110465926086258/fix-20260630x10q.htm",
        "sha256": "98b847279e2c1f7753634fb50adb9032057569c4d39e876ae557daef9517db66",
        "checks": {
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              {
                "concept": "us-gaap:Revenues",
                "value": 3265656000.0
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            ],
            "status": "matched",
            "comparable": {
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            }
          },
          "operating_income": {
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                "concept": "us-gaap:OperatingIncomeLoss",
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            ],
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            }
          },
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            "alternatives": [
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                "concept": "us-gaap:NetIncomeLoss",
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              },
              {
                "concept": "us-gaap:ProfitLoss",
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Comfort Systems为商业和工业设施安装机械与电气系统。它的工作包括空调、通风、管道、电力及控制系统的施工，也覆盖改造、维修和更换。公司通过工程项目和维护服务获得收入，数据中心是其服务的客户场景之一。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "092730b0a77972c91c348d0ea37cae32ed35015946309fa127489ca7adcc0f12",
          "business_evidence_sha256": "380f57e9d57713c618b2a0fa4b942d9bfe473064d7c9b5d48216a7a5277b35f7",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1035983/000110465926086258/fix-20260630x10q.htm"
        }
      }
    },
    {
      "ticker": "FORM",
      "name": "FORMFACTOR INC",
      "mechanism": "周期/订单/利用率修复",
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          "report_date": "2026-06-27",
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          "prior_operating_margin": 0.06285048876903748,
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            "cash_margin"
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          "currency": "USD",
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          "prior_net_margin": 0.04640496838578535,
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        "revenue_growth": {
          "positive": 3,
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        },
        "operating_margin_improvement": {
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        },
        "net_margin_improvement": {
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        },
        "gross_margin_improvement": {
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        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "HBM第二客户爬坡、光互连及系统多元化，2025爬坡成本后2026收入利润同步提升。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "毛利跳升需拆关税与产品结构、周期，单季50%是否持续尚待核。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "7e968056808f792c2bf42b359a63136b095806d2e5c6b20e7c82069331f13e54",
          "offset": 3568,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-29"
        },
        {
          "period": "2026Q2",
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          "offset": 2217,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-29"
        },
        {
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        },
        {
          "period": "2025Q2",
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          "offset": 3818,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-30"
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      ],
      "market": {
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        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 78120725.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-27",
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          "1y": {
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
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      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；毛利跳升需拆关税与产品结构、周期，单季50%是否持续尚待核。",
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          "accession": "derived:q4_synth",
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          "filed_at": "2026-05-05",
          "report_date": "2026-03-28",
          "revenue": 226144000.0,
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          "revenue": 258242000.0,
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          "accession": "0001039399-26-000033",
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      ],
      "financial_reason": "2025Q3收入202.68百万美元/同比-2.52%，毛利率39.78%，营业率8.88%，净利率7.72%；2025Q4收入215.16百万美元/同比13.55%，毛利率42.18%，营业率10.92%，净利率10.79%；2026Q1收入226.14百万美元/同比31.97%，毛利率38.38%，营业率7.36%，净利率9.01%；2026Q2收入258.24百万美元/同比31.89%，毛利率50.70%，营业率22.38%，净利率21.77%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "FORM",
        "period": "2026-06-27",
        "source_period": "2026-06-27",
        "url": "https://www.sec.gov/Archives/edgar/data/1039399/000103939926000033/form-20260627.htm",
        "sha256": "1f4254961ac8fe571d86157f991053f3bc022984376677610c068a478ff7fc3c",
        "checks": {
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
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            }
          },
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            "alternatives": [
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            ],
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          },
          "net_income": {
            "local": 56207000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 56207000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 56207000.0,
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "FormFactor为芯片制造和研发提供测试工具。它的探针卡在晶圆阶段接触并检测芯片，其他探针台和温控设备则支持研发与测试。公司主要向半导体制造商及相关客户销售测试产品和服务。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "42f1b96eb3e1ddf1ce5d9239a26013847a70e36b5ec426184ead9841f30faa5c",
          "business_evidence_sha256": "dc6ceeda33a9aa4037d111403045abd8422ddc0983bbb4e0353a7a80bbc709d8",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1039399/000103939926000033/form-20260627.htm"
        }
      }
    },
    {
      "ticker": "FRPT",
      "name": "Freshpet, Inc.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
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          "filed_at": "2026-08-05",
          "report_date": "2026-06-30",
          "revenue": 305587000.0,
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          "gross_margin": 0.4211370248079925,
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          "prior_gross_margin": 0.4087438465519912,
          "prior_operating_margin": 0.06726384549414596,
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "2025提出的袋装生产技术2026在三条线运行，提高良率、吞吐和单位经济，收入再次加速",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "工艺效果尚处持续优化期，需扣税务非经营贡献并验证维护资本开支",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-05",
          "content_hash": "f5268bdf7b0ec6ec5b3128747c42f36b24dffbfe4a21632c00980363ff0c2e4a",
          "offsets": [
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          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-04",
          "content_hash": "7522aa5e5a8e839e494b0e0dc8d313060d887d82dbdec793ff2729c865a2b6d3",
          "offsets": [
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            2803
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 63.7400016784668,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 48058074.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
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            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.21040641593543796,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.046118518943324416,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 61046000.0
      },
      "market_cap": 3063221717.4238815,
      "ttm_revenue": 1177308000.0,
      "reported_fcf_yield": 0.019928691303265723,
      "price_hurdles": [
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          "cash_growth": 0.1,
          "required_starting_cash": 191598053.27656832,
          "required_cash_to_current_sales": 0.16274250516990313
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 147882945.19253728,
          "required_cash_to_current_sales": 0.12561109343734797
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；工艺效果尚处持续优化期，需扣税务非经营贡献并验证维护资本开支",
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            "operating_margin": 3.920500689457968,
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入288.85百万美元、同比14.00%；毛利率39.53%、营业率8.62%、净利率35.20%；2025-12-31（本地期标2025Q4）收入285.23百万美元、同比8.57%；毛利率43.28%、营业率15.59%、净利率11.86%；2026-03-31（本地期标2026Q1）收入297.64百万美元、同比13.07%；毛利率40.54%、营业率1.46%、净利率16.30%；2026-06-30（本地期标2026Q2）收入305.59百万美元、同比15.45%；毛利率42.11%、营业率7.10%、净利率6.38%；最新净利率同比变化0.20个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "FRPT",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1611647/000161164726000018/frpt-20260630.htm",
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          },
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            "alternatives": [
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                "concept": "us-gaap:NetIncomeLoss",
                "value": 19488000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Freshpet为猫狗生产需要冷藏的宠物食品。它通过超市、宠物店等渠道的品牌冰柜把鲜食送到消费者手中，区别于常温干粮的销售方式。公司主要依靠宠物食品销售赚钱，同时需要管理生产、冷链和门店铺货。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "2960a6c36132afc5bb394ec434967e5c7583b493cbe7392b4eb4c59ca7476f7f",
          "business_evidence_sha256": "85b011f3ce3a21e2d89985bb525ed81056e2d657cf06a7141a3a3029df0d8b84",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1611647/000161164726000018/frpt-20260630.htm"
        }
      }
    },
    {
      "ticker": "FSLY",
      "name": "Fastly, Inc.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-05",
          "report_date": "2026-06-30",
          "revenue": 183317000.0,
          "revenue_yoy_pct": 23.27229690200323,
          "gross_margin": 0.6325163514567661,
          "operating_margin": -0.07873246889268316,
          "ttm_fcf_margin": 0.07374707679143389,
          "prior_revenue_yoy_pct": 19.75926464277309,
          "prior_gross_margin": 0.5454679945396714,
          "prior_operating_margin": -0.2484247759046191,
          "prior_ttm_fcf_margin": 0.0593483347578148,
          "changes_pp": {
            "demand": 3.5130322592301404,
            "gross_margin": 8.704835691709468,
            "operating_margin": 16.969230701193595,
            "cash_margin": 1.4398742033619085
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001517413-26-000213",
          "currency": "USD",
          "net_margin": -0.08504939530976396,
          "prior_net_margin": -0.2524460523572884,
          "net_margin_yoy_pp": 16.739665704752444
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "新安全产品采用、多产品平台与网络效率使留存连续五季改善。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "GAAP仍亏损、SBC现金成本及大客户集中，增长不等同价格便宜。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "7a147cba18f4dc4448903278aa4b197e3891d19ef67dfb3f7a5fef255db85fbb",
          "navigation_offsets": [
            3544,
            11396
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "9f0fd87591cd1229f80d0cb3f0b875895c25b0e3b5a7aa7abc3e53bab35fbbe9",
          "navigation_offsets": [
            4995,
            7340
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 23.15999984741211,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 159300000.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.18822294812446394,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.2485175633399146,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 1.2750490327232065,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 50677000.0
      },
      "market_cap": 3689387975.692749,
      "ttm_revenue": 687173000.0,
      "reported_fcf_yield": 0.01373588257290411,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 230763431.16265965,
          "required_cash_to_current_sales": 0.33581562599616055
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 178112330.78558064,
          "required_cash_to_current_sales": 0.25919576407335654
        },
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          "cash_growth": 0.2,
          "required_starting_cash": 137958323.07298163,
          "required_cash_to_current_sales": 0.20076214151746594
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；GAAP仍亏损、SBC现金成本及大客户集中，增长不等同价格便宜。",
      "deep_source_recheck": false,
      "industry": "Software - Application",
      "financial_history": [
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          "filed_at": "2025-11-07",
          "report_date": "2025-09-30",
          "revenue": 158223000.0,
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          "gross_margin": 0.5835371595785694,
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            "demand": 2.975260653164691,
            "gross_margin": 3.8808794929793167,
            "operating_margin": 11.388680894899277,
            "cash_margin": 10.643999104875883
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            "operating_margin",
            "cash_margin"
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          "accession": "0001517413-25-000299",
          "currency": "USD",
          "net_margin": -0.18633826940457457,
          "prior_net_margin": -0.27707243123478564,
          "net_margin_yoy_pp": 9.073416183021108
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          "revenue": 172612000.0,
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          "gross_margin": 0.6138623038954418,
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          "prior_gross_margin": 0.5339559962725585,
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            "cash_margin": 9.418977654625591
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          "signals": [
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            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": -0.089825736333511,
          "prior_net_margin": -0.23393252192717262,
          "net_margin_yoy_pp": 14.410678559366163
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        {
          "period": "2026Q1",
          "filed_at": "2026-05-06",
          "report_date": "2026-03-31",
          "revenue": 173021000.0,
          "revenue_yoy_pct": 19.75926464277309,
          "gross_margin": 0.6252478022898954,
          "operating_margin": -0.13810462313823177,
          "ttm_fcf_margin": 0.09027759686774497,
          "prior_revenue_yoy_pct": 22.78647593168255,
          "prior_gross_margin": 0.5315696942010327,
          "prior_operating_margin": -0.2642620817586555,
          "prior_ttm_fcf_margin": 0.020247732722716044,
          "changes_pp": {
            "demand": -3.0272112889094593,
            "gross_margin": 9.367810808886269,
            "operating_margin": 12.615745862042374,
            "cash_margin": 7.002986414502893
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          "signals": [
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            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001517413-26-000132",
          "currency": "USD",
          "net_margin": -0.1186214390160732,
          "prior_net_margin": -0.270969170923488,
          "net_margin_yoy_pp": 15.23477319074148
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        {
          "period": "2026Q2",
          "filed_at": "2026-08-05",
          "report_date": "2026-06-30",
          "revenue": 183317000.0,
          "revenue_yoy_pct": 23.27229690200323,
          "gross_margin": 0.6325163514567661,
          "operating_margin": -0.07873246889268316,
          "ttm_fcf_margin": 0.07374707679143389,
          "prior_revenue_yoy_pct": 19.75926464277309,
          "prior_gross_margin": 0.5454679945396714,
          "prior_operating_margin": -0.2484247759046191,
          "prior_ttm_fcf_margin": 0.0593483347578148,
          "changes_pp": {
            "demand": 3.5130322592301404,
            "gross_margin": 8.704835691709468,
            "operating_margin": 16.969230701193595,
            "cash_margin": 1.4398742033619085
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          "signals": [
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            "gross_margin",
            "operating_margin"
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          "accession": "0001517413-26-000213",
          "currency": "USD",
          "net_margin": -0.08504939530976396,
          "prior_net_margin": -0.2524460523572884,
          "net_margin_yoy_pp": 16.739665704752444
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      ],
      "financial_reason": "2025Q3 收入同比15.32%，毛利率58.35%，营业利润率-18.19%，净利率-18.63%；2025Q4 收入同比22.79%，毛利率61.39%，营业利润率-8.74%，净利率-8.98%；2026Q1 收入同比19.76%，毛利率62.52%，营业利润率-13.81%，净利率-11.86%；2026Q2 收入同比23.27%，毛利率63.25%，营业利润率-7.87%，净利率-8.50%",
      "primary_source": {
        "ticker": "FSLY",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1517413/000151741326000213/fsly-20260630.htm",
        "sha256": "df1e885367c3ad60c82736b5470a395d7cffbba8d52e0767c8360da8ad40f68a",
        "checks": {
          "revenue": {
            "local": 183317000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
                "value": 183317000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
              "current": 183317000.0,
              "prior": 148709000.0,
              "prior_periods": [
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              ]
            }
          },
          "operating_income": {
            "local": -14433000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": -14433000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": -14433000.0,
              "prior": -36943000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": -15591000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": -15591000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": -15591000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": -15591000.0,
              "prior": -37541000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Fastly提供靠近互联网用户的内容传输、计算和安全服务。它帮助网站和应用加快访问速度、处理部分请求，并抵御网络攻击。公司通过客户使用其网络及安全产品获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "e09f7fa253800eefbd1a42719951c2a62df7fa25c002c32f5973ffbf857ab04d",
          "business_evidence_sha256": "05dda839ebd3b9d9f753a1fe1ca10c99f50ab71b2ca994b747b2e1be6d4e1201",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1517413/000151741326000213/fsly-20260630.htm"
        }
      }
    },
    {
      "ticker": "FTK",
      "name": "FLOTEK INDUSTRIES INC/CN/",
      "mechanism": "业务模式/产品结构变化",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 99367000.0,
          "revenue_yoy_pct": 70.29477292202229,
          "gross_margin": 0.23934505419304195,
          "operating_margin": 0.14980828645324906,
          "ttm_fcf_margin": null,
          "prior_revenue_yoy_pct": 26.532639716773243,
          "prior_gross_margin": 0.24690659811482435,
          "prior_operating_margin": 0.044335904027420735,
          "prior_ttm_fcf_margin": null,
          "changes_pp": {
            "demand": 43.76213320524904,
            "gross_margin": -0.7561543921782404,
            "operating_margin": 10.547238242582832,
            "cash_margin": null
          },
          "signals": [
            "demand",
            "operating_margin"
          ],
          "accession": "0000928054-26-000080",
          "currency": "USD",
          "net_margin": 0.10016403836283676,
          "prior_net_margin": 0.030299914310197087,
          "net_margin_yoy_pp": 6.986412405263967
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "化学品平台延伸为PWRtek数据分析和电力服务，合同额超过5亿美元，经常收入组合迁移",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "客户集中、合约最低采购和资本/关联方义务需检查；不能将合同总额视收入",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-05",
          "content_hash": "376c8249b0c6f5276269a8250156e25707ffa3ba7b8ea41260abec7582025cef",
          "offsets": [
            2199,
            7120
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-06",
          "content_hash": "49f6e63b5a3dd7fa1694aaabb5417398ce845ecbf82186296f7ac720b7191fda",
          "offsets": [
            2474,
            3320
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 27.329999923706055,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 36220429.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.26472958649377476,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.10917210230077035,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.586186921056576,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": null
      },
      "market_cap": 989904321.8066006,
      "ttm_revenue": 292968000.0,
      "reported_fcf_yield": null,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 61916426.06520508,
          "required_cash_to_current_sales": 0.21134194200460488
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 47789543.190720394,
          "required_cash_to_current_sales": 0.16312205835012833
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 37015770.94599088,
          "required_cash_to_current_sales": 0.12634748827855222
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "结构变化线索：进入业务与现金反证比较",
      "second_pass_decision": "首个公用事业供电合同已因基础设施延迟暂停；大合同依赖第三方，半年CFO-658万美元。不用5亿美元backlog替代现金。",
      "deep_source_recheck": true,
      "industry": "Oil & Gas Equipment & Services",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-11-07",
          "report_date": "2025-09-30",
          "revenue": 56031000.0,
          "revenue_yoy_pct": 12.643239113827342,
          "gross_margin": 0.31737788010208634,
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      "primary_source": {
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Flotek为油气等工业客户提供化学品、流体分析和相关技术服务。其产品帮助客户处理生产过程中的化学与数据问题，本轮研究也涉及延伸出的电力服务。公司通过化学品销售、分析技术和服务合同赚钱，各类业务的收入模式需要分别理解。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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      }
    },
    {
      "ticker": "FTNT",
      "name": "Fortinet, Inc.",
      "mechanism": "已有业务扩展/效率改善",
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        "gross_margin_improvement": {
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "统一SASE/SecOps平台扩展，产品收入增长52%推动整体增长加速并保持高利润率。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "需区分设备更新周期、库存恢复与订阅组合；电话会转录质量偏低。",
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        "source": "yfinance_daily_sync",
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        "source_period": "2026-06-30",
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；需区分设备更新周期、库存恢复与订阅组合；电话会转录质量偏低。",
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Fortinet向企业和运营商提供防火墙及其他网络安全产品。它把网络连接与安全防护结合起来，保护数据中心、分支机构、远程用户和云端应用。公司既销售安全硬件，也收取软件订阅、威胁防护和技术支持费用。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "a9a2cf27564369e373ee6b8893a3ca45937fb91b41786896d050fe998fbbce0d",
          "business_evidence_sha256": "1712057b8eb2ae6953ab6df2423c339560def1420e3f88874a6c600a5723eaf2",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm"
        }
      }
    },
    {
      "ticker": "GDDY",
      "name": "GoDaddy Inc.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-31",
          "report_date": "2026-06-30",
          "revenue": 1298000000.0,
          "revenue_yoy_pct": 6.603153745072277,
          "gross_margin": null,
          "operating_margin": 0.2638674884437596,
          "ttm_fcf_margin": 0.33363374542034835,
          "prior_revenue_yoy_pct": 6.07887465460939,
          "prior_gross_margin": 0.6367444152431012,
          "prior_operating_margin": 0.2187089356110381,
          "prior_ttm_fcf_margin": 0.3058016455882662,
          "changes_pp": {
            "demand": 0.5242790904628869,
            "gross_margin": null,
            "operating_margin": 4.515855283272153,
            "cash_margin": 2.7832099832082124
          },
          "signals": [
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001609711-26-000088",
          "currency": "USD",
          "net_margin": 0.1849768875192604,
          "prior_net_margin": 0.1641754270696452,
          "net_margin_yoy_pp": 2.08014604496152
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 1,
          "available": 2
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "应用商务交叉销售及Airo平台扩展，营业利润率连续提升与经营杠杆相符。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "Airo用户兴趣尚未量化收入，增长仅中个位数，AI投入回报不能预设。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "1eac3a12a765bd7fc037280f7454f0882f96a2e374b887066d5d0043d425aa25",
          "offset": 2495,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-30"
        },
        {
          "period": "2026Q2",
          "content_hash": "1eac3a12a765bd7fc037280f7454f0882f96a2e374b887066d5d0043d425aa25",
          "offset": 3516,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-30"
        },
        {
          "period": "2025Q2",
          "content_hash": "d82ffbb85e36c497e2b272d9800620b3414b835f04359ae26f5e0ab6a7fa8442",
          "offset": 4002,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-07"
        },
        {
          "period": "2025Q2",
          "content_hash": "d82ffbb85e36c497e2b272d9800620b3414b835f04359ae26f5e0ab6a7fa8442",
          "offset": 2452,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-07"
        }
      ],
      "market": {
        "close": 98.06999969482422,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 126647704.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": 0.06806795927654852,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.286332665828007,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.20962283810766913,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 1702900000.0
      },
      "market_cap": 12420340292.630188,
      "ttm_revenue": 5104100000.0,
      "reported_fcf_yield": 0.13710574427742883,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 776866071.2884232,
          "required_cash_to_current_sales": 0.15220432030885428
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 599615918.2079624,
          "required_cash_to_current_sales": 0.11747730612800737
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 464437280.6699215,
          "required_cash_to_current_sales": 0.09099298224367107
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；Airo用户兴趣尚未量化收入，增长仅中个位数，AI投入回报不能预设。",
      "deep_source_recheck": false,
      "industry": "Software - Infrastructure",
      "financial_history": [
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          "filed_at": "2025-10-31",
          "report_date": "2025-09-30",
          "revenue": 1265300000.0,
          "revenue_yoy_pct": 10.256186824677593,
          "gross_margin": 0.629890144629732,
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          "prior_revenue_yoy_pct": 8.279235215651394,
          "prior_gross_margin": 0.6449982572324852,
          "prior_operating_margin": 0.22115719762983618,
          "prior_ttm_fcf_margin": 0.2742083063670245,
          "changes_pp": {
            "demand": 1.9769516090261998,
            "gross_margin": -1.5108112602753132,
            "operating_margin": 1.3332646675862065,
            "cash_margin": 4.159521739165145
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          "signals": [
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            "cash_margin"
          ],
          "accession": "0001609711-25-000209",
          "currency": "USD",
          "net_margin": 0.16636370821149135,
          "prior_net_margin": 0.16599860578598816,
          "net_margin_yoy_pp": 0.03651024255031943
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-02-25",
          "report_date": "2025-12-31",
          "revenue": 1273900000.0,
          "revenue_yoy_pct": 6.817038403488174,
          "gross_margin": 0.6464400659392417,
          "operating_margin": 0.24884213831540938,
          "ttm_fcf_margin": 0.31821211447961056,
          "prior_revenue_yoy_pct": 10.256186824677593,
          "prior_gross_margin": 0.6463189669629381,
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          "prior_ttm_fcf_margin": 0.2757587684772151,
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            "demand": -3.4391484211894197,
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            "operating_margin": 3.4520488139323513,
            "cash_margin": 4.245334600239548
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          "signals": [
            "operating_margin",
            "cash_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.19240128738519507,
          "prior_net_margin": 0.16652691598188832,
          "net_margin_yoy_pp": 2.5874371403306755
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-05-01",
          "report_date": "2026-03-31",
          "revenue": 1266900000.0,
          "revenue_yoy_pct": 6.07887465460939,
          "gross_margin": null,
          "operating_margin": 0.24508643144683875,
          "ttm_fcf_margin": 0.3267113880207815,
          "prior_revenue_yoy_pct": 6.817038403488174,
          "prior_gross_margin": 0.6311646989868542,
          "prior_operating_margin": 0.20706690111362305,
          "prior_ttm_fcf_margin": 0.29392573513629533,
          "changes_pp": {
            "demand": -0.738163748878784,
            "gross_margin": null,
            "operating_margin": 3.80195303332157,
            "cash_margin": 3.2785652884486147
          },
          "signals": [
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001609711-26-000037",
          "currency": "USD",
          "net_margin": 0.1693898492382982,
          "prior_net_margin": 0.1837896675877083,
          "net_margin_yoy_pp": -1.4399818349410092
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-07-31",
          "report_date": "2026-06-30",
          "revenue": 1298000000.0,
          "revenue_yoy_pct": 6.603153745072277,
          "gross_margin": null,
          "operating_margin": 0.2638674884437596,
          "ttm_fcf_margin": 0.33363374542034835,
          "prior_revenue_yoy_pct": 6.07887465460939,
          "prior_gross_margin": 0.6367444152431012,
          "prior_operating_margin": 0.2187089356110381,
          "prior_ttm_fcf_margin": 0.3058016455882662,
          "changes_pp": {
            "demand": 0.5242790904628869,
            "gross_margin": null,
            "operating_margin": 4.515855283272153,
            "cash_margin": 2.7832099832082124
          },
          "signals": [
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001609711-26-000088",
          "currency": "USD",
          "net_margin": 0.1849768875192604,
          "prior_net_margin": 0.1641754270696452,
          "net_margin_yoy_pp": 2.08014604496152
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      ],
      "financial_reason": "2025Q3收入1265.30百万美元/同比10.26%，毛利率62.99%，营业率23.45%，净利率16.64%；2025Q4收入1273.90百万美元/同比6.82%，毛利率64.64%，营业率24.88%，净利率19.24%；2026Q1收入1266.90百万美元/同比6.08%，毛利率缺失%，营业率24.51%，净利率16.94%；2026Q2收入1298.00百万美元/同比6.60%，毛利率缺失%，营业率26.39%，净利率18.50%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "GDDY",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1609711/000160971126000088/gddy-20260630.htm",
        "sha256": "803b323b3c3e702e48d6629f7aea478b79740a51d250abd0f7a29646fc4cddc4",
        "checks": {
          "revenue": {
            "local": 1298000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 1298000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 1298000000.0,
              "prior": 1217600000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 342500000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 342500000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 342500000.0,
              "prior": 266300000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 240100000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 240100000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 240100000.0,
              "prior": 199900000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "GoDaddy帮助个人和中小企业注册域名、建立网站并在线开展业务。它提供网站建设、托管、邮件及电商等工具，让没有完整技术团队的客户也能经营线上业务。公司主要通过域名续费、软件订阅和相关商务服务收费。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "49beed8ed013fa0160ccf4e275baf73e6a6eb475b119981f99f4a85caf78db8d",
          "business_evidence_sha256": "e349bfcb725cbe3b60578f173f06566a4a01f3cfc437fb757c21e237ae5d3e5c",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1609711/000160971126000088/gddy-20260630.htm"
        }
      }
    },
    {
      "ticker": "GH",
      "name": "Guardant Health, Inc.",
      "mechanism": "新药/新产品商业化",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-30",
          "report_date": "2026-06-30",
          "revenue": 334978000.0,
          "revenue_yoy_pct": 44.332322222605214,
          "gross_margin": 0.6538608505633206,
          "operating_margin": -0.3854521789490653,
          "ttm_fcf_margin": -0.20346799311979918,
          "prior_revenue_yoy_pct": 48.259457121653696,
          "prior_gross_margin": 0.6501111647306195,
          "prior_operating_margin": -0.4585028092792389,
          "prior_ttm_fcf_margin": -0.32783776055710995,
          "changes_pp": {
            "demand": -3.9271348990484825,
            "gross_margin": 0.37496858327010774,
            "operating_margin": 7.305063033017362,
            "cash_margin": 12.436976743731076
          },
          "signals": [
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001576280-26-000037",
          "currency": "USD",
          "net_margin": -0.35865638937482464,
          "prior_net_margin": -0.43043586915307985,
          "net_margin_yoy_pp": 7.1779479778255215
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 2
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Smart平台采用、Liquid/Tissue和Reveal扩张，产品量增长而非只有价格",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "GAAP营业亏损率仍约38%，商业化/研发成本与Shield回报未核验",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-07-30",
          "content_hash": "84b9297a0733b6671656c1d167fdb98fbf552da5e1906a6ca060445f1bf6a6b6",
          "offsets": [
            3276,
            7274
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-07-31",
          "content_hash": "23b4dd788367b9888c9f9a84231186b126812d3be60ffc61c37177aea256fc57",
          "offsets": [
            4856,
            3124
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 157.3800048828125,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 134196170.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.04681724728341152,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.19571501839587246,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.540826373832566,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": -240724000.0
      },
      "market_cap": 21119793889.854736,
      "ttm_revenue": 1183105000.0,
      "reported_fcf_yield": -0.011398027900056165,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 1320998532.9764438,
          "required_cash_to_current_sales": 1.11655223583405
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 1019598844.0946673,
          "required_cash_to_current_sales": 0.8617991168109909
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 789738397.7743009,
          "required_cash_to_current_sales": 0.6675133633737503
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "商业化线索：需单产品现金、竞争及融资模型",
      "second_pass_decision": "商业化线索：需单产品现金、竞争及融资模型；GAAP营业亏损率仍约38%，商业化/研发成本与Shield回报未核验",
      "deep_source_recheck": false,
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      "financial_reason": "2025-09-30（本地期标2025Q3）收入265.20百万美元、同比38.50%；毛利率64.71%、营业率-37.33%、净利率-34.96%；2025-12-31（本地期标2025Q4）收入281.27百万美元、同比39.37%；毛利率64.63%、营业率-42.95%、净利率-45.68%；2026-03-31（本地期标2026Q1）收入301.67百万美元、同比48.26%；毛利率65.22%、营业率-40.23%、净利率-37.15%；2026-06-30（本地期标2026Q2）收入334.98百万美元、同比44.33%；毛利率65.39%、营业率-38.55%、净利率-35.87%；最新净利率同比变化7.18个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
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        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1576280/000157628026000037/gh-20260630.htm",
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                "concept": "us-gaap:NetIncomeLoss",
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            ],
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Guardant Health提供以癌症为重点的血液和组织检测服务。它帮助医生了解肿瘤特征、选择治疗或监测疾病，也开展癌症筛查相关业务。公司向医疗和药企客户提供检测与相关服务，通过这些业务获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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      }
    },
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      "ticker": "GMED",
      "name": "GLOBUS MEDICAL INC",
      "mechanism": "并购/剥离占重要贡献",
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        "revenue_growth": {
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          "available": 4
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        "operating_margin_improvement": {
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        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
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          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "NuVasive整合、Nevro收购与新CEO执行，创伤产品增长31%，集团毛利/营业连续改善；扩读最新剔Nevro增长9%，美国脊柱7%、国际14%，并非仅并购",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "收购与PRECICE供给正常化贡献需拆，有机份额增益要同行验证；SEC深读2026H1 CFO同比改善包含6260万美元税款时点帮助，Q2并购成本同比减少2207.6万美元，现金和利润均须正常化；详见deep_0.json",
      "sources": [
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        },
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        },
        {
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        },
        {
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        }
      ],
      "market": {
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        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 134261914.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
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            "reason": null
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          "1y": {
            "value": null,
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
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            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.15026910415823425,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
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      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；收购与PRECICE供给正常化贡献需拆，有机份额增益要同行验证；SEC深读2026H1 CFO同比改善包含6260万美元税款时点帮助，Q2并购成本同比减少2207.6万美元，现金和利润均须正常化；详见deep_0.json",
      "deep_source_recheck": false,
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          "accession": "0001628280-26-054450",
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          "net_margin": 0.19195376969954864,
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      "financial_reason": "2025-09-30（本地期标2025Q3）收入769.05百万美元、同比22.91%；毛利率67.16%、营业率17.86%、净利率15.47%；2025-12-31（本地期标2025Q4）收入826.42百万美元、同比25.73%；毛利率68.41%、营业率20.49%、净利率17.01%；2026-03-31（本地期标2026Q1）收入759.85百万美元、同比27.04%；毛利率69.20%、营业率19.79%、净利率16.36%；2026-06-30（本地期标2026Q2）收入789.61百万美元、同比5.94%；毛利率69.42%、营业率23.10%、净利率19.20%；最新净利率同比变化-8.02个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "GMED",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1237831/000162828026054450/gmed-20260630.htm",
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                "value": 789612000.0
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            "local": 182432000.0,
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            "local": 151569000.0,
            "alternatives": [
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                "concept": "us-gaap:NetIncomeLoss",
                "value": 151569000.0
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              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 151569000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Globus Medical为脊柱及其他肌肉骨骼疾病治疗提供医疗器械。它销售植入物、手术器械和辅助导航或机器人系统，供外科医生在相关手术中使用。公司通过向医院和医疗渠道销售产品赚钱，设备安装与后续手术产品使用相互关联。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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      }
    },
    {
      "ticker": "GNRC",
      "name": "GENERAC HOLDINGS INC.",
      "mechanism": "业务模式/产品结构变化",
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        "net_margin_improvement": {
          "positive": 2,
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        },
        "gross_margin_improvement": {
          "positive": 1,
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "C&I数据中心产品推动分部29%增长，减少纯住宅备用电源依赖",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "Allmand并购及关税/需求周期贡献需拆，最新毛利跳升不全当结构性",
      "sources": [
        {
          "period": "2026Q2",
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          "content_hash": "728ec1c86c9d91cc4f833b72373d8e170cbb2c00b76017bf7fd29adf46c6f0a6",
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          "role": "navigation_excerpt"
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          "content_hash": "4f1292f8fbc48662168c02c9b73e391a2f73a9180080689bce4ee0219b6f11b8",
          "offsets": [
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          "role": "navigation_excerpt"
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      ],
      "market": {
        "close": 186.99000549316406,
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        "currency": "USD",
        "source": "yfinance_daily_sync",
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        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
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      "second_pass_decision": "C&I扩展方向成立，但尚未拆净数据中心新业务贡献；初步扣SBC现金对应约25%长期增长，不自动进精选。",
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      "financial_reason": "2025-09-30（本地期标2025Q3）收入1114.35百万美元、同比-5.05%；毛利率38.31%、营业率9.25%、净利率5.94%；2025-12-31（本地期标2025Q4）收入1091.50百万美元、同比-11.60%；毛利率36.29%、营业率-0.85%、净利率-2.24%；2026-03-31（本地期标2026Q1）收入1059.37百万美元、同比12.44%；毛利率38.72%、营业率11.07%、净利率6.91%；2026-06-30（本地期标2026Q2）收入1173.51百万美元、同比10.59%；毛利率44.47%、营业率17.93%、净利率12.21%；最新净利率同比变化5.23个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
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        "period": "2026-06-30",
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        "url": "https://www.sec.gov/Archives/edgar/data/1474735/000143774926025669/gnrc20260630_10q.htm",
        "sha256": "a742069f3af2402be68778c44704114c9060a7f5fc8bcaec3bf3bf10aa5f5d18",
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              {
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        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Generac为家庭、商业和工业设施提供发电及能源管理设备。产品包括停电时使用的备用发电机，以及面向更大用电场景的发电系统和储能相关方案。公司通过设备、零件和服务销售赚钱，并借助经销与安装网络服务客户。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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        }
      }
    },
    {
      "ticker": "GOOGL",
      "name": "Alphabet Inc.",
      "mechanism": "成熟平台的新一轮需求增长",
      "financial": {
        "quarters": 4,
        "latest": {
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          "filed_at": "2026-07-23",
          "report_date": "2026-06-30",
          "revenue": 119796000000.0,
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            "operating_margin"
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          "accession": "0001652044-26-000071",
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        "revenue_growth": {
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        "operating_margin_improvement": {
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          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "搜索AI采用和集团收入加速，营业利润率同步增强，已有商业规模",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "净利率93.7%明显非经常经营结果，投资估值等需拆，AI资本投入是主要估值约束",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-07-22",
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          "period": "2025Q2",
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      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
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        "version": "2026-09-14-editorial-v1",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
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      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；royalty协议按产品/国家起算；缺少指定有效专利时，rHuPH20专利到期会降低该国费率，Janssen对Darzalex SC的自身专利不延缓该降费。；伙伴一般可提前90天终止，成熟到期协议的许可可变永久、非排他、已付清；永续当前费率DCF不适用。；2026Q2合作收入43.674m，电话会含35.5m upfront，不能年化。；Elektrofi某目标可能于2027年2月被退回，或导致收购无形资产/商誉减值；Hypercon商业潜力不能当已验证现金。；H1库存减少贡献现金，SBC34.335m vs22.834m，需考虑持续稀释；2026Q2债务账面约2.147bn。",
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            "operating_margin",
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          "accession": "0001159036-25-000045",
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          "net_margin_yoy_pp": 2.2302093104813068
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          "period": "2025Q4",
          "filed_at": "2026-02-17",
          "report_date": "2025-12-31",
          "revenue": 451767000.0,
          "revenue_yoy_pct": 51.59559474913424,
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          "prior_gross_margin": 0.8588796273925532,
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            "demand": 29.47096877872568,
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            "operating_margin": -79.45307752462621,
            "cash_margin": 0.023819650689238525
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          "signals": [
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          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": -0.31341598655944325,
          "prior_net_margin": 0.45975946954444175,
          "net_margin_yoy_pp": -77.3175456103885
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        {
          "period": "2026Q1",
          "filed_at": "2026-05-11",
          "report_date": "2026-03-31",
          "revenue": 376708000.0,
          "revenue_yoy_pct": 42.22856517192037,
          "gross_margin": 0.7896567102371067,
          "operating_margin": 0.4898143920490141,
          "ttm_fcf_margin": 0.4426069535910181,
          "prior_revenue_yoy_pct": 51.59559474913424,
          "prior_gross_margin": 0.8172513129528318,
          "prior_operating_margin": 0.5343746342421118,
          "prior_ttm_fcf_margin": 0.4572113407100947,
          "changes_pp": {
            "demand": -9.36702957721387,
            "gross_margin": -2.7594602715725114,
            "operating_margin": -4.456024219309773,
            "cash_margin": -1.4604387119076634
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          "signals": [],
          "accession": "0001159036-26-000068",
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          "net_margin": 0.39831646792741326,
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          "net_margin_yoy_pp": -4.755891576441002
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        {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 480999000.0,
          "revenue_yoy_pct": 47.6729942066628,
          "gross_margin": 0.8354029842057884,
          "operating_margin": 0.5980345073482481,
          "ttm_fcf_margin": 0.4845859143687287,
          "prior_revenue_yoy_pct": 42.22856517192037,
          "prior_gross_margin": 0.8576717968555718,
          "prior_operating_margin": 0.621520390275053,
          "prior_ttm_fcf_margin": 0.4587306731643748,
          "changes_pp": {
            "demand": 5.444429034742427,
            "gross_margin": -2.226881264978342,
            "operating_margin": -2.348588292680487,
            "cash_margin": 2.5855241204353896
          },
          "signals": [
            "demand",
            "cash_margin"
          ],
          "accession": "0001159036-26-000104",
          "currency": "USD",
          "net_margin": 0.4779905987330535,
          "prior_net_margin": 0.507062836371228,
          "net_margin_yoy_pp": -2.907223763817446
        }
      ],
      "financial_reason": "2025Q3 收入同比22.12%，毛利率84.41%，营业利润率61.51%，净利率49.46%；2025Q4 收入同比51.60%，毛利率82.56%，营业利润率-20.56%，净利率-31.34%；2026Q1 收入同比42.23%，毛利率78.97%，营业利润率48.98%，净利率39.83%；2026Q2 收入同比47.67%，毛利率83.54%，营业利润率59.80%，净利率47.80%；原文复核：2026Q2收入480.999m vs325.719m，+47.7%；royalty307.699m vs205.639m，+49.6%；净利229.913m vs165.160m，+39.2%，因此净利率47.8% vs50.7%反而下降。H1 CFO420.969m vs253.932m，+65.8%，含库存释放45.711m与更高SBC/摊销等影响。",
      "primary_source": {
        "ticker": "HALO",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1159036/000115903626000104/halo-20260630.htm",
        "sha256": "ba7b754a1c18327857c3a9e7e27b6e87195518f4b4964aa30d044677ff280d9f",
        "checks": {
          "revenue": {
            "local": 480999000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 480999000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 480999000.0,
              "prior": 325719000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 287654000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 287654000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 287654000.0,
              "prior": 202441000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 229913000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 229913000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 229913000.0,
              "prior": 165160000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Halozyme开发帮助药物更方便地注射给患者的技术。它的酶技术可让部分原本需要静脉输注的药物改为皮下注射，并授权给其他制药公司使用。公司通过合作费用、里程碑款、产品供应和按合作药品销售计提的版税获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "04b3899d1b3200e0442635ddc52386d92510988519ae1647561365fe47fdcc98",
          "business_evidence_sha256": "b7454ae87c6b0b8b96d278f5f5d2a43b8395266c66965eecd97fa420dd1d0f2a",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1159036/000115903626000104/halo-20260630.htm"
        }
      }
    },
    {
      "ticker": "HAS",
      "name": "HASBRO, INC.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-30",
          "report_date": "2026-06-28",
          "revenue": 1139600000.0,
          "revenue_yoy_pct": 16.19086460032626,
          "gross_margin": 0.760968760968761,
          "operating_margin": 0.22156897156897157,
          "ttm_fcf_margin": 0.24402799002654227,
          "prior_revenue_yoy_pct": 12.749408183970235,
          "prior_gross_margin": 0.77028955954323,
          "prior_operating_margin": -0.8138254486133768,
          "prior_ttm_fcf_margin": 0.15815846428907498,
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            "gross_margin": -0.9320798574468991,
            "operating_margin": 103.53944201823484,
            "cash_margin": 8.586952573746728
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          "signals": [
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            "operating_margin",
            "cash_margin"
          ],
          "accession": "0000046080-26-000050",
          "currency": "USD",
          "net_margin": 0.1411898911898912,
          "prior_net_margin": -0.8725530179445351,
          "net_margin_yoy_pp": 101.37429091344264
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "聚焦Wizards、许可和数字高毛利业务，Magic Universes Beyond平台扩展，玩具也恢复",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "最新调整营业利润率下降40基点并有数字项目减值，IP热度及发行节奏风险",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-07-21",
          "content_hash": "e637a6ddd7896a73b0d9c750629d0b1de22054d6c60d39d96844b82d52e28eb1",
          "offsets": [
            4576,
            11309
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-07-23",
          "content_hash": "a5bc86c58fe2d3673306d14d651951c21da8faea1c9044534874982409007744",
          "offsets": [
            2310,
            3214
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 91.54000091552734,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 141044467.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-28",
        "returns": {
          "1m": {
            "value": -0.02806543617215773,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.09106077771991328,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.12403808770777691,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 1213600000.0
      },
      "market_cap": 12911210638.310066,
      "ttm_revenue": 4973200000.0,
      "reported_fcf_yield": 0.09399583307850415,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 807568975.3937633,
          "required_cash_to_current_sales": 0.1623841742527474
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 623313632.2891577,
          "required_cash_to_current_sales": 0.12533451948225643
        },
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          "cash_growth": 0.2,
          "required_starting_cash": 482792533.67730826,
          "required_cash_to_current_sales": 0.09707884936807454
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；最新调整营业利润率下降40基点并有数字项目减值，IP热度及发行节奏风险",
      "deep_source_recheck": false,
      "industry": "Leisure",
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            "gross_margin": -0.2879305435147139,
            "operating_margin": 1.0217764474847124,
            "cash_margin": 4.007162298785319
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          "net_margin": 0.16807207207207206,
          "prior_net_margin": 0.1741980800749239,
          "net_margin_yoy_pp": -0.6126008002851846
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          "period": "2025Q4",
          "filed_at": "2026-02-25",
          "report_date": "2025-12-28",
          "revenue": 1445900000.0,
          "revenue_yoy_pct": 31.254538852578072,
          "gross_margin": 0.687322774742375,
          "operating_margin": 0.20575420153537588,
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          "accession": "derived:q4_synth",
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          "prior_gross_margin": 0.7694735655506707,
          "prior_operating_margin": 0.1924247548190734,
          "prior_ttm_fcf_margin": 0.17642369821583476,
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            "demand": -18.505130668607837,
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            "operating_margin": 7.782119599076465,
            "cash_margin": 3.566918978682393
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          "net_margin_yoy_pp": 8.721164120236486
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        {
          "period": "2026Q2",
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          "report_date": "2026-06-28",
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          "revenue_yoy_pct": 16.19086460032626,
          "gross_margin": 0.760968760968761,
          "operating_margin": 0.22156897156897157,
          "ttm_fcf_margin": 0.24402799002654227,
          "prior_revenue_yoy_pct": 12.749408183970235,
          "prior_gross_margin": 0.77028955954323,
          "prior_operating_margin": -0.8138254486133768,
          "prior_ttm_fcf_margin": 0.15815846428907498,
          "changes_pp": {
            "demand": 3.4414564163560257,
            "gross_margin": -0.9320798574468991,
            "operating_margin": 103.53944201823484,
            "cash_margin": 8.586952573746728
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          "signals": [
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            "operating_margin",
            "cash_margin"
          ],
          "accession": "0000046080-26-000050",
          "currency": "USD",
          "net_margin": 0.1411898911898912,
          "prior_net_margin": -0.8725530179445351,
          "net_margin_yoy_pp": 101.37429091344264
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      ],
      "financial_reason": "2025-09-28（本地期标2025Q3）收入1387.50百万美元、同比8.29%；毛利率70.14%、营业率24.58%、净利率16.81%；2025-12-28（本地期标2025Q4）收入1445.90百万美元、同比31.25%；毛利率68.73%、营业率20.58%、净利率13.94%；2026-03-29（本地期标2026Q1）收入1000.20百万美元、同比12.75%；毛利率76.39%、营业率27.02%、净利率19.84%；2026-06-28（本地期标2026Q2）收入1139.60百万美元、同比16.19%；毛利率76.10%、营业率22.16%、净利率14.12%；最新净利率同比变化101.37个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "HAS",
        "period": "2026-06-28",
        "source_period": "2026-06-28",
        "url": "https://www.sec.gov/Archives/edgar/data/46080/000004608026000050/has-20260628.htm",
        "sha256": "6a5ff0528e49b9ddf63bff7307b4d4e3edb1328f87275365d424234f87c94041",
        "checks": {
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            "local": 1139600000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 1139600000.0
              },
              {
                "concept": "us-gaap:Revenues",
                "value": 1290500000.0
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            ],
            "status": "matched",
            "comparable": {
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              "current": 1139600000.0,
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          },
          "operating_income": {
            "local": 252500000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 252500000.0
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            ],
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            "comparable": {
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              "current": 252500000.0,
              "prior": -798200000.0,
              "prior_periods": [
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          },
          "net_income": {
            "local": 160900000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 160900000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 161300000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 160900000.0,
              "prior": -855800000.0,
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "孩之宝经营玩具、桌面游戏、集换式卡牌和相关娱乐品牌。它既销售实体玩具，也通过万智牌、龙与地下城等品牌开展游戏和授权业务。公司从产品销售以及品牌在数字游戏和其他内容中的使用授权获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "67e93b3f2b0c676618f1eda96dfde70f34b0aa471308f1b528d67b0041e1d209",
          "business_evidence_sha256": "1b530380674d91deb31217eb4c5006804e5be2715ed481d1a7ef0c81280050ac",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/46080/000004608026000050/has-20260628.htm"
        }
      }
    },
    {
      "ticker": "HEI",
      "name": "HEICO CORP",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q3",
          "filed_at": "2026-08-27",
          "report_date": "2026-07-31",
          "revenue": 1413050000.0,
          "revenue_yoy_pct": 23.131847496189838,
          "gross_margin": 0.4111581331163087,
          "operating_margin": 0.2513690244506564,
          "ttm_fcf_margin": null,
          "prior_revenue_yoy_pct": 25.3131660928021,
          "prior_gross_margin": 0.39836230852280996,
          "prior_operating_margin": 0.23093506310174966,
          "prior_ttm_fcf_margin": 0.1824165632697938,
          "changes_pp": {
            "demand": -2.181318596612261,
            "gross_margin": 1.2795824593498761,
            "operating_margin": 2.0433961348906737,
            "cash_margin": null
          },
          "signals": [
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0000046619-26-000020",
          "currency": "USD",
          "net_margin": 0.1666176002264605,
          "prior_net_margin": 0.15453327884237503,
          "net_margin_yoy_pp": 1.2084321384085466
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "核心航空零件有机双位数增长与并购协同，收入和利润持续增长",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "当前片段未拆具体新增业务结构，收购资产回报和估值需深查，成熟复利不一定早期",
      "sources": [
        {
          "period": "2026Q3",
          "published_date": "2026-08-26",
          "content_hash": "3b02623f298ccc8741edb12829f0dc3afeeab4519b8286e596d0a1c09cfb4290",
          "offsets": [
            1380,
            4272
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q3",
          "published_date": "2025-08-26",
          "content_hash": "3f32416b52d016181379e635b5c78c9c8e8aea38a7ad1f56f510ef53286f8079",
          "offsets": [
            1372,
            3470
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 316.0,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 139757405.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-07-31",
        "returns": {
          "1m": {
            "value": -0.15304209372667066,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.047073327225093275,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.02309960259569921,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": null
      },
      "market_cap": 44163339980.0,
      "ttm_revenue": 5176756000.0,
      "reported_fcf_yield": null,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 2762323705.864593,
          "required_cash_to_current_sales": 0.5336012950706182
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 2132070541.493221,
          "required_cash_to_current_sales": 0.4118545555350148
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 1651412203.076515,
          "required_cash_to_current_sales": 0.31900522316997654
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；当前片段未拆具体新增业务结构，收购资产回报和估值需深查，成熟复利不一定早期",
      "deep_source_recheck": false,
      "industry": "Aerospace & Defense",
      "financial_history": [
        {
          "period": "2025Q4",
          "filed_at": "2025-12-22",
          "report_date": "2025-10-31",
          "revenue": 1209411000.0,
          "revenue_yoy_pct": 19.31071902452981,
          "gross_margin": 0.4017170341596033,
          "operating_margin": 0.2307089980163898,
          "ttm_fcf_margin": 0.1920560868522137,
          "prior_revenue_yoy_pct": 15.655895816158495,
          "prior_gross_margin": 0.3885820266064232,
          "prior_operating_margin": 0.2156984802671494,
          "prior_ttm_fcf_margin": 0.15919172951334082,
          "changes_pp": {
            "demand": 3.6548232083713152,
            "gross_margin": 1.313500755318009,
            "operating_margin": 1.5010517749240393,
            "cash_margin": 3.2864357338872887
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.15569231634241792,
          "prior_net_margin": 0.13780489609486368,
          "net_margin_yoy_pp": 1.7887420247554242
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          "period": "2026Q1",
          "filed_at": "2026-02-27",
          "report_date": "2026-01-31",
          "revenue": 1178582000.0,
          "revenue_yoy_pct": 14.400779637786808,
          "gross_margin": 0.3860265980644537,
          "operating_margin": 0.2205183856532681,
          "ttm_fcf_margin": 0.18146097340098122,
          "prior_revenue_yoy_pct": 19.31071902452981,
          "prior_gross_margin": 0.39376173290805283,
          "prior_operating_margin": 0.2201515789800645,
          "prior_ttm_fcf_margin": 0.17575550014931626,
          "changes_pp": {
            "demand": -4.909939386743002,
            "gross_margin": -0.7735134843599112,
            "operating_margin": 0.03668066732036013,
            "cash_margin": 0.5705473251664955
          },
          "signals": [],
          "accession": "0000046619-26-000005",
          "currency": "USD",
          "net_margin": 0.1613701889219418,
          "prior_net_margin": 0.16302796872907005,
          "net_margin_yoy_pp": -0.16577798071282512
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-05-29",
          "report_date": "2026-04-30",
          "revenue": 1375713000.0,
          "revenue_yoy_pct": 25.3131660928021,
          "gross_margin": 0.41398532978898944,
          "operating_margin": 0.25473118303018144,
          "ttm_fcf_margin": 0.18853960572940304,
          "prior_revenue_yoy_pct": 14.400779637786808,
          "prior_gross_margin": 0.39879397351114027,
          "prior_operating_margin": 0.22604069883951833,
          "prior_ttm_fcf_margin": 0.18434462123783216,
          "changes_pp": {
            "demand": 10.912386455015291,
            "gross_margin": 1.5191356277849177,
            "operating_margin": 2.8690484190663113,
            "cash_margin": 0.419498449157088
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0000046619-26-000016",
          "currency": "USD",
          "net_margin": 0.16994896464596904,
          "prior_net_margin": 0.14282213841977737,
          "net_margin_yoy_pp": 2.712682622619167
        },
        {
          "period": "2026Q3",
          "filed_at": "2026-08-27",
          "report_date": "2026-07-31",
          "revenue": 1413050000.0,
          "revenue_yoy_pct": 23.131847496189838,
          "gross_margin": 0.4111581331163087,
          "operating_margin": 0.2513690244506564,
          "ttm_fcf_margin": null,
          "prior_revenue_yoy_pct": 25.3131660928021,
          "prior_gross_margin": 0.39836230852280996,
          "prior_operating_margin": 0.23093506310174966,
          "prior_ttm_fcf_margin": 0.1824165632697938,
          "changes_pp": {
            "demand": -2.181318596612261,
            "gross_margin": 1.2795824593498761,
            "operating_margin": 2.0433961348906737,
            "cash_margin": null
          },
          "signals": [
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0000046619-26-000020",
          "currency": "USD",
          "net_margin": 0.1666176002264605,
          "prior_net_margin": 0.15453327884237503,
          "net_margin_yoy_pp": 1.2084321384085466
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      ],
      "financial_reason": "2025-10-31（本地期标2025Q4）收入1209.41百万美元、同比19.31%；毛利率40.17%、营业率23.07%、净利率15.57%；2026-01-31（本地期标2026Q1）收入1178.58百万美元、同比14.40%；毛利率38.60%、营业率22.05%、净利率16.14%；2026-04-30（本地期标2026Q2）收入1375.71百万美元、同比25.31%；毛利率41.40%、营业率25.47%、净利率16.99%；2026-07-31（本地期标2026Q3）收入1413.05百万美元、同比23.13%；毛利率41.12%、营业率25.14%、净利率16.66%；最新净利率同比变化1.21个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "HEI",
        "period": "2026-07-31",
        "source_period": "2026-07-31",
        "url": "https://www.sec.gov/Archives/edgar/data/46619/000004661926000020/hei-20260731.htm",
        "sha256": "a64893e8e866a2a90b884417b467eb5b2d3b39467679b5c65a761f42f8900837",
        "checks": {
          "revenue": {
            "local": 1413050000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 1413050000.0
              },
              {
                "concept": "us-gaap:Revenues",
                "value": 1413050000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 1413050000.0,
              "prior": 1147591000.0,
              "prior_periods": [
                "2025-07-31"
              ]
            }
          },
          "operating_income": {
            "local": 355197000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 355197000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 355197000.0,
              "prior": 265019000.0,
              "prior_periods": [
                "2025-07-31"
              ]
            }
          },
          "net_income": {
            "local": 235439000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 235439000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 254478000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 235439000.0,
              "prior": 177341000.0,
              "prior_periods": [
                "2025-07-31"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "HEICO为航空和国防等客户提供替换零件、维修服务及专业电子产品。航空客户使用其零件和服务维护飞机，其他客户则把相关电子组件装入专业设备。公司既靠新产品交付赚钱，也服务于设备投入使用后的维修更换需求。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "2a6d661e03b63dd12f2fadbad602844ab6e835d3a612862de3448713ccd47d14",
          "business_evidence_sha256": "ecc5ca334f4a555d39269ce8f3c2663b32fcd4ebb84ec103c91489dcfe4dcd21",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/46619/000004661926000020/hei-20260731.htm"
        }
      }
    },
    {
      "ticker": "HNST",
      "name": "Honest Company, Inc.",
      "mechanism": "业务模式/产品结构变化",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-05",
          "report_date": "2026-06-30",
          "revenue": 83303000.0,
          "revenue_yoy_pct": -10.866797205191581,
          "gross_margin": 0.4844963566738293,
          "operating_margin": 0.11497785193810547,
          "ttm_fcf_margin": 0.15411245285225578,
          "prior_revenue_yoy_pct": -19.692544987146533,
          "prior_gross_margin": 0.4039418354572593,
          "prior_operating_margin": 0.03090125081586578,
          "prior_ttm_fcf_margin": -0.01540600795827422,
          "changes_pp": {
            "demand": 8.825747781954952,
            "gross_margin": 8.055452121656998,
            "operating_margin": 8.407660112223969,
            "cash_margin": 16.951846081053
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001628280-26-053323",
          "currency": "USD",
          "net_margin": 0.1282906978140043,
          "prior_net_margin": 0.041408532083587454,
          "net_margin_yoy_pp": 8.688216573041684
        },
        "revenue_growth": {
          "positive": 0,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "湿巾等消费增长、渠道与品牌重塑，报告有机近7%及剔除特殊项毛利43.8%",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "集团收入下降10.9%需核验退出品类口径，最新毛利48.4%高于底层水平",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-05",
          "content_hash": "ff2a221484dc52e73a65ecd7a62b57fc3456ce1c16674786c940495aad8e0369",
          "offsets": [
            4643,
            2100
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-07",
          "content_hash": "491b6a29183e6a8b5fa78c838f7e5448b1236ec0b4f46e330d555777d2bd2765",
          "offsets": [
            7964,
            3656
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 5.409999847412109,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 107284379.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": 0.06706107775915893,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.49447514321580566,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 1.0968992276716372,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 52708000.0
      },
      "market_cap": 580408474.0197029,
      "ttm_revenue": 342010000.0,
      "reported_fcf_yield": 0.09081190637166807,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 36303325.05637902,
          "required_cash_to_current_sales": 0.10614696955170615
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 28020340.17469804,
          "required_cash_to_current_sales": 0.08192842365632011
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 21703377.443807993,
          "required_cash_to_current_sales": 0.06345831245813863
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "结构变化线索：进入业务与现金反证比较",
      "second_pass_decision": "退出低效渠道有动作，但收入收缩、库存释放及极低现金税率使当前FCF不宜外推。",
      "deep_source_recheck": false,
      "industry": "Household & Personal Products",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-11-05",
          "report_date": "2025-09-30",
          "revenue": 92571000.0,
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          "filed_at": "2026-05-06",
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          "revenue": 78099000.0,
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      "financial_reason": "2025-09-30（本地期标2025Q3）收入92.57百万美元、同比-6.72%；毛利率37.26%、营业率0.34%、净利率0.82%；2025-12-31（本地期标2025Q4）收入88.04百万美元、同比-11.82%；毛利率15.73%、营业率-27.45%、净利率-26.77%；2026-03-31（本地期标2026Q1）收入78.10百万美元、同比-19.69%；毛利率42.60%、营业率-0.84%、净利率-0.05%；2026-06-30（本地期标2026Q2）收入83.30百万美元、同比-10.87%；毛利率48.45%、营业率11.50%、净利率12.83%；最新净利率同比变化8.69个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "HNST",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1530979/000162828026053323/hnst-20260630.htm",
        "sha256": "c75df9e51df672de64d8fcf562d790eb0fc531f1bb68ce9fce4e2b9f4487eb9e",
        "checks": {
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
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          },
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            "alternatives": [
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                "concept": "us-gaap:OperatingIncomeLoss",
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            ],
            "status": "matched",
            "comparable": {
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          },
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            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 10687000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 10687000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 10687000.0,
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              "prior_periods": [
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "The Honest Company销售纸尿裤、湿巾及个人护理等日常消费品。它面向家庭和消费者经营品牌，通过零售商及线上渠道把产品送到用户手中。公司主要依靠商品销售赚钱，消费者复购和渠道覆盖是业务的重要部分。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "d2f7de1a20c4aa129845e01d405830e81a1172b681d0f2fb588333d55ae6e390",
          "business_evidence_sha256": "218cbec7f5295541e764bba7199fa445664a0015ac4251f99431ada312d68d72",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1530979/000162828026053323/hnst-20260630.htm"
        }
      }
    },
    {
      "ticker": "HPE",
      "name": "Hewlett Packard Enterprise Co",
      "mechanism": "并购/剥离占重要贡献",
      "financial": {
        "quarters": 4,
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        "revenue_growth": {
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        "operating_margin_improvement": {
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          "available": 4
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        "net_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 0,
          "available": 0
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Juniper并入后网络贡献近半调整营业利润，组合向高毛利网络迁移且AI需求扩大",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "大规模并购造成同比不可比，债务、协同与资产处置/税项需核验",
      "sources": [
        {
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          "published_date": "2026-09-02",
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          "offsets": [
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          "role": "navigation_excerpt"
        },
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          "period": "2025Q3",
          "published_date": "2025-09-03",
          "content_hash": "408c7540d7b6208c3572e49855e7265d5c00de77e5328032f88d06daf3fbc800",
          "offsets": [
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          "role": "navigation_excerpt"
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      ],
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        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 1327464779.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-07-31",
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            "reason": null
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          "1y": {
            "value": null,
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
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            "end": "2026-09-11",
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
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      "market_cap": 82422288330.66505,
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      "reported_fcf_yield": 0.05042325424558454,
      "price_hurdles": [
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；大规模并购造成同比不可比，债务、协同与资产处置/税项需核验",
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      "financial_reason": "2025-10-31（本地期标2025Q4）收入9679.00百万美元、同比14.44%；毛利率缺失、营业率-0.08%、净利率1.81%；2026-01-31（本地期标2026Q1）收入9301.00百万美元、同比18.42%；毛利率缺失、营业率5.05%、净利率4.86%；2026-04-30（本地期标2026Q2）收入10678.00百万美元、同比40.00%；毛利率缺失、营业率7.00%、净利率5.84%；2026-07-31（本地期标2026Q3）收入12213.00百万美元、同比33.68%；毛利率缺失、营业率11.41%、净利率12.61%；最新净利率同比变化9.27个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
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        "period": "2026-07-31",
        "source_period": "2026-07-31",
        "url": "https://www.sec.gov/Archives/edgar/data/1645590/000164559026000080/hpe-20260731.htm",
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                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "慧与为企业和云计算客户提供服务器、存储、网络及混合云方案。它帮助客户建设和管理计算基础设施，让本地机房与云端资源协同工作。公司通过硬件销售、软件及服务收费赚钱，也提供按使用方式交付的基础设施服务。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "eb4462a2ff4f811d46ff800ed07871bba84df2a88b705bfdef2471e6e2d90444",
          "business_evidence_sha256": "3b779a8946b9301e601f831dd05596df6f346432a39f3ee6386bfa2e8283deae",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1645590/000164559026000080/hpe-20260731.htm"
        }
      }
    },
    {
      "ticker": "HQY",
      "name": "HEALTHEQUITY, INC.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q3",
          "filed_at": "2026-08-27",
          "report_date": "2026-07-31",
          "revenue": 350732000.0,
          "revenue_yoy_pct": 7.64098393358601,
          "gross_margin": 0.7354732388262263,
          "operating_margin": 0.281382936259024,
          "ttm_fcf_margin": 0.3580623776266901,
          "prior_revenue_yoy_pct": 7.192815949510956,
          "prior_gross_margin": 0.7138428959442663,
          "prior_operating_margin": 0.275022634155324,
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            "demand": 0.4481679840750541,
            "gross_margin": 2.1630342881959974,
            "operating_margin": 0.6360302103699977,
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          "accession": "0001428336-26-000041",
          "currency": "USD",
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          "prior_net_margin": 0.18369420105268003,
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "HSA平台规模与AI报销处理降低服务成本，经营杠杆跨期持续。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "托管收益受利率影响，需拆账户增长和现金利差贡献。",
      "sources": [
        {
          "period": "2027Q2",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2026Q2",
          "content_hash": "fd715e5cd14ff11249959796fe7f517864cde6d993c956d3df72bccf1d2cd387",
          "navigation_offsets": [
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          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 96.26000213623047,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 82715296.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-07-31",
        "returns": {
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            "value": -0.08758291813999552,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.08965368040141986,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": false,
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      "market_cap": 7962174569.658936,
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      "reported_fcf_yield": 0.061255250777664375,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；托管收益受利率影响，需拆账户增长和现金利差贡献。",
      "deep_source_recheck": false,
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          "accession": "derived:q4_synth",
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          "report_date": "2026-04-30",
          "revenue": 354641000.0,
          "revenue_yoy_pct": 7.192815949510956,
          "gross_margin": 0.7227365138266585,
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          "prior_gross_margin": 0.6779962761905913,
          "prior_operating_margin": 0.25110928413391204,
          "prior_ttm_fcf_margin": 0.27168969792143494,
          "changes_pp": {
            "demand": -0.10922338766437001,
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            "operating_margin": 3.9192739602768145,
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          "accession": "0001428336-26-000028",
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          "revenue_yoy_pct": 7.64098393358601,
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          "prior_gross_margin": 0.7138428959442663,
          "prior_operating_margin": 0.275022634155324,
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          "accession": "0001428336-26-000041",
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      "financial_reason": "2025Q4 收入同比7.23%，毛利率70.79%，营业利润率24.43%，净利率16.05%；2026Q1 收入同比7.30%，毛利率68.19%，营业利润率21.24%，净利率14.87%；2026Q2 收入同比7.19%，毛利率72.27%，营业利润率29.03%，净利率19.57%；2026Q3 收入同比7.64%，毛利率73.55%，营业利润率28.14%，净利率18.72%",
      "primary_source": {
        "ticker": "HQY",
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        "source_period": "2026-07-31",
        "url": "https://www.sec.gov/Archives/edgar/data/1428336/000142833626000041/hqy-20260731.htm",
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        "checks": {
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
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                "concept": "us-gaap:OperatingIncomeLoss",
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          },
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                "concept": "us-gaap:NetIncomeLoss",
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            ],
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "HealthEquity为雇主和个人管理健康储蓄账户及其他医疗福利账户。它提供账户管理、支付和投资相关功能，让用户使用账户资金支付符合条件的医疗费用。公司通过服务费、支付相关收入及账户现金相关收益等方式赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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        }
      }
    },
    {
      "ticker": "HSTM",
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          "accession": "0001437749-26-026301",
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          "positive": 3,
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        },
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        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "医疗订阅软件有机8.3%，ShiftWizard30%、CredentialStream14%，增长拓展有产品级证据",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "云成本及低营业利润率限制杠杆，AI功能不能直接计额外价值",
      "sources": [
        {
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          "offsets": [
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        },
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          "period": "2025Q2",
          "published_date": "2025-08-05",
          "content_hash": "18eca0335e343c15ae8f60883d6ad75057a6aeec62a2b440554a1d451f44f58d",
          "offsets": [
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            13991
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 29.110000610351562,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 29239955.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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            "start": "2026-08-12",
            "reason": null
          },
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          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.2637998830436281,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
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      },
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；云成本及低营业利润率限制杠杆，AI功能不能直接计额外价值",
      "deep_source_recheck": false,
      "industry": "Health Information Services",
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          "report_date": "2025-09-30",
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            "demand": 0.6538317664680271,
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          "accession": "derived:q4_synth",
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      "financial_reason": "2025-09-30（本地期标2025Q3）收入76.47百万美元、同比4.62%；毛利率65.34%、营业率9.89%、净利率7.96%；2025-12-31（本地期标2025Q4）收入79.71百万美元、同比7.37%；毛利率63.80%、营业率3.02%、净利率3.18%；2026-03-31（本地期标2026Q1）收入81.20百万美元、同比10.50%；毛利率缺失、营业率9.25%、净利率7.28%；2026-06-30（本地期标2026Q2）收入83.73百万美元、同比12.55%；毛利率缺失、营业率9.94%、净利率7.96%；最新净利率同比变化0.72个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "HSTM",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1095565/000143774926026301/hstm20260630_10q.htm",
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
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          },
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              {
                "concept": "us-gaap:NetIncomeLoss",
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "HealthStream为医院和其他医疗机构提供人员管理软件。它的产品用于员工培训、资质核验、排班及医务人员管理，让机构更容易组织和管理工作。公司主要以软件订阅及配套服务方式收费。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "7563812b2d358e83b76430722f6a210022e9dd9c73125b03e111fa3da360529d",
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      }
    },
    {
      "ticker": "HWM",
      "name": "Howmet Aerospace Inc.",
      "mechanism": "已有业务扩展/效率改善",
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        "net_margin_improvement": {
          "positive": 4,
          "available": 4
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        "gross_margin_improvement": {
          "positive": 2,
          "available": 2
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "近三年航空备件和IGT翼型产能/技术升级，最新有机增长21%与利润率提升。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "成熟兑现不等于便宜，CAM并购、产能投资和高市场预期需分开。",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "8e5860f23433347f1b9963390d19ce2cde585575d20282b593a2594ca46430dd",
          "navigation_offsets": [
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 229.61000061035156,
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        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 398801399.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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          "1y": {
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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            "end": "2026-09-11",
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": false,
        "local_reported_fcf": 1791000000.0
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      "market_cap": 91568789467.79906,
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      "reported_fcf_yield": 0.01955906603559306,
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      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；成熟兑现不等于便宜，CAM并购、产能投资和高市场预期需分开。",
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        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Howmet为航空发动机、飞机结构和其他高要求设备制造金属零部件。它的产品包括发动机涡轮叶片、航空紧固件、结构件，以及燃气轮机相关部件和商用车锻造车轮。公司向设备制造商和维修供应链销售这些产品，既参与新设备生产，也受益于使用后的零件更换需求。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "75304de62c019c2353ea9449e163421ad2dacc62aae2b92b883fe8f3dfd9d709",
          "business_evidence_sha256": "617e32f35e4848928465c5c01d84a87d884cc32688237d07ad6db2f6481390da",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/4281/000000428126000025/hwm-20260630.htm"
        }
      }
    },
    {
      "ticker": "ICHR",
      "name": "ICHOR HOLDINGS, LTD.",
      "mechanism": "业务模式/产品结构变化",
      "financial": {
        "quarters": 4,
        "latest": {
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          "filed_at": "2026-08-04",
          "report_date": "2026-06-26",
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          "gross_margin": 0.13902721993052541,
          "operating_margin": 0.024407701910551454,
          "ttm_fcf_margin": -0.02525760687504069,
          "prior_revenue_yoy_pct": 4.746282698954851,
          "prior_gross_margin": 0.11320723307738727,
          "prior_operating_margin": -0.02014274715442079,
          "prior_ttm_fcf_margin": -0.020467508986418134,
          "changes_pp": {
            "demand": 17.934700300400074,
            "gross_margin": 2.5819986853138146,
            "operating_margin": 4.455044906497224,
            "cash_margin": -0.47900978886225576
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001652535-26-000069",
          "currency": "USD",
          "net_margin": 0.0033855297438124187,
          "prior_net_margin": -0.039153505212560086,
          "net_margin_yoy_pp": 4.253903495637251
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        "revenue_growth": {
          "positive": 3,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "品牌自有产品和高价值制造业务过渡，从气体集成低毛利组合向更高附加值迁移，最近两季恢复",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "设备周期/产能利用率也贡献，需确认专有产品占比和研发资本化",
      "sources": [
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          "content_hash": "4c2d692526145fd2c36c3af5447ea91b5b7023095425eeb92f0c8fe7d7718090",
          "offsets": [
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          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2026Q2",
          "content_hash": "4c2d692526145fd2c36c3af5447ea91b5b7023095425eeb92f0c8fe7d7718090",
          "offset": 4002,
          "length": 720,
          "role": "targeted_full_source_context"
        },
        {
          "period": "2026Q2",
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          "offset": 4188,
          "length": 720,
          "role": "targeted_full_source_context"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-04",
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          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "content_hash": "7a5af687ee867225983652b3c0e14e2735e7cca446e859023eafed0727d75da4",
          "offset": 3624,
          "length": 720,
          "role": "targeted_full_source_context"
        },
        {
          "period": "2025Q2",
          "content_hash": "7a5af687ee867225983652b3c0e14e2735e7cca446e859023eafed0727d75da4",
          "offset": 5143,
          "length": 720,
          "role": "targeted_full_source_context"
        }
      ],
      "market": {
        "close": 57.349998474121094,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 37454229.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-26",
        "returns": {
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            "value": -0.17112304595323435,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.3392857550946863,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 2.111774146743515,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": -25605000.0
      },
      "market_cap": 2147999975.999382,
      "ttm_revenue": 1013754000.0,
      "reported_fcf_yield": -0.011920391194644673,
      "price_hurdles": [
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          "cash_growth": 0.1,
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          "required_cash_to_current_sales": 0.1325300467286362
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 103698847.82333957,
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          "required_starting_cash": 80320767.72680363,
          "required_cash_to_current_sales": 0.07923102421968607
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "结构变化线索：进入业务与现金反证比较",
      "second_pass_decision": "自有产品方向尚需份额证据，当前主要有设备周期恢复；最新营业率仅约2.4%，现金仍弱。",
      "deep_source_recheck": false,
      "industry": "Semiconductor Equipment & Materials",
      "financial_history": [
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          "report_date": "2025-09-26",
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          "gross_margin": 0.0462565191227601,
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          "prior_gross_margin": 0.13162419069901818,
          "prior_operating_margin": -0.0018234433240661365,
          "prior_ttm_fcf_margin": null,
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            "operating_margin": -7.935217181367123,
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          "signals": [],
          "accession": "0001652535-25-000078",
          "currency": "USD",
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          "prior_net_margin": -0.013147736798980765,
          "net_margin_yoy_pp": -8.235323271158355
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          "report_date": "2025-12-26",
          "revenue": 223606000.0,
          "revenue_yoy_pct": -4.1514674805286145,
          "gross_margin": 0.09383469137679669,
          "operating_margin": -0.06187222167562588,
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          "prior_gross_margin": 0.11570099146559447,
          "prior_operating_margin": -0.00536668795624349,
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            "cash_margin": -1.8695462455305913
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          "signals": [],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": -0.0713800166364051,
          "prior_net_margin": -0.01690163786858473,
          "net_margin_yoy_pp": -5.447837876782037
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          "period": "2026Q1",
          "filed_at": "2026-05-05",
          "report_date": "2026-03-27",
          "revenue": 256068000.0,
          "revenue_yoy_pct": 4.746282698954851,
          "gross_margin": 0.12597435056313167,
          "operating_margin": 0.008142368433384882,
          "ttm_fcf_margin": -0.017472934725385848,
          "prior_revenue_yoy_pct": -4.1514674805286145,
          "prior_gross_margin": 0.1166710981122042,
          "prior_operating_margin": -0.004794142310760231,
          "prior_ttm_fcf_margin": 0.01168674239621935,
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            "demand": 8.897750179483467,
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            "cash_margin": -2.91596771216052
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            "operating_margin"
          ],
          "accession": "0001652535-26-000031",
          "currency": "USD",
          "net_margin": -0.009641970101691738,
          "prior_net_margin": -0.018648886343648374,
          "net_margin_yoy_pp": 0.9006916241956635
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        {
          "period": "2026Q2",
          "filed_at": "2026-08-04",
          "report_date": "2026-06-26",
          "revenue": 294784000.0,
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          "gross_margin": 0.13902721993052541,
          "operating_margin": 0.024407701910551454,
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          "prior_revenue_yoy_pct": 4.746282698954851,
          "prior_gross_margin": 0.11320723307738727,
          "prior_operating_margin": -0.02014274715442079,
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          "changes_pp": {
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            "gross_margin": 2.5819986853138146,
            "operating_margin": 4.455044906497224,
            "cash_margin": -0.47900978886225576
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            "operating_margin"
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          "accession": "0001652535-26-000069",
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          "net_margin": 0.0033855297438124187,
          "prior_net_margin": -0.039153505212560086,
          "net_margin_yoy_pp": 4.253903495637251
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      ],
      "financial_reason": "2025-09-26（本地期标2025Q3）收入239.30百万美元、同比13.34%；毛利率4.63%、营业率-8.12%、净利率-9.55%；2025-12-26（本地期标2025Q4）收入223.61百万美元、同比-4.15%；毛利率9.38%、营业率-6.19%、净利率-7.14%；2026-03-27（本地期标2026Q1）收入256.07百万美元、同比4.75%；毛利率12.60%、营业率0.81%、净利率-0.96%；2026-06-26（本地期标2026Q2）收入294.78百万美元、同比22.68%；毛利率13.90%、营业率2.44%、净利率0.34%；最新净利率同比变化4.25个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "ICHR",
        "period": "2026-06-26",
        "source_period": "2026-06-26",
        "url": "https://www.sec.gov/Archives/edgar/data/1652535/000165253526000069/ichr-20260626.htm",
        "sha256": "9a0b74f226eec0bc8038451445b70c415e0fc9fc86c88e5fc3cd122e951f9697",
        "checks": {
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            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 294784000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 294784000.0,
              "prior": 240285000.0,
              "prior_periods": [
                "2025-06-27"
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            }
          },
          "operating_income": {
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                "concept": "us-gaap:OperatingIncomeLoss",
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            ],
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              ]
            }
          },
          "net_income": {
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            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 998000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 998000.0,
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              "prior_periods": [
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            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Ichor为半导体制造设备提供气体和化学品输送系统。它的模块负责把工艺所需流体按规定条件输送到设备内部，并进行监测与控制。公司主要向芯片设备制造商销售子系统、零部件及相关制造服务。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "fcf0be7886ae47ada587db8a9d8e3f0b0c98667af85d6de816a36069f3167911",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1652535/000165253526000069/ichr-20260626.htm"
        }
      }
    },
    {
      "ticker": "ICUI",
      "name": "ICU MEDICAL INC/DE",
      "mechanism": "业务模式/产品结构变化",
      "financial": {
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          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 551683000.0,
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          "gross_margin": 0.4260653309962424,
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          "prior_gross_margin": 0.37907977539144344,
          "prior_operating_margin": 0.019288861033476296,
          "prior_ttm_fcf_margin": 0.025508492293374426,
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            "demand": 12.82955450797334,
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            "operating_margin": 5.163411466089891,
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            "operating_margin",
            "cash_margin"
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          "accession": "0000883984-26-000041",
          "currency": "USD",
          "net_margin": 0.03459776719601655,
          "prior_net_margin": 0.06438365648446069,
          "net_margin_yoy_pp": -2.978588928844414
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        "revenue_growth": {
          "positive": 1,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "IV Solutions转合资去并表及IT系统整合、低效设施退出改变利润结构，有机增长6%。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "报告收入与存续业务不同；有利费用时点及2100万美元整合支出需核。",
      "sources": [
        {
          "period": "2026Q2",
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          "offset": 7299,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-06"
        },
        {
          "period": "2026Q2",
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          "offset": 2725,
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          "source": "defeatbeta-api",
          "published_date": "2026-08-06"
        },
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          "published_date": "2025-08-10"
        },
        {
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          "offset": 2153,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-10"
        }
      ],
      "market": {
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        "source": "yfinance_daily_sync",
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        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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          },
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            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
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            "end": "2026-09-11",
            "raw_value": 0.09679678794304314,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
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        {
          "cash_growth": 0.1,
          "required_starting_cash": 244756221.14270607,
          "required_cash_to_current_sales": 0.11333394817318472
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 188912518.77456245,
          "required_cash_to_current_sales": 0.08747561762517467
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        {
          "cash_growth": 0.2,
          "required_starting_cash": 146323694.61834976,
          "required_cash_to_current_sales": 0.06775493568645971
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "结构变化线索：进入业务与现金反证比较",
      "second_pass_decision": "去并表/合资改变口径，有机业务与备考现金需拆；当前价格不能仅按旧集团利润改善判断。",
      "deep_source_recheck": false,
      "industry": "Medical Instruments & Supplies",
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          "accession": "derived:q4_synth",
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          "period": "2026Q1",
          "filed_at": "2026-05-07",
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          "revenue": 530225000.0,
          "revenue_yoy_pct": -12.316314482174695,
          "gross_margin": 0.3889405441086331,
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            "demand": 1.8310803463833505,
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          "accession": "0000883984-26-000029",
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          "period": "2026Q2",
          "filed_at": "2026-08-06",
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          "revenue": 551683000.0,
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          "accession": "0000883984-26-000041",
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      "financial_reason": "2025Q3收入536.99百万美元/同比-8.85%，毛利率37.41%，营业率2.55%，净利率-0.63%；2025Q4收入540.70百万美元/同比-14.15%，毛利率37.54%，营业率1.04%，净利率-2.91%；2026Q1收入530.23百万美元/同比-12.32%，毛利率38.89%，营业率2.56%，净利率5.68%；2026Q2收入551.68百万美元/同比0.51%，毛利率42.61%，营业率7.09%，净利率3.46%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "ICUI",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/883984/000088398426000041/icui-20260630.htm",
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        "checks": {
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            "alternatives": [
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 551683000.0
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                "concept": "us-gaap:Revenues",
                "value": 551683000.0
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            ],
            "status": "matched",
            "comparable": {
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            }
          },
          "operating_income": {
            "local": 39127000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 39127000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
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            }
          },
          "net_income": {
            "local": 19087000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 19087000.0
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              {
                "concept": "us-gaap:ProfitLoss",
                "value": 19087000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 19087000.0,
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              "prior_periods": [
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            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "ICU Medical为医院等医疗机构提供输液和血管通路相关器械。产品涵盖输液泵、连接装置及配套耗材，帮助医护人员把药物和液体输送给患者。公司通过设备与耗材销售赚钱，不同产品的收入可能随业务调整而变化。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "90eb4c7696c9822e2d7a9fc285efabe651d20c2af9d89003d17a1ecb290325de",
          "business_evidence_sha256": "081813e23e52fbfb2e55784a3ba2b05dd729b4e2bc1d0c3fb1e16e64cfad8c2b",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/883984/000088398426000041/icui-20260630.htm"
        }
      }
    },
    {
      "ticker": "IDXX",
      "name": "IDEXX LABORATORIES INC /DE",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
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          "filed_at": "2026-08-04",
          "report_date": "2026-06-30",
          "revenue": 1216585000.0,
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          "gross_margin": 0.6403884644311741,
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            "operating_margin": 1.3561790539677765,
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          "accession": "0000874716-26-000123",
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          "net_margin": 0.2781655206993346,
          "prior_net_margin": 0.26498458254803925,
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        "revenue_growth": {
          "positive": 4,
          "available": 4
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        "operating_margin_improvement": {
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          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Catalyst平台、耗材使用及兽医软件经常收入共同增长，收入和利润持续改善",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "既有耗材护城河成熟，部分测试从实验室迁移到仪器是内部替代，不能重复计增长",
      "sources": [
        {
          "period": "2026Q2",
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          "content_hash": "11d839ed2f0533a5e2441e7662509fb9c382a7e68df6ef8dbc6eb54c373c8215",
          "offsets": [
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          "role": "navigation_excerpt"
        },
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          "content_hash": "6459c00075be3f7282a595661f89bd2640a853e9f07a735020f5089b974cd3f7",
          "offsets": [
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          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 504.70001220703125,
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        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 78781116.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.25398727277254574,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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      ],
      "normalized_cash_verified": false,
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      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；既有耗材护城河成熟，部分测试从实验室迁移到仪器是内部替代，不能重复计增长",
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入1105.24百万美元、同比13.29%；毛利率61.83%、营业率32.11%、净利率24.85%；2025-12-31（本地期标2025Q4）收入1090.58百万美元、同比14.28%；毛利率60.35%、营业率28.94%、净利率22.76%；2026-03-31（本地期标2026Q1）收入1140.82百万美元、同比14.26%；毛利率63.35%、营业率31.78%、净利率24.41%；2026-06-30（本地期标2026Q2）收入1216.59百万美元、同比9.66%；毛利率64.04%、营业率34.98%、净利率27.82%；最新净利率同比变化1.32个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "IDXX",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/874716/000087471626000123/idxx-20260630.htm",
        "sha256": "8409a3cd63fe7b6c4b1b49ccf70292f03f6253ff51b76d897d612a5b971b0e52",
        "checks": {
          "revenue": {
            "local": 1216585000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 1216585000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 1216585000.0,
              "prior": 1109457000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 425566000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 425566000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 425566000.0,
              "prior": 373046000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 338412000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 338412000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 338412000.0,
              "prior": 293989000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "IDEXX主要为宠物医院提供诊断仪器、检测耗材和实验室服务。兽医用这些产品检查动物的血液、尿液等样本，并通过软件管理部分工作流程。公司既靠仪器销售赚钱，也通过耗材、送检和软件等持续使用获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "b5f4cadf374086acdea696e680c72d3b01b42005ee7a5fdc5d10f2857d49eb0a",
          "business_evidence_sha256": "e7224a5a8d029f402538d182d327cdec2076d68ea68d119085a421bcf445a52f",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/874716/000087471626000123/idxx-20260630.htm"
        }
      }
    },
    {
      "ticker": "INFU",
      "name": "InfuSystem Holdings, Inc",
      "mechanism": "业务模式/产品结构变化",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-04",
          "report_date": "2026-06-30",
          "revenue": 36933000.0,
          "revenue_yoy_pct": 2.5859674462529902,
          "gross_margin": 0.5797796008989251,
          "operating_margin": 0.11241978718219478,
          "ttm_fcf_margin": 0.15980744409948722,
          "prior_revenue_yoy_pct": -2.972692706533009,
          "prior_gross_margin": 0.5520248875062497,
          "prior_operating_margin": 0.10491083828676184,
          "prior_ttm_fcf_margin": 0.18329925796720187,
          "changes_pp": {
            "demand": 5.558660152785999,
            "gross_margin": 2.7754713392675434,
            "operating_margin": 0.7508948895432938,
            "cash_margin": -2.3491813867714653
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          "signals": [
            "demand",
            "gross_margin"
          ],
          "accession": "0001628280-26-052462",
          "currency": "USD",
          "net_margin": 0.08748273901389002,
          "prior_net_margin": 0.07219043386478528,
          "net_margin_yoy_pp": 1.5292305149104735
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        "revenue_growth": {
          "positive": 3,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "GE生物医学合同重构主动减低利润收入，淋巴水肿压缩器械带动伤口护理增长154%。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "总体增长低且需补医疗设备资本支出，不能采用漏项FCF估值。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "631c3c6caa9a8b9920bd6295c6b63e7a65937e9160206633841355b2ee009dd1",
          "offset": 2839,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-04"
        },
        {
          "period": "2026Q2",
          "content_hash": "631c3c6caa9a8b9920bd6295c6b63e7a65937e9160206633841355b2ee009dd1",
          "offset": 4067,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-04"
        },
        {
          "period": "2025Q2",
          "content_hash": "17605302ea6059e1a9e8fd0de44218a3b05cdc4b555fd9a12b0e315502a8581a",
          "offset": 8338,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-05"
        },
        {
          "period": "2025Q2",
          "content_hash": "17605302ea6059e1a9e8fd0de44218a3b05cdc4b555fd9a12b0e315502a8581a",
          "offset": 2133,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-05"
        }
      ],
      "market": {
        "close": 12.149999618530273,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 19917181.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.007352953780298099,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.3293215713505395,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.3545149673172525,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 22906000.0
      },
      "market_cap": 241993741.5521984,
      "ttm_revenue": 143335000.0,
      "reported_fcf_yield": 0.0946553404773038,
      "price_hurdles": [
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          "cash_growth": 0.1,
          "required_starting_cash": 15136197.789008513,
          "required_cash_to_current_sales": 0.10560015201457085
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 11682715.297865165,
          "required_cash_to_current_sales": 0.08150636828314903
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          "cash_growth": 0.2,
          "required_starting_cash": 9048940.094848432,
          "required_cash_to_current_sales": 0.0631314061104994
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "结构变化线索：进入业务与现金反证比较",
      "second_pass_decision": "重构低利润合同和伤口业务增长真实，但新业务规模与全集团仅2.6%增长尚不足形成强优先级。",
      "deep_source_recheck": false,
      "industry": "Medical Instruments & Supplies",
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          "accession": "derived:q4_synth",
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          "net_margin_yoy_pp": 1.5292305149104735
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      ],
      "financial_reason": "2025Q3收入36.49百万美元/同比3.31%，毛利率57.06%，营业率10.44%，净利率6.19%；2025Q4收入36.23百万美元/同比7.04%，毛利率56.40%，营业率10.25%，净利率5.62%；2026Q1收入33.68百万美元/同比-2.97%，毛利率58.43%，营业率4.72%，净利率3.02%；2026Q2收入36.93百万美元/同比2.59%，毛利率57.98%，营业率11.24%，净利率8.75%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "INFU",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1337013/000162828026052462/infu-20260630.htm",
        "sha256": "902d67e0cb1929ce6f7ff28213ba8d2396eff109678714fcb0ea2756629ba6e3",
        "checks": {
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            "alternatives": [
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                "concept": "us-gaap:Revenues",
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            ],
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            }
          },
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            ],
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            ],
            "status": "matched",
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "InfuSystem为医疗机构和患者提供输液泵及相关支持。它经营设备出租、管理、维修和配套耗材服务，应用包括门诊化疗等场景。公司通过患者服务和设备解决方案获得收入，而不是一家以研发药品为主的公司。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "a956e4f1c8f441cb68ac7e8c1ea30205289bd4773202f634c21b8a3293b4a060",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1337013/000162828026052462/infu-20260630.htm"
        }
      }
    },
    {
      "ticker": "INSM",
      "name": "INSMED Inc",
      "mechanism": "新药/新产品商业化",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 425486000.0,
          "revenue_yoy_pct": 296.11413675929805,
          "gross_margin": 0.8420347555501239,
          "operating_margin": -0.0036381925609773294,
          "ttm_fcf_margin": -0.7099544229915571,
          "prior_revenue_yoy_pct": 229.62089137390515,
          "prior_gross_margin": 0.738630545082158,
          "prior_operating_margin": -2.9127775450356097,
          "prior_ttm_fcf_margin": -2.1817535574785545,
          "changes_pp": {
            "demand": 66.4932453853929,
            "gross_margin": 10.340421046796589,
            "operating_margin": 290.9139352474632,
            "cash_margin": 147.17991344869975
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          "signals": [
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            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001104506-26-000041",
          "currency": "USD",
          "net_margin": -0.03112205807006576,
          "prior_net_margin": -2.994795885118466,
          "net_margin_yoy_pp": 296.36738270484
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "BRINSUPRI由准备上市到近一年商业放量，收入增296%且营业接近盈亏平衡。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "单新品上市初期、现金消耗及渠道库存须核验，增长不可长期外推。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "f307ca7210cb3707306d6b009e245375100b3059b16847cce8542aeaf2344c1f",
          "navigation_offsets": [
            1981,
            4885
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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      "normalized_cash_verified": false,
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      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "商业化线索：需单产品现金、竞争及融资模型",
      "second_pass_decision": "商业化线索：需单产品现金、竞争及融资模型；单新品上市初期、现金消耗及渠道库存须核验，增长不可长期外推。",
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        "summary": "Insmed开发和销售治疗严重及罕见疾病的药物，呼吸系统疾病是其重要方向。产品组合涉及难治性肺部感染和支气管扩张等相关治疗领域。公司依靠已上市药品销售获得收入，同时为后续药物和新适应症开展研发。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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    },
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        "gross_margin_improvement": {
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Zio新IDN客户和渠道增长、远程监测产品扩张，规模带动利润率接近转正。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "医疗监管与质量整改、并购MCT产品整合及SBC仍需核实。",
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          "navigation_offsets": [
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "商业化线索：需单产品现金、竞争及融资模型",
      "second_pass_decision": "商业化线索：需单产品现金、竞争及融资模型；医疗监管与质量整改、并购MCT产品整合及SBC仍需核实。",
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          "prior_revenue_yoy_pct": 25.657782791456853,
          "prior_gross_margin": 0.711656408855464,
          "prior_operating_margin": -0.10021051278342895,
          "prior_ttm_fcf_margin": 0.04242217681257769,
          "changes_pp": {
            "demand": -5.578719975085058,
            "gross_margin": 1.6378314481973355,
            "operating_margin": 8.887100561928712,
            "cash_margin": 0.48046495950914286
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          "signals": [
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001388658-26-000072",
          "currency": "USD",
          "net_margin": -0.001699587816498046,
          "prior_net_margin": -0.07615956119065602,
          "net_margin_yoy_pp": 7.445997337415797
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      ],
      "financial_reason": "2025Q3 收入同比30.74%，毛利率71.09%，营业利润率-4.37%，净利率-2.70%；2025Q4 收入同比27.12%，毛利率70.88%，营业利润率1.09%，净利率2.67%；2026Q1 收入同比25.66%，毛利率70.89%，营业利润率-8.12%，净利率-6.99%；2026Q2 收入同比20.08%，毛利率72.80%，营业利润率-1.13%，净利率-0.17%",
      "primary_source": {
        "ticker": "IRTC",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1388658/000138865826000072/irtc-20260630.htm",
        "sha256": "89cddb8ce9fdd445c06cc1296baabe0b10a04f93f4e74907c2838b8a382935fc",
        "checks": {
          "revenue": {
            "local": 224172000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 224172000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 224172000.0,
              "prior": 186687000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": -2542000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": -2542000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": -2542000.0,
              "prior": -18708000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": -381000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": -381000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": -381000.0,
              "prior": -14218000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "iRhythm提供便携式心脏监测服务，帮助医生发现心律异常。患者佩戴Zio等监测设备后，公司结合记录数据、分析软件和报告支持医生判断。公司通过向医疗体系提供监测和分析服务赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "bb068de0d1d16fdbee8cdc9d7cc1d53fd120913bcf78d4946fa186e52ec0bc50",
          "business_evidence_sha256": "998e0c4dc603fb4fe0324e2f755d594fcae1087a408180f498328bfacaad84b6",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1388658/000138865826000072/irtc-20260630.htm"
        }
      }
    },
    {
      "ticker": "ISRG",
      "name": "INTUITIVE SURGICAL INC",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
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          "filed_at": "2026-07-21",
          "report_date": "2026-06-30",
          "revenue": 2892300000.0,
          "revenue_yoy_pct": 18.536885245901647,
          "gross_margin": 0.6777996749991356,
          "operating_margin": 0.33603014901635375,
          "ttm_fcf_margin": null,
          "prior_revenue_yoy_pct": null,
          "prior_gross_margin": 0.6630737704918033,
          "prior_operating_margin": 0.304672131147541,
          "prior_ttm_fcf_margin": 0.21807545106615636,
          "changes_pp": {
            "demand": null,
            "gross_margin": 1.4725904507332355,
            "operating_margin": 3.135801786881276,
            "cash_margin": null
          },
          "signals": [
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001035267-26-000058",
          "currency": "USD",
          "net_margin": 0.282854475676797,
          "prior_net_margin": 0.2698360655737705,
          "net_margin_yoy_pp": 1.3018410103026512
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "daVinci5、SP与Ion手术及装机持续增长，产品采用可核验。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "3600万美元关税收益对利润有贡献，资本销售组合及成熟估值需分开。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "30eadaaca6e50f27d7a29680cf309f5e512e69ddabe7042e67d85ea8d7633dd4",
          "offset": 2191,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-16"
        },
        {
          "period": "2026Q2",
          "content_hash": "30eadaaca6e50f27d7a29680cf309f5e512e69ddabe7042e67d85ea8d7633dd4",
          "offset": 11126,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-16"
        },
        {
          "period": "2025Q2",
          "content_hash": "4f575a3454a168a0de88ce21941379b512cf5c8f2035e0eaac3f393094974d2a",
          "offset": 3512,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-22"
        },
        {
          "period": "2025Q2",
          "content_hash": "4f575a3454a168a0de88ce21941379b512cf5c8f2035e0eaac3f393094974d2a",
          "offset": 4880,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-22"
        }
      ],
      "market": {
        "close": 369.1499938964844,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 355100000.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2025-12-31",
        "returns": {
          "1m": {
            "value": -0.08004584443541107,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.1019559283584518,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.3482060819191912,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 2490700000.0
      },
      "market_cap": 131085162832.6416,
      "ttm_revenue": 10064700000.0,
      "reported_fcf_yield": 0.01900062483181193,
      "price_hurdles": [
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          "cash_growth": 0.1,
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          "cash_growth": 0.15,
          "required_starting_cash": 6328389434.06194,
          "required_cash_to_current_sales": 0.6287707963537851
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          "cash_growth": 0.2,
          "required_starting_cash": 4901704391.971496,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；3600万美元关税收益对利润有贡献，资本销售组合及成熟估值需分开。",
      "deep_source_recheck": false,
      "industry": "Medical Instruments & Supplies",
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            "cash_margin"
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          "revenue_yoy_pct": 22.913497865659195,
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          "accession": "0001035267-25-000209",
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          "period": "2025Q4",
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          "report_date": "2025-12-31",
          "revenue": 2866200000.0,
          "revenue_yoy_pct": 18.756991920447486,
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          "prior_gross_margin": 0.6804226227470479,
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            "operating_margin": -0.29464565010706156,
            "cash_margin": 9.136442359753016
          },
          "signals": [
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          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
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          "prior_net_margin": 0.28411021338305364,
          "net_margin_yoy_pp": -0.680925741347721
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        {
          "period": "2026Q2",
          "filed_at": "2026-07-21",
          "report_date": "2026-06-30",
          "revenue": 2892300000.0,
          "revenue_yoy_pct": 18.536885245901647,
          "gross_margin": 0.6777996749991356,
          "operating_margin": 0.33603014901635375,
          "ttm_fcf_margin": null,
          "prior_revenue_yoy_pct": null,
          "prior_gross_margin": 0.6630737704918033,
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          "prior_ttm_fcf_margin": 0.21807545106615636,
          "changes_pp": {
            "demand": null,
            "gross_margin": 1.4725904507332355,
            "operating_margin": 3.135801786881276,
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          },
          "signals": [
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            "operating_margin"
          ],
          "accession": "0001035267-26-000058",
          "currency": "USD",
          "net_margin": 0.282854475676797,
          "prior_net_margin": 0.2698360655737705,
          "net_margin_yoy_pp": 1.3018410103026512
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      ],
      "financial_reason": "2025Q2收入2440.00百万美元/同比21.40%，毛利率66.31%，营业率30.47%，净利率26.98%；2025Q3收入2505.10百万美元/同比22.91%，毛利率66.36%，营业率30.33%，净利率28.12%；2025Q4收入2866.20百万美元/同比18.76%，毛利率66.44%，营业率30.15%，净利率27.73%；2026Q2收入2892.30百万美元/同比18.54%，毛利率67.78%，营业率33.60%，净利率28.29%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "ISRG",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1035267/000103526726000058/isrg-20260630.htm",
        "sha256": "823e944ee199fad85e2497e27c752fbe26b164114c818207c9c0f0fb134af8d3",
        "checks": {
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            "local": 2892300000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 2892300000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 2892300000.0,
              "prior": 2440000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 971900000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 971900000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 971900000.0,
              "prior": 743400000.0,
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              ]
            }
          },
          "net_income": {
            "local": 818100000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 818100000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 823200000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 818100000.0,
              "prior": 658400000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "直觉外科制造辅助微创手术的机器人系统，代表产品是达芬奇手术系统。它向医院提供设备，让医生通过控制器操作器械，也提供用于肺部相关检查的Ion系统。公司收入不仅来自设备销售或租赁，还来自手术器械、耗材和维护服务。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "0398a4cef3f2886ee92ed60b7467ff5c090c2527150f6b3eed14900c92aef5cd",
          "business_evidence_sha256": "294939887da824c47d8d7ce625d335b069bd80c80bf78f4eb15b546c4f097323",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1035267/000103526726000058/isrg-20260630.htm"
        }
      }
    },
    {
      "ticker": "ITRI",
      "name": "ITRON, INC.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-28",
          "report_date": "2026-06-30",
          "revenue": 562902000.0,
          "revenue_yoy_pct": -7.228381520895377,
          "gross_margin": 0.4097338435464788,
          "operating_margin": 0.13513187020120732,
          "ttm_fcf_margin": 0.167324022671401,
          "prior_revenue_yoy_pct": -3.3219083885227874,
          "prior_gross_margin": 0.3685437923663518,
          "prior_operating_margin": 0.1259359121631087,
          "prior_ttm_fcf_margin": 0.1175106603041964,
          "changes_pp": {
            "demand": -3.90647313237259,
            "gross_margin": 4.119005118012698,
            "operating_margin": 0.9195958038098612,
            "cash_margin": 4.981336236720462
          },
          "signals": [
            "gross_margin",
            "cash_margin"
          ],
          "accession": "0000780571-26-000178",
          "currency": "USD",
          "net_margin": 0.09463814305154361,
          "prior_net_margin": 0.11263083817186668,
          "net_margin_yoy_pp": -1.7992695120323074
        },
        "revenue_growth": {
          "positive": 0,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Outcomes/电网边缘智能与平台服务发展，ARR417m和高毛利组合支持收入下降下的盈利质量提升。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "硬件追赶订单消退与软件增长要桥接；净利利息贡献及订单周期不可忽略。",
      "sources": [
        {
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          "offset": 6083,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-28"
        },
        {
          "period": "2026Q2",
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          "offset": 2636,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-28"
        },
        {
          "period": "2025Q2",
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          "offset": 2980,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-31"
        },
        {
          "period": "2025Q2",
          "content_hash": "52e246daa5385fc76991cecba28132a1dba10137897d97b89074a1c299930267",
          "offset": 5755,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-31"
        }
      ],
      "market": {
        "close": 93.55000305175781,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
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        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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          },
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            "value": 0.1612463491414089,
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            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
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            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
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      },
      "market_cap": 4096250876.7765656,
      "ttm_revenue": 2303166000.0,
      "reported_fcf_yield": 0.09407993103763715,
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        {
          "cash_growth": 0.1,
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        {
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        {
          "cash_growth": 0.2,
          "required_starting_cash": 153172262.05796796,
          "required_cash_to_current_sales": 0.0665050899752636
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；硬件追赶订单消退与软件增长要桥接；净利利息贡献及订单周期不可忽略。",
      "deep_source_recheck": false,
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            "operating_margin",
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          "accession": "0000780571-25-000074",
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          "signals": [
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            "cash_margin"
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          "accession": "derived:q4_synth",
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          "prior_gross_margin": 0.35776767229239514,
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            "demand": 3.401769295270029,
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          "signals": [
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            "cash_margin"
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          "accession": "0000780571-26-000110",
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      "financial_reason": "2025Q3收入581.62百万美元/同比-5.50%，毛利率37.75%，营业率14.06%，净利率11.28%；2025Q4收入571.66百万美元/同比-6.72%，毛利率40.54%，营业率13.76%，净利率17.78%；2026Q1收入586.98百万美元/同比-3.32%，毛利率40.26%，营业率11.51%，净利率9.11%；2026Q2收入562.90百万美元/同比-7.23%，毛利率40.97%，营业率13.51%，净利率9.46%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "ITRI",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/780571/000078057126000178/itri-20260630.htm",
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        "checks": {
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
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            ],
            "status": "matched",
            "comparable": {
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              "current": 562902000.0,
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            }
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          "operating_income": {
            "local": 76066000.0,
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                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 76066000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
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              "prior_periods": [
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            }
          },
          "net_income": {
            "local": 53272000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 53272000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
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              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Itron为电力、燃气和供水企业提供计量、通信及管理方案。它把智能表计与网络和软件连接起来，让客户了解用量并管理分布在现场的设备。公司通过硬件、软件及相关服务赚钱，业务不只是销售传统电表。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "6abfb5e012d31da020c45a57f8cff6c872b587c1931d63438e1f5fd56aafa3a2",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/780571/000078057126000178/itri-20260630.htm"
        }
      }
    },
    {
      "ticker": "JAZZ",
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          "net_margin": 0.15956302242820491,
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          "net_margin_yoy_pp": 84.66259996150403
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        "revenue_growth": {
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          "available": 4
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        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
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        },
        "gross_margin_improvement": {
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          "available": 0
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "肿瘤业务32%增长、XYWAV和Epidiolex扩张，产品组合多元化",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "第三方权利金压毛利、新适应症尚待批准，Chimerix收购与研发成本需纳入",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-03",
          "content_hash": "d3545918bf042d75a387f2e1fb214c859d14f9724371e893b189f02506fc02fd",
          "offsets": [
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          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
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          "content_hash": "99a86bc5c92021ad0a6a80dee58db913d22c47bb4fa05190f28b0b56d12b522c",
          "offsets": [
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            6814
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
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        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 64914577.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；第三方权利金压毛利、新适应症尚待批准，Chimerix收购与研发成本需纳入",
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            "demand": 8.966271644437084,
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          "accession": "0001232524-26-000025",
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          "accession": "0001232524-26-000045",
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      "financial_reason": "2025-09-30（本地期标2025Q3）收入1126.11百万美元、同比6.74%；毛利率缺失、营业率5.11%、净利率22.33%；2025-12-31（本地期标2025Q4）收入1197.93百万美元、同比10.09%；毛利率缺失、营业率21.25%、净利率16.98%；2026-03-31（本地期标2026Q1）收入1068.90百万美元、同比19.05%；毛利率缺失、营业率31.49%、净利率27.42%；2026-06-30（本地期标2026Q2）收入1208.30百万美元、同比15.55%；毛利率缺失、营业率20.54%、净利率15.96%；最新净利率同比变化84.66个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "JAZZ",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1232524/000123252426000045/jazz-20260630.htm",
        "sha256": "7d28bc686807738123c8db6a0300d4a63033bd150430184a5f4ec2869f1a35b7",
        "checks": {
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            "local": 1208300000.0,
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 1208300000.0
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            "status": "matched",
            "comparable": {
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              "current": 1208300000.0,
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                "2025-06-30"
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          },
          "operating_income": {
            "local": 248200000.0,
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              {
                "concept": "us-gaap:OperatingIncomeLoss",
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                "2025-06-30"
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          },
          "net_income": {
            "local": 192800000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 192800000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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              "prior": -718500000.0,
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                "2025-06-30"
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Jazz是一家开发和销售神经科学及肿瘤领域药物的制药公司。它的产品覆盖睡眠障碍、部分癫痫及癌症等治疗方向，通过医疗渠道服务患者。公司主要从药品销售获得收入，也通过研发和引进产品扩展业务。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "62cc5b8126ef2225a30af913d3652c5ac3f3b8459156cc3125f5ee7f7bca7624",
          "business_evidence_sha256": "7faa59db62186e4f8cf560c088dc1c5e0be4d9c962c41c76adbef44769ae2fd5",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1232524/000123252426000045/jazz-20260630.htm"
        }
      }
    },
    {
      "ticker": "KEYS",
      "name": "Keysight Technologies, Inc.",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
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          "filed_at": "2026-09-02",
          "report_date": "2026-07-31",
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        "revenue_growth": {
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          "available": 4
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        "operating_margin_improvement": {
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        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "AI、航天国防与测试解决方案需求扩大，订单56%增长和经营杠杆",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "需要剔除并购、区分订单与交付，当前导航未给产品级增长桥接",
      "sources": [
        {
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          "role": "navigation_excerpt"
        },
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          "content_hash": "75d5817bc5f75fb98d4a5ad63f5c857e2a48c0716d93d791ac4ed15f9960660f",
          "offsets": [
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          "role": "navigation_excerpt"
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      ],
      "market": {
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        "source": "yfinance_daily_sync",
        "shares": 170244745.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-07-31",
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；需要剔除并购、区分订单与交付，当前导航未给产品级增长桥接",
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      "financial_reason": "2025-10-31（本地期标2025Q4）收入1419.00百万美元、同比10.26%；毛利率61.24%、营业率15.29%、净利率16.42%；2026-01-31（本地期标2026Q1）收入1600.00百万美元、同比23.27%；毛利率62.19%、营业率15.50%、净利率17.56%；2026-04-30（本地期标2026Q2）收入1717.00百万美元、同比31.47%；毛利率68.61%、营业率23.70%、净利率20.33%；2026-07-31（本地期标2026Q3）收入1846.00百万美元、同比36.54%；毛利率65.87%、营业率24.97%、净利率21.51%；最新净利率同比变化7.38个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "KEYS",
        "period": "2026-07-31",
        "source_period": "2026-07-31",
        "url": "https://www.sec.gov/Archives/edgar/data/1601046/000160104626000036/keys-20260731.htm",
        "sha256": "cac1c8182a55e40b8391301911a35ae766ffbc14f7b572aa1343886a8701a63d",
        "checks": {
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                "value": 1846000000.0
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                "concept": "us-gaap:NetIncomeLoss",
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                "concept": "us-gaap:ProfitLoss",
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            ],
            "status": "matched",
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "是德科技为电子产品研发和生产提供设计、测试及测量工具。工程师用它的仪器和软件检查通信信号、电路和系统是否达到性能要求。公司向通信、半导体、汽车及航空国防等客户销售设备、软件和支持服务。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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          "primary_url": "https://www.sec.gov/Archives/edgar/data/1601046/000160104626000036/keys-20260731.htm"
        }
      }
    },
    {
      "ticker": "KNSA",
      "name": "Kiniksa Pharmaceuticals International, plc",
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          "filed_at": "2026-07-28",
          "report_date": "2026-06-30",
          "revenue": 243600000.0,
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          "net_margin_yoy_pp": -0.9326008874306888
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "ARCALYST收入1.568亿至2.436亿，患者与处方扩张，持续经营盈利。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "产品集中、合作分成及未来KPL-387不应计已实现价值。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "f5381f7aeaee56447778b80ddfa99747ca27f73acf9048163629d54c348c74b4",
          "navigation_offsets": [
            4185,
            13233
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "e3ce13b3d26c24061769f61114874dc41e2f3aea0bf92d9b5e8104a2bd6b231c",
          "navigation_offsets": [
            2232,
            10386
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 76.2699966430664,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 156048026.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.02405636399367117,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.46983999884728367,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.8489696155894886,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 182837000.0
      },
      "market_cap": 11901782419.17714,
      "ttm_revenue": 840848000.0,
      "reported_fcf_yield": 0.015362152790274326,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 744431370.7573768,
          "required_cash_to_current_sales": 0.8853340565207705
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 574581535.2435104,
          "required_cash_to_current_sales": 0.6833357934412764
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          "required_starting_cash": 445046700.1429599,
          "required_cash_to_current_sales": 0.5292831762018342
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "商业化线索：需单产品现金、竞争及融资模型",
      "second_pass_decision": "商业化线索：需单产品现金、竞争及融资模型；产品集中、合作分成及未来KPL-387不应计已实现价值。",
      "deep_source_recheck": false,
      "industry": "Drug Manufacturers - Specialty & Generic",
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          "report_date": "2025-09-30",
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          "revenue_yoy_pct": 61.16972926729285,
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            "operating_margin": 21.888680131948323,
            "cash_margin": 14.122046624712347
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            "operating_margin",
            "cash_margin"
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          "accession": "0001104659-25-103180",
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          "prior_net_margin": -0.11311422817117293,
          "net_margin_yoy_pp": 21.50467155229188
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          "filed_at": "2026-02-24",
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          "revenue_yoy_pct": 64.95315662335967,
          "gross_margin": 0.8963770302829409,
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          "ttm_fcf_margin": 0.20133448648393362,
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          "prior_gross_margin": 0.8539531239798916,
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          "changes_pp": {
            "demand": 3.7834273560668237,
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            "operating_margin": 25.529647051973352,
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.07024791344055965,
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          "net_margin_yoy_pp": 14.278169942998318
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          "period": "2026Q1",
          "filed_at": "2026-04-28",
          "report_date": "2026-03-31",
          "revenue": 214266000.0,
          "revenue_yoy_pct": 55.50749355880538,
          "gross_margin": 0.9029430707625101,
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          "prior_revenue_yoy_pct": 64.95315662335967,
          "prior_gross_margin": 0.8703197009834162,
          "prior_operating_margin": 0.09632398301701926,
          "prior_ttm_fcf_margin": 0.09089170889048685,
          "changes_pp": {
            "demand": -9.445663064554296,
            "gross_margin": 3.262336977909397,
            "operating_margin": 4.026791677109458,
            "cash_margin": 12.690696360253412
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          "accession": "0001104659-26-050359",
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          "prior_net_margin": 0.06197336429945204,
          "net_margin_yoy_pp": 4.346566942498394
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        {
          "period": "2026Q2",
          "filed_at": "2026-07-28",
          "report_date": "2026-06-30",
          "revenue": 243600000.0,
          "revenue_yoy_pct": 55.3601153083286,
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          "operating_margin": 0.11163382594417078,
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          "prior_ttm_fcf_margin": 0.12561303680865696,
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          "signals": [
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            "cash_margin"
          ],
          "accession": "0001104659-26-087545",
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          "prior_net_margin": 0.1137266656887568,
          "net_margin_yoy_pp": -0.9326008874306888
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      ],
      "financial_reason": "2025Q3 收入同比61.17%，毛利率88.80%，营业利润率13.28%，净利率10.19%；2025Q4 收入同比64.95%，毛利率89.64%，营业利润率9.78%，净利率7.02%；2026Q1 收入同比55.51%，毛利率90.29%，营业利润率13.66%，净利率10.54%；2026Q2 收入同比55.36%，毛利率90.32%，营业利润率11.16%，净利率10.44%",
      "primary_source": {
        "ticker": "KNSA",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1730430/000110465926087545/knsa-20260630x10q.htm",
        "sha256": "0506832b36e93fbc96fa6e183a6383c1fbea237c649580be574f2542cf15a769",
        "checks": {
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            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 243600000.0
              },
              {
                "concept": "us-gaap:Revenues",
                "value": 243600000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 243600000.0,
              "prior": 156797000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 27194000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 27194000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 27194000.0,
              "prior": 20160000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 25432000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 25432000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 25432000.0,
              "prior": 17832000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Kiniksa是一家聚焦免疫和炎症相关疾病的生物制药公司。它的商业化业务包括用于复发性心包炎等治疗领域的ARCALYST，并继续开发其他候选药物。公司主要通过药品销售及相关合作安排获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "d189d5d5510e3392d20dc9931830aa85787ea2cf6515f72631cb26b153e40000",
          "business_evidence_sha256": "8c981c63b95c68e9f976d35be8b315217d4f22170e2e8a7bc8f5bdbad481a7ca",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1730430/000110465926087545/knsa-20260630x10q.htm"
        }
      }
    },
    {
      "ticker": "LASR",
      "name": "NLIGHT, INC.",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
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          "filed_at": "2026-08-07",
          "report_date": "2026-06-30",
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          "gross_margin": 0.3114746158782434,
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          "ttm_fcf_margin": 0.1346319106273274,
          "prior_revenue_yoy_pct": 55.18502748316172,
          "prior_gross_margin": 0.2989714100591237,
          "prior_operating_margin": -0.06861585810318296,
          "prior_ttm_fcf_margin": -0.09134076795766044,
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            "gross_margin": 1.2503205819119678,
            "operating_margin": 2.54271329394242,
            "cash_margin": 22.597267858498785
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          "signals": [
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            "operating_margin",
            "cash_margin"
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          "accession": "0001124796-26-000038",
          "currency": "USD",
          "net_margin": -0.016212420239493406,
          "prior_net_margin": -0.058167976026565156,
          "net_margin_yoy_pp": 4.195555578707174
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "高能激光HADES、军用激光项目拓展，航空国防产品持续增长",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "合同上限6亿美元不是承诺收入，整体营业仍亏损，项目集中与研发风险",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-06",
          "content_hash": "f5cac8c02f8d6e4bb024941ca508adbe9e120e1986e77740e296767160191e92",
          "offsets": [
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            2041
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-08",
          "content_hash": "89ecc0199d47a3d1ac595241b2d7a7b3ba9a7bf6322401a005146002718625a8",
          "offsets": [
            13615,
            1447
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 40.369998931884766,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 57690197.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.23887635303440324,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.420470904255156,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-08-22",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-08-22",
            "end": "2026-09-11",
            "raw_value": null,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 41830000.0
      },
      "market_cap": 2328953191.2702217,
      "ttm_revenue": 310699000.0,
      "reported_fcf_yield": 0.017960859048947106,
      "price_hurdles": [
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          "cash_growth": 0.1,
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 112434713.8117851,
          "required_cash_to_current_sales": 0.3618766517168871
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          "required_starting_cash": 87087202.24057738,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；合同上限6亿美元不是承诺收入，整体营业仍亏损，项目集中与研发风险",
      "deep_source_recheck": false,
      "industry": "Semiconductors",
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          "report_date": "2025-09-30",
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          "prior_gross_margin": 0.22359208252418536,
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            "operating_margin": 10.085076818352132,
            "cash_margin": -2.321399467508928
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          "signals": [
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            "operating_margin"
          ],
          "accession": "0001124796-25-000154",
          "currency": "USD",
          "net_margin": -0.10299361721254982,
          "prior_net_margin": -0.18412941616633113,
          "net_margin_yoy_pp": 8.11357989537813
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          "period": "2025Q4",
          "filed_at": "2026-02-27",
          "report_date": "2025-12-31",
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          "revenue_yoy_pct": 71.34505392456892,
          "gross_margin": 0.3073720514873437,
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            "cash_margin": 9.8890568918401
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          "signals": [
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            "operating_margin",
            "cash_margin"
          ],
          "accession": "derived:q4_synth",
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          "net_margin_yoy_pp": 46.63688164149891
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          "period": "2026Q1",
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          "report_date": "2026-03-31",
          "revenue": 80181000.0,
          "revenue_yoy_pct": 55.18502748316172,
          "gross_margin": 0.33066437185866976,
          "operating_margin": -0.008967211683565932,
          "ttm_fcf_margin": 0.07648623565171489,
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          "prior_gross_margin": 0.267070527212201,
          "prior_operating_margin": -0.18599520012386778,
          "prior_ttm_fcf_margin": -0.10895575358915645,
          "changes_pp": {
            "demand": -16.160026441407197,
            "gross_margin": 6.359384464646878,
            "operating_margin": 17.702798844030184,
            "cash_margin": 18.544198924087134
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          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
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          "accession": "0001124796-26-000028",
          "currency": "USD",
          "net_margin": 0.008044299771766378,
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        {
          "period": "2026Q2",
          "filed_at": "2026-08-07",
          "report_date": "2026-06-30",
          "revenue": 82591000.0,
          "revenue_yoy_pct": 33.78310520774277,
          "gross_margin": 0.3114746158782434,
          "operating_margin": -0.04318872516375876,
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          "prior_gross_margin": 0.2989714100591237,
          "prior_operating_margin": -0.06861585810318296,
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            "demand": -21.401922275418947,
            "gross_margin": 1.2503205819119678,
            "operating_margin": 2.54271329394242,
            "cash_margin": 22.597267858498785
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          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001124796-26-000038",
          "currency": "USD",
          "net_margin": -0.016212420239493406,
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          "net_margin_yoy_pp": 4.195555578707174
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入66.74百万美元、同比18.91%；毛利率31.09%、营业率-10.94%、净利率-10.30%；2025-12-31（本地期标2025Q4）收入81.19百万美元、同比71.35%；毛利率30.74%、营业率-6.66%、净利率-6.05%；2026-03-31（本地期标2026Q1）收入80.18百万美元、同比55.19%；毛利率33.07%、营业率-0.90%、净利率0.80%；2026-06-30（本地期标2026Q2）收入82.59百万美元、同比33.78%；毛利率31.15%、营业率-4.32%、净利率-1.62%；最新净利率同比变化4.20个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "LASR",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1124796/000112479626000038/lasr-20260630.htm",
        "sha256": "feb4a3ccb4094a98049884a10cc98c490ae1c0c7112612088e2f29f7e2708375",
        "checks": {
          "revenue": {
            "local": 82591000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 82591000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 82591000.0,
              "prior": 61735000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": -3567000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": -3567000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": -3567000.0,
              "prior": -4236000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": -1339000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": -1339000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": -1339000.0,
              "prior": -3591000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "nLIGHT为工业加工、微制造和航空国防客户提供激光器。它的半导体与光纤激光产品可用于材料加工，也参与高能激光等专业项目。公司通过销售激光产品、组件及承接开发项目赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "0c8733e2ceba904ae2e70e977511c6a5a721f8d42387bfd6a06738cdfb90413d",
          "business_evidence_sha256": "6f1dfc1923c506b074cae9425f9da792d2a6bb0fd7bd34334eb745e97261a3aa",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1124796/000112479626000038/lasr-20260630.htm"
        }
      }
    },
    {
      "ticker": "LFUS",
      "name": "LITTELFUSE INC /DE",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-29",
          "report_date": "2026-06-27",
          "revenue": 738781000.0,
          "revenue_yoy_pct": 20.43778009269448,
          "gross_margin": 0.414282446354197,
          "operating_margin": 0.1620561438369422,
          "ttm_fcf_margin": 0.16996898624654022,
          "prior_revenue_yoy_pct": 18.520783609083047,
          "prior_gross_margin": 0.37829977519224406,
          "prior_operating_margin": 0.1512488323527542,
          "prior_ttm_fcf_margin": 0.13912746278173677,
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            "gross_margin": 3.5982671161952915,
            "operating_margin": 1.080731148418801,
            "cash_margin": 3.0841523464803453
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          "signals": [
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            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001628280-26-050481",
          "currency": "USD",
          "net_margin": 0.12101691841019192,
          "prior_net_margin": 0.09348024903287018,
          "net_margin_yoy_pp": 2.7536669377321745
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "有机增长14%、多个增长市场扩展与运营杠杆改善。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "需进一步原文定位具体终端/产品贡献，2025末减值不可作为盈利基数。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "16aa827e4a3fd400cd2acb54da5057194c83c0fae39aa5ddc7f9e716e1c3a216",
          "navigation_offsets": [
            1659,
            2414
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "aa4b6e63c27a83845a137ecba1f96bebb730f5486d78ce512129274629535d95",
          "navigation_offsets": [
            1937,
            9825
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 432.29998779296875,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 25398747.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-27",
        "returns": {
          "1m": {
            "value": -0.05819049999867032,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.08438180543780904,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.7129208258742641,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 444354000.0
      },
      "market_cap": 10979878018.056702,
      "ttm_revenue": 2614324000.0,
      "reported_fcf_yield": 0.040469848505534214,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 686768196.2124001,
          "required_cash_to_current_sales": 0.2626943700216194
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 530074819.5695607,
          "required_cash_to_current_sales": 0.20275789059411178
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          "cash_growth": 0.2,
          "required_starting_cash": 410573669.3719698,
          "required_cash_to_current_sales": 0.15704773753060822
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；需进一步原文定位具体终端/产品贡献，2025末减值不可作为盈利基数。",
      "deep_source_recheck": false,
      "industry": "Electronic Components",
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            "operating_margin": 0.11747679968443225,
            "cash_margin": null
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          "net_margin": 0.11129930840163935,
          "prior_net_margin": 0.10232467967359311,
          "net_margin_yoy_pp": 0.8974628728046232
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          "revenue_yoy_pct": 12.167991176648329,
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          "prior_gross_margin": 0.3339691484861304,
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          "changes_pp": {
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            "cash_margin": 2.0259387091225323
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            "cash_margin"
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          "accession": "derived:q4_synth",
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          "report_date": "2026-03-28",
          "revenue": 656969000.0,
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          "prior_operating_margin": 0.12655441839991197,
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            "cash_margin": 2.403963852702856
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          "accession": "0001628280-26-031041",
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          "period": "2026Q2",
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          "revenue": 738781000.0,
          "revenue_yoy_pct": 20.43778009269448,
          "gross_margin": 0.414282446354197,
          "operating_margin": 0.1620561438369422,
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          "prior_revenue_yoy_pct": 18.520783609083047,
          "prior_gross_margin": 0.37829977519224406,
          "prior_operating_margin": 0.1512488323527542,
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          "changes_pp": {
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            "operating_margin": 1.080731148418801,
            "cash_margin": 3.0841523464803453
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          "signals": [
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            "cash_margin"
          ],
          "accession": "0001628280-26-050481",
          "currency": "USD",
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          "prior_net_margin": 0.09348024903287018,
          "net_margin_yoy_pp": 2.7536669377321745
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      ],
      "financial_reason": "2025Q3 收入同比10.09%，毛利率38.58%，营业利润率15.60%，净利率11.13%；2025Q4 收入同比12.17%，毛利率38.01%，营业利润率-37.52%，净利率-40.77%；2026Q1 收入同比18.52%，毛利率38.69%，营业利润率15.40%，净利率11.44%；2026Q2 收入同比20.44%，毛利率41.43%，营业利润率16.21%，净利率12.10%",
      "primary_source": {
        "ticker": "LFUS",
        "period": "2026-06-27",
        "source_period": "2026-06-27",
        "url": "https://www.sec.gov/Archives/edgar/data/889331/000162828026050481/lfus-20260627.htm",
        "sha256": "29ec98b14aa51560967fdb02b4f7a6b9ae4a04f85f0c43c9cac0268c5c642a75",
        "checks": {
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            "alternatives": [
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                "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
                "value": 738781000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
              "current": 738781000.0,
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            }
          },
          "operating_income": {
            "local": 119723999.99999999,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
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            ],
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          },
          "net_income": {
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            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 89405000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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              "prior": 57342000.0,
              "prior_periods": [
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            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Littelfuse制造保护和控制电路的电子部件。它的保险丝、功率半导体、开关及传感器帮助设备应对过流、过压并控制电力。公司主要向电子、汽车和工业设备产业链销售这些组件。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "4cd1ff723b4325d0adc14cbb4d22dc1c05f3d5a4be2397a625ff9ca5fa2c202f",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/889331/000162828026050481/lfus-20260627.htm"
        }
      }
    },
    {
      "ticker": "LIND",
      "name": "LINDBLAD EXPEDITIONS HOLDINGS, INC.",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
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          "report_date": "2026-06-30",
          "revenue": 199247000.0,
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          "gross_margin": 0.4850010288737095,
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          "prior_gross_margin": 0.4558278007681086,
          "prior_operating_margin": 0.026240733573491323,
          "prior_ttm_fcf_margin": 0.0834667084353819,
          "changes_pp": {
            "demand": 2.896066509515151,
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            "cash_margin": 4.779417960754542
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            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001437749-26-025462",
          "currency": "USD",
          "net_margin": -0.007056567978438822,
          "prior_net_margin": -0.05071898538211914,
          "net_margin_yoy_pp": 4.366241740368032
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "定价管理、Disney渠道及陆地体验扩张持续提升入住和收益率。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "燃油、船舶融资及季节性导致净利未稳定，船舶资本支出必须计入。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "a42a07cc0fe7b1ae8c9b6e8eb602a239fdabad8bc67a8dbc50fab4197f53ad85",
          "offset": 2074,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-03"
        },
        {
          "period": "2026Q2",
          "content_hash": "a42a07cc0fe7b1ae8c9b6e8eb602a239fdabad8bc67a8dbc50fab4197f53ad85",
          "offset": 10538,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-03"
        },
        {
          "period": "2025Q2",
          "content_hash": "29df03ac0016a244cf64188b5bdb52e10caa6b3ad5af3e0b2af25ce03d4f956e",
          "offset": 2382,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-04"
        },
        {
          "period": "2025Q2",
          "content_hash": "29df03ac0016a244cf64188b5bdb52e10caa6b3ad5af3e0b2af25ce03d4f956e",
          "offset": 4125,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-04"
        }
      ],
      "market": {
        "close": 25.670000076293945,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 65619689.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.24985391114587174,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.09466947723357833,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.7801664313785037,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 109027000.0
      },
      "market_cap": 1684457421.636385,
      "ttm_revenue": 830613000.0,
      "reported_fcf_yield": 0.0647252929041593,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 105359256.55561653,
          "required_cash_to_current_sales": 0.12684518127649883
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 81320435.6531225,
          "required_cash_to_current_sales": 0.0979041209963274
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 62987390.51242221,
          "required_cash_to_current_sales": 0.07583241595354541
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；燃油、船舶融资及季节性导致净利未稳定，船舶资本支出必须计入。",
      "deep_source_recheck": false,
      "industry": "Travel Services",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-11-04",
          "report_date": "2025-09-30",
          "revenue": 240172000.0,
          "revenue_yoy_pct": 16.58551976893765,
          "gross_margin": 0.48215029229052514,
          "operating_margin": 0.14976766650567094,
          "ttm_fcf_margin": 0.0708401283459638,
          "prior_revenue_yoy_pct": 23.037531410486523,
          "prior_gross_margin": 0.492789009975486,
          "prior_operating_margin": 0.14310817698599548,
          "prior_ttm_fcf_margin": 0.08031807993512251,
          "changes_pp": {
            "demand": -6.4520116415488715,
            "gross_margin": -1.0638717684960886,
            "operating_margin": 0.665948951967546,
            "cash_margin": -0.9477951589158706
          },
          "signals": [],
          "accession": "0001437749-25-033060",
          "currency": "USD",
          "net_margin": 0.004954782405942408,
          "prior_net_margin": 0.10929346375087984,
          "net_margin_yoy_pp": -10.433868134493743
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-02-26",
          "report_date": "2025-12-31",
          "revenue": 183181000.0,
          "revenue_yoy_pct": 23.26373234460901,
          "gross_margin": 0.4027437343392601,
          "operating_margin": -0.030046784328068957,
          "ttm_fcf_margin": 0.0827969219954372,
          "prior_revenue_yoy_pct": 16.58551976893765,
          "prior_gross_margin": 0.45331709385030516,
          "prior_operating_margin": -0.050939041377036386,
          "prior_ttm_fcf_margin": 0.0912556787601574,
          "changes_pp": {
            "demand": 6.67821257567136,
            "gross_margin": -5.057335951104508,
            "operating_margin": 2.0892257048967426,
            "cash_margin": -0.8458756764720201
          },
          "signals": [
            "demand",
            "operating_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": -0.1285832045899957,
          "prior_net_margin": -0.16854968407027837,
          "net_margin_yoy_pp": 3.9966479480282673
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-05-05",
          "report_date": "2026-03-31",
          "revenue": 208013000.0,
          "revenue_yoy_pct": 15.742178153916342,
          "gross_margin": 0.4868445722142366,
          "operating_margin": 0.07506742367063597,
          "ttm_fcf_margin": 0.08937947807549251,
          "prior_revenue_yoy_pct": 23.26373234460901,
          "prior_gross_margin": 0.483377012146605,
          "prior_operating_margin": 0.05905820688734205,
          "prior_ttm_fcf_margin": 0.0840312208385383,
          "changes_pp": {
            "demand": -7.521554190692669,
            "gross_margin": 0.3467560067631603,
            "operating_margin": 1.6009216783293923,
            "cash_margin": 0.5348257236954215
          },
          "signals": [
            "operating_margin"
          ],
          "accession": "0001437749-26-014912",
          "currency": "USD",
          "net_margin": 0.031248046997062684,
          "prior_net_margin": 0.006460013020181281,
          "net_margin_yoy_pp": 2.4788033976881403
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-08-03",
          "report_date": "2026-06-30",
          "revenue": 199247000.0,
          "revenue_yoy_pct": 18.638244663431493,
          "gross_margin": 0.4850010288737095,
          "operating_margin": 0.05999588450516193,
          "ttm_fcf_margin": 0.13126088804292732,
          "prior_revenue_yoy_pct": 15.742178153916342,
          "prior_gross_margin": 0.4558278007681086,
          "prior_operating_margin": 0.026240733573491323,
          "prior_ttm_fcf_margin": 0.0834667084353819,
          "changes_pp": {
            "demand": 2.896066509515151,
            "gross_margin": 2.9173228105600915,
            "operating_margin": 3.375515093167061,
            "cash_margin": 4.779417960754542
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001437749-26-025462",
          "currency": "USD",
          "net_margin": -0.007056567978438822,
          "prior_net_margin": -0.05071898538211914,
          "net_margin_yoy_pp": 4.366241740368032
        }
      ],
      "financial_reason": "2025Q3收入240.17百万美元/同比16.59%，毛利率48.22%，营业率14.98%，净利率0.50%；2025Q4收入183.18百万美元/同比23.26%，毛利率40.27%，营业率-3.00%，净利率-12.86%；2026Q1收入208.01百万美元/同比15.74%，毛利率48.68%，营业率7.51%，净利率3.12%；2026Q2收入199.25百万美元/同比18.64%，毛利率48.50%，营业率6.00%，净利率-0.71%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "LIND",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1512499/000143774926025462/lindb20260630c_10q.htm",
        "sha256": "7aa461fc4c087ef19d0d67d714cc2bb503486ec8cb6f430b6c8cfe99bbee16d7",
        "checks": {
          "revenue": {
            "local": 199247000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
                "value": 199247000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
              "current": 199247000.0,
              "prior": 167945000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 11954000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 11954000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 11954000.0,
              "prior": 4407000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": -1406000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": -1406000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": -343000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": -1406000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": -1406000.0,
              "prior": -8518000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Lindblad经营以自然探索和目的地体验为特色的旅行服务。它组织小型探险船旅行，也提供陆地旅行，让游客前往偏远地区或参加深度体验。公司主要通过销售旅行行程和相关服务获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "3c5df34389b0502dbe6fe500f9a58488c31b8b79800d59735f333520f77e1270",
          "business_evidence_sha256": "8795c91cc1965b7e7db8124ac1b6cd37ecfa4ad26081995e5143d84889b7b6dd",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1512499/000143774926025462/lindb20260630c_10q.htm"
        }
      }
    },
    {
      "ticker": "LOCO",
      "name": "El Pollo Loco Holdings, Inc.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q3",
          "filed_at": "2026-08-07",
          "report_date": "2026-07-01",
          "revenue": 129572000.0,
          "revenue_yoy_pct": 6.62606978275182,
          "gross_margin": null,
          "operating_margin": 0.14419010279998765,
          "ttm_fcf_margin": null,
          "prior_revenue_yoy_pct": 0.27655482619959315,
          "prior_gross_margin": null,
          "prior_operating_margin": 0.09428900592495063,
          "prior_ttm_fcf_margin": 0.04468870563522353,
          "changes_pp": {
            "demand": 6.349514956552227,
            "gross_margin": null,
            "operating_margin": 4.990109687503702,
            "cash_margin": null
          },
          "signals": [
            "demand",
            "operating_margin"
          ],
          "accession": "0001606366-26-000047",
          "currency": "USD",
          "net_margin": 0.09884079893804217,
          "prior_net_margin": 0.06054970375246873,
          "net_margin_yoy_pp": 3.8291095185573436
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 0,
          "available": 0
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "品牌重启、菜单新品带来客流，同店增3.9%与餐厅利润率19.5%有连续兑现。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "餐厅层利润非公司净利，商品成本与促销效应需核，同店量价需拆。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "3a85d3fa714711f6c6d9f71bccb607dc2a33f5fb090d56d121bedca995c1b211",
          "offset": 3721,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-06"
        },
        {
          "period": "2026Q2",
          "content_hash": "3a85d3fa714711f6c6d9f71bccb607dc2a33f5fb090d56d121bedca995c1b211",
          "offset": 2938,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-06"
        },
        {
          "period": "2025Q2",
          "content_hash": "14690ba9338c2c7ce1e4356e6fb1013ddef7866e37a9d1008d345e7c39803e63",
          "offset": 2833,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-31"
        },
        {
          "period": "2025Q2",
          "content_hash": "14690ba9338c2c7ce1e4356e6fb1013ddef7866e37a9d1008d345e7c39803e63",
          "offset": 3749,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-31"
        }
      ],
      "market": {
        "close": 15.180000305175781,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 29957385.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2025-12-31",
        "returns": {
          "1m": {
            "value": -0.0013157568644944773,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.02941176649931232,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.45124285371082795,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 25441000.0
      },
      "market_cap": 454753113.4422684,
      "ttm_revenue": 490046000.0,
      "reported_fcf_yield": 0.05594464171432171,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 28443847.4568768,
          "required_cash_to_current_sales": 0.05804321932405693
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 21954084.932472657,
          "required_cash_to_current_sales": 0.04480004924532117
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 17004711.175959405,
          "required_cash_to_current_sales": 0.034700234622789296
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；餐厅层利润非公司净利，商品成本与促销效应需核，同店量价需拆。",
      "deep_source_recheck": false,
      "industry": "Restaurants",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-10-31",
          "report_date": "2025-09-24",
          "revenue": 121520000.0,
          "revenue_yoy_pct": 0.934424187050964,
          "gross_margin": null,
          "operating_margin": 0.09428900592495063,
          "ttm_fcf_margin": 0.04468870563522353,
          "prior_revenue_yoy_pct": 2.9940413829230073,
          "prior_gross_margin": null,
          "prior_operating_margin": 0.08419784874787159,
          "prior_ttm_fcf_margin": 0.060963413883232724,
          "changes_pp": {
            "demand": -2.0596171958720433,
            "gross_margin": null,
            "operating_margin": 1.0091157177079035,
            "cash_margin": -1.6274708248009195
          },
          "signals": [
            "operating_margin"
          ],
          "accession": "0001606366-25-000050",
          "currency": "USD",
          "net_margin": 0.06054970375246873,
          "prior_net_margin": 0.05138087129864197,
          "net_margin_yoy_pp": 0.9168832453826763
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-03-13",
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          "revenue": 123515000.0,
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            "demand": 7.142821971641422,
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            "operating_margin": 0.4422957389982843,
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          "signals": [
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          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.052949034530219,
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          "net_margin_yoy_pp": 0.08595031872488529
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        {
          "period": "2026Q2",
          "filed_at": "2026-05-08",
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          "revenue": 126182000.0,
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          "accession": "0001606366-26-000038",
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          "filed_at": "2026-08-07",
          "report_date": "2026-07-01",
          "revenue": 129572000.0,
          "revenue_yoy_pct": 6.62606978275182,
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          "accession": "0001606366-26-000047",
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      ],
      "financial_reason": "2025Q3收入121.52百万美元/同比0.93%，毛利率缺失%，营业率9.43%，净利率6.05%；2025Q4收入123.52百万美元/同比8.08%，毛利率缺失%，营业率8.35%，净利率5.29%；2026Q2收入126.18百万美元/同比0.28%，毛利率缺失%，营业率9.68%，净利率6.46%；2026Q3收入129.57百万美元/同比6.63%，毛利率缺失%，营业率14.42%，净利率9.88%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "LOCO",
        "period": "2026-07-01",
        "source_period": "2026-07-01",
        "url": "https://www.sec.gov/Archives/edgar/data/1606366/000160636626000047/loco-20260701x10q.htm",
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        "checks": {
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            "local": 129572000.0,
            "alternatives": [
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                "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
                "value": 129572000.0
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            ],
            "status": "matched",
            "comparable": {
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                "2025-06-25"
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            }
          },
          "operating_income": {
            "local": 18683000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 18683000.0
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            ],
            "status": "matched",
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                "2025-06-25"
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          },
          "net_income": {
            "local": 12807000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 12807000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 12807000.0,
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              "prior_periods": [
                "2025-06-25"
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "El Pollo Loco经营以烤鸡和墨西哥风味餐食为特色的快餐品牌。它既自己开店卖餐，也允许加盟商使用品牌和经营体系开店。公司收入来自自营餐厅销售，以及加盟相关费用和特许权收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "70054e451f301282b2b2f4e98042c522ee0b580dfdc508967bf6beeb7dc2b32e",
          "business_evidence_sha256": "f3733a24b86bc65b99912b93d967395106e5a32a25b261b60fdabb6f4f4afeeb",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1606366/000160636626000047/loco-20260701x10q.htm"
        }
      }
    },
    {
      "ticker": "LQDA",
      "name": "Liquidia Corp",
      "mechanism": "新药/新产品商业化",
      "financial": {
        "quarters": 4,
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          "report_date": "2026-06-30",
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          "operating_margin": 0.498121494183913,
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          "prior_gross_margin": null,
          "prior_operating_margin": -4.244087359963789,
          "prior_ttm_fcf_margin": -6.23522409688438,
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            "operating_margin": 474.2208854147702,
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          "currency": "USD",
          "net_margin": 0.43524251655706286,
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        "revenue_growth": {
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          "available": 4
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        "operating_margin_improvement": {
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        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 0,
          "available": 0
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "YUTREPIA由2025上市到2026规模化销售，四季收入持续扩大、营业利润率近50%",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "新药单品、专利诉讼和竞争/医保风险，超高同比是零基数不能外推",
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        },
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          "period": "2025Q2",
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        },
        {
          "period": "2025Q2",
          "content_hash": "771342c4664457c474d3b637bf6b8764457dd627e93d95cae5a8954b197a0a87",
          "offset": 27548,
          "length": 720,
          "role": "targeted_full_source_context"
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      ],
      "market": {
        "close": 66.73999786376953,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 89508891.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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            "reason": null
          },
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            "value": -0.06303531210948621,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
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            "end": "2026-09-11",
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        },
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      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "商业化线索：需单产品现金、竞争及融资模型",
      "second_pass_decision": "商业化线索：需单产品现金、竞争及融资模型；新药单品、专利诉讼和竞争/医保风险，超高同比是零基数不能外推",
      "deep_source_recheck": false,
      "industry": "Biotechnology",
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          "accession": "derived:q4_synth",
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          "prior_operating_margin": -11.354166666666666,
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            "cash_margin"
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          "accession": "0001104659-26-058252",
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          "net_margin_yoy_pp": 1269.4977876618545
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        {
          "period": "2026Q2",
          "filed_at": "2026-08-12",
          "report_date": "2026-06-30",
          "revenue": 171679000.0,
          "revenue_yoy_pct": 1842.72943306552,
          "gross_margin": null,
          "operating_margin": 0.498121494183913,
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          "prior_gross_margin": null,
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          "prior_ttm_fcf_margin": -6.23522409688438,
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          "signals": [
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            "cash_margin"
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          "net_margin_yoy_pp": 514.0346058483055
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入54.34百万美元、同比1121.72%；毛利率缺失、营业率3.25%、净利率-6.50%；2025-12-31（本地期标2025Q4）收入92.02百万美元、同比3054.65%；毛利率缺失、营业率21.50%、净利率15.82%；2026-03-31（本地期标2026Q1）收入132.87百万美元、同比4158.49%；毛利率缺失、营业率46.29%、净利率39.79%；2026-06-30（本地期标2026Q2）收入171.68百万美元、同比1842.73%；毛利率缺失、营业率49.81%、净利率43.52%；最新净利率同比变化514.03个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "LQDA",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1819576/000110465926094410/lqda-20260630x10q.htm",
        "sha256": "8b004ca8107a0ed3e16ffc96ca02ddf621178d6a0a9b6a378865b992232cfe65",
        "checks": {
          "revenue": {
            "local": 171679000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 171679000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 171679000.0,
              "prior": 8837000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 85517000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 85517000.0
              }
            ],
            "status": "matched",
            "comparable": {
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            }
          },
          "net_income": {
            "local": 74722000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 74722000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 74722000.0,
              "prior": -41579000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Liquidia开发和销售面向肺动脉高压等相关疾病的药品。它的YUTREPIA采用吸入式干粉给药，公司的技术也围绕药物颗粒和递送方式展开。公司通过药品商业化获得收入，并开发后续治疗机会。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "9f70af07780364587c10c3eeecab041502f36e14f320de95249413ff83febac7",
          "business_evidence_sha256": "008c278e67488ad9d2417b626396ce1cedc8dbf9a3908b778775d5c95666adc1",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1819576/000110465926094410/lqda-20260630x10q.htm"
        }
      }
    },
    {
      "ticker": "LSCC",
      "name": "LATTICE SEMICONDUCTOR CORP",
      "mechanism": "并购/剥离占重要贡献",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q3",
          "filed_at": "2026-08-04",
          "report_date": "2026-07-04",
          "revenue": 201079000.0,
          "revenue_yoy_pct": 50.79153199499058,
          "gross_margin": 0.7028680269943653,
          "operating_margin": 0.11116526340393576,
          "ttm_fcf_margin": null,
          "prior_revenue_yoy_pct": 37.85240096474176,
          "prior_gross_margin": 0.6788727324539366,
          "prior_operating_margin": -0.011503648321322245,
          "prior_ttm_fcf_margin": 0.2591894343984207,
          "changes_pp": {
            "demand": 12.939131030248817,
            "gross_margin": 2.39952945404287,
            "operating_margin": 12.266891172525801,
            "cash_margin": null
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001437749-26-025657",
          "currency": "USD",
          "net_margin": 0.09627559317482183,
          "prior_net_margin": 0.020952538076775978,
          "net_margin_yoy_pp": 7.532305509804585
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "通信/计算FPGA业务增长，AMI新增高毛利经常性固件平台。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "AMI刚完成并购尚无持续整合证据，周期复苏与SBC需拆。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "2c3d38408552ea8dfdf0691cc452eed12cec1c68f4ca5a5a3c01a1d48e4800f3",
          "navigation_offsets": [
            2799,
            6216
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "74ba007cfb5464ca48a4a428bac98c95650b5cd06b38125e16fd9ffaff35362c",
          "navigation_offsets": [
            5164,
            2857
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 119.76000213623047,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 136771000.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-01-03",
        "returns": {
          "1m": {
            "value": -0.07356696698320164,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.17138308207482367,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.6276161885835312,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 132580000.0
      },
      "market_cap": 16379695252.174377,
      "ttm_revenue": 523262000.0,
      "reported_fcf_yield": 0.00809416768498182,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 1024515367.5063823,
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 790761426.5952846,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；AMI刚完成并购尚无持续整合证据，周期复苏与SBC需拆。",
      "deep_source_recheck": false,
      "industry": "Semiconductors",
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          "filed_at": "2025-11-03",
          "report_date": "2025-09-27",
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          "currency": "USD",
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          "report_date": "2026-01-03",
          "revenue": 145792000.0,
          "revenue_yoy_pct": 21.341656263004573,
          "gross_margin": 0.685476569359087,
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          "prior_revenue_yoy_pct": null,
          "prior_gross_margin": 0.6802163961714524,
          "prior_operating_margin": 0.058044111527257594,
          "prior_ttm_fcf_margin": 0.23956082629476855,
          "changes_pp": {
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            "cash_margin": null
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          "signals": [],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": -0.05243771949078139,
          "prior_net_margin": 0.041797752808988765,
          "net_margin_yoy_pp": -9.423547229977016
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-05-04",
          "report_date": "2026-04-04",
          "revenue": 170897000.0,
          "revenue_yoy_pct": 37.85240096474176,
          "gross_margin": 0.6883210354775099,
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          "ttm_fcf_margin": null,
          "prior_revenue_yoy_pct": 21.341656263004573,
          "prior_gross_margin": 0.6836356889917803,
          "prior_operating_margin": 0.037960490759935794,
          "prior_ttm_fcf_margin": 0.27343128045498544,
          "changes_pp": {
            "demand": 16.510744701737188,
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            "operating_margin": 11.457583228845008,
            "cash_margin": null
          },
          "signals": [
            "demand",
            "operating_margin"
          ],
          "accession": "0001437749-26-014686",
          "currency": "USD",
          "net_margin": 0.12766169096005195,
          "prior_net_margin": 0.023497430850763484,
          "net_margin_yoy_pp": 10.416426010928847
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        {
          "period": "2026Q3",
          "filed_at": "2026-08-04",
          "report_date": "2026-07-04",
          "revenue": 201079000.0,
          "revenue_yoy_pct": 50.79153199499058,
          "gross_margin": 0.7028680269943653,
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          "ttm_fcf_margin": null,
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          "prior_gross_margin": 0.6788727324539366,
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          "prior_ttm_fcf_margin": 0.2591894343984207,
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          "signals": [
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            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001437749-26-025657",
          "currency": "USD",
          "net_margin": 0.09627559317482183,
          "prior_net_margin": 0.020952538076775978,
          "net_margin_yoy_pp": 7.532305509804585
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      ],
      "financial_reason": "2025Q3 收入同比4.92%，毛利率67.89%，营业利润率-1.15%，净利率2.10%；2026Q1 收入同比21.34%，毛利率68.55%，营业利润率0.74%，净利率-5.24%；2026Q2 收入同比37.85%，毛利率68.83%，营业利润率15.25%，净利率12.77%；2026Q3 收入同比50.79%，毛利率70.29%，营业利润率11.12%，净利率9.63%",
      "primary_source": {
        "ticker": "LSCC",
        "period": "2026-07-04",
        "source_period": "2026-07-04",
        "url": "https://www.sec.gov/Archives/edgar/data/855658/000143774926025657/lscc20260704_10q.htm",
        "sha256": "b89c191364f53f6ae0b9aca66344c73d460d6215e42ac059e9a477574a017ed4",
        "checks": {
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            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 201079000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 201079000.0,
              "prior": 123971000.0,
              "prior_periods": [
                "2025-06-28"
              ]
            }
          },
          "operating_income": {
            "local": 22353000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 22353000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 22353000.0,
              "prior": 4706000.0,
              "prior_periods": [
                "2025-06-28"
              ]
            }
          },
          "net_income": {
            "local": 19359000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 19359000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 19359000.0,
              "prior": 2913000.0,
              "prior_periods": [
                "2025-06-28"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "莱迪思主要设计低功耗的可编程逻辑芯片。客户可以通过软件配置这些芯片，让它们承担设备控制、连接、信号处理和安全等任务。公司面向通信、计算、工业及汽车等客户销售芯片与相关开发工具。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "ff9484b18e914c5966b581f7a9f97b7c24f6e1cd99f898bb502b1c1ff3f4a716",
          "business_evidence_sha256": "53c1264609ac38ce8a4fd63fd55cc4c50452a626d699a69e920deaf475454e8c",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/855658/000143774926025657/lscc20260704_10q.htm"
        }
      }
    },
    {
      "ticker": "MDB",
      "name": "MongoDB, Inc.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q3",
          "filed_at": "2026-09-01",
          "report_date": "2026-07-31",
          "revenue": 771773000.0,
          "revenue_yoy_pct": 30.498882316935006,
          "gross_margin": 0.7382546422328845,
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          "prior_revenue_yoy_pct": 25.245622151711977,
          "prior_gross_margin": 0.7101328707038529,
          "prior_operating_margin": -0.11040544333634313,
          "prior_ttm_fcf_margin": 0.10815219081872644,
          "changes_pp": {
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            "gross_margin": 2.8121771529031614,
            "operating_margin": 14.720382835369927,
            "cash_margin": 12.866939343006162
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          "signals": [
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            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001628280-26-059830",
          "currency": "USD",
          "net_margin": 0.0530466860074141,
          "prior_net_margin": -0.07955333258933855,
          "net_margin_yoy_pp": 13.260001859675267
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Atlas向量搜索、Voyage和企业工作负载扩张使增长加速并开始GAAP营业盈利。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "企业许可确认波动、SBC与AI竞争需核，最新单季转正不等于稳态利润。",
      "sources": [
        {
          "period": "2027Q2",
          "content_hash": "9c6c09cbaa2e425b71ab78ad55ec88529e306ae1b922437c7061b0a7fd869d34",
          "offset": 3198,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-09-01"
        },
        {
          "period": "2027Q2",
          "content_hash": "9c6c09cbaa2e425b71ab78ad55ec88529e306ae1b922437c7061b0a7fd869d34",
          "offset": 2117,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-09-01"
        },
        {
          "period": "2026Q2",
          "content_hash": "2471f5de6b0642e944d81488683bf3382f27ac1449ff5eea35286dce5c7c5ea6",
          "offset": 3110,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-26"
        },
        {
          "period": "2026Q2",
          "content_hash": "2471f5de6b0642e944d81488683bf3382f27ac1449ff5eea35286dce5c7c5ea6",
          "offset": 2266,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-26"
        }
      ],
      "market": {
        "close": 362.2099914550781,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 80556341.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-07-31",
        "returns": {
          "1m": {
            "value": -0.17271543164325065,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.056621949688726136,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.13695825645585402,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 659020000.0
      },
      "market_cap": 29178311585.26236,
      "ttm_revenue": 2782770000.0,
      "reported_fcf_yield": 0.022585953888190832,
      "price_hurdles": [
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          "cash_growth": 0.1,
          "required_starting_cash": 1825041806.74683,
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        {
          "cash_growth": 0.15,
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          "required_cash_to_current_sales": 0.506200423074007
        },
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          "cash_growth": 0.2,
          "required_starting_cash": 1091072818.2898433,
          "required_cash_to_current_sales": 0.3920815655946569
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；企业许可确认波动、SBC与AI竞争需核，最新单季转正不等于稳态利润。",
      "deep_source_recheck": false,
      "industry": "Software - Infrastructure",
      "financial_history": [
        {
          "period": "2025Q4",
          "filed_at": "2025-12-02",
          "report_date": "2025-10-31",
          "revenue": 628309000.0,
          "revenue_yoy_pct": 18.68883116883118,
          "gross_margin": 0.7148266219328387,
          "operating_margin": -0.029323151506663123,
          "ttm_fcf_margin": 0.14944264935439336,
          "prior_revenue_yoy_pct": 23.696060940078524,
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          "accession": "derived:q4_synth",
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      ],
      "financial_reason": "2025Q4收入628.31百万美元/同比18.69%，毛利率71.48%，营业率-2.93%，净利率-0.32%；2026Q1收入695.07百万美元/同比26.75%，毛利率73.04%，营业率0.04%，净利率2.23%；2026Q2收入687.62百万美元/同比25.25%，毛利率72.16%，营业率-3.61%，净利率0.64%；2026Q3收入771.77百万美元/同比30.50%，毛利率73.83%，营业率3.68%，净利率5.30%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "MDB",
        "period": "2026-07-31",
        "source_period": "2026-07-31",
        "url": "https://www.sec.gov/Archives/edgar/data/1441816/000162828026059830/mdb-20260731.htm",
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 771773000.0
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            "status": "matched",
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                "2025-07-31"
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          },
          "operating_income": {
            "local": 28400000.0,
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              {
                "concept": "us-gaap:OperatingIncomeLoss",
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          },
          "net_income": {
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "MongoDB提供用于存储和管理应用数据的数据库软件。开发者可以自行部署，也可以使用Atlas云数据库服务，减少日常运维工作。公司通过云服务使用收费、企业软件订阅和相关支持服务赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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      }
    },
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        "revenue_growth": {
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        "operating_margin_improvement": {
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        "net_margin_improvement": {
          "positive": 4,
          "available": 4
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        "gross_margin_improvement": {
          "positive": 0,
          "available": 0
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Rezdiffra上市后收入快速放量，持续同比71%，经营亏损率收窄。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "单药、竞争和报销风险，2500万授权前期费及现金跑道需核验。",
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          "period": "2026Q2",
          "content_hash": "130a2e658f293eb2b1f9915086d26f1308d1992cc16dd359fe058d7ea74c7c90",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
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          "navigation_offsets": [
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 534.489990234375,
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        "source": "yfinance_daily_sync",
        "shares": 23104126.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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      "primary_source": {
        "ticker": "MDGL",
        "period": "2026-06-30",
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        "url": "https://www.sec.gov/Archives/edgar/data/1157601/000162828026050845/mdgl-20260630.htm",
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      },
      "company_profile": {
        "summary": "Madrigal是一家聚焦代谢相关脂肪性肝炎治疗的制药公司。它的商业化产品Rezdiffra面向这一肝脏疾病领域，通过医疗渠道服务符合条件的患者。公司主要依靠药品销售获得收入，并围绕产品推广和后续研发开展经营。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "e2d2c172863c88fe3cc83974cdf84441ce9ebdf18e008d62f568fa115a956483",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1157601/000162828026050845/mdgl-20260630.htm"
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      }
    },
    {
      "ticker": "MGNI",
      "name": "MAGNITE, INC.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
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          "filed_at": "2026-08-05",
          "report_date": "2026-06-30",
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          "operating_margin": 0.16192051778055522,
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          "prior_gross_margin": 0.6252682712943946,
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          "prior_ttm_fcf_margin": 0.26635516747095933,
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            "demand": 5.723969243974647,
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            "cash_margin": 2.44146521084726
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            "operating_margin",
            "cash_margin"
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          "net_margin": 0.10044963515763161,
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        "revenue_growth": {
          "positive": 4,
          "available": 4
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        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "CTV贡献ex-TAC增长36%，流媒体伙伴、SMB和代理市场扩张带动平台盈利。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "广告周期、总额净额口径及2025末一次性净利，不可混用。",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
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            1722,
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          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 23.770000457763672,
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        "currency": "USD",
        "source": "yfinance_daily_sync",
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        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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          },
          "3m": {
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          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": false,
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          "cash_growth": 0.1,
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        {
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；广告周期、总额净额口径及2025末一次性净利，不可混用。",
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          "accession": "derived:q4_synth",
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          "accession": "0001595974-26-000022",
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      "financial_reason": "2025Q3 收入同比10.80%，毛利率61.36%，营业利润率13.95%，净利率11.17%；2025Q4 收入同比5.87%，毛利率66.15%，营业利润率25.30%，净利率59.92%；2026Q1 收入同比5.52%，毛利率63.25%，营业利润率4.70%，净利率2.68%；2026Q2 收入同比11.24%，毛利率67.83%，营业利润率16.19%，净利率10.04%",
      "primary_source": {
        "ticker": "MGNI",
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
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                "concept": "us-gaap:OperatingIncomeLoss",
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Magnite为流媒体、网站和应用提供广告售卖技术。它帮助拥有广告位的媒体把库存接入广告购买市场，管理投放和变现，而不是自己制作全部媒体内容。公司通过平台处理广告交易和提供相关服务获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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        }
      }
    },
    {
      "ticker": "MITK",
      "name": "MITEK SYSTEMS INC",
      "mechanism": "业务模式/产品结构变化",
      "financial": {
        "quarters": 4,
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          "accession": "0000807863-26-000036",
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          "available": 4
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        "net_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 0,
          "available": 0
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Identity由利润拖累转正贡献，支票识别扩展跨身份/交易防欺诈平台。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "需核验存款业务更新周期与Identity经常性收入，成本分摊不能夸大盈利。",
      "sources": [
        {
          "period": "2026Q3",
          "content_hash": "0d5beab70f3bad6557055f2fdf673d9e711d92805212b65caf31e23d61660eee",
          "navigation_offsets": [
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q3",
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          "navigation_offsets": [
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 17.219999313354492,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 45122374.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
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            "start": "2026-08-12",
            "reason": null
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            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
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            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": false,
        "local_reported_fcf": 48613000.0
      },
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      "ttm_revenue": 197902000.0,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "结构变化线索：进入业务与现金反证比较",
      "second_pass_decision": "优先复核 · 尚非明显低估",
      "deep_source_recheck": true,
      "industry": "Software - Application",
      "financial_history": [
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          "accession": "derived:q4_synth",
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          "net_margin_yoy_pp": -15.681073572094048
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          "period": "2025Q4",
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          "prior_gross_margin": null,
          "prior_operating_margin": -0.08251462930155151,
          "prior_ttm_fcf_margin": 0.23305880988284422,
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            "demand": 15.160753697464369,
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            "operating_margin": 20.546915420888357,
            "cash_margin": 9.127521446885734
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            "cash_margin"
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          "accession": "0001628280-26-005783",
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          "filed_at": "2026-05-07",
          "report_date": "2026-03-31",
          "revenue": 54841000.0,
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          "accession": "0000807863-26-000026",
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          "net_margin": 0.17388450247077916,
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          "report_date": "2026-06-30",
          "revenue": 54038000.0,
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          "prior_gross_margin": null,
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            "demand": 12.56243239454129,
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      ],
      "financial_reason": "2025Q3 收入同比3.60%，毛利率缺失，营业利润率10.47%，净利率4.15%；2025Q4 收入同比18.76%，毛利率缺失，营业利润率12.30%，净利率6.27%；2026Q1 收入同比5.61%，毛利率缺失，营业利润率24.71%，净利率17.39%；2026Q2 收入同比18.17%，毛利率缺失，营业利润率21.36%，净利率15.48%",
      "primary_source": {
        "ticker": "MITK",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/807863/000080786326000036/mitk-20260630.htm",
        "sha256": "b88710b302c377453ad2e33c26424e27ebc08ad42ffdc10e5b0dc2b5c1072a5f",
        "checks": {
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 54038000.0
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            ],
            "status": "matched",
            "comparable": {
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              "current": 54038000.0,
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                "2025-06-30"
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            }
          },
          "operating_income": {
            "local": 11544000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 11544000.0
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            ],
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            "comparable": {
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          },
          "net_income": {
            "local": 8366999.999999999,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
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              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 8367000.0,
              "prior": 2396000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Mitek提供基于图像识别的数字身份核验和支票处理技术。银行和其他企业用它的软件识别手机拍摄的支票、证件及相关信息，支持远程存款、开户和反欺诈流程。公司通过软件授权、订阅及使用相关收费赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "614d0a176889cb89ca697a908f3239adc2208c55c299a6eaa0b70414b7931b5b",
          "business_evidence_sha256": "4be9a48d0f4b8d1d673da433eab17d8de303528b10dd09d0c176d212b10c6917",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/807863/000080786326000036/mitk-20260630.htm"
        }
      }
    },
    {
      "ticker": "MMSI",
      "name": "MERIT MEDICAL SYSTEMS INC",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-30",
          "report_date": "2026-06-30",
          "revenue": 418843000.0,
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          "gross_margin": 0.513715162960823,
          "operating_margin": 0.14421394173950622,
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          "prior_gross_margin": 0.4823668756634646,
          "prior_operating_margin": 0.12257426881624842,
          "prior_ttm_fcf_margin": 0.13422030463088072,
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          "accession": "0000856982-26-000044",
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          "net_margin": 0.09264330548678144,
          "prior_net_margin": 0.08518754804398869,
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "有机增长9%且BioLife/CryoBalloon扩张，成本效率与利润同步",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "本季含关税退款，需剔除再比；并购分部和新CEO执行需完整证据",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-07-30",
          "content_hash": "f8a702bb55c919d41e15904cb235d963a635180c97a82aa91016fbaccb0f7e7c",
          "offsets": [
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            4815
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-07-31",
          "content_hash": "ce957a6459241716ab73747aad719ffaa2b4f11de2efb036905c5e4be67eb833",
          "offsets": [
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            4077
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 86.36000061035156,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 59710420.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.053070137059734956,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.2980610580925711,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.02019513037920362,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
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      },
      "market_cap": 5156591907.644348,
      "ttm_revenue": 1578813000.0,
      "reported_fcf_yield": 0.039406841502962524,
      "price_hurdles": [
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          "cash_growth": 0.1,
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          "required_cash_to_current_sales": 0.20428888061316008
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 248944434.58691612,
          "required_cash_to_current_sales": 0.1576782269888303
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          "cash_growth": 0.2,
          "required_starting_cash": 192821892.69257987,
          "required_cash_to_current_sales": 0.12213092538038378
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；本季含关税退款，需剔除再比；并购分部和新CEO执行需完整证据",
      "deep_source_recheck": false,
      "industry": "Medical Instruments & Supplies",
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          "period": "2026Q1",
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          "revenue": 381877000.0,
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          "accession": "0000856982-26-000044",
          "currency": "USD",
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          "net_margin_yoy_pp": 0.7455757442792754
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入384.16百万美元、同比13.04%；毛利率48.52%、营业率11.09%、净利率7.22%；2025-12-31（本地期标2025Q4）收入393.94百万美元、同比10.92%；毛利率49.59%、营业率13.76%、净利率9.65%；2026-03-31（本地期标2026Q1）收入381.88百万美元、同比7.46%；毛利率48.39%、营业率11.56%、净利率10.74%；2026-06-30（本地期标2026Q2）收入418.84百万美元、同比9.51%；毛利率51.37%、营业率14.42%、净利率9.26%；最新净利率同比变化0.75个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "MMSI",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/856982/000085698226000044/mmsi-20260630x10q.htm",
        "sha256": "07235be03e67dce06580528f2a3b9ede4801e3a2fcd4fded25aeb0e12fe09809",
        "checks": {
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            ],
            "status": "matched",
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          },
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                "concept": "us-gaap:OperatingIncomeLoss",
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          },
          "net_income": {
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            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 38803000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 38803000.0,
              "prior": 32581000.0,
              "prior_periods": [
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Merit Medical为介入诊断和治疗提供一次性医疗产品。它的导管、导丝、穿刺及其他器械用于心血管、内镜和相关手术场景。公司主要向医院和医疗渠道销售器械及耗材，收入与医疗操作的开展有关。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "primary_url": "https://www.sec.gov/Archives/edgar/data/856982/000085698226000044/mmsi-20260630x10q.htm"
        }
      }
    },
    {
      "ticker": "MOG-A",
      "name": "MOOG INC.",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-31",
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          "revenue": 1116545000.0,
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          "prior_gross_margin": 0.2736762672656875,
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            "demand": -2.7579913154997193,
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          "signals": [
            "gross_margin",
            "operating_margin"
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          "net_margin": 0.136156626020447,
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        "revenue_growth": {
          "positive": 4,
          "available": 4
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        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
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        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 2,
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        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "导弹执行器、空间控制与航空产量需求，积压增23%、经营持续增长。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "关税退款和税收贡献EPS，新增收购及产能扩张现金需拆。",
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        {
          "period": "2026Q3",
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            3162,
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q3",
          "content_hash": "53fb80953632be854082ff15a125f6528bb4867e81ddff8a345de809c916ab13",
          "navigation_offsets": [
            7602,
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 367.0199890136719,
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        "source": "yfinance_daily_sync",
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        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2025-09-27",
        "returns": {
          "1m": {
            "value": -0.14351490791182409,
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          },
          "3m": {
            "value": -0.07107065719074379,
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          "1y": {
            "value": null,
            "start": null,
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
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            "end": "2026-09-11",
            "raw_value": null,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": false,
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      "market_cap": 11623952098.430145,
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      "reported_fcf_yield": 0.01104228569707671,
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        {
          "cash_growth": 0.1,
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 561168739.8646615,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；关税退款和税收贡献EPS，新增收购及产能扩张现金需拆。",
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          "signals": [
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            "operating_margin",
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          "accession": "derived:q4_synth",
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      "financial_reason": "2025Q2 收入同比7.36%，毛利率27.37%，营业利润率11.52%，净利率6.15%；2025Q3 收入同比13.83%，毛利率28.08%，营业利润率12.19%，净利率6.36%；2026Q1 收入同比17.70%，毛利率26.74%，营业利润率12.31%，净利率7.17%；2026Q2 收入同比14.95%，毛利率31.10%，营业利润率15.79%，净利率13.62%",
      "primary_source": {
        "ticker": "MOG-A",
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              {
                "concept": "us-gaap:Revenues",
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          },
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                "concept": "us-gaap:OperatingIncomeLoss",
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            "local": 152025000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
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            ],
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              "concept": "us-gaap:NetIncomeLoss",
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        },
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        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Moog为飞机、航天器、国防装备和工业设备提供精密运动控制产品。它的执行器及控制系统把指令转化成机械动作，例如调整飞行控制面或控制设备运动。公司通过向设备制造商和相关运营客户销售系统、零件及服务赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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      }
    },
    {
      "ticker": "MPWR",
      "name": "MONOLITHIC POWER SYSTEMS INC",
      "mechanism": "已有业务扩展/效率改善",
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        "revenue_growth": {
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        "gross_margin_improvement": {
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "AI ASIC电源方案量产、企业数据单季收入增约1.2亿，持续经营杠杆。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "客户与架构变化、提价及供应链需求时点，估值可能要求高。",
      "sources": [
        {
          "period": "2026Q2",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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        "currency": "USD",
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        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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            "end": "2026-09-11",
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；客户与架构变化、提价及供应链需求时点，估值可能要求高。",
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          "currency": "USD",
          "net_margin": 0.2338958004672804,
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          "net_margin_yoy_pp": -209.75254633966975
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        {
          "period": "2026Q1",
          "filed_at": "2026-05-04",
          "report_date": "2026-03-31",
          "revenue": 804185000.0,
          "revenue_yoy_pct": 26.135982206997376,
          "gross_margin": 0.553436087467436,
          "operating_margin": 0.29987129827092024,
          "ttm_fcf_margin": 0.21289443337876088,
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          "prior_gross_margin": 0.5540393441183021,
          "prior_operating_margin": 0.26469757855805154,
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            "demand": 5.3064357470872885,
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            "operating_margin": 3.5173719712868703,
            "cash_margin": -4.950088011827217
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          ],
          "accession": "0001437749-26-014647",
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          "net_margin": 0.24027555848467702,
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          "net_margin_yoy_pp": 3.042509875891261
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          "period": "2026Q2",
          "filed_at": "2026-08-05",
          "report_date": "2026-06-30",
          "revenue": 980642000.0,
          "revenue_yoy_pct": 47.55948923671405,
          "gross_margin": 0.5517507918282105,
          "operating_margin": 0.30989290689160776,
          "ttm_fcf_margin": 0.17889053935068214,
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          "prior_gross_margin": 0.5507528130802589,
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            "demand": 21.423507029716674,
            "gross_margin": 0.09979787479516,
            "operating_margin": 6.197770106050394,
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          "signals": [
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          "accession": "0001628280-26-053275",
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          "net_margin_yoy_pp": 6.115646425842641
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      ],
      "financial_reason": "2025Q3 收入同比18.88%，毛利率55.11%，营业利润率26.48%，净利率24.18%；2025Q4 收入同比20.83%，毛利率55.15%，营业利润率26.62%，净利率23.39%；2026Q1 收入同比26.14%，毛利率55.34%，营业利润率29.99%，净利率24.03%；2026Q2 收入同比47.56%，毛利率55.18%，营业利润率30.99%，净利率26.24%",
      "primary_source": {
        "ticker": "MPWR",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1280452/000162828026053275/mpwr-20260630.htm",
        "sha256": "6b0f61041861f886fa6c6d80b13d43d9b3a6ed0d38a61ca5b74f3abb8292c885",
        "checks": {
          "revenue": {
            "local": 980642000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 980642000.0
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            ],
            "status": "matched",
            "comparable": {
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              "current": 980642000.0,
              "prior": 664574000.0,
              "prior_periods": [
                "2025-06-30"
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            }
          },
          "operating_income": {
            "local": 303894000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 303894000.0
              }
            ],
            "status": "matched",
            "comparable": {
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              "current": 303894000.0,
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              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 257298000.00000003,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 257298000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 257298000.0,
              "prior": 135009000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "芯源系统设计电源管理芯片和相关模块。它帮助服务器、汽车及其他电子设备转换和调节电压，让电力以设备需要的方式输送。公司主要向电子设备产业链销售芯片及电源方案，而不是直接经营发电业务。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "51fb110990219cb0f1708c5eca1457f03458d68bdee2ff5e85a16402a080c134",
          "business_evidence_sha256": "c1aec8b1d344608af8f8fe30e197af98042cc15875c114d26c081b672ec30918",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1280452/000162828026053275/mpwr-20260630.htm"
        }
      }
    },
    {
      "ticker": "MQ",
      "name": "Marqeta, Inc.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-04",
          "report_date": "2026-06-30",
          "revenue": 175995000.0,
          "revenue_yoy_pct": 17.024176817915837,
          "gross_margin": 0.692479899997159,
          "operating_margin": 0.020659677831756585,
          "ttm_fcf_margin": 0.29263214473458826,
          "prior_revenue_yoy_pct": 19.21652657237567,
          "prior_gross_margin": 0.6919317516889196,
          "prior_operating_margin": -0.06135964678972286,
          "prior_ttm_fcf_margin": 0.09533966472772233,
          "changes_pp": {
            "demand": -2.1923497544598334,
            "gross_margin": 0.0548148308239349,
            "operating_margin": 8.201932462147944,
            "cash_margin": 19.729248000686596
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          "signals": [
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            "cash_margin"
          ],
          "accession": "0001522540-26-000063",
          "currency": "USD",
          "net_margin": 0.04299553964601267,
          "prior_net_margin": -0.004302090536730677,
          "net_margin_yoy_pp": 4.729763018274335
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "发卡平台扩展灵活支付/地域与场景，收入增长17%并连续营业转正",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "2025毛利含网络激励会计政策8.6%增长贡献，客户集中及SBC需复核",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-04",
          "content_hash": "8bdd0ae2f6abcdf5c32d00ed1110739dc5463bcea99ce171b2affd84550722fa",
          "offsets": [
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            16364
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-07",
          "content_hash": "190a7b13861efa97d0494df14990ed8e21f4cad344f6e520ff3358b091a7244f",
          "offsets": [
            3853,
            2302
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 16.329999923706055,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 104098834.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": 0.04145405649741707,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 3.2637076368149174,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 2.437894720780222,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 198174000.0
      },
      "market_cap": 1699933951.2778893,
      "ttm_revenue": 677212000.0,
      "reported_fcf_yield": 0.11657747046644189,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 106327280.82037105,
          "required_cash_to_current_sales": 0.15700737851717195
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 82067595.01534785,
          "required_cash_to_current_sales": 0.12118449616271988
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 63566108.74167819,
          "required_cash_to_current_sales": 0.09386441578365148
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；2025毛利含网络激励会计政策8.6%增长贡献，客户集中及SBC需复核",
      "deep_source_recheck": false,
      "industry": "Software - Infrastructure",
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            "cash_margin": 11.53559270797255
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          "accession": "derived:q4_synth",
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          "period": "2026Q1",
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          "gross_margin": 0.692479899997159,
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            "demand": -2.1923497544598334,
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          "signals": [
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          "accession": "0001522540-26-000063",
          "currency": "USD",
          "net_margin": 0.04299553964601267,
          "prior_net_margin": -0.004302090536730677,
          "net_margin_yoy_pp": 4.729763018274335
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入163.31百万美元、同比27.62%；毛利率70.15%、营业率-6.35%、净利率-2.22%；2025-12-31（本地期标2025Q4）收入172.11百万美元、同比26.75%；毛利率69.71%、营业率-4.82%、净利率-0.81%；2026-03-31（本地期标2026Q1）收入165.80百万美元、同比19.22%；毛利率70.92%、营业率1.26%、净利率4.73%；2026-06-30（本地期标2026Q2）收入176.00百万美元、同比17.02%；毛利率69.25%、营业率2.07%、净利率4.30%；最新净利率同比变化4.73个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "MQ",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1522540/000152254026000063/mq-20260630.htm",
        "sha256": "47f7300f7b8b2d790e1e7c99d6445870ae5acb7769c683e20d6c4a3d3ccdc315",
        "checks": {
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            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 175995000.0
              }
            ],
            "status": "matched",
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          },
          "operating_income": {
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            "alternatives": [
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                "concept": "us-gaap:OperatingIncomeLoss",
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            ],
            "status": "matched",
            "comparable": {
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          },
          "net_income": {
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            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 7567000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Marqeta为金融科技公司和其他企业提供发卡及交易处理平台。客户利用它的接口推出和管理支付卡，并控制交易规则、资金使用和相关支付流程。公司通过平台交易处理及其他服务收费获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "0d83f993064bff40da7b1d795dc9b9f5aa9270859e3916846cf62c76c0218d94",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1522540/000152254026000063/mq-20260630.htm"
        }
      }
    },
    {
      "ticker": "MRVL",
      "name": "Marvell Technology, Inc.",
      "mechanism": "并购/剥离占重要贡献",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q3",
          "filed_at": "2026-08-28",
          "report_date": "2026-08-01",
          "revenue": 2739300000.0,
          "revenue_yoy_pct": 36.54852699267235,
          "gross_margin": 0.5313766290658197,
          "operating_margin": 0.16781659548059724,
          "ttm_fcf_margin": 0.18307355322053268,
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          "prior_gross_margin": 0.5037635212601566,
          "prior_operating_margin": 0.1446089427246897,
          "prior_ttm_fcf_margin": 0.21197252208047104,
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            "demand": 8.980331983966597,
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        "operating_margin_improvement": {
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          "positive": 3,
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        "gross_margin_improvement": {
          "positive": 4,
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "出售汽车业务聚焦AI，数据中心增46%、定制芯片和互联带动收入。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "业务剥离收益/SBC和并购使净利失真，非数据中心季度仍波动。",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2026Q2",
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          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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        "source": "yfinance_daily_sync",
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        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-08-01",
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          },
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          "1y": {
            "value": null,
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": false,
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      "market_cap": 207036095352.17285,
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      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；业务剥离收益/SBC和并购使净利失真，非数据中心季度仍波动。",
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                "concept": "us-gaap:OperatingIncomeLoss",
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                "concept": "us-gaap:NetIncomeLoss",
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                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
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        },
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        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Marvell设计用于数据中心和通信网络的数据基础设施芯片。产品包括定制计算芯片、高速互联、网络和存储相关芯片，帮助客户处理和传输大量数据。公司主要向云计算企业、设备厂商及其他产业客户销售半导体产品和相关方案。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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    },
    {
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      "business_evidence": "数据中心新产品进入生产，磷化铟激光与自有晶圆厂良率改善，订单出货比1.6",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "供应短缺紧急采购可能周期性，晶圆厂转移成本与净利润特殊项需拆",
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          "role": "navigation_excerpt"
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      ],
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      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；供应短缺紧急采购可能周期性，晶圆厂转移成本与净利润特殊项需拆",
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          "ttm_fcf_margin": 0.18292891892093244,
          "prior_revenue_yoy_pct": 24.522973381868862,
          "prior_gross_margin": 0.5517726708127196,
          "prior_operating_margin": 0.14782501791111846,
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          "changes_pp": {
            "demand": -2.0257607334397427,
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          "accession": "0001493594-26-000028",
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        {
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          "filed_at": "2026-08-06",
          "report_date": "2026-07-03",
          "revenue": 342237000.0,
          "revenue_yoy_pct": 35.7657718413672,
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          "changes_pp": {
            "demand": 13.268559192938078,
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            "operating_margin": 7.592869948176592,
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
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          "accession": "0001493594-26-000038",
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          "net_margin": 0.2942639165256825,
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          "net_margin_yoy_pp": 14.933316069120206
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      ],
      "financial_reason": "2025-10-03（本地期标2025Q4）收入261.17百万美元、同比缺失%；毛利率54.49%、营业率15.16%、净利率17.28%；2026-01-02（本地期标2026Q1）收入271.61百万美元、同比24.52%；毛利率55.88%、营业率15.94%、净利率17.95%；2026-04-03（本地期标2026Q2）收入288.95百万美元、同比22.50%；毛利率56.91%、营业率17.59%、净利率16.03%；2026-07-03（本地期标2026Q3）收入342.24百万美元、同比35.77%；毛利率58.31%、营业率22.53%、净利率29.43%；最新净利率同比变化14.93个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "MTSI",
        "period": "2026-07-03",
        "source_period": "2026-07-03",
        "url": "https://www.sec.gov/Archives/edgar/data/1493594/000149359426000038/mtsi-20260703.htm",
        "sha256": "43053fea1f2df65bd44c1456761ab26bf727c55072730679c718d08752769abd",
        "checks": {
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            "alternatives": [
              {
                "concept": "us-gaap:Revenues",
                "value": 342237000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:Revenues",
              "current": 342237000.0,
              "prior": 252079000.0,
              "prior_periods": [
                "2025-07-04"
              ]
            }
          },
          "operating_income": {
            "local": 77115000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 77115000.0
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            ],
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            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 77115000.0,
              "prior": 37660000.0,
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          },
          "net_income": {
            "local": 100708000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 100708000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 100708000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 100708000.0,
              "prior": 36534000.0,
              "prior_periods": [
                "2025-07-04"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "MACOM为通信、数据中心和航空国防等客户设计模拟及射频半导体。它的芯片和组件处理射频、微波及光通信信号，承担放大、转换和传输等任务。公司通过销售标准或定制器件、模块及相关产品赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "566f92617f13bb2c8c475046f0180425d5832c47852b99d1237e3e45f0967fcc",
          "business_evidence_sha256": "32edf407fab84bb891e86ad43116447ffbf31c1a4024dbba8c473aa577472dfd",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1493594/000149359426000038/mtsi-20260703.htm"
        }
      }
    },
    {
      "ticker": "NCNO",
      "name": "nCino, Inc.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q3",
          "filed_at": "2026-08-25",
          "report_date": "2026-07-31",
          "revenue": 161001000.0,
          "revenue_yoy_pct": 8.188690656183862,
          "gross_margin": 0.6259029447022069,
          "operating_margin": 0.08455848100322358,
          "ttm_fcf_margin": 0.2124070300396629,
          "prior_revenue_yoy_pct": 10.598944060164971,
          "prior_gross_margin": 0.5921782078419514,
          "prior_operating_margin": -0.06246682122097907,
          "prior_ttm_fcf_margin": 0.10454722317703653,
          "changes_pp": {
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            "gross_margin": 3.3724736860255455,
            "operating_margin": 14.702530222420265,
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          "signals": [
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            "operating_margin",
            "cash_margin"
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          "accession": "0001902733-26-000101",
          "currency": "USD",
          "net_margin": 0.03155881019372551,
          "prior_net_margin": -0.10252326714376911,
          "net_margin_yoy_pp": 13.40820773374946
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "统一金融工作流平台扩张，专业服务从负3%毛利改善至正3%，经营纪律兑现",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "订阅增长含收购、SBC和银行客户采购周期，定价预期可能不低",
      "sources": [
        {
          "period": "2027Q2",
          "published_date": "2026-08-25",
          "content_hash": "c5fd2073d449d226c959013104b1882882300cf0e0a5032ed1dcb4a7e27b78fd",
          "offsets": [
            3049,
            16205
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2026Q2",
          "published_date": "2025-08-27",
          "content_hash": "7d5ac5aef8d2274e7b6422091905b57632ccc357ae2646664b2233810e29cde8",
          "offsets": [
            2410,
            9591
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 21.25,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 105736174.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-07-31",
        "returns": {
          "1m": {
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            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
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            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.17121682894504275,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 132169000.0
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      "market_cap": 2246893697.5,
      "ttm_revenue": 622244000.0,
      "reported_fcf_yield": 0.05882298755257424,
      "price_hurdles": [
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 108473133.24753049,
          "required_cash_to_current_sales": 0.17432571989047785
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；订阅增长含收购、SBC和银行客户采购周期，定价预期可能不低",
      "deep_source_recheck": false,
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          "accession": "0001902733-26-000101",
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          "net_margin_yoy_pp": 13.40820773374946
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      ],
      "financial_reason": "2025-10-31（本地期标2025Q4）收入152.16百万美元、同比9.63%；毛利率61.57%、营业率7.70%、净利率4.30%；2026-01-31（本地期标2026Q1）收入149.67百万美元、同比5.87%；毛利率61.41%、营业率1.88%、净利率5.57%；2026-04-30（本地期标2026Q2）收入159.41百万美元、同比10.60%；毛利率63.32%、营业率13.25%、净利率8.56%；2026-07-31（本地期标2026Q3）收入161.00百万美元、同比8.19%；毛利率62.59%、营业率8.46%、净利率3.16%；最新净利率同比变化13.41个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "NCNO",
        "period": "2026-07-31",
        "source_period": "2026-07-31",
        "url": "https://www.sec.gov/Archives/edgar/data/1902733/000190273326000101/ncno-20260731.htm",
        "sha256": "2cfc24b895684eb648fd18f2f625f77109a212607e6cbd86fcd59de86be63510",
        "checks": {
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            "local": 161001000.0,
            "alternatives": [
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 161001000.0
              }
            ],
            "status": "matched",
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          },
          "operating_income": {
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            "alternatives": [
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                "concept": "us-gaap:OperatingIncomeLoss",
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            ],
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          },
          "net_income": {
            "local": 5081000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 5081000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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              "prior": -15257000.0,
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "nCino为银行和其他金融机构提供业务流程软件。它帮助客户把开户、贷款申请、审批和管理等工作搬到统一的数字平台。公司主要通过软件订阅和实施服务获得收入，本身并不是以吸收存款和放贷为主的银行。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "05868cde5a5df23c05d2e1eaea8246b03bcaa06cccfa34da4efe5102c372031a",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1902733/000190273326000101/ncno-20260731.htm"
        }
      }
    },
    {
      "ticker": "NEO",
      "name": "NEOGENOMICS INC",
      "mechanism": "新药/新产品商业化",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-28",
          "report_date": "2026-06-30",
          "revenue": 201656000.0,
          "revenue_yoy_pct": 11.209397231566754,
          "gross_margin": 0.45561748720593487,
          "operating_margin": -0.04845380251517436,
          "ttm_fcf_margin": -0.009598131267984263,
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          "prior_gross_margin": 0.42606297909888047,
          "prior_operating_margin": -0.26265924005955993,
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            "demand": 0.11825550514070926,
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          "signals": [
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            "operating_margin"
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          "net_margin": 0.01109810766850478,
          "prior_net_margin": -0.24867368885457453,
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "PanTracer/RaDaR拓展治疗选择及MRD，NGS带动临床业务，AUP提升12%",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "非临床业务仍弱、GAAP营业仍负，提价/医保而非检测量占比需拆",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-07-28",
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          "offsets": [
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          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-07-29",
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          "offsets": [
            3003,
            3954
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 17.31999969482422,
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        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 128475440.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
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            "value": 0.054811182359836286,
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          },
          "3m": {
            "value": 0.5533632544740157,
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          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.4727890610314247,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": -7355000.0
      },
      "market_cap": 2225194581.592407,
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      "reported_fcf_yield": -0.0033053289185777947,
      "price_hurdles": [
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        {
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          "required_starting_cash": 107425566.51403669,
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        {
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "商业化线索：需单产品现金、竞争及融资模型",
      "second_pass_decision": "商业化线索：需单产品现金、竞争及融资模型；非临床业务仍弱、GAAP营业仍负，提价/医保而非检测量占比需拆",
      "deep_source_recheck": false,
      "industry": "Diagnostics & Research",
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            "cash_margin": 0.9356556001754955
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          "revenue": 190170000.0,
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            "demand": -1.3372048680012636,
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          "accession": "derived:q4_synth",
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          "period": "2026Q1",
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          "accession": "0001077183-26-000023",
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          "period": "2026Q2",
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          "accession": "0001077183-26-000059",
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入187.80百万美元、同比11.90%；毛利率42.84%、营业率-14.38%、净利率-14.45%；2025-12-31（本地期标2025Q4）收入190.17百万美元、同比10.56%；毛利率43.83%、营业率-7.05%、净利率-5.20%；2026-03-31（本地期标2026Q1）收入186.67百万美元、同比11.09%；毛利率43.32%、营业率-9.77%、净利率-9.16%；2026-06-30（本地期标2026Q2）收入201.66百万美元、同比11.21%；毛利率45.56%、营业率-4.85%、净利率1.11%；最新净利率同比变化25.98个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "NEO",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1077183/000107718326000059/neo-20260630.htm",
        "sha256": "f9c6ee0dc3808c3c60a3e99d35ba394ecc47d159e59db2296cfc0f3bc3ea26a5",
        "checks": {
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              {
                "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
                "value": 201656000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
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              "prior_periods": [
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              ]
            }
          },
          "operating_income": {
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            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
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              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": -9771000.0,
              "prior": -47628000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 2238000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 2238000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 2238000.0,
              "prior": -45092000.0,
              "prior_periods": [
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              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "NeoGenomics经营以癌症为重点的检测实验室和相关诊断业务。它分析细胞、染色体和基因等信息，帮助医生诊断和选择治疗，也为药企研发提供支持。公司通过临床检测和药企相关服务获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "e95b7e6480b7f9a90ae60b35882bcdbf61c7af6ad7635fc78a5ccd39320bd808",
          "business_evidence_sha256": "22fae2257820dd1e432b515d7bf8c3f44d97af439ae591621598eedccf0a95a9",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1077183/000107718326000059/neo-20260630.htm"
        }
      }
    },
    {
      "ticker": "NESR",
      "name": "National Energy Services Reunited Corp.",
      "mechanism": "周期/订单/利用率修复",
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          "report_date": "2026-06-30",
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          "ttm_fcf_margin": null,
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          "prior_gross_margin": 0.13405097627135212,
          "prior_operating_margin": 0.08275396495686811,
          "prior_ttm_fcf_margin": null,
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            "cash_margin": null
          },
          "signals": [
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            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001493152-26-036720",
          "currency": "USD",
          "net_margin": 0.08452583955510493,
          "prior_net_margin": 0.04643398255174605,
          "net_margin_yoy_pp": 3.8091857003358873
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        "revenue_growth": {
          "positive": 2,
          "available": 3
        },
        "operating_margin_improvement": {
          "positive": 2,
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        },
        "net_margin_improvement": {
          "positive": 2,
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        },
        "gross_margin_improvement": {
          "positive": 2,
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        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "本地化技术平台和压裂能力扩展，2025区域策略到2026订单收入放量连续。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "中东客户集中、地缘风险与商品周期；需核现金和合同回款。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "b03682ecd9febcd5d6efb9f5c679e69a3774cdba922ff6d5e038ccc5fbc6a33e",
          "offset": 5049,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-10"
        },
        {
          "period": "2026Q2",
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          "offset": 3195,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-10"
        },
        {
          "period": "2025Q2",
          "content_hash": "00051237044a2b935dac63877ca164bafb8ccb45165d13fdbf73cc57bfca4b2d",
          "offset": 7210,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-22"
        },
        {
          "period": "2025Q2",
          "content_hash": "00051237044a2b935dac63877ca164bafb8ccb45165d13fdbf73cc57bfca4b2d",
          "offset": 2964,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-22"
        }
      ],
      "market": {
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        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 100851754.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
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            "start": "2026-08-12",
            "reason": null
          },
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            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
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            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 1.1417625314389763,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": false,
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      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；中东客户集中、地缘风险与商品周期；需核现金和合同回款。",
      "deep_source_recheck": false,
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          "report_date": "2025-09-30",
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          "currency": "USD",
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        },
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          "revenue": 404586000.0,
          "revenue_yoy_pct": 33.48179820654433,
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          "operating_margin": 0.08906635424854048,
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            "demand": null,
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          "signals": [
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          "accession": "0001493152-26-022091",
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          "net_margin": 0.058892299782988045,
          "prior_net_margin": 0.034282188834121846,
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          "period": "2026Q2",
          "filed_at": "2026-08-10",
          "report_date": "2026-06-30",
          "revenue": 520752000.0,
          "revenue_yoy_pct": 59.07235893550988,
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          "prior_gross_margin": 0.13405097627135212,
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            "demand": 25.59056072896555,
            "gross_margin": 2.2054041088158725,
            "operating_margin": 4.1760199175002715,
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            "demand",
            "gross_margin",
            "operating_margin"
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          "accession": "0001493152-26-036720",
          "currency": "USD",
          "net_margin": 0.08452583955510493,
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          "net_margin_yoy_pp": 3.8091857003358873
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      ],
      "financial_reason": "2025Q3收入295.31百万美元/同比-12.16%，毛利率11.97%，营业率6.64%，净利率6.01%；2025Q4收入398.26百万美元/同比缺失%，毛利率12.06%，营业率7.70%，净利率1.96%；2026Q1收入404.59百万美元/同比33.48%，毛利率12.81%，营业率8.91%，净利率5.89%；2026Q2收入520.75百万美元/同比59.07%，毛利率15.61%，营业率12.45%，净利率8.45%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "NESR",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1698514/000149315226036720/form10-q.htm",
        "sha256": "7504df51545cc869ac4f30590f3127738559665043e610237c895f20aad4e3ed",
        "checks": {
          "revenue": {
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 520752000.0
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            "status": "matched",
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              "current": 520752000.0,
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                "2025-06-30"
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          },
          "operating_income": {
            "local": 64841000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 64841000.0
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            ],
            "status": "matched",
            "comparable": {
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              "current": 64841000.0,
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          },
          "net_income": {
            "local": 44017000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 44017000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 44017000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 44017000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 44017000.0,
              "prior": 15201000.0,
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                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "NESR为中东和北非等地区的油气公司提供油田服务。它参与钻井、完井和生产相关作业，包括压裂、固井和井下技术服务。公司通过现场服务及相关设备技术收费，而不是主要靠出售自己开采的油气赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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        }
      }
    },
    {
      "ticker": "NPKI",
      "name": "NPK International Inc.",
      "mechanism": "业务模式/产品结构变化",
      "financial": {
        "quarters": 4,
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          "filed_at": "2026-07-30",
          "report_date": "2026-06-30",
          "revenue": 81585000.0,
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          "operating_margin": 0.19721762578905436,
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          "prior_operating_margin": 0.170430729998681,
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        "revenue_growth": {
          "positive": 3,
          "available": 3
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        "operating_margin_improvement": {
          "positive": 2,
          "available": 3
        },
        "net_margin_improvement": {
          "positive": 2,
          "available": 3
        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 3
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "剥离旧业务后聚焦复合垫租赁，定价、销售和运营杠杆改善。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "租赁18%增长仅4%有机，Grassform并购及利用率下降需拆。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "124be9598d09630561649f9eeb4a78295e8838c597d665e7c2588907427903c9",
          "navigation_offsets": [
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          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q1",
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          "navigation_offsets": [
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          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 13.260000228881836,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 84909894.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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          "1m": {
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            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
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            "start": "2025-12-31",
            "end": "2026-09-11",
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
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      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "结构变化线索：进入业务与现金反证比较",
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          "accession": "0000071829-26-000028",
          "currency": "USD",
          "net_margin": 0.13930997735446915,
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          "net_margin_yoy_pp": -1.5112116907383037
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          "period": "2026Q2",
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          "report_date": "2026-06-30",
          "revenue": 81585000.0,
          "revenue_yoy_pct": 19.568244104758705,
          "gross_margin": 0.3696635410921125,
          "operating_margin": 0.19721762578905436,
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          "prior_revenue_yoy_pct": 15.889899192614653,
          "prior_gross_margin": 0.36904430407574046,
          "prior_operating_margin": 0.170430729998681,
          "prior_ttm_fcf_margin": null,
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            "demand": 3.678344912144052,
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          "signals": [
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          "accession": "0000071829-26-000042",
          "currency": "USD",
          "net_margin": 0.14668137525280384,
          "prior_net_margin": 0.12718186214881363,
          "net_margin_yoy_pp": 1.9499513103990203
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      ],
      "financial_reason": "2025Q3 收入同比55.72%，毛利率31.91%，营业利润率13.16%，净利率8.21%；2025Q4 收入同比缺失，毛利率37.72%，营业利润率16.71%，净利率19.42%；2026Q1 收入同比15.89%，毛利率36.21%，营业利润率19.21%，净利率13.93%；2026Q2 收入同比19.57%，毛利率36.97%，营业利润率19.72%，净利率14.67%",
      "primary_source": {
        "ticker": "NPKI",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/71829/000007182926000042/nr-20260630.htm",
        "sha256": "74160e8da984235f5b7277ea6e64d622cc11d90a3998a5a2018b1d0a01de1851",
        "checks": {
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            "alternatives": [
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                "value": 81585000.0
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            ],
            "status": "matched",
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            }
          },
          "operating_income": {
            "local": 16090000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
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          "net_income": {
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            "alternatives": [
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                "concept": "us-gaap:NetIncomeLoss",
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            ],
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "NPK International为临时施工现场提供通行和地面保护方案。它制造和出租可重复使用的复合材料垫板，并帮助客户铺设临时道路和作业平台。公司通过垫板销售、租赁、安装及相关现场服务获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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      }
    },
    {
      "ticker": "NPO",
      "name": "Enpro Inc.",
      "mechanism": "周期/订单/利用率修复",
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            "cash_margin": -0.48501772044892977
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          "accession": "0001628280-26-052211",
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          "net_margin": 0.07998819362455727,
          "prior_net_margin": 0.09163484901076015,
          "net_margin_yoy_pp": -1.1646655386202882
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "特种密封/半导体关键部件和售后指定地位支持增长与毛利扩大",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "需要具体新平台贡献，2025Q4净亏损特殊项及并购资本回报待查",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-04",
          "content_hash": "03cb5bf71f63fe8dd7fbad5e5ebd69795375c6253f83949debe51777ac364939",
          "offsets": [
            2830,
            3835
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-05",
          "content_hash": "33d83240dc99e6caa3c0df1c554c61eb67779927a5fc342381f50efce148042a",
          "offsets": [
            2300,
            3227
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 300.489990234375,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 21167681.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.11972696528884597,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.10194266361904358,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.40505768803227693,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 167000000.0
      },
      "market_cap": 6360676256.974365,
      "ttm_revenue": 1223800000.0,
      "reported_fcf_yield": 0.026255069941169787,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 397846875.21204907,
          "required_cash_to_current_sales": 0.32509141625433
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 307073932.30701953,
          "required_cash_to_current_sales": 0.2509183954134822
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        {
          "cash_growth": 0.2,
          "required_starting_cash": 237846557.69566905,
          "required_cash_to_current_sales": 0.19435083975786
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；需要具体新平台贡献，2025Q4净亏损特殊项及并购资本回报待查",
      "deep_source_recheck": false,
      "industry": "Specialty Industrial Machinery",
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          "report_date": "2025-09-30",
          "revenue": 286600000.0,
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          "prior_gross_margin": 0.42276734380988884,
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            "operating_margin": 1.2006188252217276,
            "cash_margin": 2.22797221107283
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          "signals": [
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            "operating_margin",
            "cash_margin"
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          "accession": "0001628280-25-048610",
          "currency": "USD",
          "net_margin": 0.07536636427076064,
          "prior_net_margin": 0.07589114603296282,
          "net_margin_yoy_pp": -0.05247817622021783
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          "period": "2025Q4",
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          "revenue_yoy_pct": 14.318885448916419,
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          "prior_revenue_yoy_pct": 9.850517439632034,
          "prior_gross_margin": 0.4229876160990712,
          "prior_operating_margin": 0.12461300309597523,
          "prior_ttm_fcf_margin": 0.12758653571088013,
          "changes_pp": {
            "demand": 4.468368009284385,
            "gross_margin": -0.22022403373921362,
            "operating_margin": -1.2223023407417335,
            "cash_margin": 1.1659506447783379
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          "signals": [
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          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": -0.1083276912660799,
          "prior_net_margin": 0.05379256965944272,
          "net_margin_yoy_pp": -16.21202609255226
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-05-05",
          "report_date": "2026-03-31",
          "revenue": 303000000.0,
          "revenue_yoy_pct": 10.907759882869694,
          "gross_margin": 0.429042904290429,
          "operating_margin": 0.14356435643564355,
          "ttm_fcf_margin": 0.1479839740857557,
          "prior_revenue_yoy_pct": 14.318885448916419,
          "prior_gross_margin": 0.43265007320644217,
          "prior_operating_margin": 0.15300146412884333,
          "prior_ttm_fcf_margin": 0.1397031191281473,
          "changes_pp": {
            "demand": -3.4111255660467243,
            "gross_margin": -0.3607168916013148,
            "operating_margin": -0.9437107693199775,
            "cash_margin": 0.8280854957608386
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          "signals": [],
          "accession": "0001628280-26-030295",
          "currency": "USD",
          "net_margin": 0.09042904290429044,
          "prior_net_margin": 0.08967789165446559,
          "net_margin_yoy_pp": 0.07511512498248468
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-08-04",
          "report_date": "2026-06-30",
          "revenue": 338800000.0,
          "revenue_yoy_pct": 17.59805623047552,
          "gross_margin": 0.4397874852420307,
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          "ttm_fcf_margin": 0.13646020591599933,
          "prior_revenue_yoy_pct": 10.907759882869694,
          "prior_gross_margin": 0.43318292259632074,
          "prior_operating_margin": 0.1586254772648386,
          "prior_ttm_fcf_margin": 0.14131038312048863,
          "changes_pp": {
            "demand": 6.690296347605827,
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          "signals": [
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          ],
          "accession": "0001628280-26-052211",
          "currency": "USD",
          "net_margin": 0.07998819362455727,
          "prior_net_margin": 0.09163484901076015,
          "net_margin_yoy_pp": -1.1646655386202882
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入286.60百万美元、同比9.85%；毛利率41.94%、营业率14.27%、净利率7.54%；2025-12-31（本地期标2025Q4）收入295.40百万美元、同比14.32%；毛利率42.08%、营业率11.24%、净利率-10.83%；2026-03-31（本地期标2026Q1）收入303.00百万美元、同比10.91%；毛利率42.90%、营业率14.36%、净利率9.04%；2026-06-30（本地期标2026Q2）收入338.80百万美元、同比17.60%；毛利率43.98%、营业率17.03%、净利率8.00%；最新净利率同比变化-1.16个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "NPO",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1164863/000162828026052211/npo-20260630.htm",
        "sha256": "72165c356083e071a8f241f4f64655fca2cd90d49ec04dede793aecbe4d4fd9c",
        "checks": {
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            "local": 338800000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
                "value": 338800000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
              "current": 338800000.0,
              "prior": 288100000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 57700000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 57700000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 57700000.0,
              "prior": 45700000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 27100000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 27100000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 27100000.0,
              "prior": 26400000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Enpro为工业和高要求制造环境提供专业材料及零部件。业务包括密封产品，以及服务半导体等行业的表面技术和相关组件处理。公司主要通过销售专业产品与服务赚钱，帮助客户保护设备和控制关键工艺环境。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "17728c6e48a07944600248ff781446262433ad47eae5b787981c1fb0de836a91",
          "business_evidence_sha256": "c3236e3a7e5fb2f6edefc50e7b3046a17935c976dda6fdd57fc520db77df306b",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1164863/000162828026052211/npo-20260630.htm"
        }
      }
    },
    {
      "ticker": "NSYS",
      "name": "NORTECH SYSTEMS INC",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
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          "filed_at": "2026-08-12",
          "report_date": "2026-06-30",
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          "gross_margin": 0.17003577817531307,
          "operating_margin": 0.018574836016696482,
          "ttm_fcf_margin": 0.01965487641495054,
          "prior_revenue_yoy_pct": 12.719836400817996,
          "prior_gross_margin": 0.15768541157294214,
          "prior_operating_margin": 0.024189079054604726,
          "prior_ttm_fcf_margin": -0.03556213168703283,
          "changes_pp": {
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            "gross_margin": 1.2350366602370932,
            "operating_margin": -0.5614243037908244,
            "cash_margin": 5.521700810198337
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          "signals": [
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            "cash_margin"
          ],
          "accession": "0001493152-26-037344",
          "currency": "USD",
          "net_margin": 0.009421586165772213,
          "prior_net_margin": 0.010203748981255093,
          "net_margin_yoy_pp": -0.07821628154828802
        },
        "revenue_growth": {
          "positive": 3,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "2024-25重组、关闭Blue Earth并转产Bemidji带来利用率与吸收成本改善，收入恢复",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "利润率仍薄，生产转移和营运资金风险，尚须证明不靠一次性成本消失",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-12",
          "content_hash": "59d95878be25035519ca4373ac0719e789d8a54cc16d814f42bede6d9ec106f2",
          "offsets": [
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            6172
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-08",
          "content_hash": "e52dbe61fe7f4b2d9327c592963153af66203f6a1572c7053d755ced26d25f3b",
          "offsets": [
            1869,
            8784
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 11.1899995803833,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 2853766.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
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            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.32017009703607735,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.5060565059105027,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 2450000.0
      },
      "market_cap": 31933640.34251213,
      "ttm_revenue": 124651000.0,
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      "price_hurdles": [
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；利润率仍薄，生产转移和营运资金风险，尚须证明不靠一次性成本消失",
      "deep_source_recheck": false,
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            "operating_margin": 4.587119941589819,
            "cash_margin": 1.0516590905648788
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            "operating_margin"
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          "accession": "0001493152-25-022124",
          "currency": "USD",
          "net_margin": -0.004789711961157404,
          "prior_net_margin": -0.023529786353360716,
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          "revenue": 30313000.0,
          "revenue_yoy_pct": 5.9154437456324205,
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          "prior_gross_margin": 0.09860237596086653,
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          "changes_pp": {
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            "cash_margin": 4.506111454614086
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          "signals": [
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            "operating_margin",
            "cash_margin"
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          "accession": "derived:q4_synth",
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      "financial_reason": "2025-09-30（本地期标2025Q3）收入30.48百万美元、同比-2.95%；毛利率16.49%、营业率3.10%、净利率-0.48%；2025-12-31（本地期标2025Q4）收入30.31百万美元、同比5.92%；毛利率16.71%、营业率2.97%、净利率2.96%；2026-03-31（本地期标2026Q1）收入30.32百万美元、同比12.72%；毛利率15.51%、营业率0.16%、净利率-0.11%；2026-06-30（本地期标2026Q2）收入33.54百万美元、同比9.34%；毛利率17.00%、营业率1.86%、净利率0.94%；最新净利率同比变化-0.08个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
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        "url": "https://www.sec.gov/Archives/edgar/data/722313/000149315226037344/form10-q.htm",
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            "status": "matched",
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          },
          "net_income": {
            "local": 316000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Nortech为医疗、航空国防及工业客户提供电子和机电产品制造服务。它可以参与设计、样机、测试及生产，替客户把产品方案变成可交付的组件和系统。公司通过工程与合同制造服务赚钱，而不是主要经营自己的消费电子品牌。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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      }
    },
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        "gross_margin_improvement": {
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Blackwell及AI基础设施平台扩张，数据中心成为核心盈利，供给约束下持续高速增长。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "高度成熟市场关注、循环投资与客户融资、股权投资收益影响净利。",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2026Q2",
          "content_hash": "389f300f6683c7c63d35c577bdf7d4167259fd665c1f049b778abdc96caaac2b",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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        "source": "yfinance_daily_sync",
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        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-07-26",
        "returns": {
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          },
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          },
          "1y": {
            "value": null,
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
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            "end": "2026-09-11",
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            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        "stale": false,
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      "market_cap": 5260788838195.801,
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      "reported_fcf_yield": 0.02414200681804157,
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      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；高度成熟市场关注、循环投资与客户融资、股权投资收益影响净利。",
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      },
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        "summary": "英伟达设计GPU、网络产品和配套软件，用于AI训练推理、科学计算及图形处理。它向云计算公司、企业和设备厂商提供芯片、板卡乃至整套计算系统，也经营游戏显卡等业务。公司主要通过计算硬件和相关软件服务赚钱，CUDA等工具帮助开发者使用其计算平台。",
        "version": "2026-09-14-editorial-v1",
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        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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    },
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          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
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        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Spark双位数增长、制造与G&A效率改善，新经营系统连续兑现",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "税率下降提高EPS不能都归经营，核心增长5%低于合并增长需桥接",
      "sources": [
        {
          "period": "2026Q2",
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      ],
      "market": {
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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        },
        "stale": false,
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      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；税率下降提高EPS不能都归经营，核心增长5%低于合并增长需桥接",
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      "financial_reason": "2025-09-26（本地期标2025Q3）收入669.90百万美元、同比11.46%；毛利率55.26%、营业率8.58%、净利率-4.52%；2025-12-31（本地期标2025Q4）收入750.60百万美元、同比14.96%；毛利率54.70%、营业率9.77%、净利率4.38%；2026-04-03（本地期标2026Q2）收入705.50百万美元、同比3.43%；毛利率55.29%、营业率8.86%、净利率5.49%；2026-07-03（本地期标2026Q3）收入730.50百万美元、同比9.05%；毛利率55.72%、营业率10.99%、净利率7.35%；最新净利率同比变化11.87个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "NVST",
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        "url": "https://www.sec.gov/Archives/edgar/data/1757073/000175707326000066/nvst-20260703.htm",
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Envista为牙科诊所和相关医疗渠道提供产品。业务包括牙科种植、正畸、诊疗设备和耗材，帮助医生进行牙齿修复与治疗。公司通过设备、器械和持续使用的耗材销售获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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      }
    },
    {
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      "name": "NWPX Infrastructure, Inc.",
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        "operating_margin_improvement": {
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        "net_margin_improvement": {
          "positive": 3,
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        },
        "gross_margin_improvement": {
          "positive": 4,
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "水传输WTS产量增长26%、收入33.8%、毛利+360基点，容量与执行兑现",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "大项目积压预计正常化，季度时点影响，不能按峰值订单外推",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-07-30",
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      ],
      "market": {
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      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；大项目积压预计正常化，季度时点影响，不能按峰值订单外推",
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          "prior_operating_margin": 0.04796107307410757,
          "prior_ttm_fcf_margin": 0.13339240445011383,
          "changes_pp": {
            "demand": 14.040821444494412,
            "gross_margin": 2.6095327161042903,
            "operating_margin": 4.358781520398926,
            "cash_margin": -0.2543098978174063
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001437749-26-014185",
          "currency": "USD",
          "net_margin": 0.07619309387070175,
          "prior_net_margin": 0.03413856952159497,
          "net_margin_yoy_pp": 4.205452434910678
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-07-30",
          "report_date": "2026-06-30",
          "revenue": 159476000.0,
          "revenue_yoy_pct": 19.742908200807907,
          "gross_margin": 0.21544934661014822,
          "operating_margin": 0.1326281070505907,
          "ttm_fcf_margin": 0.13865948512976206,
          "prior_revenue_yoy_pct": 19.06644275072127,
          "prior_gross_margin": 0.19045366490967247,
          "prior_operating_margin": 0.09938279947740686,
          "prior_ttm_fcf_margin": 0.10379764588029051,
          "changes_pp": {
            "demand": 0.6764654500866385,
            "gross_margin": 2.499568170047575,
            "operating_margin": 3.3245307573183833,
            "cash_margin": 3.4861839249471545
          },
          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001437749-26-025050",
          "currency": "USD",
          "net_margin": 0.09928766710978454,
          "prior_net_margin": 0.06804973645087174,
          "net_margin_yoy_pp": 3.1237930658912796
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入151.07百万美元、同比16.03%；毛利率21.28%、营业率12.60%、净利率8.94%；2025-12-31（本地期标2025Q4）收入125.64百万美元、同比5.03%；毛利率21.30%、营业率10.37%、净利率7.07%；2026-03-31（本地期标2026Q1）收入138.25百万美元、同比19.07%；毛利率19.29%、营业率9.15%、净利率7.62%；2026-06-30（本地期标2026Q2）收入159.48百万美元、同比19.74%；毛利率21.54%、营业率13.26%、净利率9.93%；最新净利率同比变化3.12个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "NWPX",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1001385/000143774926025050/nwpx20260630_10q.htm",
        "sha256": "be8af6a98229d2214df632a42716507f446bdbef5811b65de4abc768ff48919e",
        "checks": {
          "revenue": {
            "local": 159476000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
                "value": 159476000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
              "current": 159476000.0,
              "prior": 133182000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 21151000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 21151000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 21151000.0,
              "prior": 13236000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 15834000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 15834000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 15834000.0,
              "prior": 9063000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "NWPX为供水及其他基础设施项目制造管道和预制产品。它的大口径钢制压力管用于输水，预制混凝土及相关系统则服务于地下和地面基础设施。公司主要向工程项目和相关客户销售按规格生产的产品。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "8d3b1ad0f685e2a5e73f470d12ccefaf20161fbc34557b6148b8345d67d5d10a",
          "business_evidence_sha256": "91028475a4aa15effbb6113ecc510626930828bedfdf3744f1bdbb9a72992175",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1001385/000143774926025050/nwpx20260630_10q.htm"
        }
      }
    },
    {
      "ticker": "NXDR",
      "name": "Nextdoor Holdings, Inc.",
      "mechanism": "业务模式/产品结构变化",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-04",
          "report_date": "2026-06-30",
          "revenue": 74554000.0,
          "revenue_yoy_pct": 14.53458897270059,
          "gross_margin": 0.8460847171177938,
          "operating_margin": -0.07599860503795906,
          "ttm_fcf_margin": 0.04468681718863802,
          "prior_revenue_yoy_pct": 13.830847607796803,
          "prior_gross_margin": 0.8364954757039927,
          "prior_operating_margin": -0.3114927872428679,
          "prior_ttm_fcf_margin": 0.005913469035252912,
          "changes_pp": {
            "demand": 0.7037413649037862,
            "gross_margin": 0.958924141380102,
            "operating_margin": 23.54941822049088,
            "cash_margin": 3.8773348153385108
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          "signals": [
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            "cash_margin"
          ],
          "accession": "0001846069-26-000155",
          "currency": "USD",
          "net_margin": -0.02846259087372911,
          "prior_net_margin": -0.23600079885701997,
          "net_margin_yoy_pp": 20.753820798329087
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Nextdoor重建核心产品后WAU连续两季增长至2290万、收入14.5%增长及减亏",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "仅两季初证、GAAP仍亏，广告周期及用户口径需独立核验",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-05",
          "content_hash": "6a581501dfc363638122bc7cf22eb60f74268811c616fcf313050dd8b5a3ca08",
          "offsets": [
            2189,
            10104
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-08",
          "content_hash": "033b7ec7d242537ba3040b999bc2408e9959d1902f952b898e45cdfa70673731",
          "offsets": [
            2646,
            7168
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 2.2699999809265137,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 386848402.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.10980391240220744,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": null,
            "start": null,
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "1y": {
            "value": null,
            "start": null,
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": null,
            "end": "2026-09-11",
            "raw_value": null,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 12271000.0
      },
      "market_cap": 878145865.1614523,
      "ttm_revenue": 274600000.0,
      "reported_fcf_yield": 0.013973760495636912,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 54926170.47625872,
          "required_cash_to_current_sales": 0.20002247078025753
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 42394187.82847254,
          "required_cash_to_current_sales": 0.15438524336661522
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 32836755.5186166,
          "required_cash_to_current_sales": 0.1195803187130976
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "结构变化线索：进入业务与现金反证比较",
      "second_pass_decision": "只有两季用户复苏初证，仍经营亏损；不能把重做产品直接当已验证经营转型。",
      "deep_source_recheck": false,
      "industry": "Internet Content & Information",
      "financial_history": [
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          "filed_at": "2025-11-05",
          "report_date": "2025-09-30",
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          "gross_margin": 0.8485151963772534,
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          "prior_gross_margin": 0.8303764670019814,
          "prior_operating_margin": -0.3166742874561805,
          "prior_ttm_fcf_margin": -0.19868689631952188,
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            "demand": 2.165889883632377,
            "gross_margin": 1.8138729375271945,
            "operating_margin": 6.660897351383094,
            "cash_margin": 23.09053694543509
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001846069-25-000136",
          "currency": "USD",
          "net_margin": -0.18660919039739907,
          "prior_net_margin": -0.22706904435299496,
          "net_margin_yoy_pp": 4.0459853955595895
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        {
          "period": "2025Q4",
          "filed_at": "2026-02-18",
          "report_date": "2025-12-31",
          "revenue": 69479000.0,
          "revenue_yoy_pct": 6.5171398785797585,
          "gross_margin": 0.849450913225579,
          "operating_margin": -0.1068524302307172,
          "ttm_fcf_margin": 0.022864705836690653,
          "prior_revenue_yoy_pct": 5.011431184270698,
          "prior_gross_margin": 0.8395934261360152,
          "prior_operating_margin": -0.26211136321824985,
          "prior_ttm_fcf_margin": -0.08333198531195911,
          "changes_pp": {
            "demand": 1.5057086943090603,
            "gross_margin": 0.9857487089563799,
            "operating_margin": 15.525893298753266,
            "cash_margin": 10.619669114864976
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          "signals": [
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            "cash_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": -0.05804631615308223,
          "prior_net_margin": -0.18585576746182622,
          "net_margin_yoy_pp": 12.7809451308744
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        {
          "period": "2026Q1",
          "filed_at": "2026-05-06",
          "report_date": "2026-03-31",
          "revenue": 61669000.0,
          "revenue_yoy_pct": 13.830847607796803,
          "gross_margin": 0.8208500218910636,
          "operating_margin": -0.24858518866853688,
          "ttm_fcf_margin": 0.02537536914599512,
          "prior_revenue_yoy_pct": 6.5171398785797585,
          "prior_gross_margin": 0.8256238924985233,
          "prior_operating_margin": -0.4986156231541642,
          "prior_ttm_fcf_margin": -0.026656625292985268,
          "changes_pp": {
            "demand": 7.313707729217045,
            "gross_margin": -0.4773870607459707,
            "operating_margin": 25.003043448562735,
            "cash_margin": 5.203199443898039
          },
          "signals": [
            "demand",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001846069-26-000098",
          "currency": "USD",
          "net_margin": -0.18513353548784642,
          "prior_net_margin": -0.4051978735971648,
          "net_margin_yoy_pp": 22.00643381093184
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-08-04",
          "report_date": "2026-06-30",
          "revenue": 74554000.0,
          "revenue_yoy_pct": 14.53458897270059,
          "gross_margin": 0.8460847171177938,
          "operating_margin": -0.07599860503795906,
          "ttm_fcf_margin": 0.04468681718863802,
          "prior_revenue_yoy_pct": 13.830847607796803,
          "prior_gross_margin": 0.8364954757039927,
          "prior_operating_margin": -0.3114927872428679,
          "prior_ttm_fcf_margin": 0.005913469035252912,
          "changes_pp": {
            "demand": 0.7037413649037862,
            "gross_margin": 0.958924141380102,
            "operating_margin": 23.54941822049088,
            "cash_margin": 3.8773348153385108
          },
          "signals": [
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001846069-26-000155",
          "currency": "USD",
          "net_margin": -0.02846259087372911,
          "prior_net_margin": -0.23600079885701997,
          "net_margin_yoy_pp": 20.753820798329087
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入68.90百万美元、同比5.01%；毛利率84.85%、营业率-25.01%、净利率-18.66%；2025-12-31（本地期标2025Q4）收入69.48百万美元、同比6.52%；毛利率84.95%、营业率-10.69%、净利率-5.80%；2026-03-31（本地期标2026Q1）收入61.67百万美元、同比13.83%；毛利率82.09%、营业率-24.86%、净利率-18.51%；2026-06-30（本地期标2026Q2）收入74.55百万美元、同比14.53%；毛利率84.61%、营业率-7.60%、净利率-2.85%；最新净利率同比变化20.75个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "NXDR",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1846069/000184606926000155/nxdr-20260630.htm",
        "sha256": "b4f777177d294bf5076f5f7a16d1a6a5117a2f0e3c57d016252cbd44d88173a0",
        "checks": {
          "revenue": {
            "local": 74554000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 74554000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 74554000.0,
              "prior": 65093000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": -5666000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": -5666000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": -5666000.0,
              "prior": -20276000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": -2122000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": -2122000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": -2122000.0,
              "prior": -15362000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Nextdoor经营面向邻里社区的本地社交平台。居民可以交流社区消息、寻求推荐和了解附近服务，商家则可以接触周边用户。公司主要通过向企业销售本地及其他广告获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": null,
          "business_evidence_sha256": "1ee1f4c5845cfc6a5bc598e0e6e30659e387eec98d96a772a00e3d34c363167f",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1846069/000184606926000155/nxdr-20260630.htm"
        }
      }
    },
    {
      "ticker": "NXPI",
      "name": "NXP Semiconductors N.V.",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-28",
          "report_date": "2026-06-28",
          "revenue": 3496000000.0,
          "revenue_yoy_pct": 19.480519480519476,
          "gross_margin": 0.5726544622425629,
          "operating_margin": 0.30635011441647597,
          "ttm_fcf_margin": 0.21281759575274933,
          "prior_revenue_yoy_pct": 12.204585537918877,
          "prior_gross_margin": 0.5338345864661654,
          "prior_operating_margin": 0.23479152426520847,
          "prior_ttm_fcf_margin": 0.16300940438871472,
          "changes_pp": {
            "demand": 7.275933942600599,
            "gross_margin": 3.881987577639745,
            "operating_margin": 7.15585901512675,
            "cash_margin": 4.980819136403461
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          "signals": [
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            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001413447-26-000045",
          "currency": "USD",
          "net_margin": 0.21939359267734554,
          "prior_net_margin": 0.15208475734791524,
          "net_margin_yoy_pp": 6.73088353294303
        },
        "revenue_growth": {
          "positive": 3,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "软件定义汽车S32和车内网络设计赢单、工业IoT恢复支持收入与利润。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "周期恢复和并购补强并存，Q1异常营业率47%需拆一次性。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "c90c937f2cee6a08e66e7b58846f4047551467d6112d14f77ddf3e6932f53434",
          "offset": 3637,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-28"
        },
        {
          "period": "2026Q2",
          "content_hash": "c90c937f2cee6a08e66e7b58846f4047551467d6112d14f77ddf3e6932f53434",
          "offset": 2518,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-28"
        },
        {
          "period": "2025Q2",
          "content_hash": "abfde05258dabc25d058249defc601d9ab0e2a4104f907c17a191d76f7526156",
          "offset": 5544,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-22"
        },
        {
          "period": "2025Q2",
          "content_hash": "abfde05258dabc25d058249defc601d9ab0e2a4104f907c17a191d76f7526156",
          "offset": 2243,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-22"
        }
      ],
      "market": {
        "close": 236.6199951171875,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 252164174.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-28",
        "returns": {
          "1m": {
            "value": 0.013752587312945597,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.22384043007704368,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.09011332248501325,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 2806000000.0
      },
      "market_cap": 59667085620.60962,
      "ttm_revenue": 13185000000.0,
      "reported_fcf_yield": 0.047027602753079316,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 3732050273.9218397,
          "required_cash_to_current_sales": 0.2830527321897489
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 2880543808.6446,
          "required_cash_to_current_sales": 0.21847127862302615
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 2231148127.84787,
          "required_cash_to_current_sales": 0.16921866726187865
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；周期恢复和并购补强并存，Q1异常营业率47%需拆一次性。",
      "deep_source_recheck": false,
      "industry": "Semiconductors",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-10-28",
          "report_date": "2025-09-28",
          "revenue": 3173000000.0,
          "revenue_yoy_pct": -2.369230769230768,
          "gross_margin": 0.5631894106523795,
          "operating_margin": 0.281437125748503,
          "ttm_fcf_margin": 0.15699460356994605,
          "prior_revenue_yoy_pct": -6.427886152862172,
          "prior_gross_margin": 0.5741538461538461,
          "prior_operating_margin": 0.3046153846153846,
          "prior_ttm_fcf_margin": 0.19958259256396382,
          "changes_pp": {
            "demand": 4.058655383631404,
            "gross_margin": -1.096443550146664,
            "operating_margin": -2.317825886688163,
            "cash_margin": -4.258798899401778
          },
          "signals": [
            "demand"
          ],
          "accession": "0001413447-25-000120",
          "currency": "USD",
          "net_margin": 0.19886542704065552,
          "prior_net_margin": 0.22092307692307692,
          "net_margin_yoy_pp": -2.20576498824214
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-02-19",
          "report_date": "2025-12-31",
          "revenue": 3335000000.0,
          "revenue_yoy_pct": 7.200257152041134,
          "gross_margin": 0.5418290854572714,
          "operating_margin": 0.22308845577211395,
          "ttm_fcf_margin": 0.19748960795500856,
          "prior_revenue_yoy_pct": -2.369230769230768,
          "prior_gross_margin": 0.539376406300225,
          "prior_operating_margin": 0.21697203471552556,
          "prior_ttm_fcf_margin": 0.16291422229269067,
          "changes_pp": {
            "demand": 9.569487921271902,
            "gross_margin": 0.2452679157046389,
            "operating_margin": 0.6116421056588384,
            "cash_margin": 3.457538566231788
          },
          "signals": [
            "demand",
            "cash_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.136431784107946,
          "prior_net_margin": 0.15911282545805208,
          "net_margin_yoy_pp": -2.268104135010607
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-04-28",
          "report_date": "2026-03-29",
          "revenue": 3181000000.0,
          "revenue_yoy_pct": 12.204585537918877,
          "gross_margin": 0.5620873939012889,
          "operating_margin": 0.4731216598553914,
          "ttm_fcf_margin": 0.21490289338089577,
          "prior_revenue_yoy_pct": 7.200257152041134,
          "prior_gross_margin": 0.5502645502645502,
          "prior_operating_margin": 0.25502645502645505,
          "prior_ttm_fcf_margin": 0.1506126754848657,
          "changes_pp": {
            "demand": 5.004328385877743,
            "gross_margin": 1.182284363673869,
            "operating_margin": 21.809520482893635,
            "cash_margin": 6.429021789603007
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001413447-26-000034",
          "currency": "USD",
          "net_margin": 0.35271927066960074,
          "prior_net_margin": 0.1728395061728395,
          "net_margin_yoy_pp": 17.987976449676125
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-07-28",
          "report_date": "2026-06-28",
          "revenue": 3496000000.0,
          "revenue_yoy_pct": 19.480519480519476,
          "gross_margin": 0.5726544622425629,
          "operating_margin": 0.30635011441647597,
          "ttm_fcf_margin": 0.21281759575274933,
          "prior_revenue_yoy_pct": 12.204585537918877,
          "prior_gross_margin": 0.5338345864661654,
          "prior_operating_margin": 0.23479152426520847,
          "prior_ttm_fcf_margin": 0.16300940438871472,
          "changes_pp": {
            "demand": 7.275933942600599,
            "gross_margin": 3.881987577639745,
            "operating_margin": 7.15585901512675,
            "cash_margin": 4.980819136403461
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001413447-26-000045",
          "currency": "USD",
          "net_margin": 0.21939359267734554,
          "prior_net_margin": 0.15208475734791524,
          "net_margin_yoy_pp": 6.73088353294303
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      ],
      "financial_reason": "2025Q3收入3173.00百万美元/同比-2.37%，毛利率56.32%，营业率28.14%，净利率19.89%；2025Q4收入3335.00百万美元/同比7.20%，毛利率54.18%，营业率22.31%，净利率13.64%；2026Q1收入3181.00百万美元/同比12.20%，毛利率56.21%，营业率47.31%，净利率35.27%；2026Q2收入3496.00百万美元/同比19.48%，毛利率57.27%，营业率30.64%，净利率21.94%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "NXPI",
        "period": "2026-06-28",
        "source_period": "2026-06-28",
        "url": "https://www.sec.gov/Archives/edgar/data/1413447/000141344726000045/nxpi-20260628.htm",
        "sha256": "33f408071d88b73621103528ca8b00b1dcb7b178dbdf759c391ff07912002f33",
        "checks": {
          "revenue": {
            "local": 3496000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 3496000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 3496000000.0,
              "prior": 2926000000.0,
              "prior_periods": [
                "2025-06-29"
              ]
            }
          },
          "operating_income": {
            "local": 1071000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 1071000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 1071000000.0,
              "prior": 687000000.0,
              "prior_periods": [
                "2025-06-29"
              ]
            }
          },
          "net_income": {
            "local": 767000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 767000000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 782000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 767000000.0,
              "prior": 445000000.0,
              "prior_periods": [
                "2025-06-29"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "恩智浦为汽车、工业和连接设备设计半导体。它的微控制器、处理器、通信及安全芯片帮助设备计算、互联并完成身份或支付相关操作。公司主要向设备制造商和汽车产业链销售芯片及配套方案。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "eadabcfd6fe6262871da4a5ba8ec73e58616ed5499b5d226d758d7525ef0b3ca",
          "business_evidence_sha256": "23a7f7db7d463979584ac9d8c78bff9338c565ecdc325747028ffaa0502e238f",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1413447/000141344726000045/nxpi-20260628.htm"
        }
      }
    },
    {
      "ticker": "OIS",
      "name": "OIL STATES INTERNATIONAL, INC",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-30",
          "report_date": "2026-06-30",
          "revenue": 156659000.0,
          "revenue_yoy_pct": -5.28819994437929,
          "gross_margin": 0.24708443179134298,
          "operating_margin": 0.07476110533068639,
          "ttm_fcf_margin": 0.08338831532092444,
          "prior_revenue_yoy_pct": -9.112906251172326,
          "prior_gross_margin": 0.24222821421230184,
          "prior_operating_margin": 0.031903316687423675,
          "prior_ttm_fcf_margin": 0.045454750732740516,
          "changes_pp": {
            "demand": 3.8247063067930362,
            "gross_margin": 0.48562175790411444,
            "operating_margin": 4.2857788643262715,
            "cash_margin": 3.793356458818393
          },
          "signals": [
            "demand",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001121484-26-000033",
          "currency": "USD",
          "net_margin": 0.03772525038459329,
          "prior_net_margin": 0.016994546751629324,
          "net_margin_yoy_pp": 2.0730703632963965
        },
        "revenue_growth": {
          "positive": 1,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "退出美国陆地低效设施、国际海上占收入超70%，高价值技术组合支持盈利。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "总收入仍降5%，2025大额损失和订单周期需正常化。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "ba9a1083821f7a94efe3bc40a83113be4af880e0eb416da7abc28e75ec987adc",
          "offset": 3321,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-30"
        },
        {
          "period": "2026Q2",
          "content_hash": "ba9a1083821f7a94efe3bc40a83113be4af880e0eb416da7abc28e75ec987adc",
          "offset": 4349,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-30"
        },
        {
          "period": "2025Q2",
          "content_hash": "4f08a9a3da1ad62d16de5aaa6a5f460dc675342d5f8b9250c2f2c2ea3a8b6e42",
          "offset": 3545,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-01"
        },
        {
          "period": "2025Q2",
          "content_hash": "4f08a9a3da1ad62d16de5aaa6a5f460dc675342d5f8b9250c2f2c2ea3a8b6e42",
          "offset": 4655,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-01"
        }
      ],
      "market": {
        "close": 8.6899995803833,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 60322619.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.021396456262273267,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.022352891809800157,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.28360407752822825,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 53841000.0
      },
      "market_cap": 524203533.7976217,
      "ttm_revenue": 645666000.0,
      "reported_fcf_yield": 0.10271010500434034,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 32787824.670029905,
          "required_cash_to_current_sales": 0.05078140194780258
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 25306938.12249468,
          "required_cash_to_current_sales": 0.03919509176957541
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 19601690.293380406,
          "required_cash_to_current_sales": 0.030358870210573898
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；总收入仍降5%，2025大额损失和订单周期需正常化。",
      "deep_source_recheck": false,
      "industry": "Oil & Gas Equipment & Services",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-10-31",
          "report_date": "2025-09-30",
          "revenue": 165180000.0,
          "revenue_yoy_pct": -5.258448620001377,
          "gross_margin": 0.2211768979295314,
          "operating_margin": 0.028744400048432015,
          "ttm_fcf_margin": 0.04701435922328615,
          "prior_revenue_yoy_pct": -11.254781820230386,
          "prior_gross_margin": 0.2165726019225916,
          "prior_operating_margin": -0.06332736825200175,
          "prior_ttm_fcf_margin": 0.0017521008232157433,
          "changes_pp": {
            "demand": 5.996333200229009,
            "gross_margin": 0.46042960069398176,
            "operating_margin": 9.207176830043377,
            "cash_margin": 4.526225840007041
          },
          "signals": [
            "demand",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001121484-25-000080",
          "currency": "USD",
          "net_margin": 0.011502603220728902,
          "prior_net_margin": -0.0823009154105582,
          "net_margin_yoy_pp": 9.38035186312871
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-03-04",
          "report_date": "2025-12-31",
          "revenue": 178464000.0,
          "revenue_yoy_pct": 8.426136881436253,
          "gross_margin": 0.10866617357001973,
          "operating_margin": -0.6367390622198315,
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          "prior_gross_margin": 0.23674473708192836,
          "prior_operating_margin": 0.1122998876029041,
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            "demand": 13.684585501437631,
            "gross_margin": -12.807856351190864,
            "operating_margin": -74.90389498227356,
            "cash_margin": 9.840498442978728
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          "signals": [
            "demand",
            "cash_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": -0.6569728348574503,
          "prior_net_margin": 0.09212916552750691,
          "net_margin_yoy_pp": -74.91020003849572
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        {
          "period": "2026Q1",
          "filed_at": "2026-05-05",
          "report_date": "2026-03-31",
          "revenue": 145363000.0,
          "revenue_yoy_pct": -9.112906251172326,
          "gross_margin": 0.23234248054869533,
          "operating_margin": 0.02942977236298095,
          "ttm_fcf_margin": 0.10342551263498738,
          "prior_revenue_yoy_pct": 8.426136881436253,
          "prior_gross_margin": 0.23297152646650576,
          "prior_operating_margin": 0.03525741224724581,
          "prior_ttm_fcf_margin": 0.04374226575451213,
          "changes_pp": {
            "demand": -17.53904313260858,
            "gross_margin": -0.06290459178104335,
            "operating_margin": -0.5827639884264858,
            "cash_margin": 5.968324688047525
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          "signals": [
            "cash_margin"
          ],
          "accession": "0001121484-26-000023",
          "currency": "USD",
          "net_margin": 0.00762229728335271,
          "prior_net_margin": 0.019745151246107866,
          "net_margin_yoy_pp": -1.2122853962755156
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        {
          "period": "2026Q2",
          "filed_at": "2026-07-30",
          "report_date": "2026-06-30",
          "revenue": 156659000.0,
          "revenue_yoy_pct": -5.28819994437929,
          "gross_margin": 0.24708443179134298,
          "operating_margin": 0.07476110533068639,
          "ttm_fcf_margin": 0.08338831532092444,
          "prior_revenue_yoy_pct": -9.112906251172326,
          "prior_gross_margin": 0.24222821421230184,
          "prior_operating_margin": 0.031903316687423675,
          "prior_ttm_fcf_margin": 0.045454750732740516,
          "changes_pp": {
            "demand": 3.8247063067930362,
            "gross_margin": 0.48562175790411444,
            "operating_margin": 4.2857788643262715,
            "cash_margin": 3.793356458818393
          },
          "signals": [
            "demand",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001121484-26-000033",
          "currency": "USD",
          "net_margin": 0.03772525038459329,
          "prior_net_margin": 0.016994546751629324,
          "net_margin_yoy_pp": 2.0730703632963965
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      ],
      "financial_reason": "2025Q3收入165.18百万美元/同比-5.26%，毛利率22.12%，营业率2.87%，净利率1.15%；2025Q4收入178.46百万美元/同比8.43%，毛利率10.87%，营业率-63.67%，净利率-65.70%；2026Q1收入145.36百万美元/同比-9.11%，毛利率23.23%，营业率2.94%，净利率0.76%；2026Q2收入156.66百万美元/同比-5.29%，毛利率24.71%，营业率7.48%，净利率3.77%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "OIS",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1121484/000112148426000033/ois-20260630.htm",
        "sha256": "127c285678697593de358b2c8c0d2d37853934bc6454b684e2b9984045b31d3d",
        "checks": {
          "revenue": {
            "local": 156659000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 156659000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 156659000.0,
              "prior": 165406000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 11711999.999999998,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 11712000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 11712000.0,
              "prior": 5277000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 5910000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 5910000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 5704000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 5910000.0,
              "prior": 2811000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Oil States为油气和其他工业客户提供专业设备、耗材及服务。产品涉及海上工程、井下作业和完井生产，帮助客户建设或运行相关设备。公司通过设备与耗材销售、租用及作业服务获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "1173f0e0f2bfab3b4dc3439c8f5e9689082175da781b4bc497175ae7bd98690e",
          "business_evidence_sha256": "64f4cf118b5a8f102207d2dd5c14a4a59c529337ad40b4a08806e6ef6f528fff",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1121484/000112148426000033/ois-20260630.htm"
        }
      }
    },
    {
      "ticker": "OKTA",
      "name": "Okta, Inc.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q3",
          "filed_at": "2026-08-27",
          "report_date": "2026-07-31",
          "revenue": 805000000.0,
          "revenue_yoy_pct": 10.576923076923084,
          "gross_margin": 0.7962732919254658,
          "operating_margin": 0.13291925465838508,
          "ttm_fcf_margin": 0.31858119101854865,
          "prior_revenue_yoy_pct": 11.191860465116289,
          "prior_gross_margin": 0.7692307692307693,
          "prior_operating_margin": 0.05631868131868132,
          "prior_ttm_fcf_margin": 0.3069127759681506,
          "changes_pp": {
            "demand": -0.614937388193205,
            "gross_margin": 2.7042522694696536,
            "operating_margin": 7.660057333970377,
            "cash_margin": 1.1668415050398062
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          "signals": [
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            "operating_margin"
          ],
          "accession": "0001660134-26-000069",
          "currency": "USD",
          "net_margin": 0.14409937888198757,
          "prior_net_margin": 0.09203296703296704,
          "net_margin_yoy_pp": 5.206641184902053
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "身份安全新产品与专业销售团队扩展大型企业采用，GAAP经营率持续提高。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "收入增速略降、SBC与并购，产品贡献须量化而非把AI当因果。",
      "sources": [
        {
          "period": "2027Q2",
          "content_hash": "400333061a92c1774885ba30e655fc7bc12a480a10f2506d84e050ba9924f127",
          "navigation_offsets": [
            2406,
            4952
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2026Q2",
          "content_hash": "f2f7ce4bf2eb4b8f86447b299dbb6a63ce407c9f41c9578f5f9de73ad2e2a004",
          "navigation_offsets": [
            3053,
            2343
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 166.5,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 174820928.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-07-31",
        "returns": {
          "1m": {
            "value": 0.13034620876074077,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.4317654027790836,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.9255232756968628,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 979000000.0
      },
      "market_cap": 29107684512.0,
      "ttm_revenue": 3073000000.0,
      "reported_fcf_yield": 0.033633729938099176,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 1820624232.3777537,
          "required_cash_to_current_sales": 0.5924582598040201
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 1405229692.9357762,
          "required_cash_to_current_sales": 0.4572826856283034
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          "cash_growth": 0.2,
          "required_starting_cash": 1088431840.2590635,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；收入增速略降、SBC与并购，产品贡献须量化而非把AI当因果。",
      "deep_source_recheck": false,
      "industry": "Software - Infrastructure",
      "financial_history": [
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          "filed_at": "2025-12-03",
          "report_date": "2025-10-31",
          "revenue": 742000000.0,
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          "gross_margin": 0.77088948787062,
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          "prior_gross_margin": 0.7639097744360902,
          "prior_operating_margin": -0.02406015037593985,
          "prior_ttm_fcf_margin": 0.2502960915909988,
          "changes_pp": {
            "demand": -1.11455108359133,
            "gross_margin": 0.6979713434529744,
            "operating_margin": 5.50574549581501,
            "cash_margin": 6.801376756393079
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            "cash_margin"
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          "accession": "0001660134-25-000171",
          "currency": "USD",
          "net_margin": 0.057951482479784364,
          "prior_net_margin": 0.02406015037593985,
          "net_margin_yoy_pp": 3.3891332103844514
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          "period": "2026Q1",
          "filed_at": "2026-03-05",
          "report_date": "2026-01-31",
          "revenue": 761000000.0,
          "revenue_yoy_pct": 11.58357771260996,
          "gross_margin": 0.7792378449408672,
          "operating_margin": 0.06044678055190539,
          "ttm_fcf_margin": 0.2997601918465228,
          "prior_revenue_yoy_pct": 11.578947368421044,
          "prior_gross_margin": 0.7683284457478006,
          "prior_operating_margin": 0.011730205278592375,
          "prior_ttm_fcf_margin": 0.2842911877394636,
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            "demand": 0.004630344188916169,
            "gross_margin": 1.090939919306666,
            "operating_margin": 4.871657527331301,
            "cash_margin": 1.5469004107059203
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          "signals": [
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          "accession": "derived:q4_synth",
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          "net_margin": 0.08278580814717477,
          "prior_net_margin": 0.03372434017595308,
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        {
          "period": "2026Q2",
          "filed_at": "2026-05-29",
          "report_date": "2026-04-30",
          "revenue": 765000000.0,
          "revenue_yoy_pct": 11.191860465116289,
          "gross_margin": 0.7777777777777778,
          "operating_margin": 0.07320261437908497,
          "ttm_fcf_margin": 0.3040720961281709,
          "prior_revenue_yoy_pct": 11.58357771260996,
          "prior_gross_margin": 0.7747093023255814,
          "prior_operating_margin": 0.056686046511627904,
          "prior_ttm_fcf_margin": 0.2849682954121596,
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            "operating_margin": 1.6516567867457068,
            "cash_margin": 1.9103800716011254
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          "signals": [
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          "accession": "0001660134-26-000051",
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          "net_margin": 0.09673202614379085,
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        {
          "period": "2026Q3",
          "filed_at": "2026-08-27",
          "report_date": "2026-07-31",
          "revenue": 805000000.0,
          "revenue_yoy_pct": 10.576923076923084,
          "gross_margin": 0.7962732919254658,
          "operating_margin": 0.13291925465838508,
          "ttm_fcf_margin": 0.31858119101854865,
          "prior_revenue_yoy_pct": 11.191860465116289,
          "prior_gross_margin": 0.7692307692307693,
          "prior_operating_margin": 0.05631868131868132,
          "prior_ttm_fcf_margin": 0.3069127759681506,
          "changes_pp": {
            "demand": -0.614937388193205,
            "gross_margin": 2.7042522694696536,
            "operating_margin": 7.660057333970377,
            "cash_margin": 1.1668415050398062
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          "signals": [
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            "operating_margin"
          ],
          "accession": "0001660134-26-000069",
          "currency": "USD",
          "net_margin": 0.14409937888198757,
          "prior_net_margin": 0.09203296703296704,
          "net_margin_yoy_pp": 5.206641184902053
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      ],
      "financial_reason": "2025Q4 收入同比11.58%，毛利率77.09%，营业利润率3.10%，净利率5.80%；2026Q1 收入同比11.58%，毛利率77.92%，营业利润率6.04%，净利率8.28%；2026Q2 收入同比11.19%，毛利率77.78%，营业利润率7.32%，净利率9.67%；2026Q3 收入同比10.58%，毛利率79.63%，营业利润率13.29%，净利率14.41%",
      "primary_source": {
        "ticker": "OKTA",
        "period": "2026-07-31",
        "source_period": "2026-07-31",
        "url": "https://www.sec.gov/Archives/edgar/data/1660134/000166013426000069/okta-20260731.htm",
        "sha256": "3dd31675eb228ace537bd879426782b6a052366ffb7af7d3f6a3993f372033ed",
        "checks": {
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            "local": 805000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 805000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 805000000.0,
              "prior": 728000000.0,
              "prior_periods": [
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            }
          },
          "operating_income": {
            "local": 106999999.99999999,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
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          },
          "net_income": {
            "local": 115999999.99999999,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 116000000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 116000000.0,
              "prior": 67000000.0,
              "prior_periods": [
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              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Okta为企业提供数字身份管理和访问控制软件。它帮助员工或终端用户安全登录不同应用，并管理身份验证和访问权限。公司主要按订阅方式收费，服务对象包括企业内部系统和面向客户的应用。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "48f4300dfa6d848d4b91d7e9643de438689b09886765d6ebc1a4db4bcaa1f160",
          "business_evidence_sha256": "913444ac38191d04405736d5089df7096723a4a254b8cf25820d03b1de45ab87",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1660134/000166013426000069/okta-20260731.htm"
        }
      }
    },
    {
      "ticker": "OMCL",
      "name": "OMNICELL, INC.",
      "mechanism": "业务模式/产品结构变化",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-05",
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          "revenue": 312208000.0,
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          "prior_gross_margin": 0.43941740489121084,
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            "demand": -7.461968239148641,
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          "signals": [
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          "net_margin_yoy_pp": 5.839027624171134
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "OmniSphere云平台与Titan XT换机周期开始、自动药品管理从单机向平台演进",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "企业采购评估周期长，实际产品收入占比未披露，最新毛利需排退款",
      "sources": [
        {
          "period": "2026Q2",
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          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
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          "content_hash": "17cf33325f541f415aa89db2be14d0d1cc76d2d62c548fe14222c10135b046fe",
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      ],
      "market": {
        "close": 32.790000915527344,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 45614884.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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          },
          "3m": {
            "value": -0.13322761489770807,
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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            "end": "2026-09-11",
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": false,
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      "market_cap": 1495712088.1216736,
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        {
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        {
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "结构变化线索：进入业务与现金反证比较",
      "second_pass_decision": "Q2关税退款1400万美元，占收入约4.5个百分点；报告毛利率升约5个百分点。半年服务占比44% vs45%。",
      "deep_source_recheck": true,
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      "primary_source": {
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        },
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      },
      "company_profile": {
        "summary": "Omnicell帮助医院和药房管理药品的储存、配发和使用流程。它提供自动发药柜、药房自动化设备和软件，减少人工管理环节并追踪药品。公司既销售硬件，也通过软件、耗材和持续服务获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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    },
    {
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        "net_margin_improvement": {
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        },
        "gross_margin_improvement": {
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          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "BRUKINSA患者/地区及适应症扩大，持续新患者与疗程推动收入，GAAP利润已跨期兑现",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "主要单品、竞品定价及研发管线投入要核验，增速从高位回落；转录金额存在CNY误标，财务币种以SEC原始表为准；每ADS对应13普通股；SEC深读发现未来IMDELLTRA特许权收入出售按融资负债确认，缺未来支付模型时不能可靠做owner DCF；详见deep_0.json原文引用",
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      ],
      "market": {
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        "currency": "USD",
        "source": "yfinance_daily_sync",
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        "shares_basis": "原始2026Q2财报：总普通股1,478,124,405 / 每ADS13股；不是存托ADS子集",
        "source_period": "2026-06-30",
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；主要单品、竞品定价及研发管线投入要核验，增速从高位回落；转录金额存在CNY误标，财务币种以SEC原始表为准；每ADS对应13普通股；SEC深读发现未来IMDELLTRA特许权收入出售按融资负债确认，缺未来支付模型时不能可靠做owner DCF；详见deep_0.json原文引用",
      "deep_source_recheck": false,
      "industry": "Biotechnology",
      "financial_history": [
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          "period": "2025Q3",
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          "report_date": "2025-09-30",
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          "report_date": "2025-12-31",
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            "demand": -8.165720569059971,
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          "signals": [
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            "operating_margin",
            "cash_margin"
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          "accession": "derived:q4_synth",
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          "net_margin": 0.044388821028321215,
          "prior_net_margin": -0.13466728851310134,
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        {
          "period": "2026Q1",
          "filed_at": "2026-05-06",
          "report_date": "2026-03-31",
          "revenue": 1513438000.0,
          "revenue_yoy_pct": 35.45748197182619,
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          "operating_margin": 0.16512205983991415,
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          "prior_revenue_yoy_pct": 32.837215735788575,
          "prior_gross_margin": 0.8523179975637241,
          "prior_operating_margin": 0.009936640713733992,
          "prior_ttm_fcf_margin": -0.043217122763459,
          "changes_pp": {
            "demand": 2.620266236037615,
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          "revenue_yoy_pct": 29.633619706530823,
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入1412.28百万美元、同比41.00%；毛利率86.09%、营业率11.55%、净利率8.84%；2025-12-31（本地期标2025Q4）收入1498.17百万美元、同比32.84%；毛利率90.49%、营业率12.35%、净利率4.44%；2026-03-31（本地期标2026Q1）收入1513.44百万美元、同比35.46%；毛利率88.95%、营业率16.51%、净利率15.02%；2026-06-30（本地期标2026Q2）收入1705.07百万美元、同比29.63%；毛利率89.76%、营业率19.06%、净利率13.90%；最新净利率同比变化6.73个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "ONC",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1651308/000162828026052878/bgne-20260630.htm",
        "sha256": "17c7235ad7a56881358b70583552a3713257cbc1396c52d289337b6bf9063c98",
        "checks": {
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            "alternatives": [
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 1705071000.0
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            ],
            "status": "matched",
            "comparable": {
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              "current": 1705071000.0,
              "prior": 1315300000.0,
              "prior_periods": [
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            }
          },
          "operating_income": {
            "local": 325047000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 325047000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
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          },
          "net_income": {
            "local": 237007000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 237007000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 237007000.0,
              "prior": 94320000.0,
              "prior_periods": [
                "2025-06-30"
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "BeOne Medicines是一家研发和销售肿瘤药物的生物制药公司。它的产品包括BRUKINSA等靶向药和TEVIMBRA等免疫治疗药，面向不同癌症治疗领域。公司通过全球药品销售及合作安排赚钱，同时持续投入临床研发。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "5c769326160a7129207affd1e4a7fd403bb2c2eb9b3259e25c50c113419be1fb",
          "business_evidence_sha256": "87e1e4062b12fc8e5cf218725f99358402d2ba5f412717740542745f082c8d47",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1651308/000162828026052878/bgne-20260630.htm"
        }
      }
    },
    {
      "ticker": "PAYS",
      "name": "Paysign, Inc.",
      "mechanism": "业务模式/产品结构变化",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 28252071.0,
          "revenue_yoy_pct": 48.08443370347535,
          "gross_margin": 0.6334764980592043,
          "operating_margin": 0.24815582546143256,
          "ttm_fcf_margin": 0.730413461180472,
          "prior_revenue_yoy_pct": 50.75921802755747,
          "prior_gross_margin": 0.6161519812533084,
          "prior_operating_margin": 0.07535278333512332,
          "prior_ttm_fcf_margin": -0.1261397006197065,
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            "gross_margin": 1.7324516805895862,
            "operating_margin": 17.280304212630924,
            "cash_margin": 85.65531618001785
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            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001683168-26-006021",
          "currency": "USD",
          "net_margin": 0.2391519191637314,
          "prior_net_margin": 0.0727400840103965,
          "net_margin_yoy_pp": 16.64118351533349
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "药企患者援助支付项目45个净新增，药企收入占比上升并推动经营杠杆。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "最新导航仅Q1，客户集中和索赔量增长需Q2原文连续核验。",
      "sources": [
        {
          "period": "2026Q1",
          "content_hash": "f01a7e0a7573e0864aebd2d6653f3ae3efbf95b2afc14d0090e5efc2e7d34bd3",
          "navigation_offsets": [
            2593,
            8647
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "3ef5a27addc289bbd4480c01ec8c772befd0cf6c34705d8fbec9bb5dc2f91de6",
          "navigation_offsets": [
            2355,
            5186
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 13.010000228881836,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 56462156.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": 0.01640625273576002,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.8612304227301391,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 1.526213589895793,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 73510395.0
      },
      "market_cap": 734572662.4831619,
      "ttm_revenue": 100642169.0,
      "reported_fcf_yield": 0.10007232606710983,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 45945969.67023391,
          "required_cash_to_current_sales": 0.4565280153116922
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 35462914.1495152,
          "required_cash_to_current_sales": 0.35236635400331245
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          "required_starting_cash": 27468082.337532926,
          "required_cash_to_current_sales": 0.2729281633182302
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "结构变化线索：进入业务与现金反证比较",
      "second_pass_decision": "业务变化突出 · 价格观察",
      "deep_source_recheck": true,
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          "accession": "derived:q4_synth",
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      "financial_reason": "2025Q3 收入同比41.56%，毛利率56.26%，营业利润率7.33%，净利率10.26%；2025Q4 收入同比45.81%，毛利率57.66%，营业利润率8.15%，净利率5.99%；2026Q1 收入同比50.76%，毛利率64.98%，营业利润率23.78%，净利率19.40%；2026Q2 收入同比48.08%，毛利率63.35%，营业利润率24.82%，净利率23.92%",
      "primary_source": {
        "ticker": "PAYS",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1496443/000168316826006021/paysign_i10q-063026.htm",
        "sha256": "591fc62c1cfb048e3a347faab147224d5bf2b0c7079396b998934350568ec4a4",
        "checks": {
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            "alternatives": [
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            ],
            "status": "matched",
            "comparable": {
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          "operating_income": {
            "local": 7010916.0,
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              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 7010916.0
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                "2025-06-30"
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          },
          "net_income": {
            "local": 6756537.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
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              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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                "2025-06-30"
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
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      "company_profile": {
        "summary": "Paysign为企业和医疗相关客户提供支付及预付卡解决方案。它帮助血浆采集机构向捐献者付款，也帮助药企管理患者药费援助等支付项目。公司通过处理支付、管理项目及相关服务收费赚钱，流经平台的客户资金不等于自己的收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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        }
      }
    },
    {
      "ticker": "PDFS",
      "name": "PDF SOLUTIONS INC",
      "mechanism": "周期/订单/利用率修复",
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          "positive": 2,
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        "net_margin_improvement": {
          "positive": 2,
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        "gross_margin_improvement": {
          "positive": 1,
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "半导体数据平台及secureWISE/DirectScan获单，Gainshare和运行许可增长45%",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "大合同分期确认和量挂钩收入周期性，毛利近期下降需核验组合",
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      ],
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      "company_profile": {
        "summary": "PDF Solutions为半导体企业提供制造数据分析软件和相关测量技术。它帮助客户收集并分析芯片生产和测试数据，找出影响良率、性能和可靠性的问题。公司通过软件、技术服务和部分按客户生产成果计费的安排获得收入。",
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        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "工程产品向国防和电力耐久业务、设施优化与自动化促进利润增长。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "周期/固定资本项目时间、债务与CIK重复实体需核验。",
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        {
          "period": "2026Q2",
          "content_hash": "e778bfb91c96db9f8dcfb0c30061d15b891fd33c37182299d57ddca20883c4b0",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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          "required_cash_to_current_sales": 0.015209982784655164
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；周期/固定资本项目时间、债务与CIK重复实体需核验。",
      "deep_source_recheck": false,
      "industry": "Specialty Industrial Machinery",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-11-06",
          "report_date": "2025-09-30",
          "revenue": 398600000.0,
          "revenue_yoy_pct": -4.549808429118773,
          "gross_margin": 0.16708479678876068,
          "operating_margin": 0.04340190667335675,
          "ttm_fcf_margin": -0.010486656200941915,
          "prior_revenue_yoy_pct": -7.512713823393435,
          "prior_gross_margin": 0.17313218390804597,
          "prior_operating_margin": 0.05651340996168582,
          "prior_ttm_fcf_margin": 0.00482771106149297,
          "changes_pp": {
            "demand": 2.962905394274662,
            "gross_margin": -0.6047387119285291,
            "operating_margin": -1.3111503288329072,
            "cash_margin": -1.5314367262434885
          },
          "signals": [
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          ],
          "accession": "0000076282-25-000116",
          "currency": "USD",
          "net_margin": 0.013296537882589061,
          "prior_net_margin": 0.02346743295019157,
          "net_margin_yoy_pp": -1.017089506760251
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        {
          "period": "2025Q4",
          "filed_at": "2026-03-05",
          "report_date": "2025-12-31",
          "revenue": 395000000.0,
          "revenue_yoy_pct": 1.6992790937178093,
          "gross_margin": 0.17291139240506329,
          "operating_margin": 0.02531645569620253,
          "ttm_fcf_margin": 0.0012507035207304108,
          "prior_revenue_yoy_pct": -4.549808429118773,
          "prior_gross_margin": 0.1660659114315139,
          "prior_operating_margin": 0.037075180226570546,
          "prior_ttm_fcf_margin": 0.002173650525298877,
          "changes_pp": {
            "demand": 6.249087522836582,
            "gross_margin": 0.6845480973549395,
            "operating_margin": -1.1758724530368014,
            "cash_margin": -0.09229470045684662
          },
          "signals": [
            "demand"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.002531645569620253,
          "prior_net_margin": 0.0012873326467559218,
          "net_margin_yoy_pp": 0.12443129228643314
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-05-07",
          "report_date": "2026-03-31",
          "revenue": 421000000.0,
          "revenue_yoy_pct": 3.848051307350775,
          "gross_margin": 0.17268408551068884,
          "operating_margin": 0.04679334916864608,
          "ttm_fcf_margin": 0.0007431721062736112,
          "prior_revenue_yoy_pct": 1.6992790937178093,
          "prior_gross_margin": 0.16798223976319684,
          "prior_operating_margin": 0.04662062160828811,
          "prior_ttm_fcf_margin": -0.00754257907542579,
          "changes_pp": {
            "demand": 2.1487722136329657,
            "gross_margin": 0.4701845747491995,
            "operating_margin": 0.017272756035797282,
            "cash_margin": 0.8285751181699401
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          "signals": [
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          ],
          "accession": "0000076282-26-000013",
          "currency": "USD",
          "net_margin": 0.019239904988123516,
          "prior_net_margin": 0.020473606314750863,
          "net_margin_yoy_pp": -0.1233701326627347
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        {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 440100000.0,
          "revenue_yoy_pct": 9.997500624843791,
          "gross_margin": 0.17927743694614862,
          "operating_margin": 0.05566916609861395,
          "ttm_fcf_margin": 0.012388952680244153,
          "prior_revenue_yoy_pct": 3.848051307350775,
          "prior_gross_margin": 0.1704573856535866,
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          "prior_ttm_fcf_margin": -0.01452063295066708,
          "changes_pp": {
            "demand": 6.1494493174930165,
            "gross_margin": 0.8820051292562026,
            "operating_margin": 0.5431725458773906,
            "cash_margin": 2.6909585630911232
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          "signals": [
            "demand",
            "cash_margin"
          ],
          "accession": "0000076282-26-000028",
          "currency": "USD",
          "net_margin": 0.027493751420131787,
          "prior_net_margin": 0.022994251437140716,
          "net_margin_yoy_pp": 0.4499499982991071
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      ],
      "financial_reason": "2025Q3 收入同比-4.55%，毛利率16.71%，营业利润率4.34%，净利率1.33%；2025Q4 收入同比1.70%，毛利率17.29%，营业利润率2.53%，净利率0.25%；2026Q1 收入同比3.85%，毛利率17.27%，营业利润率4.68%，净利率1.92%；2026Q2 收入同比10.00%，毛利率17.93%，营业利润率5.57%，净利率2.75%",
      "primary_source": {
        "ticker": "PKOH",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/76282/000007628226000028/pkoh-20260630.htm",
        "sha256": "db4a8eae2bbbcf997ca34fa4032f4684d1ae2572f3c09da205ae0b741f7e05de",
        "checks": {
          "revenue": {
            "local": 440100000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 440100000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 440100000.0,
              "prior": 400100000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 24500000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 24500000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 24500000.0,
              "prior": 20100000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 12100000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 12100000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 11900000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 12100000.0,
              "prior": 9200000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Park-Ohio同时经营工业供应链服务、制造零部件和工程设备业务。它帮助客户采购与管理生产所需物料，也直接提供装配部件及专业设备。公司通过供应管理服务、产品销售和相关工程业务赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "edc7fda6eb8429c23f232b1cb2138310cb51c4729374082d880f640e0a14821b",
          "business_evidence_sha256": "aeb48219ddf2c0e4ec33724dd50b7daae82a4470fa81f67dbc2b1fecebae8149",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/76282/000007628226000028/pkoh-20260630.htm"
        }
      }
    },
    {
      "ticker": "PLTK",
      "name": "Playtika Holding Corp.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 731100000.0,
          "revenue_yoy_pct": 5.043103448275854,
          "gross_margin": 0.7361510053344276,
          "operating_margin": 0.18410614143072082,
          "ttm_fcf_margin": 0.14813374805598756,
          "prior_revenue_yoy_pct": 5.481586402266281,
          "prior_gross_margin": 0.7186781609195402,
          "prior_operating_margin": 0.15761494252873562,
          "prior_ttm_fcf_margin": 0.1732071377801055,
          "changes_pp": {
            "demand": -0.4384829539904267,
            "gross_margin": 1.747284441488739,
            "operating_margin": 2.64911989019852,
            "cash_margin": -2.5073389724117936
          },
          "signals": [
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001828016-26-000047",
          "currency": "USD",
          "net_margin": 0.06565449322938038,
          "prior_net_margin": 0.04770114942528736,
          "net_margin_yoy_pp": 1.7953343804093025
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "新游戏Disney Solitaire商业化及D2C占比39.3%接近40%目标，绕平台费用改善单位经济。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "营销支出时点使季度利润反弹，老游戏衰退与收购减值需正常化。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "0d097b90b7bed3d846db05cbfc881adb3a2defb195df394fc206bc634b7b7247",
          "offset": 2107,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-06"
        },
        {
          "period": "2026Q2",
          "content_hash": "0d097b90b7bed3d846db05cbfc881adb3a2defb195df394fc206bc634b7b7247",
          "offset": 4047,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-06"
        },
        {
          "period": "2025Q2",
          "content_hash": "57c7e4801d0fb5ecedee27ba6efc7cc11589ce1f5041e90ed466750d92b13df5",
          "offset": 2056,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-08"
        },
        {
          "period": "2025Q2",
          "content_hash": "57c7e4801d0fb5ecedee27ba6efc7cc11589ce1f5041e90ed466750d92b13df5",
          "offset": 2898,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-08"
        }
      ],
      "market": {
        "close": 2.309999942779541,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 381418186.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.02325584208685716,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.26666670703383233,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.41518989496364,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 419100000.0
      },
      "market_cap": 881075987.8350763,
      "ttm_revenue": 2829200000.0,
      "reported_fcf_yield": 0.4756683938575897,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
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          "required_cash_to_current_sales": 0.01947880795463758
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          "required_cash_to_current_sales": 0.015034513346612965
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；营销支出时点使季度利润反弹，老游戏衰退与收购减值需正常化。",
      "deep_source_recheck": false,
      "industry": "Electronic Gaming & Multimedia",
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          "prior_gross_margin": 0.7292203608247423,
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            "cash_margin": -2.963571339889129
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          "accession": "derived:q4_synth",
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            "operating_margin": -16.263799594566475,
            "cash_margin": 1.554201760293314
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        },
        {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 731100000.0,
          "revenue_yoy_pct": 5.043103448275854,
          "gross_margin": 0.7361510053344276,
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          "prior_revenue_yoy_pct": 5.481586402266281,
          "prior_gross_margin": 0.7186781609195402,
          "prior_operating_margin": 0.15761494252873562,
          "prior_ttm_fcf_margin": 0.1732071377801055,
          "changes_pp": {
            "demand": -0.4384829539904267,
            "gross_margin": 1.747284441488739,
            "operating_margin": 2.64911989019852,
            "cash_margin": -2.5073389724117936
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          "accession": "0001828016-26-000047",
          "currency": "USD",
          "net_margin": 0.06565449322938038,
          "prior_net_margin": 0.04770114942528736,
          "net_margin_yoy_pp": 1.7953343804093025
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      ],
      "financial_reason": "2025Q3收入674.60百万美元/同比8.67%，毛利率73.55%，营业率14.59%，净利率5.80%；2025Q4收入678.80百万美元/同比4.38%，毛利率72.47%，营业率-41.40%，净利率-45.57%；2026Q1收入744.70百万美元/同比5.48%，毛利率74.19%，营业率-6.66%，净利率-7.72%；2026Q2收入731.10百万美元/同比5.04%，毛利率73.62%，营业率18.41%，净利率6.57%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "PLTK",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1828016/000182801626000047/playtika-20260630.htm",
        "sha256": "3b0acf5716b3e0f72ad38813caa3a12d809e5ffbac35d7c0f16aa0cfb519dafa",
        "checks": {
          "revenue": {
            "local": 731100000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 731100000.0
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            ],
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              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 731100000.0,
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                "2025-06-30"
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          "operating_income": {
            "local": 134600000.0,
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              {
                "concept": "us-gaap:OperatingIncomeLoss",
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              {
                "concept": "us-gaap:NetIncomeLoss",
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              "concept": "us-gaap:NetIncomeLoss",
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Playtika开发和运营手机游戏，产品包括休闲游戏和社交赌场主题游戏。玩家可以通过应用商店及公司的直接渠道使用这些游戏，并购买游戏内的虚拟商品或功能。公司主要靠游戏运营变现，社交赌场主题不意味着所有游戏都属于真钱博彩。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "fe61c4f62ed261666a1aeb0a18ce90a84c0fd15335bc72c2dc9cf8401fb69e7a",
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      }
    },
    {
      "ticker": "PLTR",
      "name": "Palantir Technologies Inc.",
      "mechanism": "已有业务扩展/效率改善",
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          "positive": 4,
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        "operating_margin_improvement": {
          "positive": 4,
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        "net_margin_improvement": {
          "positive": 4,
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        "gross_margin_improvement": {
          "positive": 4,
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "AIP客户扩展到全集团、美国商业增149%与政府增90%，规模杠杆显著。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "高预期、SBC及资本投资收益、客户合同集中风险，不代表低估。",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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        "source": "yfinance_daily_sync",
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      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
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    },
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      },
      "business_evidence": "IQOS/ZYN等无烟产品收入及利润持续提高，传统烟草向多品类迁移。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "本季卷烟异常强不能外推，尼古丁监管、并购债务和消费风险。",
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        },
        {
          "period": "2025Q2",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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          "cash_growth": 0.1,
          "required_starting_cash": 18626053420.34051,
          "required_cash_to_current_sales": 0.43779653121025996
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 14376323715.23865,
          "required_cash_to_current_sales": 0.33790865472414267
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 11135295927.918007,
          "required_cash_to_current_sales": 0.26172983729975335
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；本季卷烟异常强不能外推，尼古丁监管、并购债务和消费风险。",
      "deep_source_recheck": false,
      "industry": "Tobacco",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-10-24",
          "report_date": "2025-09-30",
          "revenue": 10845000000.0,
          "revenue_yoy_pct": 9.423872464937944,
          "gross_margin": 0.6784693407100046,
          "operating_margin": 0.39308437067773166,
          "ttm_fcf_margin": 0.253125625125025,
          "prior_revenue_yoy_pct": 7.097591888466415,
          "prior_gross_margin": 0.660377358490566,
          "prior_operating_margin": 0.3686812632428615,
          "prior_ttm_fcf_margin": 0.26975469518256806,
          "changes_pp": {
            "demand": 2.326280576471529,
            "gross_margin": 1.809198221943864,
            "operating_margin": 2.4403107434870175,
            "cash_margin": -1.662907005754305
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001628280-25-046179",
          "currency": "USD",
          "net_margin": 0.3207007837713232,
          "prior_net_margin": 0.3109676117445263,
          "net_margin_yoy_pp": 0.973317202679691
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-02-06",
          "report_date": "2025-12-31",
          "revenue": 10362000000.0,
          "revenue_yoy_pct": 6.758705955079325,
          "gross_margin": 0.6564369812777456,
          "operating_margin": 0.3255163095927427,
          "ttm_fcf_margin": 0.2623499311159221,
          "prior_revenue_yoy_pct": 9.423872464937944,
          "prior_gross_margin": 0.647331547496394,
          "prior_operating_margin": 0.3357716876159077,
          "prior_ttm_fcf_margin": 0.2844131157928085,
          "changes_pp": {
            "demand": -2.6651665098586186,
            "gross_margin": 0.9105433781351646,
            "operating_margin": -1.0255378023165007,
            "cash_margin": -2.2063184676886394
          },
          "signals": [],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.20662034356301873,
          "prior_net_margin": -0.05965382237791057,
          "net_margin_yoy_pp": 26.627416594092928
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-04-24",
          "report_date": "2026-03-31",
          "revenue": 10146000000.0,
          "revenue_yoy_pct": 9.085044618858195,
          "gross_margin": 0.6805637689729943,
          "operating_margin": 0.38369800906761287,
          "ttm_fcf_margin": 0.25705540693610973,
          "prior_revenue_yoy_pct": 6.758705955079325,
          "prior_gross_margin": 0.6731534243629718,
          "prior_operating_margin": 0.3810342973873777,
          "prior_ttm_fcf_margin": 0.26559162194550096,
          "changes_pp": {
            "demand": 2.32633866377887,
            "gross_margin": 0.7410344610022546,
            "operating_margin": 0.2663711680235159,
            "cash_margin": -0.8536215009391224
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          "signals": [
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          ],
          "accession": "0001628280-26-027019",
          "currency": "USD",
          "net_margin": 0.2402917405874236,
          "prior_net_margin": 0.2892162133103967,
          "net_margin_yoy_pp": -4.89244727229731
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-07-24",
          "report_date": "2026-06-30",
          "revenue": 11192000000.0,
          "revenue_yoy_pct": 10.374753451676533,
          "gross_margin": 0.6843280914939243,
          "operating_margin": 0.40475339528234455,
          "ttm_fcf_margin": 0.29902456222822893,
          "prior_revenue_yoy_pct": 9.085044618858195,
          "prior_gross_margin": 0.6766272189349113,
          "prior_operating_margin": 0.3660749506903353,
          "prior_ttm_fcf_margin": 0.23014491269394236,
          "changes_pp": {
            "demand": 1.289708832818338,
            "gross_margin": 0.7700872559012972,
            "operating_margin": 3.867844459200925,
            "cash_margin": 6.887964953428657
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          "signals": [
            "operating_margin",
            "cash_margin"
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          "accession": "0001628280-26-049493",
          "currency": "USD",
          "net_margin": 0.2516976411722659,
          "prior_net_margin": 0.2997041420118343,
          "net_margin_yoy_pp": -4.8006500839568425
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      ],
      "financial_reason": "2025Q3 收入同比9.42%，毛利率67.85%，营业利润率39.31%，净利率32.07%；2025Q4 收入同比6.76%，毛利率65.64%，营业利润率32.55%，净利率20.66%；2026Q1 收入同比9.09%，毛利率68.06%，营业利润率38.37%，净利率24.03%；2026Q2 收入同比10.37%，毛利率68.43%，营业利润率40.48%，净利率25.17%",
      "primary_source": {
        "ticker": "PM",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1413329/000162828026049493/pm-20260630.htm",
        "sha256": "3cb5c9a4aa4f7c93e62bf6ddb2bdd143c7f7cd67701fcaa1e58382fc9281a7f6",
        "checks": {
          "revenue": {
            "local": 11192000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 11192000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 11192000000.0,
              "prior": 10140000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 4530000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 4530000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 4530000000.0,
              "prior": 3712000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 2817000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 2817000000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 2985000000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 2810000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 2817000000.0,
              "prior": 3039000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "菲利普莫里斯国际经营卷烟及其他尼古丁产品。除了传统烟草，它还销售IQOS加热烟草和ZYN口含尼古丁等产品，通过零售及其他渠道触达成年消费者。公司主要靠产品销售赚钱，不同品类受到各地监管和税收规则约束。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "b9f7a3582884eb20643c07c03ae8bc6a7dc8bd8a3d7af653de990426ae74178a",
          "business_evidence_sha256": "6482a0c868907a6407be8afd9d042dded0c01dac854e176a625ff3adb0927329",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1413329/000162828026049493/pm-20260630.htm"
        }
      }
    },
    {
      "ticker": "POWL",
      "name": "POWELL INDUSTRIES INC",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-04",
          "report_date": "2026-06-30",
          "revenue": 311740000.0,
          "revenue_yoy_pct": 8.896053766858913,
          "gross_margin": 0.3057002630397126,
          "operating_margin": 0.20554308077243857,
          "ttm_fcf_margin": 0.2107588451882556,
          "prior_revenue_yoy_pct": 6.4544146200530506,
          "prior_gross_margin": 0.3070460714073629,
          "prior_operating_margin": 0.2100232994379491,
          "prior_ttm_fcf_margin": 0.07493540768523707,
          "changes_pp": {
            "demand": 2.441639146805862,
            "gross_margin": -0.1345808367650303,
            "operating_margin": -0.4480218665510516,
            "cash_margin": 13.582343750301854
          },
          "signals": [
            "demand",
            "cash_margin"
          ],
          "accession": "0000080420-26-000107",
          "currency": "USD",
          "net_margin": 0.1673189196124976,
          "prior_net_margin": 0.16848951874609203,
          "net_margin_yoy_pp": -0.11705991335944355
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "电气自动化、商业/工业需求推动产能增20%及积压逾20亿美元，盈利持续较高",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "最近毛利低于历史31.4%高点，订单周期和扩产资金需检验",
      "sources": [
        {
          "period": "2026Q3",
          "published_date": "2026-08-04",
          "content_hash": "bc123272b4c146ab5193e6239df7d7f00620a5664b7df41e1a57bbebe031125d",
          "offsets": [
            6739,
            2604
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q4",
          "published_date": "2025-11-19",
          "content_hash": "18e8ef43268f211c3e6f91e833302cd08268cff65186097680e26c346e4da5cd",
          "offsets": [
            6455,
            2310
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 182.5,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 36432564.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.12212358202163076,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.3808312128922816,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.4272295451232391,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 243958000.0
      },
      "market_cap": 6648942930.0,
      "ttm_revenue": 1157522000.0,
      "reported_fcf_yield": 0.03669124589703765,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 415877347.20239305,
          "required_cash_to_current_sales": 0.35928245614544957
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 320990562.7505174,
          "required_cash_to_current_sales": 0.2773083904673237
        },
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          "cash_growth": 0.2,
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          "required_cash_to_current_sales": 0.21479142041544005
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；最近毛利低于历史31.4%高点，订单周期和扩产资金需检验",
      "deep_source_recheck": false,
      "industry": "Electrical Equipment & Parts",
      "financial_history": [
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          "report_date": "2025-09-30",
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          "prior_gross_margin": 0.29242028189905583,
          "prior_operating_margin": 0.2040114446508618,
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            "gross_margin": 2.1443260652029283,
            "operating_margin": 0.8232206832612082,
            "cash_margin": 4.466812140841044
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          "signals": [
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            "cash_margin"
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          "accession": "derived:q4_synth",
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          "net_margin_yoy_pp": 0.5136716619082493
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          "report_date": "2025-12-31",
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          "gross_margin": 0.2843254347410663,
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          "prior_gross_margin": 0.24654663237115365,
          "prior_operating_margin": 0.14733816287055101,
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            "demand": -4.292973016925772,
            "gross_margin": 3.7778802369912654,
            "operating_margin": 2.293940257947766,
            "cash_margin": 9.883619714290681
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          "signals": [
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            "cash_margin"
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          "accession": "0000080420-26-000015",
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          "revenue": 296615000.0,
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          "operating_margin": 0.1941270670734791,
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          "prior_revenue_yoy_pct": 4.039663506343438,
          "prior_gross_margin": 0.29943545405931143,
          "prior_operating_margin": 0.2114588828952988,
          "prior_ttm_fcf_margin": 0.04720975765559272,
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            "demand": 2.4147511137096123,
            "gross_margin": -0.2970339348322415,
            "operating_margin": -1.7331815821819696,
            "cash_margin": 12.285353432227057
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          "signals": [
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            "cash_margin"
          ],
          "accession": "0000080420-26-000070",
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          "prior_net_margin": 0.16627726275970728,
          "net_margin_yoy_pp": -1.1575039338774407
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        {
          "period": "2026Q2",
          "filed_at": "2026-08-04",
          "report_date": "2026-06-30",
          "revenue": 311740000.0,
          "revenue_yoy_pct": 8.896053766858913,
          "gross_margin": 0.3057002630397126,
          "operating_margin": 0.20554308077243857,
          "ttm_fcf_margin": 0.2107588451882556,
          "prior_revenue_yoy_pct": 6.4544146200530506,
          "prior_gross_margin": 0.3070460714073629,
          "prior_operating_margin": 0.2100232994379491,
          "prior_ttm_fcf_margin": 0.07493540768523707,
          "changes_pp": {
            "demand": 2.441639146805862,
            "gross_margin": -0.1345808367650303,
            "operating_margin": -0.4480218665510516,
            "cash_margin": 13.582343750301854
          },
          "signals": [
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            "cash_margin"
          ],
          "accession": "0000080420-26-000107",
          "currency": "USD",
          "net_margin": 0.1673189196124976,
          "prior_net_margin": 0.16848951874609203,
          "net_margin_yoy_pp": -0.11705991335944355
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入297.98百万美元、同比8.33%；毛利率31.39%、营业率21.22%、净利率17.26%；2025-12-31（本地期标2025Q4）收入251.18百万美元、同比4.04%；毛利率28.43%、营业率17.03%、净利率16.48%；2026-03-31（本地期标2026Q1）收入296.62百万美元、同比6.45%；毛利率29.65%、营业率19.41%、净利率15.47%；2026-06-30（本地期标2026Q2）收入311.74百万美元、同比8.90%；毛利率30.57%、营业率20.55%、净利率16.73%；最新净利率同比变化-0.12个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "POWL",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/80420/000008042026000107/powl-20260630.htm",
        "sha256": "1ebc02845ba009a7501eb73e0342729395c339dec62ee001c54b426602b9958b",
        "checks": {
          "revenue": {
            "local": 311740000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 311740000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 311740000.0,
              "prior": 286273000.0,
              "prior_periods": [
                "2025-06-30"
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            }
          },
          "operating_income": {
            "local": 64076000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 64076000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 64076000.0,
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                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 52160000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 52160000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 52160000.0,
              "prior": 48234000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Powell为工业设施和大型用电项目提供配电与电力控制设备。它制造开关设备、电力控制室和定制模块，让客户能够分配、控制和保护电力。公司通过工程设计、设备制造及相关安装维护服务获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "c65479f392f17ef7638fd64ae455184501e228d21cbf6f4e10355bf38e3dfd5b",
          "business_evidence_sha256": "9a542256c0abd35b70b62717a08c0afd5b9ab32e192d08235c73b1579a224d83",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/80420/000008042026000107/powl-20260630.htm"
        }
      }
    },
    {
      "ticker": "PRCH",
      "name": "Porch Group, Inc.",
      "mechanism": "业务模式/产品结构变化",
      "financial": {
        "quarters": 4,
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          "filed_at": "2026-07-29",
          "report_date": "2026-06-30",
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          "revenue_yoy_pct": 18.09547759755228,
          "gross_margin": 0.6216550020584602,
          "operating_margin": -0.02919464516403799,
          "ttm_fcf_margin": 0.18368535240661132,
          "prior_revenue_yoy_pct": 15.636068547424697,
          "prior_gross_margin": 0.6360115679617754,
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          "available": 4
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        "operating_margin_improvement": {
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        },
        "net_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "2025成立reciprocal后转佣金和服务费模型，保险服务增长38%。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "合并reciprocal会计与股东经济口径不同，灾损及关联资本承担必须重建。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "70e764780442cd8144592098a2070c5eafec3d537367ef6ed8d22f9fe6f9aebd",
          "navigation_offsets": [
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            1829
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "0f2d43b0b87874097ce71139d2924786505e3cad676d3c4afe662f2b4c01d372",
          "navigation_offsets": [
            2075,
            2847
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 131832044.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
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            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.6001946683110437,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
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            "end": "2026-09-11",
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 95586000.0
      },
      "market_cap": 2168637224.3798676,
      "ttm_revenue": 520379000.0,
      "reported_fcf_yield": 0.04407652830331421,
      "price_hurdles": [
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          "cash_growth": 0.1,
          "required_starting_cash": 135643681.32115403,
          "required_cash_to_current_sales": 0.2606632499027709
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        {
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "结构变化线索：进入业务与现金反证比较",
      "second_pass_decision": "reciprocal保险结构使合并利润/现金不等于普通股经济收益，未重建灾损资本模型前不精选。",
      "deep_source_recheck": false,
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          "accession": "derived:q4_synth",
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      "financial_reason": "2025Q3 收入同比6.19%，毛利率73.63%，营业利润率13.83%，净利率-9.19%；2025Q4 收入同比39.79%，毛利率79.64%，营业利润率11.73%，净利率-2.48%；2026Q1 收入同比15.64%，毛利率75.00%，营业利润率9.75%，净利率-3.89%；2026Q2 收入同比18.10%，毛利率62.17%，营业利润率-2.92%，净利率3.98%",
      "primary_source": {
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        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1784535/000178453526000048/prch-20260630.htm",
        "sha256": "b8f6a1850aafd58f64b683e7037697e293b6fbae26f2c21064a079bc738f7484",
        "checks": {
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 131812000.0
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                "concept": "us-gaap:OperatingIncomeLoss",
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          },
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                "concept": "us-gaap:NetIncomeLoss",
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              {
                "concept": "us-gaap:ProfitLoss",
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                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
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            ],
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      },
      "company_profile": {
        "summary": "Porch围绕住宅交易、搬迁和日常服务经营软件与保险相关业务。它向验房、产权及其他家居服务企业提供工具，也通过保险相关安排服务家庭用户。公司收入包括软件和服务收费、保险相关佣金等，不能把整个集团都理解为纯软件公司。",
        "version": "2026-09-14-editorial-v1",
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        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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    },
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          "report_date": "2026-05-31",
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          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "ShareFile整合、数据平台与内容工作流构成多元组合，现金偿债及毛利提升。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "旧ARR46%增长备考仅2%，并购主导，AI授权产品成熟度仍待验证。",
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          "published_date": "2026-06-30"
        },
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          "period": "2025Q2",
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          "characters_read": 470,
          "source": "youtube_transcript",
          "published_date": "2025-07-01"
        },
        {
          "period": "2025Q2",
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          "offset": 4452,
          "characters_read": 470,
          "source": "youtube_transcript",
          "published_date": "2025-07-01"
        }
      ],
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        "source": "yfinance_daily_sync",
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        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-05-31",
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          },
          "1y": {
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            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
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            "end": "2026-09-11",
            "raw_value": -0.07076352375030925,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 305221000.0
      },
      "market_cap": 1637236569.5430603,
      "ttm_revenue": 1003725000.0,
      "reported_fcf_yield": 0.18642449458918742,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 102405691.92016125,
          "required_cash_to_current_sales": 0.1020256463873683
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 79040757.80860305,
          "required_cash_to_current_sales": 0.07874742365548636
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 61221647.8982562,
          "required_cash_to_current_sales": 0.06099444359586161
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；旧ARR46%增长备考仅2%，并购主导，AI授权产品成熟度仍待验证。",
      "deep_source_recheck": false,
      "industry": "Software - Infrastructure",
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            "demand": -22.25511615490041,
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          "signals": [
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          "accession": "derived:q4_synth",
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          "revenue": 247799000.0,
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            "demand": -13.429725753474274,
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            "demand": 2.6766364268466125,
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      "financial_reason": "2025Q3收入249.79百万美元/同比39.80%，毛利率80.97%，营业率17.56%，净利率7.77%；2025Q4收入252.67百万美元/同比17.54%，毛利率81.59%，营业率15.19%，净利率10.19%；2026Q1收入247.80百万美元/同比4.11%，毛利率82.30%，营业率18.75%，净利率9.21%；2026Q2收入253.46百万美元/同比6.79%，毛利率82.30%，营业率17.83%，净利率8.31%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "PRGS",
        "period": "2026-05-31",
        "source_period": "2026-05-31",
        "url": "https://www.sec.gov/Archives/edgar/data/876167/000087616726000078/prgs-20260531.htm",
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        "checks": {
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            "alternatives": [
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
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            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 253465000.0,
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              "prior_periods": [
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            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 45202000.0
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            ],
            "status": "matched",
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              "concept": "us-gaap:OperatingIncomeLoss",
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            }
          },
          "net_income": {
            "local": 21073000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 21073000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Progress为企业和软件开发者提供应用开发、数据连接及IT运营工具。它的产品帮助客户建立应用、管理数字内容、连接数据并自动化技术工作。公司主要通过软件订阅、授权和维护支持收费。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "23f07bae5c81f033d52f1a133672560bacaa0135896aef15df08b512a760e07e",
          "business_evidence_sha256": "555910d3b35240714ab0917636b848af4cd03f3bf29f734a3e80c27b4a789240",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/876167/000087616726000078/prgs-20260531.htm"
        }
      }
    },
    {
      "ticker": "PRLB",
      "name": "Proto Labs Inc",
      "mechanism": "业务模式/产品结构变化",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-31",
          "report_date": "2026-06-30",
          "revenue": 149341000.0,
          "revenue_yoy_pct": 10.571362993565959,
          "gross_margin": 0.46431991214736745,
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          "prior_gross_margin": 0.4425638405781006,
          "prior_operating_margin": 0.03679023862938036,
          "prior_ttm_fcf_margin": 0.12955408277415917,
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          "currency": "USD",
          "net_margin": 0.061282568082442195,
          "prior_net_margin": 0.03277729652088285,
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
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          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "新管理层、欧洲ERP合并及数字制造客户关系扩展，连续双位数增长与利润改善。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "订单周期与工厂/网络毛利混合，需第三期证据及资本回报。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "170af2c9683f9a5cba69d342593c5470dfe678733725cecd83db001f70fc5121",
          "navigation_offsets": [
            5220,
            1949
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "f97f2979c3fef11ee68f68ba69ffaf4e807c701fb687d578fb9e7200f74aa5dd",
          "navigation_offsets": [
            9628,
            3628
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 81.9800033569336,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 23921897.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
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            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
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            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.6204784168742481,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        "stale": false,
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      "price_hurdles": [
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          "required_cash_to_current_sales": 0.21883294124663047
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        {
          "cash_growth": 0.15,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "结构变化线索：进入业务与现金反证比较",
      "second_pass_decision": "管理层/ERP执行改善可见，但初步扣SBC现金要求约31%增速，远高于当前约11%收入增长；不能以改善单独入选。",
      "deep_source_recheck": false,
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          "accession": "derived:q4_synth",
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            "cash_margin": -3.07594465070182
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      "financial_reason": "2025Q3 收入同比7.76%，毛利率45.28%，营业利润率6.51%，净利率5.33%；2025Q4 收入同比12.11%，毛利率44.23%，营业利润率4.98%，净利率4.40%；2026Q1 收入同比10.40%，毛利率45.64%，营业利润率7.06%，净利率5.82%；2026Q2 收入同比10.57%，毛利率46.43%，营业利润率7.61%，净利率6.13%",
      "primary_source": {
        "ticker": "PRLB",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1443669/000144366926000035/prlb-20260630.htm",
        "sha256": "259397b9b98f26a52ba9193e0c25f790dcd71527c0e0fbec8a596cda158ebced",
        "checks": {
          "revenue": {
            "local": 149341000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
                "value": 149341000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
              "current": 149341000.0,
              "prior": 135063000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 11358000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 11358000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 11358000.0,
              "prior": 4969000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 9152000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 9152000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 9152000.0,
              "prior": 4427000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Protolabs为工程师和产品开发团队快速制造定制零件。客户提交数字设计后，可以获得注塑、数控加工、三维打印等工艺制作的样品或批量零件。公司通过承接零件订单和提供相关制造服务赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "a4e0e41ea2354a5ddb1d46ea0fcc0183893877fa8d67a80cc5e8c4d9e530a487",
          "business_evidence_sha256": "02172a469a0693111b52e8aa88c4ae6a3df77694fddead6d31e464f2f259fe08",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1443669/000144366926000035/prlb-20260630.htm"
        }
      }
    },
    {
      "ticker": "PTCT",
      "name": "PTC THERAPEUTICS, INC.",
      "mechanism": "新药/新产品商业化",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-30",
          "report_date": "2026-06-30",
          "revenue": 360519000.0,
          "revenue_yoy_pct": 101.54800838574425,
          "gross_margin": null,
          "operating_margin": 0.4132292611485109,
          "ttm_fcf_margin": -0.039366386651254914,
          "prior_revenue_yoy_pct": -76.82578633036758,
          "prior_gross_margin": null,
          "prior_operating_margin": -0.19542697414395527,
          "prior_ttm_fcf_margin": 0.40352558091571955,
          "changes_pp": {
            "demand": 178.37379471611183,
            "gross_margin": null,
            "operating_margin": 60.86562352924661,
            "cash_margin": -44.28919675669745
          },
          "signals": [
            "demand",
            "operating_margin"
          ],
          "accession": "0001070081-26-000017",
          "currency": "USD",
          "net_margin": 0.2315994441347058,
          "prior_net_margin": -0.36253808525506637,
          "net_margin_yoy_pp": 59.41375293897722
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        "revenue_growth": {
          "positive": 2,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 0,
          "available": 0
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Sephience从上市准备到季度151m并环比增21%，是明确新产品盈利转换。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "版税交易/里程碑和研发支出、旧产品退出须拆分，现金平衡仍目标。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "087e21e5bd0e472e19fa755e60fa95de24693cb4749163d62266a30327e475f9",
          "offset": 2260,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-30"
        },
        {
          "period": "2026Q2",
          "content_hash": "087e21e5bd0e472e19fa755e60fa95de24693cb4749163d62266a30327e475f9",
          "offset": 8707,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-30"
        },
        {
          "period": "2025Q2",
          "content_hash": "f7df65819492bfd92f2a6b1c89acce2d49588ea5be61e77897ecd9f29920e7ee",
          "offset": 2975,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-08"
        },
        {
          "period": "2025Q2",
          "content_hash": "f7df65819492bfd92f2a6b1c89acce2d49588ea5be61e77897ecd9f29920e7ee",
          "offset": 4823,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-08"
        }
      ],
      "market": {
        "close": 66.05999755859375,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 83460802.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.09058372640890155,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.12084112196979313,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.1303317752132861,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": -39711000.0
      },
      "market_cap": 5513420376.358276,
      "ttm_revenue": 1008754000.0,
      "reported_fcf_yield": -0.0072026069643232795,
      "price_hurdles": [
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          "cash_growth": 0.1,
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          "required_cash_to_current_sales": 0.3418601641962098
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 266171018.1482055,
          "required_cash_to_current_sales": 0.2638611774012351
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        {
          "cash_growth": 0.2,
          "required_starting_cash": 206164880.0641452,
          "required_cash_to_current_sales": 0.20437577453387565
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "商业化线索：需单产品现金、竞争及融资模型",
      "second_pass_decision": "商业化线索：需单产品现金、竞争及融资模型；版税交易/里程碑和研发支出、旧产品退出须拆分，现金平衡仍目标。",
      "deep_source_recheck": false,
      "industry": "Biotechnology",
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          "filed_at": "2025-11-04",
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          "prior_gross_margin": null,
          "prior_operating_margin": -0.27700141270212314,
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            "operating_margin": 29.12947773772287,
            "cash_margin": 62.786049437275224
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            "operating_margin",
            "cash_margin"
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          "accession": "0001070081-25-000028",
          "currency": "USD",
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          "net_margin_yoy_pp": 61.73136060297768
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            "operating_margin": 32.85081959987312,
            "cash_margin": 54.73588832542398
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          "signals": [
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          "accession": "derived:q4_synth",
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          "net_margin": -0.8195740753110635,
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          "filed_at": "2026-05-07",
          "report_date": "2026-03-31",
          "revenue": 272551000.0,
          "revenue_yoy_pct": -76.82578633036758,
          "gross_margin": null,
          "operating_margin": 0.1649562834111781,
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            "cash_margin": -66.45068332170851
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          "signals": [],
          "accession": "0001070081-26-000012",
          "currency": "USD",
          "net_margin": -0.010306327989990864,
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        {
          "period": "2026Q2",
          "filed_at": "2026-07-30",
          "report_date": "2026-06-30",
          "revenue": 360519000.0,
          "revenue_yoy_pct": 101.54800838574425,
          "gross_margin": null,
          "operating_margin": 0.4132292611485109,
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          "prior_revenue_yoy_pct": -76.82578633036758,
          "prior_gross_margin": null,
          "prior_operating_margin": -0.19542697414395527,
          "prior_ttm_fcf_margin": 0.40352558091571955,
          "changes_pp": {
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            "gross_margin": null,
            "operating_margin": 60.86562352924661,
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          },
          "signals": [
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            "operating_margin"
          ],
          "accession": "0001070081-26-000017",
          "currency": "USD",
          "net_margin": 0.2315994441347058,
          "prior_net_margin": -0.36253808525506637,
          "net_margin_yoy_pp": 59.41375293897722
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      ],
      "financial_reason": "2025Q3收入211.01百万美元/同比7.23%，毛利率缺失%，营业率1.43%，净利率7.53%；2025Q4收入164.68百万美元/同比-22.75%，毛利率缺失%，营业率-43.33%，净利率-81.96%；2026Q1收入272.55百万美元/同比-76.83%，毛利率缺失%，营业率16.50%，净利率-1.03%；2026Q2收入360.52百万美元/同比101.55%，毛利率缺失%，营业率41.32%，净利率23.16%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "PTCT",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1070081/000107008126000017/tmb-20260630x10q.htm",
        "sha256": "8fc9c8aadf9b582421872f5f8f215bb799cef8d536bfa04ba51fcb71e345750e",
        "checks": {
          "revenue": {
            "local": 360519000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 360519000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 360519000.0,
              "prior": 178875000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 148977000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 148977000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 148977000.0,
              "prior": -34957000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 83496000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 83496000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 83496000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 83496000.0,
              "prior": -64849000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "PTC Therapeutics开发和销售面向罕见病的药物。它的业务覆盖多种遗传和神经系统相关疾病，并结合自有商业化产品与合作项目开展经营。公司收入来自药品销售和授权等合作安排，具体来源需要按产品分别理解。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "f0866972e284c9ab1e647c48c72875086bcb6d8435b6fe509defc81c536050da",
          "business_evidence_sha256": "38c1dff29dfde7c3addcceba6e9ac12d8187abfefce5f2b9a2bfdb196d7978be",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1070081/000107008126000017/tmb-20260630x10q.htm"
        }
      }
    },
    {
      "ticker": "PWR",
      "name": "QUANTA SERVICES, INC.",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-30",
          "report_date": "2026-06-30",
          "revenue": 9556997000.0,
          "revenue_yoy_pct": 41.10419493143886,
          "gross_margin": 0.16168028513559227,
          "operating_margin": 0.07270421869966057,
          "ttm_fcf_margin": 0.0726682214389606,
          "prior_revenue_yoy_pct": 26.33346777182164,
          "prior_gross_margin": 0.14876317121774715,
          "prior_operating_margin": 0.05467025207562904,
          "prior_ttm_fcf_margin": 0.052134021010304794,
          "changes_pp": {
            "demand": 14.770727159617223,
            "gross_margin": 1.2917113917845113,
            "operating_margin": 1.8033966624031526,
            "cash_margin": 2.05342004286558
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001050915-26-000025",
          "currency": "USD",
          "net_margin": 0.04723042185740981,
          "prior_net_margin": 0.033847595314754585,
          "net_margin_yoy_pp": 1.3382826542655226
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "多工种关键基础设施交付范围扩大、Dynamic系统补齐能力，订单53b与有机需求兑现。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "并购资本及项目现金时点，数据中心/电网景气与当前价格要求需查。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "92cbe94c09b2697a4a24c166358b4b0ff24b815b3ec1cbdf43ac540c00a1a02f",
          "offset": 3292,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-30"
        },
        {
          "period": "2026Q2",
          "content_hash": "92cbe94c09b2697a4a24c166358b4b0ff24b815b3ec1cbdf43ac540c00a1a02f",
          "offset": 7950,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-30"
        },
        {
          "period": "2025Q2",
          "content_hash": "264e26088a3c7b9d0a7507a5b503e4becc6d2bb0dd160d9ac368833d4c9536a3",
          "offset": 2896,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-01"
        },
        {
          "period": "2025Q2",
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          "offset": 7403,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-01"
        }
      ],
      "market": {
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        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
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        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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            "value": -0.08076408558685821,
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": false,
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      "market_cap": 97810407187.2851,
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        {
          "cash_growth": 0.1,
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        {
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；并购资本及项目现金时点，数据中心/电网景气与当前价格要求需查。",
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          "accession": "derived:q4_synth",
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      "financial_reason": "2025Q3收入7631.41百万美元/同比17.53%，毛利率15.94%，营业率6.78%，净利率4.45%；2025Q4收入7841.95百万美元/同比19.66%，毛利率15.52%，营业率6.18%，净利率4.02%；2026Q1收入7874.79百万美元/同比26.33%，毛利率14.06%，营业率4.30%，净利率2.80%；2026Q2收入9557.00百万美元/同比41.10%，毛利率16.17%，营业率7.27%，净利率4.72%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "PWR",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1050915/000105091526000025/pwr-20260630.htm",
        "sha256": "bab73becc52179586fe155bc1c0e3b8956e1dd08da291b8d5628ddf87151691a",
        "checks": {
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
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                "concept": "us-gaap:OperatingIncomeLoss",
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            ],
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            }
          },
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                "concept": "us-gaap:NetIncomeLoss",
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                "concept": "us-gaap:ProfitLoss",
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                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 451381000.0
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            ],
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            "comparable": {
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Quanta为电力、公用事业和相关能源客户建设与维护基础设施。它参与输电线路、变电站、配电及其他工程，把设计、采购和现场施工连接起来。公司主要通过工程及维护合同赚钱，而不是主要向居民出售电力。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "5ecff1a0858aade77db21d27fc14eae43d6c4ca82d0705f34afd99c1919f9409",
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        }
      }
    },
    {
      "ticker": "QRVO",
      "name": "Qorvo, Inc.",
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        "net_margin_improvement": {
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        },
        "gross_margin_improvement": {
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "退出低毛利大众Android、聚焦旗舰及国防汽车，收入收缩下毛利提高有明确取舍。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "Android预计再降300m收入，业务收缩与并购交易状态需核，最新材料落后财务。",
      "sources": [
        {
          "period": "2026Q3",
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          "offset": 2615,
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          "source": "defeatbeta-api",
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        },
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          "published_date": "2025-01-29"
        },
        {
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          "characters_read": 470,
          "source": "youtube_transcript",
          "published_date": "2025-01-29"
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      ],
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        "currency": "USD",
        "source": "yfinance_daily_sync",
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        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-03-28",
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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        },
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      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；Android预计再降300m收入，业务收缩与并购交易状态需核，最新材料落后财务。",
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      "primary_source": {
        "ticker": "QRVO",
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        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Qorvo设计用于无线通信和电力控制的半导体。它的射频芯片和模块帮助手机、通信设备及国防装备处理无线信号，也提供连接和电源相关产品。公司主要向设备厂商销售器件与系统方案。",
        "version": "2026-09-14-editorial-v1",
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        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
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      "business_evidence": "金融订阅平台扩大、毛利与经营杠杆连续兑现，转债已偿清",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "SBC成本和银行IT支出集中风险，现金不应简单全部视可分配；SEC深读毛利改善含折旧减少、实施成本资本化增加和并购技术摊销到期；H1扣软件资本化与费用化及资本化SBC后现金代理5342.2万美元，实施成本已在CFO扣减不可双扣；详见deep_0.json",
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      "financial_reason": "2025-09-30（本地期标2025Q3）收入201.70百万美元、同比15.25%；毛利率53.96%、营业率5.46%、净利率7.46%；2025-12-31（本地期标2025Q4）收入208.22百万美元、同比13.75%；毛利率55.37%、营业率8.10%、净利率9.82%；2026-03-31（本地期标2026Q1）收入216.51百万美元、同比14.11%；毛利率59.08%、营业率12.79%、净利率12.30%；2026-06-30（本地期标2026Q2）收入219.76百万美元、同比12.61%；毛利率59.25%、营业率13.35%、净利率13.59%；最新净利率同比变化7.56个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
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        "url": "https://www.sec.gov/Archives/edgar/data/1410384/000141038426000053/qtwo-20260630.htm",
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        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Q2为银行、信用合作社和金融科技企业提供数字银行软件。它帮助这些机构向个人和企业客户提供线上账户、支付和其他金融操作界面。公司主要通过软件订阅及相关服务收费，本身不等于一家面向储户经营的银行。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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      }
    },
    {
      "ticker": "RBC",
      "name": "RBC Bearings INC",
      "mechanism": "并购/剥离占重要贡献",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-31",
          "report_date": "2026-06-27",
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          "prior_gross_margin": 0.44770642201834865,
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            "demand": null,
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          "signals": [
            "gross_margin",
            "operating_margin"
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          "accession": "0001213900-26-083879",
          "currency": "USD",
          "net_margin": 0.19538017324350337,
          "prior_net_margin": 0.15711009174311927,
          "net_margin_yoy_pp": 3.8270081500384108
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "航空国防销售增长36.9%其中有机16.6%，组合与工业增长带来毛利改善",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "国防64.6%总增但仅10%有机，并购占比与成熟估值需拆",
      "sources": [
        {
          "period": "2027Q1",
          "published_date": "2026-07-31",
          "content_hash": "0bfcb0ab34a9f8c1e51784c5b1d0335c0dc61630750fd4212804bc58c9ffcc88",
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            1419,
            2122
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2026Q1",
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          "offsets": [
            1420,
            3265
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 494.8299865722656,
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        "currency": "USD",
        "source": "yfinance_daily_sync",
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        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2025-12-27",
        "returns": {
          "1m": {
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          },
          "3m": {
            "value": -0.18025648637548208,
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            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
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            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
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            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": false,
        "local_reported_fcf": null
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      "market_cap": 16181550686.28653,
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        {
          "cash_growth": 0.1,
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        {
          "cash_growth": 0.15,
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          "cash_growth": 0.2,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；国防64.6%总增但仅10%有机，并购占比与成熟估值需拆",
      "deep_source_recheck": false,
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            "demand": 7.115865554807588,
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          "accession": "0001213900-25-104623",
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          "revenue": 461600000.0,
          "revenue_yoy_pct": 17.038539553752543,
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            "demand": 2.6128044444285976,
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          "accession": "0001213900-26-012732",
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          "period": "2026Q2",
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          "accession": "0001213900-26-083879",
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      ],
      "financial_reason": "2025-06-28（本地期标2025Q2）收入436.00百万美元、同比7.31%；毛利率44.77%、营业率23.19%、净利率15.71%；2025-09-27（本地期标2025Q3）收入455.30百万美元、同比14.43%；毛利率44.06%、营业率21.48%、净利率13.18%；2025-12-27（本地期标2025Q4）收入461.60百万美元、同比17.04%；毛利率44.28%、营业率22.31%、净利率14.60%；2026-06-27（本地期标2026Q2）收入519.50百万美元、同比19.15%；毛利率47.70%、营业率27.10%、净利率19.54%；最新净利率同比变化3.83个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "RBC",
        "period": "2026-06-27",
        "source_period": "2026-06-27",
        "url": "https://www.sec.gov/Archives/edgar/data/1324948/000121390026083879/ea0299277-10q_rbcbear.htm",
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                "concept": "us-gaap:Revenues",
                "value": 519500000.0
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            ],
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            "comparable": {
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            }
          },
          "operating_income": {
            "local": 140800000.0,
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                "concept": "us-gaap:OperatingIncomeLoss",
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            ],
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            }
          },
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            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 101500000.0,
              "prior": 68500000.0,
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "RBC Bearings制造用于航空国防和工业设备的精密轴承及动力传动产品。它的零部件支撑机械旋转或运动，客户在飞机、工业机械等设备中使用。公司通过向设备制造商和维护市场销售产品赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "50563a14fcbf6e1e856be53bbbeecddcdf6c0e16c8041600a10b99da464173f9",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1324948/000121390026083879/ea0299277-10q_rbcbear.htm"
        }
      }
    },
    {
      "ticker": "RDDT",
      "name": "Reddit, Inc.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
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          "report_date": "2026-06-30",
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          "prior_gross_margin": 0.908131466073691,
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          "accession": "0001713445-26-000100",
          "currency": "USD",
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          "prior_net_margin": 0.17872733058861912,
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        "revenue_growth": {
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          "available": 4
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        "operating_margin_improvement": {
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        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
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        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "广告变现、定价与用户平台规模使收入持续60%以上增长、经营率约29%。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "搜索流量依赖、AI授权与SBC，不能把管理层差异化自述当独立护城河验证。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "f8e6881de8129e4d0e47a027428dd71a0755e70414384b3c5dbfa69527149d82",
          "navigation_offsets": [
            2443,
            7373
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "6e391ea2c528de72bc8e10089d77dee242a16ad9da99a0e8aba896805f7c35cd",
          "navigation_offsets": [
            3125,
            1888
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 192396510.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
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            "start": "2026-08-12",
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          },
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          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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          "ytd": {
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            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.31365551127266544,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
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      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；搜索流量依赖、AI授权与SBC，不能把管理层差异化自述当独立护城河验证。",
      "deep_source_recheck": false,
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          "accession": "0001713445-25-000227",
          "currency": "USD",
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            "cash_margin": 14.464286152894552
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          "signals": [
            "operating_margin",
            "cash_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.3467483086574413,
          "prior_net_margin": 0.16608566144580286,
          "net_margin_yoy_pp": 18.06626472116384
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        {
          "period": "2026Q1",
          "filed_at": "2026-05-01",
          "report_date": "2026-03-31",
          "revenue": 663411000.0,
          "revenue_yoy_pct": 69.08178947448906,
          "gross_margin": 0.9151853074489268,
          "operating_margin": 0.2757144515240175,
          "ttm_fcf_margin": 0.35120813921334304,
          "prior_revenue_yoy_pct": 69.65048502830209,
          "prior_gross_margin": 0.9054722564169222,
          "prior_operating_margin": 0.00994747184353185,
          "prior_ttm_fcf_margin": 0.21606329457099632,
          "changes_pp": {
            "demand": -0.5686955538130292,
            "gross_margin": 0.9713051032004594,
            "operating_margin": 26.576697968048567,
            "cash_margin": 13.514484464234672
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          "signals": [
            "operating_margin",
            "cash_margin"
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          "accession": "0001713445-26-000069",
          "currency": "USD",
          "net_margin": 0.3074730446133694,
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          "net_margin_yoy_pp": 24.080484874272983
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        {
          "period": "2026Q2",
          "filed_at": "2026-07-31",
          "report_date": "2026-06-30",
          "revenue": 804905000.0,
          "revenue_yoy_pct": 61.101181481385105,
          "gross_margin": 0.9126505612463582,
          "operating_margin": 0.28787993614153223,
          "ttm_fcf_margin": 0.3665742538057329,
          "prior_revenue_yoy_pct": 69.08178947448906,
          "prior_gross_margin": 0.908131466073691,
          "prior_operating_margin": 0.13552310023277364,
          "prior_ttm_fcf_margin": 0.2379125036120107,
          "changes_pp": {
            "demand": -7.980607993103952,
            "gross_margin": 0.45190951726672424,
            "operating_margin": 15.235683590875858,
            "cash_margin": 12.86617501937222
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          "signals": [
            "operating_margin",
            "cash_margin"
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          "accession": "0001713445-26-000100",
          "currency": "USD",
          "net_margin": 0.31413396612022537,
          "prior_net_margin": 0.17872733058861912,
          "net_margin_yoy_pp": 13.540663553160625
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      ],
      "financial_reason": "2025Q3 收入同比67.91%，毛利率91.02%，营业利润率23.69%，净利率27.81%；2025Q4 收入同比69.65%，毛利率91.91%，营业利润率31.95%，净利率34.67%；2026Q1 收入同比69.08%，毛利率91.52%，营业利润率27.57%，净利率30.75%；2026Q2 收入同比61.10%，毛利率91.27%，营业利润率28.79%，净利率31.41%",
      "primary_source": {
        "ticker": "RDDT",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1713445/000171344526000100/rddt-20260630.htm",
        "sha256": "00ee5071b9ee6cdb65bad04c3e41d0e60b3afc47224dfe8f40b15444e8c88f48",
        "checks": {
          "revenue": {
            "local": 804905000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 804905000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 804905000.0,
              "prior": 499627000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 231716000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 231716000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 231716000.0,
              "prior": 67711000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 252848000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 252848000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 252848000.0,
              "prior": 89297000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Reddit经营按兴趣和主题组织的线上社区。用户可以发帖、评论和分享经验，广告主则可以在这些讨论及浏览场景中触达用户。公司收入主要来自广告，也包括内容数据许可等其他业务。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "508b5452aae76acfabee5795336cb7b2c5bce53217a6424d3921bfdce87b6cbc",
          "business_evidence_sha256": "8dbd47608b1bf450d3abfca6aa23e84f41ccae25caad4f2735bb8142ac708704",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1713445/000171344526000100/rddt-20260630.htm"
        }
      }
    },
    {
      "ticker": "RFIL",
      "name": "R F INDUSTRIES LTD",
      "mechanism": "业务模式/产品结构变化",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-06-15",
          "report_date": "2026-04-30",
          "revenue": 20691000.0,
          "revenue_yoy_pct": 9.418297197250137,
          "gross_margin": 0.3511671741336813,
          "operating_margin": 0.053066550674206174,
          "ttm_fcf_margin": 0.016022207071198988,
          "prior_revenue_yoy_pct": -1.2031250000000049,
          "prior_gross_margin": 0.31464833421470123,
          "prior_operating_margin": 0.005605499735589635,
          "prior_ttm_fcf_margin": 0.06039591820052044,
          "changes_pp": {
            "demand": 10.621422197250142,
            "gross_margin": 3.6518839918980084,
            "operating_margin": 4.746105093861654,
            "cash_margin": -4.437371112932145
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          "signals": [
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            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001437749-26-020659",
          "currency": "USD",
          "net_margin": 0.042482238654487456,
          "prior_net_margin": -0.012956107879428873,
          "net_margin_yoy_pp": 5.543834653391633
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        "revenue_growth": {
          "positive": 3,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "冷却系统新品拓宽边缘数据中心/能源应用，制造规模与毛利改善跨期出现。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "小基数及运营商小基站推迟，须确认新产品实际收入而非TAM。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "50470b50482017316b8b94673e801b48b8564452bf96f2d3f7284346e5a6175c",
          "offset": 5123,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-06-15"
        },
        {
          "period": "2026Q2",
          "content_hash": "50470b50482017316b8b94673e801b48b8564452bf96f2d3f7284346e5a6175c",
          "offset": 2354,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-06-15"
        },
        {
          "period": "2025Q2",
          "content_hash": "a53368acdf0d37dc356ddbfc03a29471683d9a94de776ea4ab8c2d231e18b733",
          "offset": 4819,
          "characters_read": 470,
          "source": "youtube_transcript",
          "published_date": "2025-06-20"
        },
        {
          "period": "2025Q2",
          "content_hash": "a53368acdf0d37dc356ddbfc03a29471683d9a94de776ea4ab8c2d231e18b733",
          "offset": 2851,
          "characters_read": 470,
          "source": "youtube_transcript",
          "published_date": "2025-06-20"
        }
      ],
      "market": {
        "close": 10.319999694824219,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 10851265.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-04-30",
        "returns": {
          "1m": {
            "value": -0.21520912591648833,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.4496000162760416,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.7854670104183965,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 1316000.0
      },
      "market_cap": 111985051.48845673,
      "ttm_revenue": 82136000.0,
      "reported_fcf_yield": 0.011751568468365187,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 7004428.618150703,
          "required_cash_to_current_sales": 0.0852784238111267
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          "cash_growth": 0.15,
          "required_starting_cash": 5406294.665989168,
          "required_cash_to_current_sales": 0.06582125579513451
        },
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          "cash_growth": 0.2,
          "required_starting_cash": 4187488.5521325846,
          "required_cash_to_current_sales": 0.05098237742442516
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "结构变化线索：进入业务与现金反证比较",
      "second_pass_decision": "新品场景扩张缺独立收入占比，薄利小基数仍明显；缺证不靠TAM补全。",
      "deep_source_recheck": false,
      "industry": "Electrical Equipment & Parts",
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            "operating_margin": 6.126915770736472,
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          "accession": "derived:q4_synth",
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            "cash_margin"
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          "accession": "0001437749-26-008410",
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          "net_margin": -0.002635879593020191,
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          "period": "2026Q2",
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          "revenue_yoy_pct": 9.418297197250137,
          "gross_margin": 0.3511671741336813,
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            "operating_margin": 4.746105093861654,
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            "operating_margin"
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          "accession": "0001437749-26-020659",
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          "net_margin": 0.042482238654487456,
          "prior_net_margin": -0.012956107879428873,
          "net_margin_yoy_pp": 5.543834653391633
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      ],
      "financial_reason": "2025Q3收入19.79百万美元/同比17.55%，毛利率33.95%，营业率3.64%，净利率1.98%；2025Q4收入22.69百万美元/同比22.94%，毛利率36.81%，营业率3.98%，净利率0.76%；2026Q1收入18.97百万美元/同比-1.20%，毛利率32.26%，营业率0.93%，净利率-0.26%；2026Q2收入20.69百万美元/同比9.42%，毛利率35.12%，营业率5.31%，净利率4.25%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "RFIL",
        "period": "2026-04-30",
        "source_period": "2026-04-30",
        "url": "https://www.sec.gov/Archives/edgar/data/740664/000143774926020659/rfil20260430_10q.htm",
        "sha256": "a9ca8943bd7cecd67d69923573e874ec9592ddaf8f3cc0ae03f601a011f701a9",
        "checks": {
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            "alternatives": [
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                "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
                "value": 20691000.0
              }
            ],
            "status": "matched",
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              "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
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              "prior_periods": [
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            }
          },
          "operating_income": {
            "local": 1098000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
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            ],
            "status": "matched",
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                "concept": "us-gaap:NetIncomeLoss",
                "value": 879000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 879000.0,
              "prior": -245000.0,
              "prior_periods": [
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              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "RF Industries制造连接器、线缆组件和相关连接系统。它帮助通信和其他设备客户连接射频、铜缆及光纤信号，也提供部分设备配套方案。公司主要通过销售标准或定制连接产品及相关系统赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "2195d2e994955757497accdb64460c38ce8b6933eee17b3448224818121cae43",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/740664/000143774926020659/rfil20260430_10q.htm"
        }
      }
    },
    {
      "ticker": "RL",
      "name": "RALPH LAUREN CORP",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-27",
          "revenue": 1959800000.0,
          "revenue_yoy_pct": 14.001512419289153,
          "gross_margin": 0.736911929788754,
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          "prior_gross_margin": 0.722645570356582,
          "prior_operating_margin": 0.15915304519806875,
          "prior_ttm_fcf_margin": 0.10483262191355906,
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            "demand": null,
            "gross_margin": 1.4266359432172027,
            "operating_margin": 1.5558660077979818,
            "cash_margin": null
          },
          "signals": [
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001628280-26-053992",
          "currency": "USD",
          "net_margin": 0.133789162159404,
          "prior_net_margin": 0.12820661974288872,
          "net_margin_yoy_pp": 0.558254241651529
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "全价销售、少折扣与奢华定位/地域扩展带来收入和盈利连续改善。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "关税与FX可能抬当季，成熟品牌高预期和消费周期需评估。",
      "sources": [
        {
          "period": "2027Q1",
          "content_hash": "b4071de83349ed294eb368af6edc72394bbd296850258b4a8553a62d84555e09",
          "navigation_offsets": [
            5959,
            3234
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2026Q1",
          "content_hash": "ec0f38792fee36bd7218e9cbae95d0da2a824af8d4633890bda8a67cb4a9d11c",
          "navigation_offsets": [
            4601,
            13289
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 339.0899963378906,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 60600000.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2025-12-27",
        "returns": {
          "1m": {
            "value": -0.14446829540522388,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.1606267955931947,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
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            "end": "2026-09-11",
            "raw_value": -0.041062157787303266,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 694500000.0
      },
      "market_cap": 20548853778.07617,
      "ttm_revenue": 7833100000.0,
      "reported_fcf_yield": 0.03379750556894666,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 1285287433.994593,
          "required_cash_to_current_sales": 0.16408413450544393
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 992035607.395831,
          "required_cash_to_current_sales": 0.12664661594973012
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        {
          "cash_growth": 0.2,
          "required_starting_cash": 768389073.4649535,
          "required_cash_to_current_sales": 0.09809514412747872
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；关税与FX可能抬当季，成熟品牌高预期和消费周期需评估。",
      "deep_source_recheck": false,
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          "revenue": 2010700000.0,
          "revenue_yoy_pct": 16.49478563151796,
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            "demand": 2.812732992978084,
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          "accession": "0001628280-25-049927",
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          "period": "2025Q4",
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          "revenue": 2406000000.0,
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          "prior_gross_margin": 0.6839748075577327,
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            "demand": -4.248459529348601,
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          "signals": [
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          "accession": "0001628280-26-005784",
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          "accession": "0001628280-26-053992",
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          "prior_net_margin": 0.12820661974288872,
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      "financial_reason": "2025Q2 收入同比13.68%，毛利率72.26%，营业利润率15.92%，净利率12.82%；2025Q3 收入同比16.49%，毛利率67.96%，营业利润率12.22%，净利率10.32%；2025Q4 收入同比12.25%，毛利率69.90%，营业利润率19.59%，净利率15.03%；2026Q2 收入同比14.00%，毛利率73.69%，营业利润率17.47%，净利率13.38%",
      "primary_source": {
        "ticker": "RL",
        "period": "2026-06-27",
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        "url": "https://www.sec.gov/Archives/edgar/data/1037038/000162828026053992/rl-20260627.htm",
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        "checks": {
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              {
                "concept": "us-gaap:Revenues",
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            ],
            "status": "matched",
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            }
          },
          "operating_income": {
            "local": 342400000.0,
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              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 342400000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
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            }
          },
          "net_income": {
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            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 262200000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "拉夫劳伦经营服装、鞋包配饰和家居等生活方式品牌。它通过自营门店、线上渠道和批发合作伙伴，把品牌产品卖给消费者。公司收入来自商品销售及部分品牌授权，设计和品牌定位是其商业模式的重要部分。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "be00c13058cdd433859c56d1956fe889aee427c6df6a9fa9ea0d63bce2063c6b",
          "business_evidence_sha256": "8ee943db0a722ff4617374c4fab923a54fd8b42d22185492ea2777e2639a6572",
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        }
      }
    },
    {
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      "name": "ROKU, INC",
      "mechanism": "已有业务扩展/效率改善",
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        "revenue_growth": {
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        "operating_margin_improvement": {
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        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Ads Manager采用和Premium订阅增长30%，平台变现与经营杠杆持续改善",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "仅最新Q1电话会，设备补贴、广告周期、收购及SBC仍需核验",
      "sources": [
        {
          "period": "2026Q1",
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          "offsets": [
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          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q1",
          "published_date": "2025-05-02",
          "content_hash": "0167d203b439cd1bcb147ef3eb093bde113030664bc19794cc7de2190bf4c987",
          "offsets": [
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          "role": "navigation_excerpt"
        }
      ],
      "market": {
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        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 148418969.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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          },
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          "1y": {
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            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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          "ytd": {
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            "start": "2025-12-31",
            "end": "2026-09-11",
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            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
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        "local_reported_fcf": 709906000.0
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；仅最新Q1电话会，设备补贴、广告周期、收购及SBC仍需核验",
      "deep_source_recheck": false,
      "industry": "Entertainment",
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          "accession": "0001628280-25-047808",
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          "accession": "derived:q4_synth",
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          "net_margin": 0.05769361740565473,
          "prior_net_margin": -0.029597509506289095,
          "net_margin_yoy_pp": 8.729112691194382
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-05-01",
          "report_date": "2026-03-31",
          "revenue": 1248879000.0,
          "revenue_yoy_pct": 22.35850498495109,
          "gross_margin": 0.4523544714900323,
          "operating_margin": 0.04145477664369406,
          "ttm_fcf_margin": 0.10827661818909756,
          "prior_revenue_yoy_pct": 16.140584007120463,
          "prior_gross_margin": 0.43603135973162777,
          "prior_operating_margin": -0.05656077564584901,
          "prior_ttm_fcf_margin": 0.07144091826605248,
          "changes_pp": {
            "demand": 6.217920977830627,
            "gross_margin": 1.6323111758404507,
            "operating_margin": 9.801555228954307,
            "cash_margin": 3.683569992304508
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001628280-26-029310",
          "currency": "USD",
          "net_margin": 0.06862153979688985,
          "prior_net_margin": -0.02687543108853775,
          "net_margin_yoy_pp": 9.54969708854276
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 1354690000.0,
          "revenue_yoy_pct": 21.930123002093538,
          "gross_margin": 0.49730639482095534,
          "operating_margin": 0.10790291505805756,
          "ttm_fcf_margin": 0.13628162968338162,
          "prior_revenue_yoy_pct": 22.35850498495109,
          "prior_gross_margin": 0.4479216732460996,
          "prior_operating_margin": -0.021001081871187124,
          "prior_ttm_fcf_margin": 0.08870478912208529,
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            "demand": -0.4283819828575517,
            "gross_margin": 4.938472157485574,
            "operating_margin": 12.890399692924467,
            "cash_margin": 4.757684056129633
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          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001628280-26-054335",
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          "net_margin": 0.12122035299588836,
          "prior_net_margin": 0.009453322028589482,
          "net_margin_yoy_pp": 11.176703096729888
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入1210.64百万美元、同比13.97%；毛利率43.36%、营业率0.78%、净利率2.05%；2025-12-31（本地期标2025Q4）收入1394.90百万美元、同比16.14%；毛利率43.50%、营业率4.73%、净利率5.77%；2026-03-31（本地期标2026Q1）收入1248.88百万美元、同比22.36%；毛利率45.24%、营业率4.15%、净利率6.86%；2026-06-30（本地期标2026Q2）收入1354.69百万美元、同比21.93%；毛利率49.73%、营业率10.79%、净利率12.12%；最新净利率同比变化11.18个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "ROKU",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1428439/000162828026054335/roku-20260630.htm",
        "sha256": "9d1bb7fe13c2987f6fd06d2cb4546cf6a05e56c833351dd2c1a104c971cc0ff0",
        "checks": {
          "revenue": {
            "local": 1354690000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 1354690000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 1354690000.0,
              "prior": 1111038000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 146175000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 146175000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 146175000.0,
              "prior": -23333000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 164216000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 164216000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 164216000.0,
              "prior": 10503000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Roku经营电视流媒体平台，并销售相关播放设备。用户通过其系统发现和观看节目，媒体服务商可以在平台分发内容，广告主则购买广告。公司从平台广告、内容分发等安排以及设备销售获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "1ffce61d5c0e9175d833d889cfe4b3f850e3c426368b0e06af34b4d12c873c6b",
          "business_evidence_sha256": "0456d06cc3c3b038fd99402dbc3e772e93e4a8024dc9618b429dd0e4481ccae6",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1428439/000162828026054335/roku-20260630.htm"
        }
      }
    },
    {
      "ticker": "RSI",
      "name": "Rush Street Interactive, Inc.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-30",
          "report_date": "2026-06-30",
          "revenue": 393776000.0,
          "revenue_yoy_pct": 46.26713766218329,
          "gross_margin": 0.3546686441022307,
          "operating_margin": 0.11739669253585795,
          "ttm_fcf_margin": 0.13290551677065798,
          "prior_revenue_yoy_pct": 41.139908615242724,
          "prior_gross_margin": 0.35313520320039227,
          "prior_operating_margin": 0.09035090651779049,
          "prior_ttm_fcf_margin": 0.10725218587287552,
          "changes_pp": {
            "demand": 5.127229046940563,
            "gross_margin": 0.15334409018384343,
            "operating_margin": 2.704578601806747,
            "cash_margin": 2.565333089778246
          },
          "signals": [
            "demand",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001793659-26-000048",
          "currency": "USD",
          "net_margin": 0.029321238470602577,
          "prior_net_margin": 0.06198717020099028,
          "net_margin_yoy_pp": -3.2665931730387703
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "在线赌场占收入72%、高留存组合及营销效率改善，四季收入加速且经营盈利连续。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "博彩监管/哥伦比亚税和少数股东使普通股净利薄，需权益归属现金模型。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "39b4cfb54a248a31d40754d6df5fc6467073ba5d0afba7d5f3d3bc5ff99759af",
          "offset": 3777,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-29"
        },
        {
          "period": "2026Q2",
          "content_hash": "39b4cfb54a248a31d40754d6df5fc6467073ba5d0afba7d5f3d3bc5ff99759af",
          "offset": 1467,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-29"
        },
        {
          "period": "2025Q2",
          "content_hash": "51f6148f6d375dd273722c3882358317204cc162aa5e7c8bbd3f4f363631b81c",
          "offset": 3165,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-31"
        },
        {
          "period": "2025Q2",
          "content_hash": "51f6148f6d375dd273722c3882358317204cc162aa5e7c8bbd3f4f363631b81c",
          "offset": 7449,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-31"
        }
      ],
      "market": {
        "close": 26.43000030517578,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 231773358.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": 0.08855022890146858,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.10709459579191216,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.36026762172182436,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 181674000.0
      },
      "market_cap": 6125769922.671616,
      "ttm_revenue": 1366941000.0,
      "reported_fcf_yield": 0.029657333248449366,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 383153979.78801423,
          "required_cash_to_current_sales": 0.28030030541772777
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 295733375.2838446,
          "required_cash_to_current_sales": 0.21634684692597894
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 229062639.0150799,
          "required_cash_to_current_sales": 0.16757317178655107
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；博彩监管/哥伦比亚税和少数股东使普通股净利薄，需权益归属现金模型。",
      "deep_source_recheck": false,
      "industry": "Gambling",
      "financial_history": [
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          "filed_at": "2025-10-30",
          "report_date": "2025-09-30",
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          "prior_gross_margin": 0.34765993563368935,
          "prior_operating_margin": 0.027848984744236544,
          "prior_ttm_fcf_margin": 0.09301698258905469,
          "changes_pp": {
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            "gross_margin": -0.7820922424424503,
            "operating_margin": 4.220221869859228,
            "cash_margin": 2.078368714739405
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          "accession": "0001793659-25-000193",
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          "net_margin": 0.021787550690688745,
          "prior_net_margin": 0.005126901585031171,
          "net_margin_yoy_pp": 1.6660649105657572
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            "cash_margin": 3.058195863505665
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            "cash_margin"
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          "accession": "derived:q4_synth",
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          "period": "2026Q1",
          "filed_at": "2026-04-29",
          "report_date": "2026-03-31",
          "revenue": 370361000.0,
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          "gross_margin": 0.356854528419569,
          "operating_margin": 0.11550352223911264,
          "ttm_fcf_margin": 0.12520142758024505,
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          "prior_gross_margin": 0.3487864271913478,
          "prior_operating_margin": 0.055551109535949876,
          "prior_ttm_fcf_margin": 0.10674755588393725,
          "changes_pp": {
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            "gross_margin": 0.8068101228221214,
            "operating_margin": 5.995241270316277,
            "cash_margin": 1.84538716963078
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          "signals": [
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            "operating_margin"
          ],
          "accession": "0001793659-26-000023",
          "currency": "USD",
          "net_margin": 0.024489619587375562,
          "prior_net_margin": 0.020270038527935613,
          "net_margin_yoy_pp": 0.42195810594399497
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        {
          "period": "2026Q2",
          "filed_at": "2026-07-30",
          "report_date": "2026-06-30",
          "revenue": 393776000.0,
          "revenue_yoy_pct": 46.26713766218329,
          "gross_margin": 0.3546686441022307,
          "operating_margin": 0.11739669253585795,
          "ttm_fcf_margin": 0.13290551677065798,
          "prior_revenue_yoy_pct": 41.139908615242724,
          "prior_gross_margin": 0.35313520320039227,
          "prior_operating_margin": 0.09035090651779049,
          "prior_ttm_fcf_margin": 0.10725218587287552,
          "changes_pp": {
            "demand": 5.127229046940563,
            "gross_margin": 0.15334409018384343,
            "operating_margin": 2.704578601806747,
            "cash_margin": 2.565333089778246
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          "signals": [
            "demand",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001793659-26-000048",
          "currency": "USD",
          "net_margin": 0.029321238470602577,
          "prior_net_margin": 0.06198717020099028,
          "net_margin_yoy_pp": -3.2665931730387703
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      ],
      "financial_reason": "2025Q3收入277.91百万美元/同比19.73%，毛利率33.98%，营业率7.01%，净利率2.18%；2025Q4收入324.89百万美元/同比27.83%，毛利率34.39%，营业率8.94%，净利率1.61%；2026Q1收入370.36百万美元/同比41.14%，毛利率35.69%，营业率11.55%，净利率2.45%；2026Q2收入393.78百万美元/同比46.27%，毛利率35.47%，营业率11.74%，净利率2.93%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "RSI",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1793659/000179365926000048/rsi-20260630.htm",
        "sha256": "9e75cd315228d1c2b3982090febe5dd2743108d9e7b44efa7abb635508bde925",
        "checks": {
          "revenue": {
            "local": 393776000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 393776000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 393776000.0,
              "prior": 269217000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 46228000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 46228000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 46228000.0,
              "prior": 24324000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 11546000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 11546000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 29295000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 11546000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 11546000.0,
              "prior": 16688000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Rush Street Interactive在获得许可的市场经营线上赌场和体育博彩。它通过BetRivers等品牌向用户提供游戏及投注服务，也经营部分其他形式的博彩业务。公司从博彩业务中获得收入，而非把用户全部投注金额都计为收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "a3cb82ca5971380e2a2a51437e7dc1b5a4d4593e38c513b87a03a255bd3fa51d",
          "business_evidence_sha256": "49244433f47b4bc3b1c5ada5215ad283289e1f360f41607c0521239270c4350a",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1793659/000179365926000048/rsi-20260630.htm"
        }
      }
    },
    {
      "ticker": "SANM",
      "name": "SANMINA CORP",
      "mechanism": "并购/剥离占重要贡献",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-27",
          "report_date": "2026-06-27",
          "revenue": 3464016000.0,
          "revenue_yoy_pct": 69.67478822587803,
          "gross_margin": 0.1048797118720006,
          "operating_margin": 0.0638637350404848,
          "ttm_fcf_margin": 0.046551021156478085,
          "prior_revenue_yoy_pct": 102.27364823999032,
          "prior_gross_margin": 0.08868209733527564,
          "prior_operating_margin": 0.04696257081587529,
          "prior_ttm_fcf_margin": 0.04521215306053361,
          "changes_pp": {
            "demand": -32.59886001411229,
            "gross_margin": 1.6197614536724956,
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          "signals": [
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            "operating_margin"
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          "accession": "0000897723-26-000037",
          "currency": "USD",
          "net_margin": 0.03381306552856569,
          "prior_net_margin": 0.033609559739062544,
          "net_margin_yoy_pp": 0.020350578950314308
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 1,
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        },
        "net_margin_improvement": {
          "positive": 1,
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        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Sanmina AI与核心制造扩大，ZT相关能力使收入规模阶跃并利润恢复",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "并购合并驱动同比，低毛利硬件、客户集中与营运资金需扣除",
      "sources": [
        {
          "period": "2026Q3",
          "published_date": "2026-07-27",
          "content_hash": "0adf3adc40ffd1cae54d0a1f2ae8602f3cdf66f4dcbad643065042f4ef3ddebc",
          "offsets": [
            2318,
            3457
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q3",
          "published_date": "2025-07-28",
          "content_hash": "3f21d2bb3a5f90b5e13bac7086e22557df5c6463bb6d879d50384a5d2fa9045d",
          "offsets": [
            2187,
            4492
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 216.0,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 53597356.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-27",
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            "start": "2026-08-12",
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          },
          "3m": {
            "value": -0.1536050055525371,
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            "reason": null
          },
          "1y": {
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            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
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            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
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            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
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      "market_cap": 11577028896.0,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；并购合并驱动同比，低毛利硬件、客户集中与营运资金需扣除",
      "deep_source_recheck": false,
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          "accession": "derived:q4_synth",
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          "prior_gross_margin": 0.08882454336518689,
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          "changes_pp": {
            "demand": 43.293600910215034,
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          "accession": "0000897723-26-000025",
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      "financial_reason": "2025-09-27（本地期标2025Q3）收入2096.39百万美元、同比3.91%；毛利率9.12%、营业率3.74%、净利率2.29%；2025-12-27（本地期标2025Q4）收入3189.69百万美元、同比58.98%；毛利率7.60%、营业率2.31%、净利率1.55%；2026-03-28（本地期标2026Q1）收入4013.27百万美元、同比102.27%；毛利率8.82%、营业率3.91%、净利率2.33%；2026-06-27（本地期标2026Q2）收入3464.02百万美元、同比69.67%；毛利率10.49%、营业率6.39%、净利率3.38%；最新净利率同比变化0.02个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "SANM",
        "period": "2026-06-27",
        "source_period": "2026-06-27",
        "url": "https://www.sec.gov/Archives/edgar/data/897723/000089772326000037/sanm-20260627.htm",
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        "checks": {
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            "alternatives": [
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 3464016000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
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            }
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                "concept": "us-gaap:OperatingIncomeLoss",
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
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              ]
            }
          },
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            "alternatives": [
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                "concept": "us-gaap:NetIncomeLoss",
                "value": 117129000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
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              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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              "prior": 68616000.0,
              "prior_periods": [
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            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Sanmina为其他企业提供电子产品和复杂设备的制造服务。它参与设计、采购、组装、测试及售后支持，客户来自通信、计算、医疗和工业等领域。公司主要通过合同制造及相关组件和服务赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "34ef471ff881ecb65f32c7cdd536525356789834f617f7205bf4fb056f516e75",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/897723/000089772326000037/sanm-20260627.htm"
        }
      }
    },
    {
      "ticker": "SDRL",
      "name": "Seadrill Ltd",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
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          "filed_at": "2026-08-10",
          "report_date": "2026-06-30",
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          "gross_margin": null,
          "operating_margin": 0.2028169014084507,
          "ttm_fcf_margin": null,
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          "prior_gross_margin": null,
          "prior_operating_margin": 0.015915119363395226,
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          "changes_pp": {
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          },
          "signals": [
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          ],
          "accession": "0001737706-26-000026",
          "currency": "USD",
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          "prior_net_margin": -0.11140583554376658,
          "net_margin_yoy_pp": 19.3095976388837
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        "revenue_growth": {
          "positive": 0,
          "available": 2
        },
        "operating_margin_improvement": {
          "positive": 2,
          "available": 2
        },
        "net_margin_improvement": {
          "positive": 2,
          "available": 2
        },
        "gross_margin_improvement": {
          "positive": 0,
          "available": 0
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "巴西低价旧合同重订落地，两艘平台日收入合计增加约40万美元，现金能力结构提升",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "利用率96%和周期高价不永久，船舶维护资本及未来空档须测",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-10",
          "content_hash": "375f1e9dba265e69c6e0452c844e5d1fed2e038be3d93f5f29a9089644fa2ac3",
          "offsets": [
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          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-09",
          "content_hash": "de8ca40a524df02c1b795bc2d05932ffcd90ec225937c9d41496edc280336600",
          "offsets": [
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          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 47.900001525878906,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 62541443.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
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            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.0824859101893538,
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            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
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            "end": "2026-09-11",
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            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
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      "ttm_revenue": 1357000000.0,
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      "price_hurdles": [
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；利用率96%和周期高价不永久，船舶维护资本及未来空档须测",
      "deep_source_recheck": false,
      "industry": "Oil & Gas Drilling",
      "financial_history": [
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          "report_date": "2025-09-30",
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          },
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          "currency": "USD",
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        },
        {
          "period": "2025Q4",
          "filed_at": "2026-02-26",
          "report_date": "2025-12-31",
          "revenue": 362000000.0,
          "revenue_yoy_pct": null,
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          "signals": [],
          "accession": "derived:q4_synth",
          "currency": "USD",
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        {
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          "filed_at": "2026-05-11",
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          "revenue": 277000000.0,
          "revenue_yoy_pct": -17.313432835820898,
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          "signals": [
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          "accession": "0001737706-26-000016",
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          "net_margin": -0.02527075812274368,
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          "period": "2026Q2",
          "filed_at": "2026-08-10",
          "report_date": "2026-06-30",
          "revenue": 355000000.0,
          "revenue_yoy_pct": -5.835543766578244,
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            "demand": 11.477889069242654,
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            "operating_margin": 18.690178204505546,
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          "signals": [
            "demand",
            "operating_margin"
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          "accession": "0001737706-26-000026",
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      "financial_reason": "2025-09-30（本地期标2025Q3）收入363.00百万美元、同比缺失%；毛利率缺失、营业率7.16%、净利率-3.03%；2025-12-31（本地期标2025Q4）收入362.00百万美元、同比缺失%；毛利率缺失、营业率-0.83%、净利率-2.76%；2026-03-31（本地期标2026Q1）收入277.00百万美元、同比-17.31%；毛利率缺失、营业率8.66%、净利率-2.53%；2026-06-30（本地期标2026Q2）收入355.00百万美元、同比-5.84%；毛利率缺失、营业率20.28%、净利率8.17%；最新净利率同比变化19.31个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "SDRL",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1737706/000173770626000026/sdrl-20260630.htm",
        "sha256": "ec6e41ff81da1232d3fc1f78595710bcc17b5de86b85d7136e37e18be9408624",
        "checks": {
          "revenue": {
            "local": 355000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 355000000.0
              },
              {
                "concept": "us-gaap:Revenues",
                "value": 449000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 355000000.0,
              "prior": 288000000.0,
              "prior_periods": [
                "2025-06-30"
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            }
          },
          "operating_income": {
            "local": 72000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
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            "comparable": {
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          },
          "net_income": {
            "local": 29000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 29000000.0,
              "prior": -42000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Seadrill向石油和天然气公司提供海上钻井服务。它运营钻井船和半潜式钻井平台，按照合同在客户指定的海域作业。公司主要通过钻井合同获得收入，平台是否有订单和合同日费率直接影响经营。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "bdea3862068d65c1330fdc7778b4b1fdf54f9380b3ab2e63de1fb63226a9530a",
          "business_evidence_sha256": "2916eaee2780566d5dd2ea58cbaf126ddcebb19add3cbfa3447f2636f1b4f04a",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1737706/000173770626000026/sdrl-20260630.htm"
        }
      }
    },
    {
      "ticker": "SITM",
      "name": "SITIME Corp",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 157432000.0,
          "revenue_yoy_pct": 126.5404207557487,
          "gross_margin": 0.6297449057370801,
          "operating_margin": 0.05218125921032573,
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          "prior_gross_margin": 0.5187785995913317,
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        "revenue_growth": {
          "positive": 4,
          "available": 4
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        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "高附加值新时钟产品占比提高、需求扩张，收入翻倍毛利升至63%。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "非GAAP差异很大、并购IP和SBC，需确认客户/产品净增贡献。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "f65cac127386ae177606e198d113b45ae702d0a370c1a22b0469d0773c07507c",
          "navigation_offsets": [
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            3583
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "fd2b3a0cf5f6a12c1d0b7be65345ab35f15bbd8776bb0f74cc3d25c1f1e60483",
          "navigation_offsets": [
            2268,
            3526
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 635.6599731445312,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 30071036.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.06592024495858162,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.12910169972566832,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.7997677418685893,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 84488000.0
      },
      "market_cap": 19114953936.188232,
      "ttm_revenue": 467851000.0,
      "reported_fcf_yield": 0.0044199949569351665,
      "price_hurdles": [
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          "required_starting_cash": 1195600025.2325678,
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      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；非GAAP差异很大、并购IP和SBC，需确认客户/产品净增贡献。",
      "deep_source_recheck": false,
      "industry": "Semiconductors",
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            "cash_margin": 5.02995211999042
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          "accession": "derived:q4_synth",
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          "report_date": "2026-03-31",
          "revenue": 113567000.0,
          "revenue_yoy_pct": 88.29293364724609,
          "gross_margin": 0.5895638697861174,
          "operating_margin": -0.10864951966680461,
          "ttm_fcf_margin": 0.14285112644210649,
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          "prior_gross_margin": 0.5029678018370528,
          "prior_operating_margin": -0.466027787909938,
          "prior_ttm_fcf_margin": -0.05706794672788699,
          "changes_pp": {
            "demand": 21.968845027199407,
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            "cash_margin": 19.991907316999345
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          "accession": "0001451809-26-000041",
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          "net_margin": -0.04593764033566089,
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        {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 157432000.0,
          "revenue_yoy_pct": 126.5404207557487,
          "gross_margin": 0.6297449057370801,
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          "prior_gross_margin": 0.5187785995913317,
          "prior_operating_margin": -0.35414568164158056,
          "prior_ttm_fcf_margin": -0.05192925353165087,
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            "operating_margin": 40.63269408519063,
            "cash_margin": 23.251666277091722
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          "signals": [
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            "operating_margin",
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          "accession": "0001451809-26-000060",
          "currency": "USD",
          "net_margin": 0.11532598201128107,
          "prior_net_margin": -0.2903703916884911,
          "net_margin_yoy_pp": 40.569637369977215
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      ],
      "financial_reason": "2025Q3 收入同比44.84%，毛利率53.51%，营业利润率-19.17%，净利率-9.59%；2025Q4 收入同比66.32%，毛利率56.39%，营业利润率1.56%，净利率8.09%；2026Q1 收入同比88.29%，毛利率58.96%，营业利润率-10.86%，净利率-4.59%；2026Q2 收入同比126.54%，毛利率62.97%，营业利润率5.22%，净利率11.53%",
      "primary_source": {
        "ticker": "SITM",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1451809/000145180926000060/sitm-20260630.htm",
        "sha256": "385ed4a1ad32dfd7d38d864962471f7cc8c003c49de4ad188d4118e4e016507e",
        "checks": {
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            "alternatives": [
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 157432000.0
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            ],
            "status": "matched",
            "comparable": {
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              "prior": 69494000.0,
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            }
          },
          "operating_income": {
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                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 8215000.0
              }
            ],
            "status": "matched",
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            }
          },
          "net_income": {
            "local": 18156000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 18156000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 18156000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 18156000.0,
              "prior": -20179000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "SiTime为电子设备提供时钟和定时芯片。它的产品像设备内部的节拍器，让处理器、通信和其他电路按准确的时间协调工作。公司面向数据中心、通信、汽车和工业等客户销售振荡器、谐振器及相关时钟产品。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "d22da20c6c260ac343bac4d9d8b0c5f3fa30fae82918e24b417b93b9a21d38c7",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1451809/000145180926000060/sitm-20260630.htm"
        }
      }
    },
    {
      "ticker": "SMTC",
      "name": "SEMTECH CORP",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q3",
          "filed_at": "2026-08-26",
          "report_date": "2026-07-26",
          "revenue": 341871000.0,
          "revenue_yoy_pct": 32.71956488825221,
          "gross_margin": 0.5375243878538981,
          "operating_margin": 0.16313755773376507,
          "ttm_fcf_margin": 0.16445710538529998,
          "prior_revenue_yoy_pct": 15.915717358400382,
          "prior_gross_margin": 0.5206161753801599,
          "prior_operating_margin": -0.06285982708888967,
          "prior_ttm_fcf_margin": 0.12809139407271225,
          "changes_pp": {
            "demand": 16.803847529851826,
            "gross_margin": 1.6908212473738193,
            "operating_margin": 22.599738482265476,
            "cash_margin": 3.6365711312587727
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0000088941-26-000034",
          "currency": "USD",
          "net_margin": 0.46836672312070926,
          "prior_net_margin": -0.10506659834076766,
          "net_margin_yoy_pp": 57.343332146147695
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "基础设施收入69%增长，光子收购与CopperEdge/FiberEdge扩张，结构迁移明显",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "净利46.8%高于营业16.3%需剔税益，收购与fab资本投入影响估值",
      "sources": [
        {
          "period": "2027Q2",
          "published_date": "2026-08-25",
          "content_hash": "92dd4564a9ba32907ddeedc0ee7dcea55b08621023e32d4523a87a6ac04680a4",
          "offsets": [
            7399,
            3994
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2026Q2",
          "published_date": "2025-08-26",
          "content_hash": "a37eb1da994d9a8c2666666c96c81e3a79ba0d69b6a8a48e1156999c06f481fd",
          "offsets": [
            7641,
            15287
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 167.24000549316406,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 93325626.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-07-26",
        "returns": {
          "1m": {
            "value": 0.1945714678083148,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.0031791659645634684,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 1.269507395201174,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 193108000.0
      },
      "market_cap": 15607778204.892975,
      "ttm_revenue": 1174215000.0,
      "reported_fcf_yield": 0.01237254896020123,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 976233585.3850108,
          "required_cash_to_current_sales": 0.8313925349148247
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 753495640.1368686,
          "required_cash_to_current_sales": 0.6417015965022322
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        {
          "cash_growth": 0.2,
          "required_starting_cash": 583626043.7309415,
          "required_cash_to_current_sales": 0.4970350776739707
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；净利46.8%高于营业16.3%需剔税益，收购与fab资本投入影响估值",
      "deep_source_recheck": false,
      "industry": "Semiconductors",
      "financial_history": [
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          "period": "2025Q4",
          "filed_at": "2025-11-25",
          "report_date": "2025-10-26",
          "revenue": 266971000.0,
          "revenue_yoy_pct": 12.729230444420981,
          "gross_margin": 0.5187005330166947,
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          "prior_revenue_yoy_pct": 19.61133941631259,
          "prior_gross_margin": 0.5107906682149266,
          "prior_operating_margin": 0.07509764594109575,
          "prior_ttm_fcf_margin": 0.03696990130786753,
          "changes_pp": {
            "demand": -6.882108971891608,
            "gross_margin": 0.790986480176814,
            "operating_margin": 4.123334131969288,
            "cash_margin": 10.250792012981838
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          "signals": [
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0000088941-25-000166",
          "currency": "USD",
          "net_margin": -0.010720265497001547,
          "prior_net_margin": -0.03203209120658714,
          "net_margin_yoy_pp": 2.1311825709585595
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        {
          "period": "2026Q1",
          "filed_at": "2026-03-23",
          "report_date": "2026-01-25",
          "revenue": 274355000.0,
          "revenue_yoy_pct": 9.30390992900454,
          "gross_margin": 0.5039893568551694,
          "operating_margin": -0.06658161870569153,
          "ttm_fcf_margin": 0.16322769589752137,
          "prior_revenue_yoy_pct": 12.729230444420981,
          "prior_gross_margin": 0.5199321120947243,
          "prior_operating_margin": 0.08461287161058477,
          "prior_ttm_fcf_margin": 0.055126709168832284,
          "changes_pp": {
            "demand": -3.4253205154164412,
            "gross_margin": -1.5942755239554907,
            "operating_margin": -15.11944903162763,
            "cash_margin": 10.810098672868909
          },
          "signals": [
            "cash_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": -0.10860017131089282,
          "prior_net_margin": 0.15595094859801914,
          "net_margin_yoy_pp": -26.455111990891194
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-05-27",
          "report_date": "2026-04-26",
          "revenue": 291018000.0,
          "revenue_yoy_pct": 15.915717358400382,
          "gross_margin": 0.5204626517947344,
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          "prior_revenue_yoy_pct": 9.30390992900454,
          "prior_gross_margin": 0.5229387397434876,
          "prior_operating_margin": 0.14326057516131602,
          "prior_ttm_fcf_margin": 0.08144998857732105,
          "changes_pp": {
            "demand": 6.611807429395842,
            "gross_margin": -0.24760879487532028,
            "operating_margin": -5.463719104074616,
            "cash_margin": 7.747904651015681
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          "signals": [
            "demand",
            "cash_margin"
          ],
          "accession": "0000088941-26-000013",
          "currency": "USD",
          "net_margin": 0.09127614099471511,
          "prior_net_margin": 0.07705329403329882,
          "net_margin_yoy_pp": 1.4222846961416291
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        {
          "period": "2026Q3",
          "filed_at": "2026-08-26",
          "report_date": "2026-07-26",
          "revenue": 341871000.0,
          "revenue_yoy_pct": 32.71956488825221,
          "gross_margin": 0.5375243878538981,
          "operating_margin": 0.16313755773376507,
          "ttm_fcf_margin": 0.16445710538529998,
          "prior_revenue_yoy_pct": 15.915717358400382,
          "prior_gross_margin": 0.5206161753801599,
          "prior_operating_margin": -0.06285982708888967,
          "prior_ttm_fcf_margin": 0.12809139407271225,
          "changes_pp": {
            "demand": 16.803847529851826,
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            "operating_margin": 22.599738482265476,
            "cash_margin": 3.6365711312587727
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0000088941-26-000034",
          "currency": "USD",
          "net_margin": 0.46836672312070926,
          "prior_net_margin": -0.10506659834076766,
          "net_margin_yoy_pp": 57.343332146147695
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      ],
      "financial_reason": "2025-10-26（本地期标2025Q4）收入266.97百万美元、同比12.73%；毛利率51.87%、营业率11.63%、净利率-1.07%；2026-01-25（本地期标2026Q1）收入274.36百万美元、同比9.30%；毛利率50.40%、营业率-6.66%、净利率-10.86%；2026-04-26（本地期标2026Q2）收入291.02百万美元、同比15.92%；毛利率52.05%、营业率8.86%、净利率9.13%；2026-07-26（本地期标2026Q3）收入341.87百万美元、同比32.72%；毛利率53.75%、营业率16.31%、净利率46.84%；最新净利率同比变化57.34个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "SMTC",
        "period": "2026-07-26",
        "source_period": "2026-07-26",
        "url": "https://www.sec.gov/Archives/edgar/data/88941/000008894126000034/smtc-20260726.htm",
        "sha256": "5b54a38d94864b2f55f438adeac0da1b915c9a37435815d7c249537ff788d2dd",
        "checks": {
          "revenue": {
            "local": 341871000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 341871000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 341871000.0,
              "prior": 257589000.0,
              "prior_periods": [
                "2025-07-27"
              ]
            }
          },
          "operating_income": {
            "local": 55772000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 55772000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 55772000.0,
              "prior": -16192000.0,
              "prior_periods": [
                "2025-07-27"
              ]
            }
          },
          "net_income": {
            "local": 160121000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 160121000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 160121000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 160121000.0,
              "prior": -27064000.0,
              "prior_periods": [
                "2025-07-27"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Semtech提供模拟芯片、信号传输产品和物联网连接方案。它的产品用于高速数据通信、电子保护及远距离低功耗连接等场景，也经营相关模块和连接服务。公司通过半导体、设备及服务销售赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "900248ff952ef241fbc8ea5beb6c1f6e294cbaedafb5948a39849b815097832c",
          "business_evidence_sha256": "79ef52d8c7bf15dbf9caf8a29f92cdc6472651b4f6c115b214184fe316b09914",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/88941/000008894126000034/smtc-20260726.htm"
        }
      }
    },
    {
      "ticker": "SON",
      "name": "SONOCO PRODUCTS CO",
      "mechanism": "并购/剥离占重要贡献",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-28",
          "report_date": "2026-06-28",
          "revenue": 1885485000.0,
          "revenue_yoy_pct": -1.3062952480605294,
          "gross_margin": 0.20810401567766385,
          "operating_margin": 0.10227448110167942,
          "ttm_fcf_margin": 0.04755803201469613,
          "prior_revenue_yoy_pct": -1.918175925037502,
          "prior_gross_margin": 0.21266136980937908,
          "prior_operating_margin": 0.09195102073290931,
          "prior_ttm_fcf_margin": 0.02519044804283607,
          "changes_pp": {
            "demand": 0.6118806769769725,
            "gross_margin": -0.45573541317152355,
            "operating_margin": 1.0323460368770103,
            "cash_margin": 2.2367583971860063
          },
          "signals": [
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0000091767-26-000038",
          "currency": "USD",
          "net_margin": 0.05563237045110409,
          "prior_net_margin": 0.2582770156210006,
          "net_margin_yoy_pp": -20.26446451698965
        },
        "revenue_growth": {
          "positive": 2,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Eviosys金属包装收购与组合聚焦、生产率计划改善存续盈利。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "收入口径变化剧烈、并购债务利息大，必须以存续备考现金评估。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "881ca16deefa5b7c716d640b0f3baa1f2521197192f2fc3572d86ba910e04e83",
          "offset": 2209,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-23"
        },
        {
          "period": "2026Q2",
          "content_hash": "881ca16deefa5b7c716d640b0f3baa1f2521197192f2fc3572d86ba910e04e83",
          "offset": 5602,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-23"
        },
        {
          "period": "2025Q2",
          "content_hash": "7cedf157d30619d3a5898e83123db4beb55fe2fa9075e493635e148a47fb32bb",
          "offset": 2429,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-24"
        },
        {
          "period": "2025Q2",
          "content_hash": "7cedf157d30619d3a5898e83123db4beb55fe2fa9075e493635e148a47fb32bb",
          "offset": 11326,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-24"
        }
      ],
      "market": {
        "close": 47.84000015258789,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 98875003.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-28",
        "returns": {
          "1m": {
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            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.05398456710917754,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.10651618856331835,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 354831000.0
      },
      "market_cap": 4730180158.607128,
      "ttm_revenue": 7461011000.0,
      "reported_fcf_yield": 0.07501426755476588,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
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          "required_cash_to_current_sales": 0.03965451673207419
        },
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          "required_cash_to_current_sales": 0.030606922274210028
        },
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          "cash_growth": 0.2,
          "required_starting_cash": 176876958.13341463,
          "required_cash_to_current_sales": 0.023706835190755598
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；收入口径变化剧烈、并购债务利息大，必须以存续备考现金评估。",
      "deep_source_recheck": false,
      "industry": "Packaging & Containers",
      "financial_history": [
        {
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          "filed_at": "2025-10-29",
          "report_date": "2025-09-28",
          "revenue": 2131108000.0,
          "revenue_yoy_pct": 27.16458237114423,
          "gross_margin": 0.21929953808066038,
          "operating_margin": 0.09148574356625755,
          "ttm_fcf_margin": 0.048664265284624565,
          "prior_revenue_yoy_pct": 17.675744496849056,
          "prior_gross_margin": 0.21406067072188348,
          "prior_operating_margin": 0.07645718691112535,
          "prior_ttm_fcf_margin": 0.05136155137712159,
          "changes_pp": {
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            "gross_margin": 0.5238867358776905,
            "operating_margin": 1.5028556655132197,
            "cash_margin": -0.26972860924970243
          },
          "signals": [
            "demand",
            "operating_margin"
          ],
          "accession": "0000091767-25-000045",
          "currency": "USD",
          "net_margin": 0.05767797784063501,
          "prior_net_margin": 0.03038488757454355,
          "net_margin_yoy_pp": 2.729309026609146
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-02-26",
          "report_date": "2025-12-31",
          "revenue": 1767976000.0,
          "revenue_yoy_pct": 379.80633798038957,
          "gross_margin": 0.19632506323615254,
          "operating_margin": 0.29425851934641645,
          "ttm_fcf_margin": 0.0459862160653502,
          "prior_revenue_yoy_pct": 27.16458237114423,
          "prior_gross_margin": 0.23227772696803328,
          "prior_operating_margin": -0.1475777321243931,
          "prior_ttm_fcf_margin": 0.08304989383388325,
          "changes_pp": {
            "demand": 352.64175560924537,
            "gross_margin": -3.5952663731880747,
            "operating_margin": 44.18362514708095,
            "cash_margin": -3.7063677768533054
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          "signals": [
            "demand",
            "operating_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.187921668619936,
          "prior_net_margin": -0.11658800956369055,
          "net_margin_yoy_pp": 30.450967818362656
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-04-28",
          "report_date": "2026-03-29",
          "revenue": 1676442000.0,
          "revenue_yoy_pct": -1.918175925037502,
          "gross_margin": 0.20616758587532405,
          "operating_margin": 0.07581055592737476,
          "ttm_fcf_margin": 0.028921180122755016,
          "prior_revenue_yoy_pct": 379.80633798038957,
          "prior_gross_margin": 0.20692792301553684,
          "prior_operating_margin": 0.07422064230167069,
          "prior_ttm_fcf_margin": 0.011173784882044988,
          "changes_pp": {
            "demand": -381.72451390542705,
            "gross_margin": -0.07603371402127856,
            "operating_margin": 0.15899136257040702,
            "cash_margin": 1.7747395240710027
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          "signals": [],
          "accession": "0000091767-26-000022",
          "currency": "USD",
          "net_margin": 0.04032409114064191,
          "prior_net_margin": 0.0318442010077064,
          "net_margin_yoy_pp": 0.8479890132935507
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        {
          "period": "2026Q2",
          "filed_at": "2026-07-28",
          "report_date": "2026-06-28",
          "revenue": 1885485000.0,
          "revenue_yoy_pct": -1.3062952480605294,
          "gross_margin": 0.20810401567766385,
          "operating_margin": 0.10227448110167942,
          "ttm_fcf_margin": 0.04755803201469613,
          "prior_revenue_yoy_pct": -1.918175925037502,
          "prior_gross_margin": 0.21266136980937908,
          "prior_operating_margin": 0.09195102073290931,
          "prior_ttm_fcf_margin": 0.02519044804283607,
          "changes_pp": {
            "demand": 0.6118806769769725,
            "gross_margin": -0.45573541317152355,
            "operating_margin": 1.0323460368770103,
            "cash_margin": 2.2367583971860063
          },
          "signals": [
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0000091767-26-000038",
          "currency": "USD",
          "net_margin": 0.05563237045110409,
          "prior_net_margin": 0.2582770156210006,
          "net_margin_yoy_pp": -20.26446451698965
        }
      ],
      "financial_reason": "2025Q3收入2131.11百万美元/同比27.16%，毛利率21.93%，营业率9.15%，净利率5.77%；2025Q4收入1767.98百万美元/同比379.81%，毛利率19.63%，营业率29.43%，净利率18.79%；2026Q1收入1676.44百万美元/同比-1.92%，毛利率20.62%，营业率7.58%，净利率4.03%；2026Q2收入1885.48百万美元/同比-1.31%，毛利率20.81%，营业率10.23%，净利率5.56%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "SON",
        "period": "2026-06-28",
        "source_period": "2026-06-28",
        "url": "https://www.sec.gov/Archives/edgar/data/91767/000009176726000038/son-20260628.htm",
        "sha256": "7bc5fa1e0e76120dc9f3b1e9c7591a7509d847173d5d9c1f73b2570773781cb9",
        "checks": {
          "revenue": {
            "local": 1885485000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 1885485000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 1885485000.0,
              "prior": 1910441000.0,
              "prior_periods": [
                "2025-06-29"
              ]
            }
          },
          "operating_income": {
            "local": 192837000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 192837000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 192837000.0,
              "prior": 175667000.0,
              "prior_periods": [
                "2025-06-29"
              ]
            }
          },
          "net_income": {
            "local": 104894000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 104894000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 105024000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 104894000.0,
              "prior": 493423000.0,
              "prior_periods": [
                "2025-06-29"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Sonoco为消费品和工业客户制造包装。它的产品包括金属、纸和其他材料制成的容器及工业包装，帮助客户保护、运输和销售商品。公司主要通过包装产品销售赚钱，不直接经营包装里面的食品或消费品。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "736bbf6e5d953a8ce143446ad365236ad322bb4df765bfceb15aeea9727f425e",
          "business_evidence_sha256": "21cc2297ff08ab060f4f2f7c5abdf4e0bc12ba773b0cff8f11c6280b4b969fe0",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/91767/000009176726000038/son-20260628.htm"
        }
      }
    },
    {
      "ticker": "SPXC",
      "name": "SPX Technologies, Inc.",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-31",
          "report_date": "2026-06-27",
          "revenue": 679000000.0,
          "revenue_yoy_pct": 22.9181752353367,
          "gross_margin": 0.4017673048600884,
          "operating_margin": 0.16936671575846834,
          "ttm_fcf_margin": 0.1225412981138172,
          "prior_revenue_yoy_pct": 17.447161210111894,
          "prior_gross_margin": 0.41437364228819695,
          "prior_operating_margin": 0.15677045619116584,
          "prior_ttm_fcf_margin": 0.10650945234847009,
          "changes_pp": {
            "demand": 5.471014025224807,
            "gross_margin": -1.2606337428108572,
            "operating_margin": 1.2596259567302508,
            "cash_margin": 1.6031845765347108
          },
          "signals": [
            "demand",
            "operating_margin"
          ],
          "accession": "0000088205-26-000053",
          "currency": "USD",
          "net_margin": 0.1154639175257732,
          "prior_net_margin": 0.0944967414916727,
          "net_margin_yoy_pp": 2.0967176034100503
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "数据中心冷却产能目标从7.5亿增至11亿美元，平台扩容与利润持续成长",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "收购与资本支出占比需拆，目标产能不等于已实现收入",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-07-30",
          "content_hash": "d8485e4cb24a4994a887036834410c3f5bf8d1a6c59e3c1db07b3f4a962ab02c",
          "offsets": [
            1610,
            2392
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-01",
          "content_hash": "9171e8cb8bb66d846e9bc5f2393994bcba9384b4edb1e29cc61e460fcfb0a2fd",
          "offsets": [
            1365,
            2464
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 191.82000732421875,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 50085860.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-27",
        "returns": {
          "1m": {
            "value": -0.12081761039718175,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.16618124416602542,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.04118759539603445,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 303400000.0
      },
      "market_cap": 9607470032.039795,
      "ttm_revenue": 2475900000.0,
      "reported_fcf_yield": 0.03157959368993047,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 600926973.2521528,
          "required_cash_to_current_sales": 0.2427105187011401
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 463819173.16188866,
          "required_cash_to_current_sales": 0.18733356482971392
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 359254831.242101,
          "required_cash_to_current_sales": 0.14510070327642513
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；收购与资本支出占比需拆，目标产能不等于已实现收入",
      "deep_source_recheck": false,
      "industry": "Building Products & Equipment",
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          "filed_at": "2025-10-31",
          "report_date": "2025-09-27",
          "revenue": 592800000.0,
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          "gross_margin": 0.4040148448043185,
          "operating_margin": 0.16379892037786775,
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          "prior_revenue_yoy_pct": 10.193496908039101,
          "prior_gross_margin": 0.40851767624560675,
          "prior_operating_margin": 0.16311763489766384,
          "prior_ttm_fcf_margin": null,
          "changes_pp": {
            "demand": 12.361805965642937,
            "gross_margin": -0.45028314412882686,
            "operating_margin": 0.06812854802039081,
            "cash_margin": null
          },
          "signals": [
            "demand"
          ],
          "accession": "0000088205-25-000073",
          "currency": "USD",
          "net_margin": 0.10576923076923077,
          "prior_net_margin": 0.10378333677899525,
          "net_margin_yoy_pp": 0.1985893990235521
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-02-25",
          "report_date": "2025-12-31",
          "revenue": 637300000.0,
          "revenue_yoy_pct": 19.41165448753981,
          "gross_margin": 0.39761493801977094,
          "operating_margin": 0.15706888435587635,
          "ttm_fcf_margin": 0.10648536488455256,
          "prior_revenue_yoy_pct": 22.555302873682038,
          "prior_gross_margin": 0.4086565486228218,
          "prior_operating_margin": 0.16900880644556868,
          "prior_ttm_fcf_margin": 0.12495589495438278,
          "changes_pp": {
            "demand": -3.143648386142228,
            "gross_margin": -1.1041610603050867,
            "operating_margin": -1.1939922089692327,
            "cash_margin": -1.8470530069830224
          },
          "signals": [],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.12223442648674093,
          "prior_net_margin": 0.10698894510024358,
          "net_margin_yoy_pp": 1.5245481386497353
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-05-01",
          "report_date": "2026-03-28",
          "revenue": 566800000.0,
          "revenue_yoy_pct": 17.447161210111894,
          "gross_margin": 0.4068454481298518,
          "operating_margin": 0.15472829922371206,
          "ttm_fcf_margin": 0.11445962627165539,
          "prior_revenue_yoy_pct": 19.41165448753981,
          "prior_gross_margin": 0.4059262329050974,
          "prior_operating_margin": 0.13800248653128885,
          "prior_ttm_fcf_margin": 0.11537500624594015,
          "changes_pp": {
            "demand": -1.9644932774279162,
            "gross_margin": 0.09192152247544105,
            "operating_margin": 1.672581269242321,
            "cash_margin": -0.09153799742847579
          },
          "signals": [
            "operating_margin"
          ],
          "accession": "0000088205-26-000032",
          "currency": "USD",
          "net_margin": 0.10568101623147495,
          "prior_net_margin": 0.10609200165768752,
          "net_margin_yoy_pp": -0.041098542621256784
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-07-31",
          "report_date": "2026-06-27",
          "revenue": 679000000.0,
          "revenue_yoy_pct": 22.9181752353367,
          "gross_margin": 0.4017673048600884,
          "operating_margin": 0.16936671575846834,
          "ttm_fcf_margin": 0.1225412981138172,
          "prior_revenue_yoy_pct": 17.447161210111894,
          "prior_gross_margin": 0.41437364228819695,
          "prior_operating_margin": 0.15677045619116584,
          "prior_ttm_fcf_margin": 0.10650945234847009,
          "changes_pp": {
            "demand": 5.471014025224807,
            "gross_margin": -1.2606337428108572,
            "operating_margin": 1.2596259567302508,
            "cash_margin": 1.6031845765347108
          },
          "signals": [
            "demand",
            "operating_margin"
          ],
          "accession": "0000088205-26-000053",
          "currency": "USD",
          "net_margin": 0.1154639175257732,
          "prior_net_margin": 0.0944967414916727,
          "net_margin_yoy_pp": 2.0967176034100503
        }
      ],
      "financial_reason": "2025-09-27（本地期标2025Q3）收入592.80百万美元、同比22.56%；毛利率40.40%、营业率16.38%、净利率10.58%；2025-12-31（本地期标2025Q4）收入637.30百万美元、同比19.41%；毛利率39.76%、营业率15.71%、净利率12.22%；2026-03-28（本地期标2026Q1）收入566.80百万美元、同比17.45%；毛利率40.68%、营业率15.47%、净利率10.57%；2026-06-27（本地期标2026Q2）收入679.00百万美元、同比22.92%；毛利率40.18%、营业率16.94%、净利率11.55%；最新净利率同比变化2.10个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "SPXC",
        "period": "2026-06-27",
        "source_period": "2026-06-27",
        "url": "https://www.sec.gov/Archives/edgar/data/88205/000008820526000053/spxc-20260627.htm",
        "sha256": "a7810d3e0ffa5437a288d3f03e43427b02094438c22cb1e9c452e04f0d331b86",
        "checks": {
          "revenue": {
            "local": 679000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 679000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 679000000.0,
              "prior": 552400000.0,
              "prior_periods": [
                "2025-06-28"
              ]
            }
          },
          "operating_income": {
            "local": 115000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 115000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 115000000.0,
              "prior": 86600000.0,
              "prior_periods": [
                "2025-06-28"
              ]
            }
          },
          "net_income": {
            "local": 78400000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 78400000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 78400000.0,
              "prior": 52200000.0,
              "prior_periods": [
                "2025-06-28"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "SPX Technologies为建筑和基础设施客户提供暖通设备及检测测量产品。业务包括冷却塔、空气处理等设备，以及定位和检测相关工具。公司通过设备销售、零件和服务获得收入，数据中心是其冷却产品的应用场景之一。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "7390b7ed823a7dc6b6963062f152e769e472deb21064e8c2e9bda3616333d934",
          "business_evidence_sha256": "90c0edf2b08647bfab5fde6011aad5766f8218a2af8224348f4cdf990c1dca9f",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/88205/000008820526000053/spxc-20260627.htm"
        }
      }
    },
    {
      "ticker": "ST",
      "name": "Sensata Technologies Holding plc",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-29",
          "report_date": "2026-06-30",
          "revenue": 990600000.0,
          "revenue_yoy_pct": 5.004960864292807,
          "gross_margin": 0.30466384009691094,
          "operating_margin": 0.16696951342620633,
          "ttm_fcf_margin": 0.15340846632855318,
          "prior_revenue_yoy_pct": 2.5837992658476416,
          "prior_gross_margin": 0.30346073285109776,
          "prior_operating_margin": 0.14634761666511198,
          "prior_ttm_fcf_margin": 0.11545037206698033,
          "changes_pp": {
            "demand": 2.421161598445165,
            "gross_margin": 0.12031072458131842,
            "operating_margin": 2.0621896761094356,
            "cash_margin": 3.7958094261572843
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          "signals": [
            "demand",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001477294-26-000044",
          "currency": "USD",
          "net_margin": 0.10306884716333535,
          "prior_net_margin": 0.06430891344351823,
          "net_margin_yoy_pp": 3.875993371981712
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        "revenue_growth": {
          "positive": 3,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "新管理层强调择优设计赢单、营运资金与资本配置，连续四季有机增长。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "调整经营率同比仅50bp，GAAP改善含旧减值，需正常化验证。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "f81ae4695aba08f411375a74a973ad2af4494e6b4823f08982f067672b8dcb6d",
          "navigation_offsets": [
            2958,
            4186
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "f8ea8f28b2ed3930c77276940965e68b81ed1f591e69b16aa418a42411f4c3cd",
          "navigation_offsets": [
            5927,
            4212
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 43.63999938964844,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 145535862.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.054387910146069474,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.13412702245176333,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.3152520859860255,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 579157000.0
      },
      "market_cap": 6351184928.851959,
      "ttm_revenue": 3775261000.0,
      "reported_fcf_yield": 0.09118881066886025,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 397253212.67011875,
          "required_cash_to_current_sales": 0.10522536393380981
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 306615720.1088798,
          "required_cash_to_current_sales": 0.08121709203916758
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          "required_cash_to_current_sales": 0.06290734489391482
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；调整经营率同比仅50bp，GAAP改善含旧减值，需正常化验证。",
      "deep_source_recheck": false,
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            "cash_margin"
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            "cash_margin": 3.2424859755111863
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          "signals": [
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            "operating_margin",
            "cash_margin"
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          "accession": "derived:q4_synth",
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          "net_margin": 0.0688933121105849,
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          "filed_at": "2026-04-28",
          "report_date": "2026-03-31",
          "revenue": 934800000.0,
          "revenue_yoy_pct": 2.5837992658476416,
          "gross_margin": 0.30626872058194266,
          "operating_margin": 0.1514762516046213,
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          "prior_gross_margin": 0.29913470982326573,
          "prior_operating_margin": 0.13409638355893794,
          "prior_ttm_fcf_margin": 0.1082161722665096,
          "changes_pp": {
            "demand": 1.4608387837447223,
            "gross_margin": 0.7134010758676923,
            "operating_margin": 1.7379868045683367,
            "cash_margin": 2.8122310772187618
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          "signals": [
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            "cash_margin"
          ],
          "accession": "0001477294-26-000018",
          "currency": "USD",
          "net_margin": 0.0931750106974754,
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          "net_margin_yoy_pp": 1.6446762292802717
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        {
          "period": "2026Q2",
          "filed_at": "2026-07-29",
          "report_date": "2026-06-30",
          "revenue": 990600000.0,
          "revenue_yoy_pct": 5.004960864292807,
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          "prior_gross_margin": 0.30346073285109776,
          "prior_operating_margin": 0.14634761666511198,
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            "demand": 2.421161598445165,
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            "cash_margin": 3.7958094261572843
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          "signals": [
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            "cash_margin"
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          "accession": "0001477294-26-000044",
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          "prior_net_margin": 0.06430891344351823,
          "net_margin_yoy_pp": 3.875993371981712
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      ],
      "financial_reason": "2025Q3 收入同比-5.17%，毛利率27.83%，营业利润率-13.19%，净利率-17.44%；2025Q4 收入同比1.12%，毛利率28.99%，营业利润率10.91%，净利率6.89%；2026Q1 收入同比2.58%，毛利率30.63%，营业利润率15.15%，净利率9.32%；2026Q2 收入同比5.00%，毛利率30.47%，营业利润率16.70%，净利率10.31%",
      "primary_source": {
        "ticker": "ST",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1477294/000147729426000044/st-20260630.htm",
        "sha256": "fa062b937948af139258e17797489ebc7886e530fe4556d0a221b49d98e9853c",
        "checks": {
          "revenue": {
            "local": 990600000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 990600000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 990600000.0,
              "prior": 943400000.0,
              "prior_periods": [
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              ]
            }
          },
          "operating_income": {
            "local": 165400000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 165400000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 165400000.0,
              "prior": 138100000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 102100000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 102100000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 102100000.0,
              "prior": 60700000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Sensata为汽车和工业设备提供传感器、电气保护及控制部件。它的产品测量压力、温度和其他状态，让设备能够安全地运行并管理电力。公司主要向汽车及其他设备制造商销售这些组件和系统。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "ddd174dea5feb1db1e88848b04f76c14cb0d79134116a07b09bfc40bfe3ba83a",
          "business_evidence_sha256": "f0141ff629ae57a32dc32a3d786ef24bad67f962ef723eff5e2d46552186fb03",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1477294/000147729426000044/st-20260630.htm"
        }
      }
    },
    {
      "ticker": "STRL",
      "name": "STERLING INFRASTRUCTURE, INC.",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-04",
          "report_date": "2026-06-30",
          "revenue": 1168179000.0,
          "revenue_yoy_pct": 90.1122597108393,
          "gross_margin": 0.24821281670018036,
          "operating_margin": 0.18769469404945646,
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          "prior_revenue_yoy_pct": 91.59459704048507,
          "prior_gross_margin": 0.23294947824785017,
          "prior_operating_margin": 0.17016996816758562,
          "prior_ttm_fcf_margin": 0.20390497434273577,
          "changes_pp": {
            "demand": -1.4823373296457731,
            "gross_margin": 1.5263338452330188,
            "operating_margin": 1.7524725881870844,
            "cash_margin": -6.372641901344259
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          "signals": [
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            "operating_margin"
          ],
          "accession": "0000874238-26-000103",
          "currency": "USD",
          "net_margin": 0.1333922284170491,
          "prior_net_margin": 0.1155324606000638,
          "net_margin_yoy_pp": 1.7859767816985297
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "E-infrastructure数据中心和半导体项目扩展，CEC补齐机电能力，收入利润跨期提高。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "分部营收增192%利润增148%说明组合稀释，强并购/客户资本开支与预收现金需核。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "12ed0d2002feb44bc8d0635ec090140fd73a1928f8c63d4cc18bac076c0a218e",
          "offset": 3393,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-04"
        },
        {
          "period": "2026Q2",
          "content_hash": "12ed0d2002feb44bc8d0635ec090140fd73a1928f8c63d4cc18bac076c0a218e",
          "offset": 2405,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-04"
        },
        {
          "period": "2025Q2",
          "content_hash": "fbb43b87e2817b459b7897edfb590e58f60043546aaf870d6cdb1bcd0e2cce45",
          "offset": 2443,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-05"
        },
        {
          "period": "2025Q2",
          "content_hash": "fbb43b87e2817b459b7897edfb590e58f60043546aaf870d6cdb1bcd0e2cce45",
          "offset": 3188,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-05"
        }
      ],
      "market": {
        "close": 511.0400085449219,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 30588518.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.06905911798725306,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.40506872681312056,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.6688109924266621,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 482002000.0
      },
      "market_cap": 15631956500.096497,
      "ttm_revenue": 3438486000.0,
      "reported_fcf_yield": 0.03083440003156512,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 977745886.7199715,
          "required_cash_to_current_sales": 0.28435360409202526
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 754662894.0395467,
          "required_cash_to_current_sales": 0.21947534293859178
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 584530149.5292523,
          "required_cash_to_current_sales": 0.16999637326697048
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；分部营收增192%利润增148%说明组合稀释，强并购/客户资本开支与预收现金需核。",
      "deep_source_recheck": false,
      "industry": "Engineering & Construction",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-11-04",
          "report_date": "2025-09-30",
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            "demand": 10.617276123742592,
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            "operating_margin": 3.4508631125329368,
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          "period": "2025Q4",
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            "demand": 35.429081030841374,
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          "accession": "derived:q4_synth",
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          "net_margin": 0.11592839191490882,
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          "period": "2026Q1",
          "filed_at": "2026-05-05",
          "report_date": "2026-03-31",
          "revenue": 825675000.0,
          "revenue_yoy_pct": 91.59459704048507,
          "gross_margin": 0.235317770309141,
          "operating_margin": 0.16691070941956582,
          "ttm_fcf_margin": 0.1530989418585505,
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          "prior_gross_margin": 0.22007244476724624,
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            "demand": 40.11845171730075,
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          "accession": "0000874238-26-000055",
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          "period": "2026Q2",
          "filed_at": "2026-08-04",
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          "revenue": 1168179000.0,
          "revenue_yoy_pct": 90.1122597108393,
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          "net_margin_yoy_pp": 1.7859767816985297
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      ],
      "financial_reason": "2025Q3收入689.02百万美元/同比16.05%，毛利率24.70%，营业率18.19%，净利率13.37%；2025Q4收入755.61百万美元/同比51.48%，毛利率21.72%，营业率15.88%，净利率11.59%；2026Q1收入825.67百万美元/同比91.59%，毛利率23.53%，营业率16.69%，净利率11.62%；2026Q2收入1168.18百万美元/同比90.11%，毛利率24.82%，营业率18.77%，净利率13.34%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "STRL",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/874238/000087423826000103/strl-20260630.htm",
        "sha256": "5fc8f869f0d0f2dcb25dcf795ea2803b8bcf8f6b27facec16d6b0134f0a93331",
        "checks": {
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            "alternatives": [
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 1168179000.0
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            ],
            "status": "matched",
            "comparable": {
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              "current": 1168179000.0,
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              "prior_periods": [
                "2025-06-30"
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            }
          },
          "operating_income": {
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            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
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            ],
            "status": "matched",
            "comparable": {
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              "current": 219261000.0,
              "prior": 104564000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 155826000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 155826000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 168646000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 155826000.0,
              "prior": 70991000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Sterling为数据中心、物流设施、制造厂及交通等项目提供基础设施建设服务。它参与场地开发、土建和相关工程，把土地与基础条件准备成可以建设或使用的设施。公司通过工程合同赚钱，数据中心客户的增长并不意味着它自己经营云计算业务。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "58cbf01b143ea637d48cc978256ddc81490c7e264a5bd2373868517d49568c00",
          "business_evidence_sha256": "3dff6f88d229d9061b10c8bcb68390c6f8379153a601b9e4dfd4acb1acac0039",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/874238/000087423826000103/strl-20260630.htm"
        }
      }
    },
    {
      "ticker": "SWIM",
      "name": "Latham Group, Inc.",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-05",
          "report_date": "2026-06-27",
          "revenue": 197474000.0,
          "revenue_yoy_pct": 14.3855096472987,
          "gross_margin": 0.3548720337867263,
          "operating_margin": 0.12706482878758724,
          "ttm_fcf_margin": 0.08501635330066142,
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          "prior_gross_margin": 0.37050145100469767,
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          "currency": "USD",
          "net_margin": 0.06458571761345798,
          "prior_net_margin": 0.0925630940865042,
          "net_margin_yoy_pp": -2.7977376473046225
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "自动泳池罩附着率和Sand States扩张，最新有机10%增长优于疲弱行业",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "并购贡献与消费者资本支出敏感，利润季节性强，需渠道库存验证",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-04",
          "content_hash": "eb739a5c62f1882dc4cee53e5acf5f3674febe715ff39e6bc648b33de5e4ffb3",
          "offsets": [
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            2318
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-06",
          "content_hash": "bc84edefb29b9d58ad59e825d57ba383a282afee9a070dbdec50fff755eca112",
          "offsets": [
            1773,
            4473
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 6.320000171661377,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 117646086.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-27",
        "returns": {
          "1m": {
            "value": -0.19284799064595293,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
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            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.004724367467990875,
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": false,
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      },
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      "ttm_revenue": 576642000.0,
      "reported_fcf_yield": 0.06593472063851645,
      "price_hurdles": [
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          "cash_growth": 0.1,
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          "cash_growth": 0.15,
          "required_starting_cash": 35895022.67812115,
          "required_cash_to_current_sales": 0.062248366713005904
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；并购贡献与消费者资本支出敏感，利润季节性强，需渠道库存验证",
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      "financial_reason": "2025-09-27（本地期标2025Q3）收入161.90百万美元、同比7.58%；毛利率35.40%、营业率13.28%、净利率5.01%；2025-12-31（本地期标2025Q4）收入99.95百万美元、同比14.53%；毛利率27.95%、营业率-10.73%、净利率-7.01%；2026-03-28（本地期标2026Q1）收入117.31百万美元、同比5.29%；毛利率31.67%、营业率-5.63%、净利率-7.27%；2026-06-27（本地期标2026Q2）收入197.47百万美元、同比14.39%；毛利率35.49%、营业率12.71%、净利率6.46%；最新净利率同比变化-2.80个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
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        "period": "2026-06-27",
        "source_period": "2026-06-27",
        "url": "https://www.sec.gov/Archives/edgar/data/1833197/000162828026052925/swim-20260627.htm",
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                "2025-06-28"
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        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Latham为住宅市场设计和制造地下泳池及配套产品。它提供玻璃纤维泳池、泳池内衬和池盖等，由相关渠道及安装商服务家庭客户。公司主要通过泳池产品销售赚钱，需求涉及新建和更换改造。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "63e7900b207101a3a0b477cd3ab0d12cf897fd4fcb88a2126ad7d67db253b3f3",
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          "primary_url": "https://www.sec.gov/Archives/edgar/data/1833197/000162828026052925/swim-20260627.htm"
        }
      }
    },
    {
      "ticker": "SXT",
      "name": "SENSIENT TECHNOLOGIES CORP",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
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          "prior_gross_margin": 0.3448132679912126,
          "prior_operating_margin": 0.13930907949689786,
          "prior_ttm_fcf_margin": 0.04005615681256775,
          "changes_pp": {
            "demand": 0.46175475126732834,
            "gross_margin": 2.91449774246344,
            "operating_margin": 2.6679134690657995,
            "cash_margin": -3.742505830839597
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          "positive": 4,
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        "operating_margin_improvement": {
          "positive": 3,
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        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "食品天然色素转换从2025机会到2026Color收入17.6%增长，利润同步兑现",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "Color退款430万美元贡献200基点，剔除后改善较小；监管转换时点及产能需核验",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-07-24",
          "content_hash": "01b98dcf6dd30ed2fad30442554129547c38b9994a63a7a0f241f750d405ca98",
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          "role": "navigation_excerpt"
        },
        {
          "period": "2026Q2",
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          "role": "targeted_full_source_context"
        },
        {
          "period": "2026Q2",
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        },
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        },
        {
          "period": "2025Q2",
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          "offset": 3276,
          "length": 720,
          "role": "targeted_full_source_context"
        }
      ],
      "market": {
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        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
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        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
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            "end": "2026-09-11",
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；Color退款430万美元贡献200基点，剔除后改善较小；监管转换时点及产能需核验",
      "deep_source_recheck": false,
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      "primary_source": {
        "ticker": "SXT",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/310142/000114036126031094/ef20075523_10q.htm",
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      },
      "company_profile": {
        "summary": "Sensient为食品饮料及其他消费品提供色素、香精和特种原料。它帮助客户决定产品的颜色、味道和部分功能特点，而不是主要销售最终的食品品牌。公司通过配方开发和原料产品销售获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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    },
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      "ticker": "SYM",
      "name": "Symbotic Inc.",
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        "gross_margin_improvement": {
          "positive": 4,
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "仓储自动化部署和运营系统数增加、项目执行改进，连续GAAP盈利。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "大客户/关联结构集中、Fox/ARMS并购，收入确认与营运资本需核验。",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q3",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；大客户/关联结构集中、Fox/ARMS并购，收入确认与营运资本需核验。",
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      "financial_reason": "2025Q3 收入同比9.55%，毛利率20.55%，营业利润率-3.52%，净利率-0.59%；2025Q4 收入同比29.44%，毛利率21.18%，营业利润率1.04%，净利率0.41%；2026Q1 收入同比23.07%，毛利率22.17%，营业利润率0.90%，净利率0.29%；2026Q2 收入同比21.74%，毛利率22.32%，营业利润率4.56%，净利率1.62%",
      "primary_source": {
        "ticker": "SYM",
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        "url": "https://www.sec.gov/Archives/edgar/data/1837240/000183724026000043/sym-20260627.htm",
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      },
      "company_profile": {
        "summary": "Symbotic为大型仓库和配送中心提供自动化系统。它把机器人、软件和货物处理设备组合起来，帮助零售及物流客户自动搬运、分拣和组织商品。公司通过系统交付及相关软件和服务获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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    },
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        "gross_margin_improvement": {
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
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      "business_evidence": "XDEMVY净产品收入1.739亿增69%，新眼科治疗类别采用持续。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "仍亏损、Alkeus收购与临床开发增加资金风险，单药集中。",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
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      "financial_reason": "2025Q3 收入同比146.68%，毛利率缺失，营业利润率-12.24%，净利率-10.60%；2025Q4 收入同比128.39%，毛利率缺失，营业利润率-5.26%，净利率-5.52%；2026Q1 收入同比106.87%，毛利率94.20%，营业利润率-3.78%，净利率-4.30%；2026Q2 收入同比69.41%，毛利率93.03%，营业利润率-11.45%，净利率-10.67%",
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              "prior": -20340000.0,
              "prior_periods": [
                "2025-06-30"
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            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Tarsus是一家以眼科治疗为重点的制药公司。它的商业化产品XDEMVY用于蠕形螨相关睑缘炎这一治疗领域，同时开展后续药物项目。公司主要通过处方药销售赚钱，并投入临床研发和商业推广。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "044e27f76c6df93690f880b7023f1cb64fe7e134111ec8b1da02abca88a77010",
          "business_evidence_sha256": "4167a933022f54dd4550b7afb522e7210a23553695469acfd4964d2f82be98be",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1819790/000181979026000064/tars-20260630.htm"
        }
      }
    },
    {
      "ticker": "TDY",
      "name": "TELEDYNE TECHNOLOGIES INC",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
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          "report_date": "2026-06-28",
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          "gross_margin": 0.44396992481203007,
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          "prior_revenue_yoy_pct": null,
          "prior_gross_margin": 0.42584395851225476,
          "prior_operating_margin": 0.18378806897007333,
          "prior_ttm_fcf_margin": 0.1612684874945003,
          "changes_pp": {
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            "operating_margin": 1.6632983661505618,
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          "signals": [
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            "operating_margin"
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          "accession": "0001094285-26-000043",
          "currency": "USD",
          "net_margin": 0.1513984962406015,
          "prior_net_margin": 0.13866684283543634,
          "net_margin_yoy_pp": 1.273165340516516
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        "revenue_growth": {
          "positive": 4,
          "available": 4
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        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "无人系统红外检测带动数字成像有机增长，积压持续扩大",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "并购复利成熟、需量化新应用贡献，资本配置/价格隐含预期需查",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-07-22",
          "content_hash": "d1fb509d56b3dca2cdd47f32ffdc015150356bad328774658bd44d49405ee0a9",
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          "role": "navigation_excerpt"
        },
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          "period": "2025Q2",
          "published_date": "2025-07-23",
          "content_hash": "1ed870e4e08056cd216557c93c4ed0c686ed09a81322f36d01914225576899ba",
          "offsets": [
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            4001
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 603.7899780273438,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 46185578.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2025-12-28",
        "returns": {
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          },
          "3m": {
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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            "start": "2025-12-31",
            "end": "2026-09-11",
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            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 1074000000.0
      },
      "market_cap": 27886389125.80017,
      "ttm_revenue": 6115400000.0,
      "reported_fcf_yield": 0.038513412229708416,
      "price_hurdles": [
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；并购复利成熟、需量化新应用贡献，资本配置/价格隐含预期需查",
      "deep_source_recheck": false,
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          "signals": [
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          "accession": "derived:q4_synth",
          "currency": "USD",
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          "accession": "0001094285-26-000043",
          "currency": "USD",
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          "prior_net_margin": 0.13866684283543634,
          "net_margin_yoy_pp": 1.273165340516516
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      ],
      "financial_reason": "2025-06-29（本地期标2025Q2）收入1513.70百万美元、同比10.16%；毛利率42.58%、营业率18.38%、净利率13.87%；2025-09-28（本地期标2025Q3）收入1539.50百万美元、同比6.65%；毛利率42.84%、营业率18.37%、净利率14.34%；2025-12-28（本地期标2025Q4）收入1612.30百万美元、同比7.32%；毛利率42.87%、营业率20.44%、净利率17.09%；2026-06-28（本地期标2026Q2）收入1662.50百万美元、同比9.83%；毛利率44.40%、营业率20.04%、净利率15.14%；最新净利率同比变化1.27个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "TDY",
        "period": "2026-06-28",
        "source_period": "2026-06-28",
        "url": "https://www.sec.gov/Archives/edgar/data/1094285/000109428526000043/tdy-20260628.htm",
        "sha256": "1d543d663811f342974c6a77f93a74305a865cc0ff7785249c86e6ac6a3de0d2",
        "checks": {
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 1662500000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 1662500000.0,
              "prior": 1513700000.0,
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            }
          },
          "operating_income": {
            "local": 333200000.0,
            "alternatives": [
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                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 333200000.0
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            ],
            "status": "matched",
            "comparable": {
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            }
          },
          "net_income": {
            "local": 251700000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
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              {
                "concept": "us-gaap:ProfitLoss",
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            ],
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            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Teledyne为工业、科学和航空国防客户提供成像及测量设备。产品包括可见光和红外相机、传感器、仪器及相关电子系统，让客户观察和测量难以直接感知的信息。公司通过销售设备、组件及技术服务获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "a35b34168c4c409e4c64fae1c0140dc1b387c5249108dc1417e09d76f2a82868",
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      }
    },
    {
      "ticker": "TEVA",
      "name": "TEVA PHARMACEUTICAL INDUSTRIES LTD",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
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          "report_date": "2026-06-30",
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        },
        "gross_margin_improvement": {
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        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Pivot to Growth推动Austedo/Ajovy/Uzedy创新组合抵消Revlimid仿制药下降。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "Emalex收购研发费用使GAAP亏损，必须正常化但不能全部无成本剔除；债务仍重要。",
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        },
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          "published_date": "2025-08-07"
        },
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      ],
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        "source": "yfinance_daily_sync",
        "shares": 1165296084.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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            "end": "2026-09-11",
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 1348000000.0
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      ],
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      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；Emalex收购研发费用使GAAP亏损，必须正常化但不能全部无成本剔除；债务仍重要。",
      "deep_source_recheck": false,
      "industry": "Drug Manufacturers - Specialty & Generic",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-11-05",
          "report_date": "2025-09-30",
          "revenue": 4480000000.0,
          "revenue_yoy_pct": 3.416435826408115,
          "gross_margin": 0.5142857142857142,
          "operating_margin": 0.196875,
          "ttm_fcf_margin": 0.034453981878874586,
          "prior_revenue_yoy_pct": 0.2881844380403509,
          "prior_gross_margin": 0.49584487534626037,
          "prior_operating_margin": -0.011772853185595568,
          "prior_ttm_fcf_margin": 0.08156451228237539,
          "changes_pp": {
            "demand": 3.1282513883677643,
            "gross_margin": 1.8440838939453863,
            "operating_margin": 20.864785318559555,
            "cash_margin": -4.71105304035008
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001193125-25-266895",
          "currency": "USD",
          "net_margin": 0.09665178571428572,
          "prior_net_margin": -0.10087719298245613,
          "net_margin_yoy_pp": 19.752897869674186
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-02-03",
          "report_date": "2025-12-31",
          "revenue": 4711000000.0,
          "revenue_yoy_pct": 11.397493497280674,
          "gross_margin": 0.5635746126087879,
          "operating_margin": 0.0638930163447251,
          "ttm_fcf_margin": 0.06651987484065361,
          "prior_revenue_yoy_pct": 3.416435826408115,
          "prior_gross_margin": 0.5015370063844881,
          "prior_operating_margin": -0.006857413100023646,
          "prior_ttm_fcf_margin": 0.04527321083172147,
          "changes_pp": {
            "demand": 7.981057670872559,
            "gross_margin": 6.2037606224299875,
            "operating_margin": 7.075042944474876,
            "cash_margin": 2.1246664008932137
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.10210146465718531,
          "prior_net_margin": -0.05131236698983211,
          "net_margin_yoy_pp": 15.34138316470174
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-04-29",
          "report_date": "2026-03-31",
          "revenue": 3982000000.0,
          "revenue_yoy_pct": 2.338730403495237,
          "gross_margin": 0.49522852837769965,
          "operating_margin": 0.16373681567051732,
          "ttm_fcf_margin": 0.06755432589774626,
          "prior_revenue_yoy_pct": 11.397493497280674,
          "prior_gross_margin": 0.4823952711385248,
          "prior_operating_margin": 0.13338473400154202,
          "prior_ttm_fcf_margin": 0.04603996148290804,
          "changes_pp": {
            "demand": -9.058763093785437,
            "gross_margin": 1.2833257239174833,
            "operating_margin": 3.0352081668975295,
            "cash_margin": 2.1514364414838227
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          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001193125-26-191513",
          "currency": "USD",
          "net_margin": 0.09266700150678052,
          "prior_net_margin": 0.05499871498329478,
          "net_margin_yoy_pp": 3.7668286523485737
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-07-29",
          "report_date": "2026-06-30",
          "revenue": 4142000000.0,
          "revenue_yoy_pct": -0.8141762452107293,
          "gross_margin": 0.5197971994205698,
          "operating_margin": -0.05577015934331241,
          "ttm_fcf_margin": 0.07785157377995958,
          "prior_revenue_yoy_pct": 2.338730403495237,
          "prior_gross_margin": 0.5033524904214559,
          "prior_operating_margin": 0.10895593869731801,
          "prior_ttm_fcf_margin": 0.05352417608852538,
          "changes_pp": {
            "demand": -3.1529066487059665,
            "gross_margin": 1.6444708999113877,
            "operating_margin": -16.472609804063044,
            "cash_margin": 2.4327397691434194
          },
          "signals": [
            "gross_margin",
            "cash_margin"
          ],
          "accession": "0001193125-26-323619",
          "currency": "USD",
          "net_margin": -0.13906325446644133,
          "prior_net_margin": 0.06752873563218391,
          "net_margin_yoy_pp": -20.659199009862522
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      ],
      "financial_reason": "2025Q3收入4480.00百万美元/同比3.42%，毛利率51.43%，营业率19.69%，净利率9.67%；2025Q4收入4711.00百万美元/同比11.40%，毛利率56.36%，营业率6.39%，净利率10.21%；2026Q1收入3982.00百万美元/同比2.34%，毛利率49.52%，营业率16.37%，净利率9.27%；2026Q2收入4142.00百万美元/同比-0.81%，毛利率51.98%，营业率-5.58%，净利率-13.91%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "TEVA",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/818686/000119312526323619/d118828d10q.htm",
        "sha256": "a5ddcdb7a402158131967bc65170a577b62216c14f8f195edd122243bd333488",
        "checks": {
          "revenue": {
            "local": 4142000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 4142000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 4142000000.0,
              "prior": 4176000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": -231000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": -231000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": -231000000.0,
              "prior": 455000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": -576000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": -576000000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": -575000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": -576000000.0,
              "prior": 282000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "梯瓦是一家同时经营仿制药和创新药的制药公司。它向医疗渠道提供多种剂型的仿制药，也销售面向特定疾病的品牌药。公司主要依靠药品销售赚钱，需要同时管理药品研发、生产、供应和商业推广。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "1e8a622dfdf32443d1ebd2f002d286574c1314c9f10f186ca5061c33b1f7161b",
          "business_evidence_sha256": "4441a0421c7c4c54c03423de7578b2dd2381fba9274714cd258a472f7dc5cbe1",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/818686/000119312526323619/d118828d10q.htm"
        }
      }
    },
    {
      "ticker": "THC",
      "name": "TENET HEALTHCARE CORP",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-29",
          "report_date": "2026-06-30",
          "revenue": 5628000000.0,
          "revenue_yoy_pct": 6.7729083665338585,
          "gross_margin": null,
          "operating_margin": 0.26670220326936744,
          "ttm_fcf_margin": 0.13859343480652853,
          "prior_revenue_yoy_pct": 2.7761822707256467,
          "prior_gross_margin": 0.37791690381331816,
          "prior_operating_margin": 0.1561373553405426,
          "prior_ttm_fcf_margin": 0.0750676720804331,
          "changes_pp": {
            "demand": 3.996726095808212,
            "gross_margin": null,
            "operating_margin": 11.056484792882484,
            "cash_margin": 6.352576272609542
          },
          "signals": [
            "demand",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0000070318-26-000037",
          "currency": "USD",
          "net_margin": 0.14676616915422885,
          "prior_net_margin": 0.05463858850313034,
          "net_margin_yoy_pp": 9.212758065109853
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 2
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "高复杂度病例、USPI门诊外科组合及技术费用管理跨期提升利润。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "医院出售、政府补充支付/少数股东和资本投入需核，不能把集团EBITDA全归普通股。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "a6e35f77ef02f3d0d61691744a2efedda5fc96eeeeea7bbd35b3d7ed42217895",
          "offset": 1764,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-24"
        },
        {
          "period": "2026Q2",
          "content_hash": "a6e35f77ef02f3d0d61691744a2efedda5fc96eeeeea7bbd35b3d7ed42217895",
          "offset": 2883,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-24"
        },
        {
          "period": "2025Q2",
          "content_hash": "4cb8a38c271f107be65cf46dc22cc0f556c36b22d9697e0723f771ecad37169d",
          "offset": 2611,
          "characters_read": 470,
          "source": "youtube_transcript",
          "published_date": "2025-07-23"
        },
        {
          "period": "2025Q2",
          "content_hash": "4cb8a38c271f107be65cf46dc22cc0f556c36b22d9697e0723f771ecad37169d",
          "offset": 1871,
          "characters_read": 470,
          "source": "youtube_transcript",
          "published_date": "2025-07-23"
        }
      ],
      "market": {
        "close": 263.69000244140625,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 80519000.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.011619648428451756,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.5097331782468695,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.32694243569647474,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 3023000000.0
      },
      "market_cap": 21232055306.57959,
      "ttm_revenue": 21812000000.0,
      "reported_fcf_yield": 0.14237905640078113,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 1328020247.6568425,
          "required_cash_to_current_sales": 0.06088484539046591
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 1025018480.8262585,
          "required_cash_to_current_sales": 0.04699332848093978
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 793936220.5295101,
          "required_cash_to_current_sales": 0.036399056506946185
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；医院出售、政府补充支付/少数股东和资本投入需核，不能把集团EBITDA全归普通股。",
      "deep_source_recheck": false,
      "industry": "Medical Care Facilities",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-10-28",
          "report_date": "2025-09-30",
          "revenue": 5289000000.0,
          "revenue_yoy_pct": 3.260445138617718,
          "gross_margin": 0.3717148799394971,
          "operating_margin": 0.16808470410285498,
          "ttm_fcf_margin": 0.07202109805801966,
          "prior_revenue_yoy_pct": 3.292181069958855,
          "prior_gross_margin": 0.3500585708707536,
          "prior_operating_margin": 0.21261226083561108,
          "prior_ttm_fcf_margin": 0.11410452031279801,
          "changes_pp": {
            "demand": -0.03173593134113695,
            "gross_margin": 2.1656309068743496,
            "operating_margin": -4.45275567327561,
            "cash_margin": -4.208342225477835
          },
          "signals": [
            "gross_margin"
          ],
          "accession": "0000070318-25-000046",
          "currency": "USD",
          "net_margin": 0.06466250709018719,
          "prior_net_margin": 0.092151503319016,
          "net_margin_yoy_pp": -2.748899622882882
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-02-17",
          "report_date": "2025-12-31",
          "revenue": 5527000000.0,
          "revenue_yoy_pct": 8.970820189274441,
          "gross_margin": 0.3817622580061516,
          "operating_margin": 0.15433327302333996,
          "ttm_fcf_margin": 0.11872360394181136,
          "prior_revenue_yoy_pct": 3.260445138617718,
          "prior_gross_margin": 0.37440851735015773,
          "prior_operating_margin": 0.16186908517350157,
          "prior_ttm_fcf_margin": 0.05400435518993467,
          "changes_pp": {
            "demand": 5.710375050656723,
            "gross_margin": 0.7353740655993868,
            "operating_margin": -0.7535812150161608,
            "cash_margin": 6.4719248751876695
          },
          "signals": [
            "demand",
            "cash_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.06712502261624752,
          "prior_net_margin": 0.06269716088328076,
          "net_margin_yoy_pp": 0.4427861732966762
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-04-30",
          "report_date": "2026-03-31",
          "revenue": 5368000000.0,
          "revenue_yoy_pct": 2.7761822707256467,
          "gross_margin": null,
          "operating_margin": 0.2414307004470939,
          "ttm_fcf_margin": 0.15609415054765788,
          "prior_revenue_yoy_pct": 8.970820189274441,
          "prior_gross_margin": 0.3856021443614781,
          "prior_operating_margin": 0.18054757802029486,
          "prior_ttm_fcf_margin": 0.06881091617933723,
          "changes_pp": {
            "demand": -6.1946379185487945,
            "gross_margin": null,
            "operating_margin": 6.088312242679902,
            "cash_margin": 8.728323436832065
          },
          "signals": [
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0000070318-26-000026",
          "currency": "USD",
          "net_margin": 0.13077496274217584,
          "prior_net_margin": 0.07773310358031782,
          "net_margin_yoy_pp": 5.304185916185802
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-07-29",
          "report_date": "2026-06-30",
          "revenue": 5628000000.0,
          "revenue_yoy_pct": 6.7729083665338585,
          "gross_margin": null,
          "operating_margin": 0.26670220326936744,
          "ttm_fcf_margin": 0.13859343480652853,
          "prior_revenue_yoy_pct": 2.7761822707256467,
          "prior_gross_margin": 0.37791690381331816,
          "prior_operating_margin": 0.1561373553405426,
          "prior_ttm_fcf_margin": 0.0750676720804331,
          "changes_pp": {
            "demand": 3.996726095808212,
            "gross_margin": null,
            "operating_margin": 11.056484792882484,
            "cash_margin": 6.352576272609542
          },
          "signals": [
            "demand",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0000070318-26-000037",
          "currency": "USD",
          "net_margin": 0.14676616915422885,
          "prior_net_margin": 0.05463858850313034,
          "net_margin_yoy_pp": 9.212758065109853
        }
      ],
      "financial_reason": "2025Q3收入5289.00百万美元/同比3.26%，毛利率37.17%，营业率16.81%，净利率6.47%；2025Q4收入5527.00百万美元/同比8.97%，毛利率38.18%，营业率15.43%，净利率6.71%；2026Q1收入5368.00百万美元/同比2.78%，毛利率缺失%，营业率24.14%，净利率13.08%；2026Q2收入5628.00百万美元/同比6.77%，毛利率缺失%，营业率26.67%，净利率14.68%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "THC",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/70318/000007031826000037/thc-20260630.htm",
        "sha256": "49182a6551f7b2e200e644340e8e9a4085fe587587b21c70d7fcb5d82ff0b33e",
        "checks": {
          "revenue": {
            "local": 5628000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 5628000000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 5628000000.0,
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            }
          },
          "operating_income": {
            "local": 1501000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 1501000000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 1501000000.0,
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            }
          },
          "net_income": {
            "local": 826000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 1045000000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 826000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
              "current": 826000000.0,
              "prior": 288000000.0,
              "prior_periods": [
                "2025-06-30"
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            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Tenet经营医院和门诊手术中心等医疗服务设施。它向患者提供住院、手术、检查及相关医疗服务，而不是主要向医院出售医疗器械。公司收入来自医疗服务付款，包括保险机构、政府项目和患者支付。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "2e578bf3bada62d0a41015a59ab5694968379fb0980052aae9983aceeee69071",
          "business_evidence_sha256": "75038cb27b76ef51480d6b548ed4d4d2d91b0d91f138322054526c292898b2ac",
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        }
      }
    },
    {
      "ticker": "TILE",
      "name": "INTERFACE INC",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
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          "gross_margin": 0.4500452365187593,
          "operating_margin": 0.1893262033166708,
          "ttm_fcf_margin": null,
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          "prior_gross_margin": 0.3940240202344963,
          "prior_operating_margin": 0.14638187673855912,
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            "gross_margin": 5.602121628426299,
            "operating_margin": 4.294432657811168,
            "cash_margin": null
          },
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            "gross_margin",
            "operating_margin"
          ],
          "accession": "0000715787-26-000024",
          "currency": "USD",
          "net_margin": 0.12991473295290853,
          "prior_net_margin": 0.12659179317799005,
          "net_margin_yoy_pp": 0.33229397749184875
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        "revenue_growth": {
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          "available": 4
        },
        "operating_margin_improvement": {
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          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "One Interface联合销售、自2024启动的自动化和供应链优化，价格量共同改善。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "最新GAAP毛利跳升须排关税退款，商业地产周期和分期映射风险。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "b328d8fdefa049ebb4d26e50c3f2212d64e3f024dcb9c1c494a244e9d76c48b9",
          "navigation_offsets": [
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          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "1f8235541c53ba6564a3a91f75507e4f5cce9abfefbf5d6535882be069c54ecb",
          "navigation_offsets": [
            2905,
            4034
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 57891000.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2025-12-28",
        "returns": {
          "1m": {
            "value": -0.11419667403534595,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.07091308971977406,
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            "reason": null
          },
          "1y": {
            "value": null,
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
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            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.22242123835429428,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 121714000.0
      },
      "market_cap": 1975819891.834259,
      "ttm_revenue": 1386854000.0,
      "reported_fcf_yield": 0.06160176871536929,
      "price_hurdles": [
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          "cash_growth": 0.1,
          "required_starting_cash": 123583364.12518296,
          "required_cash_to_current_sales": 0.08911057986290045
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          "cash_growth": 0.15,
          "required_starting_cash": 95386521.68481544,
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          "required_starting_cash": 73882389.37394823,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；最新GAAP毛利跳升须排关税退款，商业地产周期和分期映射风险。",
      "deep_source_recheck": false,
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            "cash_margin": -3.104612058428946
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          "gross_margin": 0.38583486217525825,
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            "cash_margin": 0.0626036140830219
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          "accession": "derived:q4_synth",
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          "report_date": "2026-04-05",
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            "operating_margin": -4.093627107196281,
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          "net_margin_yoy_pp": -1.538428144247156
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        {
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          "report_date": "2026-07-05",
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            "operating_margin"
          ],
          "accession": "0000715787-26-000024",
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          "prior_net_margin": 0.12659179317799005,
          "net_margin_yoy_pp": 0.33229397749184875
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      ],
      "financial_reason": "2025Q3 收入同比5.88%，毛利率39.40%，营业利润率14.64%，净利率12.66%；2025Q4 收入同比4.29%，毛利率38.58%，营业利润率10.12%，净利率6.98%；2026Q2 收入同比-11.85%，毛利率38.28%，营业利润率9.77%，净利率7.13%；2026Q3 收入同比8.55%，毛利率45.00%，营业利润率18.93%，净利率12.99%",
      "primary_source": {
        "ticker": "TILE",
        "period": "2026-07-05",
        "source_period": "2026-07-05",
        "url": "https://www.sec.gov/Archives/edgar/data/715787/000071578726000024/tile-20260705.htm",
        "sha256": "d43cc0fe85b8816d8b8bf037f2077aad588fce903082eb86aee7518bffe231a4",
        "checks": {
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            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 395698000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 395698000.0,
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            }
          },
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                "concept": "us-gaap:OperatingIncomeLoss",
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            "status": "matched",
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            }
          },
          "net_income": {
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            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
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          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Interface为办公室、医院、学校等建筑提供地面材料。它销售模块化地毯、弹性地板和橡胶地板等产品，也提供相关安装与维护支持。公司主要通过向商业装修和建筑渠道销售地材赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "6276bf35e51479a404ed8429a6a92d58c8f7c9f640d64df4a78b4bc97c93963e",
          "business_evidence_sha256": "3acef83ad1e73c1726dbb0febdf49ad55cc566ddd8c2eaf592ccda67e58a7d70",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/715787/000071578726000024/tile-20260705.htm"
        }
      }
    },
    {
      "ticker": "TOST",
      "name": "Toast, Inc.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-05",
          "report_date": "2026-06-30",
          "revenue": 1908000000.0,
          "revenue_yoy_pct": 23.096774193548384,
          "gross_margin": 0.27044025157232704,
          "operating_margin": 0.07966457023060797,
          "ttm_fcf_margin": 0.08465608465608465,
          "prior_revenue_yoy_pct": 21.91473448017951,
          "prior_gross_margin": 0.25290322580645164,
          "prior_operating_margin": 0.05161290322580645,
          "prior_ttm_fcf_margin": 0.0918625678119349,
          "changes_pp": {
            "demand": 1.182039713368873,
            "gross_margin": 1.7537025765875403,
            "operating_margin": 2.8051667004801515,
            "cash_margin": -0.720648315585025
          },
          "signals": [
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001650164-26-000164",
          "currency": "USD",
          "net_margin": 0.08071278825995808,
          "prior_net_margin": 0.05161290322580645,
          "net_margin_yoy_pp": 2.9099885034151627
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        "revenue_growth": {
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        },
        "operating_margin_improvement": {
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          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "餐饮平台新商户及多产品渗透推动规模，连续四季收入增长和营业率提升。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "支付流水通道收入低毛利，需按经常性毛利润而非总营收评估；SBC/竞争重要。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "a08a6f12c829639ac46341a9ea65ce9461eb4c7c4ab5c966f34ece51ee84120e",
          "offset": 2223,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-04"
        },
        {
          "period": "2026Q2",
          "content_hash": "a08a6f12c829639ac46341a9ea65ce9461eb4c7c4ab5c966f34ece51ee84120e",
          "offset": 8191,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-04"
        },
        {
          "period": "2025Q2",
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          "offset": 1623,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-05"
        },
        {
          "period": "2025Q2",
          "content_hash": "17c5b73803f065f21406e96fed0a7a583da3a67bf2d3db45ad50afcfdd05b1a0",
          "offset": 4884,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-05"
        }
      ],
      "market": {
        "close": 32.119998931884766,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 578000000.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
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            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
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            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.09546605322120638,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 576000000.0
      },
      "market_cap": 18565359382.629395,
      "ttm_revenue": 6804000000.0,
      "reported_fcf_yield": 0.031025523833324343,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 1161224045.8660352,
          "required_cash_to_current_sales": 0.1706678491866601
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 896278584.2253888,
          "required_cash_to_current_sales": 0.13172818698197952
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 694219709.2171844,
          "required_cash_to_current_sales": 0.10203111540522992
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；支付流水通道收入低毛利，需按经常性毛利润而非总营收评估；SBC/竞争重要。",
      "deep_source_recheck": false,
      "industry": "Software - Infrastructure",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-11-05",
          "report_date": "2025-09-30",
          "revenue": 1633000000.0,
          "revenue_yoy_pct": 25.13409961685824,
          "gross_margin": 0.2645437844458053,
          "operating_margin": 0.05143906919779547,
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          "prior_revenue_yoy_pct": 24.798711755233494,
          "prior_gross_margin": 0.2467432950191571,
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          "prior_ttm_fcf_margin": 0.051094890510948905,
          "changes_pp": {
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            "operating_margin": 2.538542935105218,
            "cash_margin": 4.518370286563013
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            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001650164-25-000341",
          "currency": "USD",
          "net_margin": 0.06429883649724434,
          "prior_net_margin": 0.04291187739463601,
          "net_margin_yoy_pp": 2.1386959102608327
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        {
          "period": "2025Q4",
          "filed_at": "2026-02-18",
          "report_date": "2025-12-31",
          "revenue": 1633000000.0,
          "revenue_yoy_pct": 22.04783258594918,
          "gross_margin": 0.25903245560318433,
          "operating_margin": 0.0520514390691978,
          "ttm_fcf_margin": 0.09881358686819437,
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          "prior_gross_margin": 0.24887892376681614,
          "prior_operating_margin": 0.02466367713004484,
          "prior_ttm_fcf_margin": 0.06169354838709677,
          "changes_pp": {
            "demand": -3.0862670309090596,
            "gross_margin": 1.015353183636819,
            "operating_margin": 2.7387761939152955,
            "cash_margin": 3.71200384810976
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          "signals": [
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            "operating_margin",
            "cash_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.06184935701163503,
          "prior_net_margin": 0.02391629297458894,
          "net_margin_yoy_pp": 3.793306403704609
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-05-08",
          "report_date": "2026-03-31",
          "revenue": 1630000000.0,
          "revenue_yoy_pct": 21.91473448017951,
          "gross_margin": 0.27423312883435585,
          "operating_margin": 0.06748466257668712,
          "ttm_fcf_margin": 0.10145826869376358,
          "prior_revenue_yoy_pct": 22.04783258594918,
          "prior_gross_margin": 0.2587883320867614,
          "prior_operating_margin": 0.03216155572176515,
          "prior_ttm_fcf_margin": 0.07813098429720414,
          "changes_pp": {
            "demand": -0.13309810576966896,
            "gross_margin": 1.544479674759447,
            "operating_margin": 3.5323106854921966,
            "cash_margin": 2.332728439655944
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          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001650164-26-000114",
          "currency": "USD",
          "net_margin": 0.07730061349693251,
          "prior_net_margin": 0.041884816753926704,
          "net_margin_yoy_pp": 3.5415796743005807
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        {
          "period": "2026Q2",
          "filed_at": "2026-08-05",
          "report_date": "2026-06-30",
          "revenue": 1908000000.0,
          "revenue_yoy_pct": 23.096774193548384,
          "gross_margin": 0.27044025157232704,
          "operating_margin": 0.07966457023060797,
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          "prior_gross_margin": 0.25290322580645164,
          "prior_operating_margin": 0.05161290322580645,
          "prior_ttm_fcf_margin": 0.0918625678119349,
          "changes_pp": {
            "demand": 1.182039713368873,
            "gross_margin": 1.7537025765875403,
            "operating_margin": 2.8051667004801515,
            "cash_margin": -0.720648315585025
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          "signals": [
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            "operating_margin"
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          "accession": "0001650164-26-000164",
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          "net_margin_yoy_pp": 2.9099885034151627
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      ],
      "financial_reason": "2025Q3收入1633.00百万美元/同比25.13%，毛利率26.45%，营业率5.14%，净利率6.43%；2025Q4收入1633.00百万美元/同比22.05%，毛利率25.90%，营业率5.21%，净利率6.18%；2026Q1收入1630.00百万美元/同比21.91%，毛利率27.42%，营业率6.75%，净利率7.73%；2026Q2收入1908.00百万美元/同比23.10%，毛利率27.04%，营业率7.97%，净利率8.07%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "TOST",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1650164/000165016426000164/tost-20260630.htm",
        "sha256": "1ae63908b823a3568a14680ed64d105df1b2948284ba25b334e8d23ad155b863",
        "checks": {
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            "local": 1908000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 1908000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 1908000000.0,
              "prior": 1550000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 152000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 152000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 152000000.0,
              "prior": 80000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 154000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 154000000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 154000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 154000000.0,
              "prior": 80000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Toast为餐厅提供收银、点餐和运营管理平台。它把支付终端与菜单、厨房、员工及后台管理软件连接起来，帮助餐厅处理日常业务。公司通过支付处理、软件订阅、硬件及相关服务获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "0b145ab6aa23b51f99a6f72e133636c94bd74ffd57cd9ab04f6b740ff6f63d30",
          "business_evidence_sha256": "25adcb62f30b8b0ab2ed0f84c64d27564e21c719da11fcc35f411e640b916865",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1650164/000165016426000164/tost-20260630.htm"
        }
      }
    },
    {
      "ticker": "TPC",
      "name": "TUTOR PERINI CORP",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-05",
          "report_date": "2026-06-30",
          "revenue": 1637047000.0,
          "revenue_yoy_pct": 19.17228235667523,
          "gross_margin": 0.12906043626114583,
          "operating_margin": 0.07191913243785915,
          "ttm_fcf_margin": 0.10443922995076674,
          "prior_revenue_yoy_pct": 11.456860198631036,
          "prior_gross_margin": 0.14267868595401698,
          "prior_operating_margin": 0.05563882735511374,
          "prior_ttm_fcf_margin": 0.11830541720754618,
          "changes_pp": {
            "demand": 7.715422158044193,
            "gross_margin": -1.361824969287115,
            "operating_margin": 1.628030508274541,
            "cash_margin": -1.3866187256779448
          },
          "signals": [
            "demand",
            "operating_margin"
          ],
          "accession": "0000077543-26-000186",
          "currency": "USD",
          "net_margin": 0.04015889586554326,
          "prior_net_margin": 0.014540493753644405,
          "net_margin_yoy_pp": 2.5618402111898857
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "高利润大型项目放量、收款和债务再融资改善，跨期利润率提高",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "工程索赔回收、预付款与项目风险可能扭曲FCF，需正常化而非外推334m半年现金",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-05",
          "content_hash": "d915aeb3e60e7833b0c62a3b521ab3f56eefd92957b7a979f51e4dc205e746c4",
          "offsets": [
            2253,
            3013
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-06",
          "content_hash": "2ab7cbb423724054ca3ce1b43bee194624b6ff40818f3bccd8f1337e53c32316",
          "offsets": [
            2796,
            1957
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 89.12999725341797,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 52569117.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.07200399907918864,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.18966897266106408,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.3310100603511694,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 621333000.0
      },
      "market_cap": 4685485253.824608,
      "ttm_revenue": 5949230000.0,
      "reported_fcf_yield": 0.13260803659403822,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 293067213.5753328,
          "required_cash_to_current_sales": 0.04926136887888564
        },
        {
          "cash_growth": 0.15,
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          "required_cash_to_current_sales": 0.038021870209244565
        },
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          "required_starting_cash": 175205668.9780513,
          "required_cash_to_current_sales": 0.029450142115542904
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；工程索赔回收、预付款与项目风险可能扭曲FCF，需正常化而非外推334m半年现金",
      "deep_source_recheck": false,
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            "gross_margin": 14.353595276255898,
            "operating_margin": 12.69659557136738,
            "cash_margin": 9.245364101288288
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            "operating_margin",
            "cash_margin"
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          "accession": "0000077543-25-000252",
          "currency": "USD",
          "net_margin": 0.00256542505087045,
          "prior_net_margin": -0.09314786630415509,
          "net_margin_yoy_pp": 9.571329135502554
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          "revenue": 1507365000.0,
          "revenue_yoy_pct": 41.18544577852834,
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          "prior_ttm_fcf_margin": 0.10772900459033004,
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            "cash_margin": -0.5400480472062069
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          "accession": "derived:q4_synth",
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          "prior_gross_margin": 0.10781120024899069,
          "prior_operating_margin": 0.05240114773152965,
          "prior_ttm_fcf_margin": 0.08200871331804495,
          "changes_pp": {
            "demand": -29.728585579897306,
            "gross_margin": 0.34789574959717406,
            "operating_margin": -0.9807560879678067,
            "cash_margin": 4.168770291702504
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          "signals": [
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          "net_margin": 0.01849354208619476,
          "prior_net_margin": 0.022458895280327087,
          "net_margin_yoy_pp": -0.3965353194132326
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        {
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          "report_date": "2026-06-30",
          "revenue": 1637047000.0,
          "revenue_yoy_pct": 19.17228235667523,
          "gross_margin": 0.12906043626114583,
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          "prior_gross_margin": 0.14267868595401698,
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          "changes_pp": {
            "demand": 7.715422158044193,
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            "cash_margin": -1.3866187256779448
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          "accession": "0000077543-26-000186",
          "currency": "USD",
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      "financial_reason": "2025-09-30（本地期标2025Q3）收入1415.36百万美元、同比30.71%；毛利率11.97%、营业率2.83%、净利率0.26%；2025-12-31（本地期标2025Q4）收入1507.37百万美元、同比41.19%；毛利率9.80%、营业率3.32%、净利率1.91%；2026-03-31（本地期标2026Q1）收入1389.46百万美元、同比11.46%；毛利率11.13%、营业率4.26%、净利率1.85%；2026-06-30（本地期标2026Q2）收入1637.05百万美元、同比19.17%；毛利率12.91%、营业率7.19%、净利率4.02%；最新净利率同比变化2.56个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
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        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/77543/000007754326000186/tpc-20260630.htm",
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
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          },
          "operating_income": {
            "local": 117735000.0,
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              {
                "concept": "us-gaap:OperatingIncomeLoss",
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            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
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          },
          "net_income": {
            "local": 65742000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
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              },
              {
                "concept": "us-gaap:ProfitLoss",
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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                "2025-06-30"
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        },
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        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
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        "summary": "Tutor Perini是一家承接大型建筑和基础设施项目的施工企业。它参与隧道、桥梁、公共交通及各类建筑项目，并提供专业施工和项目管理。公司通过工程合同赚钱，最终收益取决于施工成本、进度和合同结算。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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      }
    },
    {
      "ticker": "TSSI",
      "name": "TSS, Inc.",
      "mechanism": "业务模式/产品结构变化",
      "financial": {
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          "available": 4
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        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "从低利润采购转系统集成，GB300与Vera Rubin产能投资带动毛利结构提高。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "收入下降、客户集中和1700万扩产现金，需核心集成绝对收入验证。",
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          "period": "2026Q2",
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          "navigation_offsets": [
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          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
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          "navigation_offsets": [
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          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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        "source": "yfinance_daily_sync",
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        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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          },
          "1y": {
            "value": null,
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
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            "end": "2026-09-11",
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            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": false,
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      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "结构变化线索：进入业务与现金反证比较",
      "second_pass_decision": "系统集成方向有意义，但总体收入-20%、现金消耗与大客户集中，尚未证实新结构足以覆盖旧业务。",
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        "summary": "TSS为企业和设备厂商提供IT设备采购、配置及系统集成服务。它把服务器等设备按客户要求完成组装、安装软件和部署准备，也提供设施管理及后续支持。公司通过设备采购相关业务和集成服务赚钱，而不是自己设计核心计算芯片。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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    },
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Lowe's合作与住宅业务利润+400基点，专业景观/地下施工扩大，业务从疲弱恢复",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "库存周期和渠道货量需查，非全来自新品，季度利润仍有季节性",
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          "published_date": "2026-09-03",
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          "period": "2025Q3",
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          "role": "navigation_excerpt"
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        "source": "yfinance_daily_sync",
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        "source_period": "2026-07-31",
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.17784552569745182,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 711500000.0
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      "market_cap": 8777188523.715881,
      "ttm_revenue": 4753000000.0,
      "reported_fcf_yield": 0.08106240376147028,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 423735729.6124279,
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        {
          "cash_growth": 0.2,
          "required_starting_cash": 328207881.0916861,
          "required_cash_to_current_sales": 0.06905278373483824
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；库存周期和渠道货量需查，非全来自新品，季度利润仍有季节性",
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      "primary_source": {
        "ticker": "TTC",
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
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                "concept": "us-gaap:OperatingIncomeLoss",
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            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
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            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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        "summary": "Toro为专业园林维护及住宅用户提供草坪、灌溉和相关设备。客户包括高尔夫球场、园林承包商和家庭，产品涉及割草机、灌溉控制及其他作业工具。公司通过经销及零售渠道销售设备、零件和相关服务。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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      }
    },
    {
      "ticker": "TWLO",
      "name": "TWILIO INC",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
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        "gross_margin_improvement": {
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Segment调整利润转正、通信平台AI会话层与有机增长加速17%。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "净利率71%显然一次性税项等，SBC/通信转嫁费用需剔除。",
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          "navigation_offsets": [
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
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          "navigation_offsets": [
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 153575220.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；净利率71%显然一次性税项等，SBC/通信转嫁费用需剔除。",
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      "financial_reason": "2025Q3 收入同比14.71%，毛利率48.61%，营业利润率3.15%，净利率2.86%；2025Q4 收入同比14.32%，毛利率48.49%，营业利润率4.16%，净利率-3.36%；2026Q1 收入同比20.00%，毛利率48.63%，营业利润率7.65%，净利率6.41%；2026Q2 收入同比22.03%，毛利率48.42%，营业利润率5.64%，净利率71.19%",
      "primary_source": {
        "ticker": "TWLO",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1447669/000144766926000092/twlo-20260630.htm",
        "sha256": "e542b346086ed2dc6b76379219c3a0a305254055fb12dbad5781ee8f9a7088ac",
        "checks": {
          "revenue": {
            "local": 1499089000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 1499089000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 1499089000.0,
              "prior": 1228425000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 84546000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 84546000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 84546000.0,
              "prior": 36989000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 1067209000.0000001,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 1067209000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 1067209000.0,
              "prior": 22423000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Twilio让企业通过软件接口发送短信、拨打电话、发送邮件并与客户互动。它也提供客户数据管理工具，帮助企业把不同渠道的信息用于沟通和运营。公司通过通信使用收费和软件订阅赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "9ebd11d1fdac7cb51cf89ae216742e47eea80e503c392919ba06b56a57766012",
          "business_evidence_sha256": "039c3978a9d40ceabdd07aff6d016dfb00f6573e53a633da2f9c36fc97cb6ad5",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1447669/000144766926000092/twlo-20260630.htm"
        }
      }
    },
    {
      "ticker": "TXN",
      "name": "TEXAS INSTRUMENTS INC",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-24",
          "report_date": "2026-06-30",
          "revenue": 5463000000.0,
          "revenue_yoy_pct": 22.819244604316545,
          "gross_margin": 0.6135822807980963,
          "operating_margin": 0.4228445908841296,
          "ttm_fcf_margin": 0.27527887729399064,
          "prior_revenue_yoy_pct": 18.57950356352913,
          "prior_gross_margin": 0.5789118705035972,
          "prior_operating_margin": 0.35139388489208634,
          "prior_ttm_fcf_margin": 0.09013493253373313,
          "changes_pp": {
            "demand": 4.239741040787415,
            "gross_margin": 3.467041029449913,
            "operating_margin": 7.145070599204328,
            "cash_margin": 18.514394476025753
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0000097476-26-000152",
          "currency": "USD",
          "net_margin": 0.3624382207578254,
          "prior_net_margin": 0.29114208633093525,
          "net_margin_yoy_pp": 7.129613442689014
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "产能与库存投资承接工业/数据中心/汽车增长，四季利润率恢复。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "资本开支巨大、周期因素显著；应看自由现金而非净利率回升单独排序。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "f1c59dc1357e31b1f59230178622792ceecf6677f6cec56fbe1749daa9c38b36",
          "offset": 2318,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-22"
        },
        {
          "period": "2026Q2",
          "content_hash": "f1c59dc1357e31b1f59230178622792ceecf6677f6cec56fbe1749daa9c38b36",
          "offset": 3724,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-22"
        },
        {
          "period": "2025Q2",
          "content_hash": "7840e65cfead27ea18e33d86af8ffdeae613d4d42988206688e5cce32e188f01",
          "offset": 1490,
          "characters_read": 470,
          "source": "youtube_transcript",
          "published_date": "2025-07-23"
        },
        {
          "period": "2025Q2",
          "content_hash": "7840e65cfead27ea18e33d86af8ffdeae613d4d42988206688e5cce32e188f01",
          "offset": 3041,
          "characters_read": 470,
          "source": "youtube_transcript",
          "published_date": "2025-07-23"
        }
      ],
      "market": {
        "close": 268.70001220703125,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 913247686.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.028525920081436063,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.10766466337627068,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.5589018801874062,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 5355000000.0
      },
      "market_cap": 245389664376.24304,
      "ttm_revenue": 19453000000.0,
      "reported_fcf_yield": 0.021822434997871225,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 15348605594.314754,
          "required_cash_to_current_sales": 0.7890096948704444
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 11846660031.610596,
          "required_cash_to_current_sales": 0.6089888465332132
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 9175924792.90055,
          "required_cash_to_current_sales": 0.4716971568858557
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；资本开支巨大、周期因素显著；应看自由现金而非净利率回升单独排序。",
      "deep_source_recheck": false,
      "industry": "Semiconductors",
      "financial_history": [
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          "filed_at": "2025-10-23",
          "report_date": "2025-09-30",
          "revenue": 4742000000.0,
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          "gross_margin": 0.5742302825811894,
          "operating_margin": 0.35069590889919866,
          "ttm_fcf_margin": 0.12046797173636048,
          "prior_revenue_yoy_pct": 16.378859236002086,
          "prior_gross_margin": 0.5960009636232233,
          "prior_operating_margin": 0.37436762225969644,
          "prior_ttm_fcf_margin": 0.0934377187957482,
          "changes_pp": {
            "demand": -2.1413261114537896,
            "gross_margin": -2.1770681042033946,
            "operating_margin": -2.367171336049778,
            "cash_margin": 2.703025294061227
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          "signals": [
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          "accession": "0000097476-25-000060",
          "currency": "USD",
          "net_margin": 0.28764234500210883,
          "prior_net_margin": 0.32811370754035174,
          "net_margin_yoy_pp": -4.0471362538242905
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        {
          "period": "2025Q4",
          "filed_at": "2026-02-06",
          "report_date": "2025-12-31",
          "revenue": 4423000000.0,
          "revenue_yoy_pct": 10.381831794359876,
          "gross_margin": 0.5588966764639385,
          "operating_margin": 0.33303187881528373,
          "ttm_fcf_margin": 0.1472118538626852,
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          "prior_gross_margin": 0.5774893935612678,
          "prior_operating_margin": 0.3436486149238832,
          "prior_ttm_fcf_margin": 0.0957739274982418,
          "changes_pp": {
            "demand": -3.8557013301884204,
            "gross_margin": -1.8592717097329348,
            "operating_margin": -1.0616736108599478,
            "cash_margin": 5.14379263644434
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          "signals": [
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          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.2629437033687542,
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          "net_margin_yoy_pp": -3.7780030097679496
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        {
          "period": "2026Q1",
          "filed_at": "2026-04-24",
          "report_date": "2026-03-31",
          "revenue": 4825000000.0,
          "revenue_yoy_pct": 18.57950356352913,
          "gross_margin": 0.5801036269430052,
          "operating_margin": 0.3747150259067358,
          "ttm_fcf_margin": 0.20181147629894783,
          "prior_revenue_yoy_pct": 10.381831794359876,
          "prior_gross_margin": 0.5684443352174982,
          "prior_operating_margin": 0.32538707299090686,
          "prior_ttm_fcf_margin": 0.09065985419652314,
          "changes_pp": {
            "demand": 8.197671769169254,
            "gross_margin": 1.165929172550706,
            "operating_margin": 4.932795291582892,
            "cash_margin": 11.115162210242469
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0000097476-26-000101",
          "currency": "USD",
          "net_margin": 0.32020725388601035,
          "prior_net_margin": 0.28975178176456134,
          "net_margin_yoy_pp": 3.0455472121449
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        {
          "period": "2026Q2",
          "filed_at": "2026-07-24",
          "report_date": "2026-06-30",
          "revenue": 5463000000.0,
          "revenue_yoy_pct": 22.819244604316545,
          "gross_margin": 0.6135822807980963,
          "operating_margin": 0.4228445908841296,
          "ttm_fcf_margin": 0.27527887729399064,
          "prior_revenue_yoy_pct": 18.57950356352913,
          "prior_gross_margin": 0.5789118705035972,
          "prior_operating_margin": 0.35139388489208634,
          "prior_ttm_fcf_margin": 0.09013493253373313,
          "changes_pp": {
            "demand": 4.239741040787415,
            "gross_margin": 3.467041029449913,
            "operating_margin": 7.145070599204328,
            "cash_margin": 18.514394476025753
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0000097476-26-000152",
          "currency": "USD",
          "net_margin": 0.3624382207578254,
          "prior_net_margin": 0.29114208633093525,
          "net_margin_yoy_pp": 7.129613442689014
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      ],
      "financial_reason": "2025Q3收入4742.00百万美元/同比14.24%，毛利率57.42%，营业率35.07%，净利率28.76%；2025Q4收入4423.00百万美元/同比10.38%，毛利率55.89%，营业率33.30%，净利率26.29%；2026Q1收入4825.00百万美元/同比18.58%，毛利率58.01%，营业率37.47%，净利率32.02%；2026Q2收入5463.00百万美元/同比22.82%，毛利率61.36%，营业率42.28%，净利率36.24%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "TXN",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/97476/000009747626000152/txn-20260630.htm",
        "sha256": "fae79f7e6a775bd84b54827e7cfde89fe8ea1b5e9c154537e6a5051618320553",
        "checks": {
          "revenue": {
            "local": 5463000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 5463000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 5463000000.0,
              "prior": 4448000000.0,
              "prior_periods": [
                "2025-06-30"
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            }
          },
          "operating_income": {
            "local": 2310000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 2310000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 2310000000.0,
              "prior": 1563000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 1980000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 1980000000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 1969000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 1980000000.0,
              "prior": 1295000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "德州仪器设计和制造模拟芯片及嵌入式处理器。它的芯片负责电源管理、信号转换和设备控制，应用于工业、汽车及消费电子等领域。公司主要向电子设备产业链销售芯片，并拥有自己的制造产能。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "cea80f991b8bf45a03893e6e0bb1c745bea366e28fe7f6e06a03c71ee0cd4457",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/97476/000009747626000152/txn-20260630.htm"
        }
      }
    },
    {
      "ticker": "U",
      "name": "Unity Software Inc.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
        "latest": {
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          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 546468000.0,
          "revenue_yoy_pct": 23.931383577052866,
          "gross_margin": 0.7955799790655629,
          "operating_margin": -0.0589586215478308,
          "ttm_fcf_margin": 0.26542414994996083,
          "prior_revenue_yoy_pct": 16.83632183908046,
          "prior_gross_margin": 0.7409852498276425,
          "prior_operating_margin": -0.2693131100547915,
          "prior_ttm_fcf_margin": 0.19943974915147564,
          "changes_pp": {
            "demand": 7.095061737972408,
            "gross_margin": 5.459472923792042,
            "operating_margin": 21.035448850696074,
            "cash_margin": 6.598440079848519
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          "signals": [
            "demand",
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001810806-26-000043",
          "currency": "USD",
          "net_margin": -0.0431974058865295,
          "prior_net_margin": -0.24673881490620125,
          "net_margin_yoy_pp": 20.354140901967178
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        "revenue_growth": {
          "positive": 4,
          "available": 4
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        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 1,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Vector广告系统推动Grow再加速，费用纪律配合，收入23.9%增长及显著减亏",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "2026Q1异常低毛利需拆减值/退出，SBC与广告竞争阻碍经济现金判断",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-06",
          "content_hash": "e5cdae2973ee7165fa8d1acc2af0a3e5707ca3b69a7f32f039609d982bf3cc31",
          "offsets": [
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          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-06",
          "content_hash": "0732bd409c196cb9e37420d3e4af48758b116f09b2cc996994550592b30c2939",
          "offsets": [
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            13084
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 43.959999084472656,
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        "source": "yfinance_daily_sync",
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        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
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            "value": null,
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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          "ytd": {
            "value": null,
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            "end": "2026-09-11",
            "raw_value": -0.0047543376313812225,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": false,
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      "market_cap": 19346309091.76655,
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        {
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        {
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；2026Q1异常低毛利需拆减值/退出，SBC与广告竞争阻碍经济现金判断",
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      "primary_source": {
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            ],
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        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
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        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
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          "business_evidence_sha256": "b9cec96740d5af3020cf0d822b60e7ac8d18f64890c3c476a3d4de588257c4e8",
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      }
    },
    {
      "ticker": "VCEL",
      "name": "Vericel Corp",
      "mechanism": "新药/新产品商业化",
      "financial": {
        "quarters": 4,
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        "operating_margin_improvement": {
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        "net_margin_improvement": {
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        },
        "gross_margin_improvement": {
          "positive": 3,
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        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "MACI Arthro与Burn Care采用、活检医生和植入数量增长，收入持续20%以上。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "季节性与患者取消手术、SBC/新厂投入，需正常化现金。",
      "sources": [
        {
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          "content_hash": "880356b4b8dc2ac0f263b6e2175aa0185b9ccf8dd3c808aa647a68976ac7a515",
          "navigation_offsets": [
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
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          "navigation_offsets": [
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
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        "source": "yfinance_daily_sync",
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        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
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            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
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      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "商业化线索：需单产品现金、竞争及融资模型",
      "second_pass_decision": "商业化线索：需单产品现金、竞争及融资模型；季节性与患者取消手术、SBC/新厂投入，需正常化现金。",
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      "primary_source": {
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        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
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        "summary": "Vericel为软骨修复和严重烧伤治疗提供细胞治疗及相关生物制品。它的产品用于帮助修复膝关节软骨或受损皮肤，通过专业医疗机构服务患者。公司主要通过治疗产品销售赚钱，需要配合特定的生产和临床使用流程。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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      "financial_reason": "2025-09-30（本地期标2025Q3）收入131.87百万美元、同比13.82%；毛利率69.22%、营业率17.40%、净利率14.51%；2025-12-31（本地期标2025Q4）收入140.64百万美元、同比18.55%；毛利率72.51%、营业率26.45%、净利率29.26%；2026-03-31（本地期标2026Q1）收入139.07百万美元、同比21.49%；毛利率72.74%、营业率16.28%、净利率20.64%；2026-06-30（本地期标2026Q2）收入150.32百万美元、同比15.49%；毛利率72.21%、营业率15.29%、净利率16.96%；最新净利率同比变化17.71个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
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        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1384101/000138410126000044/vcyt-20260630.htm",
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        "summary": "Veracyte为癌症等相关诊疗提供基因检测服务。它分析样本中的分子信息，帮助医生判断疾病特征、风险和后续治疗选择。公司通过向医疗体系提供检测及相关产品服务获得收入。",
        "version": "2026-09-14-editorial-v1",
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        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "数据中心电力/冷却技术与产能执行持续驱动有机增长及利润提高。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "高关注成熟改善、并购和扩产资本需求，必须评估价格隐含预期。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "174996c1f89bd3726f21a7e31ab0563e85ec3a0cacb14f201e540a83acbb52a4",
          "navigation_offsets": [
            2211,
            2948
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        },
        {
          "period": "2025Q2",
          "content_hash": "2fb1f356832b842838ac1f585533b1e04c03d1dcce35317481dfc09f86c54e18",
          "navigation_offsets": [
            2505,
            3764
          ],
          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
        }
      ],
      "market": {
        "close": 257.05999755859375,
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        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 382553680.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2025-12-31",
        "returns": {
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            "reason": null
          },
          "3m": {
            "value": -0.1512530072213617,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
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            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 1893800000.0
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      "market_cap": 98339248046.83105,
      "ttm_revenue": 10229900000.0,
      "reported_fcf_yield": 0.019257824699840453,
      "price_hurdles": [
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          "cash_growth": 0.1,
          "required_starting_cash": 6150912413.320145,
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        {
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          "required_starting_cash": 4747517147.212906,
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          "required_cash_to_current_sales": 0.3594587613745908
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；高关注成熟改善、并购和扩产资本需求，必须评估价格隐含预期。",
      "deep_source_recheck": false,
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          "accession": "0001674101-25-000024",
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          "net_margin": 0.14892742357425817,
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        {
          "period": "2025Q4",
          "filed_at": "2026-02-13",
          "report_date": "2025-12-31",
          "revenue": 2880000000.0,
          "revenue_yoy_pct": 22.741220593249235,
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          "prior_gross_margin": 0.37086600750085236,
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          "prior_ttm_fcf_margin": 0.1438253575975436,
          "changes_pp": {
            "demand": -6.306283626668783,
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          "accession": "derived:q4_synth",
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          "accession": "0001628280-26-050609",
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          "prior_net_margin": 0.12289147492513551,
          "net_margin_yoy_pp": 2.9141020570084843
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      "financial_reason": "2025Q2 收入同比35.09%，毛利率33.99%，营业利润率16.77%，净利率12.29%；2025Q3 收入同比29.05%，毛利率37.77%，营业利润率19.31%，净利率14.89%；2025Q4 收入同比22.74%，毛利率38.94%，营业利润率20.14%，净利率15.47%；2026Q2 收入同比24.12%，毛利率37.71%，营业利润率19.48%，净利率15.20%",
      "primary_source": {
        "ticker": "VRT",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1674101/000162828026050609/vrt-20260630.htm",
        "sha256": "9346a7542ba74f5a8f841365e837d45f4bd25c790be0a4da7b4b5807c3e0024d",
        "checks": {
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                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 3274300000.0
              }
            ],
            "status": "matched",
            "comparable": {
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              "prior_periods": [
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            }
          },
          "operating_income": {
            "local": 637900000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 637900000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
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              "prior_periods": [
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              ]
            }
          },
          "net_income": {
            "local": 497800000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
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              "prior": 324200000.0,
              "prior_periods": [
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            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Vertiv为数据中心和通信设施提供供电、散热及配套基础设施。它的产品包括电源管理、冷却、机柜和监控系统，让服务器能够稳定运行。公司通过设备销售、安装和维护服务赚钱，不直接向用户出售云计算资源。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "1b0980aeafbb63b783ca84ae643b9f3857570be6172519e224968e606da8a6b1",
          "business_evidence_sha256": "301606f36dfc7523900455ea56b9b9e7a2c8ff82b205dda782a247c18a76cf61",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1674101/000162828026050609/vrt-20260630.htm"
        }
      }
    },
    {
      "ticker": "VSCO",
      "name": "Victoria's Secret & Co.",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
        "quarters": 4,
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          "filed_at": "2026-09-04",
          "report_date": "2026-08-01",
          "revenue": 1611000000.0,
          "revenue_yoy_pct": 10.418094585332426,
          "gross_margin": 0.47113594040968343,
          "operating_margin": 0.159528243327126,
          "ttm_fcf_margin": 0.08015046296296297,
          "prior_revenue_yoy_pct": 15.299334811529942,
          "prior_gross_margin": 0.3557230980123372,
          "prior_operating_margin": 0.02810143934201508,
          "prior_ttm_fcf_margin": 0.03862112990743696,
          "changes_pp": {
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            "gross_margin": 11.541284239734622,
            "operating_margin": 13.142680398511091,
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          "signals": [
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            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001856437-26-000021",
          "currency": "USD",
          "net_margin": 0.11359404096834265,
          "prior_net_margin": 0.010966415352981495,
          "net_margin_yoy_pp": 10.262762561536116
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        "revenue_growth": {
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          "available": 4
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        "operating_margin_improvement": {
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          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "新产品与促销节奏提高客户获取，跨渠道地域双位数增长",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "最新毛利47.1%高于正文上一季37.6%，可能退款/期间差，需桥接，不直接认可跳升",
      "sources": [
        {
          "period": "2027Q1",
          "published_date": "2026-06-02",
          "content_hash": "f1ab0bde9c8c4ef712e4ceba7634b7abc8ce9e41cf596e2e1a26ba4bcfc175aa",
          "offsets": [
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          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-28",
          "content_hash": "630c6276cae38555e974f3bcb5b53fbdde54e24a0ba17bec4cf6c1836574fe74",
          "offsets": [
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            4774
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 76.70999908447266,
        "date": "2026-07-02",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 79764039.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-08-01",
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            "start": "2026-06-02",
            "reason": null
          },
          "3m": {
            "value": null,
            "start": "2026-04-02",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "1y": {
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            "start": "2025-07-02",
            "reason": null
          },
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            "value": null,
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            "end": "2026-07-02",
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            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
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        },
        "stale": true,
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      "ttm_revenue": 6912000000.0,
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      "price_hurdles": [
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；最新毛利47.1%高于正文上一季37.6%，可能退款/期间差，需桥接，不直接认可跳升",
      "deep_source_recheck": false,
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            "operating_margin": 2.198474468222459,
            "cash_margin": 2.289000812000319
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            "operating_margin",
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          "accession": "0001856437-25-000045",
          "currency": "USD",
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          "revenue_yoy_pct": 7.68865685809208,
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          "prior_operating_margin": 0.014781966001478197,
          "prior_ttm_fcf_margin": 0.03357969151670951,
          "changes_pp": {
            "demand": 7.610677953437862,
            "gross_margin": 2.466740576496673,
            "operating_margin": 3.3935982716470523,
            "cash_margin": 1.2870012625302323
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001856437-26-000013",
          "currency": "USD",
          "net_margin": 0.03076923076923077,
          "prior_net_margin": -0.0014781966001478197,
          "net_margin_yoy_pp": 3.224742736937859
        },
        {
          "period": "2026Q3",
          "filed_at": "2026-09-04",
          "report_date": "2026-08-01",
          "revenue": 1611000000.0,
          "revenue_yoy_pct": 10.418094585332426,
          "gross_margin": 0.47113594040968343,
          "operating_margin": 0.159528243327126,
          "ttm_fcf_margin": 0.08015046296296297,
          "prior_revenue_yoy_pct": 15.299334811529942,
          "prior_gross_margin": 0.3557230980123372,
          "prior_operating_margin": 0.02810143934201508,
          "prior_ttm_fcf_margin": 0.03862112990743696,
          "changes_pp": {
            "demand": -4.881240226197516,
            "gross_margin": 11.541284239734622,
            "operating_margin": 13.142680398511091,
            "cash_margin": 4.1529333055526
          },
          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001856437-26-000021",
          "currency": "USD",
          "net_margin": 0.11359404096834265,
          "prior_net_margin": 0.010966415352981495,
          "net_margin_yoy_pp": 10.262762561536116
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      ],
      "financial_reason": "2025-11-01（本地期标2025Q4）收入1472.00百万美元、同比9.28%；毛利率36.41%、营业率-1.29%、净利率-2.51%；2026-01-31（本地期标2026Q1）收入2269.00百万美元、同比7.69%；毛利率37.68%、营业率10.09%、净利率8.11%；2026-05-02（本地期标2026Q2）收入1560.00百万美元、同比15.30%；毛利率37.50%、营业率4.87%、净利率3.08%；2026-08-01（本地期标2026Q3）收入1611.00百万美元、同比10.42%；毛利率47.11%、营业率15.95%、净利率11.36%；最新净利率同比变化10.26个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "VSCO",
        "period": "2026-08-01",
        "source_period": "2026-08-01",
        "url": "https://www.sec.gov/Archives/edgar/data/1856437/000185643726000021/vsco-20260801.htm",
        "sha256": "d29e201f48b559bf278f88937e4c1a2bd2f2f97246d8057eb173e6c1d0cc3bc2",
        "checks": {
          "revenue": {
            "local": 1611000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 1611000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 1611000000.0,
              "prior": 1459000000.0,
              "prior_periods": [
                "2025-08-02"
              ]
            }
          },
          "operating_income": {
            "local": 257000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 257000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 257000000.0,
              "prior": 41000000.0,
              "prior_periods": [
                "2025-08-02"
              ]
            }
          },
          "net_income": {
            "local": 183000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 183000000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 188000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 183000000.0,
              "prior": 16000000.0,
              "prior_periods": [
                "2025-08-02"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "维多利亚的秘密经营女性内衣、睡衣、香氛及其他服饰美容产品。它通过Victoria’s Secret、PINK等品牌的门店和线上渠道面向消费者。公司主要靠商品销售赚钱，也通过部分特许、授权和批发安排拓展销售。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "800d0646a2c348c4db2a60752c406594c616e1f4f448bd95c3fdb01f7178ce54",
          "business_evidence_sha256": "09922b8b958a1eeac17ff9beaef3fcff6ee00b17a23ee85d8d630430cedf0ac0",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1856437/000185643726000021/vsco-20260801.htm"
        }
      }
    },
    {
      "ticker": "VSEC",
      "name": "VSE CORP",
      "mechanism": "并购/剥离占重要贡献",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 449137000.0,
          "revenue_yoy_pct": 65.03955699109648,
          "gross_margin": null,
          "operating_margin": 0.10900460215925208,
          "ttm_fcf_margin": -0.0008248588902112817,
          "prior_revenue_yoy_pct": 26.7667792770802,
          "prior_gross_margin": null,
          "prior_operating_margin": 0.0827261068792051,
          "prior_ttm_fcf_margin": 0.012096459178538141,
          "changes_pp": {
            "demand": 38.27277771401627,
            "gross_margin": null,
            "operating_margin": 2.627849528004697,
            "cash_margin": -1.2921318068749421
          },
          "signals": [
            "demand",
            "operating_margin"
          ],
          "accession": "0000102752-26-000064",
          "currency": "USD",
          "net_margin": 0.06350623529123631,
          "prior_net_margin": 0.011747673064132668,
          "net_margin_yoy_pp": 5.1758562227103635
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 0,
          "available": 0
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "出售Fleet完成纯航空转型，维修分销能力与新项目带来14%有机增长。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "总增长65%主要并购，收购价格及负债、现金再投资需重建。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "dd61bdc9dabd057da3c3eb47368663e03a6a1188f4057c2999e7cdd03c4eac42",
          "offset": 2242,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-06"
        },
        {
          "period": "2026Q2",
          "content_hash": "dd61bdc9dabd057da3c3eb47368663e03a6a1188f4057c2999e7cdd03c4eac42",
          "offset": 3418,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-06"
        },
        {
          "period": "2025Q2",
          "content_hash": "d315a9238b277ed9a0d750515052f959cc181004149dfb36409e594d59b12a0c",
          "offset": 1760,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-01"
        },
        {
          "period": "2025Q2",
          "content_hash": "d315a9238b277ed9a0d750515052f959cc181004149dfb36409e594d59b12a0c",
          "offset": 3276,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-01"
        }
      ],
      "market": {
        "close": 194.97999572753906,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 28064972.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.19629022744400693,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.005863504444210688,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.12909303890800872,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": -1120000.0
      },
      "market_cap": 5472108120.653503,
      "ttm_revenue": 1357808000.0,
      "reported_fcf_yield": -0.00020467431843547795,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 342268813.6717172,
          "required_cash_to_current_sales": 0.2520745301778434
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 264176589.20712742,
          "required_cash_to_current_sales": 0.19456107874392214
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 204620079.2579024,
          "required_cash_to_current_sales": 0.15069883168894455
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；总增长65%主要并购，收购价格及负债、现金再投资需重建。",
      "deep_source_recheck": false,
      "industry": "Aerospace & Defense",
      "financial_history": [
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          "filed_at": "2025-10-27",
          "report_date": "2025-09-30",
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          "ttm_fcf_margin": 0.024272281945818177,
          "prior_revenue_yoy_pct": 2.3236664297880516,
          "prior_gross_margin": null,
          "prior_operating_margin": 0.08661138176914109,
          "prior_ttm_fcf_margin": -0.08822755083772997,
          "changes_pp": {
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            "gross_margin": null,
            "operating_margin": -5.095680733001048,
            "cash_margin": 11.249983278354815
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          "signals": [
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          "accession": "0000102752-25-000085",
          "currency": "USD",
          "net_margin": 0.013827767939514119,
          "prior_net_margin": 0.042578386260886725,
          "net_margin_yoy_pp": -2.875061832137261
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          "filed_at": "2026-02-27",
          "report_date": "2025-12-31",
          "revenue": 301182000.0,
          "revenue_yoy_pct": 0.7226917173041247,
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          "operating_margin": 0.10787829285946704,
          "ttm_fcf_margin": 0.005132723472162909,
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          "prior_gross_margin": null,
          "prior_operating_margin": 0.09168252396988841,
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            "demand": -2.674807670517354,
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            "operating_margin": 1.6195768889578632,
            "cash_margin": 5.303520205811352
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          "signals": [
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            "cash_margin"
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          "accession": "derived:q4_synth",
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          "net_margin": 0.04504585267379857,
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        {
          "period": "2026Q1",
          "filed_at": "2026-05-08",
          "report_date": "2026-03-31",
          "revenue": 324580000.0,
          "revenue_yoy_pct": 26.7667792770802,
          "gross_margin": null,
          "operating_margin": 0.10089346232053731,
          "ttm_fcf_margin": -0.011437064388004844,
          "prior_revenue_yoy_pct": 0.7226917173041247,
          "prior_gross_margin": null,
          "prior_operating_margin": 0.095701927395575,
          "prior_ttm_fcf_margin": -0.013208932998854415,
          "changes_pp": {
            "demand": 26.044087559776074,
            "gross_margin": null,
            "operating_margin": 0.5191534924962313,
            "cash_margin": 0.17718686108495718
          },
          "signals": [
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          ],
          "accession": "0000102752-26-000049",
          "currency": "USD",
          "net_margin": 0.08951568180417771,
          "prior_net_margin": -0.03504462106270382,
          "net_margin_yoy_pp": 12.456030286688152
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-08-06",
          "report_date": "2026-06-30",
          "revenue": 449137000.0,
          "revenue_yoy_pct": 65.03955699109648,
          "gross_margin": null,
          "operating_margin": 0.10900460215925208,
          "ttm_fcf_margin": -0.0008248588902112817,
          "prior_revenue_yoy_pct": 26.7667792770802,
          "prior_gross_margin": null,
          "prior_operating_margin": 0.0827261068792051,
          "prior_ttm_fcf_margin": 0.012096459178538141,
          "changes_pp": {
            "demand": 38.27277771401627,
            "gross_margin": null,
            "operating_margin": 2.627849528004697,
            "cash_margin": -1.2921318068749421
          },
          "signals": [
            "demand",
            "operating_margin"
          ],
          "accession": "0000102752-26-000064",
          "currency": "USD",
          "net_margin": 0.06350623529123631,
          "prior_net_margin": 0.011747673064132668,
          "net_margin_yoy_pp": 5.1758562227103635
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      ],
      "financial_reason": "2025Q3收入282.91百万美元/同比3.40%，毛利率缺失%，营业率3.57%，净利率1.38%；2025Q4收入301.18百万美元/同比0.72%，毛利率缺失%，营业率10.79%，净利率4.50%；2026Q1收入324.58百万美元/同比26.77%，毛利率缺失%，营业率10.09%，净利率8.95%；2026Q2收入449.14百万美元/同比65.04%，毛利率缺失%，营业率10.90%，净利率6.35%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "VSEC",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/102752/000010275226000064/vsec-20260630.htm",
        "sha256": "21ce9c6b77a5b6391a948b43cddb9cdc2053545ea683079e232dc801ff6a312b",
        "checks": {
          "revenue": {
            "local": 449137000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 449137000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 449137000.0,
              "prior": 272139000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 48958000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 48958000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 48958000.0,
              "prior": 22513000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 28523000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 28523000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 28523000.0,
              "prior": 3197000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "VSE为航空客户提供售后零件分销和维修服务。它帮助飞机运营及维修机构获取需要的零部件，并提供设备维护、修理和大修支持。公司通过零件销售与维修服务赚钱，业务面向飞机投入使用后的需求。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "363d4a1061aa22b85741676a728b4b8c66ab0b9ab7ed28798166ddfd38e4e931",
          "business_evidence_sha256": "b23e4ae4e9c20c333f6d56a047e70433d9e0c349938331ec15ca0c6ef18b3993",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/102752/000010275226000064/vsec-20260630.htm"
        }
      }
    },
    {
      "ticker": "WAB",
      "name": "WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP",
      "mechanism": "周期/订单/利用率修复",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-22",
          "report_date": "2026-06-30",
          "revenue": 3179000000.0,
          "revenue_yoy_pct": 17.479674796747968,
          "gross_margin": 0.3652091852783894,
          "operating_margin": 0.1887385970430953,
          "ttm_fcf_margin": null,
          "prior_revenue_yoy_pct": null,
          "prior_gross_margin": 0.3466371027346637,
          "prior_operating_margin": 0.17442719881744273,
          "prior_ttm_fcf_margin": 0.13747396326453323,
          "changes_pp": {
            "demand": null,
            "gross_margin": 1.857208254372572,
            "operating_margin": 1.4311398225652583,
            "cash_margin": null
          },
          "signals": [
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001628280-26-049139",
          "currency": "USD",
          "net_margin": 0.12425290972003775,
          "prior_net_margin": 0.12416851441241686,
          "net_margin_yoy_pp": 0.00843953076208881
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "数字安全、检测技术和运输/矿山系统订单扩展，产品组合与生产率改善。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "收购影响、运力周期和利润正常化需要拆分，非早期未知转型。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "a526d40c588d62b6e4d28c4e1b56fb64f30d9aea1eae5b7f2e9e64e55e31753d",
          "offset": 5065,
          "characters_read": 470,
          "source": "youtube_transcript",
          "published_date": "2026-07-23"
        },
        {
          "period": "2026Q2",
          "content_hash": "a526d40c588d62b6e4d28c4e1b56fb64f30d9aea1eae5b7f2e9e64e55e31753d",
          "offset": 2165,
          "characters_read": 470,
          "source": "youtube_transcript",
          "published_date": "2026-07-23"
        },
        {
          "period": "2025Q2",
          "content_hash": "b657d985f6871dd9aadf0161e0a1500f2de1e40e972fd3c1d4a9a51e3a68bdf6",
          "offset": 2395,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-24"
        },
        {
          "period": "2025Q2",
          "content_hash": "b657d985f6871dd9aadf0161e0a1500f2de1e40e972fd3c1d4a9a51e3a68bdf6",
          "offset": 1464,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-24"
        }
      ],
      "market": {
        "close": 283.2200012207031,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 170600000.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2025-12-31",
        "returns": {
          "1m": {
            "value": -0.04069733426914901,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": 0.06794867339449584,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": 0.32847642853523307,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 1499000000.0
      },
      "market_cap": 48317332208.25195,
      "ttm_revenue": 11167000000.0,
      "reported_fcf_yield": 0.03102406386054549,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 3022147152.444361,
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        {
          "cash_growth": 0.15,
          "required_starting_cash": 2332612539.9801702,
          "required_cash_to_current_sales": 0.20888443986569089
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        {
          "cash_growth": 0.2,
          "required_starting_cash": 1806743603.7433782,
          "required_cash_to_current_sales": 0.16179310501866018
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；收购影响、运力周期和利润正常化需要拆分，非早期未知转型。",
      "deep_source_recheck": false,
      "industry": "Railroads",
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          "prior_gross_margin": 0.33055975794251136,
          "prior_operating_margin": 0.16263237518910742,
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          "accession": "0001628280-25-035852",
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          "report_date": "2025-09-30",
          "revenue": 2886000000.0,
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            "demand": 6.029082348289406,
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            "operating_margin": 0.7533097093742974,
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          "accession": "0001628280-25-045790",
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          "net_margin": 0.10741510741510742,
          "prior_net_margin": 0.10627112279384153,
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          "period": "2025Q4",
          "filed_at": "2026-02-13",
          "report_date": "2025-12-31",
          "revenue": 2965000000.0,
          "revenue_yoy_pct": 14.789005032907475,
          "gross_margin": 0.3258010118043845,
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          "ttm_fcf_margin": 0.13423479896122503,
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          "prior_gross_margin": 0.30855594270228415,
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          "prior_ttm_fcf_margin": 0.15663810532396263,
          "changes_pp": {
            "demand": 6.414990763286752,
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            "cash_margin": -2.24033063627376
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          "signals": [
            "demand",
            "gross_margin"
          ],
          "accession": "derived:q4_synth",
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          "net_margin": 0.06812816188870152,
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          "net_margin_yoy_pp": -1.3946944576648843
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        {
          "period": "2026Q2",
          "filed_at": "2026-07-22",
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          "revenue": 3179000000.0,
          "revenue_yoy_pct": 17.479674796747968,
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            "demand": null,
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          "accession": "0001628280-26-049139",
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          "net_margin_yoy_pp": 0.00843953076208881
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      "financial_reason": "2025Q2收入2706.00百万美元/同比2.34%，毛利率34.66%，营业率17.44%，净利率12.42%；2025Q3收入2886.00百万美元/同比8.37%，毛利率34.72%，营业率17.01%，净利率10.74%；2025Q4收入2965.00百万美元/同比14.79%，毛利率32.58%，营业率12.01%，净利率6.81%；2026Q2收入3179.00百万美元/同比17.48%，毛利率36.52%，营业率18.87%，净利率12.43%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "WAB",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/943452/000162828026049139/wab-20260630.htm",
        "sha256": "ef2a5f0a38e5a6372bdda01d7172e65cb5923328a8c305e5705b8f7886682b0b",
        "checks": {
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              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 3179000000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 3179000000.0,
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              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 600000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 600000000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 600000000.0,
              "prior": 472000000.0,
              "prior_periods": [
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            }
          },
          "net_income": {
            "local": 395000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 395000000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
                "value": 396000000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 394000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 395000000.0,
              "prior": 336000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Wabtec为货运铁路和客运交通客户提供机车、设备和系统。它的产品包括动力、制动及控制相关技术，也为既有铁路设备提供升级和维护。公司通过新设备、零部件及售后服务获得收入。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "dd22fc838c61ff5b36aec915c05c43bbb641b5bb85441a27adcc51fe862ce0ec",
          "business_evidence_sha256": "53bab5bb7770f309ecd5d6eb2024fd1a4be7a970fb6dd2791b5dba33549c296e",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/943452/000162828026049139/wab-20260630.htm"
        }
      }
    },
    {
      "ticker": "WK",
      "name": "WORKIVA INC",
      "mechanism": "已有业务扩展/效率改善",
      "financial": {
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          "net_margin_yoy_pp": 14.280798964672947
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        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "统一合规报告订阅平台持续19%增长，提前一年达到调整利润目标",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "SBC及软件资本化需扣，GAAP利润率仍低，新产品分别贡献需查",
      "sources": [
        {
          "period": "2026Q2",
          "published_date": "2026-08-04",
          "content_hash": "8b42adbfffe15214656750d593274ca69c326e5e906a8d01876784fa505a25ce",
          "offsets": [
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            3219
          ],
          "role": "navigation_excerpt"
        },
        {
          "period": "2025Q2",
          "published_date": "2025-08-01",
          "content_hash": "c59c49abd74a18163ee44ef8e7e09147d1f4fb79006fa60a506352dafbf26ba1",
          "offsets": [
            2400,
            3744
          ],
          "role": "navigation_excerpt"
        }
      ],
      "market": {
        "close": 71.86000061035156,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 54416488.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
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            "start": "2026-08-12",
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          },
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          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.16684057263360508,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；SBC及软件资本化需扣，GAAP利润率仍低，新产品分别贡献需查",
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            "cash_margin": 5.908514565035558
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            "cash_margin"
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          "accession": "0001445305-25-000142",
          "currency": "USD",
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          "net_margin_yoy_pp": 10.39696562975266
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          "revenue_yoy_pct": 19.533841281911467,
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            "gross_margin": 3.535194401528674,
            "operating_margin": 9.953295941888216,
            "cash_margin": 3.911447108046298
          },
          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.049452780044782055,
          "prior_net_margin": -0.04409947520874085,
          "net_margin_yoy_pp": 9.35522552535229
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        {
          "period": "2026Q1",
          "filed_at": "2026-05-05",
          "report_date": "2026-03-31",
          "revenue": 247306000.0,
          "revenue_yoy_pct": 19.888501066511544,
          "gross_margin": 0.8037047220851901,
          "operating_margin": 0.06195159033747665,
          "ttm_fcf_margin": 0.1856796824525656,
          "prior_revenue_yoy_pct": 19.533841281911467,
          "prior_gross_margin": 0.7656486329261198,
          "prior_operating_margin": -0.1199825479930192,
          "prior_ttm_fcf_margin": 0.06964966534207383,
          "changes_pp": {
            "demand": 0.3546597846000772,
            "gross_margin": 3.8056089159070217,
            "operating_margin": 18.193413833049586,
            "cash_margin": 11.603001711049178
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          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001445305-26-000045",
          "currency": "USD",
          "net_margin": 0.07681172312843199,
          "prior_net_margin": -0.10360190032964903,
          "net_margin_yoy_pp": 18.0413623458081
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        {
          "period": "2026Q2",
          "filed_at": "2026-08-04",
          "report_date": "2026-06-30",
          "revenue": 255290000.0,
          "revenue_yoy_pct": 18.63634885006993,
          "gross_margin": 0.8040542128559677,
          "operating_margin": 0.04571271886873751,
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          "prior_revenue_yoy_pct": 19.888501066511544,
          "prior_gross_margin": 0.7697676904273957,
          "prior_operating_margin": -0.10291513892567859,
          "prior_ttm_fcf_margin": 0.12766039180794497,
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            "demand": -1.2521522164416155,
            "gross_margin": 3.4286522428571997,
            "operating_margin": 14.862785779441612,
            "cash_margin": 7.998652021518443
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          "signals": [
            "gross_margin",
            "operating_margin",
            "cash_margin"
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          "accession": "0001445305-26-000060",
          "currency": "USD",
          "net_margin": 0.052653844647263894,
          "prior_net_margin": -0.09015414499946559,
          "net_margin_yoy_pp": 14.280798964672947
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      ],
      "financial_reason": "2025-09-30（本地期标2025Q3）收入224.17百万美元、同比20.77%；毛利率79.31%、营业率-1.52%、净利率1.24%；2025-12-31（本地期标2025Q4）收入238.94百万美元、同比19.53%；毛利率80.68%、营业率3.29%、净利率4.95%；2026-03-31（本地期标2026Q1）收入247.31百万美元、同比19.89%；毛利率80.37%、营业率6.20%、净利率7.68%；2026-06-30（本地期标2026Q2）收入255.29百万美元、同比18.64%；毛利率80.41%、营业率4.57%、净利率5.27%；最新净利率同比变化14.28个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "WK",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1445305/000144530526000060/wk-20260630.htm",
        "sha256": "cc5fb45ceceb37a7ee17d119ac53b9277b86fb97f445ca5dcb380bf532a8e596",
        "checks": {
          "revenue": {
            "local": 255290000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 255290000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 255290000.0,
              "prior": 215187000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 11670000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 11670000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 11670000.0,
              "prior": -22146000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 13442000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 13442000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 13442000.0,
              "prior": -19400000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Workiva提供帮助企业编制和管理报告的云软件。它把分散的数据连接到报表和文档中，并保留协作、权限和修改记录，服务于财务及其他合规报告流程。公司主要通过软件订阅和相关服务收费。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "302b3ed3b74e173fe810164ee870e27b9b6a2950127da6c07f06a5c966331da5",
          "business_evidence_sha256": "12a9a67ce34a4d4706d82c887c7af471d62f07c5bc8f3cd40eb5106e94cdb447",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1445305/000144530526000060/wk-20260630.htm"
        }
      }
    },
    {
      "ticker": "WLDN",
      "name": "Willdan Group, Inc.",
      "mechanism": "并购/剥离占重要贡献",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q3",
          "filed_at": "2026-08-07",
          "report_date": "2026-07-03",
          "revenue": 231028000.0,
          "revenue_yoy_pct": 33.178073821286304,
          "gross_margin": 0.37854286060564085,
          "operating_margin": 0.08541821770521323,
          "ttm_fcf_margin": 0.08402677145187272,
          "prior_revenue_yoy_pct": 1.7901906999330697,
          "prior_gross_margin": 0.3938653277455281,
          "prior_operating_margin": 0.0681143463247883,
          "prior_ttm_fcf_margin": null,
          "changes_pp": {
            "demand": 31.387883121353234,
            "gross_margin": -1.5322467139887275,
            "operating_margin": 1.7303871380424927,
            "cash_margin": null
          },
          "signals": [
            "demand",
            "operating_margin"
          ],
          "accession": "0001104659-26-092196",
          "currency": "USD",
          "net_margin": 0.1053768374396177,
          "prior_net_margin": 0.08898214707764321,
          "net_margin_yoy_pp": 1.6394690361974495
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        "revenue_growth": {
          "positive": 3,
          "available": 3
        },
        "operating_margin_improvement": {
          "positive": 3,
          "available": 3
        },
        "net_margin_improvement": {
          "positive": 3,
          "available": 3
        },
        "gross_margin_improvement": {
          "positive": 1,
          "available": 3
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "APG商业电力业务及数据中心服务快速扩张，净收入增23%与工程软件集成有连续证据。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "报告营收含分包、并购高增需拆；净利高于营业利润须核税项。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "7d5ead1833e70a4d860d0293d8bc789483dc777b6f61bc488209c626d9b35a9c",
          "offset": 3356,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-06"
        },
        {
          "period": "2026Q2",
          "content_hash": "7d5ead1833e70a4d860d0293d8bc789483dc777b6f61bc488209c626d9b35a9c",
          "offset": 1787,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-08-06"
        },
        {
          "period": "2025Q2",
          "content_hash": "5ddd9930994034129193e9fc6229886b953ac97faf47b666d9ab8d8601417ac7",
          "offset": 1556,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-08"
        },
        {
          "period": "2025Q2",
          "content_hash": "5ddd9930994034129193e9fc6229886b953ac97faf47b666d9ab8d8601417ac7",
          "offset": 3273,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-08-08"
        }
      ],
      "market": {
        "close": 82.19999694824219,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 15232091.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-07-03",
        "returns": {
          "1m": {
            "value": -0.0321441580963614,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.1464175042231034,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.2070230171302938,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 62334000.0
      },
      "market_cap": 1252077833.7153473,
      "ttm_revenue": 741835000.0,
      "reported_fcf_yield": 0.04978444496140747,
      "price_hurdles": [
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          "cash_growth": 0.1,
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          "required_cash_to_current_sales": 0.10556906306546408
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          "required_starting_cash": 60446475.88090188,
          "required_cash_to_current_sales": 0.08148237260428785
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        {
          "cash_growth": 0.2,
          "required_starting_cash": 46819298.87403258,
          "required_cash_to_current_sales": 0.06311282006650075
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      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；报告营收含分包、并购高增需拆；净利高于营业利润须核税项。",
      "deep_source_recheck": false,
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          "prior_gross_margin": 0.3814981153816786,
          "prior_operating_margin": 0.07545414789568308,
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          "report_date": "2026-04-03",
          "revenue": 155114000.0,
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          "prior_gross_margin": 0.37838777840484034,
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          "changes_pp": {
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            "gross_margin": 2.8770827523702525,
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          "accession": "0001104659-26-057350",
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        {
          "period": "2026Q3",
          "filed_at": "2026-08-07",
          "report_date": "2026-07-03",
          "revenue": 231028000.0,
          "revenue_yoy_pct": 33.178073821286304,
          "gross_margin": 0.37854286060564085,
          "operating_margin": 0.08541821770521323,
          "ttm_fcf_margin": 0.08402677145187272,
          "prior_revenue_yoy_pct": 1.7901906999330697,
          "prior_gross_margin": 0.3938653277455281,
          "prior_operating_margin": 0.0681143463247883,
          "prior_ttm_fcf_margin": null,
          "changes_pp": {
            "demand": 31.387883121353234,
            "gross_margin": -1.5322467139887275,
            "operating_margin": 1.7303871380424927,
            "cash_margin": null
          },
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            "operating_margin"
          ],
          "accession": "0001104659-26-092196",
          "currency": "USD",
          "net_margin": 0.1053768374396177,
          "prior_net_margin": 0.08898214707764321,
          "net_margin_yoy_pp": 1.6394690361974495
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      ],
      "financial_reason": "2025Q4收入182.01百万美元/同比26.34%，毛利率36.86%，营业率8.17%，净利率7.54%；2026Q1收入173.69百万美元/同比缺失%，毛利率36.05%，营业率6.01%，净利率10.77%；2026Q2收入155.11百万美元/同比1.79%，毛利率40.72%，营业率4.70%，净利率5.50%；2026Q3收入231.03百万美元/同比33.18%，毛利率37.85%，营业率8.54%，净利率10.54%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "WLDN",
        "period": "2026-07-03",
        "source_period": "2026-07-03",
        "url": "https://www.sec.gov/Archives/edgar/data/1370450/000110465926092196/wldn-20260703x10q.htm",
        "sha256": "bd69c58bce022b735b8aa530b06cf0028aa451f44e07c8974f5cae68543ee994",
        "checks": {
          "revenue": {
            "local": 231028000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 231028000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 231028000.0,
              "prior": 173473000.0,
              "prior_periods": [
                "2025-07-04"
              ]
            }
          },
          "operating_income": {
            "local": 19734000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 19734000.0
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            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 19734000.0,
              "prior": 11816000.0,
              "prior_periods": [
                "2025-07-04"
              ]
            }
          },
          "net_income": {
            "local": 24345000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 24345000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 24345000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 24345000.0,
              "prior": 15436000.0,
              "prior_periods": [
                "2025-07-04"
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            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Willdan为公用事业、政府和企业提供能源及工程咨询服务。它帮助客户评估用能、设计节能项目，并参与实施、工程管理和效果验证。公司通过咨询、项目执行及相关技术服务合同赚钱。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "425f54cc674dcc36980a082f9e7d63cf1408efb77ab41689c9f3c59d1dc95de7",
          "business_evidence_sha256": "fe1c67cd81fd077372f43fe51a3e7c1fdb0e83972eceb90275eafc3acdddcf66",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1370450/000110465926092196/wldn-20260703x10q.htm"
        }
      }
    },
    {
      "ticker": "WTTR",
      "name": "Select Water Solutions, Inc.",
      "mechanism": "业务模式/产品结构变化",
      "financial": {
        "quarters": 4,
        "latest": {
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          "positive": 3,
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        "gross_margin_improvement": {
          "positive": 3,
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      "business_evidence": "油田水服务向回收/处置基础设施迁移，Water Infrastructure和Chemical创纪录且利润转强",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "收购/建网资本投入及油气客户活动周期需核验，不把资产扩张当免费现金",
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      ],
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        },
        "stale": false,
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      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "结构变化线索：进入业务与现金反证比较",
      "second_pass_decision": "Q2Water Infrastructure收入10161.4万美元，占25.7% vs22.2%；但该部门当季资本开支5946.9万美元。不能把折旧前部门毛利直接估成股东现金。",
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      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "货运周期改善与企业份额需拆，低70经营比率是目标非当期。",
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      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；货运周期改善与企业份额需拆，低70经营比率是目标非当期。",
      "deep_source_recheck": false,
      "industry": "Trucking",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-10-30",
          "report_date": "2025-09-30",
          "revenue": 2111000000.0,
          "revenue_yoy_pct": 2.825133950316605,
          "gross_margin": null,
          "operating_margin": 0.07768829938417811,
          "ttm_fcf_margin": 0.028759142184207265,
          "prior_revenue_yoy_pct": 0.04810004810005264,
          "prior_gross_margin": null,
          "prior_operating_margin": 0.08572820263029712,
          "prior_ttm_fcf_margin": -0.09789864029666255,
          "changes_pp": {
            "demand": 2.7770339022165524,
            "gross_margin": null,
            "operating_margin": -0.8039903246119016,
            "cash_margin": 12.665778248086982
          },
          "signals": [
            "demand",
            "cash_margin"
          ],
          "accession": "0001166003-25-000087",
          "currency": "USD",
          "net_margin": 0.038844149692089054,
          "prior_net_margin": 0.046273745737944474,
          "net_margin_yoy_pp": -0.742959604585542
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-02-05",
          "report_date": "2025-12-31",
          "revenue": 2012000000.0,
          "revenue_yoy_pct": 4.682622268470338,
          "gross_margin": null,
          "operating_margin": 0.07107355864811134,
          "ttm_fcf_margin": 0.0403334559274243,
          "prior_revenue_yoy_pct": 2.825133950316605,
          "prior_gross_margin": null,
          "prior_operating_margin": 0.07752341311134235,
          "prior_ttm_fcf_margin": 0.0023538156590683845,
          "changes_pp": {
            "demand": 1.8574883181537327,
            "gross_margin": null,
            "operating_margin": -0.6449854463231014,
            "cash_margin": 3.7979640268355914
          },
          "signals": [
            "cash_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.029324055666003976,
          "prior_net_margin": 0.03902185223725286,
          "net_margin_yoy_pp": -0.9697796571248883
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-04-30",
          "report_date": "2026-03-31",
          "revenue": 2096000000.0,
          "revenue_yoy_pct": 7.2671443193449425,
          "gross_margin": null,
          "operating_margin": 0.08301526717557252,
          "ttm_fcf_margin": 0.05518737197252681,
          "prior_revenue_yoy_pct": 4.682622268470338,
          "prior_gross_margin": null,
          "prior_operating_margin": 0.07727737973387923,
          "prior_ttm_fcf_margin": 0.01535964035964036,
          "changes_pp": {
            "demand": 2.5845220508746047,
            "gross_margin": null,
            "operating_margin": 0.573788744169329,
            "cash_margin": 3.982773161288645
          },
          "signals": [
            "demand",
            "cash_margin"
          ],
          "accession": "0001166003-26-000063",
          "currency": "USD",
          "net_margin": 0.048187022900763356,
          "prior_net_margin": 0.035312180143295804,
          "net_margin_yoy_pp": 1.287484275746755
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-07-30",
          "report_date": "2026-06-30",
          "revenue": 2355000000.0,
          "revenue_yoy_pct": 13.221153846153854,
          "gross_margin": null,
          "operating_margin": 0.11507430997876858,
          "ttm_fcf_margin": 0.06857942617214835,
          "prior_revenue_yoy_pct": 7.2671443193449425,
          "prior_gross_margin": null,
          "prior_operating_margin": 0.09519230769230769,
          "prior_ttm_fcf_margin": 0.01922836808590336,
          "changes_pp": {
            "demand": 5.954009526808911,
            "gross_margin": null,
            "operating_margin": 1.9882002286460891,
            "cash_margin": 4.935105808624499
          },
          "signals": [
            "demand",
            "operating_margin",
            "cash_margin"
          ],
          "accession": "0001166003-26-000074",
          "currency": "USD",
          "net_margin": 0.06878980891719745,
          "prior_net_margin": 0.05096153846153846,
          "net_margin_yoy_pp": 1.782827045565899
        }
      ],
      "financial_reason": "2025Q3收入2111.00百万美元/同比2.83%，毛利率缺失%，营业率7.77%，净利率3.88%；2025Q4收入2012.00百万美元/同比4.68%，毛利率缺失%，营业率7.11%，净利率2.93%；2026Q1收入2096.00百万美元/同比7.27%，毛利率缺失%，营业率8.30%，净利率4.82%；2026Q2收入2355.00百万美元/同比13.22%，毛利率缺失%，营业率11.51%，净利率6.88%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "XPO",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1166003/000116600326000074/xpo-20260630.htm",
        "sha256": "baeb973720185cc317517863abf2f9ec3ea76f8342e728aa19efb306a2b609e1",
        "checks": {
          "revenue": {
            "local": 2355000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 2355000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 2355000000.0,
              "prior": 2080000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "operating_income": {
            "local": 271000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 271000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 271000000.0,
              "prior": 198000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          },
          "net_income": {
            "local": 162000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 162000000.0
              },
              {
                "concept": "us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic",
                "value": 162000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 162000000.0,
              "prior": 106000000.0,
              "prior_periods": [
                "2025-06-30"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "XPO为企业提供货物运输服务，北美零担运输是其重要业务。零担运输把不同客户不足一整车的货物组合起来，经由站点网络送到目的地。公司按运输及相关物流服务收费，也在欧洲经营其他运输业务。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "8837c9312cd6b927c10eeeef9a113d9553d1476999212019eb1568f1845ed42b",
          "business_evidence_sha256": "18038996c0fe166556327b94bf3f142f3bf0c75913fde768bb574edf149e2298",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/1166003/000116600326000074/xpo-20260630.htm"
        }
      }
    },
    {
      "ticker": "XYL",
      "name": "Xylem Inc.",
      "mechanism": "并购/剥离占重要贡献",
      "financial": {
        "quarters": 4,
        "latest": {
          "period": "2026Q2",
          "filed_at": "2026-07-28",
          "report_date": "2026-06-30",
          "revenue": 2336000000.0,
          "revenue_yoy_pct": 1.521077792264225,
          "gross_margin": 0.4122431506849315,
          "operating_margin": 0.16695205479452055,
          "ttm_fcf_margin": 0.1051939513477975,
          "prior_revenue_yoy_pct": 2.706621556307387,
          "prior_gross_margin": 0.3876575401999131,
          "prior_operating_margin": 0.13255106475445458,
          "prior_ttm_fcf_margin": 0.1009163802978236,
          "changes_pp": {
            "demand": -1.185543764043162,
            "gross_margin": 2.4585610485018394,
            "operating_margin": 3.440099004006597,
            "cash_margin": 0.4277571049973908
          },
          "signals": [
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001524472-26-000110",
          "currency": "USD",
          "net_margin": 0.11258561643835617,
          "prior_net_margin": 0.09821816601477619,
          "net_margin_yoy_pp": 1.4367450423579982
        },
        "revenue_growth": {
          "positive": 4,
          "available": 4
        },
        "operating_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "net_margin_improvement": {
          "positive": 2,
          "available": 4
        },
        "gross_margin_improvement": {
          "positive": 4,
          "available": 4
        },
        "caveat": "统一最近四季同比；缺失不当零，一次性因素未剔除时不称真实改善。"
      },
      "business_evidence": "Evoqua扩展工业水处理、再用与服务一体化，简化运营提高毛利。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "收入仅增1.5%，收购协同与价格成本贡献需拆分，不能把行业需求概括全公司。",
      "sources": [
        {
          "period": "2026Q2",
          "content_hash": "e624d63d7ef69ab0932c509164b216327e377ff0fd1966ac1bd37ef8cdcf294a",
          "offset": 4449,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-28"
        },
        {
          "period": "2026Q2",
          "content_hash": "e624d63d7ef69ab0932c509164b216327e377ff0fd1966ac1bd37ef8cdcf294a",
          "offset": 2189,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2026-07-28"
        },
        {
          "period": "2025Q2",
          "content_hash": "63a6160b3e3ce7a3bc69afd99418313ab45ec4396dc359a1abaaeb1751b4a213",
          "offset": 3032,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-31"
        },
        {
          "period": "2025Q2",
          "content_hash": "63a6160b3e3ce7a3bc69afd99418313ab45ec4396dc359a1abaaeb1751b4a213",
          "offset": 1819,
          "characters_read": 470,
          "source": "defeatbeta-api",
          "published_date": "2025-07-31"
        }
      ],
      "market": {
        "close": 106.95999908447266,
        "date": "2026-09-11",
        "currency": "USD",
        "source": "yfinance_daily_sync",
        "shares": 233486812.0,
        "shares_basis": "Rockmoon current_metrics（不是财报加权平均股数）",
        "source_period": "2026-06-30",
        "returns": {
          "1m": {
            "value": -0.12277537261736282,
            "start": "2026-08-12",
            "reason": null
          },
          "3m": {
            "value": -0.028343047735141402,
            "start": "2026-06-12",
            "reason": null
          },
          "1y": {
            "value": null,
            "start": "2025-09-11",
            "reason": "缺少同口径复权价格或对应交易日，不以未复权价格替代。"
          },
          "ytd": {
            "value": null,
            "start": "2025-12-31",
            "end": "2026-09-11",
            "raw_value": -0.21190599487145811,
            "reason": "缺少去年末同口径复权收盘价，不能用上市首日或近一年涨幅替代。",
            "basis": "本地 adjusted_close：去年末最后交易日至标注收盘日，可能包含分红复权影响。"
          }
        },
        "stale": false,
        "local_reported_fcf": 960000000.0
      },
      "market_cap": 24973749197.75644,
      "ttm_revenue": 9126000000.0,
      "reported_fcf_yield": 0.038440363615337474,
      "price_hurdles": [
        {
          "cash_growth": 0.1,
          "required_starting_cash": 1562055303.437661,
          "required_cash_to_current_sales": 0.1711653849920733
        },
        {
          "cash_growth": 0.15,
          "required_starting_cash": 1205655980.7136323,
          "required_cash_to_current_sales": 0.1321122047680947
        },
        {
          "cash_growth": 0.2,
          "required_starting_cash": 933850433.423385,
          "required_cash_to_current_sales": 0.10232855943714497
        }
      ],
      "normalized_cash_verified": false,
      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；收入仅增1.5%，收购协同与价格成本贡献需拆分，不能把行业需求概括全公司。",
      "deep_source_recheck": false,
      "industry": "Specialty Industrial Machinery",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-10-28",
          "report_date": "2025-09-30",
          "revenue": 2268000000.0,
          "revenue_yoy_pct": 7.794676806083656,
          "gross_margin": 0.38932980599647266,
          "operating_margin": 0.1472663139329806,
          "ttm_fcf_margin": 0.10400269844839218,
          "prior_revenue_yoy_pct": 6.085753803596128,
          "prior_gross_margin": 0.3726235741444867,
          "prior_operating_margin": 0.13307984790874525,
          "prior_ttm_fcf_margin": 0.09829059829059829,
          "changes_pp": {
            "demand": 1.708923002487528,
            "gross_margin": 1.6706231851985942,
            "operating_margin": 1.4186466024235345,
            "cash_margin": 0.5712100157793887
          },
          "signals": [
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001524472-25-000046",
          "currency": "USD",
          "net_margin": 0.10008818342151675,
          "prior_net_margin": 0.10313688212927756,
          "net_margin_yoy_pp": -0.3048698707760811
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-02-25",
          "report_date": "2025-12-31",
          "revenue": 2397000000.0,
          "revenue_yoy_pct": 6.25,
          "gross_margin": 0.38881935753024616,
          "operating_margin": 0.14726741760534,
          "ttm_fcf_margin": 0.10071942446043165,
          "prior_revenue_yoy_pct": 7.794676806083656,
          "prior_gross_margin": 0.3798758865248227,
          "prior_operating_margin": 0.11835106382978723,
          "prior_ttm_fcf_margin": 0.11002102312543798,
          "changes_pp": {
            "demand": -1.5446768060836558,
            "gross_margin": 0.8943471005423476,
            "operating_margin": 2.891635377555278,
            "cash_margin": -0.9301598665006322
          },
          "signals": [
            "operating_margin"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.13975803087192323,
          "prior_net_margin": 0.14450354609929078,
          "net_margin_yoy_pp": -0.4745515227367547
        },
        {
          "period": "2026Q1",
          "filed_at": "2026-04-28",
          "report_date": "2026-03-31",
          "revenue": 2125000000.0,
          "revenue_yoy_pct": 2.706621556307387,
          "gross_margin": 0.37788235294117645,
          "operating_margin": 0.1148235294117647,
          "ttm_fcf_margin": 0.10625893741062589,
          "prior_revenue_yoy_pct": 6.25,
          "prior_gross_margin": 0.3711938134364427,
          "prior_operating_margin": 0.11164813919768003,
          "prior_ttm_fcf_margin": 0.1033961386368923,
          "changes_pp": {
            "demand": -3.543378443692613,
            "gross_margin": 0.6688539504733748,
            "operating_margin": 0.3175390214084667,
            "cash_margin": 0.2862798773733591
          },
          "signals": [],
          "accession": "0001524472-26-000068",
          "currency": "USD",
          "net_margin": 0.0908235294117647,
          "prior_net_margin": 0.08168197196713388,
          "net_margin_yoy_pp": 0.9141557444630827
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-07-28",
          "report_date": "2026-06-30",
          "revenue": 2336000000.0,
          "revenue_yoy_pct": 1.521077792264225,
          "gross_margin": 0.4122431506849315,
          "operating_margin": 0.16695205479452055,
          "ttm_fcf_margin": 0.1051939513477975,
          "prior_revenue_yoy_pct": 2.706621556307387,
          "prior_gross_margin": 0.3876575401999131,
          "prior_operating_margin": 0.13255106475445458,
          "prior_ttm_fcf_margin": 0.1009163802978236,
          "changes_pp": {
            "demand": -1.185543764043162,
            "gross_margin": 2.4585610485018394,
            "operating_margin": 3.440099004006597,
            "cash_margin": 0.4277571049973908
          },
          "signals": [
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001524472-26-000110",
          "currency": "USD",
          "net_margin": 0.11258561643835617,
          "prior_net_margin": 0.09821816601477619,
          "net_margin_yoy_pp": 1.4367450423579982
        }
      ],
      "financial_reason": "2025Q3收入2268.00百万美元/同比7.79%，毛利率38.93%，营业率14.73%，净利率10.01%；2025Q4收入2397.00百万美元/同比6.25%，毛利率38.88%，营业率14.73%，净利率13.98%；2026Q1收入2125.00百万美元/同比2.71%，毛利率37.79%，营业率11.48%，净利率9.08%；2026Q2收入2336.00百万美元/同比1.52%，毛利率41.22%，营业率16.70%，净利率11.26%。以上为本地初筛口径，异常和一次性项见反证，未经原始财报复核不得视为最终财务分。",
      "primary_source": {
        "ticker": "XYL",
        "period": "2026-06-30",
        "source_period": "2026-06-30",
        "url": "https://www.sec.gov/Archives/edgar/data/1524472/000152447226000110/xyl-20260630.htm",
        "sha256": "527571ec7d7fcf762a69e0ff1a955a4ba3ff97e10b4c21580095422453be51ac",
        "checks": {
          "revenue": {
            "local": 2336000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 2336000000.0
              },
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
                "value": 2262000000.0
              },
              {
                "concept": "us-gaap:Revenues",
                "value": 2336000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 2336000000.0,
              "prior": 2301000000.0,
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                "2025-06-30"
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          "operating_income": {
            "local": 390000000.0,
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              {
                "concept": "us-gaap:OperatingIncomeLoss",
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            }
          },
          "net_income": {
            "local": 263000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 263000000.0
              },
              {
                "concept": "us-gaap:ProfitLoss",
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            ],
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            "comparable": {
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        },
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        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "Xylem为供水企业、工业设施和建筑客户提供水处理及管理设备。它的泵、过滤消毒、计量和监控产品帮助客户输送、处理和管理水与污水。公司通过设备销售、耗材和服务赚钱，覆盖用水流程的多个环节。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
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    },
    {
      "ticker": "YOU",
      "name": "Clear Secure, Inc.",
      "mechanism": "已有业务扩展/效率改善",
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      },
      "business_evidence": "CLEAR Travel体验/数字身份平台扩展，收入加速与经营率持续抬升。",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "CLEAR1具体收入占比待核，机场伙伴费用和会员续费/价格需拆。",
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
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          "scope": "导航位置；大部分仅阅读各片段前340–500字符，不代表该来源全文或全部片段已读"
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      ],
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        "source": "yfinance_daily_sync",
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      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
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      },
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        "summary": "Clear Secure提供数字身份核验服务，机场场景中的CLEAR是其代表业务。用户通过身份验证使用相关通行服务，企业也可以把其身份核验能力接入自己的流程。公司通过消费者会员订阅及企业相关服务获得收入。",
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      "business_evidence": "Elo Touch整合、各终端双位数增长，剔退款后调整EBITDA仍+2个百分点",
      "primary_financial_check": "matched_latest_quarter",
      "counterevidence": "并购与工业周期贡献需拆，最新财季标签和基础毛利仍应原表核验",
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      "opportunity_approved": false,
      "price_caveat": "FCF收益率是未正常化本地指标，可能遗漏SBC、客户资金或特殊资本支出；不得据此标低估。涨跌幅不参与机会排序。",
      "review_depth": "本轮逐家复读首轮业务/反证，统一四季财务与价格门槛；不是175家全部全文尽调。",
      "screen_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势",
      "second_pass_decision": "不因常规改善自动精选：尚需证明独立结构变化与价格优势；并购与工业周期贡献需拆，最新财季标签和基础毛利仍应原表核验",
      "deep_source_recheck": false,
      "industry": "Communication Equipment",
      "financial_history": [
        {
          "period": "2025Q3",
          "filed_at": "2025-10-28",
          "report_date": "2025-09-27",
          "revenue": 1320000000.0,
          "revenue_yoy_pct": 5.179282868525892,
          "gross_margin": 0.4803030303030303,
          "operating_margin": 0.13863636363636364,
          "ttm_fcf_margin": 0.15071360608943862,
          "prior_revenue_yoy_pct": 6.244864420706664,
          "prior_gross_margin": 0.48844621513944225,
          "prior_operating_margin": 0.15219123505976095,
          "prior_ttm_fcf_margin": null,
          "changes_pp": {
            "demand": -1.065581552180772,
            "gross_margin": -0.8143184836411965,
            "operating_margin": -1.3554871423397312,
            "cash_margin": null
          },
          "signals": [],
          "accession": "0001628280-25-046778",
          "currency": "USD",
          "net_margin": 0.07651515151515151,
          "prior_net_margin": 0.10916334661354582,
          "net_margin_yoy_pp": -3.2648195098394313
        },
        {
          "period": "2025Q4",
          "filed_at": "2026-02-12",
          "report_date": "2025-12-31",
          "revenue": 1475000000.0,
          "revenue_yoy_pct": 10.569715142428793,
          "gross_margin": 0.4732203389830508,
          "operating_margin": 0.09423728813559322,
          "ttm_fcf_margin": 0.1540029651593773,
          "prior_revenue_yoy_pct": 5.179282868525892,
          "prior_gross_margin": 0.48575712143928035,
          "prior_operating_margin": 0.1686656671664168,
          "prior_ttm_fcf_margin": 0.19152780566151376,
          "changes_pp": {
            "demand": 5.390432273902901,
            "gross_margin": -1.2536782456229523,
            "operating_margin": -7.442837903082357,
            "cash_margin": -3.7524840502136447
          },
          "signals": [
            "demand"
          ],
          "accession": "derived:q4_synth",
          "currency": "USD",
          "net_margin": 0.04745762711864407,
          "prior_net_margin": 0.12218890554722639,
          "net_margin_yoy_pp": -7.473127842858232
        },
        {
          "period": "2026Q2",
          "filed_at": "2026-05-12",
          "report_date": "2026-04-04",
          "revenue": 1495000000.0,
          "revenue_yoy_pct": 15.622583139984524,
          "gross_margin": 0.4963210702341137,
          "operating_margin": 0.14381270903010032,
          "ttm_fcf_margin": null,
          "prior_revenue_yoy_pct": null,
          "prior_gross_margin": 0.47641144624903325,
          "prior_operating_margin": 0.14153132250580047,
          "prior_ttm_fcf_margin": 0.16435452793834296,
          "changes_pp": {
            "demand": null,
            "gross_margin": 1.990962398508045,
            "operating_margin": 0.228138652429985,
            "cash_margin": null
          },
          "signals": [
            "gross_margin"
          ],
          "accession": "0001628280-26-034109",
          "currency": "USD",
          "net_margin": 0.0903010033444816,
          "prior_net_margin": 0.08662026295436968,
          "net_margin_yoy_pp": 0.3680740390111917
        },
        {
          "period": "2026Q3",
          "filed_at": "2026-08-04",
          "report_date": "2026-07-04",
          "revenue": 1557000000.0,
          "revenue_yoy_pct": 17.954545454545446,
          "gross_margin": 0.5298651252408478,
          "operating_margin": 0.20616570327552985,
          "ttm_fcf_margin": null,
          "prior_revenue_yoy_pct": 15.622583139984524,
          "prior_gross_margin": 0.4803030303030303,
          "prior_operating_margin": 0.13863636363636364,
          "prior_ttm_fcf_margin": 0.15071360608943862,
          "changes_pp": {
            "demand": 2.331962314560922,
            "gross_margin": 4.9562094937817545,
            "operating_margin": 6.752933963916622,
            "cash_margin": null
          },
          "signals": [
            "demand",
            "gross_margin",
            "operating_margin"
          ],
          "accession": "0001628280-26-052550",
          "currency": "USD",
          "net_margin": 0.14964675658317278,
          "prior_net_margin": 0.07651515151515151,
          "net_margin_yoy_pp": 7.313160506802127
        }
      ],
      "financial_reason": "2025-09-27（本地期标2025Q3）收入1320.00百万美元、同比5.18%；毛利率48.03%、营业率13.86%、净利率7.65%；2025-12-31（本地期标2025Q4）收入1475.00百万美元、同比10.57%；毛利率47.32%、营业率9.42%、净利率4.75%；2026-04-04（本地期标2026Q2）收入1495.00百万美元、同比15.62%；毛利率49.63%、营业率14.38%、净利率9.03%；2026-07-04（本地期标2026Q3）收入1557.00百万美元、同比17.95%；毛利率52.99%、营业率20.62%、净利率14.96%；最新净利率同比变化7.31个百分点；以上为本地初筛数据，不代替原始报表复核，财季必须按report_date对齐",
      "primary_source": {
        "ticker": "ZBRA",
        "period": "2026-07-04",
        "source_period": "2026-07-04",
        "url": "https://www.sec.gov/Archives/edgar/data/877212/000162828026052550/zbra-20260704.htm",
        "sha256": "ffce73ce271b58fb8c77f678545215029e26e0f263fd0c420b837628cc013059",
        "checks": {
          "revenue": {
            "local": 1557000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
                "value": 1557000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
              "current": 1557000000.0,
              "prior": 1293000000.0,
              "prior_periods": [
                "2025-06-28"
              ]
            }
          },
          "operating_income": {
            "local": 321000000.0,
            "alternatives": [
              {
                "concept": "us-gaap:OperatingIncomeLoss",
                "value": 321000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:OperatingIncomeLoss",
              "current": 321000000.0,
              "prior": 183000000.0,
              "prior_periods": [
                "2025-06-28"
              ]
            }
          },
          "net_income": {
            "local": 233000000.00000003,
            "alternatives": [
              {
                "concept": "us-gaap:NetIncomeLoss",
                "value": 233000000.0
              }
            ],
            "status": "matched",
            "comparable": {
              "concept": "us-gaap:NetIncomeLoss",
              "current": 233000000.0,
              "prior": 112000000.0,
              "prior_periods": [
                "2025-06-28"
              ]
            }
          }
        },
        "status": "matched_latest_quarter",
        "reason": "只对照最新单季收入／营业利润／净利润；不等于完成分部、同比重述与现金质量审计。净利润保留候选标签，匹配值不自动解决少数股东口径。"
      },
      "company_profile": {
        "summary": "斑马技术为零售、仓储、制造和医疗等客户提供识别与追踪设备。它的条码扫描器、标签打印机、移动终端及软件帮助员工识别商品和资产、记录现场操作。公司通过硬件、软件和相关服务赚钱，让实体业务流程更容易被数字化管理。",
        "version": "2026-09-14-editorial-v1",
        "language": "zh-CN",
        "source": "根据已有公司背景与本轮业务证据重新编写的中文简介；不是投资结论或新的全面事实核验。",
        "evidence": {
          "background_sha256": "cab131610dcd37bd659f6e192197713d3fbec3f4ce89d4ad760d636ce161ae9f",
          "business_evidence_sha256": "0f0e9b699ccd3d75ac6c6cf65c5e9bed708a5651483eef8eae83563ddf71532e",
          "primary_url": "https://www.sec.gov/Archives/edgar/data/877212/000162828026052550/zbra-20260704.htm"
        }
      }
    }
  ],
  "source_ledger_sha256": "b6306be6a4ad712769b0fff605ba31c1d714cee8cc53c71913fd3ed3804cb459",
  "method": "同一175家范围、最近四季同比、显式业务机制分类、同一12%折现率的10/15/20%现金增长价格门槛。没有以单一账号热度或股价回撤替代低预期。分类可有交叉，记录主导机制而非否认其他因素。",
  "limits": "尚未核验所有175家新分部数值、同业份额与正常现金；初筛分类和门槛不等于最终批准。没有最低入选数量。",
  "phase2_structural_count": 22,
  "minimum_selection_quota": 0,
  "company_introductions_version": "2026-09-14-editorial-v1"
}