{
  "disclaimer": "All future numbers are conditional assumptions; arithmetic verification is not forecast validation.",
  "units": "RMB 100 million unless otherwise labeled",
  "market": {
    "price_hkd": "28.58",
    "price_date": "2026-10-15 close; Investing historical and StockAnalysis 16:08 HKT",
    "shares_yi": "43.04151598",
    "shares_date": "2026-09-30 issued A+B, HKEX monthly return 2026-10-07; includes 3,922,000 repurchased awaiting cancellation",
    "rmb_per_hkd": "0.85702",
    "fx_note": "SAFE central parity 2026-10-15: HKD100=RMB85.702; not an executable FX quote",
    "ttm_parent_profit_yi": "157.66",
    "excess_cash_yi": "102.08",
    "source_note": "Conservative June 30 cash bridge: 116.96+123.58+563.53-273.62-252.48-0.05-25.84-150. Excludes later Kling subscription proceeds, long-term deposits/assets and later cash movements; not a current spot net-cash estimate. TTM parent profit=FY2025 186.17-H1 2025 89.00+H1 2026 60.49. See financial evidence for live verification."
  },
  "market_cap_hkd_yi": "1230.1265267084",
  "market_cap_rmb_yi": "1054.243035919632968",
  "ttm_pe": "6.68681362374497632880882912596727134",
  "profit_scenarios": {
    "bear": {
      "2029": {
        "ad_revenue": "750",
        "live_revenue": "260",
        "other_ex_kling_revenue": "200",
        "core_revenue": "1210",
        "core_margin": "0.10",
        "core_profit": "121.00",
        "kling_external_revenue": "40",
        "kling_net_margin": "-0.20",
        "kling_standalone_profit": "-8.00",
        "parent_kling_share": "0.65",
        "kling_parent_profit": "-5.2000",
        "unallocated_after_tax_cost": "3",
        "attributable_profit": "112.8000",
        "business_revenue_sum_before_control_assessment": "1250"
      },
      "2031": {
        "ad_revenue": "700",
        "live_revenue": "220",
        "other_ex_kling_revenue": "190",
        "core_revenue": "1110",
        "core_margin": "0.08",
        "core_profit": "88.80",
        "kling_external_revenue": "45",
        "kling_net_margin": "-0.10",
        "kling_standalone_profit": "-4.50",
        "parent_kling_share": "0.60",
        "kling_parent_profit": "-2.7000",
        "unallocated_after_tax_cost": "4",
        "attributable_profit": "82.1000",
        "business_revenue_sum_before_control_assessment": "1155"
      },
      "2036": {
        "ad_revenue": "650",
        "live_revenue": "150",
        "other_ex_kling_revenue": "200",
        "core_revenue": "1000",
        "core_margin": "0.07",
        "core_profit": "70.00",
        "kling_external_revenue": "60",
        "kling_net_margin": "0",
        "kling_standalone_profit": "0",
        "parent_kling_share": "0.50",
        "kling_parent_profit": "0.00",
        "unallocated_after_tax_cost": "3",
        "attributable_profit": "67.00",
        "business_revenue_sum_before_control_assessment": "1060"
      }
    },
    "base": {
      "2029": {
        "ad_revenue": "950",
        "live_revenue": "310",
        "other_ex_kling_revenue": "330",
        "core_revenue": "1590",
        "core_margin": "0.14",
        "core_profit": "222.60",
        "kling_external_revenue": "70",
        "kling_net_margin": "0.08",
        "kling_standalone_profit": "5.60",
        "parent_kling_share": "0.68",
        "kling_parent_profit": "3.8080",
        "unallocated_after_tax_cost": "4",
        "attributable_profit": "222.4080",
        "business_revenue_sum_before_control_assessment": "1660"
      },
      "2031": {
        "ad_revenue": "1050",
        "live_revenue": "290",
        "other_ex_kling_revenue": "410",
        "core_revenue": "1750",
        "core_margin": "0.15",
        "core_profit": "262.50",
        "kling_external_revenue": "120",
        "kling_net_margin": "0.12",
        "kling_standalone_profit": "14.40",
        "parent_kling_share": "0.65",
        "kling_parent_profit": "9.3600",
        "unallocated_after_tax_cost": "5",
        "attributable_profit": "266.8600",
        "business_revenue_sum_before_control_assessment": "1870"
      },
      "2036": {
        "ad_revenue": "1300",
        "live_revenue": "250",
        "other_ex_kling_revenue": "590",
        "core_revenue": "2140",
        "core_margin": "0.16",
        "core_profit": "342.40",
        "kling_external_revenue": "300",
        "kling_net_margin": "0.20",
        "kling_standalone_profit": "60.00",
        "parent_kling_share": "0.60",
        "kling_parent_profit": "36.0000",
        "unallocated_after_tax_cost": "10",
        "attributable_profit": "368.4000",
        "business_revenue_sum_before_control_assessment": "2440"
      }
    },
    "bull": {
      "2029": {
        "ad_revenue": "1100",
        "live_revenue": "360",
        "other_ex_kling_revenue": "400",
        "core_revenue": "1860",
        "core_margin": "0.17",
        "core_profit": "316.20",
        "kling_external_revenue": "120",
        "kling_net_margin": "0.15",
        "kling_standalone_profit": "18.00",
        "parent_kling_share": "0.68",
        "kling_parent_profit": "12.2400",
        "unallocated_after_tax_cost": "5",
        "attributable_profit": "323.4400",
        "business_revenue_sum_before_control_assessment": "1980"
      },
      "2031": {
        "ad_revenue": "1300",
        "live_revenue": "370",
        "other_ex_kling_revenue": "530",
        "core_revenue": "2200",
        "core_margin": "0.19",
        "core_profit": "418.00",
        "kling_external_revenue": "280",
        "kling_net_margin": "0.23",
        "kling_standalone_profit": "64.40",
        "parent_kling_share": "0.65",
        "kling_parent_profit": "41.8600",
        "unallocated_after_tax_cost": "8",
        "attributable_profit": "451.8600",
        "business_revenue_sum_before_control_assessment": "2480"
      },
      "2036": {
        "ad_revenue": "1800",
        "live_revenue": "400",
        "other_ex_kling_revenue": "900",
        "core_revenue": "3100",
        "core_margin": "0.20",
        "core_profit": "620.00",
        "kling_external_revenue": "1000",
        "kling_net_margin": "0.28",
        "kling_standalone_profit": "280.00",
        "parent_kling_share": "0.60",
        "kling_parent_profit": "168.0000",
        "unallocated_after_tax_cost": "15",
        "attributable_profit": "773.0000",
        "business_revenue_sum_before_control_assessment": "4100"
      }
    }
  },
  "dcf_cash_assumptions": {
    "bear": {
      "discount": ".15",
      "terminal_growth": "0",
      "flows": [
        20,
        20,
        25,
        30,
        35,
        35,
        38,
        40,
        40,
        40
      ]
    },
    "base": {
      "discount": ".12",
      "terminal_growth": ".02",
      "flows": [
        -20,
        30,
        90,
        120,
        150,
        180,
        210,
        235,
        255,
        275
      ]
    },
    "bull": {
      "discount": ".11",
      "terminal_growth": ".03",
      "flows": [
        30,
        80,
        160,
        230,
        310,
        380,
        450,
        510,
        570,
        620
      ]
    }
  },
  "valuations": {
    "bear": {
      "explicit_pv": "147.256895662101775809399389200254637",
      "terminal_pv": "65.9159216324975068695794058420197682",
      "equity_rmb_yi": "315.252817294599282678978795042274405",
      "price_hkd": "8.54634577729996211569240557094734440",
      "terminal_fraction": "0.309213540774307164889796214928922809"
    },
    "base": {
      "explicit_pv": "693.092785579525934733344645511755971",
      "terminal_pv": "903.134928636902876878846319846061982",
      "equity_rmb_yi": "1698.30771421642881161219096535781795",
      "price_hkd": "46.0402704296409080787933441924143573",
      "terminal_fraction": "0.565793289136219638204415705718885172"
    },
    "bull": {
      "explicit_pv": "1626.81929073357495610561054375184657",
      "terminal_pv": "2811.31260181718450415665382186987258",
      "equity_rmb_yi": "4540.21189255075946026226436562171915",
      "price_hkd": "123.082867486916470486667071647033163",
      "terminal_fraction": "0.633445032703031859297281018033885937"
    }
  },
  "sensitivity": {
    ".10": {
      "0": "52.7231167004526080513398640383332985",
      ".02": "60.6273549027257348312512331403821360",
      ".03": "66.2732393329208253883307824989884483"
    },
    ".12": {
      "0": "41.5596235029253876050637876602079928",
      ".02": "46.0402704296409080787933441924143573",
      ".03": "49.0273683807845883946130485472186005"
    },
    ".14": {
      "0": "33.8348585196957243142466267583408693",
      ".02": "36.5640325455084839452649362972859364",
      ".03": "38.3007796528438764377311332766146156"
    }
  },
  "second_half_2026_net_cash_change_assumed_yi": "0 excluding dividend already deducted; unmodeled funding/operating/investing/buyback changes",
  "price_effect_per_100_yi_net_cash": "2.71094984991475058066069497582906173",
  "reverse_dcf_flat_perpetual_cash_yi": "114.25956431035595616",
  "terminal_pe_comparison": {
    "bear": {
      "pe": 8,
      "price_hkd": "14.5306911955430631123413250704437709",
      "price_only_cagr": "-0.065407256080611146371448665739926560"
    },
    "base": {
      "pe": 12,
      "price_hkd": "119.845670965031293669848003491451161",
      "price_only_cagr": "0.15413340854425166869067921470352732"
    },
    "bull": {
      "pe": 18,
      "price_hkd": "377.201562117138395793129098936855649",
      "price_only_cagr": "0.29434820515145547721634606048711659"
    }
  },
  "unit_economics": {
    "illustration_only": true,
    "model_A_delivered_cost": "15",
    "model_B_delivered_cost": "30.6666666666666666666666666666666667",
    "contribution_before": "40",
    "contribution_after_gpu_half_price_cut_40pct": "20"
  },
  "kling_bottom_up": {
    "direct_seats": 3000000,
    "annual_direct_arpu_rmb": 3600,
    "enterprise_equivalent_accounts": 128000,
    "enterprise_annual_arpu_rmb": 150000,
    "direct_revenue_yi": "108",
    "enterprise_revenue_yi": "192"
  },
  "profit_to_cash_bridge": {
    "description": "Illustrative attributable profit to operating cash bridge, rounded inputs; lease cash netted in noncash_addback. Training R&D and SBC remain expensed.",
    "2029": {
      "net_profit": "222.4080",
      "after_tax_finance_addback": "15",
      "noncash_addback_net_leases": "90",
      "capex": "200",
      "working_capital_other_retention": "37",
      "operating_cash": "90.4080"
    },
    "2031": {
      "net_profit": "266.8600",
      "after_tax_finance_addback": "15",
      "noncash_addback_net_leases": "105",
      "capex": "195",
      "working_capital_other_retention": "42",
      "operating_cash": "149.8600"
    },
    "2036": {
      "net_profit": "368.4000",
      "after_tax_finance_addback": "15",
      "noncash_addback_net_leases": "120",
      "capex": "190",
      "working_capital_other_retention": "38",
      "operating_cash": "275.4000"
    }
  },
  "private_round_hurdle": {
    "assumptions": "Same-rights ordinary-equity comparison only; no dilution, no distributions, unchanged FX, 25x 2036 P/E. Not a preferred-stock valuation.",
    "postmoney_usd_yi": "180",
    "postmoney_rmb_yi": "1210.5540",
    "base_terminal_value_rmb_yi": "1500",
    "base_10y_price_cagr": "0.02167016024557134533873294155586952",
    "profit_needed_for_15pct_cagr": "195.894643967686138851562500",
    "revenue_needed_at_20pct_margin": "979.4732198384306942578125"
  },
  "core_2036_margin_1pp_profit_effect_yi": "21.40",
  "kling_2036_share_10pp_profit_effect_yi": "6.00"
}