[
  {
    "id": 144,
    "label": "研究与检索截止",
    "reported_value": 2026.0,
    "unit": "",
    "raw_text": "**研究与检索截止：2026年10月16日（北京时间）；财务截至2026年6月30日；股价采用10月15日收盘。**",
    "line_number": 3,
    "kind": "nonfinancial_extraction",
    "fetched_value": null,
    "fetched_source": "",
    "note": "年份误提取，非财务数"
  },
  {
    "id": 1,
    "label": "2026上半年 · 总收入",
    "reported_value": 692.51,
    "unit": "",
    "raw_text": "| 2026上半年 | 692.51 | 60.49 | 90.44 | 179.41 | -88.97 |",
    "line_number": 48,
    "kind": "fact",
    "fetched_value": 692.51,
    "fetched_source": "https://ir.kuaishou.com/system/files-encrypted/nasdaq_kms/assets/2026/09/08/10-47-47/Interim%202026.pdf p57",
    "fetched_value2": null,
    "fetched_source2": "",
    "note": "半年收入公司原件；未强称独立第二源"
  },
  {
    "id": 14,
    "label": "其他服务，含可灵 · 2025Q3",
    "reported_value": 58.78,
    "unit": "",
    "raw_text": "| 其他服务，含可灵 | 58.78 | 62.95 | 55.81 | 62.06 |",
    "line_number": 58,
    "kind": "fact",
    "fetched_value": 58.78,
    "fetched_source": "https://ir.kuaishou.com/news-releases/news-release-details/kuaishou-technology-announces-third-quarter-2025-unaudited",
    "fetched_value2": null,
    "fetched_source2": "",
    "note": "季度细分单源"
  },
  {
    "id": 16,
    "label": "其他服务，含可灵 · 2026Q1",
    "reported_value": 55.81,
    "unit": "",
    "raw_text": "| 其他服务，含可灵 | 58.78 | 62.95 | 55.81 | 62.06 |",
    "line_number": 58,
    "kind": "fact",
    "fetched_value": 55.81,
    "fetched_source": "https://ir.kuaishou.com/node/11461/pdf",
    "fetched_value2": null,
    "fetched_source2": "",
    "note": "季度细分单源"
  },
  {
    "id": 26,
    "label": "业务负责人 · 已核实信息及边界",
    "reported_value": 7.0,
    "unit": "",
    "raw_text": "| 业务负责人 | 7月2日公告已称盖坤为可灵CEO；9月30日内部调整的媒体报道强调其专职负责可灵，程一笑接手社区科学线 | 组织开始为新业务单独配置责任；仍需验证团队独立经营能力 |",
    "line_number": 92,
    "kind": "nonfinancial_extraction",
    "fetched_value": null,
    "fetched_source": "",
    "note": "7月2日月份误提取；任职已于治理证据核验"
  },
  {
    "id": 35,
    "label": "单次达到指定交付标准的概率 · 模型A",
    "reported_value": 40.0,
    "unit": "%",
    "raw_text": "| 单次达到指定交付标准的概率 | 40% | 15% |",
    "line_number": 197,
    "kind": "assumption",
    "fetched_value": 40.0,
    "fetched_source": "利润与估值模型.py / 利润与估值模型.json；假设与算式，不是外部事实验证",
    "fetched_value2": null,
    "fetched_source2": "",
    "note": "演示成功率，非实测"
  },
  {
    "id": 43,
    "label": "字节Seedance · 截至本次可核实的信息",
    "reported_value": 2.5,
    "unit": "",
    "raw_text": "| 字节Seedance | 2.5于7月31日发布，强化长片段、参考及编辑能力 | 视频模型、工具、广告分发可以一起竞争，是最直接的综合对手 |",
    "line_number": 210,
    "kind": "nonfinancial_extraction",
    "fetched_value": null,
    "fetched_source": "",
    "note": "Seedance版本号；已于技术证据核验"
  },
  {
    "id": 45,
    "label": "阿里Wan · 对可灵的主要压力",
    "reported_value": 3.0,
    "unit": "",
    "raw_text": "| 阿里Wan | 3.0官方文档于9月仍标预览；此前版本存在开放权重生态 | 自部署和云端低成本替代；不能把3.0预览等同所有能力开源 |",
    "line_number": 212,
    "kind": "nonfinancial_extraction",
    "fetched_value": null,
    "fetched_source": "",
    "note": "Wan版本号；已核实预览边界"
  },
  {
    "id": 60,
    "label": "主业收入合计 · 2031",
    "reported_value": 1750.0,
    "unit": "",
    "raw_text": "| 主业收入合计 | 1,590 | 1,750 | 2,140 |",
    "line_number": 291,
    "kind": "calculation",
    "fetched_value": 1750.0,
    "fetched_source": "利润与估值模型.py / 利润与估值模型.json；假设与算式，不是外部事实验证",
    "fetched_value2": null,
    "fetched_source2": "",
    "note": "2031主业收入加总"
  },
  {
    "id": 69,
    "label": "可灵外部收入 · 2031",
    "reported_value": 120.0,
    "unit": "",
    "raw_text": "| 可灵外部收入 | 70 | 120 | 300 |",
    "line_number": 294,
    "kind": "assumption",
    "fetched_value": 120.0,
    "fetched_source": "利润与估值模型.py / 利润与估值模型.json；假设与算式，不是外部事实验证",
    "fetched_value2": null,
    "fetched_source2": "",
    "note": "2031可灵收入假设"
  },
  {
    "id": 76,
    "label": "可灵独立净利润 · 2036",
    "reported_value": 60.0,
    "unit": "",
    "raw_text": "| 可灵独立净利润 | 5.60 | 14.40 | 60.00 |",
    "line_number": 296,
    "kind": "calculation",
    "fetched_value": 60.0,
    "fetched_source": "利润与估值模型.py / 利润与估值模型.json；假设与算式，不是外部事实验证",
    "fetched_value2": null,
    "fetched_source2": "",
    "note": "可灵独立利润"
  },
  {
    "id": 83,
    "label": "额外集团税后成本 · 2029",
    "reported_value": 4.0,
    "unit": "",
    "raw_text": "| 额外集团税后成本 | 4 | 5 | 10 |",
    "line_number": 299,
    "kind": "assumption",
    "fetched_value": 4.0,
    "fetched_source": "利润与估值模型.py / 利润与估值模型.json；假设与算式，不是外部事实验证",
    "fetched_value2": null,
    "fetched_source2": "",
    "note": "集团增量费用假设"
  },
  {
    "id": 86,
    "label": "快手归母净利润 · 2029",
    "reported_value": 222.41,
    "unit": "",
    "raw_text": "| **快手归母净利润** | **222.41** | **266.86** | **368.40** |",
    "line_number": 300,
    "kind": "calculation",
    "fetched_value": 222.408,
    "fetched_source": "利润与估值模型.py / 利润与估值模型.json；假设与算式，不是外部事实验证",
    "fetched_value2": null,
    "fetched_source2": "",
    "note": "2029归母独立Decimal复算"
  },
  {
    "id": 92,
    "label": "悲观 · 2036可灵收入／净利率",
    "reported_value": 60.0,
    "unit": "",
    "raw_text": "| 悲观 | 112.80 | 82.10 | 1,000／7% | 60／0% | 0 | 67.00 |",
    "line_number": 322,
    "kind": "assumption",
    "fetched_value": 60.0,
    "fetched_source": "利润与估值模型.py / 利润与估值模型.json；假设与算式，不是外部事实验证",
    "fetched_value2": null,
    "fetched_source2": "",
    "note": "悲观2036可灵收入假设"
  },
  {
    "id": 105,
    "label": "乐观 · 2036快手归母",
    "reported_value": 773.0,
    "unit": "",
    "raw_text": "| 乐观 | 323.44 | 451.86 | 3,100／20% | 1,000／28% | 280 | 773.00 |",
    "line_number": 324,
    "kind": "calculation",
    "fetched_value": 773.0,
    "fetched_source": "利润与估值模型.py / 利润与估值模型.json；假设与算式，不是外部事实验证",
    "fetched_value2": null,
    "fetched_source2": "",
    "note": "乐观2036归母复算"
  },
  {
    "id": 106,
    "label": "现金及等价物 · 人民币亿元",
    "reported_value": 116.96,
    "unit": "",
    "raw_text": "| 现金及等价物 | 116.96 | 纳入流动资金池 |",
    "line_number": 338,
    "kind": "fact",
    "fetched_value": 116.96,
    "fetched_source": "https://ir.kuaishou.com/system/files-encrypted/nasdaq_kms/assets/2026/09/08/10-47-47/Interim%202026.pdf p59",
    "fetched_value2": 116.96,
    "fetched_source2": "https://stockanalysis.com/quote/hkg/1024/financials/balance-sheet/",
    "note": "现金等价物"
  },
  {
    "id": 114,
    "label": "减：经营与压力缓冲 · 人民币亿元",
    "reported_value": -150.0,
    "unit": "",
    "raw_text": "| 减：经营与压力缓冲 | -150.00 | 研究假设，并非公司披露的受限资金 |",
    "line_number": 344,
    "kind": "assumption",
    "fetched_value": -150.0,
    "fetched_source": "模型市场输入.json",
    "fetched_value2": null,
    "fetched_source2": "",
    "note": "研究缓冲而非法定受限资金"
  },
  {
    "id": 121,
    "label": "加回税后银行／供应商融资成本 · 2036",
    "reported_value": 15.0,
    "unit": "",
    "raw_text": "| 加回税后银行／供应商融资成本 | 15 | 15 | 15 |",
    "line_number": 358,
    "kind": "assumption",
    "fetched_value": 15.0,
    "fetched_source": "利润与估值模型.py / 利润与估值模型.json；假设与算式，不是外部事实验证",
    "fetched_value2": null,
    "fetched_source2": "",
    "note": "2036融资成本加回假设"
  },
  {
    "id": 122,
    "label": "非现金折旧等净回加，已扣租赁现金付款 · 2029",
    "reported_value": 90.0,
    "unit": "",
    "raw_text": "| 非现金折旧等净回加，已扣租赁现金付款 | 90 | 105 | 120 |",
    "line_number": 359,
    "kind": "assumption",
    "fetched_value": 90.0,
    "fetched_source": "利润与估值模型.py / 利润与估值模型.json；假设与算式，不是外部事实验证",
    "fetched_value2": null,
    "fetched_source2": "",
    "note": "2029非现金净加回假设"
  },
  {
    "id": 132,
    "label": "归属经营现金流，取整 · 2031",
    "reported_value": 150.0,
    "unit": "",
    "raw_text": "| 归属经营现金流，取整 | 90 | 150 | 275 |",
    "line_number": 362,
    "kind": "calculation",
    "fetched_value": 150.0,
    "fetched_source": "利润与估值模型.py / 利润与估值模型.json；假设与算式，不是外部事实验证",
    "fetched_value2": null,
    "fetched_source2": "",
    "note": "2031现金桥梁取整"
  },
  {
    "id": 135,
    "label": "悲观 · 折现率／永续增速",
    "reported_value": 15.0,
    "unit": "%",
    "raw_text": "| 悲观 | 20、20、25、30、35、35、38、40、40、40 | 15%／0% | 8.55 |",
    "line_number": 376,
    "kind": "assumption",
    "fetched_value": 15.0,
    "fetched_source": "利润与估值模型.py / 利润与估值模型.json；假设与算式，不是外部事实验证",
    "fetched_value2": null,
    "fetched_source2": "",
    "note": "悲观折现率假设"
  },
  {
    "id": 136,
    "label": "悲观 · 每股价值，港元",
    "reported_value": 8.55,
    "unit": "",
    "raw_text": "| 悲观 | 20、20、25、30、35、35、38、40、40、40 | 15%／0% | 8.55 |",
    "line_number": 376,
    "kind": "calculation",
    "fetched_value": 8.546345777299962,
    "fetched_source": "利润与估值模型.py / 利润与估值模型.json；假设与算式，不是外部事实验证",
    "fetched_value2": null,
    "fetched_source2": "",
    "note": "模型DCF输出并经独立审读"
  },
  {
    "id": 141,
    "label": "乐观 · 折现率／永续增速",
    "reported_value": 11.0,
    "unit": "%",
    "raw_text": "| 乐观 | 30、80、160、230、310、380、450、510、570、620 | 11%／3% | 123.08 |",
    "line_number": 378,
    "kind": "assumption",
    "fetched_value": 11.0,
    "fetched_source": "利润与估值模型.py / 利润与估值模型.json；假设与算式，不是外部事实验证",
    "fetched_value2": null,
    "fetched_source2": "",
    "note": "乐观折现率假设"
  }
]