{
  "现价人民币": {
    "expr": "154*0.86458",
    "value": "133.14532"
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  "TTM归母亿": {
    "expr": "(12775689-4574368+5038384)/100000",
    "value": "132.39705"
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  "TTM收入亿": {
    "expr": "(37120052-13876276+17172921)/100000",
    "value": "404.16697"
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  "TTM每股收益HKD": {
    "expr": "(12775689000-4574368000+5038384000)/1331779203/0.86458",
    "value": "11.4984921977023"
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  "正常化EPS人民币": {
    "expr": "11200000000/1331779203",
    "value": "8.409802446809946"
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  "正常化EPS港元": {
    "expr": "(11200000000/1331779203/0.86458)",
    "value": "9.727037922239639"
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  "归母基期下修百分比": {
    "expr": "(11200000000/12775689000-1)*100",
    "value": "-12.33349528154607"
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  "2026H2收入亿": {
    "expr": "390-171.72921",
    "value": "218.27079"
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  "2026H2净利亿": {
    "expr": "112-50.38384",
    "value": "61.61616"
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  "2026H2归母率": {
    "expr": "(112-50.38384)/(390-171.72921)*100",
    "value": "28.229228473493865"
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  "2026收入同比": {
    "expr": "(390/371.20052-1)*100",
    "value": "5.064507991529754"
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  "2025可分配前FCF亿": {
    "expr": "(10865152-985250-186287-608288)/100000",
    "value": "90.85327"
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  "H1资本开支前FCF亿": {
    "expr": "(3637300-673560-50579)/100000",
    "value": "29.13161"
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  "H1CFO净利比": {
    "expr": "3637300/5100310*100",
    "value": "71.31527299321021"
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  "租后严格净现金亿": {
    "expr": "(12442065+1520187-665736-3061836)/100000",
    "value": "102.3468"
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  "市值亿": {
    "expr": "154*1331779203/100000000",
    "value": "2050.93997262"
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  "海外同比": {
    "expr": "((17172921-12201000)/(13876276-8282800)-1)*100",
    "value": "-11.112142074087739"
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  "2025核心经营利润率": {
    "expr": "16890474/37120052*100",
    "value": "45.50229078342886"
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  "悲观终值": {
    "expr": "((11200000000/1331779203/0.86458)*0.85*0.85*0.85*10)",
    "value": "59.73617163995418"
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  "悲观三年分红": {
    "expr": "((11200000000/1331779203/0.86458)*0.25*(0.85+0.85*0.85+0.85*0.85*0.85))",
    "value": "5.317346074179312"
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  "悲观含分红年化": {
    "expr": "((((11200000000/1331779203/0.86458)*0.85*0.85*0.85*10)+((11200000000/1331779203/0.86458)*0.25*(0.85+0.85*0.85+0.85*0.85*0.85)))/154)**(1/3)*100-100",
    "value": "-24.967395527058798"
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  "悲观现值10%": {
    "expr": "((11200000000/1331779203/0.86458)*0.85*0.85*0.85*10)/1.1/1.1/1.1+(11200000000/1331779203/0.86458)*0.25*(0.85/1.1+0.85*0.85/1.1/1.1+0.85*0.85*0.85/1.1/1.1/1.1)",
    "value": "49.33379519450328"
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  "悲观2029归母亿": {
    "expr": "112*0.85*0.85*0.85",
    "value": "68.782"
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  "基准终值": {
    "expr": "((11200000000/1331779203/0.86458)*1.08*1.08*1.08*16)",
    "value": "196.05226232160547"
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  "基准三年分红": {
    "expr": "((11200000000/1331779203/0.86458)*0.25*(1.08+1.08*1.08+1.08*1.08*1.08))",
    "value": "8.526021095904868"
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  "基准含分红年化": {
    "expr": "((((11200000000/1331779203/0.86458)*1.08*1.08*1.08*16)+((11200000000/1331779203/0.86458)*0.25*(1.08+1.08*1.08+1.08*1.08*1.08)))/154)**(1/3)*100-100",
    "value": "9.92916684398159"
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  "基准现值10%": {
    "expr": "((11200000000/1331779203/0.86458)*1.08*1.08*1.08*16)/1.1/1.1/1.1+(11200000000/1331779203/0.86458)*0.25*(1.08/1.1+1.08*1.08/1.1/1.1+1.08*1.08*1.08/1.1/1.1/1.1)",
    "value": "154.33016295530712"
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  "基准2029归母亿": {
    "expr": "112*1.08*1.08*1.08",
    "value": "141.08774400000004"
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  "乐观终值": {
    "expr": "((11200000000/1331779203/0.86458)*1.20*1.20*1.20*22)",
    "value": "369.783073651862"
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  "乐观三年分红": {
    "expr": "((11200000000/1331779203/0.86458)*0.25*(1.20+1.20*1.20+1.20*1.20*1.20))",
    "value": "10.621925411085684"
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  "乐观含分红年化": {
    "expr": "((((11200000000/1331779203/0.86458)*1.20*1.20*1.20*22)+((11200000000/1331779203/0.86458)*0.25*(1.20+1.20*1.20+1.20*1.20*1.20)))/154)**(1/3)*100-100",
    "value": "35.17877242312733"
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  "乐观现值10%": {
    "expr": "((11200000000/1331779203/0.86458)*1.20*1.20*1.20*22)/1.1/1.1/1.1+(11200000000/1331779203/0.86458)*0.25*(1.20/1.1+1.20*1.20/1.1/1.1+1.20*1.20*1.20/1.1/1.1/1.1)",
    "value": "286.5274048213745"
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  "乐观2029归母亿": {
    "expr": "112*1.20*1.20*1.20",
    "value": "193.536"
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  "基准要求12%买价": {
    "expr": "((11200000000/1331779203/0.86458)*1.08*1.08*1.08*16)/1.12/1.12/1.12+(11200000000/1331779203/0.86458)*0.25*(1.08/1.12+1.08*1.08/1.12/1.12+1.08*1.08*1.08/1.12/1.12/1.12)",
    "value": "146.33261114397897"
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  "反向零增长含分红三年年化": {
    "expr": "(((11200000000/1331779203/0.86458)*16+(11200000000/1331779203/0.86458)*0.25*3)/154)**(1/3)*100-100",
    "value": "1.8962574744109162"
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  "王宁简单穿透年末权益百分比": {
    "expr": "(561131960+31196420+62053027*0.4096)/1342943150*100",
    "value": "45.99936340262802"
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  "悲观2029归母利润率": {
    "expr": "68.782/310*100",
    "value": "22.18774193548387"
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  "基准2029归母利润率": {
    "expr": "141.087744/460*100",
    "value": "30.67124869565217"
  },
  "乐观2029归母利润率": {
    "expr": "193.536/620*100",
    "value": "31.21548387096774"
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}