[
  {
    "id": 142,
    "label": "数据截止",
    "reported_value": 2026.0,
    "unit": "",
    "raw_text": "数据截止：2026-10-19（Asia/Shanghai）。行情统一为2026-10-16美国正常收盘；币种USD。最新财务：截至2026-06-30的FY2026全年及第四财季。本报告为 /investment-team 独立公司研究。",
    "line_number": 3,
    "category": "extraction_noise",
    "method_note": "抽取的是日期、来源链接或句中月份，不是财务数值；保留样本但不计数字核验通过。"
  },
  {
    "id": 143,
    "label": "q4/press-release-webcast)",
    "reported_value": 2026.0,
    "unit": "",
    "raw_text": "- [B1 微软FY26Q4与FY2026财务公告](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)：2026-07-2",
    "line_number": 53,
    "category": "extraction_noise",
    "method_note": "抽取的是日期、来源链接或句中月份，不是财务数值；保留样本但不计数字核验通过。"
  },
  {
    "id": 7,
    "label": "营业收入 · FY 2026",
    "reported_value": 331.839,
    "unit": "",
    "raw_text": "| 营业收入 | 245.122 | 281.724 | 331.839 | 331.839 |",
    "line_number": 63,
    "category": "fact",
    "expected_unrounded": "331.839",
    "fetched_value": 331.839,
    "fetched_source": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast",
    "method_note": "按报告已声明显示精度四舍五入后核对，原始未舍入值另存。",
    "fetched_value2": 331.839,
    "fetched_source2": "https://stockanalysis.com/stocks/msft/financials/"
  },
  {
    "id": 8,
    "label": "营业收入 · TTM",
    "reported_value": 331.839,
    "unit": "",
    "raw_text": "| 营业收入 | 245.122 | 281.724 | 331.839 | 331.839 |",
    "line_number": 63,
    "category": "fact",
    "expected_unrounded": "331.839",
    "fetched_value": 331.839,
    "fetched_source": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast ; latest annual + YTD current - YTD prior",
    "method_note": "按报告已声明显示精度四舍五入后核对，原始未舍入值另存。",
    "fetched_value2": 331.839,
    "fetched_source2": "https://stockanalysis.com/stocks/msft/financials/"
  },
  {
    "id": 9,
    "label": "毛利 · FY 2024",
    "reported_value": 171.008,
    "unit": "",
    "raw_text": "| 毛利 | 171.008 | 193.893 | 225.465 | 225.465 |",
    "line_number": 64,
    "category": "fact",
    "expected_unrounded": "171.008",
    "fetched_value": 171.008,
    "fetched_source": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast",
    "method_note": "按报告已声明显示精度四舍五入后核对，原始未舍入值另存。",
    "fetched_value2": 171.008,
    "fetched_source2": "https://stockanalysis.com/stocks/msft/financials/"
  },
  {
    "id": 23,
    "label": "经营现金流 CFO · FY 2026",
    "reported_value": 182.935,
    "unit": "",
    "raw_text": "| 经营现金流 CFO | 118.548 | 136.162 | 182.935 | 182.935 |",
    "line_number": 67,
    "category": "fact",
    "expected_unrounded": "182.935",
    "fetched_value": 182.935,
    "fetched_source": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast",
    "method_note": "按报告已声明显示精度四舍五入后核对，原始未舍入值另存。",
    "fetched_value2": 182.935,
    "fetched_source2": "https://stockanalysis.com/stocks/msft/financials/"
  },
  {
    "id": 24,
    "label": "经营现金流 CFO · TTM",
    "reported_value": 182.935,
    "unit": "",
    "raw_text": "| 经营现金流 CFO | 118.548 | 136.162 | 182.935 | 182.935 |",
    "line_number": 67,
    "category": "fact",
    "expected_unrounded": "182.935",
    "fetched_value": 182.935,
    "fetched_source": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast ; latest annual + YTD current - YTD prior",
    "method_note": "按报告已声明显示精度四舍五入后核对，原始未舍入值另存。",
    "fetched_value2": 182.935,
    "fetched_source2": "https://stockanalysis.com/stocks/msft/financials/"
  },
  {
    "id": 27,
    "label": "现金资本开支 · FY 2026",
    "reported_value": 115.948,
    "unit": "",
    "raw_text": "| 现金资本开支 | 44.477 | 64.551 | 115.948 | 115.948 |",
    "line_number": 68,
    "category": "fact",
    "expected_unrounded": "115.948",
    "fetched_value": 115.948,
    "fetched_source": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast",
    "method_note": "按报告已声明显示精度四舍五入后核对，原始未舍入值另存。",
    "fetched_value2": 115.948,
    "fetched_source2": "https://stockanalysis.com/stocks/msft/financials/"
  },
  {
    "id": 29,
    "label": "基础FCF（CFO−现金CapEx） · FY 2024",
    "reported_value": 74.071,
    "unit": "",
    "raw_text": "| 基础FCF（CFO−现金CapEx） | 74.071 | 71.611 | 66.987 | 66.987 |",
    "line_number": 69,
    "category": "derived_fact",
    "expected_unrounded": "74.071",
    "fetched_value": 74.071,
    "fetched_source": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast",
    "method_note": "按报告已声明显示精度四舍五入后核对，原始未舍入值另存。",
    "fetched_value2": 74.071,
    "fetched_source2": "https://stockanalysis.com/stocks/msft/financials/"
  },
  {
    "id": 36,
    "label": "股权薪酬 SBC · TTM",
    "reported_value": 12.405,
    "unit": "",
    "raw_text": "| 股权薪酬 SBC | 10.734 | 11.974 | 12.405 | 12.405 |",
    "line_number": 70,
    "category": "fact",
    "expected_unrounded": "12.405",
    "fetched_value": 12.405,
    "fetched_source": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast ; latest annual + YTD current - YTD prior",
    "method_note": "按报告已声明显示精度四舍五入后核对，原始未舍入值另存。",
    "fetched_value2": 12.405,
    "fetched_source2": "https://stockanalysis.com/stocks/msft/financials/"
  },
  {
    "id": 51,
    "label": "减：现金资本开支 · 金额",
    "reported_value": 115.948,
    "unit": "",
    "raw_text": "| 减：现金资本开支 | 115.948 |",
    "line_number": 94,
    "category": "fact",
    "expected_unrounded": "115.948",
    "fetched_value": 115.948,
    "fetched_source": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast; cash bridge",
    "method_note": "按报告已声明显示精度四舍五入后核对，原始未舍入值另存。"
  },
  {
    "id": 56,
    "label": "正常收盘价（美元） · 复算结果",
    "reported_value": 529.05,
    "unit": "",
    "raw_text": "| 正常收盘价（美元） | 529.05 |",
    "line_number": 108,
    "category": "fact",
    "expected_unrounded": "529.05",
    "fetched_value": 529.05,
    "fetched_source": "price-and-calendar-review.md",
    "method_note": "按报告已声明显示精度四舍五入后核对，原始未舍入值另存。"
  },
  {
    "id": 57,
    "label": "公开已发行股数（十亿） · 复算结果",
    "reported_value": 7.425545,
    "unit": "",
    "raw_text": "| 公开已发行股数（十亿） | 7.425545 |",
    "line_number": 109,
    "category": "fact",
    "expected_unrounded": "7.425545491",
    "fetched_value": 7.425545,
    "fetched_source": "shares-assets-review.md",
    "method_note": "按报告已声明显示精度四舍五入后核对，原始未舍入值另存。"
  },
  {
    "id": 58,
    "label": "估算总市值（万亿美元） · 复算结果",
    "reported_value": 3.928,
    "unit": "",
    "raw_text": "| 估算总市值（万亿美元） | 3.928 |",
    "line_number": 110,
    "category": "arithmetic",
    "expected_unrounded": "3.92848484201355",
    "fetched_value": 3.928,
    "fetched_source": "价格×公开股数; 原始输入见 financial-verification.json",
    "method_note": "按报告已声明显示精度四舍五入后核对，原始未舍入值另存。"
  },
  {
    "id": 60,
    "label": "总市值/TTM归属利润 · 复算结果",
    "reported_value": 29.37,
    "unit": "倍",
    "raw_text": "| 总市值/TTM归属利润 | 29.37倍 |",
    "line_number": 112,
    "category": "arithmetic",
    "expected_unrounded": "29.3720688903360025121683152771235673",
    "fetched_value": 29.37,
    "fetched_source": "价格×公开股数/归属利润; 原始输入见 financial-verification.json",
    "method_note": "按报告已声明显示精度四舍五入后核对，原始未舍入值另存。"
  },
  {
    "id": 63,
    "label": "基础FCF收益率 · 复算结果",
    "reported_value": 1.7,
    "unit": "%",
    "raw_text": "| 基础FCF收益率 | 1.7% |",
    "line_number": 115,
    "category": "arithmetic",
    "expected_unrounded": "1.70516121848304564884701538870240165",
    "fetched_value": 1.7,
    "fetched_source": "(CFO−CapEx)/市值; 原始输入见 financial-verification.json",
    "method_note": "按报告已声明显示精度四舍五入后核对，原始未舍入值另存。"
  },
  {
    "id": 71,
    "label": "AAPL · PS",
    "reported_value": 10.74,
    "unit": "",
    "raw_text": "| AAPL | 10.74 | 33.17% | 39.39 | 2.7% |",
    "line_number": 132,
    "category": "arithmetic",
    "expected_unrounded": "10.7375109255542250488943346835952813",
    "fetched_value": 10.74,
    "fetched_source": "同组表按各公司原始输入重算",
    "method_note": "按报告已声明显示精度四舍五入后核对，原始未舍入值另存。"
  },
  {
    "id": 76,
    "label": "MSFT · 营业利润率",
    "reported_value": 46.78,
    "unit": "%",
    "raw_text": "| MSFT | 11.84 | 46.78% | 29.47 | 1.7% |",
    "line_number": 133,
    "category": "arithmetic",
    "expected_unrounded": "46.7808184089272207305349883527855376",
    "fetched_value": 46.78,
    "fetched_source": "同组表按各公司原始输入重算",
    "method_note": "按报告已声明显示精度四舍五入后核对，原始未舍入值另存。"
  },
  {
    "id": 109,
    "label": "基准 · 终值增长",
    "reported_value": 3.0,
    "unit": "%",
    "raw_text": "| 基准 | 16.0% | 8.0% | 12%→16%→20%→24%→27% | 27.0% | 3.0% | 443.46 |",
    "line_number": 220,
    "category": "assumption_consistency",
    "expected_unrounded": "3.00",
    "fetched_value": 3.0,
    "fetched_source": "valuation-assumptions.json",
    "method_note": "仅核对假设转录一致；不把预测当外部事实，现金路径抽取器只识别第一个数，全路径另由模型复算。"
  },
  {
    "id": 108,
    "label": "基准 · 第十年现金率",
    "reported_value": 27.0,
    "unit": "%",
    "raw_text": "| 基准 | 16.0% | 8.0% | 12%→16%→20%→24%→27% | 27.0% | 3.0% | 443.46 |",
    "line_number": 220,
    "category": "assumption_consistency",
    "expected_unrounded": "27.00",
    "fetched_value": 27.0,
    "fetched_source": "valuation-assumptions.json",
    "method_note": "仅核对假设转录一致；不把预测当外部事实，现金路径抽取器只识别第一个数，全路径另由模型复算。"
  },
  {
    "id": 130,
    "label": "悲观 · 经营利润CAGR",
    "reported_value": 8.0,
    "unit": "%",
    "raw_text": "| 悲观 | 8.0% | 18 | 446.74 | -3.3% |",
    "line_number": 262,
    "category": "assumption_consistency",
    "expected_unrounded": "8.00",
    "fetched_value": 8.0,
    "fetched_source": "(TTM营业利润×80%×增长因子×退出倍数+净金融资产)/情景股份",
    "method_note": "按报告已声明显示精度四舍五入后核对，原始未舍入值另存。"
  },
  {
    "id": 140,
    "label": "尚未持有、偏现金流价值 · 行动规则",
    "reported_value": 350.0,
    "unit": "",
    "raw_text": "| 尚未持有、偏现金流价值 | 优先观察；约350美元以下且投资论文成立时再评估分批买入。 |",
    "line_number": 300,
    "category": "arithmetic",
    "expected_unrounded": "350",
    "fetched_value": 350.0,
    "fetched_source": "核心基准×执行折价，向下取整5美元档",
    "method_note": "按报告已声明显示精度四舍五入后核对，原始未舍入值另存。"
  },
  {
    "id": 146,
    "label": "I1] [Synergy",
    "reported_value": 2026.0,
    "unit": "",
    "raw_text": "- [I1] [Synergy：2026Q2 云基础设施市场](https://www.srgresearch.com/articles/q2-cloud-market-passes-143-billion-highest-growth-r",
    "line_number": 358,
    "category": "extraction_noise",
    "method_note": "抽取的是日期、来源链接或句中月份，不是财务数值；保留样本但不计数字核验通过。"
  }
]