{
  "as_of": "2026-09-06",
  "price_as_of": "2026-09-04",
  "raw_million_cny": {
    "revenue": [
      560118,
      554552,
      609015,
      660257,
      751766
    ],
    "gross_profit": [
      245944,
      238746,
      293109,
      349246,
      422593
    ],
    "operating_profit_restated": [
      124656,
      110827,
      160074,
      208099,
      241562
    ],
    "attributable_profit": [
      224822,
      188243,
      115216,
      194073,
      224842
    ],
    "nonifrs_attributable_profit": [
      123788,
      115649,
      157688,
      222703,
      259626
    ],
    "cfo": [
      175186,
      146091,
      221962,
      258521,
      303052
    ],
    "parent_equity": [
      806299,
      721391,
      808591,
      973548,
      1154152
    ]
  },
  "shares_bn_actual": "9.103153877",
  "shares_bn_model": "9.2",
  "fx_cny_per_hkd": "0.8559",
  "price_hkd": "442.8",
  "mcap_bn_hkd": "4030.8765367356",
  "mcap_bn_cny": "3450.02722779200004",
  "ttm_million_cny": {
    "revenue": "788483",
    "gross_profit": "446785",
    "operating_profit": "258543",
    "attributable_profit": "235508",
    "nonifrs_attributable_profit": "271565",
    "nonifrs_operating_profit": "293351",
    "attributable_sbc_adjustment": "30756",
    "equity_settled_sbc": "23309",
    "nonifrs_associates": "32951"
  },
  "metrics": {
    "ttm_nonifrs_after_attributable_sbc": "240809",
    "attributable_profit_pe": "14.64929950486607690609236204290300117193",
    "nonifrs_attributable_profit_pe": "12.70424107595603277300093900171229724007",
    "after_sbc_pe": "14.32682012629096105212014501119144218032",
    "price_cny": "378.99252",
    "fcf2025_proxy": "183394",
    "fcfh125_proxy": "90549",
    "fcfh126_proxy": "43262",
    "fcfttm_proxy": "136107",
    "fcf2025_reference": "152734",
    "fcfttm_reference": "106798",
    "q2_newai_op_gap": "10.464",
    "reserve_netcash": "8.191",
    "2021_gpm": "43.90931910775943640447191484651448444792",
    "2022_gpm": "43.05204922171410435811249440990204705781",
    "2022_roe": "24.64413591762726731208556709803690539311",
    "2023_gpm": "48.12837122238368513090810571168197827640",
    "2023_roe": "15.06109222199999738559015726982408943373",
    "2024_gpm": "52.89546343317829269511720436133202677139",
    "2024_roe": "21.77978260954953569839389632346298464935",
    "2025_gpm": "56.21336958574875692702250434310676460494",
    "2025_roe": "21.13474643981764346477416929078347511397",
    "revenue_cagr2021to25": "0.076343240237147819307724812047847042272",
    "gross_profit_cagr2021to25": "0.144910443077210392908150297867969502595",
    "nonifrs_attributable_profit_cagr2021to25": "0.203420510221080703607069811806171678272",
    "base_safety20pct_price": "405.3431966433854390497644160244899556254",
    "base_safety25pct_price": "380.0092468531738491091541400229593333988",
    "conservative_safety20pct_price": "351.9716154309590570004808994834930892845",
    "conservative_safety25pct_price": "329.9733894665241159379508432657747712042",
    "reconciliation2025": "259626",
    "TTM_cfo": "305848",
    "TTM_intangible": "25047",
    "TTM_leaseprincipal": "7154",
    "AIprepayQ2": "51.4",
    "bear8_downside": "-0.4489388432873444849515266547867593698564",
    "bear9_downside": "-0.5004765357420454384169244152607934004643",
    "market_implied_core_92bn": "2894.830184",
    "market_implied_baseflow_scale8": "0.8519640743829998507441072738805331852790",
    "market_implied_baseflow_scale9": "1.007772792750358066812266591478888659311",
    "base_cash20pct_lower": "420.3769775096995655476791460061517710549",
    "base_assets_zero": "432.5503135628078210009008674147542327334",
    "base_g1pct": "466.1382394805076017850156627522895957111"
  },
  "scenarios": {
    "bear": {
      "first5": [
        "50",
        "75",
        "95",
        "110",
        "120"
      ],
      "growth6to10": "0.02",
      "terminal_g": "0",
      "listed_haircut": "0.35",
      "unlisted_haircut": "0.65",
      "flows10_bn_cny": [
        "50",
        "75",
        "95",
        "110",
        "120",
        "122.40",
        "124.8480",
        "127.344960",
        "129.89185920",
        "132.4896963840"
      ],
      "values": {
        "0.08": {
          "core_bn_cny": "1460.766119401126911769093284347803234817",
          "noncore_bridge_bn_cny": "460.636",
          "equity_bn_cny": "1921.402119401126911769093284347803234817",
          "hkd_per_share_9_2bn": "244.0098801923638620634639972604229510276",
          "terminal_share_of_core": "0.5251385196809010283247146156418864654147"
        },
        "0.09": {
          "core_bn_cny": "1281.068039967919589926758047939226158020",
          "noncore_bridge_bn_cny": "460.636",
          "equity_bn_cny": "1741.704039967919589926758047939226158020",
          "hkd_per_share_9_2bn": "221.1889899734222798689858689225206822744",
          "terminal_share_of_core": "0.4854029589970688909168517267644416202475"
        }
      }
    },
    "base": {
      "first5": [
        "100",
        "140",
        "170",
        "190",
        "210"
      ],
      "growth6to10": "0.05",
      "terminal_g": "0.02",
      "listed_haircut": "0.20",
      "unlisted_haircut": "0.50",
      "flows10_bn_cny": [
        "100",
        "140",
        "170",
        "190",
        "210",
        "220.50",
        "231.5250",
        "243.101250",
        "255.25631250",
        "268.0191281250"
      ],
      "values": {
        "0.08": {
          "core_bn_cny": "3397.831283081346368750973682266650959728",
          "noncore_bridge_bn_cny": "591.901",
          "equity_bn_cny": "3989.732283081346368750973682266650959728",
          "hkd_per_share_9_2bn": "506.6789958042317988122055200306124445318",
          "terminal_share_of_core": "0.6211197603048450841783447688938022980906"
        },
        "0.09": {
          "core_bn_cny": "2872.502814944615354197183421481099953863",
          "noncore_bridge_bn_cny": "591.901",
          "equity_bn_cny": "3464.403814944615354197183421481099953863",
          "hkd_per_share_9_2bn": "439.9645192886988212506011243543663616056",
          "terminal_share_of_core": "0.5743048441313567614990119508625013163500"
        }
      }
    },
    "bull": {
      "first5": [
        "130",
        "180",
        "220",
        "260",
        "300"
      ],
      "growth6to10": "0.08",
      "terminal_g": "0.02",
      "listed_haircut": "0.10",
      "unlisted_haircut": "0.30",
      "flows10_bn_cny": [
        "130",
        "180",
        "220",
        "260",
        "300",
        "324.00",
        "349.9200",
        "377.913600",
        "408.14668800",
        "440.7984230400"
      ],
      "values": {
        "0.08": {
          "core_bn_cny": "5336.466272309103404182632168429274787270",
          "noncore_bridge_bn_cny": "718.201",
          "equity_bn_cny": "6054.667272309103404182632168429274787270",
          "hkd_per_share_9_2bn": "768.9169387307923269407021554261817953222",
          "terminal_share_of_core": "0.6504256052142612255758420815750681479527"
        },
        "0.09": {
          "core_bn_cny": "4481.380923314901725329881100671315079739",
          "noncore_bridge_bn_cny": "718.201",
          "equity_bn_cny": "5199.581923314901725329881100671315079739",
          "hkd_per_share_9_2bn": "660.3247437625918465345252011195074444571",
          "terminal_share_of_core": "0.6054319325598825526994651656530650869054"
        }
      }
    }
  },
  "note": "Forward core cashflows are assumptions after economic SBC, attributable minority portion and all reinvestment; cash flow proxy is not reported FCF or attributable FCF. Discount rate sensitivity not risk probabilities. financial_rigor calc uses eval; Decimal independently corroborates."
}