{
  "USDHKD": {
    "expr": "(6.7787/0.86458)",
    "value": "7.840454324643179"
  },
  "市值亿美元": {
    "expr": "361.4*349235308/(6.7787/0.86458)/100000000",
    "value": "160.9774575364853"
  },
  "TTM收入亿美元": {
    "expr": "(79038-30429+116573)/100000",
    "value": "1.65182"
  },
  "TTM_PS": {
    "expr": "361.4*349235308/(6.7787/0.86458)/(79038000-30429000+116573000)",
    "value": "97.45460009957823"
  },
  "ARR_PS": {
    "expr": "361.4*349235308/(6.7787/0.86458)/800000000",
    "value": "20.122182192060663"
  },
  "FY26_PS": {
    "expr": "361.4*349235308/(6.7787/0.86458)/550000000",
    "value": "29.268628642997328"
  },
  "2025H2毛利率": {
    "expr": "(20079-3685)/(79038-30429)*100",
    "value": "33.726264683494826"
  },
  "2026H1毛利率": {
    "expr": "20813/116573*100",
    "value": "17.85404853611042"
  },
  "半年环比增量毛利率": {
    "expr": "(20813-(20079-3685))/(116573-(79038-30429))*100",
    "value": "6.501971632040491"
  },
  "净现金亿美元": {
    "expr": "(1322841-133555-3868)/100000",
    "value": "11.85418"
  },
  "现金严格口径亿美元": {
    "expr": "(930905+14038+278347-133555-3868)/100000",
    "value": "10.85867"
  },
  "七月净融资亿美元": {
    "expr": "(9443710000+6433300000)/(6.7787/0.86458)/100000000",
    "value": "20.25011477982504"
  },
  "债券本金亿美元": {
    "expr": "6500000000/(6.7787/0.86458)/100000000",
    "value": "8.290335905114551"
  },
  "H2月均收入百万": {
    "expr": "(550-116.573)/6",
    "value": "72.23783333333334"
  },
  "H2平均运行率亿": {
    "expr": "(550-116.573)/6*12/100",
    "value": "8.66854"
  },
  "2026至2029收入CAGR": {
    "expr": "((3000/550)**(1/3)-1)*100",
    "value": "76.0297971087816"
  },
  "B端2025H2百万": {
    "expr": "25.958-9.206",
    "value": "16.752"
  },
  "创始人经济权益参考": {
    "expr": "79102534/349235308*100",
    "value": "22.65021095747856"
  },
  "创始人投票权参考": {
    "expr": "(74102534*10+5000000)/(81102534*10+268132774)*100",
    "value": "69.13030911057024"
  },
  "悲观终值": {
    "expr": "(600*1000000*2*(6.7787/0.86458)/550000000)",
    "value": "17.106445799221483"
  },
  "悲观三年年化": {
    "expr": "((600*1000000*2*(6.7787/0.86458)/550000000)/361.4)**(1/3)*100-100",
    "value": "-63.82649879496493"
  },
  "悲观现值15%": {
    "expr": "(600*1000000*2*(6.7787/0.86458)/550000000)/1.15/1.15/1.15",
    "value": "11.247765792206122"
  },
  "悲观融资亿美元": {
    "expr": "(550000000-349235308)*65/(6.7787/0.86458)/100000000",
    "value": "16.64406734566864"
  },
  "悲观期末储备亿美元": {
    "expr": "(1322841000+(9443710000+6433300000)/(6.7787/0.86458)+(550000000-349235308)*65/(6.7787/0.86458)-6500000000/(6.7787/0.86458)-133555000-3868000-3.5*1000000000)/100000000",
    "value": "5.4580262203791285"
  },
  "悲观股本增幅": {
    "expr": "(550000000/349235308-1)*100",
    "value": "57.4869400089409"
  },
  "基准终值": {
    "expr": "(3000*1000000*6*(6.7787/0.86458)/450000000)",
    "value": "313.6181729857272"
  },
  "基准三年年化": {
    "expr": "((3000*1000000*6*(6.7787/0.86458)/450000000)/361.4)**(1/3)*100-100",
    "value": "-4.616989837118297"
  },
  "基准现值15%": {
    "expr": "(3000*1000000*6*(6.7787/0.86458)/450000000)/1.15/1.15/1.15",
    "value": "206.2090395237789"
  },
  "基准融资亿美元": {
    "expr": "(450000000-349235308)*150/(6.7787/0.86458)/100000000",
    "value": "19.27784178589405"
  },
  "基准期末储备亿美元": {
    "expr": "(1322841000+(9443710000+6433300000)/(6.7787/0.86458)+(450000000-349235308)*150/(6.7787/0.86458)-6500000000/(6.7787/0.86458)-133555000-3868000-3.5*1000000000)/100000000",
    "value": "8.091800660604534"
  },
  "基准股本增幅": {
    "expr": "(450000000/349235308-1)*100",
    "value": "28.852950916406208"
  },
  "乐观终值": {
    "expr": "(6000*1000000*10*(6.7787/0.86458)/400000000)",
    "value": "1176.068148696477"
  },
  "乐观三年年化": {
    "expr": "((6000*1000000*10*(6.7787/0.86458)/400000000)/361.4)**(1/3)*100-100",
    "value": "48.18859484691666"
  },
  "乐观现值15%": {
    "expr": "(6000*1000000*10*(6.7787/0.86458)/400000000)/1.15/1.15/1.15",
    "value": "773.283898214171"
  },
  "乐观融资亿美元": {
    "expr": "(400000000-349235308)*400/(6.7787/0.86458)/100000000",
    "value": "25.898852233826545"
  },
  "乐观期末储备亿美元": {
    "expr": "(1322841000+(9443710000+6433300000)/(6.7787/0.86458)+(400000000-349235308)*400/(6.7787/0.86458)-6500000000/(6.7787/0.86458)-133555000-3868000-3.0*1000000000)/100000000",
    "value": "19.712811108537025"
  },
  "乐观股本增幅": {
    "expr": "(400000000/349235308-1)*100",
    "value": "14.535956370138848"
  },
  "反向15%收益收入亿美元": {
    "expr": "361.4*1.15*1.15*1.15*450000000/6/(6.7787/0.86458)/100000000",
    "value": "52.57771446411184"
  },
  "基准2030后15%净利PE": {
    "expr": "6/0.15",
    "value": "40.0"
  },
  "悲观2029经营利润亿美元": {
    "expr": "6*0.2-4-1.5",
    "value": "-4.3"
  },
  "基准2029经营利润亿美元": {
    "expr": "30*0.4-10-3",
    "value": "-1.0"
  },
  "乐观2029经营利润亿美元": {
    "expr": "60*0.55-17-6",
    "value": "10.0"
  },
  "基准净利率10%隐含PE": {
    "expr": "6/0.1",
    "value": "60.0"
  },
  "基准净利率20%隐含PE": {
    "expr": "6/0.2",
    "value": "30.0"
  },
  "2022简单自由现金流百万美元": {
    "expr": "(-11019-256)/1000",
    "value": "-11.275"
  },
  "2023简单自由现金流百万美元": {
    "expr": "(-64455-697)/1000",
    "value": "-65.152"
  },
  "2024简单自由现金流百万美元": {
    "expr": "(-258483-759)/1000",
    "value": "-259.242"
  },
  "2025简单自由现金流百万美元": {
    "expr": "(-279641-920)/1000",
    "value": "-280.561"
  }
}