{
  "cutoff": "2026-10-16 Asia/Shanghai",
  "reference_price_date": "2026-10-15",
  "facts": {
    "price_hkd_20261015": "179.50",
    "shares_20260930": "352480183",
    "revenue_2025_musd": "79.038",
    "revenue_h12025_musd": "30.429",
    "revenue_h12026_musd": "116.573",
    "platform_h12026_musd": "73.929",
    "native_h12026_musd": "42.644",
    "gross_profit_h12026_musd": "20.813",
    "rd_h12026_musd": "296.870",
    "sales_h12026_musd": "26.973",
    "admin_h12026_musd": "30.230",
    "loss_h12026_musd": "-357.997",
    "adjusted_loss_h12026_musd": "-293.031",
    "cfo_h12026_musd": "-318.106",
    "ppe_purchase_h12026_musd": "187.626",
    "cash_equivalents_h12026_musd": "930.905",
    "time_deposits_h12026_musd": "14.038",
    "current_fvtpl_h12026_musd": "278.347",
    "bank_debt_h12026_musd": "133.555",
    "july_placement_net_mhkd": "9443.71",
    "july_cb_net_mhkd": "6433.3",
    "cb_principal_mhkd": "6500",
    "cb_redemption_factor": "1.0275",
    "cb_conversion_hkd": "335"
  },
  "model_fx_not_spot_quotes": {
    "hkd_per_usd_model_only": "7.8",
    "rmb_per_usd_model_only": "7"
  },
  "segments_2036_assumptions": [
    {
      "segment": "external_api",
      "paying_accounts": "100000",
      "annual_net_revenue_usd": "20000",
      "revenue_busd": "2.000000000",
      "gross_margin": "0.40",
      "gross_profit_busd": "0.80000000000"
    },
    {
      "segment": "enterprise_agent",
      "paying_accounts": "40000",
      "annual_net_revenue_usd": "60000",
      "revenue_busd": "2.400000000",
      "gross_margin": "0.65",
      "gross_profit_busd": "1.56000000000"
    },
    {
      "segment": "professional_creation",
      "paying_accounts": "8000000",
      "annual_net_revenue_usd": "300",
      "revenue_busd": "2.400000000",
      "gross_margin": "0.60",
      "gross_profit_busd": "1.44000000000"
    },
    {
      "segment": "consumer_entertainment",
      "paying_accounts": "20000000",
      "annual_net_revenue_usd": "60",
      "revenue_busd": "1.200000000",
      "gross_margin": "0.50",
      "gross_profit_busd": "0.60000000000"
    }
  ],
  "base_path_assumptions": [
    {
      "year": 2026,
      "revenue_busd": "0.35",
      "gross_margin": "0.25",
      "rd_busd": "0.85",
      "sga_rate": "0.20",
      "ebit_busd": "-0.8325",
      "normalized_net_profit_busd": "-0.8325",
      "capex_busd": "0.35",
      "da_busd": "0.02",
      "dwc_busd": "0.05",
      "owner_fcf_busd": "-1.2125"
    },
    {
      "year": 2027,
      "revenue_busd": "0.65",
      "gross_margin": "0.30",
      "rd_busd": "1.50",
      "sga_rate": "0.17",
      "ebit_busd": "-1.4155",
      "normalized_net_profit_busd": "-1.4155",
      "capex_busd": "0.30",
      "da_busd": "0.05",
      "dwc_busd": "0.03",
      "owner_fcf_busd": "-1.6955"
    },
    {
      "year": 2028,
      "revenue_busd": "1.05",
      "gross_margin": "0.36",
      "rd_busd": "1.55",
      "sga_rate": "0.16",
      "ebit_busd": "-1.3400",
      "normalized_net_profit_busd": "-1.3400",
      "capex_busd": "0.25",
      "da_busd": "0.07",
      "dwc_busd": "0.04",
      "owner_fcf_busd": "-1.5600"
    },
    {
      "year": 2029,
      "revenue_busd": "1.50",
      "gross_margin": "0.42",
      "rd_busd": "1.50",
      "sga_rate": "0.15",
      "ebit_busd": "-1.0950",
      "normalized_net_profit_busd": "-1.0950",
      "capex_busd": "0.20",
      "da_busd": "0.09",
      "dwc_busd": "0.04",
      "owner_fcf_busd": "-1.2450"
    },
    {
      "year": 2030,
      "revenue_busd": "2.10",
      "gross_margin": "0.46",
      "rd_busd": "1.50",
      "sga_rate": "0.14",
      "ebit_busd": "-0.8280",
      "normalized_net_profit_busd": "-0.8280",
      "capex_busd": "0.20",
      "da_busd": "0.11",
      "dwc_busd": "0.05",
      "owner_fcf_busd": "-0.9680"
    },
    {
      "year": 2031,
      "revenue_busd": "2.80",
      "gross_margin": "0.49",
      "rd_busd": "1.50",
      "sga_rate": "0.13",
      "ebit_busd": "-0.4920",
      "normalized_net_profit_busd": "-0.4920",
      "capex_busd": "0.22",
      "da_busd": "0.14",
      "dwc_busd": "0.06",
      "owner_fcf_busd": "-0.6320"
    },
    {
      "year": 2032,
      "revenue_busd": "3.60",
      "gross_margin": "0.51",
      "rd_busd": "1.55",
      "sga_rate": "0.13",
      "ebit_busd": "-0.1820",
      "normalized_net_profit_busd": "-0.1820",
      "capex_busd": "0.25",
      "da_busd": "0.18",
      "dwc_busd": "0.06",
      "owner_fcf_busd": "-0.3120"
    },
    {
      "year": 2033,
      "revenue_busd": "4.50",
      "gross_margin": "0.53",
      "rd_busd": "1.60",
      "sga_rate": "0.13",
      "ebit_busd": "0.2000",
      "normalized_net_profit_busd": "0.160000",
      "capex_busd": "0.28",
      "da_busd": "0.22",
      "dwc_busd": "0.07",
      "owner_fcf_busd": "0.030000"
    },
    {
      "year": 2034,
      "revenue_busd": "5.60",
      "gross_margin": "0.54",
      "rd_busd": "1.66",
      "sga_rate": "0.13",
      "ebit_busd": "0.6360",
      "normalized_net_profit_busd": "0.508800",
      "capex_busd": "0.32",
      "da_busd": "0.26",
      "dwc_busd": "0.08",
      "owner_fcf_busd": "0.368800"
    },
    {
      "year": 2035,
      "revenue_busd": "6.80",
      "gross_margin": "0.55",
      "rd_busd": "1.70",
      "sga_rate": "0.13",
      "ebit_busd": "1.1560",
      "normalized_net_profit_busd": "0.924800",
      "capex_busd": "0.37",
      "da_busd": "0.30",
      "dwc_busd": "0.09",
      "owner_fcf_busd": "0.764800"
    },
    {
      "year": 2036,
      "revenue_busd": "8.00",
      "gross_margin": "0.55",
      "rd_busd": "1.76",
      "sga_rate": "0.13",
      "ebit_busd": "1.6000",
      "normalized_net_profit_busd": "1.280000",
      "capex_busd": "0.40",
      "da_busd": "0.32",
      "dwc_busd": "0.08",
      "owner_fcf_busd": "1.120000"
    }
  ],
  "scenarios_assumptions": [
    {
      "name": "exit_or_failure",
      "probability": "0.25",
      "revenue": "0",
      "gm": "0",
      "rd": "0",
      "sales": "0",
      "admin": "0",
      "pe": "0",
      "retained": "0",
      "ebit_margin": "0",
      "net_margin": "0.0",
      "profit_busd": "0.0",
      "profit_rmb_100m": "0.0",
      "terminal_equity_busd": "0.0",
      "current_holders_terminal_busd": "0.0",
      "hurdle_present_value_busd": "0E+19",
      "price_equivalent_hkd": "0E+27",
      "irr_at_reference_market_cap": "-1"
    },
    {
      "name": "commoditized_specialist",
      "probability": "0.25",
      "revenue": "2",
      "gm": "0.35",
      "rd": "0.18",
      "sales": "0.07",
      "admin": "0.04",
      "pe": "15",
      "retained": "0.60",
      "ebit_margin": "0.06",
      "net_margin": "0.048",
      "profit_busd": "0.096",
      "profit_rmb_100m": "6.720",
      "terminal_equity_busd": "1.440",
      "current_holders_terminal_busd": "0.86400",
      "hurdle_present_value_busd": "0.1395408236168267032464563328760859625057",
      "price_equivalent_hkd": "3.087885437835375514777122651554769839483",
      "irr_at_reference_market_cap": "-0.2006427492190311561172980616337202756752"
    },
    {
      "name": "base_professional_platform",
      "probability": "0.40",
      "revenue": "8",
      "gm": "0.55",
      "rd": "0.22",
      "sales": "0.08",
      "admin": "0.05",
      "pe": "25",
      "retained": "0.70",
      "ebit_margin": "0.20",
      "net_margin": "0.160",
      "profit_busd": "1.280",
      "profit_rmb_100m": "89.600",
      "terminal_equity_busd": "32.000",
      "current_holders_terminal_busd": "22.40000",
      "hurdle_present_value_busd": "3.617725056732544158241460481972599027926",
      "price_equivalent_hkd": "80.05628912906529112385132800327181065331",
      "irr_at_reference_market_cap": "0.106915187578418197770280665375843766199"
    },
    {
      "name": "global_platform",
      "probability": "0.10",
      "revenue": "20",
      "gm": "0.65",
      "rd": "0.16",
      "sales": "0.07",
      "admin": "0.045",
      "pe": "30",
      "retained": "0.80",
      "ebit_margin": "0.375",
      "net_margin": "0.3000",
      "profit_busd": "6.0000",
      "profit_rmb_100m": "420.0000",
      "terminal_equity_busd": "180.0000",
      "current_holders_terminal_busd": "144.000000",
      "hurdle_present_value_busd": "23.25680393613778387440938881268099375095",
      "price_equivalent_hkd": "514.6475729725625857961871085924616399141",
      "irr_at_reference_market_cap": "0.333293597602143164536100254472373337504"
    }
  ],
  "derived_checks": {
    "market_cap_hkd": "63270192848.50",
    "market_cap_busd_model_fx": "8.111563185705128205128205128205128205128",
    "ttm_revenue_musd": "165.182",
    "price_to_ttm_sales": "49.10682269076005984385832068993672558225",
    "h12026_revenue_yoy_pct": "283.0983601169936573663281737815899306583",
    "h12026_platform_share_pct": "63.41863038610999116433479450644660427372",
    "h12026_gm_pct": "17.85404853611042008012146895078620263697",
    "h12026_rd_revenue_multiple": "2.546644591800845821931322004237687972344",
    "h12026_gross_profit_covers_rd_pct": "7.010812813689493717788931181998854717553",
    "h12026_simple_fcf_musd": "-505.732",
    "h12026_ppe_to_sales_pct": "160.9515067811585873229650090501230988308",
    "h12026_current_liquid_assets_musd": "1223.290",
    "cb_redemption_mhkd": "6678.7500",
    "cb_conversion_shares": "19402985.07462686567164179104477611940299",
    "cb_extra_shares_vs_current_pct": "5.504702394751896072308210031988130068291",
    "rd_h12026_from_vendor_ttm_musd": "296.873",
    "cfo_h12026_from_vendor_ttm_musd": "-318.108",
    "capex_h12026_from_vendor_ttm_musd": "187.623",
    "base_revenue_2026_2036_cagr": "0.367420839499288997932841000541114932897",
    "base_revenue_2025_2036_cagr": "0.521583612495995135760677263590007764638",
    "base_revenue_2029_2036_cagr": "0.270155698893840187433990561587039902571",
    "base_revenue_2031_2036_cagr": "0.233634172516720890805580799764343815145",
    "base_economic_funding_consumption_2027_2032_busd": "6.4125",
    "base_break_even_profit_year": 2033,
    "base_break_even_fcf_year": 2033,
    "subjective_weighted_profit_busd": "1.136000",
    "subjective_weighted_value_busd": "3.807655622211002726549137157276160476891",
    "base_profit_required_for_20pct_irr_busd": "2.869980641115966704808791208791208791209",
    "base_revenue_required_at_16pct_margin_busd": "17.93737900697479190505494505494505494505"
  },
  "profit_sensitivity_assumptions": [
    {
      "gm": "0.45",
      "rd": "0.18",
      "profit_busd": "0.896"
    },
    {
      "gm": "0.45",
      "rd": "0.22",
      "profit_busd": "0.640"
    },
    {
      "gm": "0.45",
      "rd": "0.30",
      "profit_busd": "0.128"
    },
    {
      "gm": "0.55",
      "rd": "0.18",
      "profit_busd": "1.536"
    },
    {
      "gm": "0.55",
      "rd": "0.22",
      "profit_busd": "1.280"
    },
    {
      "gm": "0.55",
      "rd": "0.30",
      "profit_busd": "0.768"
    },
    {
      "gm": "0.65",
      "rd": "0.18",
      "profit_busd": "2.176"
    },
    {
      "gm": "0.65",
      "rd": "0.22",
      "profit_busd": "1.920"
    },
    {
      "gm": "0.65",
      "rd": "0.30",
      "profit_busd": "1.408"
    }
  ],
  "valuation_sensitivity_assumptions": [
    {
      "hurdle": "0.15",
      "retained": "0.5",
      "base_value_busd": "3.954955297949850412174764350521186089640"
    },
    {
      "hurdle": "0.15",
      "retained": "0.7",
      "base_value_busd": "5.536937417129790577044670090729660525495"
    },
    {
      "hurdle": "0.15",
      "retained": "1",
      "base_value_busd": "7.909910595899700824349528701042372179279"
    },
    {
      "hurdle": "0.20",
      "retained": "0.5",
      "base_value_busd": "2.584089326237531541601043201408999305661"
    },
    {
      "hurdle": "0.20",
      "retained": "0.7",
      "base_value_busd": "3.617725056732544158241460481972599027926"
    },
    {
      "hurdle": "0.20",
      "retained": "1",
      "base_value_busd": "5.168178652475063083202086402817998611323"
    },
    {
      "hurdle": "0.25",
      "retained": "0.5",
      "base_value_busd": "1.7179869184"
    },
    {
      "hurdle": "0.25",
      "retained": "0.7",
      "base_value_busd": "2.40518168576"
    },
    {
      "hurdle": "0.25",
      "retained": "1",
      "base_value_busd": "3.4359738368"
    }
  ],
  "boundary": "Arithmetic only. SBC economic cost is not added back: owner_fcf and cumulative consumption are economic proxies, not actual funding requirements. The 70% retained share is a separate financing assumption. No forecast, fair value, probability or moat has been empirically validated."
}