{
  "code": "300487",
  "name": "蓝晓科技",
  "market": "A",
  "industry": "其他化学制品",
  "quality_tier": "bronze",
  "quality_conflict": false,
  "in_quality_pool": true,
  "quality_source": "results/2026-10-02-roe-deep-batch1.json；V2映射：4★银/3★铜（疑点保留）",
  "score": 3,
  "verdict": "候补：吸附分离材料具备小而专的工艺壁垒，ROE主要来自主业，但项目周期与高毛利可持续性尚需验证，现价缺安全边际。",
  "dupont": {
    "margin": 0.324100882924846,
    "turnover": 0.43935691362602114,
    "leverage": 1.5215681093470141,
    "roe": 0.21666515715203766,
    "basis": "FY2025合并简单平均权益杜邦；非加权归母ROE",
    "conclusion": "FY2025同口径合并杜邦：净利率32.41%×资产周转0.439次×平均总权益乘数1.522倍＝合并简单平均权益ROE21.67%；归母简单平均ROE21.61%，报表加权ROE21.59%。2026H1期末合并乘数1.463倍。真质量为主、项目周期需折价：32.41%合并净利率和1.52倍平均杠杆，扣非归母简单ROE约21.03%；2026H1扣非转降，不能永久化高毛利。"
  },
  "roe_series": [
    {
      "year": 2019,
      "roe": 0.25579583244755244,
      "basis": "August TTM"
    },
    {
      "year": 2020,
      "roe": 0.20393426294820716,
      "basis": "August TTM"
    },
    {
      "year": 2021,
      "roe": 0.17361188118811877,
      "basis": "August TTM"
    },
    {
      "year": 2022,
      "roe": 0.1891299035369775,
      "basis": "August TTM"
    },
    {
      "year": 2023,
      "roe": 0.2889741635687732,
      "basis": "August TTM"
    },
    {
      "year": 2024,
      "roe": 0.24990237099023713,
      "basis": "August TTM"
    },
    {
      "year": 2025,
      "roe": 0.22441219822109276,
      "basis": "August TTM"
    },
    {
      "year": 2026,
      "roe": 0.2132523968784838,
      "basis": "August TTM"
    }
  ],
  "roe_min": 0.17361188118811877,
  "channels": [
    "roe_quality"
  ],
  "proxy_candidate": false,
  "death_risk": "【死法】客户项目因锂价和融资推迟→应收/合同资产积压→设备回款与树脂更换放缓；高端新产能认证迟迟不成→折旧和研发费用消耗现金。环保、安全或核心人员流失也可毁掉小技术平台。；【最坏情况】存货与专用材料可能无法跨客户变现，不能把当前高ROE与账面权益视作清算保护。正CFO是反驳极端悲观的证据，但不覆盖所有项目尾款风险。",
  "price_lines": {
    "watch": 30.25,
    "good": null,
    "fat": null,
    "intrinsic_value": null,
    "basis": "深研条件价；全部人工验证仍须满足",
    "condition": "正常化PE≤22倍，同时确认材料主业增长不是系统项目集中验收；股息低不构成底仓收益保护。",
    "currency": "CNY",
    "manual_gate": true
  },
  "current": {
    "price": 67.03,
    "date": "2026-09-30",
    "pe": 39.09,
    "dy": 0.0043,
    "market_cap": 34127999999.999996,
    "source": "https://qt.gtimg.cn/q=sz300487",
    "currency": "CNY",
    "source_count": 1
  },
  "buy_conditions": {
    "buy_when": "正常化PE≤22倍，同时确认材料主业增长不是系统项目集中验收；股息低不构成底仓收益保护。",
    "verify": "分别核材料复购、系统项目验收及现金回收；生命科学新增产能利用率/认证、盐湖项目回款及应收账龄；扣非利润企稳、经营现金连续覆盖新增capex，转股后每股收益不被稀释。",
    "anchor": "研究者正常化归母盈利情景7—8.5亿元（不是预测/已认证事实）；正常化PE≤22倍按区间下沿给统一估值总额上限154亿元，依本次报价股本代理对应≤30.25元/股。当前正常化情景PE约40.15—48.75倍；当前股息率行情代理0.43%，并未通过已付与可持续性核验。股本变化须重算，A/H公司只是A股每股支付价格门槛。",
    "source": [
      "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12152185",
      "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12506805",
      "https://qt.gtimg.cn/q=sz300487"
    ]
  },
  "research_file": "research/300487.html",
  "research_document": {
    "code": "300487",
    "name": "蓝晓科技",
    "score": "★★★☆☆（3/5）",
    "verdict": "候补：吸附分离材料具备小而专的工艺壁垒，ROE主要来自主业，但项目周期与高毛利可持续性尚需验证，现价缺安全边际。",
    "roe_quality_note": "FY2025同口径合并杜邦：净利率32.41%×资产周转0.439次×平均总权益乘数1.522倍＝合并简单平均权益ROE21.67%；归母简单平均ROE21.61%，报表加权ROE21.59%。2026H1期末合并乘数1.463倍。真质量为主、项目周期需折价：32.41%合并净利率和1.52倍平均杠杆，扣非归母简单ROE约21.03%；2026H1扣非转降，不能永久化高毛利。",
    "as_of": "2026-10-02",
    "research_type": "ROE质量通道四大师深研第1批",
    "status": "候补挂疑点",
    "rating_is_research_opinion": true,
    "watchlist_changed": false,
    "buffett": {
      "analysis": [
        "【事实】吸附分离材料及配套装置，覆盖金属资源、生命科学、水处理等；2025前五客户占17.84%，客户较分散。",
        "【观点】树脂配方、孔径/官能团控制、应用验证和客户工艺配套构成壁垒，消耗替换材料比一次性交钥匙装置更有复购属性，十年分离纯化需求大概率仍在。",
        "【反证】不同产品壁垒不能混为一谈：通用树脂面临价格竞争，盐湖提锂系统受资本开支与验收影响，高端层析介质国产替代仍需可靠性和客户认证。对标国际厂商并不等于已获得同样提价权。"
      ],
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12152185",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12506805"
      ],
      "source_status": "发行人披露经新浪镜像；单源，未经独立经营资料交叉验证",
      "facts_vs_opinions": "条目标明事实/观点/假设/风险情景；管理层自述不等于独立验证"
    },
    "munger": {
      "analysis": [
        "【事实】2025CFO7.85亿元、购建长期资产1.15亿元；现金差6.70亿元。报告披露新增吸附分离材料产能和生命科学材料产业园规划，可转债募投尚有未使用资金。",
        "【资本配置】2025中期每股0.18元已分派，年度每股0.173元为预案；报告现金分红汇总可能涵盖中期，不能再重复加。回购专户股份存在，未核用途/最终注销不视为永久回报；可转债转股与限制股激励需跟踪稀释。",
        "【观点】聚焦材料平台比无关多元化更合理；反面是新园区与新产品认证回报尚未兑现，资本开支低的一年不能外推为永久轻资本。无证据不足以证明十年从未乱投资。"
      ],
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12152185",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12506805"
      ],
      "source_status": "发行人披露经新浪镜像；单源，未经独立经营资料交叉验证",
      "facts_vs_opinions": "条目标明事实/观点/假设/风险情景；管理层自述不等于独立验证"
    },
    "fisher_lynch": {
      "analysis": [
        "【事实】2025扣非8.73亿元；2026H1收入增长10.47%，扣非下降5.20%，CFO改善53.58%，利润与现金方向不一致需要产品结构解释。",
        "【正常化假设】参考2023—2025扣非约7.23/7.45/8.73亿元，采用7—8.5亿元盈利区间；盐湖大项目确认不当作永续增速，高端材料销售额不等于盈利兑现。"
      ],
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12152185",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12506805"
      ],
      "source_status": "发行人披露经新浪镜像；单源，未经独立经营资料交叉验证",
      "facts_vs_opinions": "条目标明事实/观点/假设/风险情景；管理层自述不等于独立验证"
    },
    "graham": {
      "analysis": [
        "【死法】客户项目因锂价和融资推迟→应收/合同资产积压→设备回款与树脂更换放缓；高端新产能认证迟迟不成→折旧和研发费用消耗现金。环保、安全或核心人员流失也可毁掉小技术平台。",
        "【最坏情况】存货与专用材料可能无法跨客户变现，不能把当前高ROE与账面权益视作清算保护。正CFO是反驳极端悲观的证据，但不覆盖所有项目尾款风险。"
      ],
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12152185",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12506805"
      ],
      "source_status": "发行人披露经新浪镜像；单源，未经独立经营资料交叉验证",
      "facts_vs_opinions": "条目标明事实/观点/假设/风险情景；管理层自述不等于独立验证"
    },
    "roe_quality": {
      "assessment": "真质量为主、项目周期需折价：32.41%合并净利率和1.52倍平均杠杆，扣非归母简单ROE约21.03%；2026H1扣非转降，不能永久化高毛利。",
      "fy2025": {
        "revenue": 2785832825.02,
        "parent_np": 897107659.93,
        "adjusted_np": 873377963.04,
        "cfo": 785486254.79,
        "parent_equity": 4389649181.5,
        "parent_equity_start": 3914646637.73,
        "assets_end": 6596270212.49,
        "assets_start": 6085140907.36,
        "consolidated_np": 902890878.27,
        "liabilities_end": 2188659629.53,
        "liabilities_start": 2158316086.51,
        "dupont": {
          "net_margin_pct": 32.4100882924846,
          "asset_turnover": 0.43935691362602114,
          "equity_multiplier": 1.5215681093470141,
          "consolidated_roe_pct": 21.666515715203765,
          "parent_roe_simple_pct": 21.60586952725349,
          "parent_bridge_multiplier": 1.5270904837570995,
          "end_consolidated_multiplier": 1.4965637477120703,
          "end_parent_bridge_multiplier": 1.5026873309807343,
          "adjusted_parent_roe_simple_pct": 21.03436539477666,
          "cfo_parent_np": 0.875576354850532,
          "reported_weighted_parent_roe_pct": 21.59
        },
        "capex_cash": 115487781.89,
        "cfo_minus_capex_yi": 6.699984729,
        "source": "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12152185"
      },
      "h1_2026": {
        "revenue": 1378036255.21,
        "parent_np": 420519056.45,
        "adjusted_np": 413628212.9,
        "cfo": 442994368.54,
        "parent_equity": 4725919247.65,
        "assets_end": 6913649425.31,
        "consolidated_np": 421291146.86,
        "liabilities_end": 2187930319.45,
        "dupont": {
          "halfyear_net_margin_pct": 30.571847820926823,
          "halfyear_turnover_not_annualized": 0.20400361988154714,
          "average_multiplier": 1.4791888717580546,
          "halfyear_consolidated_roe_not_annualized_pct": 9.22535726210995,
          "end_consolidated_multiplier": 1.462983573597702,
          "end_parent_bridge_multiplier": 1.4629216165189167
        },
        "source": "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12506805"
      },
      "method": "合并净利率=合并税后净利润/营业收入；周转率=营业收入/期初期末平均总资产；杠杆=平均总资产/平均合并总权益。乘积是合并简单平均ROE，不冒充报表归母加权ROE。另列归母净利润/平均归母权益、扣非归母净利润/平均归母权益；归母桥接乘数含少数权益效果，不是纯债务杠杆。半年周转率和ROE为半年度、未年化。",
      "reported_roe_difference": "分红、增资/注销的时点加权及少数权益导致简单均值与报表加权ROE不同，不能强行调数配平。",
      "cashflow_caution": "CFO/归母利润是合并现金流对归母利润的粗比，不是同口径收益率；CFO减全部购建长期资产是现金差，非已认证所有者收益，未扣并购/客户结算和维持性资本开支净化。",
      "leverage_exceeds_3_latest": false,
      "source_status": "单一发行人年报/半年报披露，半年报未经审计；工具计算"
    },
    "valuation": {
      "quote": {
        "price": "67.03",
        "timestamp": "20260930161445",
        "pe_ttm": "39.09",
        "market_cap_yi": "341.28",
        "div_yield_quote": "0.43"
      },
      "market_cap_basis": "腾讯总市值，非流通市值；每股估值采用当期报价股本基准",
      "fy2025_static_pe": 38.04,
      "adjusted_ttm_profit_yi": 8.5068,
      "adjusted_ttm_pe": 40.12,
      "normalized_profit_scenario_yi": [
        7,
        8.5
      ],
      "normalized_pe_scenario": [
        40.15,
        48.75
      ],
      "entry_pe_ceiling": 22,
      "conditional_cap_ceiling_yi": 154,
      "conditional_price_proxy": 30.25,
      "normalization_status": "研究者保守情景，非经审计正常化盈利或预测；必须通过verify后才能激活价格门槛",
      "dividend_yield_pct": 0.43,
      "dividend_basis": "腾讯股息率字段64，单源行情代理，未逐笔重建滚动已付分红；不作为满足买入条件的证据。",
      "fiscal_dividend_reference": {
        "dps_rmb": 0.353,
        "yield_at_quote_pct": 0.5266,
        "basis": "2025中期0.18+年度预案0.173；归属年度方案口径，非滚动已付TTM。",
        "source": [
          "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12152185",
          "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12506805"
        ]
      },
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12152185",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12506805",
        "https://qt.gtimg.cn/q=sz300487"
      ],
      "quote_as_of": "2026-09-30；不是2026-10-02成交价",
      "actual_ah_capitalization": "not_applicable",
      "normalization_rationale": [
        "【事实】2025扣非8.73亿元；2026H1收入增长10.47%，扣非下降5.20%，CFO改善53.58%，利润与现金方向不一致需要产品结构解释。",
        "【正常化假设】参考2023—2025扣非约7.23/7.45/8.73亿元，采用7—8.5亿元盈利区间；盐湖大项目确认不当作永续增速，高端材料销售额不等于盈利兑现。"
      ],
      "entry_status": "未触发：价格和定性验证必须同时通过；本次无已核验可买入结论"
    },
    "risks": [
      "【死法】客户项目因锂价和融资推迟→应收/合同资产积压→设备回款与树脂更换放缓；高端新产能认证迟迟不成→折旧和研发费用消耗现金。环保、安全或核心人员流失也可毁掉小技术平台。",
      "【最坏情况】存货与专用材料可能无法跨客户变现，不能把当前高ROE与账面权益视作清算保护。正CFO是反驳极端悲观的证据，但不覆盖所有项目尾款风险。"
    ],
    "buy_conditions": {
      "buy_when": "正常化PE≤22倍，同时确认材料主业增长不是系统项目集中验收；股息低不构成底仓收益保护。",
      "verify": "分别核材料复购、系统项目验收及现金回收；生命科学新增产能利用率/认证、盐湖项目回款及应收账龄；扣非利润企稳、经营现金连续覆盖新增capex，转股后每股收益不被稀释。",
      "anchor": "研究者正常化归母盈利情景7—8.5亿元（不是预测/已认证事实）；正常化PE≤22倍按区间下沿给统一估值总额上限154亿元，依本次报价股本代理对应≤30.25元/股。当前正常化情景PE约40.15—48.75倍；当前股息率行情代理0.43%，并未通过已付与可持续性核验。股本变化须重算，A/H公司只是A股每股支付价格门槛。",
      "source": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12152185",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12506805",
        "https://qt.gtimg.cn/q=sz300487"
      ],
      "manual": true,
      "triggered": false,
      "thresholds_are_opinions": true
    },
    "findings": [
      "巴菲特｜【事实】吸附分离材料及配套装置，覆盖金属资源、生命科学、水处理等；2025前五客户占17.84%，客户较分散。 【观点】树脂配方、孔径/官能团控制、应用验证和客户工艺配套构成壁垒，消耗替换材料比一次性交钥匙装置更有复购属性，十年分离纯化需求大概率仍在。 【反证】不同产品壁垒不能混为一谈：通用树脂面临价格竞争，盐湖提锂系统受资本开支与验收影响，高端层析介质国产替代仍需可靠性和客户认证。对标国际厂商并不等于已获得同样提价权。 来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12152185 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12506805",
      "杜邦｜FY2025同口径合并杜邦：净利率32.41%×资产周转0.439次×平均总权益乘数1.522倍＝合并简单平均权益ROE21.67%；归母简单平均ROE21.61%，报表加权ROE21.59%。2026H1期末合并乘数1.463倍。真质量为主、项目周期需折价：32.41%合并净利率和1.52倍平均杠杆，扣非归母简单ROE约21.03%；2026H1扣非转降，不能永久化高毛利。 来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12152185 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12506805",
      "芒格｜【事实】2025CFO7.85亿元、购建长期资产1.15亿元；现金差6.70亿元。报告披露新增吸附分离材料产能和生命科学材料产业园规划，可转债募投尚有未使用资金。 【资本配置】2025中期每股0.18元已分派，年度每股0.173元为预案；报告现金分红汇总可能涵盖中期，不能再重复加。回购专户股份存在，未核用途/最终注销不视为永久回报；可转债转股与限制股激励需跟踪稀释。 【观点】聚焦材料平台比无关多元化更合理；反面是新园区与新产品认证回报尚未兑现，资本开支低的一年不能外推为永久轻资本。无证据不足以证明十年从未乱投资。 来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12152185 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12506805",
      "费雪/林奇｜【事实】2025扣非8.73亿元；2026H1收入增长10.47%，扣非下降5.20%，CFO改善53.58%，利润与现金方向不一致需要产品结构解释。 【正常化假设】参考2023—2025扣非约7.23/7.45/8.73亿元，采用7—8.5亿元盈利区间；盐湖大项目确认不当作永续增速，高端材料销售额不等于盈利兑现。 正常化情景PE=[40.15, 48.75]。来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12152185 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12506805 ; https://qt.gtimg.cn/q=sz300487",
      "烟蒂/最坏情况｜【死法】客户项目因锂价和融资推迟→应收/合同资产积压→设备回款与树脂更换放缓；高端新产能认证迟迟不成→折旧和研发费用消耗现金。环保、安全或核心人员流失也可毁掉小技术平台。 【最坏情况】存货与专用材料可能无法跨客户变现，不能把当前高ROE与账面权益视作清算保护。正CFO是反驳极端悲观的证据，但不覆盖所有项目尾款风险。 来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12152185 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12506805"
    ],
    "data_gaps": [
      "各产品材料/设备利润和复购率",
      "盐湖客户项目回款及验收责任",
      "新增园区资本预算与项目IRR",
      "分红逐笔实施及转债最新股本",
      "未完成十年资本配置逐项目审计、全部监管记录及公告穷尽检索；没有发现不是证实不存在",
      "正常化区间为研究者压力情景；缺行业完整周期利润桥接，不能宣称精确内在价值",
      "财务关键数字为发行人单源；新浪镜像不是独立第二来源，行情腾讯单源",
      "股息率行情代理未逐笔独立复算；归属年度分红与支付年度、TTM不可混用"
    ],
    "sources": [
      {
        "id": "FY2025",
        "url": "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12152185",
        "type": "发行人2025年度报告新浪镜像",
        "local_path": "/root/value-invest/data/roe_deep_batch1/300487_2025.txt",
        "sha256": "4a1f335cdc078b96c5491bfb97a2b617b6d2d8a0e03a6810aef94e25c2c8828c"
      },
      {
        "id": "H1_2026",
        "url": "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=300487&id=12506805",
        "type": "发行人2026半年报新浪镜像",
        "local_path": "/root/value-invest/data/roe_deep_batch1/300487_2026H1.txt",
        "sha256": "700bccfaa41a07f89b6430e43a58db4884a9a573de9cab1ef3b3e308ad916fff"
      },
      {
        "id": "QUOTE",
        "url": "https://qt.gtimg.cn/q=sz300487",
        "type": "腾讯行情单源",
        "quoted_timestamp": "20260930161445",
        "local_path": "/root/value-invest/data/roe_deep_batch1/quotes.txt"
      }
    ]
  },
  "outside_watch": false,
  "triggers": [],
  "status": "watch",
  "provenance": {
    "research": "results/2026-10-02-roe-deep-batch1.json",
    "conditions": "results/2026-10-02-roe-deep-batch1.json",
    "quality": "results/2026-10-02-roe-deep-batch1.json；V2映射：4★银/3★铜（疑点保留）",
    "quote": "腾讯行情；见原始深研来源"
  },
  "research_rating": 3,
  "data_quality": [
    "原始研究和行情保留单源声明；发现通道不等于质量认证",
    "价格到线只启动复核，不代表买入"
  ],
  "distance_pct": 121.5868,
  "quote_fresh": true,
  "triggered": false,
  "roe_discovery": true,
  "reject_reason_tags": [],
  "reject_reason": "",
  "reject_reason_source": "",
  "tracking_state": "observing",
  "verification_kind": "",
  "verification_reason": "",
  "tracking_kind": "",
  "tracking_checklist": [
    {
      "type": "比率",
      "item": "正常化PE≤22倍，同时确认材料主业增长不是系统项目集中验收",
      "basis": "buy_conditions.buy_when（原条件，需同时满足人工验证）"
    },
    {
      "type": "比率",
      "item": "股息低不构成底仓收益保护。",
      "basis": "buy_conditions.buy_when（原条件，需同时满足人工验证）"
    },
    {
      "type": "人工",
      "item": "分别核材料复购、系统项目验收及现金回收",
      "basis": "buy_conditions.verify（原条件，需同时满足人工验证）"
    },
    {
      "type": "人工",
      "item": "生命科学新增产能利用率/认证、盐湖项目回款及应收账龄",
      "basis": "buy_conditions.verify（原条件，需同时满足人工验证）"
    },
    {
      "type": "比率",
      "item": "扣非利润企稳、经营现金连续覆盖新增capex，转股后每股收益不被稀释。",
      "basis": "buy_conditions.verify（原条件，需同时满足人工验证）"
    }
  ],
  "monthly_review": {
    "month": "2026-10",
    "status": "本期未复核",
    "core_changes": "本期未复核",
    "reviewed_on": null,
    "event_count": null,
    "events": {},
    "sources": [],
    "decision": null,
    "observations": {},
    "source_file": "reports/monthly/2026-10.reviews.json"
  }
}