{
  "code": "603288",
  "name": "海天味业",
  "market": "A",
  "industry": "食品饮料",
  "quality_tier": "silver",
  "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": 4,
  "verdict": "好生意好公司待价格：调味品品牌、成本与渠道形成持续优势，低杠杆ROE成立；但须用正常化主业利润和普通股息而非特别分红论便宜。",
  "dupont": {
    "margin": 0.24401203583525524,
    "turnover": 0.6205391901748671,
    "leverage": 1.2706784483418339,
    "roe": 0.19240489950044384,
    "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24.40%×资产周转0.621次×平均总权益乘数1.271倍＝合并简单平均权益ROE19.24%；归母简单平均ROE19.49%，报表加权ROE19.59%。2026H1期末合并乘数1.190倍。真质量为主：合并净利率24.40%、平均杠杆1.27倍；现金/金融资产收益有增厚但非主导，H股融资与同控重述影响ROE分母，需保持可比。"
  },
  "roe_series": [
    {
      "year": 2019,
      "roe": 0.3641608705612829,
      "basis": "August TTM"
    },
    {
      "year": 2020,
      "roe": 0.3685571455258733,
      "basis": "August TTM"
    },
    {
      "year": 2021,
      "roe": 0.36694266749960963,
      "basis": "August TTM"
    },
    {
      "year": 2022,
      "roe": 0.3181965672312997,
      "basis": "August TTM"
    },
    {
      "year": 2023,
      "roe": 0.24297115198451114,
      "basis": "August TTM"
    },
    {
      "year": 2024,
      "roe": 0.22034561933534744,
      "basis": "August TTM"
    },
    {
      "year": 2025,
      "roe": 0.23341235813366965,
      "basis": "August TTM"
    },
    {
      "year": 2026,
      "roe": 0.20263597612958226,
      "basis": "August TTM"
    }
  ],
  "roe_min": 0.20263597612958226,
  "channels": [
    "value",
    "roe_quality"
  ],
  "proxy_candidate": false,
  "death_risk": "【死法】食品质量事件或消费者偏好迁移→口味/品牌忠诚下降→经销渠道降库存→促销压毛利→过剩产能固定成本拖累；长期仍赚钱也可能回不到高估值。；【最坏情况】2025合并利润含存款利息约6.88亿元（税前）和金融资产变动；不能机械全额从归母净利润扣掉，也不能假设其永续。现金防御性较好，但品牌、渠道与厂房不是足额清算安全垫。",
  "price_lines": {
    "watch": 20.53,
    "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≤20倍，同时普通可持续股息率≥3.5%；剔除特别分红，不把一次高派息当永续收益。",
    "currency": "CNY",
    "manual_gate": true
  },
  "current": {
    "price": 33.17,
    "date": "2026-09-30",
    "pe": 26.49,
    "dy": 0.0332,
    "market_cap": 193845000000.0,
    "source": "https://qt.gtimg.cn/q=sh603288",
    "currency": "CNY",
    "source_count": 1
  },
  "buy_conditions": {
    "buy_when": "正常化PE≤20倍，同时普通可持续股息率≥3.5%；剔除特别分红，不把一次高派息当永续收益。",
    "verify": "扣除金融资产相关收益后主业利润稳定；经销商库存、餐饮需求和单位销量不恶化；资本开支后现金覆盖普通分红；复核同控重述及H股发行/回购后的真实每股分母。",
    "anchor": "研究者正常化归母盈利情景60—68亿元（不是预测/已认证事实）；正常化PE≤20倍按区间下沿给统一估值总额上限1200亿元，依本次报价股本代理对应≤20.53元/股。当前正常化情景PE约28.51—32.31倍；当前股息率行情代理3.32%，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=603288&id=12024835",
      "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12546863",
      "https://qt.gtimg.cn/q=sh603288"
    ]
  },
  "research_file": "research/603288.html",
  "research_document": {
    "code": "603288",
    "name": "海天味业",
    "score": "★★★★☆（4/5）",
    "verdict": "好生意好公司待价格：调味品品牌、成本与渠道形成持续优势，低杠杆ROE成立；但须用正常化主业利润和普通股息而非特别分红论便宜。",
    "roe_quality_note": "FY2025同口径合并杜邦：净利率24.40%×资产周转0.621次×平均总权益乘数1.271倍＝合并简单平均权益ROE19.24%；归母简单平均ROE19.49%，报表加权ROE19.59%。2026H1期末合并乘数1.190倍。真质量为主：合并净利率24.40%、平均杠杆1.27倍；现金/金融资产收益有增厚但非主导，H股融资与同控重述影响ROE分母，需保持可比。",
    "as_of": "2026-10-02",
    "research_type": "ROE质量通道四大师深研第1批",
    "status": "待价格观察",
    "rating_is_research_opinion": true,
    "watchlist_changed": false,
    "buffett": {
      "analysis": [
        "【事实】核心为酱油、蚝油等调味品，兼顾餐饮与家庭渠道；2025收入288.73亿元、扣非68.45亿元。",
        "【观点】高频低客单、口味习惯、经销网络、规模化酿造和成本优势组合，十年后厨房仍需要调味品、公司有较高存续概率。提价权温和且需原料/消费者承受力配合，领先不代表无替代。",
        "【反证】餐饮景气疲弱、零添加与健康偏好、线上渠道和区域品牌可稀释份额；低价竞争和渠道利益分配会限制涨价，并非需求刚性就有高增长。"
      ],
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12024835",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12546863"
      ],
      "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】2025CFO77.46亿元、购建12.84亿元，现金差64.62亿元。2025—2027现金分红承诺不低于归母利润80%（不含特别分红），2025年度方案含特别分红合计112.95%派息。",
        "【资本配置】A+H上市融资同时高分红，应检验海外扩张和募资使用回报；2026H1披露A股回购及H股回购授权，H股可注销或作库存，授权不是已注销。2025收购同控海天创新技术并重述比较数据，不能视作纯内生增长。",
        "【反证】超利润派息不可永久化；现金储备和存款利息压低经营资本需求但也说明再投资机会需验证。年报及半年报之外的历年资本配置IRR未完成。"
      ],
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12024835",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12546863"
      ],
      "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】2026H1收入+6.01%、扣非+3.77%，CFO12.24亿元、同比-18.52%；新增H股后扣非EPS同比下降1.45%，利润增长不等于每股增厚。",
        "【正常化假设】相对2025扣非68.45亿元、TTM69.89亿元，采用60—68亿元主业情景；进一步要求金融利息/公允价值收益可分解，利率下行时不能把现金收益外推。",
        "【A/H口径】603288与03288双上市。A价统一估值只服务A股每股支付价格比较，不是真实A价×A股数+H价×H股数×汇率的企业总市值；不将H价全股本市值再叠加。"
      ],
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12024835",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12546863"
      ],
      "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】食品质量事件或消费者偏好迁移→口味/品牌忠诚下降→经销渠道降库存→促销压毛利→过剩产能固定成本拖累；长期仍赚钱也可能回不到高估值。",
        "【最坏情况】2025合并利润含存款利息约6.88亿元（税前）和金融资产变动；不能机械全额从归母净利润扣掉，也不能假设其永续。现金防御性较好，但品牌、渠道与厂房不是足额清算安全垫。"
      ],
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12024835",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12546863"
      ],
      "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：合并净利率24.40%、平均杠杆1.27倍；现金/金融资产收益有增厚但非主导，H股融资与同控重述影响ROE分母，需保持可比。",
      "fy2025": {
        "revenue": 28873380466.76,
        "parent_np": 7038465194.15,
        "adjusted_np": 6845473101.28,
        "cfo": 7745950953.79,
        "parent_equity": 41329564456.48,
        "parent_equity_start": 30889472594.61,
        "assets_end": 52183944926.12,
        "assets_start": 40875062220.95,
        "consolidated_np": 7045452349.14,
        "liabilities_end": 10344267800.4,
        "liabilities_start": 9479053899.65,
        "dupont": {
          "net_margin_pct": 24.401203583525525,
          "asset_turnover": 0.6205391901748671,
          "equity_multiplier": 1.2706784483418339,
          "consolidated_roe_pct": 19.240489950044385,
          "parent_roe_simple_pct": 19.49199402692332,
          "parent_bridge_multiplier": 1.288566158549541,
          "end_consolidated_multiplier": 1.247235841933424,
          "end_parent_bridge_multiplier": 1.2626299263586398,
          "adjusted_parent_roe_simple_pct": 18.95753081403536,
          "cfo_parent_np": 1.100517050255221,
          "reported_weighted_parent_roe_pct": 19.59
        },
        "capex_cash": 1283601482.19,
        "cfo_minus_capex_yi": 64.62349471600001,
        "source": "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12024835"
      },
      "h1_2026": {
        "revenue": 16146273837.53,
        "parent_np": 4190156263.0,
        "adjusted_np": 3960405507.28,
        "cfo": 1224226577.61,
        "parent_equity": 39093532493.98,
        "assets_end": 47140879048.25,
        "consolidated_np": 4190500839.97,
        "liabilities_end": 7536889308.06,
        "dupont": {
          "halfyear_net_margin_pct": 25.95336163709613,
          "halfyear_turnover_not_annualized": 0.3251206131852078,
          "average_multiplier": 1.2195524562750812,
          "halfyear_consolidated_roe_not_annualized_pct": 10.290550514797667,
          "end_consolidated_multiplier": 1.1903063140229933,
          "end_parent_bridge_multiplier": 1.205848539154378
        },
        "source": "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12546863"
      },
      "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": "33.17",
        "timestamp": "20260930161448",
        "pe_ttm": "26.49",
        "market_cap_yi": "1938.45",
        "div_yield_quote": "3.32"
      },
      "market_cap_basis": "腾讯A价×全部股本的统一估值，不是真实A+H合计市值",
      "fy2025_static_pe": 27.54,
      "adjusted_ttm_profit_yi": 69.8934,
      "adjusted_ttm_pe": 27.73,
      "normalized_profit_scenario_yi": [
        60,
        68
      ],
      "normalized_pe_scenario": [
        28.51,
        32.31
      ],
      "entry_pe_ceiling": 20,
      "conditional_cap_ceiling_yi": 1200,
      "conditional_price_proxy": 20.53,
      "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": 3.32,
      "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": 1.06,
        "yield_at_quote_pct": 3.1957,
        "basis": "2025普通方案每股中期0.26+年度0.80；另每股0.30特别分红（年报记载2026年2月实施）必须单列、不外推；此为归属年度方案非已付TTM。",
        "source": [
          "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12024835",
          "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12546863"
        ]
      },
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12024835",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12546863",
        "https://qt.gtimg.cn/q=sh603288"
      ],
      "quote_as_of": "2026-09-30；不是2026-10-02成交价",
      "actual_ah_capitalization": null,
      "normalization_rationale": [
        "【事实】2026H1收入+6.01%、扣非+3.77%，CFO12.24亿元、同比-18.52%；新增H股后扣非EPS同比下降1.45%，利润增长不等于每股增厚。",
        "【正常化假设】相对2025扣非68.45亿元、TTM69.89亿元，采用60—68亿元主业情景；进一步要求金融利息/公允价值收益可分解，利率下行时不能把现金收益外推。",
        "【A/H口径】603288与03288双上市。A价统一估值只服务A股每股支付价格比较，不是真实A价×A股数+H价×H股数×汇率的企业总市值；不将H价全股本市值再叠加。"
      ],
      "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】食品质量事件或消费者偏好迁移→口味/品牌忠诚下降→经销渠道降库存→促销压毛利→过剩产能固定成本拖累；长期仍赚钱也可能回不到高估值。",
      "【最坏情况】2025合并利润含存款利息约6.88亿元（税前）和金融资产变动；不能机械全额从归母净利润扣掉，也不能假设其永续。现金防御性较好，但品牌、渠道与厂房不是足额清算安全垫。"
    ],
    "buy_conditions": {
      "buy_when": "正常化PE≤20倍，同时普通可持续股息率≥3.5%；剔除特别分红，不把一次高派息当永续收益。",
      "verify": "扣除金融资产相关收益后主业利润稳定；经销商库存、餐饮需求和单位销量不恶化；资本开支后现金覆盖普通分红；复核同控重述及H股发行/回购后的真实每股分母。",
      "anchor": "研究者正常化归母盈利情景60—68亿元（不是预测/已认证事实）；正常化PE≤20倍按区间下沿给统一估值总额上限1200亿元，依本次报价股本代理对应≤20.53元/股。当前正常化情景PE约28.51—32.31倍；当前股息率行情代理3.32%，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=603288&id=12024835",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12546863",
        "https://qt.gtimg.cn/q=sh603288"
      ],
      "manual": true,
      "triggered": false,
      "thresholds_are_opinions": true
    },
    "findings": [
      "巴菲特｜【事实】核心为酱油、蚝油等调味品，兼顾餐饮与家庭渠道；2025收入288.73亿元、扣非68.45亿元。 【观点】高频低客单、口味习惯、经销网络、规模化酿造和成本优势组合，十年后厨房仍需要调味品、公司有较高存续概率。提价权温和且需原料/消费者承受力配合，领先不代表无替代。 【反证】餐饮景气疲弱、零添加与健康偏好、线上渠道和区域品牌可稀释份额；低价竞争和渠道利益分配会限制涨价，并非需求刚性就有高增长。 来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12024835 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12546863",
      "杜邦｜FY2025同口径合并杜邦：净利率24.40%×资产周转0.621次×平均总权益乘数1.271倍＝合并简单平均权益ROE19.24%；归母简单平均ROE19.49%，报表加权ROE19.59%。2026H1期末合并乘数1.190倍。真质量为主：合并净利率24.40%、平均杠杆1.27倍；现金/金融资产收益有增厚但非主导，H股融资与同控重述影响ROE分母，需保持可比。 来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12024835 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12546863",
      "芒格｜【事实】2025CFO77.46亿元、购建12.84亿元，现金差64.62亿元。2025—2027现金分红承诺不低于归母利润80%（不含特别分红），2025年度方案含特别分红合计112.95%派息。 【资本配置】A+H上市融资同时高分红，应检验海外扩张和募资使用回报；2026H1披露A股回购及H股回购授权，H股可注销或作库存，授权不是已注销。2025收购同控海天创新技术并重述比较数据，不能视作纯内生增长。 【反证】超利润派息不可永久化；现金储备和存款利息压低经营资本需求但也说明再投资机会需验证。年报及半年报之外的历年资本配置IRR未完成。 来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12024835 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12546863",
      "费雪/林奇｜【事实】2026H1收入+6.01%、扣非+3.77%，CFO12.24亿元、同比-18.52%；新增H股后扣非EPS同比下降1.45%，利润增长不等于每股增厚。 【正常化假设】相对2025扣非68.45亿元、TTM69.89亿元，采用60—68亿元主业情景；进一步要求金融利息/公允价值收益可分解，利率下行时不能把现金收益外推。 【A/H口径】603288与03288双上市。A价统一估值只服务A股每股支付价格比较，不是真实A价×A股数+H价×H股数×汇率的企业总市值；不将H价全股本市值再叠加。 正常化情景PE=[28.51, 32.31]。来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12024835 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12546863 ; https://qt.gtimg.cn/q=sh603288",
      "烟蒂/最坏情况｜【死法】食品质量事件或消费者偏好迁移→口味/品牌忠诚下降→经销渠道降库存→促销压毛利→过剩产能固定成本拖累；长期仍赚钱也可能回不到高估值。 【最坏情况】2025合并利润含存款利息约6.88亿元（税前）和金融资产变动；不能机械全额从归母净利润扣掉，也不能假设其永续。现金防御性较好，但品牌、渠道与厂房不是足额清算安全垫。 来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12024835 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12546863"
    ],
    "data_gaps": [
      "各渠道终端销量/库存独立数据",
      "普通经营利润与金融收益归母税后桥接",
      "最新A/H注销和库存股数量",
      "H股募资的增量ROIC",
      "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=603288&id=12024835",
        "type": "发行人2025年度报告新浪镜像",
        "local_path": "/root/value-invest/data/roe_deep_batch1/603288_2025.txt",
        "sha256": "ad31fd1a3373a5fc12c409a36c6d6bdb20b32e517b6330424683fdea03b13af0"
      },
      {
        "id": "H1_2026",
        "url": "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=603288&id=12546863",
        "type": "发行人2026半年报新浪镜像",
        "local_path": "/root/value-invest/data/roe_deep_batch1/603288_2026H1.txt",
        "sha256": "523d5f7b6f82c2876c1f75a489cd92af63c13bd50cafc9d57aa0cac559f94534"
      },
      {
        "id": "QUOTE",
        "url": "https://qt.gtimg.cn/q=sh603288",
        "type": "腾讯行情单源",
        "quoted_timestamp": "20260930161448",
        "local_path": "/root/value-invest/data/roe_deep_batch1/quotes.txt"
      }
    ]
  },
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  "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": 4,
  "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": 61.5684,
  "quote_fresh": true,
  "triggered": false,
  "roe_discovery": true,
  "reject_reason_tags": [],
  "reject_reason": "",
  "reject_reason_source": "",
  "tracking_state": "tracking",
  "verification_kind": "",
  "verification_reason": "",
  "tracking_kind": "价格与基本面",
  "tracking_checklist": [
    {
      "type": "比率",
      "item": "正常化PE≤20倍，同时普通可持续股息率≥3.5%",
      "basis": "buy_conditions.buy_when（原条件，需同时满足人工验证）"
    },
    {
      "type": "人工",
      "item": "剔除特别分红，不把一次高派息当永续收益。",
      "basis": "buy_conditions.buy_when（原条件，需同时满足人工验证）"
    },
    {
      "type": "人工",
      "item": "扣除金融资产相关收益后主业利润稳定",
      "basis": "buy_conditions.verify（原条件，需同时满足人工验证）"
    },
    {
      "type": "事件",
      "item": "经销商库存、餐饮需求和单位销量不恶化",
      "basis": "buy_conditions.verify（原条件，需同时满足人工验证）"
    },
    {
      "type": "人工",
      "item": "资本开支后现金覆盖普通分红",
      "basis": "buy_conditions.verify（原条件，需同时满足人工验证）"
    },
    {
      "type": "人工",
      "item": "复核同控重述及H股发行/回购后的真实每股分母。",
      "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"
  }
}