# 企业的业务集合与经营过程
从真实业务说明重建收费、交付、投入、资源与义务的关系，并说明披露能支持什么粒度的分析。
Entry: zh-bf01 | Node: BF-01 | Language: zh | Editorial revision: 2026-09-21
## Teaching instructions
你负责 BF-01《企业的业务集合与经营过程》，不是给公司做估值。对象是有数学背景、未必学过会计的读者。使用本稿第1–6节、教学设定和解析；不把教学设定当作Costco事实。
先实际读取以下指定单元。相同会话已完整读取的相同版本可复用；只看到链接或摘要不算读取。
1. Costco FY2025 SEC 10-K：
https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm
Item 1 pp.3–7的General与Membership相关完整小节；p.37收入表；Note 1 pp.47–48 Revenue Recognition完整小节。目的：区分商品收费与会员服务期间，以及主表不能直接给出的共同成本。
2. JPMorgan 2025 Annual Report：
https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf
MD&A Introduction印刷p.46／物理p.78；资产负债表印刷p.167／物理p.199，含表头、括注和表尾VIE说明；Note 12 Loan accounting framework pp.236–238。目的：区分客户存款、存放银行款、贷款本金与期间收入。PDF表格查看原页。
3. FASB Concepts Statement 8 Chapter 4（2021）：
https://storage.fasb.org/Concepts_Statement_8-Chapter_4-Elements.pdf
E16–E36资产单元。目的：不把经营资源直接等同于已确认资产，不要求教授整部准则。
每项记录标题、版本、实际页/节、取得范围，以及它支持的一句具体说明。运行时读取日志初始为空，只记录本次实际取得的单元。正文未取得时尝试同机构可读原文；仍缺则说明缺少的单元，不能用印象补成“已读”。
材料到位后，用一个任务诊断：让读者解释“会员费收入单列，是否足以得到独立会员利润”，或解释两种deposits的交易对手。已会的定义直接略过。沿一个完整业务过程推进，先让读者写收费—交付—投入—资源/义务，再反馈证据与缺口。
必须重算教学设定：150、100、30、5、40，分摊30改为0时集团利润不变35；直接成本增加10时集团利润变25。让读者解释变化来自经营还是呈现，而不是逐步考算术。
最后给另一个业务片段做迁移。通过标准：能说清交易对手和交付；能将至少一条关系接到报表；能区分观察量、分析划分和未识别成本。不得把同名项目直接相加，不得任意分摊共同资源后宣称得到公司独立业务利润。引用跟随具体事实；不引入股票DCF/WACC或目标价。
Before substantive teaching, actually retrieve every required reading unit for the selected scope. Read its complete designated section, including necessary assumptions, tables and footnotes. A working URL or an editorial access date is not a runtime reading receipt. Record the actual version, location, scope and what it supports. If unavailable, use a previously verified equivalent source; if the required unit remains unavailable, identify that gap rather than teach it from memory. Start runtime_reading_log empty. Once reading is complete, use a substantive diagnostic or follow the reader's request for direct explanation. Advance one complete reasoning task at a time; skip mastered basics. Distinguish original facts, supplied teaching assumptions and inference.
## Required readings and runtime protocol
```json
{
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"content_version": "2026-09-21.BF-A.rev-1",
"export_mode": "public",
"audience": "具有足够数学背景的高年级本科至研究生",
"body_source": "body_markdown",
"learning_task": "从真实业务说明重建收费、交付、投入、资源与义务的关系，并说明披露能支持什么粒度的分析。",
"prompt": "你负责 BF-01《企业的业务集合与经营过程》，不是给公司做估值。对象是有数学背景、未必学过会计的读者。使用本稿第1–6节、教学设定和解析；不把教学设定当作Costco事实。\n\n先实际读取以下指定单元。相同会话已完整读取的相同版本可复用；只看到链接或摘要不算读取。\n1. Costco FY2025 SEC 10-K：\nhttps://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm\nItem 1 pp.3–7的General与Membership相关完整小节；p.37收入表；Note 1 pp.47–48 Revenue Recognition完整小节。目的：区分商品收费与会员服务期间，以及主表不能直接给出的共同成本。\n2. JPMorgan 2025 Annual Report：\nhttps://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf\nMD&A Introduction印刷p.46／物理p.78；资产负债表印刷p.167／物理p.199，含表头、括注和表尾VIE说明；Note 12 Loan accounting framework pp.236–238。目的：区分客户存款、存放银行款、贷款本金与期间收入。PDF表格查看原页。\n3. FASB Concepts Statement 8 Chapter 4（2021）：\nhttps://storage.fasb.org/Concepts_Statement_8-Chapter_4-Elements.pdf\nE16–E36资产单元。目的：不把经营资源直接等同于已确认资产，不要求教授整部准则。\n\n每项记录标题、版本、实际页/节、取得范围，以及它支持的一句具体说明。运行时读取日志初始为空，只记录本次实际取得的单元。正文未取得时尝试同机构可读原文；仍缺则说明缺少的单元，不能用印象补成“已读”。\n\n材料到位后，用一个任务诊断：让读者解释“会员费收入单列，是否足以得到独立会员利润”，或解释两种deposits的交易对手。已会的定义直接略过。沿一个完整业务过程推进，先让读者写收费—交付—投入—资源/义务，再反馈证据与缺口。\n\n必须重算教学设定：150、100、30、5、40，分摊30改为0时集团利润不变35；直接成本增加10时集团利润变25。让读者解释变化来自经营还是呈现，而不是逐步考算术。\n\n最后给另一个业务片段做迁移。通过标准：能说清交易对手和交付；能将至少一条关系接到报表；能区分观察量、分析划分和未识别成本。不得把同名项目直接相加，不得任意分摊共同资源后宣称得到公司独立业务利润。引用跟随具体事实；不引入股票DCF/WACC或目标价。",
"selected_branch": "current_task",
"required_readings": [
{
"source_id": "BF-S-COST-FY2025-SEC",
"title": "Costco Wholesale Corporation · FY2025 Form 10-K（SEC HTML）",
"authors": [
"Costco Wholesale Corporation"
],
"version": "FY2025；截至2025-08-31；比较列采用同一报告",
"access": {
"kind": "html_full_text",
"uri": "https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm",
"verified_access_at": "2026-09-21"
},
"required_unit": {
"locator": "1. Costco FY2025 SEC 10-K：\nItem 1 pp.3–7的General与Membership相关完整小节；p.37收入表；Note 1 pp.47–48 Revenue Recognition完整小节。目的：区分商品收费与会员服务期间，以及主表不能直接给出的共同成本。",
"scope": "1. Costco FY2025 SEC 10-K：\nhttps://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm\nItem 1 pp.3–7的General与Membership相关完整小节；p.37收入表；Note 1 pp.47–48 Revenue Recognition完整小节。目的：区分商品收费与会员服务期间，以及主表不能直接给出的共同成本。",
"purpose": "从真实业务说明重建收费、交付、投入、资源与义务的关系，并说明披露能支持什么粒度的分析。"
},
"supports": "1. Costco FY2025 SEC 10-K：\nItem 1 pp.3–7的General与Membership相关完整小节；p.37收入表；Note 1 pp.47–48 Revenue Recognition完整小节。目的：区分商品收费与会员服务期间，以及主表不能直接给出的共同成本。",
"fallback_source_ids": []
},
{
"source_id": "BF-S-JPM-FY2025",
"title": "JPMorgan Chase & Co. · 2025 Annual Report",
"authors": [
"JPMorgan Chase & Co."
],
"version": "2025 Annual Report；集团合并，非银行子公司单体",
"access": {
"kind": "pdf_full_text",
"uri": "https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf",
"verified_access_at": "2026-09-21"
},
"required_unit": {
"locator": "2. JPMorgan 2025 Annual Report：\nMD&A Introduction印刷p.46／物理p.78；资产负债表印刷p.167／物理p.199，含表头、括注和表尾VIE说明；Note 12 Loan accounting framework pp.236–238。目的：区分客户存款、存放银行款、贷款本金与期间收入。PDF表格查看原页。",
"scope": "2. JPMorgan 2025 Annual Report：\nhttps://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf\nMD&A Introduction印刷p.46／物理p.78；资产负债表印刷p.167／物理p.199，含表头、括注和表尾VIE说明；Note 12 Loan accounting framework pp.236–238。目的：区分客户存款、存放银行款、贷款本金与期间收入。PDF表格查看原页。",
"purpose": "从真实业务说明重建收费、交付、投入、资源与义务的关系，并说明披露能支持什么粒度的分析。"
},
"supports": "2. JPMorgan 2025 Annual Report：\nMD&A Introduction印刷p.46／物理p.78；资产负债表印刷p.167／物理p.199，含表头、括注和表尾VIE说明；Note 12 Loan accounting framework pp.236–238。目的：区分客户存款、存放银行款、贷款本金与期间收入。PDF表格查看原页。",
"fallback_source_ids": []
},
{
"source_id": "BF-S-FASB-ELEMENTS",
"title": "FASB Concepts Statement No. 8 · Chapter 4: Elements of Financial Statements",
"authors": [
"Financial Accounting Standards Board"
],
"version": "2021-12",
"access": {
"kind": "pdf_full_text",
"uri": "https://storage.fasb.org/Concepts_Statement_8-Chapter_4-Elements.pdf",
"verified_access_at": "2026-09-21"
},
"required_unit": {
"locator": "3. FASB Concepts Statement 8 Chapter 4（2021）：\nE16–E36资产单元。目的：不把经营资源直接等同于已确认资产，不要求教授整部准则。",
"scope": "3. FASB Concepts Statement 8 Chapter 4（2021）：\nhttps://storage.fasb.org/Concepts_Statement_8-Chapter_4-Elements.pdf\nE16–E36资产单元。目的：不把经营资源直接等同于已确认资产，不要求教授整部准则。",
"purpose": "从真实业务说明重建收费、交付、投入、资源与义务的关系，并说明披露能支持什么粒度的分析。"
},
"supports": "3. FASB Concepts Statement 8 Chapter 4（2021）：\nE16–E36资产单元。目的：不把经营资源直接等同于已确认资产，不要求教授整部准则。",
"fallback_source_ids": []
}
],
"optional_readings": [],
"reading_protocol": "1. **确认当前学习范围。** 使用所选分支及本篇正文；先修仅诊断本篇确实需要的内容。识别必读材料，选读材料只有被采用时才转成对应问题的必读。\n2. **实际获取。** 用浏览/文件读取工具打开指定 URL 或随包文件。核对返回的标题/版本/范围，发现只有摘要、登录页、目录或文件清单时如实记录，继续找明确可读的正文入口。\n3. **完整读取所需单元。** 分页或分块读取到所需单元结束，包含前文约定、必要表图和脚注。PDF 符号或图表解析不可靠时查看原页；TeX 读取相关宏定义与 include 文件。不能只看搜索命中的几行。\n4. **形成简短内容对应。** 每项记录实际位置、读到的关键设定和它支持哪一步教学。例如“§5.10 的训练集仅含当前预测点之前的观测；该限制需要落实到预处理拟合，不仅是分割最终数据表”。后半句若为本站推论须标为推论。\n5. **满足后才开始该范围的实质教学。** 所有当前必读单元读完之后，基于材料给一项高密度诊断任务或按读者要求直接讲解。引用跟着对应命题或计算，不在末尾堆书名。\n6. **读取失败时自动处理缺口。** 先尝试指定的可读等价版本或作者/机构正式全文，不新造批准步骤。等价性包括版本、条款期间、定义和假设；新的替代来源实际读完后记录采用范围。仍缺失则说明具体缺少哪一个必读单元及原因，不凭训练记忆补成已读讲解，不宣称已完成本篇。\n\n“读取校验”依赖实际取得的内容及其位置、与教学相关的设定复述；不靠让模型报一句“我已阅读”，不引入无意义哈希或重复下载。它不能从技术上保证理解，但能让来源与使用之间可检查。",
"supplied_inputs": {
"source_version": "2026-09-21.BF-A.rev-1",
"tables": [
{
"heading": "1 先确定我们正在拆什么",
"headers": [
"关系",
"要写成什么样的具体句子",
"对报表的第一条线索"
],
"rows": [
[
"收费",
"按商品、服务次数、使用期限，还是资金余额收费？",
"哪一项收入；计量单位是什么"
],
[
"交付",
"谁负责提供商品或服务？什么时候算完成？",
"收入确认、存货转出、尚未完成的义务"
],
[
"持续投入",
"完成交付需要采购、人员、处理系统还是风险承担？",
"成本费用、应付及需要持续建设的能力"
],
[
"资源",
"交付前持有商品、收款权，还是多年使用的设施？",
"存货、应收、设备、使用权等"
],
[
"义务",
"钱是欠供应商、欠客户，还是借来的？要怎样履行？",
"应付、递延收入、存款、借款等"
]
],
"markdown": "| 关系 | 要写成什么样的具体句子 | 对报表的第一条线索 |\n|---|---|---|\n| 收费 | 按商品、服务次数、使用期限，还是资金余额收费？ | 哪一项收入；计量单位是什么 |\n| 交付 | 谁负责提供商品或服务？什么时候算完成？ | 收入确认、存货转出、尚未完成的义务 |\n| 持续投入 | 完成交付需要采购、人员、处理系统还是风险承担？ | 成本费用、应付及需要持续建设的能力 |\n| 资源 | 交付前持有商品、收款权，还是多年使用的设施？ | 存货、应收、设备、使用权等 |\n| 义务 | 钱是欠供应商、欠客户，还是借来的？要怎样履行？ | 应付、递延收入、存款、借款等 |"
},
{
"heading": "2 从 Costco 的两种收费进入",
"headers": [
"英文原行",
"中文",
"截至2025-08-31",
"截至2024-09-01"
],
"rows": [
[
"Net sales",
"净销售额",
"269,912",
"249,625"
],
[
"Membership fees",
"会员费收入",
"5,323",
"4,828"
],
[
"Total revenue",
"总收入",
"275,235",
"254,453"
]
],
"markdown": "| 英文原行 | 中文 | 截至2025-08-31 | 截至2024-09-01 |\n|---|---|---:|---:|\n| Net sales | 净销售额 | 269,912 | 249,625 |\n| Membership fees | 会员费收入 | 5,323 | 4,828 |\n| Total revenue | 总收入 | 275,235 | 254,453 |"
},
{
"heading": "2 从 Costco 的两种收费进入",
"headers": [
"本例中的过程",
"收费与交付",
"需要连接的资源和义务"
],
"rows": [
[
"商品交易",
"商品销售与相应交付；具体确认时点按收入政策阅读",
"商品存货、货款结算、供应商应付、退款安排"
],
[
"会员服务",
"会员期限内提供服务；收入随期间确认",
"已收款形成的递延会员费，以及提供会员服务所需的共同设施与人员"
],
[
"两者共同使用的经营基础",
"门店、配送、信息系统和客户服务支持多种活动",
"不能把同一项投入在两个业务中各算一遍"
]
],
"markdown": "| 本例中的过程 | 收费与交付 | 需要连接的资源和义务 |\n|---|---|---|\n| 商品交易 | 商品销售与相应交付；具体确认时点按收入政策阅读 | 商品存货、货款结算、供应商应付、退款安排 |\n| 会员服务 | 会员期限内提供服务；收入随期间确认 | 已收款形成的递延会员费，以及提供会员服务所需的共同设施与人员 |\n| 两者共同使用的经营基础 | 门店、配送、信息系统和客户服务支持多种活动 | 不能把同一项投入在两个业务中各算一遍 |"
},
{
"heading": "3 共同资源为什么不能靠分摊解决",
"headers": [
"分摊方式",
"商品利润",
"会员利润",
"合计"
],
"rows": [
[
"共同成本给商品30、给会员10",
"`150−100−30=20`",
"`30−5−10=15`",
"35"
],
[
"改为给商品10、给会员30",
"`150−100−10=40`",
"`30−5−30=−5`",
"35"
]
],
"markdown": "| 分摊方式 | 商品利润 | 会员利润 | 合计 |\n|---|---:|---:|---:|\n| 共同成本给商品30、给会员10 | `150−100−30=20` | `30−5−10=15` | 35 |\n| 改为给商品10、给会员30 | `150−100−10=40` | `30−5−30=−5` | 35 |"
},
{
"heading": "5 完成一张能继续使用的业务图",
"headers": [
"起点 → 终点",
"箭头的含义"
],
"rows": [
[
"供应商 → 零售企业的商品",
"交付商品；尚未付款时同时形成应付"
],
[
"商品及履约资源 → 客户交付",
"持有的商品进入交付过程，相关成本随适用政策确认"
],
[
"会员合同 → 期间服务",
"收费期限和履行过程决定会员费收入及剩余义务"
],
[
"门店、系统、人员 → 商品交易／会员服务",
"共同使用关系；不等于两份可以重复加总的资源"
],
[
"外部存款人 → 银行资金来源",
"外部转入形成资产，同时形成存款义务"
],
[
"银行 → 借款人",
"贷款形成收款权；本金余额、信用损失与期间收入分开读取"
]
],
"markdown": "| 起点 → 终点 | 箭头的含义 |\n|---|---|\n| 供应商 → 零售企业的商品 | 交付商品；尚未付款时同时形成应付 |\n| 商品及履约资源 → 客户交付 | 持有的商品进入交付过程，相关成本随适用政策确认 |\n| 会员合同 → 期间服务 | 收费期限和履行过程决定会员费收入及剩余义务 |\n| 门店、系统、人员 → 商品交易／会员服务 | 共同使用关系；不等于两份可以重复加总的资源 |\n| 外部存款人 → 银行资金来源 | 外部转入形成资产，同时形成存款义务 |\n| 银行 → 借款人 | 贷款形成收款权；本金余额、信用损失与期间收入分开读取 |"
}
],
"source_input_schema": "BF-A.rev-1.unified-inputs",
"information_cutoff": "2026-09-21",
"units_and_limits": [
"金额默认单位为USD millions；股数单独使用shares；教学设定另列。",
"主表与附注明细分层保存；附注明细不得自动再加到主表总额。",
"Costco存货/应付余额反向变化893与现金流调整963之间的70保持未归因。"
],
"case_inputs": {
"COST-BS-20250831": {
"entity": "Costco Wholesale Corporation",
"periods": [
"2025-08-31",
"2024-09-01"
],
"statement_rows": [
{
"id": "assets",
"label_original_md": "**ASSETS**",
"label_zh_md": "**资产**",
"amounts": {
"2025-08-31": null,
"2024-09-01": null
},
"original_display": {
"2025-08-31": "",
"2024-09-01": ""
}
},
{
"id": "current_assets",
"label_original_md": "**CURRENT ASSETS**",
"label_zh_md": "**流动资产**",
"amounts": {
"2025-08-31": null,
"2024-09-01": null
},
"original_display": {
"2025-08-31": "",
"2024-09-01": ""
}
},
{
"id": "cash",
"label_original_md": "Cash and cash equivalents",
"label_zh_md": "现金及现金等价物",
"amounts": {
"2025-08-31": 14161,
"2024-09-01": 9906
},
"original_display": {
"2025-08-31": "14,161",
"2024-09-01": "9,906"
}
},
{
"id": "short_term_investments",
"label_original_md": "Short-term investments",
"label_zh_md": "短期投资",
"amounts": {
"2025-08-31": 1123,
"2024-09-01": 1238
},
"original_display": {
"2025-08-31": "1,123",
"2024-09-01": "1,238"
}
},
{
"id": "receivables_net",
"label_original_md": "Receivables, net",
"label_zh_md": "应收款净额",
"amounts": {
"2025-08-31": 3203,
"2024-09-01": 2721
},
"original_display": {
"2025-08-31": "3,203",
"2024-09-01": "2,721"
}
},
{
"id": "inventory",
"label_original_md": "Merchandise inventories",
"label_zh_md": "商品存货",
"amounts": {
"2025-08-31": 18116,
"2024-09-01": 18647
},
"original_display": {
"2025-08-31": "18,116",
"2024-09-01": "18,647"
}
},
{
"id": "other_current_assets",
"label_original_md": "Other current assets",
"label_zh_md": "其他流动资产",
"amounts": {
"2025-08-31": 1777,
"2024-09-01": 1734
},
"original_display": {
"2025-08-31": "1,777",
"2024-09-01": "1,734"
}
},
{
"id": "total_current_assets",
"label_original_md": "**Total current assets**",
"label_zh_md": "**流动资产合计**",
"amounts": {
"2025-08-31": 38380,
"2024-09-01": 34246
},
"original_display": {
"2025-08-31": "**38,380**",
"2024-09-01": "**34,246**"
}
},
{
"id": "other_assets",
"label_original_md": "**OTHER ASSETS**",
"label_zh_md": "**其他资产**",
"amounts": {
"2025-08-31": null,
"2024-09-01": null
},
"original_display": {
"2025-08-31": "",
"2024-09-01": ""
}
},
{
"id": "ppe_net",
"label_original_md": "Property and equipment, net",
"label_zh_md": "物业及设备净额",
"amounts": {
"2025-08-31": 31909,
"2024-09-01": 29032
},
"original_display": {
"2025-08-31": "31,909",
"2024-09-01": "29,032"
}
},
{
"id": "operating_lease_rou",
"label_original_md": "Operating lease right-of-use assets",
"label_zh_md": "经营租赁使用权资产",
"amounts": {
"2025-08-31": 2725,
"2024-09-01": 2617
},
"original_display": {
"2025-08-31": "2,725",
"2024-09-01": "2,617"
}
},
{
"id": "other_long_term_assets",
"label_original_md": "Other long-term assets",
"label_zh_md": "其他长期资产",
"amounts": {
"2025-08-31": 4085,
"2024-09-01": 3936
},
"original_display": {
"2025-08-31": "4,085",
"2024-09-01": "3,936"
}
},
{
"id": "total_assets",
"label_original_md": "**TOTAL ASSETS**",
"label_zh_md": "**总资产**",
"amounts": {
"2025-08-31": 77099,
"2024-09-01": 69831
},
"original_display": {
"2025-08-31": "**77,099**",
"2024-09-01": "**69,831**"
}
},
{
"id": "liabilities_and_equity",
"label_original_md": "**LIABILITIES AND EQUITY**",
"label_zh_md": "**负债与权益**",
"amounts": {
"2025-08-31": null,
"2024-09-01": null
},
"original_display": {
"2025-08-31": "",
"2024-09-01": ""
}
},
{
"id": "current_liabilities",
"label_original_md": "**CURRENT LIABILITIES**",
"label_zh_md": "**流动负债**",
"amounts": {
"2025-08-31": null,
"2024-09-01": null
},
"original_display": {
"2025-08-31": "",
"2024-09-01": ""
}
},
{
"id": "accounts_payable",
"label_original_md": "Accounts payable",
"label_zh_md": "应付账款",
"amounts": {
"2025-08-31": 19783,
"2024-09-01": 19421
},
"original_display": {
"2025-08-31": "19,783",
"2024-09-01": "19,421"
}
},
{
"id": "accrued_salaries_benefits",
"label_original_md": "Accrued salaries and benefits",
"label_zh_md": "应计工资及福利",
"amounts": {
"2025-08-31": 5205,
"2024-09-01": 4794
},
"original_display": {
"2025-08-31": "5,205",
"2024-09-01": "4,794"
}
},
{
"id": "accrued_member_rewards",
"label_original_md": "Accrued member rewards",
"label_zh_md": "应计会员奖励",
"amounts": {
"2025-08-31": 2677,
"2024-09-01": 2435
},
"original_display": {
"2025-08-31": "2,677",
"2024-09-01": "2,435"
}
},
{
"id": "deferred_membership_fees",
"label_original_md": "Deferred membership fees",
"label_zh_md": "递延会员费",
"amounts": {
"2025-08-31": 2854,
"2024-09-01": 2501
},
"original_display": {
"2025-08-31": "2,854",
"2024-09-01": "2,501"
}
},
{
"id": "other_current_liabilities",
"label_original_md": "Other current liabilities",
"label_zh_md": "其他流动负债",
"amounts": {
"2025-08-31": 6589,
"2024-09-01": 6313
},
"original_display": {
"2025-08-31": "6,589",
"2024-09-01": "6,313"
}
},
{
"id": "total_current_liabilities",
"label_original_md": "**Total current liabilities**",
"label_zh_md": "**流动负债合计**",
"amounts": {
"2025-08-31": 37108,
"2024-09-01": 35464
},
"original_display": {
"2025-08-31": "**37,108**",
"2024-09-01": "**35,464**"
}
},
{
"id": "other_liabilities",
"label_original_md": "**OTHER LIABILITIES**",
"label_zh_md": "**其他负债**",
"amounts": {
"2025-08-31": null,
"2024-09-01": null
},
"original_display": {
"2025-08-31": "",
"2024-09-01": ""
}
},
{
"id": "long_term_debt",
"label_original_md": "Long-term debt, excluding current portion",
"label_zh_md": "长期债务，不含流动部分",
"amounts": {
"2025-08-31": 5713,
"2024-09-01": 5794
},
"original_display": {
"2025-08-31": "5,713",
"2024-09-01": "5,794"
}
},
{
"id": "long_term_operating_lease_liabilities",
"label_original_md": "Long-term operating lease liabilities",
"label_zh_md": "长期经营租赁负债",
"amounts": {
"2025-08-31": 2460,
"2024-09-01": 2375
},
"original_display": {
"2025-08-31": "2,460",
"2024-09-01": "2,375"
}
},
{
"id": "other_long_term_liabilities",
"label_original_md": "Other long-term liabilities",
"label_zh_md": "其他长期负债",
"amounts": {
"2025-08-31": 2654,
"2024-09-01": 2576
},
"original_display": {
"2025-08-31": "2,654",
"2024-09-01": "2,576"
}
},
{
"id": "total_liabilities",
"label_original_md": "**TOTAL LIABILITIES**",
"label_zh_md": "**负债合计**",
"amounts": {
"2025-08-31": 47935,
"2024-09-01": 46209
},
"original_display": {
"2025-08-31": "**47,935**",
"2024-09-01": "**46,209**"
}
},
{
"id": "commitments_contingencies",
"label_original_md": "COMMITMENTS AND CONTINGENCIES",
"label_zh_md": "承诺及或有事项〔原表无金额〕",
"amounts": {
"2025-08-31": null,
"2024-09-01": null
},
"original_display": {
"2025-08-31": "",
"2024-09-01": ""
}
},
{
"id": "equity",
"label_original_md": "**EQUITY**",
"label_zh_md": "**权益**",
"amounts": {
"2025-08-31": null,
"2024-09-01": null
},
"original_display": {
"2025-08-31": "",
"2024-09-01": ""
}
},
{
"id": "preferred_stock",
"label_original_md": "Preferred stock \\$0.005 par value; 100,000,000 shares authorized; no shares issued and outstanding",
"label_zh_md": "优先股：每股面值0.005美元；授权100,000,000股；无已发行及流通股",
"amounts": {
"2025-08-31": 0,
"2024-09-01": 0
},
"original_display": {
"2025-08-31": "—",
"2024-09-01": "—"
}
},
{
"id": "common_stock",
"label_original_md": "Common stock \\$0.005 par value; 900,000,000 shares authorized; 443,237,000 and 443,126,000 shares issued and outstanding",
"label_zh_md": "普通股：每股面值0.005美元；授权900,000,000股；两期已发行及流通443,237,000及443,126,000股",
"amounts": {
"2025-08-31": 2,
"2024-09-01": 2
},
"original_display": {
"2025-08-31": "2",
"2024-09-01": "2"
}
},
{
"id": "additional_paid_in_capital",
"label_original_md": "Additional paid-in capital",
"label_zh_md": "额外实缴资本",
"amounts": {
"2025-08-31": 8282,
"2024-09-01": 7829
},
"original_display": {
"2025-08-31": "8,282",
"2024-09-01": "7,829"
}
},
{
"id": "aocl",
"label_original_md": "Accumulated other comprehensive loss",
"label_zh_md": "累计其他综合损失",
"amounts": {
"2025-08-31": -1770,
"2024-09-01": -1828
},
"original_display": {
"2025-08-31": "(1,770)",
"2024-09-01": "(1,828)"
}
},
{
"id": "retained_earnings",
"label_original_md": "Retained earnings",
"label_zh_md": "留存收益",
"amounts": {
"2025-08-31": 22650,
"2024-09-01": 17619
},
"original_display": {
"2025-08-31": "22,650",
"2024-09-01": "17,619"
}
},
{
"id": "total_equity",
"label_original_md": "**TOTAL EQUITY**",
"label_zh_md": "**权益合计**",
"amounts": {
"2025-08-31": 29164,
"2024-09-01": 23622
},
"original_display": {
"2025-08-31": "**29,164**",
"2024-09-01": "**23,622**"
}
},
{
"id": "total_liabilities_equity",
"label_original_md": "**TOTAL LIABILITIES AND EQUITY**",
"label_zh_md": "**负债及权益合计**",
"amounts": {
"2025-08-31": 77099,
"2024-09-01": 69831
},
"original_display": {
"2025-08-31": "**77,099**",
"2024-09-01": "**69,831**"
}
}
],
"supplemental": {
"cashflow_2025": {
"beginning_cash": 9906,
"cfo": 13335,
"cfi": -5311,
"cff": -3775,
"fx": 6,
"ending_cash": 14161
},
"working_balance": {
"inventory_2025": 18116,
"inventory_2024": 18647,
"payables_2025": 19783,
"payables_2024": 19421,
"cf_inventory_adjustment": 559,
"cf_payables_adjustment": 404
},
"lease_2025": {
"current_operating": 208,
"current_finance": 78,
"long_term_operating": 2460,
"long_term_finance": 1401,
"finance_lease_assets_other_long_term_assets": 1488
}
}
},
"JPM-BS-20251231": {
"entity": "JPMorgan Chase & Co.",
"periods": [
"2025-12-31",
"2024-12-31"
],
"statement_rows": [
{
"id": "assets",
"label_original_md": "**Assets**",
"label_zh_md": "**资产**",
"amounts": {
"2025-12-31": null,
"2024-12-31": null
},
"original_display": {
"2025-12-31": "",
"2024-12-31": ""
}
},
{
"id": "cash_due_from_banks",
"label_original_md": "Cash and due from banks",
"label_zh_md": "现金及应收银行款",
"amounts": {
"2025-12-31": 21742,
"2024-12-31": 23372
},
"original_display": {
"2025-12-31": "21,742",
"2024-12-31": "23,372"
}
},
{
"id": "deposits_with_banks",
"label_original_md": "Deposits with banks",
"label_zh_md": "存放银行款项",
"amounts": {
"2025-12-31": 321596,
"2024-12-31": 445945
},
"original_display": {
"2025-12-31": "321,596",
"2024-12-31": "445,945"
}
},
{
"id": "fed_funds_sold_resale",
"label_original_md": "Federal funds sold and securities purchased under resale agreements (included \\$327,018 and \\$286,771 at fair value)",
"label_zh_md": "拆出联邦基金及买入返售证券〔其中按公允价值计量327,018／286,771〕",
"amounts": {
"2025-12-31": 336426,
"2024-12-31": 295001
},
"original_display": {
"2025-12-31": "336,426",
"2024-12-31": "295,001"
}
},
{
"id": "securities_borrowed",
"label_original_md": "Securities borrowed (included \\$98,111 and \\$83,962 at fair value)",
"label_zh_md": "借入证券〔其中按公允价值计量98,111／83,962〕",
"amounts": {
"2025-12-31": 286191,
"2024-12-31": 219546
},
"original_display": {
"2025-12-31": "286,191",
"2024-12-31": "219,546"
}
},
{
"id": "trading_assets",
"label_original_md": "Trading assets (included assets pledged of \\$165,927 and \\$136,070)",
"label_zh_md": "交易资产〔其中已质押资产165,927／136,070〕",
"amounts": {
"2025-12-31": 802873,
"2024-12-31": 637784
},
"original_display": {
"2025-12-31": "802,873",
"2024-12-31": "637,784"
}
},
{
"id": "afs_securities",
"label_original_md": "Available-for-sale securities (amortized cost of \\$507,226 and \\$411,045; included assets pledged of \\$7,735 and \\$10,162)",
"label_zh_md": "可供出售证券〔摊余成本507,226／411,045；其中已质押7,735／10,162〕",
"amounts": {
"2025-12-31": 507198,
"2024-12-31": 406852
},
"original_display": {
"2025-12-31": "507,198",
"2024-12-31": "406,852"
}
},
{
"id": "htm_securities",
"label_original_md": "Held-to-maturity securities",
"label_zh_md": "持有至到期证券",
"amounts": {
"2025-12-31": 270134,
"2024-12-31": 274468
},
"original_display": {
"2025-12-31": "270,134",
"2024-12-31": "274,468"
}
},
{
"id": "investment_securities_net",
"label_original_md": "**Investment securities, net of allowance for credit losses**",
"label_zh_md": "**投资证券，扣除信用损失准备后**",
"amounts": {
"2025-12-31": 777332,
"2024-12-31": 681320
},
"original_display": {
"2025-12-31": "**777,332**",
"2024-12-31": "**681,320**"
}
},
{
"id": "loans_gross",
"label_original_md": "Loans (included \\$70,684 and \\$41,350 at fair value)",
"label_zh_md": "贷款，未扣贷款损失准备〔其中按公允价值计量70,684／41,350〕",
"amounts": {
"2025-12-31": 1493429,
"2024-12-31": 1347988
},
"original_display": {
"2025-12-31": "1,493,429",
"2024-12-31": "1,347,988"
}
},
{
"id": "allowance_loan_losses",
"label_original_md": "Allowance for loan losses",
"label_zh_md": "贷款损失准备〔资产减项〕",
"amounts": {
"2025-12-31": -25765,
"2024-12-31": -24345
},
"original_display": {
"2025-12-31": "(25,765)",
"2024-12-31": "(24,345)"
}
},
{
"id": "loans_net",
"label_original_md": "**Loans, net of allowance for loan losses**",
"label_zh_md": "**贷款净额**",
"amounts": {
"2025-12-31": 1467664,
"2024-12-31": 1323643
},
"original_display": {
"2025-12-31": "**1,467,664**",
"2024-12-31": "**1,323,643**"
}
},
{
"id": "accrued_interest_receivables",
"label_original_md": "Accrued interest and accounts receivable",
"label_zh_md": "应计利息及应收账款",
"amounts": {
"2025-12-31": 111599,
"2024-12-31": 101223
},
"original_display": {
"2025-12-31": "111,599",
"2024-12-31": "101,223"
}
},
{
"id": "premises_equipment",
"label_original_md": "Premises and equipment",
"label_zh_md": "房屋及设备",
"amounts": {
"2025-12-31": 36244,
"2024-12-31": 32223
},
"original_display": {
"2025-12-31": "36,244",
"2024-12-31": "32,223"
}
},
{
"id": "goodwill_msrs_other_intangibles",
"label_original_md": "Goodwill, MSRs and other intangible assets",
"label_zh_md": "商誉、按揭服务权及其他无形资产",
"amounts": {
"2025-12-31": 64458,
"2024-12-31": 64560
},
"original_display": {
"2025-12-31": "64,458",
"2024-12-31": "64,560"
}
},
{
"id": "other_assets",
"label_original_md": "Other assets (included \\$15,849 and \\$15,122 at fair value and assets pledged of \\$11,984 and \\$6,288)",
"label_zh_md": "其他资产〔其中按公允价值计量15,849／15,122；已质押11,984／6,288〕",
"amounts": {
"2025-12-31": 198775,
"2024-12-31": 178197
},
"original_display": {
"2025-12-31": "198,775",
"2024-12-31": "178,197"
}
},
{
"id": "total_assets",
"label_original_md": "**Total assets(a)**",
"label_zh_md": "**总资产〔附注(a)〕**",
"amounts": {
"2025-12-31": 4424900,
"2024-12-31": 4002814
},
"original_display": {
"2025-12-31": "**4,424,900**",
"2024-12-31": "**4,002,814**"
}
},
{
"id": "liabilities",
"label_original_md": "**Liabilities**",
"label_zh_md": "**负债**",
"amounts": {
"2025-12-31": null,
"2024-12-31": null
},
"original_display": {
"2025-12-31": "",
"2024-12-31": ""
}
},
{
"id": "customer_deposits",
"label_original_md": "Deposits (included \\$20,930 and \\$33,768 at fair value)",
"label_zh_md": "客户存款〔其中按公允价值计量20,930／33,768〕",
"amounts": {
"2025-12-31": 2559320,
"2024-12-31": 2406032
},
"original_display": {
"2025-12-31": "2,559,320",
"2024-12-31": "2,406,032"
}
},
{
"id": "fed_funds_purchased_repo",
"label_original_md": "Federal funds purchased and securities loaned or sold under repurchase agreements (included \\$360,194 and \\$226,329 at fair value)",
"label_zh_md": "拆入联邦基金及证券借出或回购融资〔其中按公允价值计量360,194／226,329〕",
"amounts": {
"2025-12-31": 442396,
"2024-12-31": 296835
},
"original_display": {
"2025-12-31": "442,396",
"2024-12-31": "296,835"
}
},
{
"id": "short_term_borrowings",
"label_original_md": "Short-term borrowings (included \\$32,460 and \\$26,521 at fair value)",
"label_zh_md": "短期借款〔其中按公允价值计量32,460／26,521〕",
"amounts": {
"2025-12-31": 64776,
"2024-12-31": 52893
},
"original_display": {
"2025-12-31": "64,776",
"2024-12-31": "52,893"
}
},
{
"id": "trading_liabilities",
"label_original_md": "Trading liabilities",
"label_zh_md": "交易负债",
"amounts": {
"2025-12-31": 216019,
"2024-12-31": 192883
},
"original_display": {
"2025-12-31": "216,019",
"2024-12-31": "192,883"
}
},
{
"id": "accounts_payable_other_liabilities",
"label_original_md": "Accounts payable and other liabilities (included \\$6,660 and \\$5,893 at fair value)",
"label_zh_md": "应付账款及其他负债〔其中按公允价值计量6,660／5,893〕",
"amounts": {
"2025-12-31": 316794,
"2024-12-31": 280672
},
"original_display": {
"2025-12-31": "316,794",
"2024-12-31": "280,672"
}
},
{
"id": "vie_beneficial_interests",
"label_original_md": "Beneficial interests issued by consolidated VIEs (included \\$5 and \\$1 at fair value)",
"label_zh_md": "合并VIE发行的受益权益〔其中按公允价值计量5／1〕",
"amounts": {
"2025-12-31": 27951,
"2024-12-31": 27323
},
"original_display": {
"2025-12-31": "27,951",
"2024-12-31": "27,323"
}
},
{
"id": "long_term_debt",
"label_original_md": "Long-term debt (included \\$134,559 and \\$100,780 at fair value)",
"label_zh_md": "长期债务〔其中按公允价值计量134,559／100,780〕",
"amounts": {
"2025-12-31": 435206,
"2024-12-31": 401418
},
"original_display": {
"2025-12-31": "435,206",
"2024-12-31": "401,418"
}
},
{
"id": "total_liabilities",
"label_original_md": "**Total liabilities(a)**",
"label_zh_md": "**负债合计〔附注(a)〕**",
"amounts": {
"2025-12-31": 4062462,
"2024-12-31": 3658056
},
"original_display": {
"2025-12-31": "**4,062,462**",
"2024-12-31": "**3,658,056**"
}
},
{
"id": "commitments_contingencies",
"label_original_md": "Commitments and contingencies (refer to Notes 28, 29 and 30)",
"label_zh_md": "承诺及或有事项〔参见Notes 28、29、30；原表无金额〕",
"amounts": {
"2025-12-31": null,
"2024-12-31": null
},
"original_display": {
"2025-12-31": "",
"2024-12-31": ""
}
},
{
"id": "equity",
"label_original_md": "**Stockholders’ equity**",
"label_zh_md": "**股东权益**",
"amounts": {
"2025-12-31": null,
"2024-12-31": null
},
"original_display": {
"2025-12-31": "",
"2024-12-31": ""
}
},
{
"id": "preferred_stock",
"label_original_md": "Preferred stock (\\$1 par value; authorized 200,000,000 shares: issued 2,005,375 and 2,005,375 shares)",
"label_zh_md": "优先股：面值每股1美元；授权200,000,000股；两期已发行均为2,005,375股",
"amounts": {
"2025-12-31": 20045,
"2024-12-31": 20050
},
"original_display": {
"2025-12-31": "20,045",
"2024-12-31": "20,050"
}
},
{
"id": "common_stock",
"label_original_md": "Common stock (\\$1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)",
"label_zh_md": "普通股：面值每股1美元；授权9,000,000,000股；已发行4,104,933,895股",
"amounts": {
"2025-12-31": 4105,
"2024-12-31": 4105
},
"original_display": {
"2025-12-31": "4,105",
"2024-12-31": "4,105"
}
},
{
"id": "additional_paid_in_capital",
"label_original_md": "Additional paid-in capital",
"label_zh_md": "额外实缴资本",
"amounts": {
"2025-12-31": 91114,
"2024-12-31": 90911
},
"original_display": {
"2025-12-31": "91,114",
"2024-12-31": "90,911"
}
},
{
"id": "retained_earnings",
"label_original_md": "Retained earnings",
"label_zh_md": "留存收益",
"amounts": {
"2025-12-31": 416055,
"2024-12-31": 376166
},
"original_display": {
"2025-12-31": "416,055",
"2024-12-31": "376,166"
}
},
{
"id": "aocl",
"label_original_md": "Accumulated other comprehensive losses",
"label_zh_md": "累计其他综合损失",
"amounts": {
"2025-12-31": -4290,
"2024-12-31": -12456
},
"original_display": {
"2025-12-31": "(4,290)",
"2024-12-31": "(12,456)"
}
},
{
"id": "treasury_stock",
"label_original_md": "Treasury stock, at cost (1,408,661,319 and 1,307,313,494 shares)",
"label_zh_md": "库存股，按成本〔股数1,408,661,319／1,307,313,494〕",
"amounts": {
"2025-12-31": -164591,
"2024-12-31": -134018
},
"original_display": {
"2025-12-31": "(164,591)",
"2024-12-31": "(134,018)"
}
},
{
"id": "total_equity",
"label_original_md": "**Total stockholders’ equity**",
"label_zh_md": "**股东权益合计**",
"amounts": {
"2025-12-31": 362438,
"2024-12-31": 344758
},
"original_display": {
"2025-12-31": "**362,438**",
"2024-12-31": "**344,758**"
}
},
{
"id": "total_liabilities_equity",
"label_original_md": "**Total liabilities and stockholders’ equity**",
"label_zh_md": "**负债及股东权益合计**",
"amounts": {
"2025-12-31": 4424900,
"2024-12-31": 4002814
},
"original_display": {
"2025-12-31": "**4,424,900**",
"2024-12-31": "**4,002,814**"
}
}
],
"vie_note_rows": [
{
"id": "vie-assets",
"label_original_md": "**Assets**",
"label_zh_md": "**资产**",
"amounts": {
"2025-12-31": null,
"2024-12-31": null
},
"original_display": {
"2025-12-31": "",
"2024-12-31": ""
}
},
{
"id": "vie-trading_assets",
"label_original_md": "Trading assets",
"label_zh_md": "交易资产",
"amounts": {
"2025-12-31": 4835,
"2024-12-31": 3885
},
"original_display": {
"2025-12-31": "4,835",
"2024-12-31": "3,885"
}
},
{
"id": "vie-loans",
"label_original_md": "Loans",
"label_zh_md": "贷款",
"amounts": {
"2025-12-31": 37777,
"2024-12-31": 36510
},
"original_display": {
"2025-12-31": "37,777",
"2024-12-31": "36,510"
}
},
{
"id": "vie-all_other_assets",
"label_original_md": "All other assets",
"label_zh_md": "其他资产",
"amounts": {
"2025-12-31": 683,
"2024-12-31": 681
},
"original_display": {
"2025-12-31": "683",
"2024-12-31": "681"
}
},
{
"id": "vie-total_assets",
"label_original_md": "**Total assets**",
"label_zh_md": "**资产合计**",
"amounts": {
"2025-12-31": 43295,
"2024-12-31": 41076
},
"original_display": {
"2025-12-31": "**43,295**",
"2024-12-31": "**41,076**"
}
},
{
"id": "vie-liabilities",
"label_original_md": "**Liabilities**",
"label_zh_md": "**负债**",
"amounts": {
"2025-12-31": null,
"2024-12-31": null
},
"original_display": {
"2025-12-31": "",
"2024-12-31": ""
}
},
{
"id": "vie-beneficial_interests",
"label_original_md": "Beneficial interests issued by consolidated VIEs",
"label_zh_md": "合并VIE发行的受益权益",
"amounts": {
"2025-12-31": 27951,
"2024-12-31": 27323
},
"original_display": {
"2025-12-31": "27,951",
"2024-12-31": "27,323"
}
},
{
"id": "vie-all_other_liabilities",
"label_original_md": "All other liabilities",
"label_zh_md": "其他负债",
"amounts": {
"2025-12-31": 691,
"2024-12-31": 454
},
"original_display": {
"2025-12-31": "691",
"2024-12-31": "454"
}
},
{
"id": "vie-total_liabilities",
"label_original_md": "**Total liabilities**",
"label_zh_md": "**负债合计**",
"amounts": {
"2025-12-31": 28642,
"2024-12-31": 27777
},
"original_display": {
"2025-12-31": "**28,642**",
"2024-12-31": "**27,777**"
}
}
],
"supplemental": {
"loan_categories_2025": {
"retained": 1408905,
"held_for_sale": 13840,
"fair_value": 70684,
"gross_total": 1493429,
"allowance": -25765
},
"loan_categories_2024": {
"retained": 1299590,
"held_for_sale": 7048,
"fair_value": 41350,
"gross_total": 1347988,
"allowance": -24345
},
"deposits_2025": {
"us_noninterest": 583342,
"non_us_noninterest": 37057,
"total_deposits": 2559320
},
"deposits_2024": {
"us_noninterest": 592500,
"non_us_noninterest": 26806,
"total_deposits": 2406032
},
"securities_2025": {
"afs_carrying_fair_value": 507198,
"htm_carrying_amortized_cost": 270134,
"main_table_total": 777332,
"afs_to_htm_transfer_billion": 44.1
},
"common_equity_2025": {
"total_stockholders_equity": 362438,
"preferred_stock": 20045,
"issued_common_shares": 4104933895,
"treasury_shares": 1408661319
},
"derivative_receivables_2025": {
"gross_recognized": 606382,
"balance_sheet_netting": 548605,
"balance_sheet_net": 57777,
"collateral_not_balance_sheet_netted": 28891,
"note_net_amount": 28886
},
"cashflow_2025": {
"beginning": 469317,
"cfo": -147782,
"cfi": -265565,
"cff": 269533,
"fx": 17835,
"ending": 343338
}
}
}
},
"experiments": [
{
"id": "EXP-BF01-SHARED",
"title": "共同成本分摊与实际成本变化",
"anchor": "bf01-shared-resources",
"description": "所有金额为原稿明确的教学设定。",
"inputs": {
"goods_revenue": 150,
"goods_direct_cost": 100,
"member_revenue": 30,
"member_direct_cost": 5,
"shared_cost": 40,
"allocation_to_goods": 30
},
"source_inputs": {
"goods_revenue": 150,
"goods_direct_cost": 100,
"member_revenue": 30,
"member_direct_cost": 5,
"shared_cost": 40,
"default_allocation_to_goods": 30
},
"static_tables": [
{
"heading": "3 共同资源为什么不能靠分摊解决",
"headers": [
"分摊方式",
"商品利润",
"会员利润",
"合计"
],
"rows": [
[
"共同成本给商品30、给会员10",
"`150−100−30=20`",
"`30−5−10=15`",
"35"
],
[
"改为给商品10、给会员30",
"`150−100−10=40`",
"`30−5−30=−5`",
"35"
]
],
"markdown": "| 分摊方式 | 商品利润 | 会员利润 | 合计 |\n|---|---:|---:|---:|\n| 共同成本给商品30、给会员10 | `150−100−30=20` | `30−5−10=15` | 35 |\n| 改为给商品10、给会员30 | `150−100−10=40` | `30−5−30=−5` | 35 |"
}
],
"specification_markdown": "## 配套规格：交互、静态等价与计算\n\n本部分是网页与 Agent 的同源说明，不要求读者先操作网页才能理解正文。\n\n**交互 BF01-SHARED：共同成本不是随意消失的费用。** 默认输入为 `goods_revenue=150, goods_direct_cost=100, member_revenue=30, member_direct_cost=5, shared_cost=40, allocation_to_goods=30`，单位均为教学金额单位。只有最后一个输入可用滑块在0至40间按1改变。输出为 `goods_profit=50-a`、`member_profit=a-15`、`group_profit=35`。每次同时更新三项；禁止只更新其中一边。默认输出20、15、35，两个端点为50、−15、35和10、25、35。若读者切到“真实成本变化”，直接商品成本输入110，集团结果同步变为25；页面必须把它与纯分摊模式分开。\n\n**交互 BF01-PROCESS：业务过程切换。** 行业取值仅为`retail`与`banking`，默认`retail`。切换替换整套节点和关系说明，而非仅换公司名称。静态等价就是第2、4、5节的表与解释。节点点击展示来源定位及“原始披露／本文关系组织”的身份。无脚本、键盘、打印模式保留所有关系文字；不把图中的相邻关系解释为因果估计。",
"outputs_origin": "原稿第3节静态表及配套规格；导入未执行新计算"
}
],
"specification_markdown": "## 配套规格：交互、静态等价与计算\n\n本部分是网页与 Agent 的同源说明，不要求读者先操作网页才能理解正文。\n\n**交互 BF01-SHARED：共同成本不是随意消失的费用。** 默认输入为 `goods_revenue=150, goods_direct_cost=100, member_revenue=30, member_direct_cost=5, shared_cost=40, allocation_to_goods=30`，单位均为教学金额单位。只有最后一个输入可用滑块在0至40间按1改变。输出为 `goods_profit=50-a`、`member_profit=a-15`、`group_profit=35`。每次同时更新三项；禁止只更新其中一边。默认输出20、15、35，两个端点为50、−15、35和10、25、35。若读者切到“真实成本变化”，直接商品成本输入110，集团结果同步变为25；页面必须把它与纯分摊模式分开。\n\n**交互 BF01-PROCESS：业务过程切换。** 行业取值仅为`retail`与`banking`，默认`retail`。切换替换整套节点和关系说明，而非仅换公司名称。静态等价就是第2、4、5节的表与解释。节点点击展示来源定位及“原始披露／本文关系组织”的身份。无脚本、键盘、打印模式保留所有关系文字；不把图中的相邻关系解释为因果估计。",
"outputs_origin": "原稿静态表、公式和配套规格；本导入仅提取"
},
"runtime_reading_log": []
}
```
## Supplied entry
看到一家公司的名字，我们很容易先给它贴上一个标签：零售商、银行、软件公司。标签能帮我们找到同行，却还不能解释它怎样赚钱。同样收到一笔钱，可能是卖出商品的货款，也可能是尚未完成服务的预收款，还可能是必须归还的客户存款。只有先看清交易中发生了什么，报表上的“收入”“资产”“负债”才不会变成一组孤立的名称。
这一篇先不估值。我们要完成一件更基础的事：把公司拆成几条说得清楚的经营过程，同时保留它们共用的资源。走到最后，你应该能拿着一段新的业务说明，解释客户为什么付款、企业还需要做什么，以及这些关系会在报表的什么地方留下痕迹。
## 1 先确定我们正在拆什么
**本文所说的业务单元，是为当前分析选取的一组经营活动：它有可说明的客户或交易对手、收费依据、交付责任，以及为完成交付所需的投入。** 这是分析时使用的切法，不等同于法律实体，也不保证恰好对应公司披露的报告分部。
例如，按地区管理的企业可以把几个不同产品放在同一报告分部；同一种服务也可能由多个子公司共同完成。我们先从业务说明建立联系，再回到分部披露核对可用数据，而不是把每个分部名称直接当成一门完全独立的生意。Costco 的业务说明列出了商品类别、仓储附属业务和其他业务；JPMorgan 的经营概览则列出消费与社区银行、商业与投资银行、资产与财富管理三个报告分部及 Corporate。两份资料本来就在使用不同的管理切法。[COST-BUS]、[JPM-BUS]
拆业务时，可以连续问五个问题，但它们不是五张互不相干的检查表。**客户买什么**决定企业承担的交付；交付决定必须投入哪些商品、人员和设施；投入与收款之间的时间差，又决定企业持有什么权利、欠别人什么。
| 关系 | 要写成什么样的具体句子 | 对报表的第一条线索 |
|---|---|---|
| 收费 | 按商品、服务次数、使用期限，还是资金余额收费？ | 哪一项收入；计量单位是什么 |
| 交付 | 谁负责提供商品或服务？什么时候算完成？ | 收入确认、存货转出、尚未完成的义务 |
| 持续投入 | 完成交付需要采购、人员、处理系统还是风险承担？ | 成本费用、应付及需要持续建设的能力 |
| 资源 | 交付前持有商品、收款权，还是多年使用的设施？ | 存货、应收、设备、使用权等 |
| 义务 | 钱是欠供应商、欠客户，还是借来的？要怎样履行？ | 应付、递延收入、存款、借款等 |
这里的“资源”先是经营语言，不表示它必然按我们想象的金额列在资产负债表里。例如，团队协作、客户关系可能影响经营，但不能因此给它们随手标一个价值再加进总资产。资产的概念、是否确认和如何计量，是不同层次的问题；下一篇资产负债表带读会把它们分开。[FASB-E16-36]
## 2 从 Costco 的两种收费进入
我们先看 Costco FY2025 的原始收入片段。它不是完整利润表，只用于把业务说明连接到可核对的金额；完整报表位置见 BF-02。
**Costco 合并口径，单位：百万美元；两期均为52周。**
| 英文原行 | 中文 | 截至2025-08-31 | 截至2024-09-01 |
|---|---|---:|---:|
| Net sales | 净销售额 | 269,912 | 249,625 |
| Membership fees | 会员费收入 | 5,323 | 4,828 |
| Total revenue | 总收入 | 275,235 | 254,453 |
来源：[COST-IS]，SEC 10-K 印刷p.37。`269912 + 5323 = 275235`，先核对这三个数，再讨论它们的经营含义。
商品销售这条过程比较容易看见：采购和持有商品，向会员交付，再与供应商结算。会员费却不是又卖出了一批商品。会员取得的是一定期间的会员服务；公司披露将会员费收入扣除退款后，在一年会员期内按期确认。因此，同一年收入表里的5,323，与年末资产负债表里的递延会员费2,854，回答的是两个问题：前者是这一期间确认了多少收入，后者是这个时点还有多少已收取但尚待确认的会员费。[COST-REV]
把它们并排放置，经营过程就清楚一些了：
| 本例中的过程 | 收费与交付 | 需要连接的资源和义务 |
|---|---|---|
| 商品交易 | 商品销售与相应交付；具体确认时点按收入政策阅读 | 商品存货、货款结算、供应商应付、退款安排 |
| 会员服务 | 会员期限内提供服务；收入随期间确认 | 已收款形成的递延会员费，以及提供会员服务所需的共同设施与人员 |
| 两者共同使用的经营基础 | 门店、配送、信息系统和客户服务支持多种活动 | 不能把同一项投入在两个业务中各算一遍 |
前两行的事实来自业务说明及收入政策；第三行是据此组织分析的方式，不是公司披露的一份独立分部成本表。[COST-BUS]、[COST-REV]
现在可以看出一句常见说法的问题：“会员费收入可以单独找到，所以会员费就是利润。”收入能单列，并不意味着服务它不需要资源。反过来，也不宜为了表示谨慎，就把所有门店成本都分给会员业务。我们需要先问成本是如何发生的，再决定分析中怎样呈现它。
## 3 共同资源为什么不能靠分摊解决
令两个业务的收入为 $R_g,R_m$，可直接归属的成本为 $C_g,C_m$，共同成本为 $K$。在这张明确限定范围的经营表里，总利润为
$$
\Pi=R_g+R_m-C_g-C_m-K.
$$
若把共同成本中的 $a$ 分给商品业务，剩余 $K-a$ 分给会员业务，则两边分别显示 $R_g-C_g-a$ 和 $R_m-C_m-(K-a)$。相加后，$a$ 消掉了。**改分摊可以改变业务利润的样子，却没有改变企业实际发生的收入和成本。**
我们用一个教学设定把这点算完。下列金额都是虚构的“金额单位”，不是 Costco 的费用估计。假设本期商品收入150、直接商品成本100，会员收入30、直接会员成本5，共同成本40；不考虑税、利息等未列项目。
| 分摊方式 | 商品利润 | 会员利润 | 合计 |
|---|---:|---:|---:|
| 共同成本给商品30、给会员10 | `150−100−30=20` | `30−5−10=15` | 35 |
| 改为给商品10、给会员30 | `150−100−10=40` | `30−5−30=−5` | 35 |
第二种分摊让会员业务“亏损”了，但没有一位顾客离开，没有新增一笔工资，集团利润仍是35。于是，不能仅凭分摊后的负数决定取消会员服务。真正要研究的是：取消以后哪些收入会消失、哪些投入确实能撤掉、其他业务的客户行为是否改变。
这个例子也说明了拆分的用途。拆分不是为了让每个格子都有一个利润，而是为了让变化有落点。若商品采购成本真的增加10，而其他条件暂时不变，总利润就从35降到25；这与把共同成本从一边搬到另一边完全不同。若为了维持会员体验要新增一套设施，应该继续分析资本投入、投用与未来费用，而不是把这笔投入藏进任意调整的利润率里。
回到真实报表，5,323首先是已经确认的会员费收入。它可以成为经营分析的输入，但一份未披露的“独立会员利润”仍需要额外的成本与共同资源证据。这不是停止分析，而是把下一步需要知道的事情说得更具体。[COST-IS]、[COST-REV]
## 4 换成银行，过程为什么必须重画
现在把商品流转图收起来。JPMorgan 的经营概览涵盖贷款、交易处理、投资银行、资产管理等活动；不能用“进货—库存—卖货”一条链解释全部经营。[JPM-BUS]
就拿存款和贷款来说，同样是资金进入企业，交易对手的权利可能完全不同。2025年末，JPMorgan 合并资产负债表的客户存款是负债方的2,559,320；存放其他银行的款项321,596则在资产方。两行都带有 deposits，但前者是本集团对存款人的义务，后者是本集团对其他银行的权利。[JPM-BS]
贷款这一边也要把本金与收入分开。贷出的本金形成一项收款权；利息、费用以及相应成本，才进入期间经营结果。贷款的账面计量还与持有策略和信用损失处理有关，不能把贷款余额增长直接读成同额的收入增长。[JPM-LOAN]
可以用一个很小的事件检查理解。教学设定：一位客户从外部向银行转入100，形成该银行的客户存款；忽略手续费等其他事项。银行新增现金100，同时新增存款义务100，本次事件没有凭空产生100的利润。这里只描述这笔外部转入的变化，不把它扩写为整个银行体系的存款创造模型。
这与零售商收到商品货款的事件为什么不同？因为我们不能只盯着“收到100”，还要看收款以后对方保留什么权利、企业完成了什么交付。同样，银行替客户提供资产管理服务，与把资产作为自己的资产持有，也不能仅因都涉及证券就合并为一种投入关系。
因此，银行分支应分别看资金来源、资产运用、计量和风险，再看股东处在什么位置。这里先建立阅读方向；贷款准备、证券类别和普通股权益的完整算例在 BF-05 中就地展开。
## 5 完成一张能继续使用的业务图
现在回看开头的五个问题，你不需要为每个名词建一个节点。一条有用的连接应当能说成一句完整的话，例如：“采购形成待交付的商品；付款尚未发生，所以同时留下供应商义务。”这句话把业务、资产和负债连接起来，比“存货→应付”两个词之间的一支箭更准确。
本篇的静态业务图如下。箭头描述关系，不表示所有事件必然依次发生，也不表示某一资源只服务一个业务。
| 起点 → 终点 | 箭头的含义 |
|---|---|
| 供应商 → 零售企业的商品 | 交付商品；尚未付款时同时形成应付 |
| 商品及履约资源 → 客户交付 | 持有的商品进入交付过程，相关成本随适用政策确认 |
| 会员合同 → 期间服务 | 收费期限和履行过程决定会员费收入及剩余义务 |
| 门店、系统、人员 → 商品交易／会员服务 | 共同使用关系；不等于两份可以重复加总的资源 |
| 外部存款人 → 银行资金来源 | 外部转入形成资产，同时形成存款义务 |
| 银行 → 借款人 | 贷款形成收款权；本金余额、信用损失与期间收入分开读取 |
前三条真实入口见[COST-BUS]、[COST-REV]，银行入口见[JPM-BUS]、[JPM-BS]、[JPM-LOAN]；关系图的组织是本文的教学表达。
## 6 练习与完整解析
### 练习一：会收费，就有独立利润吗？
你已经找到 Costco 的会员费收入5,323。有人建议把它全部计作“会员业务利润”，再把其余利润归给商品业务。请说明这一步缺什么，并写出一个可以实际继续调查的问题。
**解析。** 缺少直接服务成本和共同投入的归属依据。收入单列只解决了收费的一个观察窗口，没有证明其他业务承担了全部必要成本。可以继续调查“哪些人员和系统工作会随会员数量变化，哪些门店投入即使会员数量短期变化也不会撤掉”，再核对披露是否提供足够数据。不要从一个分摊比例出发，倒推它是企业真实的成本形成方式。[COST-IS]、[COST-REV]
### 练习二：改变什么才改变企业利润？
使用第3节的教学设定。把共同成本给商品的份额从30改成0，其他真实收入和成本不变；随后单独考虑直接商品成本从100升到110。分别计算结果。
**解析。** 只改分摊时，商品利润是50，会员利润是 $30-5-40=-15$，合计仍35。成本确实增加10时，无论怎样分摊共同成本，合计都变为 $150+30-110-5-40=25$。前者改变呈现，后者改变投入。能把这两件事分开，才说明理解了共同资源，而不是记住一个分摊公式。
### 练习三：同名项目的迁移
给你 JPMorgan 2025年末的两行：资产方 `Deposits with banks 321,596`，负债方 `Deposits 2,559,320`。请写出各自的交易对手关系，并说明为什么不能把两项相加称为“银行当年销售额”。
**解析。** 第一项是银行持有的权利，第二项是对客户的义务，且两者都是时点余额。把它们相加既混淆权利与义务，也混淆余额与期间收入。要分析期间经营，应进一步读取利息、非利息收入、资金成本和信用成本；不能用一个余额总和代替。[JPM-BS]、[JPM-LOAN]
到这里，我们已经有了一张能回到真实报表的业务图。下一步进入 [BF-05](/zh/notebook/balance-sheet/)，先看到全表，再沿自己选择的零售或银行分支追到附注。
## 来源与实际定位
| 原件链接／代号 | 版本与具体定位 |
|---|---|
| [COST-BUS] | BI-S05；Costco FY2025 10-K；Item 1 Business，General / Membership，印刷pp.3–7 |
| [COST-IS] | BI-S05；合并利润表印刷p.37；截至2025-08-31及2024-09-01的52周；百万美元 |
| [COST-REV] | BI-S05；Note 1 Revenue Recognition，印刷pp.47–48；资产负债表p.39 |
| [JPM-BUS] | BI-S07；2025 Annual Report；MD&A Introduction，印刷p.46／物理p.78 |
| [JPM-BS] | BI-S07；合并资产负债表印刷p.167／物理p.199；2025-12-31及2024-12-31；百万美元，股数另标 |
| [JPM-LOAN] | BI-S07；Note 12 Loan accounting framework，印刷pp.236–238；Loan portfolio p.239 |
| [FASB-E16-36] | BF-S-FASB-ELEMENTS；2021-12；E16–E36；概念框架不是所有具体确认与计量规则 |
[COST-BUS]: https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm "BI-S05；Costco FY2025 10-K；Item 1 Business，General / Membership，印刷pp.3–7"
[COST-IS]: https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm "BI-S05；合并利润表印刷p.37；截至2025-08-31及2024-09-01的52周；百万美元"
[COST-REV]: https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm "BI-S05；Note 1 Revenue Recognition，印刷pp.47–48；资产负债表p.39"
[JPM-BUS]: https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf#page=78 "BI-S07；2025 Annual Report；MD&A Introduction，印刷p.46／物理p.78"
[JPM-BS]: https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf#page=199 "BI-S07；合并资产负债表印刷p.167／物理p.199；2025-12-31及2024-12-31；百万美元，股数另标"
[JPM-LOAN]: https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf#page=268 "BI-S07；Note 12 Loan accounting framework，印刷pp.236–238；Loan portfolio p.239"
[FASB-E16-36]: https://storage.fasb.org/Concepts_Statement_8-Chapter_4-Elements.pdf "BF-S-FASB-ELEMENTS；2021-12；E16–E36；概念框架不是所有具体确认与计量规则"
## Additional teaching material
## 配套规格：交互、静态等价与计算
本部分是网页与 Agent 的同源说明，不要求读者先操作网页才能理解正文。
**交互 BF01-SHARED：共同成本不是随意消失的费用。** 默认输入为 `goods_revenue=150, goods_direct_cost=100, member_revenue=30, member_direct_cost=5, shared_cost=40, allocation_to_goods=30`，单位均为教学金额单位。只有最后一个输入可用滑块在0至40间按1改变。输出为 `goods_profit=50-a`、`member_profit=a-15`、`group_profit=35`。每次同时更新三项；禁止只更新其中一边。默认输出20、15、35，两个端点为50、−15、35和10、25、35。若读者切到“真实成本变化”，直接商品成本输入110，集团结果同步变为25；页面必须把它与纯分摊模式分开。
**交互 BF01-PROCESS：业务过程切换。** 行业取值仅为`retail`与`banking`，默认`retail`。切换替换整套节点和关系说明，而非仅换公司名称。静态等价就是第2、4、5节的表与解释。节点点击展示来源定位及“原始披露／本文关系组织”的身份。无脚本、键盘、打印模式保留所有关系文字；不把图中的相邻关系解释为因果估计。
## Experiment inputs and static equivalents
```json
[
{
"id": "EXP-BF01-SHARED",
"title": "共同成本分摊与实际成本变化",
"anchor": "bf01-shared-resources",
"description": "所有金额为原稿明确的教学设定。",
"inputs": {
"goods_revenue": 150,
"goods_direct_cost": 100,
"member_revenue": 30,
"member_direct_cost": 5,
"shared_cost": 40,
"allocation_to_goods": 30
},
"source_inputs": {
"goods_revenue": 150,
"goods_direct_cost": 100,
"member_revenue": 30,
"member_direct_cost": 5,
"shared_cost": 40,
"default_allocation_to_goods": 30
},
"static_tables": [
{
"heading": "3 共同资源为什么不能靠分摊解决",
"headers": [
"分摊方式",
"商品利润",
"会员利润",
"合计"
],
"rows": [
[
"共同成本给商品30、给会员10",
"`150−100−30=20`",
"`30−5−10=15`",
"35"
],
[
"改为给商品10、给会员30",
"`150−100−10=40`",
"`30−5−30=−5`",
"35"
]
],
"markdown": "| 分摊方式 | 商品利润 | 会员利润 | 合计 |\n|---|---:|---:|---:|\n| 共同成本给商品30、给会员10 | `150−100−30=20` | `30−5−10=15` | 35 |\n| 改为给商品10、给会员30 | `150−100−10=40` | `30−5−30=−5` | 35 |"
}
],
"specification_markdown": "## 配套规格：交互、静态等价与计算\n\n本部分是网页与 Agent 的同源说明，不要求读者先操作网页才能理解正文。\n\n**交互 BF01-SHARED：共同成本不是随意消失的费用。** 默认输入为 `goods_revenue=150, goods_direct_cost=100, member_revenue=30, member_direct_cost=5, shared_cost=40, allocation_to_goods=30`，单位均为教学金额单位。只有最后一个输入可用滑块在0至40间按1改变。输出为 `goods_profit=50-a`、`member_profit=a-15`、`group_profit=35`。每次同时更新三项；禁止只更新其中一边。默认输出20、15、35，两个端点为50、−15、35和10、25、35。若读者切到“真实成本变化”，直接商品成本输入110，集团结果同步变为25；页面必须把它与纯分摊模式分开。\n\n**交互 BF01-PROCESS：业务过程切换。** 行业取值仅为`retail`与`banking`，默认`retail`。切换替换整套节点和关系说明，而非仅换公司名称。静态等价就是第2、4、5节的表与解释。节点点击展示来源定位及“原始披露／本文关系组织”的身份。无脚本、键盘、打印模式保留所有关系文字；不把图中的相邻关系解释为因果估计。",
"outputs_origin": "原稿第3节静态表及配套规格；导入未执行新计算"
}
]
```
## Sources
- [Costco Wholesale Corporation · FY2025 Form 10-K（SEC HTML）](https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm): Costco 的 2025 财年末合并资产为77,099百万美元，负债47,935，权益29,164。业务说明把商品快速周转与供应商付款安排联系起来；会员费的确认则需要结合收入政策和递延余额。
本组带读将存货与应付的两期余额变化接到现金流量表。两种计算并不完全相同，差额留待附注和其他口径解释。
EI-B 本批采用：会员制度、尾随续费率定义、会员费收入及合并营业利润桥。美元百万转换为十亿美元；全球公司边界不等于美国单一零售市场。
BF-F/G 本批采用：零售利润/现金/普通股及债务时间的历史原件。SEC具名表定位优先；不混用IR PDF页码。
- [FASB Concepts Statement No. 8 · Chapter 4: Elements of Financial Statements](https://storage.fasb.org/Concepts_Statement_8-Chapter_4-Elements.pdf): 资产对应企业取得经济利益的现时权利，负债对应企业转移经济利益的现时义务；权益是扣除负债后的剩余利益。
这组定义帮助识别对象。某项权利是否确认、按何种金额计量，还要结合适用的会计规则和披露。
- [JPMorgan Chase & Co. · 2025 Annual Report](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf): JPMorgan 的 2025 年末集团合并表没有照普通工业企业划分流动／非流动。证券和贷款各有计量类别；贷款损失准备是贷款账面余额的减项，表下注明的合并VIE金额已包含在集团总额内。
从总权益到普通股权益，还要扣除优先股；每股账面值的股数使用已发行股数减库存股。原表、附注和普通股权利因此要连在一起读。
BF-F/G 本批采用：集团季度平均LCR、期末资产和有条件融资能力分别记录；银行法人另列；完整主表支持综合带读。
## Content relations
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"relation": "illustrated_by",
"to": "EXP-BF01-SHARED",
"reason": "改变分摊不改变合计利润的教学设定"
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"from": "zh-bf01",
"relation": "supported_by",
"to": "BF-S-COST-FY2025-SEC",
"reason": "业务、收入及会员收入确认",
"scope": "Item 1 pp.3–7；收入表p.37；Note 1 pp.47–48"
},
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"relation": "supported_by",
"to": "BF-S-JPM-FY2025",
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},
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"relation": "informs",
"to": "zh-balance-sheet",
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```
## Related entries
## Optional reading path
拆一份企业财报: step 1/14
连接客户、收费、交付、资源和资金。
带着业务地图进入完整报表，选择与你的对象相近的行业。
Next: [资产负债表：全表结构与行业带读](https://ou-liu-red-sugar.github.io/zh/notebook/balance-sheet/)