# 企业财报综合带读与迁移练习 以完整零售/银行原表产出可复核一页分析：业务、资源、利润、现金、普通股、竞争解释及下一条证据；附Walmart和SVB迁移。 Entry: zh-bf22 | Node: BF-22 | Language: zh | Editorial revision: 2026-09-21 ## Teaching instructions 你教授BF-22《企业财报综合带读与迁移练习》，版本2026-09-21-review-v3，面对有微积分、线性代数与基本概率基础的高年级本科至研究生。使用本包同源全文，不另造一套事实。 先确定selected_branch，默认retail，允许["retail", "bank"]；all表示逐支教学。按required_readings过滤common与选中行业，未选行业不是必读。迁移与研究仅在读者启用时按optional_readings补读。 先实际打开每项公开URL，读完required_unit包含的正文/表/脚注；记录标题、版本、定位、得到的关键设定。runtime_reading_log初始为空，不能把编辑的阅读回执当本次已读。只有摘要、登录页或访问失败不算完成；尝试正式等价入口，仍缺则说明具体单元并停止该范围的实质讲解。 当前分支任务：{"retail": "先独立填写Costco六格分析，再恢复OI10383与现金14161，解释股数口径和893/963差异；提出两项可推翻的库存解释。", "bank": "先独立填写JPM分析，恢复税前72595、现金343338及普通股权益342393；用CIB存款增119826说明为何需要账户/平均余额而非只看总量。"} 用一项完整真实材料任务诊断，不把四则运算拆成逐句考试。让读者先完成关系和解释，再对照同源题解反馈；已会内容直接跳过。实验的历史、分析计算和教学合同身份分开，所有默认输入来自supplied_inputs。解释必须包含原表定位、时间/单位和任务的正向完成。 最后问“读者只读完这个词条，真的能学明白吗？”用独立产出与迁移答案作检验，而不是给自评分。数字正确但混用时间、主体、税额或现金/股数时，指出具体误解并让读者修一份完整结果。不要把过程记录写进读者正文。 本篇特有边界：默认共同部分+一支15–20分钟；先写自己的六格再看示范。自动仅检查数值和非空，因果解释须人工复核。 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 { "export_mode": "public", "node_id": "BF-22", "content_version": "2026-09-21-review-v3", "default_branch": "retail", "branch_options": [ "retail", "bank" ], "branch_tasks": { "retail": "先独立填写Costco六格分析，再恢复OI10383与现金14161，解释股数口径和893/963差异；提出两项可推翻的库存解释。", "bank": "先独立填写JPM分析，恢复税前72595、现金343338及普通股权益342393；用CIB存款增119826说明为何需要账户/平均余额而非只看总量。" }, "required_readings": [ { "source_id": "BF-S-SEC-GUIDE", "access": { "kind": "html_full_text", "uri": "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements", "verified_access_at": "2026-09-21" }, "required_unit": { "locator": "四表、Footnotes、MD&A、Bringing It All Together", "scope": "全页", "purpose": "综合材料地图" }, "supports": "综合材料地图", "branch": "common", "required_when": "共同或所选行业主线", "title": "Beginners’ Guide to Financial Statements", "authors": [ "U.S. Securities and Exchange Commission" ], "version": "2014；Last reviewed 2017", "retrieved_at": "2026-09-21", "id": "BF22-READ-01" }, { "source_id": "BF-S-COST-FY2025-SEC", "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": "Item1；完整主表；Note1财年/收入/库存/应收/PPE/Leases；Note4", "scope": "完整所选单元及脚注", "purpose": "零售六格一页分析" }, "supports": "零售六格一页分析", "branch": "retail", "required_when": "共同或所选行业主线", "title": "Costco Wholesale Corporation FY2025 Form 10-K", "authors": [ "Costco Wholesale Corporation" ], "version": "FY ended 2025-08-31；比较期2024-09-01", "retrieved_at": "2026-09-21", "id": "BF22-READ-02" } ], "optional_readings": [ { "source_id": "EIBC-S04", "access": { "kind": "html_full_text", "uri": "https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/wmt-20260131.htm", "verified_access_at": "2026-09-21" }, "required_unit": { "locator": "Item1，Note1 Inventories，MD&A Capital Allocation/FCF/Consolidated Results", "scope": "完整选读单元及表格脚注", "purpose": "同类零售迁移" }, "supports": "同类零售迁移", "branch": "walmart", "required_when": "所选扩展启用时", "title": "Walmart Inc. FY2026 Form 10-K", "authors": [ "Walmart Inc." ], "version": "FY ended 2026-01-31；filed 2026-03-13", "retrieved_at": "2026-09-21", "id": "BF22-READ-04", "activated_by": "walmart", "required_when_selected": true }, { "source_id": "BFFG-C03", "access": { "kind": "html_full_text", "uri": "https://www.federalreserve.gov/publications/2023-April-SVB-Key-Takeaways.htm", "verified_access_at": "2026-09-21" }, "required_unit": { "locator": "Key Takeaways", "scope": "全文", "purpose": "历史银行迁移" }, "supports": "历史银行迁移", "branch": "svb", "required_when": "所选扩展启用时", "title": "Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank — Key Takeaways", "authors": [ "Board of Governors of the Federal Reserve System" ], "version": "2023-04-28；网页更新2023-05-17", "retrieved_at": "2026-09-21", "id": "BF22-READ-05", "activated_by": "svb", "required_when_selected": true }, { "source_id": "BFFG-C03L", "access": { "kind": "html_full_text", "uri": "https://www.federalreserve.gov/publications/2023-April-SVB-Supervision-of-SVBFG-by-Critical-Risk-Areas.htm", "verified_access_at": "2026-09-21" }, "required_unit": { "locator": "Liquidity Supervision", "scope": "从Overview起读至该节Conclusions，止于Interest Rate Risk and Investment Portfolio Supervision标题之前", "purpose": "可操作融资而非只是资产质量" }, "supports": "可操作融资而非只是资产质量", "branch": "svb", "required_when": "所选扩展启用时", "title": "SVB Review — Supervision of SVBFG by Critical Risk Areas", "authors": [ "Federal Reserve" ], "version": "2023-04-28", "retrieved_at": "2026-09-21", "id": "BF22-READ-06", "activated_by": "svb", "required_when_selected": true }, { "source_id": "BFFG-R02", "access": { "kind": "html_full_text", "uri": "https://link.springer.com/article/10.1007/s11142-026-09971-2", "verified_access_at": "2026-09-21" }, "required_unit": { "locator": "Introduction与§8试用范围", "scope": "完整采用单元", "purpose": "多渠道证据框架，不自动打分" }, "supports": "多渠道证据框架，不自动打分", "branch": "research", "required_when": "所选扩展启用时", "title": "Beyond earnings quality: evaluating the quality of corporate disclosure practices", "authors": [ "Patricia M. Dechow", "Weili Ge", "Wei Ting Loh", "Sarah McVay" ], "version": "RAST31(2026),1567–1637；published 2026-07-24", "retrieved_at": "2026-09-21", "id": "BF22-READ-07", "activated_by": "research", "required_when_selected": true } ], "runtime_reading_log": [], "supplied_inputs": { "schema_version": "BFFG-1.0", "content_version": "2026-09-21-review-v3", "cutoff": "2026-09-21", "identity_policy": "historical_observation / disclosed_non_gaap / analyst_arithmetic / hypothetical_contract 分列；未获取的未来现金及收益为null。", "integrated": { "retail": { "source_id": "BFFG-C01", "period": "FY2025 ended 2025-08-31 (52 weeks)", "revenue": 275235, "oi": 10383, "ni": 8099, "cfo": 13335, "cfi": -5311, "cff": -3775, "fx": 6, "cash_begin": 9906, "cash_end": 14161, "equity": 29164, "equity_prior": 23622, "shares_end": 443237000, "shares_prior": 443126000, "inventory": 18116, "inventory_prior": 18647, "ap": 19783, "ap_prior": 19421, "cf_inventory": 559, "cf_ap": 404, "principal": 5805, "capex": 5498, "dividends": 2183, "repurchases": 903 }, "bank": { "source_id": "BFFG-C02", "period": "FY2025 ended 2025-12-31", "net_revenue": 182447, "provision": 14212, "noninterest_expense": 95640, "pretax": 72595, "ni": 57048, "common_ni": 55681, "nii": 95443, "noninterest_revenue": 87004, "cfo": -147782, "cfi": -265565, "cff": 269533, "fx": 17835, "cash_begin": 469317, "cash_end": 343338, "equity": 362438, "preferred": 20045, "common_equity": 342393, "issued_shares": 4104933895, "treasury_shares": 1408661319, "shares_end": 2696272576, "deposits": 2559320, "deposits_prior": 2406032, "loans_gross": 1493429, "allowance": 25765, "loans_net": 1467664, "assets": 4424900 } }, "tables": { "cost_bs": { "id": "COST-BS-20250831", "title": "Consolidated Balance Sheets", "source_id": "BFFG-C01", "locator": "SEC HTML Consolidated Balance Sheets；IR PDF 印刷p37／物理p43", "periods": [ "2025-08-31", "2024-09-01" ], "unit": "USD million；股数与每股面值按行另标", "data_identity": "historical_observation", "rows": [ { "id": "assets", "label_original": "ASSETS", "label_zh": "资产", "kind": "heading", "values": [ null, null ], "original_display": { "2025-08-31": "", "2024-09-01": "" } }, { "id": "current_assets", "label_original": "CURRENT ASSETS", "label_zh": "流动资产", "kind": "heading", "values": [ null, null ], "original_display": { "2025-08-31": "", "2024-09-01": "" } }, { "id": "cash", "label_original": "Cash and cash equivalents", "label_zh": "现金及现金等价物", "kind": "detail", "values": [ 14161, 9906 ], "original_display": { "2025-08-31": "14,161", "2024-09-01": "9,906" } }, { "id": "short_term_investments", "label_original": "Short-term investments", "label_zh": "短期投资", "kind": "detail", "values": [ 1123, 1238 ], "original_display": { "2025-08-31": "1,123", "2024-09-01": "1,238" } }, { "id": "receivables_net", "label_original": "Receivables, net", "label_zh": "应收款净额", "kind": "detail", "values": [ 3203, 2721 ], "original_display": { "2025-08-31": "3,203", "2024-09-01": "2,721" } }, { "id": "inventory", "label_original": "Merchandise inventories", "label_zh": "商品存货", "kind": "detail", "values": [ 18116, 18647 ], "original_display": { "2025-08-31": "18,116", "2024-09-01": "18,647" } }, { "id": "other_current_assets", "label_original": "Other current assets", "label_zh": "其他流动资产", "kind": "detail", "values": [ 1777, 1734 ], "original_display": { "2025-08-31": "1,777", "2024-09-01": "1,734" } }, { "id": "total_current_assets", "label_original": "Total current assets", "label_zh": "流动资产合计", "kind": "total", "values": [ 38380, 34246 ], "original_display": { "2025-08-31": "**38,380**", "2024-09-01": "**34,246**" } }, { "id": "other_assets", "label_original": "OTHER ASSETS", "label_zh": "其他资产", "kind": "heading", "values": [ null, null ], "original_display": { "2025-08-31": "", "2024-09-01": "" } }, { "id": "ppe_net", "label_original": "Property and equipment, net", "label_zh": "物业及设备净额", "kind": "detail", "values": [ 31909, 29032 ], "original_display": { "2025-08-31": "31,909", "2024-09-01": "29,032" } }, { "id": "operating_lease_rou", "label_original": "Operating lease right-of-use assets", "label_zh": "经营租赁使用权资产", "kind": "detail", "values": [ 2725, 2617 ], "original_display": { "2025-08-31": "2,725", "2024-09-01": "2,617" } }, { "id": "other_long_term_assets", "label_original": "Other long-term assets", "label_zh": "其他长期资产", "kind": "detail", "values": [ 4085, 3936 ], "original_display": { "2025-08-31": "4,085", "2024-09-01": "3,936" } }, { "id": "total_assets", "label_original": "TOTAL ASSETS", "label_zh": "总资产", "kind": "total", "values": [ 77099, 69831 ], "original_display": { "2025-08-31": "**77,099**", "2024-09-01": "**69,831**" } }, { "id": "liabilities_and_equity", "label_original": "LIABILITIES AND EQUITY", "label_zh": "负债与权益", "kind": "heading", "values": [ null, null ], "original_display": { "2025-08-31": "", "2024-09-01": "" } }, { "id": "current_liabilities", "label_original": "CURRENT LIABILITIES", "label_zh": "流动负债", "kind": "heading", "values": [ null, null ], "original_display": { "2025-08-31": "", "2024-09-01": "" } }, { "id": "accounts_payable", "label_original": "Accounts payable", "label_zh": "应付账款", "kind": "detail", "values": [ 19783, 19421 ], "original_display": { "2025-08-31": "19,783", "2024-09-01": "19,421" } }, { "id": "accrued_salaries_benefits", "label_original": "Accrued salaries and benefits", "label_zh": "应计工资及福利", "kind": "detail", "values": [ 5205, 4794 ], "original_display": { "2025-08-31": "5,205", "2024-09-01": "4,794" } }, { "id": "accrued_member_rewards", "label_original": "Accrued member rewards", "label_zh": "应计会员奖励", "kind": "detail", "values": [ 2677, 2435 ], "original_display": { "2025-08-31": "2,677", "2024-09-01": "2,435" } }, { "id": "deferred_membership_fees", "label_original": "Deferred membership fees", "label_zh": "递延会员费", "kind": "detail", "values": [ 2854, 2501 ], "original_display": { "2025-08-31": "2,854", "2024-09-01": "2,501" } }, { "id": "other_current_liabilities", "label_original": "Other current liabilities", "label_zh": "其他流动负债", "kind": "detail", "values": [ 6589, 6313 ], "original_display": { "2025-08-31": "6,589", "2024-09-01": "6,313" } }, { "id": "total_current_liabilities", "label_original": "Total current liabilities", "label_zh": "流动负债合计", "kind": "total", "values": [ 37108, 35464 ], "original_display": { "2025-08-31": "**37,108**", "2024-09-01": "**35,464**" } }, { "id": "other_liabilities", "label_original": "OTHER LIABILITIES", "label_zh": "其他负债", "kind": "heading", "values": [ null, null ], "original_display": { "2025-08-31": "", "2024-09-01": "" } }, { "id": "long_term_debt", "label_original": "Long-term debt, excluding current portion", "label_zh": "长期债务，不含流动部分", "kind": "detail", "values": [ 5713, 5794 ], "original_display": { "2025-08-31": "5,713", "2024-09-01": "5,794" } }, { "id": "long_term_operating_lease_liabilities", "label_original": "Long-term operating lease liabilities", "label_zh": "长期经营租赁负债", "kind": "detail", "values": [ 2460, 2375 ], "original_display": { "2025-08-31": "2,460", "2024-09-01": "2,375" } }, { "id": "other_long_term_liabilities", "label_original": "Other long-term liabilities", "label_zh": "其他长期负债", "kind": "detail", "values": [ 2654, 2576 ], "original_display": { "2025-08-31": "2,654", "2024-09-01": "2,576" } }, { "id": "total_liabilities", "label_original": "TOTAL LIABILITIES", "label_zh": "负债合计", "kind": "total", "values": [ 47935, 46209 ], "original_display": { "2025-08-31": "**47,935**", "2024-09-01": "**46,209**" } }, { "id": "commitments_contingencies", "label_original": "COMMITMENTS AND CONTINGENCIES", "label_zh": "承诺及或有事项〔原表无金额〕", "kind": "disclosure", "values": [ null, null ], "original_display": { "2025-08-31": "", "2024-09-01": "" } }, { "id": "equity", "label_original": "EQUITY", "label_zh": "权益", "kind": "heading", "values": [ null, null ], "original_display": { "2025-08-31": "", "2024-09-01": "" } }, { "id": "preferred_stock", "label_original": "Preferred stock $0.005 par value; 100,000,000 shares authorized; no shares issued and outstanding", "label_zh": "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", "kind": "detail", "values": [ 0, 0 ], "original_display": { "2025-08-31": "—", "2024-09-01": "—" } }, { "id": "common_stock", "label_original": "Common stock $0.005 par value; 900,000,000 shares authorized; 443,237,000 and 443,126,000 shares issued and outstanding", "label_zh": "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", "kind": "detail", "values": [ 2, 2 ], "original_display": { "2025-08-31": "2", "2024-09-01": "2" } }, { "id": "additional_paid_in_capital", "label_original": "Additional paid-in capital", "label_zh": "额外实缴资本", "kind": "detail", "values": [ 8282, 7829 ], "original_display": { "2025-08-31": "8,282", "2024-09-01": "7,829" } }, { "id": "aocl", "label_original": "Accumulated other comprehensive loss", "label_zh": "累计其他综合损失", "kind": "detail", "values": [ -1770, -1828 ], "original_display": { "2025-08-31": "(1,770)", "2024-09-01": "(1,828)" } }, { "id": "retained_earnings", "label_original": "Retained earnings", "label_zh": "留存收益", "kind": "detail", "values": [ 22650, 17619 ], "original_display": { "2025-08-31": "22,650", "2024-09-01": "17,619" } }, { "id": "total_equity", "label_original": "TOTAL EQUITY", "label_zh": "权益合计", "kind": "total", "values": [ 29164, 23622 ], "original_display": { "2025-08-31": "**29,164**", "2024-09-01": "**23,622**" } }, { "id": "total_liabilities_equity", "label_original": "TOTAL LIABILITIES AND EQUITY", "label_zh": "负债及权益合计", "kind": "total", "values": [ 77099, 69831 ], "original_display": { "2025-08-31": "**77,099**", "2024-09-01": "**69,831**" } } ], "notes": [ "标题和无金额披露为空，不等于零；括号为减项；明细、小计和总计不得重复相加。" ] }, "cost_income": { "id": "cost_income", "title": "Costco Consolidated Statements of Income", "source_id": "BFFG-C01", "locator": "SEC HTML printed p.37; MD&A Gross Margin p.27", "periods": [ "FY2025 · 2025-08-31 · 52周", "FY2024 · 2024-09-01 · 52周", "FY2023 · 2023-09-03 · 53周" ], "unit": "USD millions", "data_identity": "historical_observation", "rows": [ { "id": "revenue", "label_original": "REVENUE", "label_zh": "收入", "kind": "heading", "section": "revenue", "values": [ null, null, null ] }, { "id": "sales", "label_original": "Net sales", "label_zh": "净销售额", "kind": "detail", "section": "revenue", "values": [ 269912, 249625, 237710 ] }, { "id": "membership", "label_original": "Membership fees", "label_zh": "会员费", "kind": "detail", "section": "revenue", "values": [ 5323, 4828, 4580 ] }, { "id": "revenue_total", "label_original": "Total revenue", "label_zh": "收入合计", "kind": "total", "section": "revenue", "values": [ 275235, 254453, 242290 ] }, { "id": "cost", "label_original": "OPERATING EXPENSES", "label_zh": "经营费用", "kind": "heading", "section": "cost", "values": [ null, null, null ] }, { "id": "merchandise", "label_original": "Merchandise costs", "label_zh": "商品成本", "kind": "detail", "section": "cost", "values": [ 239886, 222358, 212586 ] }, { "id": "sga", "label_original": "Selling, general and administrative", "label_zh": "销售、一般及行政费用", "kind": "detail", "section": "cost", "values": [ 24966, 22810, 21590 ] }, { "id": "operating", "label_original": "Operating income", "label_zh": "经营利润", "kind": "total", "section": "operating", "values": [ 10383, 9285, 8114 ] }, { "id": "other", "label_original": "OTHER INCOME (EXPENSE)", "label_zh": "其他收益（费用）", "kind": "heading", "section": "other", "values": [ null, null, null ] }, { "id": "interest_expense", "label_original": "Interest expense", "label_zh": "利息费用", "kind": "detail", "section": "other", "values": [ -154, -169, -160 ] }, { "id": "interest_other", "label_original": "Interest income and other, net", "label_zh": "利息收入及其他净额", "kind": "detail", "section": "other", "values": [ 589, 624, 533 ] }, { "id": "pretax", "label_original": "Income before income taxes", "label_zh": "税前利润", "kind": "total", "section": "pretax", "values": [ 10818, 9740, 8487 ] }, { "id": "tax", "label_original": "Provision for income taxes", "label_zh": "所得税费用", "kind": "detail", "section": "tax", "values": [ 2719, 2373, 2195 ] }, { "id": "net", "label_original": "Net income", "label_zh": "净利润", "kind": "total", "section": "net", "values": [ 8099, 7367, 6292 ] }, { "id": "eps", "label_original": "NET INCOME PER COMMON SHARE", "label_zh": "普通股每股净利润（美元/股）", "kind": "heading", "section": "eps", "values": [ null, null, null ] }, { "id": "eps_basic", "label_original": "Basic", "label_zh": "基本每股净利润", "kind": "detail", "section": "eps", "values": [ 18.24, 16.59, 14.18 ] }, { "id": "eps_diluted", "label_original": "Diluted", "label_zh": "稀释每股净利润", "kind": "detail", "section": "eps", "values": [ 18.21, 16.56, 14.16 ] }, { "id": "shares", "label_original": "SHARES USED IN CALCULATION (000's)", "label_zh": "计算使用股数（千股）", "kind": "heading", "section": "shares", "values": [ null, null, null ] }, { "id": "shares_basic", "label_original": "Basic", "label_zh": "基本加权平均股数", "kind": "detail", "section": "shares", "values": [ 443985, 443914, 443854 ] }, { "id": "shares_diluted", "label_original": "Diluted", "label_zh": "稀释加权平均股数", "kind": "detail", "section": "shares", "values": [ 444803, 444759, 444452 ] } ], "notes": [ "金额为百万美元；EPS为美元/股；股数为千股。括号负数按负号保存。", "合并利润表未单列毛利；MD&A p.27定义Gross Margin=Net sales−Merchandise costs，2025/24/23分别30026/27267/25124。", "2023是53周，2025和2024为52周；比较增长前核对。" ], "retrieved_at": "2026-09-21", "provenance": "同会话已核原表输入复用；本批仍保留原标签、比较列与脚注。" }, "cost_cash": { "id": "cost_cash", "title": "Costco Consolidated Statements of Cash Flows", "source_id": "BFFG-C01", "locator": "SEC HTML printed p.41", "periods": [ "FY2025 · 52周", "FY2024 · 52周", "FY2023 · 53周" ], "unit": "USD millions", "data_identity": "historical_observation", "rows": [ { "id": "op", "label_original": "CASH FLOWS FROM OPERATING ACTIVITIES", "label_zh": "经营活动现金流", "kind": "heading", "section": "cfo", "values": [ null, null, null ] }, { "id": "net", "label_original": "Net income", "label_zh": "净利润", "kind": "detail", "section": "cfo", "values": [ 8099, 7367, 6292 ] }, { "id": "adjust", "label_original": "Adjustments to reconcile net income to net cash provided by operating activities", "label_zh": "净利润至经营活动净现金的调整", "kind": "heading", "section": "cfo", "values": [ null, null, null ] }, { "id": "da", "label_original": "Depreciation and amortization", "label_zh": "折旧及摊销", "kind": "detail", "section": "cfo", "values": [ 2426, 2237, 2077 ] }, { "id": "lease", "label_original": "Non-cash lease expense", "label_zh": "非现金租赁费用", "kind": "detail", "section": "cfo", "values": [ 303, 315, 412 ] }, { "id": "sbc", "label_original": "Stock-based compensation", "label_zh": "股权薪酬", "kind": "detail", "section": "cfo", "values": [ 860, 818, 774 ] }, { "id": "noncash", "label_original": "Impairment of assets and other non-cash operating activities, net", "label_zh": "资产减值及其他非现金经营活动净额", "kind": "detail", "section": "cfo", "values": [ -117, -9, 495 ] }, { "id": "changes", "label_original": "Changes in operating assets and liabilities", "label_zh": "经营资产及负债变动", "kind": "heading", "section": "cfo", "values": [ null, null, null ] }, { "id": "inventory", "label_original": "Merchandise inventories", "label_zh": "商品存货变动", "kind": "detail", "section": "cfo", "values": [ 559, -2068, 1228 ] }, { "id": "ap", "label_original": "Accounts payable", "label_zh": "应付账款变动", "kind": "detail", "section": "cfo", "values": [ 404, 1938, -382 ] }, { "id": "other", "label_original": "Other operating assets and liabilities, net", "label_zh": "其他经营资产负债净变动", "kind": "detail", "section": "cfo", "values": [ 801, 741, 172 ] }, { "id": "cfo", "label_original": "Net cash provided by operating activities", "label_zh": "经营活动产生净现金", "kind": "total", "section": "cfo", "values": [ 13335, 11339, 11068 ] }, { "id": "inv", "label_original": "CASH FLOWS FROM INVESTING ACTIVITIES", "label_zh": "投资活动现金流", "kind": "heading", "section": "cfi", "values": [ null, null, null ] }, { "id": "capex", "label_original": "Additions to property and equipment", "label_zh": "物业及设备增加的现金支出", "kind": "detail", "section": "cfi", "values": [ -5498, -4710, -4323 ] }, { "id": "purchases", "label_original": "Purchases of short-term investments", "label_zh": "购买短期投资", "kind": "detail", "section": "cfi", "values": [ -1028, -1470, -1622 ] }, { "id": "maturities", "label_original": "Maturities of short-term investments", "label_zh": "短期投资到期", "kind": "detail", "section": "cfi", "values": [ 1141, 1790, 937 ] }, { "id": "otherinv", "label_original": "Other investing activities, net", "label_zh": "其他投资活动净额", "kind": "detail", "section": "cfi", "values": [ 74, -19, 36 ] }, { "id": "cfi", "label_original": "Net cash used in investing activities", "label_zh": "投资活动使用净现金", "kind": "total", "section": "cfi", "values": [ -5311, -4409, -4972 ] }, { "id": "fin", "label_original": "CASH FLOWS FROM FINANCING ACTIVITIES", "label_zh": "筹资活动现金流", "kind": "heading", "section": "cff", "values": [ null, null, null ] }, { "id": "shortrepay", "label_original": "Repayments of short-term borrowings", "label_zh": "偿还短期借款", "kind": "detail", "section": "cff", "values": [ -862, -920, -935 ] }, { "id": "shortissue", "label_original": "Proceeds from short-term borrowings", "label_zh": "短期借款所得", "kind": "detail", "section": "cff", "values": [ 816, 928, 917 ] }, { "id": "longrepay", "label_original": "Repayments of long-term debt", "label_zh": "偿还长期债务", "kind": "detail", "section": "cff", "values": [ -103, -1077, -75 ] }, { "id": "longissue", "label_original": "Proceeds from long-term debt", "label_zh": "长期债务所得", "kind": "detail", "section": "cff", "values": [ 0, 498, 0 ] }, { "id": "taxwithheld", "label_original": "Tax withholdings on stock-based awards", "label_zh": "股票奖励代扣税款", "kind": "detail", "section": "cff", "values": [ -393, -315, -303 ] }, { "id": "repurchases", "label_original": "Repurchases of common stock", "label_zh": "回购普通股", "kind": "detail", "section": "cff", "values": [ -903, -700, -676 ] }, { "id": "dividends", "label_original": "Cash dividend payments", "label_zh": "支付股息", "kind": "detail", "section": "cff", "values": [ -2183, -9041, -1251 ] }, { "id": "otherfin", "label_original": "Financing lease payments and other financing activities, net", "label_zh": "融资租赁支付及其他筹资净额", "kind": "detail", "section": "cff", "values": [ -147, -137, -291 ] }, { "id": "cff", "label_original": "Net cash used in financing activities", "label_zh": "筹资活动使用净现金", "kind": "total", "section": "cff", "values": [ -3775, -10764, -2614 ] }, { "id": "fx", "label_original": "Effect of exchange rate changes on cash and cash equivalents", "label_zh": "汇率变化对现金及等价物影响", "kind": "detail", "section": "cash", "values": [ 6, 40, 15 ] }, { "id": "change", "label_original": "Net change in cash and cash equivalents", "label_zh": "现金及等价物净变动", "kind": "subtotal", "section": "cash", "values": [ 4255, -3794, 3497 ] }, { "id": "begin", "label_original": "Cash and cash equivalents, beginning of year", "label_zh": "期初现金及等价物", "kind": "balance", "section": "cash", "values": [ 9906, 13700, 10203 ] }, { "id": "end", "label_original": "Cash and cash equivalents, end of year", "label_zh": "期末现金及等价物", "kind": "balance", "section": "cash", "values": [ 14161, 9906, 13700 ] }, { "id": "supp", "label_original": "SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION", "label_zh": "补充披露（不重复加总）", "kind": "heading", "section": "supplement", "values": [ null, null, null ] }, { "id": "paidinterest", "label_original": "Cash paid during the year for interest", "label_zh": "年内已付利息", "kind": "supplement", "section": "supplement", "values": [ 106, 129, 125 ] }, { "id": "paidtax", "label_original": "Cash paid during the year for income taxes", "label_zh": "年内已付所得税", "kind": "supplement", "section": "supplement", "values": [ 2917, 2319, 2234 ] }, { "id": "noncashheading", "label_original": "SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES", "label_zh": "非现金活动补充披露", "kind": "heading", "section": "supplement", "values": [ null, null, null ] }, { "id": "unpaiddividends", "label_original": "Dividends declared, but not yet paid", "label_zh": "已宣布而未支付股息", "kind": "supplement", "section": "supplement", "values": [ 0, 0, 452 ] }, { "id": "unpaidcapex", "label_original": "Capital expenditures included in liabilities", "label_zh": "列入负债的资本支出", "kind": "supplement", "section": "supplement", "values": [ 193, 203, 170 ] } ], "notes": [ "零值按原表破折号语义保留数值0；主表标题无金额为null，不等于0。", "其他非现金经营活动净额为负不能整行解释为本期资产减值。", "现金集合为cash and cash equivalents；补充的未付资本支出不加到当期现金支出。" ], "aggregation_rules": [ { "target": "cfo", "components": [ "net", "da", "lease", "sbc", "noncash", "inventory", "ap", "other" ], "operation": "signed_sum" }, { "target": "cfi", "components": [ "capex", "purchases", "maturities", "otherinv" ], "operation": "signed_sum" }, { "target": "cff", "components": [ "shortrepay", "shortissue", "longrepay", "longissue", "taxwithheld", "repurchases", "dividends", "otherfin" ], "operation": "signed_sum" }, { "target": "change", "components": [ "cfo", "cfi", "cff", "fx" ], "operation": "signed_sum" }, { "target": "end", "components": [ "begin", "change" ], "operation": "signed_sum" } ], "retrieved_at": "2026-09-21", "provenance": "同会话已核原表输入复用；本批仍保留原标签、比较列与脚注。" }, "wmt_capex": { "id": "WMT-CAPEX-FY2026", "title": "Allocation of Capital Expenditures", "source_id": "BFFG-C06", "locator": "MD&A Capital Allocation，印刷p36", "periods": [ "FY2026", "FY2025" ], "unit": "USD million", "data_identity": "historical_observation", "rows": [ { "id": "supply", "label_original": "Supply chain, customer-facing initiatives, technology and other", "label_zh": "供应链、面向客户项目、技术及其他", "values": [ 16468, 14603 ], "kind": "detail" }, { "id": "remodel", "label_original": "Store and club remodels", "label_zh": "门店及会员店改造", "values": [ 5571, 5552 ], "kind": "detail" }, { "id": "new", "label_original": "New stores and clubs, including expansions and relocations", "label_zh": "新门店及会员店，含扩建与迁址", "values": [ 1406, 450 ], "kind": "detail" }, { "id": "us", "label_original": "Total U.S.", "label_zh": "美国合计", "values": [ 23445, 20605 ], "kind": "subtotal" }, { "id": "intl", "label_original": "Walmart International", "label_zh": "国际业务", "values": [ 3197, 3178 ], "kind": "detail" }, { "id": "total", "label_original": "Total Capital Expenditures", "label_zh": "资本支出合计", "values": [ 26642, 23783 ], "kind": "total" } ], "notes": [] }, "wmt_fcf": { "id": "WMT-FCF-FY2026", "title": "Free Cash Flow reconciliation", "source_id": "BFFG-C06", "locator": "MD&A Free Cash Flow，印刷p37，含附注(1)", "periods": [ "FY2026", "FY2025", "FY2024" ], "unit": "USD million", "data_identity": "historical_observation", "rows": [ { "id": "cfo", "label_original": "Net cash provided by operating activities", "label_zh": "经营现金流", "values": [ 41565, 36443, 35726 ], "kind": "detail" }, { "id": "capex", "label_original": "Payments for property and equipment", "label_zh": "物业设备付款", "values": [ -26642, -23783, -20606 ], "kind": "detail" }, { "id": "fcf", "label_original": "Free cash flow", "label_zh": "公司定义FCF", "values": [ 14923, 12660, 15120 ], "kind": "total" }, { "id": "cfi", "label_original": "Net cash used in investing activities (1)", "label_zh": "投资现金流", "values": [ -26350, -21379, -21287 ], "kind": "detail" }, { "id": "cff", "label_original": "Net cash used in financing activities", "label_zh": "筹资现金流", "values": [ -13553, -14822, -13414 ], "kind": "detail" } ], "notes": [ "(1)投资现金流已经包含物业设备付款。FCF未扣债务服务、其他合同付款及收购，不能再将CFI全额扣一次。" ] }, "jpm_bs": { "id": "JPM-BS-20251231", "title": "Consolidated Balance Sheets", "source_id": "BFFG-C02", "locator": "2025 Annual Report 印刷p167／一基物理p199", "periods": [ "2025-12-31", "2024-12-31" ], "unit": "USD million；股数与每股面值按行另标", "data_identity": "historical_observation", "rows": [ { "id": "assets", "label_original": "Assets", "label_zh": "资产", "kind": "heading", "values": [ null, null ], "original_display": { "2025-12-31": "", "2024-12-31": "" } }, { "id": "cash_due_from_banks", "label_original": "Cash and due from banks", "label_zh": "现金及应收银行款", "kind": "detail", "values": [ 21742, 23372 ], "original_display": { "2025-12-31": "21,742", "2024-12-31": "23,372" } }, { "id": "deposits_with_banks", "label_original": "Deposits with banks", "label_zh": "存放银行款项", "kind": "detail", "values": [ 321596, 445945 ], "original_display": { "2025-12-31": "321,596", "2024-12-31": "445,945" } }, { "id": "fed_funds_sold_resale", "label_original": "Federal funds sold and securities purchased under resale agreements (included $327,018 and $286,771 at fair value)", "label_zh": "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〕", "kind": "detail", "values": [ 336426, 295001 ], "original_display": { "2025-12-31": "336,426", "2024-12-31": "295,001" } }, { "id": "securities_borrowed", "label_original": "Securities borrowed (included $98,111 and $83,962 at fair value)", "label_zh": "借入证券〔其中按公允价值计量98,111／83,962〕", "kind": "detail", "values": [ 286191, 219546 ], "original_display": { "2025-12-31": "286,191", "2024-12-31": "219,546" } }, { "id": "trading_assets", "label_original": "Trading assets (included assets pledged of $165,927 and $136,070)", "label_zh": "交易资产〔其中已质押资产165,927／136,070〕", "kind": "detail", "values": [ 802873, 637784 ], "original_display": { "2025-12-31": "802,873", "2024-12-31": "637,784" } }, { "id": "afs_securities", "label_original": "Available-for-sale securities (amortized cost of $507,226 and $411,045; included assets pledged of $7,735 and $10,162)", "label_zh": "可供出售证券〔摊余成本507,226／411,045；其中已质押7,735／10,162〕", "kind": "detail", "values": [ 507198, 406852 ], "original_display": { "2025-12-31": "507,198", "2024-12-31": "406,852" } }, { "id": "htm_securities", "label_original": "Held-to-maturity securities", "label_zh": "持有至到期证券", "kind": "detail", "values": [ 270134, 274468 ], "original_display": { "2025-12-31": "270,134", "2024-12-31": "274,468" } }, { "id": "investment_securities_net", "label_original": "Investment securities, net of allowance for credit losses", "label_zh": "投资证券，扣除信用损失准备后", "kind": "total", "values": [ 777332, 681320 ], "original_display": { "2025-12-31": "**777,332**", "2024-12-31": "**681,320**" } }, { "id": "loans_gross", "label_original": "Loans (included $70,684 and $41,350 at fair value)", "label_zh": "贷款，未扣贷款损失准备〔其中按公允价值计量70,684／41,350〕", "kind": "detail", "values": [ 1493429, 1347988 ], "original_display": { "2025-12-31": "1,493,429", "2024-12-31": "1,347,988" } }, { "id": "allowance_loan_losses", "label_original": "Allowance for loan losses", "label_zh": "贷款损失准备〔资产减项〕", "kind": "detail", "values": [ -25765, -24345 ], "original_display": { "2025-12-31": "(25,765)", "2024-12-31": "(24,345)" } }, { "id": "loans_net", "label_original": "Loans, net of allowance for loan losses", "label_zh": "贷款净额", "kind": "total", "values": [ 1467664, 1323643 ], "original_display": { "2025-12-31": "**1,467,664**", "2024-12-31": "**1,323,643**" } }, { "id": "accrued_interest_receivables", "label_original": "Accrued interest and accounts receivable", "label_zh": "应计利息及应收账款", "kind": "detail", "values": [ 111599, 101223 ], "original_display": { "2025-12-31": "111,599", "2024-12-31": "101,223" } }, { "id": "premises_equipment", "label_original": "Premises and equipment", "label_zh": "房屋及设备", "kind": "detail", "values": [ 36244, 32223 ], "original_display": { "2025-12-31": "36,244", "2024-12-31": "32,223" } }, { "id": "goodwill_msrs_other_intangibles", "label_original": "Goodwill, MSRs and other intangible assets", "label_zh": "商誉、按揭服务权及其他无形资产", "kind": "detail", "values": [ 64458, 64560 ], "original_display": { "2025-12-31": "64,458", "2024-12-31": "64,560" } }, { "id": "other_assets", "label_original": "Other assets (included $15,849 and $15,122 at fair value and assets pledged of $11,984 and $6,288)", "label_zh": "其他资产〔其中按公允价值计量15,849／15,122；已质押11,984／6,288〕", "kind": "detail", "values": [ 198775, 178197 ], "original_display": { "2025-12-31": "198,775", "2024-12-31": "178,197" } }, { "id": "total_assets", "label_original": "Total assets(a)", "label_zh": "总资产〔附注(a)〕", "kind": "total", "values": [ 4424900, 4002814 ], "original_display": { "2025-12-31": "**4,424,900**", "2024-12-31": "**4,002,814**" } }, { "id": "liabilities", "label_original": "Liabilities", "label_zh": "负债", "kind": "heading", "values": [ null, null ], "original_display": { "2025-12-31": "", "2024-12-31": "" } }, { "id": "customer_deposits", "label_original": "Deposits (included $20,930 and $33,768 at fair value)", "label_zh": "客户存款〔其中按公允价值计量20,930／33,768〕", "kind": "detail", "values": [ 2559320, 2406032 ], "original_display": { "2025-12-31": "2,559,320", "2024-12-31": "2,406,032" } }, { "id": "fed_funds_purchased_repo", "label_original": "Federal funds purchased and securities loaned or sold under repurchase agreements (included $360,194 and $226,329 at fair value)", "label_zh": "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〕", "kind": "detail", "values": [ 442396, 296835 ], "original_display": { "2025-12-31": "442,396", "2024-12-31": "296,835" } }, { "id": "short_term_borrowings", "label_original": "Short-term borrowings (included $32,460 and $26,521 at fair value)", "label_zh": "短期借款〔其中按公允价值计量32,460／26,521〕", "kind": "detail", "values": [ 64776, 52893 ], "original_display": { "2025-12-31": "64,776", "2024-12-31": "52,893" } }, { "id": "trading_liabilities", "label_original": "Trading liabilities", "label_zh": "交易负债", "kind": "detail", "values": [ 216019, 192883 ], "original_display": { "2025-12-31": "216,019", "2024-12-31": "192,883" } }, { "id": "accounts_payable_other_liabilities", "label_original": "Accounts payable and other liabilities (included $6,660 and $5,893 at fair value)", "label_zh": "应付账款及其他负债〔其中按公允价值计量6,660／5,893〕", "kind": "detail", "values": [ 316794, 280672 ], "original_display": { "2025-12-31": "316,794", "2024-12-31": "280,672" } }, { "id": "vie_beneficial_interests", "label_original": "Beneficial interests issued by consolidated VIEs (included $5 and $1 at fair value)", "label_zh": "合并VIE发行的受益权益〔其中按公允价值计量5／1〕", "kind": "detail", "values": [ 27951, 27323 ], "original_display": { "2025-12-31": "27,951", "2024-12-31": "27,323" } }, { "id": "long_term_debt", "label_original": "Long-term debt (included $134,559 and $100,780 at fair value)", "label_zh": "长期债务〔其中按公允价值计量134,559／100,780〕", "kind": "detail", "values": [ 435206, 401418 ], "original_display": { "2025-12-31": "435,206", "2024-12-31": "401,418" } }, { "id": "total_liabilities", "label_original": "Total liabilities(a)", "label_zh": "负债合计〔附注(a)〕", "kind": "total", "values": [ 4062462, 3658056 ], "original_display": { "2025-12-31": "**4,062,462**", "2024-12-31": "**3,658,056**" } }, { "id": "commitments_contingencies", "label_original": "Commitments and contingencies (refer to Notes 28, 29 and 30)", "label_zh": "承诺及或有事项〔参见Notes 28、29、30；原表无金额〕", "kind": "disclosure", "values": [ null, null ], "original_display": { "2025-12-31": "", "2024-12-31": "" } }, { "id": "equity", "label_original": "Stockholders’ equity", "label_zh": "股东权益", "kind": "heading", "values": [ null, null ], "original_display": { "2025-12-31": "", "2024-12-31": "" } }, { "id": "preferred_stock", "label_original": "Preferred stock ($1 par value; authorized 200,000,000 shares: issued 2,005,375 and 2,005,375 shares)", "label_zh": "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", "kind": "detail", "values": [ 20045, 20050 ], "original_display": { "2025-12-31": "20,045", "2024-12-31": "20,050" } }, { "id": "common_stock", "label_original": "Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)", "label_zh": "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", "kind": "detail", "values": [ 4105, 4105 ], "original_display": { "2025-12-31": "4,105", "2024-12-31": "4,105" } }, { "id": "additional_paid_in_capital", "label_original": "Additional paid-in capital", "label_zh": "额外实缴资本", "kind": "detail", "values": [ 91114, 90911 ], "original_display": { "2025-12-31": "91,114", "2024-12-31": "90,911" } }, { "id": "retained_earnings", "label_original": "Retained earnings", "label_zh": "留存收益", "kind": "detail", "values": [ 416055, 376166 ], "original_display": { "2025-12-31": "416,055", "2024-12-31": "376,166" } }, { "id": "aocl", "label_original": "Accumulated other comprehensive losses", "label_zh": "累计其他综合损失", "kind": "detail", "values": [ -4290, -12456 ], "original_display": { "2025-12-31": "(4,290)", "2024-12-31": "(12,456)" } }, { "id": "treasury_stock", "label_original": "Treasury stock, at cost (1,408,661,319 and 1,307,313,494 shares)", "label_zh": "库存股，按成本〔股数1,408,661,319／1,307,313,494〕", "kind": "detail", "values": [ -164591, -134018 ], "original_display": { "2025-12-31": "(164,591)", "2024-12-31": "(134,018)" } }, { "id": "total_equity", "label_original": "Total stockholders’ equity", "label_zh": "股东权益合计", "kind": "total", "values": [ 362438, 344758 ], "original_display": { "2025-12-31": "**362,438**", "2024-12-31": "**344,758**" } }, { "id": "total_liabilities_equity", "label_original": "Total liabilities and stockholders’ equity", "label_zh": "负债及股东权益合计", "kind": "total", "values": [ 4424900, 4002814 ], "original_display": { "2025-12-31": "**4,424,900**", "2024-12-31": "**4,002,814**" } } ], "notes": [ "标题和无金额披露为空，不等于零；括号为减项；明细、小计和总计不得重复相加。", "脚注(a)：所列VIE资产负债已包含于主表，排除被合并抵销的集团内余额，不能再次加总。" ], "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**" } } ] }, "jpm_income": { "id": "jpm_income", "title": "JPMorgan Chase Consolidated Statements of Income", "source_id": "BFFG-C02", "locator": "Printed p.165 / physical PDF p.197", "periods": [ "2025", "2024", "2023" ], "unit": "USD millions", "data_identity": "historical_observation", "rows": [ { "id": "revenue", "label_original": "Revenue", "label_zh": "收入", "kind": "heading", "section": "noninterest", "values": [ null, null, null ] }, { "id": "ib", "label_original": "Investment banking fees", "label_zh": "投资银行费用收入", "kind": "detail", "section": "noninterest", "values": [ 9615, 8910, 6519 ] }, { "id": "principal", "label_original": "Principal transactions", "label_zh": "交易业务收益（原行 Principal transactions）", "kind": "detail", "section": "noninterest", "values": [ 27212, 24787, 24460 ] }, { "id": "lendingfees", "label_original": "Lending- and deposit-related fees", "label_zh": "贷款及存款相关费用收入", "kind": "detail", "section": "noninterest", "values": [ 9093, 7606, 7413 ] }, { "id": "am", "label_original": "Asset management fees", "label_zh": "资产管理费用收入", "kind": "detail", "section": "noninterest", "values": [ 20327, 17801, 15220 ] }, { "id": "commissions", "label_original": "Commissions and other fees", "label_zh": "佣金及其他费用收入", "kind": "detail", "section": "noninterest", "values": [ 8539, 7530, 6836 ] }, { "id": "investment", "label_original": "Investment securities losses", "label_zh": "投资证券收益／损失", "kind": "detail", "section": "noninterest", "values": [ -57, -1021, -3180 ] }, { "id": "mortgage", "label_original": "Mortgage fees and related income", "label_zh": "按揭费用及相关收入", "kind": "detail", "section": "noninterest", "values": [ 1381, 1401, 1176 ] }, { "id": "card", "label_original": "Card income", "label_zh": "银行卡收入", "kind": "detail", "section": "noninterest", "values": [ 4720, 5497, 4784 ] }, { "id": "otherincome", "label_original": "Other income", "label_zh": "其他收入", "kind": "detail", "section": "noninterest", "values": [ 6174, 12462, 5609 ] }, { "id": "noninterest_total", "label_original": "Noninterest revenue", "label_zh": "非利息收入", "kind": "subtotal", "section": "noninterest", "values": [ 87004, 84973, 68837 ] }, { "id": "interestincome", "label_original": "Interest income", "label_zh": "利息收入", "kind": "detail", "section": "interest", "values": [ 193341, 193933, 170588 ] }, { "id": "interestexpense", "label_original": "Interest expense", "label_zh": "利息支出", "kind": "detail", "section": "interest", "values": [ 97898, 101350, 81321 ] }, { "id": "nii", "label_original": "Net interest income", "label_zh": "净利息收入", "kind": "subtotal", "section": "interest", "values": [ 95443, 92583, 89267 ] }, { "id": "netrevenue", "label_original": "Total net revenue", "label_zh": "净收入合计", "kind": "total", "section": "revenue", "values": [ 182447, 177556, 158104 ] }, { "id": "provision", "label_original": "Provision for credit losses", "label_zh": "信用损失计提", "kind": "detail", "section": "provision", "values": [ 14212, 10678, 9320 ] }, { "id": "expenses", "label_original": "Noninterest expense", "label_zh": "非利息费用", "kind": "heading", "section": "expense", "values": [ null, null, null ] }, { "id": "compensation", "label_original": "Compensation expense", "label_zh": "薪酬费用", "kind": "detail", "section": "expense", "values": [ 54487, 51357, 46465 ] }, { "id": "occupancy", "label_original": "Occupancy expense", "label_zh": "场地费用", "kind": "detail", "section": "expense", "values": [ 5461, 5026, 4590 ] }, { "id": "technology", "label_original": "Technology, communications and equipment expense", "label_zh": "技术、通信及设备费用", "kind": "detail", "section": "expense", "values": [ 11029, 9831, 9246 ] }, { "id": "professional", "label_original": "Professional and outside services", "label_zh": "专业及外部服务费用", "kind": "detail", "section": "expense", "values": [ 12356, 11057, 10235 ] }, { "id": "marketing", "label_original": "Marketing", "label_zh": "营销费用", "kind": "detail", "section": "expense", "values": [ 5531, 4974, 4591 ] }, { "id": "otherexpense", "label_original": "Other expense", "label_zh": "其他费用", "kind": "detail", "section": "expense", "values": [ 6776, 9552, 12045 ] }, { "id": "expense_total", "label_original": "Total noninterest expense", "label_zh": "非利息费用合计", "kind": "subtotal", "section": "expense", "values": [ 95640, 91797, 87172 ] }, { "id": "pretax", "label_original": "Income before income tax expense", "label_zh": "税前利润", "kind": "total", "section": "pretax", "values": [ 72595, 75081, 61612 ] }, { "id": "tax", "label_original": "Income tax expense", "label_zh": "所得税费用", "kind": "detail", "section": "tax", "values": [ 15547, 16610, 12060 ] }, { "id": "net", "label_original": "Net income", "label_zh": "净利润", "kind": "total", "section": "net", "values": [ 57048, 58471, 49552 ] }, { "id": "common_net", "label_original": "Net income applicable to common stockholders", "label_zh": "归属于普通股权益的净利润", "kind": "total", "section": "common", "values": [ 55681, 56868, 47760 ] }, { "id": "eps", "label_original": "Net income per common share data", "label_zh": "普通股每股净利润数据（美元/股）", "kind": "heading", "section": "eps", "values": [ null, null, null ] }, { "id": "eps_basic", "label_original": "Basic earnings per share", "label_zh": "基本每股净利润", "kind": "detail", "section": "eps", "values": [ 20.05, 19.79, 16.25 ] }, { "id": "eps_diluted", "label_original": "Diluted earnings per share", "label_zh": "稀释每股净利润", "kind": "detail", "section": "eps", "values": [ 20.02, 19.75, 16.23 ] }, { "id": "shares_basic", "label_original": "Weighted-average basic shares", "label_zh": "基本加权平均股数（百万股）", "kind": "detail", "section": "shares", "values": [ 2776.5, 2873.9, 2938.6 ] }, { "id": "shares_diluted", "label_original": "Weighted-average diluted shares", "label_zh": "稀释加权平均股数（百万股）", "kind": "detail", "section": "shares", "values": [ 2781.5, 2879, 2943.1 ] } ], "notes": [ "GAAP集团合并口径，不混入managed/FTE分部口径。", "费用行原表为正额，计算中减去；投资证券损失为带负号收入。", "EPS为美元/股，股数为百万股；原表应与附注一同阅读。" ], "retrieved_at": "2026-09-21", "provenance": "同会话已核原表输入复用；本批仍保留原标签、比较列与脚注。" }, "jpm_cash": { "id": "jpm_cash", "title": "JPMorgan Chase Consolidated Statements of Cash Flows", "source_id": "BFFG-C02", "locator": "Printed p.169 / physical PDF p.201", "periods": [ "2025", "2024", "2023" ], "unit": "USD millions", "data_identity": "historical_observation", "rows": [ { "id": "op", "label_original": "Operating activities", "label_zh": "经营活动", "kind": "heading", "section": "cfo", "values": [ null, null, null ] }, { "id": "net", "label_original": "Net income", "label_zh": "净利润", "kind": "detail", "section": "cfo", "values": [ 57048, 58471, 49552 ] }, { "id": "provision", "label_original": "Provision for credit losses", "label_zh": "信用损失计提", "kind": "detail", "section": "cfo", "values": [ 14212, 10678, 9320 ] }, { "id": "da", "label_original": "Depreciation and amortization", "label_zh": "折旧摊销", "kind": "detail", "section": "cfo", "values": [ 8821, 7938, 7512 ] }, { "id": "deferred", "label_original": "Deferred tax expense (benefit)", "label_zh": "递延所得税费用／利益", "kind": "detail", "section": "cfo", "values": [ 5611, 2004, -4534 ] }, { "id": "fr", "label_original": "Bargain purchase gain associated with First Republic acquisition", "label_zh": "First Republic收购廉价购买收益调整", "kind": "detail", "section": "cfo", "values": [ 0, -103, -2775 ] }, { "id": "visa", "label_original": "Initial gain on Visa exchange", "label_zh": "Visa交换初始收益调整", "kind": "detail", "section": "cfo", "values": [ 0, -7990, 0 ] }, { "id": "otheradjust", "label_original": "Other adjustments", "label_zh": "其他调整", "kind": "detail", "section": "cfo", "values": [ 1309, 1985, 4301 ] }, { "id": "hfsorigin", "label_original": "Originations and purchases of loans held-for-sale", "label_zh": "待售贷款发放及购买", "kind": "detail", "section": "cfo", "values": [ -260772, -212238, -115245 ] }, { "id": "hfssales", "label_original": "Proceeds from sales, securitizations and paydowns of loans held-for-sale", "label_zh": "待售贷款出售、证券化及偿还所得", "kind": "detail", "section": "cfo", "values": [ 235232, 205303, 116430 ] }, { "id": "tradingassets", "label_original": "Trading assets", "label_zh": "交易资产变动", "kind": "detail", "section": "cfo", "values": [ -156461, -95729, -74091 ] }, { "id": "securitiesborrowed", "label_original": "Securities borrowed", "label_zh": "借入证券变动", "kind": "detail", "section": "cfo", "values": [ -66648, -18762, -14902 ] }, { "id": "receivables", "label_original": "Accrued interest and accounts receivable", "label_zh": "应计利息和应收账款变动", "kind": "detail", "section": "cfo", "values": [ -11514, 5735, 19928 ] }, { "id": "otherassets", "label_original": "Other assets", "label_zh": "其他资产变动", "kind": "detail", "section": "cfo", "values": [ -12582, -7650, 32970 ] }, { "id": "tradingliabilities", "label_original": "Trading liabilities", "label_zh": "交易负债变动", "kind": "detail", "section": "cfo", "values": [ 23134, 2276, 5315 ] }, { "id": "ap", "label_original": "Accounts payable and other liabilities", "label_zh": "应付及其他负债变动", "kind": "detail", "section": "cfo", "values": [ 5270, -90, -25388 ] }, { "id": "otheroperating", "label_original": "Other operating adjustments", "label_zh": "其他经营调整", "kind": "detail", "section": "cfo", "values": [ 9558, 6160, 4581 ] }, { "id": "cfo", "label_original": "Net cash provided by (used in) operating activities", "label_zh": "经营活动产生／使用净现金", "kind": "total", "section": "cfo", "values": [ -147782, -42012, 12974 ] }, { "id": "inv", "label_original": "Investing activities", "label_zh": "投资活动", "kind": "heading", "section": "cfi", "values": [ null, null, null ] }, { "id": "resale", "label_original": "Federal funds sold and securities purchased under resale agreements", "label_zh": "拆出联邦基金及买入返售变动", "kind": "detail", "section": "cfi", "values": [ -41264, -18706, 39740 ] }, { "id": "htmmaturity", "label_original": "Proceeds from maturities and paydowns of held-to-maturity securities", "label_zh": "HTM到期偿还所得", "kind": "detail", "section": "cfi", "values": [ 54791, 99363, 53056 ] }, { "id": "htmbuy", "label_original": "Purchases of held-to-maturity securities", "label_zh": "买入HTM", "kind": "detail", "section": "cfi", "values": [ -5432, -4709, -4141 ] }, { "id": "afspay", "label_original": "Proceeds from maturities and paydowns of available-for-sale securities", "label_zh": "AFS到期偿还所得", "kind": "detail", "section": "cfi", "values": [ 37414, 38499, 53744 ] }, { "id": "afssell", "label_original": "Proceeds from sales of available-for-sale securities", "label_zh": "出售AFS所得", "kind": "detail", "section": "cfi", "values": [ 141295, 104625, 108434 ] }, { "id": "afsbuy", "label_original": "Purchases of available-for-sale securities", "label_zh": "购入AFS", "kind": "detail", "section": "cfi", "values": [ -308772, -352712, -115499 ] }, { "id": "hfi", "label_original": "Proceeds from sales and securitizations of loans held-for-investment", "label_zh": "留存投资贷款出售及证券化所得", "kind": "detail", "section": "cfi", "values": [ 57565, 57921, 47312 ] }, { "id": "otherloans", "label_original": "Other changes in loans, net", "label_zh": "其他贷款净变动", "kind": "detail", "section": "cfi", "values": [ -188497, -83176, -88343 ] }, { "id": "fracquisition", "label_original": "Cash paid for First Republic acquisition", "label_zh": "First Republic收购现金支出", "kind": "detail", "section": "cfi", "values": [ 0, -2362, -9920 ] }, { "id": "otherinv", "label_original": "All other investing activities, net", "label_zh": "其他投资活动净额", "kind": "detail", "section": "cfi", "values": [ -12665, -2146, -16740 ] }, { "id": "cfi", "label_original": "Net cash provided by (used in) investing activities", "label_zh": "投资活动产生／使用净现金", "kind": "total", "section": "cfi", "values": [ -265565, -163403, 67643 ] }, { "id": "fin", "label_original": "Financing activities", "label_zh": "筹资活动", "kind": "heading", "section": "cff", "values": [ null, null, null ] }, { "id": "deposits", "label_original": "Deposits", "label_zh": "客户存款变动", "kind": "detail", "section": "cff", "values": [ 153168, 3299, -32196 ] }, { "id": "repo", "label_original": "Federal funds purchased and securities loaned or sold under repurchase agreements", "label_zh": "拆入联邦基金及证券出借／回购变动", "kind": "detail", "section": "cff", "values": [ 145535, 80288, 13801 ] }, { "id": "short", "label_original": "Short-term borrowings", "label_zh": "短期借款变动", "kind": "detail", "section": "cff", "values": [ 9422, 7439, -1934 ] }, { "id": "vie", "label_original": "Beneficial interests issued by consolidated VIEs", "label_zh": "合并VIE发行受益权变动", "kind": "detail", "section": "cff", "values": [ -622, 1543, 9029 ] }, { "id": "longissue", "label_original": "Proceeds from long-term borrowings", "label_zh": "长期借款所得", "kind": "detail", "section": "cff", "values": [ 120761, 109915, 75417 ] }, { "id": "longpay", "label_original": "Payments of long-term borrowings", "label_zh": "偿还长期借款", "kind": "detail", "section": "cff", "values": [ -108100, -96605, -64880 ] }, { "id": "preferredissue", "label_original": "Proceeds from issuance of preferred stock", "label_zh": "发行优先股所得", "kind": "detail", "section": "cff", "values": [ 3000, 2500, 0 ] }, { "id": "preferredpay", "label_original": "Redemption of preferred stock", "label_zh": "赎回优先股", "kind": "detail", "section": "cff", "values": [ -3000, -9850, 0 ] }, { "id": "treasury", "label_original": "Treasury stock repurchased", "label_zh": "购买库存股", "kind": "detail", "section": "cff", "values": [ -31591, -18830, -9824 ] }, { "id": "dividends", "label_original": "Dividends paid", "label_zh": "支付股息", "kind": "detail", "section": "cff", "values": [ -16625, -14783, -13463 ] }, { "id": "otherfin", "label_original": "All other financing activities, net", "label_zh": "其他筹资活动净额", "kind": "detail", "section": "cff", "values": [ -2415, -1469, -1521 ] }, { "id": "cff", "label_original": "Net cash provided by (used in) financing activities", "label_zh": "筹资活动产生／使用净现金", "kind": "total", "section": "cff", "values": [ 269533, 63447, -25571 ] }, { "id": "fx", "label_original": "Effect of exchange rate changes", "label_zh": "汇率变化影响", "kind": "detail", "section": "cash", "values": [ 17835, -12866, 1871 ] }, { "id": "change", "label_original": "Net increase (decrease) in cash and due from banks and deposits with banks", "label_zh": "指定现金集合净变动", "kind": "subtotal", "section": "cash", "values": [ -125979, -154834, 56917 ] }, { "id": "begin", "label_original": "Cash and due from banks and deposits with banks, beginning of year", "label_zh": "期初现金、应收银行款及存放银行款", "kind": "balance", "section": "cash", "values": [ 469317, 624151, 567234 ] }, { "id": "end", "label_original": "Cash and due from banks and deposits with banks, end of year", "label_zh": "期末现金、应收银行款及存放银行款", "kind": "balance", "section": "cash", "values": [ 343338, 469317, 624151 ] }, { "id": "supp", "label_original": "Supplemental disclosures of cash flow information", "label_zh": "补充披露", "kind": "heading", "section": "supplement", "values": [ null, null, null ] }, { "id": "paidinterest", "label_original": "Cash interest paid", "label_zh": "已付现金利息", "kind": "supplement", "section": "supplement", "values": [ 96436, 99642, 77114 ] }, { "id": "paidtax", "label_original": "Income taxes paid, net", "label_zh": "已付所得税净额", "kind": "supplement", "section": "supplement", "values": [ 5309, 11715, 9908 ] } ], "notes": [ "此表以原页重新排版；行名称保留业务含义，原文图像位于PDF第201页。", "JPM现金集合为cash and due from banks and deposits with banks，不能改称普通公司cash equivalents。", "变化和合计按原表符号；经营资产扩张与客户存款筹资分属不同活动类别。" ], "aggregation_rules": [ { "target": "cfo", "components": [ "net", "provision", "da", "deferred", "fr", "visa", "otheradjust", "hfsorigin", "hfssales", "tradingassets", "securitiesborrowed", "receivables", "otherassets", "tradingliabilities", "ap", "otheroperating" ], "operation": "signed_sum" }, { "target": "cfi", "components": [ "resale", "htmmaturity", "htmbuy", "afspay", "afssell", "afsbuy", "hfi", "otherloans", "fracquisition", "otherinv" ], "operation": "signed_sum" }, { "target": "cff", "components": [ "deposits", "repo", "short", "vie", "longissue", "longpay", "preferredissue", "preferredpay", "treasury", "dividends", "otherfin" ], "operation": "signed_sum" }, { "target": "change", "components": [ "cfo", "cfi", "cff", "fx" ], "operation": "signed_sum" }, { "target": "end", "components": [ "begin", "change" ], "operation": "signed_sum" } ], "retrieved_at": "2026-09-21", "provenance": "同会话已核原表输入复用；本批仍保留原标签、比较列与脚注。" }, "jpm_lcr": { "id": "JPM-LCR-Q42025", "title": "Liquidity Coverage Ratio", "source_id": "BFFG-C02", "locator": "Annual Report printed p101／一基PDF物理p133；表及(a)(b)脚注", "periods": [ "3m ended 2025-12-31", "3m ended 2025-09-30", "3m ended 2024-12-31" ], "unit": "USD million", "data_identity": "historical_observation", "rows": [ { "id": "cash", "label_original": "Eligible cash", "label_zh": "符合条件的现金", "values": [ 281117, 308298, 396123 ], "kind": "detail" }, { "id": "securities", "label_original": "Eligible securities", "label_zh": "符合条件的证券", "values": [ 680862, 638020, 464877 ], "kind": "detail" }, { "id": "hqla", "label_original": "Total eligible HQLA", "label_zh": "集团HQLA合计", "values": [ 961979, 946318, 861000 ], "kind": "total" }, { "id": "outflows", "label_original": "Total net cash outflows", "label_zh": "净现金流出压力量", "values": [ 868500, 858157, 763648 ], "kind": "detail" }, { "id": "ratio", "label_original": "LCR", "label_zh": "集团LCR（%）", "values": [ 111, 110, 113 ], "kind": "detail" }, { "id": "excess", "label_original": "Net excess eligible HQLA", "label_zh": "集团超额HQLA", "values": [ 93479, 88161, 97352 ], "kind": "detail" }, { "id": "bankratio", "label_original": "JPMorgan Chase Bank, N.A. LCR", "label_zh": "银行法人LCR（%）", "values": [ 115, 117, 124 ], "kind": "detail" }, { "id": "bankexcess", "label_original": "JPMorgan Chase Bank, N.A. net excess eligible HQLA", "label_zh": "银行法人超额HQLA", "values": [ 138052, 152886, 193682 ], "kind": "detail" } ], "notes": [ "季度平均；银行法人行与集团行身份不同。证券使用监管公允价值及haircut口径。", "集团排除银行超过独立最低要求且无法转移给非银行关联方的HQLA；金额比值不是逐日监管比率平均的重新计算。" ] }, "jpm_deposits": { "id": "JPM-DEPOSITS-2025", "title": "Deposits", "source_id": "BFFG-C02", "locator": "Annual Report printed p103／一基PDF物理p135", "periods": [ "2025-12-31", "2024-12-31", "2025 average", "2024 average" ], "unit": "USD million", "data_identity": "historical_observation", "rows": [ { "id": "ccb", "label_original": "Consumer & Community Banking", "label_zh": "消费者与社区银行", "values": [ 1072792, 1056652, 1057232, 1064215 ], "kind": "detail" }, { "id": "cib", "label_original": "Commercial & Investment Bank", "label_zh": "商业与投资银行", "values": [ 1193338, 1073512, 1174581, 1061488 ], "kind": "detail" }, { "id": "awm", "label_original": "Asset & Wealth Management", "label_zh": "资产与财富管理", "values": [ 257316, 248287, 245248, 235146 ], "kind": "detail" }, { "id": "corp", "label_original": "Corporate", "label_zh": "公司层", "values": [ 35874, 27581, 29504, 25793 ], "kind": "detail" }, { "id": "total", "label_original": "Total", "label_zh": "存款合计", "values": [ 2559320, 2406032, 2506565, 2386642 ], "kind": "total" } ], "notes": [] } }, "walmart": { "source_id": "BFFG-C06", "period": "FY2026 ended 2026-01-31", "unit": "USD million", "revenue": 713163, "net_sales": 706413, "oi": 29825, "cfo": 41565, "capex": 26642, "fcf": 14923, "notes": [ "三报告分部：Walmart U.S.、Walmart International、Sam’s Club U.S.。", "美国/加拿大1月31日年结，其他经营通常自然年口径滞后一个月合并。", "美国RIM/LIFO、国际依业态RIM或加权平均/FIFO、Sam’s Club多数加权平均/LIFO，按原政策保留。" ] }, "jpm_liquidity": { "source_id": "BFFG-C02", "unit": "USD million unless marked", "average_period": "three months ended 2025-12-31", "group": { "eligible_cash": 281117, "eligible_securities": 680862, "hqla": 961979, "nco": 868500, "reported_lcr_pct": 111, "excess": 93479 }, "bank_na": { "reported_lcr_pct": 115, "excess": 138052 }, "period_end": { "date": "2025-12-31", "hqla_pre_haircut_approx_bn": 915, "other_unencumbered_approx_bn": 548, "reported_available_approx_tn": 1.5, "conditional_borrowing_approx_bn": 449, "deposits": 2559320, "uninsured_estimate": 1558600 }, "notes": [ "449bn原文明确排除已列HQLA/其他无抵押证券带来的相关能力，不能武断称必然重复。", "期末资产与有条件融资能力分别呈现，不输出无条件挤兑覆盖率。" ] }, "svb": { "source_id": "BFFG-C03", "data_identity": "historical_official_review", "date": "2023-04-28", "events": [ { "date": "2023-03-08", "kind": "announced", "text": "证券出售与拟增资的资产负债调整公告" }, { "date": "2023-03-09", "kind": "realized", "text": "单日存款流出超过400亿美元" }, { "date": "2023-03-10", "kind": "expected_not_realized_total", "text": "管理层预计额外1000亿美元流出；当日银行关闭" } ], "notes": "预期流出不是另一笔已实现历史流出；不得两项相加称已完成提款。" } }, "entry_id": "zh-bf22", "selected_branch": "retail", "required_readings_by_branch": { "retail": [ { "source_id": 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Corporation" ], "version": "FY ended 2025-08-31；比较期2024-09-01", "url": "https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm", "locators": [ "Item 1", "Consolidated Statements of Income / Balance Sheets / Equity / Cash Flows", "Note 1", "Note 4—Debt", "MD&A Bank Credit Facilities and Commercial Paper Programs" ] }, { "id": "BF-S-JPM-FY2025", "title": "JPMorgan Chase & Co. 2025 Annual Report", "authors": [ "JPMorgan Chase & Co." ], "version": "FY2025；364页PDF", "url": "https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf", "locators": [ "printed 100–103 = physical 132–135 (1-based)", "printed 165/167/169 = physical 197/199/201", "MD&A Introduction p46; Loan accounting framework Note 12 pp236–238" ] }, { "id": "BFFG-C03", "title": "Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank — Key Takeaways", "authors": [ "Board of Governors of the Federal Reserve System" ], "version": "2023-04-28；网页更新2023-05-17", "url": "https://www.federalreserve.gov/publications/2023-April-SVB-Key-Takeaways.htm", "locators": [ "Key Takeaways 全文" ] }, { "id": "BFFG-C03L", "title": "SVB Review — Supervision of SVBFG by Critical Risk Areas", "authors": [ "Federal Reserve" ], "version": "2023-04-28", "url": "https://www.federalreserve.gov/publications/2023-April-SVB-Supervision-of-SVBFG-by-Critical-Risk-Areas.htm", "locators": [ "Liquidity Supervision：Overview至该节Conclusions；止于下一节Interest Rate Risk and Investment Portfolio Supervision之前" ] }, { "id": "EIBC-S04", "title": "Walmart Inc. FY2026 Form 10-K", "authors": [ "Walmart Inc." ], "version": "FY ended 2026-01-31；filed 2026-03-13", "url": "https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/wmt-20260131.htm", "locators": [ "Item1 分部与期间", "MD&A Capital Allocation p36", "Free Cash Flow p37", "Consolidated Results of Operations p38", "Note1 Inventories" ] }, { "id": "BF-S-SEC-GUIDE", "title": "Beginners’ Guide to Financial Statements", "authors": [ "U.S. Securities and Exchange Commission" ], "version": "2014；Last reviewed 2017", "url": "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements", "locators": [ "四张报表、Footnotes、MD&A、Bringing It All Together" ] }, { "id": "BFFG-R02", "title": "Beyond earnings quality: evaluating the quality of corporate disclosure practices", "authors": [ "Patricia M. Dechow", "Weili Ge", "Wei Ting Loh", "Sarah McVay" ], "version": "RAST31(2026),1567–1637；published 2026-07-24", "url": "https://link.springer.com/article/10.1007/s11142-026-09971-2", "locators": [ "Introduction", "§3.2–3.3", "§8 pilot及实施边界" ] } ], "experiment_ids": [ "EXP-BF22-ONE-PAGE-BUILDER" ], "input_projection": { "schema": "notebook-input-projection-v1", "metadata_pointers": [ "/schema_version", "/content_version", "/cutoff", "/identity_policy" ], "common_pointers": [], "branch_pointers": { "retail": [ "/integrated/retail", "/tables/cost_bs", "/tables/cost_income", "/tables/cost_cash", "/walmart", "/tables/wmt_capex", "/tables/wmt_fcf" ], "bank": [ "/integrated/bank", "/tables/jpm_bs", "/tables/jpm_income", "/tables/jpm_cash", "/jpm_liquidity", "/tables/jpm_lcr", "/tables/jpm_deposits", "/svb" ] }, "complete_frozen_input_uri": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-fg/inputs.json", "rule": "同源完整对象/整表按篇及行业投影，不删表中行、列、期间、单位、脚注或已包含的题解；研究/迁移仍按原选读规则。", "scope": "Canonical packet contains the union for this entry; copy action projects the selected industry. Other entry data stays in the complete frozen public input." } } ``` ## Supplied entry 这一篇不再按科目逐个讲解。我们接到一份年报，要在有限时间内交出一页别人能复核的企业分析：公司怎样经营，资源与义务在哪里，利润怎样形成，现金去了哪里，结果如何归到普通股，以及目前还有哪两种解释无法区分。 选择Costco零售或JPM银行一支，连同共同地图与题解约15–20分钟。完整原表可随时展开；Walmart与SVB迁移另行选读。信息取得截至2026-09-21，各项数字仍固定在原材料的报告期间，不向当时的判断倒填后续事实。 ## 1. 开始前先留一张空白分析页 先用下面六个格子写自己的答案，再展开示范。不是每格都必须填一个比率：有时最重要的结论是某个余额不适合做分母，或某项未来结果还缺资料。 | 格子 | 要交出的内容 | |---|---| | 对象与时间 | 企业/证券的区别；年结日、单位、合并范围 | | 业务与资源 | 谁付款、交付什么、需要什么资源；义务来自哪里 | | 利润 | 一条从业务收入到净利润的可复算关系 | | 现金与资金 | 一条现金总桥；一项投入和一项融资/分配的含义 | | 普通股 | 总权益与普通股归属、期末和加权股数的区别 | | 判断与下一条证据 | 两项可区分的解释；下一份什么资料能推进判断 | 四张主表并不竞争“谁最真实”。利润表归集一段期间的经营结果，资产负债表记录时点资源与义务，现金流量表记录收付与现金余额变化，权益表解释股东投入、分配和其他变动。附注展开计量与边界，MD&A帮助把变动放回业务；要做完整分析，就让它们围绕同一个问题互相接上。[^map] 这一轮的作业不是猜股票明天涨跌。我们要求：每个关键数字能回到原表；每条解释能说出证据支持到哪里；每个未决问题能指向下一条具体观察。图可以检查算术，但不会替你给公司打投资分数。
## 2. 零售任务包：Costco FY2025 对象为Costco Wholesale Corporation合并集团，FY2025截至2025-08-31；比较期2024-09-01，两年都是52周。金额百万美元，利润表股数为千股，资产负债表普通股文字说明中的股数则是实际股数。先保持这些单位分开，再开始计算。[^cost] ### 原表入口：全貌保留，重点由业务决定
完整合并利润表：收入、费用、税项、EPS及分母 | 原行名称 | 中文读法 | FY2025 · 2025-08-31 · 52周 | FY2024 · 2024-09-01 · 52周 | FY2023 · 2023-09-03 · 53周 | |---|---|---:|---:|---:| | REVENUE | 收入 | | | | | Net sales | 净销售额 | 269,912 | 249,625 | 237,710 | | Membership fees | 会员费 | 5,323 | 4,828 | 4,580 | | Total revenue | 收入合计 | 275,235 | 254,453 | 242,290 | | OPERATING EXPENSES | 经营费用 | | | | | Merchandise costs | 商品成本 | 239,886 | 222,358 | 212,586 | | Selling, general and administrative | 销售、一般及行政费用 | 24,966 | 22,810 | 21,590 | | Operating income | 经营利润 | 10,383 | 9,285 | 8,114 | | OTHER INCOME (EXPENSE) | 其他收益（费用） | | | | | Interest expense | 利息费用 | (154) | (169) | (160) | | Interest income and other, net | 利息收入及其他净额 | 589 | 624 | 533 | | Income before income taxes | 税前利润 | 10,818 | 9,740 | 8,487 | | Provision for income taxes | 所得税费用 | 2,719 | 2,373 | 2,195 | | Net income | 净利润 | 8,099 | 7,367 | 6,292 | | NET INCOME PER COMMON SHARE | 普通股每股净利润（美元/股） | | | | | Basic | 基本每股净利润 | 18.24 | 16.59 | 14.18 | | Diluted | 稀释每股净利润 | 18.21 | 16.56 | 14.16 | | SHARES USED IN CALCULATION (000's) | 计算使用股数（千股） | | | | | Basic | 基本加权平均股数 | 443,985 | 443,914 | 443,854 | | Diluted | 稀释加权平均股数 | 444,803 | 444,759 | 444,452 | 单位：USD millions。金额为百万美元；EPS为美元/股；股数为千股。括号负数按负号保存。 合并利润表未单列毛利；MD&A p.27定义Gross Margin=Net sales−Merchandise costs，2025/24/23分别30026/27267/25124。 2023是53周，2025和2024为52周；比较增长前核对。
完整两期资产负债表：资产、负债、权益及无金额披露 | 原行名称 | 中文读法 | 2025-08-31 | 2024-09-01 | |---|---|---:|---:| | ASSETS | 资产 | | | | CURRENT ASSETS | 流动资产 | | | | Cash and cash equivalents | 现金及现金等价物 | 14,161 | 9,906 | | Short-term investments | 短期投资 | 1,123 | 1,238 | | Receivables, net | 应收款净额 | 3,203 | 2,721 | | Merchandise inventories | 商品存货 | 18,116 | 18,647 | | Other current assets | 其他流动资产 | 1,777 | 1,734 | | Total current assets | 流动资产合计 | 38,380 | 34,246 | | OTHER ASSETS | 其他资产 | | | | Property and equipment, net | 物业及设备净额 | 31,909 | 29,032 | | Operating lease right-of-use assets | 经营租赁使用权资产 | 2,725 | 2,617 | | Other long-term assets | 其他长期资产 | 4,085 | 3,936 | | TOTAL ASSETS | 总资产 | 77,099 | 69,831 | | LIABILITIES AND EQUITY | 负债与权益 | | | | CURRENT LIABILITIES | 流动负债 | | | | Accounts payable | 应付账款 | 19,783 | 19,421 | | Accrued salaries and benefits | 应计工资及福利 | 5,205 | 4,794 | | Accrued member rewards | 应计会员奖励 | 2,677 | 2,435 | | Deferred membership fees | 递延会员费 | 2,854 | 2,501 | | Other current liabilities | 其他流动负债 | 6,589 | 6,313 | | Total current liabilities | 流动负债合计 | 37,108 | 35,464 | | OTHER LIABILITIES | 其他负债 | | | | Long-term debt, excluding current portion | 长期债务，不含流动部分 | 5,713 | 5,794 | | Long-term operating lease liabilities | 长期经营租赁负债 | 2,460 | 2,375 | | Other long-term liabilities | 其他长期负债 | 2,654 | 2,576 | | TOTAL LIABILITIES | 负债合计 | 47,935 | 46,209 | | COMMITMENTS AND CONTINGENCIES | 承诺及或有事项〔原表无金额〕 | | | | EQUITY | 权益 | | | | Preferred stock $0.005 par value; 100,000,000 shares authorized; no shares issued and outstanding | 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 | — | — | | Common stock $0.005 par value; 900,000,000 shares authorized; 443,237,000 and 443,126,000 shares issued and outstanding | 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 | 2 | 2 | | Additional paid-in capital | 额外实缴资本 | 8,282 | 7,829 | | Accumulated other comprehensive loss | 累计其他综合损失 | (1,770) | (1,828) | | Retained earnings | 留存收益 | 22,650 | 17,619 | | TOTAL EQUITY | 权益合计 | 29,164 | 23,622 | | TOTAL LIABILITIES AND EQUITY | 负债及权益合计 | 77,099 | 69,831 | 单位：USD million；股数与每股面值按行另标。标题和无金额披露为空，不等于零；括号为减项；明细、小计和总计不得重复相加。
完整现金流量表：三类活动、余额桥及补充 | 原行名称 | 中文读法 | FY2025 · 52周 | FY2024 · 52周 | FY2023 · 53周 | |---|---|---:|---:|---:| | CASH FLOWS FROM OPERATING ACTIVITIES | 经营活动现金流 | | | | | Net income | 净利润 | 8,099 | 7,367 | 6,292 | | Adjustments to reconcile net income to net cash provided by operating activities | 净利润至经营活动净现金的调整 | | | | | Depreciation and amortization | 折旧及摊销 | 2,426 | 2,237 | 2,077 | | Non-cash lease expense | 非现金租赁费用 | 303 | 315 | 412 | | Stock-based compensation | 股权薪酬 | 860 | 818 | 774 | | Impairment of assets and other non-cash operating activities, net | 资产减值及其他非现金经营活动净额 | (117) | (9) | 495 | | Changes in operating assets and liabilities | 经营资产及负债变动 | | | | | Merchandise inventories | 商品存货变动 | 559 | (2,068) | 1,228 | | Accounts payable | 应付账款变动 | 404 | 1,938 | (382) | | Other operating assets and liabilities, net | 其他经营资产负债净变动 | 801 | 741 | 172 | | Net cash provided by operating activities | 经营活动产生净现金 | 13,335 | 11,339 | 11,068 | | CASH FLOWS FROM INVESTING ACTIVITIES | 投资活动现金流 | | | | | Additions to property and equipment | 物业及设备增加的现金支出 | (5,498) | (4,710) | (4,323) | | Purchases of short-term investments | 购买短期投资 | (1,028) | (1,470) | (1,622) | | Maturities of short-term investments | 短期投资到期 | 1,141 | 1,790 | 937 | | Other investing activities, net | 其他投资活动净额 | 74 | (19) | 36 | | Net cash used in investing activities | 投资活动使用净现金 | (5,311) | (4,409) | (4,972) | | CASH FLOWS FROM FINANCING ACTIVITIES | 筹资活动现金流 | | | | | Repayments of short-term borrowings | 偿还短期借款 | (862) | (920) | (935) | | Proceeds from short-term borrowings | 短期借款所得 | 816 | 928 | 917 | | Repayments of long-term debt | 偿还长期债务 | (103) | (1,077) | (75) | | Proceeds from long-term debt | 长期债务所得 | — | 498 | — | | Tax withholdings on stock-based awards | 股票奖励代扣税款 | (393) | (315) | (303) | | Repurchases of common stock | 回购普通股 | (903) | (700) | (676) | | Cash dividend payments | 支付股息 | (2,183) | (9,041) | (1,251) | | Financing lease payments and other financing activities, net | 融资租赁支付及其他筹资净额 | (147) | (137) | (291) | | Net cash used in financing activities | 筹资活动使用净现金 | (3,775) | (10,764) | (2,614) | | Effect of exchange rate changes on cash and cash equivalents | 汇率变化对现金及等价物影响 | 6 | 40 | 15 | | Net change in cash and cash equivalents | 现金及等价物净变动 | 4,255 | (3,794) | 3,497 | | Cash and cash equivalents, beginning of year | 期初现金及等价物 | 9,906 | 13,700 | 10,203 | | Cash and cash equivalents, end of year | 期末现金及等价物 | 14,161 | 9,906 | 13,700 | | SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | 补充披露（不重复加总） | | | | | Cash paid during the year for interest | 年内已付利息 | 106 | 129 | 125 | | Cash paid during the year for income taxes | 年内已付所得税 | 2,917 | 2,319 | 2,234 | | SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES | 非现金活动补充披露 | | | | | Dividends declared, but not yet paid | 已宣布而未支付股息 | — | — | 452 | | Capital expenditures included in liabilities | 列入负债的资本支出 | 193 | 203 | 170 | 单位：USD millions。零值按原表破折号语义保留数值0；主表标题无金额为null，不等于0。 其他非现金经营活动净额为负不能整行解释为本期资产减值。 现金集合为cash and cash equivalents；补充的未付资本支出不加到当期现金支出。
### 先自己观察，再走一遍完整解释 请先在原表找出净销售、会员费、商品成本、存货、应付及门店资源。公司以会员仓储零售为业务入口，但它的资源不只是商品：仓库、物业设备及租赁使用权也支持交付。商品采购和供应商付款形成一个时间过程，会员服务又有自己的收费与确认节奏。会员费按一年会员期递延确认，因此会员费收入不是期末现金余额。[^costpolicy] 从利润入手，净销售269,912减商品成本239,886，得到30,026；公司MD&A将这一关系列为Gross Margin。加会员费5,323，再扣销售及管理等费用24,966，得到经营利润10,383。随后10,383−利息费用154＋利息及其他净收入589＝税前10,818，扣所得税2,719得到净利润8,099。这里同一段话既有业务层次，也能完全复算。[^costincome] 现在做两期变化桥。商品销售与商品成本差额由27,267增到30,026，增加2,759；会员费增加495；销售及管理等费用增加2,156。因此2,759＋495−2,156＝经营利润增加1,098，正好等于10,383−9,285。它把总增长分成三个明确入口，但尚未把2,759唯一归因为销量、价格、组合或采购成本。 再回到资源和现金。存货18,116比前期少531，应付19,783比前期多362；两行余额之差由−774变为−1,667。其反向变化893说明所选两行账面资金部件的变化；现金流中对应两项却为559＋404＝963，差70尚未分解。此处最有用的动作是保留两张表各自口径，继续查变化明细，而不是挑一个数让另外一张表强行相等。[^costcash] 完整现金桥为9,906＋13,335−5,311−3,775＋6＝14,161。经营现金流13,335支持了当年5,498物业设备付款以及其他安排，但“13,335−5,498＝7,837”只是两行残余，不是扣尽一切义务后的自由资金。筹资部分还包括股息2,183、回购903、股权奖励代扣款、债务收付及融资租赁等；这些都是这年资金路径的一部分。 ### 普通股处在这条链的哪里 期末总资产77,099、负债47,935、权益29,164，三者相等关系成立。优先股未发行，所以这里的权益没有一项在外优先股余额需要另减。普通股期末443,237,000股，前期443,126,000股，净增加111,000股；本期有回购并不等于期末股数一定下降。若要解释这种净变动，需要回到发行、股权奖励与回购的股数，而不是只看回购现金。[^costequity] 全年基本EPS用443,985千股加权平均，稀释EPS用444,803千股；期末443,237,000股不能替代这两个期间分母。净利润8,099也不等于权益增加：权益由23,622到29,164增加5,542，中间还有分配和其他权益变动。我们在一页里不必展开所有奖励细节，却须保留普通股所得所依赖的口径。 ### 可交付的一页示范 | 分析格 | 一页可复核内容 | |---|---| | 范围 | FY2025合并集团；2025-08-31年结，52周；金额百万美元，股数单位另核 | | 业务/资源 | 商品销售与会员服务；商品18,116、物业设备净额31,909和经营租赁使用权2,725共同支持交付；应付19,783是供应链付款义务 | | 利润桥 | (269,912−239,886)＋5,323−24,966＝10,383；10,383−154＋589−2,719＝8,099 | | 现金/资金 | 9,906＋13,335−5,311−3,775＋6＝14,161；物业设备现金投入5,498；分红2,183、回购903；债务本金5,805另按到期表读 | | 普通股 | 权益29,164，未发行优先股；期末443,237,000股；全年EPS使用加权分母 | | 未决解释 | 存货下降可能反映交付/备货节奏变化，也可能反映成本或组合；供应商结算时间也影响应付；不能凭两期净额唯一归因 | | 下一条证据 | 取得相同期次的销量/可比销售与库存构成，再对照采购、供应商条款和付款时点，区分“销售更快”与“采购及结算时点” | 这份示范不是“没有结论”。它已经给出经营利润变化、现金闭合、资金用途和股数边界；只是把还需要证据的因果问题留在正确位置。能明确指出下一条观察，通常比用一个模糊形容词评价库存更有用。 ### 分支练习与完整反馈 先做：重建经营利润增加1,098；再解释为什么两行库存资金反向变化893不能直接说成现金流963。最后在“销售更快”和“结算时点改变”两种解释中，为每一种指定一条可以推翻它的观察。
展开解析 利润变化＝毛利差额增加2,759＋会员费增加495−销售管理等费用增加2,156＝1,098。893来自两期资产负债表，963来自现金流调整，两者差70没有取得完整归因。 若解释为销售更快，应当能在相应销量、交付或库存周转结构中找到证据；若销量/交付无此变化，却发现期末采购减少，这个解释就受挑战。若解释为供应商结算更晚，应检查具体付款日、条款或到期应付；若账期与支付节奏未变而采购结构变化明显，便不能继续把应付增长归给延付。这里只提出可检验假说，没把假说写成公司已经发生的事实。
同类迁移：Walmart FY2026，换一家零售商还能重建吗？ 先读对象卡：Walmart有Walmart U.S.、Walmart International和Sam’s Club U.S.三个报告分部。美国和加拿大财年截至1月31日，其他经营通常按自然年、滞后一个月合并。它与Costco的52周财年不是同一个期间安排。库存方法也随分部、业态不同：美国主要RIM及LIFO，国际依业态采用RIM或加权平均并用FIFO，Sam’s Club多数为加权平均/LIFO。相似的“零售”标签没有消除这些边界。[^wmtpolicy] 采用FY2026：净销售706,413，加会员及其他收入6,750，得到收入713,163；经营利润29,825。下表给出可直接核的资金及投入材料，不要求先读完另一家全部附注。[^wmt] | 原行名称 | 中文读法 | FY2026 | FY2025 | FY2024 | |---|---|---:|---:|---:| | Net cash provided by operating activities | 经营现金流 | 41,565 | 36,443 | 35,726 | | Payments for property and equipment | 物业设备付款 | (26,642) | (23,783) | (20,606) | | Free cash flow | 公司定义FCF | 14,923 | 12,660 | 15,120 | | Net cash used in investing activities (1) | 投资现金流 | (26,350) | (21,379) | (21,287) | | Net cash used in financing activities | 筹资现金流 | (13,553) | (14,822) | (13,414) | 单位：USD million。(1)投资现金流已经包含物业设备付款。FCF未扣债务服务、其他合同付款及收购，不能再将CFI全额扣一次。 | 原行名称 | 中文读法 | FY2026 | FY2025 | |---|---|---:|---:| | Supply chain, customer-facing initiatives, technology and other | 供应链、面向客户项目、技术及其他 | 16,468 | 14,603 | | Store and club remodels | 门店及会员店改造 | 5,571 | 5,552 | | New stores and clubs, including expansions and relocations | 新门店及会员店，含扩建与迁址 | 1,406 | 450 | | Total U.S. | 美国合计 | 23,445 | 20,605 | | Walmart International | 国际业务 | 3,197 | 3,178 | | Total Capital Expenditures | 资本支出合计 | 26,642 | 23,783 | 单位：USD million。 迁移任务：将“业务—资源—利润—现金—投入目标”写成五行，并复算美国资本支出小计与总额；指出一条不能直接从Costco搬来的比较方法。 完整解析：业务先按三个报告分部及各自业态定位；资源包括门店、供应链和技术能力，不能只等同于新开门店。收入713,163、经营利润29,825给出利润层次入口。经营现金流41,565减物业设备付款26,642＝公司FCF14,923，但原文说明它未扣债务服务、其他合同义务和收购，所以不能叫任意可用于回购的钱。资本支出美国小计16,468＋5,571＋1,406＝23,445，再加国际3,197＝26,642；这把供应链/客户项目/技术等、改造与新店投入分开了。公司将这些投入与全渠道及自动化策略相联系，但还要用交付效率、成本或客户使用结果检验效果，不能由用途标签直接生成回报率。[^wmt] 不能照搬的例子：两个集团的毛利或周转比较需要先核会员及其他收入、库存方法、期间和业务组合；不能拿各自总收入与一个混合应收余额随手造出同口径客户DSO。
## 3. 银行任务包：JPMorgan Chase FY2025 对象为JPMorgan Chase & Co.集团，不是其银行子公司单体；年度截至2025-12-31。金额百万美元，利润表加权股数为百万股，资产负债表股数说明为实际股数。银行业务围绕贷款、证券、支付、客户资产服务及其融资展开，分析先从资产和资金的关系进入，而不是先找一张商品毛利表。[^jpm]
完整集团合并利润表：净利息、非利息、信用成本、费用及普通股 | 原行名称 | 中文读法 | 2025 | 2024 | 2023 | |---|---|---:|---:|---:| | Revenue | 收入 | | | | | Investment banking fees | 投资银行费用收入 | 9,615 | 8,910 | 6,519 | | Principal transactions | 交易业务收益（原行 Principal transactions） | 27,212 | 24,787 | 24,460 | | Lending- and deposit-related fees | 贷款及存款相关费用收入 | 9,093 | 7,606 | 7,413 | | Asset management fees | 资产管理费用收入 | 20,327 | 17,801 | 15,220 | | Commissions and other fees | 佣金及其他费用收入 | 8,539 | 7,530 | 6,836 | | Investment securities losses | 投资证券收益／损失 | (57) | (1,021) | (3,180) | | Mortgage fees and related income | 按揭费用及相关收入 | 1,381 | 1,401 | 1,176 | | Card income | 银行卡收入 | 4,720 | 5,497 | 4,784 | | Other income | 其他收入 | 6,174 | 12,462 | 5,609 | | Noninterest revenue | 非利息收入 | 87,004 | 84,973 | 68,837 | | Interest income | 利息收入 | 193,341 | 193,933 | 170,588 | | Interest expense | 利息支出 | 97,898 | 101,350 | 81,321 | | Net interest income | 净利息收入 | 95,443 | 92,583 | 89,267 | | Total net revenue | 净收入合计 | 182,447 | 177,556 | 158,104 | | Provision for credit losses | 信用损失计提 | 14,212 | 10,678 | 9,320 | | Noninterest expense | 非利息费用 | | | | | Compensation expense | 薪酬费用 | 54,487 | 51,357 | 46,465 | | Occupancy expense | 场地费用 | 5,461 | 5,026 | 4,590 | | Technology, communications and equipment expense | 技术、通信及设备费用 | 11,029 | 9,831 | 9,246 | | Professional and outside services | 专业及外部服务费用 | 12,356 | 11,057 | 10,235 | | Marketing | 营销费用 | 5,531 | 4,974 | 4,591 | | Other expense | 其他费用 | 6,776 | 9,552 | 12,045 | | Total noninterest expense | 非利息费用合计 | 95,640 | 91,797 | 87,172 | | Income before income tax expense | 税前利润 | 72,595 | 75,081 | 61,612 | | Income tax expense | 所得税费用 | 15,547 | 16,610 | 12,060 | | Net income | 净利润 | 57,048 | 58,471 | 49,552 | | Net income applicable to common stockholders | 归属于普通股权益的净利润 | 55,681 | 56,868 | 47,760 | | Net income per common share data | 普通股每股净利润数据（美元/股） | | | | | Basic earnings per share | 基本每股净利润 | 20.05 | 19.79 | 16.25 | | Diluted earnings per share | 稀释每股净利润 | 20.02 | 19.75 | 16.23 | | Weighted-average basic shares | 基本加权平均股数（百万股） | 2,776.5 | 2,873.9 | 2,938.6 | | Weighted-average diluted shares | 稀释加权平均股数（百万股） | 2,781.5 | 2,879 | 2,943.1 | 单位：USD millions。GAAP集团合并口径，不混入managed/FTE分部口径。 费用行原表为正额，计算中减去；投资证券损失为带负号收入。 EPS为美元/股，股数为百万股；原表应与附注一同阅读。
完整两期集团资产负债表及VIE脚注 | 原行名称 | 中文读法 | 2025-12-31 | 2024-12-31 | |---|---|---:|---:| | Assets | 资产 | | | | Cash and due from banks | 现金及应收银行款 | 21,742 | 23,372 | | Deposits with banks | 存放银行款项 | 321,596 | 445,945 | | Federal funds sold and securities purchased under resale agreements (included $327,018 and $286,771 at fair value) | 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〕 | 336,426 | 295,001 | | Securities borrowed (included $98,111 and $83,962 at fair value) | 借入证券〔其中按公允价值计量98,111／83,962〕 | 286,191 | 219,546 | | Trading assets (included assets pledged of $165,927 and $136,070) | 交易资产〔其中已质押资产165,927／136,070〕 | 802,873 | 637,784 | | Available-for-sale securities (amortized cost of $507,226 and $411,045; included assets pledged of $7,735 and $10,162) | 可供出售证券〔摊余成本507,226／411,045；其中已质押7,735／10,162〕 | 507,198 | 406,852 | | Held-to-maturity securities | 持有至到期证券 | 270,134 | 274,468 | | Investment securities, net of allowance for credit losses | 投资证券，扣除信用损失准备后 | 777,332 | 681,320 | | Loans (included $70,684 and $41,350 at fair value) | 贷款，未扣贷款损失准备〔其中按公允价值计量70,684／41,350〕 | 1,493,429 | 1,347,988 | | Allowance for loan losses | 贷款损失准备〔资产减项〕 | (25,765) | (24,345) | | Loans, net of allowance for loan losses | 贷款净额 | 1,467,664 | 1,323,643 | | Accrued interest and accounts receivable | 应计利息及应收账款 | 111,599 | 101,223 | | Premises and equipment | 房屋及设备 | 36,244 | 32,223 | | Goodwill, MSRs and other intangible assets | 商誉、按揭服务权及其他无形资产 | 64,458 | 64,560 | | Other assets (included $15,849 and $15,122 at fair value and assets pledged of $11,984 and $6,288) | 其他资产〔其中按公允价值计量15,849／15,122；已质押11,984／6,288〕 | 198,775 | 178,197 | | Total assets(a) | 总资产〔附注(a)〕 | 4,424,900 | 4,002,814 | | Liabilities | 负债 | | | | Deposits (included $20,930 and $33,768 at fair value) | 客户存款〔其中按公允价值计量20,930／33,768〕 | 2,559,320 | 2,406,032 | | Federal funds purchased and securities loaned or sold under repurchase agreements (included $360,194 and $226,329 at fair value) | 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〕 | 442,396 | 296,835 | | Short-term borrowings (included $32,460 and $26,521 at fair value) | 短期借款〔其中按公允价值计量32,460／26,521〕 | 64,776 | 52,893 | | Trading liabilities | 交易负债 | 216,019 | 192,883 | | Accounts payable and other liabilities (included $6,660 and $5,893 at fair value) | 应付账款及其他负债〔其中按公允价值计量6,660／5,893〕 | 316,794 | 280,672 | | Beneficial interests issued by consolidated VIEs (included $5 and $1 at fair value) | 合并VIE发行的受益权益〔其中按公允价值计量5／1〕 | 27,951 | 27,323 | | Long-term debt (included $134,559 and $100,780 at fair value) | 长期债务〔其中按公允价值计量134,559／100,780〕 | 435,206 | 401,418 | | Total liabilities(a) | 负债合计〔附注(a)〕 | 4,062,462 | 3,658,056 | | Commitments and contingencies (refer to Notes 28, 29 and 30) | 承诺及或有事项〔参见Notes 28、29、30；原表无金额〕 | | | | Stockholders’ equity | 股东权益 | | | | Preferred stock ($1 par value; authorized 200,000,000 shares: issued 2,005,375 and 2,005,375 shares) | 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 | 20,045 | 20,050 | | Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares) | 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 | 4,105 | 4,105 | | Additional paid-in capital | 额外实缴资本 | 91,114 | 90,911 | | Retained earnings | 留存收益 | 416,055 | 376,166 | | Accumulated other comprehensive losses | 累计其他综合损失 | (4,290) | (12,456) | | Treasury stock, at cost (1,408,661,319 and 1,307,313,494 shares) | 库存股，按成本〔股数1,408,661,319／1,307,313,494〕 | (164,591) | (134,018) | | Total stockholders’ equity | 股东权益合计 | 362,438 | 344,758 | | Total liabilities and stockholders’ equity | 负债及股东权益合计 | 4,424,900 | 4,002,814 | 单位：USD million；股数与每股面值按行另标。标题和无金额披露为空，不等于零；括号为减项；明细、小计和总计不得重复相加。 脚注(a)：所列VIE资产负债已包含于主表，排除被合并抵销的集团内余额，不能再次加总。 | 脚注(a)原行 | 中文读法 | 2025-12-31 | 2024-12-31 | |---|---|---:|---:| | Assets | 资产 | | | | Trading assets | 交易资产 | 4,835 | 3,885 | | Loans | 贷款 | 37,777 | 36,510 | | All other assets | 其他资产 | 683 | 681 | | Total assets | 资产合计 | 43,295 | 41,076 | | Liabilities | 负债 | | | | Beneficial interests issued by consolidated VIEs | 合并VIE发行的受益权益 | 27,951 | 27,323 | | All other liabilities | 其他负债 | 691 | 454 | | Total liabilities | 负债合计 | 28,642 | 27,777 | 以上VIE数额已包含于合并主表，不能再加到总资产或总负债。
完整集团现金流量表与补充披露 | 原行名称 | 中文读法 | 2025 | 2024 | 2023 | |---|---|---:|---:|---:| | Operating activities | 经营活动 | | | | | Net income | 净利润 | 57,048 | 58,471 | 49,552 | | Provision for credit losses | 信用损失计提 | 14,212 | 10,678 | 9,320 | | Depreciation and amortization | 折旧摊销 | 8,821 | 7,938 | 7,512 | | Deferred tax expense (benefit) | 递延所得税费用／利益 | 5,611 | 2,004 | (4,534) | | Bargain purchase gain associated with First Republic acquisition | First Republic收购廉价购买收益调整 | — | (103) | (2,775) | | Initial gain on Visa exchange | Visa交换初始收益调整 | — | (7,990) | — | | Other adjustments | 其他调整 | 1,309 | 1,985 | 4,301 | | Originations and purchases of loans held-for-sale | 待售贷款发放及购买 | (260,772) | (212,238) | (115,245) | | Proceeds from sales, securitizations and paydowns of loans held-for-sale | 待售贷款出售、证券化及偿还所得 | 235,232 | 205,303 | 116,430 | | Trading assets | 交易资产变动 | (156,461) | (95,729) | (74,091) | | Securities borrowed | 借入证券变动 | (66,648) | (18,762) | (14,902) | | Accrued interest and accounts receivable | 应计利息和应收账款变动 | (11,514) | 5,735 | 19,928 | | Other assets | 其他资产变动 | (12,582) | (7,650) | 32,970 | | Trading liabilities | 交易负债变动 | 23,134 | 2,276 | 5,315 | | Accounts payable and other liabilities | 应付及其他负债变动 | 5,270 | (90) | (25,388) | | Other operating adjustments | 其他经营调整 | 9,558 | 6,160 | 4,581 | | Net cash provided by (used in) operating activities | 经营活动产生／使用净现金 | (147,782) | (42,012) | 12,974 | | Investing activities | 投资活动 | | | | | Federal funds sold and securities purchased under resale agreements | 拆出联邦基金及买入返售变动 | (41,264) | (18,706) | 39,740 | | Proceeds from maturities and paydowns of held-to-maturity securities | HTM到期偿还所得 | 54,791 | 99,363 | 53,056 | | Purchases of held-to-maturity securities | 买入HTM | (5,432) | (4,709) | (4,141) | | Proceeds from maturities and paydowns of available-for-sale securities | AFS到期偿还所得 | 37,414 | 38,499 | 53,744 | | Proceeds from sales of available-for-sale securities | 出售AFS所得 | 141,295 | 104,625 | 108,434 | | Purchases of available-for-sale securities | 购入AFS | (308,772) | (352,712) | (115,499) | | Proceeds from sales and securitizations of loans held-for-investment | 留存投资贷款出售及证券化所得 | 57,565 | 57,921 | 47,312 | | Other changes in loans, net | 其他贷款净变动 | (188,497) | (83,176) | (88,343) | | Cash paid for First Republic acquisition | First Republic收购现金支出 | — | (2,362) | (9,920) | | All other investing activities, net | 其他投资活动净额 | (12,665) | (2,146) | (16,740) | | Net cash provided by (used in) investing activities | 投资活动产生／使用净现金 | (265,565) | (163,403) | 67,643 | | Financing activities | 筹资活动 | | | | | Deposits | 客户存款变动 | 153,168 | 3,299 | (32,196) | | Federal funds purchased and securities loaned or sold under repurchase agreements | 拆入联邦基金及证券出借／回购变动 | 145,535 | 80,288 | 13,801 | | Short-term borrowings | 短期借款变动 | 9,422 | 7,439 | (1,934) | | Beneficial interests issued by consolidated VIEs | 合并VIE发行受益权变动 | (622) | 1,543 | 9,029 | | Proceeds from long-term borrowings | 长期借款所得 | 120,761 | 109,915 | 75,417 | | Payments of long-term borrowings | 偿还长期借款 | (108,100) | (96,605) | (64,880) | | Proceeds from issuance of preferred stock | 发行优先股所得 | 3,000 | 2,500 | — | | Redemption of preferred stock | 赎回优先股 | (3,000) | (9,850) | — | | Treasury stock repurchased | 购买库存股 | (31,591) | (18,830) | (9,824) | | Dividends paid | 支付股息 | (16,625) | (14,783) | (13,463) | | All other financing activities, net | 其他筹资活动净额 | (2,415) | (1,469) | (1,521) | | Net cash provided by (used in) financing activities | 筹资活动产生／使用净现金 | 269,533 | 63,447 | (25,571) | | Effect of exchange rate changes | 汇率变化影响 | 17,835 | (12,866) | 1,871 | | Net increase (decrease) in cash and due from banks and deposits with banks | 指定现金集合净变动 | (125,979) | (154,834) | 56,917 | | Cash and due from banks and deposits with banks, beginning of year | 期初现金、应收银行款及存放银行款 | 469,317 | 624,151 | 567,234 | | Cash and due from banks and deposits with banks, end of year | 期末现金、应收银行款及存放银行款 | 343,338 | 469,317 | 624,151 | | Supplemental disclosures of cash flow information | 补充披露 | | | | | Cash interest paid | 已付现金利息 | 96,436 | 99,642 | 77,114 | | Income taxes paid, net | 已付所得税净额 | 5,309 | 11,715 | 9,908 | 单位：USD millions。此表以原页重新排版；行名称保留业务含义，原文图像位于PDF第201页。 JPM现金集合为cash and due from banks and deposits with banks，不能改称普通公司cash equivalents。 变化和合计按原表符号；经营资产扩张与客户存款筹资分属不同活动类别。
### 从经营结构解释收入和成本 利息收入193,341减利息支出97,898，得到净利息收入95,443；再加非利息收入87,004，得到净收入182,447。信用损失准备费用14,212和非利息费用95,640都继续扣除，得税前72,595；减税15,547得净利润57,048。这里利息支出参与资金业务的核心收入形成，不像一般工业企业的融资费用那样只在经营利润后补一行。[^jpmincome] 两期桥也能给出一个正向结论：FY2025净收入比2024增加4,891，但准备费用增加3,534、非利息费用增加3,843，因此税前利润减少2,486；税费减少1,063后，净利润减少1,423。于是收入增长和净利润下降可以同时成立。我们已经定位到信用成本和费用两条解释入口，接下来应读贷款组合、准备估计和费用组成，而不是把“银行收入增长”直接当作股东利润同比增长。 ### 资源、资金与现金表的读法一起改变 主表贷款1,493,429减准备余额25,765＝贷款净额1,467,664。这个准备余额不是一笔额外现金，也不是当期损益表14,212的同义词：一个是期末资产减项，一个是期间费用。客户存款2,559,320是资金来源负债；交易资产、证券与借入证券等则有各自经营和流动性角色。[^jpmbs] 现金表中经营现金流−147,782，不能只贴一个“经营失败”标签。表内交易资产变动−156,461、借入证券−66,648，以及待售贷款发放购买−260,772与出售回收235,232，说明经营性金融资产变化会大量影响这一分类；存款现金变动则在筹资活动。完整桥469,317−147,782−265,565＋269,533＋17,835＝343,338，期末集合名是cash and due from banks and deposits with banks，不是把工业企业cash equivalents名字直接套过来。[^jpmcash] 与现金表并读的流动性证据，是集团季度平均HQLA961,979对净流出868,500、披露LCR111%，以及期末资产和融资能力。约915十亿美元的期末HQLA（未扣监管haircut）加548十亿美元其他无抵押证券，对应约1.5万亿美元；449十亿美元为另列有条件抵押融资能力，原文已说明排除关系。不能使用季度平均HQLA去拼期末总额，银行法人的115%也不能替换集团111%。[^jpmliq] ### 给存款变化提出两种解释，而不是只报同比 | 原行名称 | 中文读法 | 2025-12-31 | 2024-12-31 | 2025 average | 2024 average | |---|---|---:|---:|---:|---:| | Consumer & Community Banking | 消费者与社区银行 | 1,072,792 | 1,056,652 | 1,057,232 | 1,064,215 | | Commercial & Investment Bank | 商业与投资银行 | 1,193,338 | 1,073,512 | 1,174,581 | 1,061,488 | | Asset & Wealth Management | 资产与财富管理 | 257,316 | 248,287 | 245,248 | 235,146 | | Corporate | 公司层 | 35,874 | 27,581 | 29,504 | 25,793 | | Total | 存款合计 | 2,559,320 | 2,406,032 | 2,506,565 | 2,386,642 | 单位：USD million。 期末存款增加2,559,320−2,406,032＝153,288。按原表，商业与投资银行增加119,826，是其中最大一部分；其余来自CCB16,140、AWM9,029和公司层8,293，四项合计相等。原MD&A将CIB变化与支付、证券服务中的客户资金活动等联系。这个分解比“全部客户更信任银行”更接近所披露的经营结构。[^jpmdeposits] 下一步可以并列两种分析假说：一是客户交易和服务活动扩大带来更多经营存款；二是利率、账户产品与资产配置改变使资金暂时停留或迁移。它们可能同时存在。要区分，应查分业务的平均余额、存款成本、客户资金流及账户类型，不能只用期末总额上涨就判断稳定性更强。 ### 普通股归属与一页示范 集团权益362,438减优先股20,045，得到普通股账面权益342,393；这不是监管资本，也不是股票市值。期末已发行4,104,933,895股减库存股1,408,661,319股，得在外2,696,272,576股；年度稀释加权股数2,781.5百万股又是不同量。净利润57,048与普通股可归属净利润55,681也分别保留，1,367差额不在没有进一步归属明细时全部改名成某一种优先股现金支付。[^jpmbs] | 分析格 | 一页可复核内容 | |---|---| | 范围 | JPMorgan Chase & Co.集团，FY2025；银行法人流动性指标另列 | | 业务/资源 | 客户资金、贷款/证券及服务相互连接；贷款净额1,467,664、存款2,559,320；准备余额与当期信用费用不同 | | 利润桥 | 193,341−97,898＋87,004−14,212−95,640＝72,595；扣税15,547得57,048 | | 现金/融资 | 469,317−147,782−265,565＋269,533＋17,835＝343,338；金融资产变动与客户存款分别影响不同现金分类 | | 流动性 | 季度平均集团LCR111%；期末约915＋548十亿美元为资产视图；有条件融资449十亿美元另列 | | 普通股 | 普通股账面权益342,393；期末在外2,696,272,576股；普通股可归属净利润55,681与集团净利润不同 | | 解释及下一证据 | 存款增长可能来自客户业务流量或定价/配置变化；先查CIB/CCB等平均余额、存款成本、客户流量和账户集中度 | ### 分支练习与完整反馈 先做：重建FY2025的税前利润、普通股账面权益及存款增加；说明为何−147,782没有单独完成经营质量判断。再为一项存款增长假说写出一条能推翻它的证据。
展开解析 税前182,447−14,212−95,640＝72,595；普通股权益362,438−20,045＝342,393；存款增加153,288。现金流表中的交易资产、借入证券和待售贷款活动使CFO包含金融资产的收付，必须与筹资中的存款、资产质量和流动性一起解释。 例如，若把全部存款增长解释为更稳定的经营性客户资金，下一步应查账户类型、客户流量及平均余额。若增量主要是短暂的期末大额机构资金、平均余额未同步，原解释就需要修改。这里假说和检验方法是我们的分析安排，不是已确认的公司结论。
历史迁移：把同一方法带到SVB 2023 这一次不是把JPM的111%套给另一家银行，而是更换全部历史证据。美联储SVB复盘的核心材料包括未保险存款集中、内部流动性压力测试与应急融资缺陷，以及2023-03-09超过400亿美元的实际提款和次日额外1,000亿美元的预期提款。[^svb] 任务：用“资产—负债—可操作融资—时间”四格，解释为什么仅有低信用风险证券不够；并辨认其中哪个提款量是当时预期。 完整解析：资产格写证券可能提供回收或抵押资源，但出售价格、结算及抵押准备决定何时能用；负债格写集中且未保险的资金来源使提款可能共同发生；融资格检查应急渠道是否已测试、抵押和操作是否能落地；时间格区分3月9日已实现流出与次日管理层预计流出。两项不能相加说成1400亿美元已完成提款。这个历史案例还包含治理和监督问题，四格只是完成本篇流动性迁移，不宣称它解释了所有失败原因。
## 4. 交出你自己的那一页 现在在实验里选定行业。先只显示对象和材料入口，逐步填写业务、利润、现金、普通股、竞争解释及下一证据；完成后再揭示示范。保存的只是本浏览器中的学习笔记，不发送到账户或外部服务；也可以导出一页文本带走。
自动核对只检查指定数值和填写情况，不能判断一段业务解释是否有充分因果证据。一个合格的分析页应当允许下一位读者沿来源重算，并看出哪些是事实、哪些是解释、哪些仍需观察。若看完示范只记住了数字，再换一家就不会做，任务尚未完成；若能换行业后改变读表顺序、保留口径，并提出具体下一证据，这套方法才真正可以迁移。
选读：为什么不设一个综合“财报好坏分” Dechow等（2026）把财务披露放在多渠道框架中讨论，提醒读者联合理解报表、调整指标和其他管理层沟通，而不是用单一数字替代全部信息。本文据此保留竞争解释和证据入口，不复刻其2024Q2试用评价，也不把本次分析页变成自动买卖评分。[^disclosure]
[^map]: SEC，[Beginners’ Guide to Financial Statements](https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements)，四表、附注、MD&A及Bringing It All Together单元；本篇将地图落实到两种行业。 [^cost]: [Costco FY2025 Form 10-K](https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm)，Item 1、合并利润表/资产负债表/现金流量表，Note 1财年与合并政策。IR PDF与SEC HTML页码不同，按具名报表定位。 [^costpolicy]: 同份[Costco 10-K](https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm)，Note 1 Membership Fees、Merchandise Inventories、Receivables及Property and Equipment/Leases政策。 [^costincome]: 同份[Costco 10-K](https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm)，Consolidated Statements of Income及MD&A Gross Margin；表中全部年度行保留。 [^costcash]: 同份[Costco 10-K](https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm)，Consolidated Statements of Cash Flows及两期资产负债表库存/应付行。70差额未分解。 [^costequity]: 同份[Costco 10-K](https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm)，两期资产负债表权益栏、Consolidated Statements of Equity及EPS分母；Note 4本金到期。 [^wmtpolicy]: [Walmart FY2026 Form 10-K](https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/wmt-20260131.htm)，Item 1分部及期间、Note 1 Inventories；2026-01-31年度，取得日2026-09-21。 [^wmt]: 同份[Walmart 10-K](https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/wmt-20260131.htm)，MD&A Capital Allocation（p36）、Free Cash Flow（p37）完整表及限制、Consolidated Results of Operations（p38）。 [^jpm]: [JPMorgan Chase 2025 Annual Report](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf)，集团业务概览，印刷p165利润表、p167资产负债表、p169现金流表，分别为一基PDF物理197/199/201页。 [^jpmincome]: 同份[JPM年报](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf)，印刷p165完整Consolidated statements of income；原费用行以正额列示，在桥中减去。 [^jpmbs]: 同份[JPM年报](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf)，印刷p167及贷款/存款相关附注；资产负债表股份为shares，利润表加权分母为million shares。 [^jpmcash]: 同份[JPM年报](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf)，印刷p169完整Consolidated statements of cash flows及补充；保留原现金集合名称。 [^jpmliq]: 同份[JPM年报](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf)，Liquidity Risk Management印刷pp100–103／一基PDF物理pp132–135；季度平均、期末、集团与法人分别采用。 [^jpmdeposits]: 同份[JPM年报](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf)，印刷p103完整存款分业务表及变动说明；表内153,288的余额差不是现金流表存款153,168的替代。 [^svb]: 美联储，2023-04-28，[SVB Key Takeaways](https://www.federalreserve.gov/publications/2023-April-SVB-Key-Takeaways.htm)及[Critical Risk Areas—Liquidity Supervision（Overview至Conclusions，止于下一节Interest Rate Risk and Investment Portfolio Supervision之前）](https://www.federalreserve.gov/publications/2023-April-SVB-Supervision-of-SVBFG-by-Critical-Risk-Areas.htm)。历史失败不作为JPM当前预测。 [^disclosure]: Dechow、Ge、Loh、McVay，[Beyond earnings quality](https://link.springer.com/article/10.1007/s11142-026-09971-2)（2026），引言、§3.2–3.3、§8试用范围与局限。 ## Additional teaching material ## 一页分析：默认完整反馈 ### 零售 Costco FY2025、52周，合并集团。商品销售与会员服务共享门店、物业和租赁资源。经营利润(269912−239886)+5323−24966=10383；净利润10383−154+589−2719=8099。现金9906+13335−5311−3775+6=14161。权益29164；期末443237000股，与EPS加权分母不同。库存/应付反向变化893，CFO对应963，未分解差70。下一观察是匹配期次销量/库存构成及采购/付款条款，而不是把差额直接命名。 ### 银行 JPM FY2025集团。NII95443+非息87004−准备14212−非息费用95640=税前72595；净利润57048。贷款净额1493429−25765=1467664；存款2559320。现金469317−147782−265565+269533+17835=343338。权益362438−优先20045=普通股342393；期末在外2696272576股。季度平均LCR111%与期末资金不混用。存款增153288，CIB增119826；区分客户活动与产品定价/配置变化，下一步读平均余额、成本、资金流和集中度。 ### 迁移解析 Walmart FY2026：美国资本16468+5571+1406=23445，加国际3197=26642；CFO41565−26642=FCF14923，但未扣尽债务与收购等义务。三分部、期间和库存方法须重新定位。SVB：2023-03-09超过400亿美元为已实现流出，次日1000亿美元为管理层预期；要看资产变现及抵押操作，不能合称1400亿美元已实现。 一页表自动检查仅核数字与非空格，不认证解释的因果充分性或投资质量。完整练习与逐条解析见同源正文。 ## Experiment inputs and static equivalents ```json [ { "id": "EXP-BF22-ONE-PAGE-BUILDER", "title": "一页分析工作台", "anchor": "bf22-builder", "description": "按行业逐步显示材料/填写/数字检查/完整示范。", "inputs": { "provided_by": "agent_packet.supplied_inputs", "selection": "agent_packet.selected_branch", "pointer_contract": "agent_packet.input_projection", "complete_frozen_input_uri": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-fg/inputs.json", "scope": "实际输入已在同一教学包中提供一次；当前 experiment 通过上述绑定复用，不复制第二份表格。" }, "algorithm": "integrated重建指定桥；worksheet只验证两项数值与六格非空。", "boundaries": "不自动认定因果解释、投资价值或财报质量；本地保存/导出不上传。", "outputs": { "retail": { "branch": "retail", "period": "FY2025 ended 2025-08-31 (52 weeks)", "profit": 10383, "ni": 8099, "cash_end": 14161, "stock_gap": 5542, "shares_net_change": 111000, "inventory_ap_change": -893, "reverse_balance_change": 893, "cf_two_rows": 963, "unexplained_difference": 70, "income_growth": 1098 }, "bank": { "branch": "bank", "period": "FY2025 ended 2025-12-31", "profit": 72595, "ni": 57048, "cash_end": 343338, "common_equity": 342393, "shares_end": 2696272576, "deposits_change": 153288 } }, "static_equivalent": "## 一页分析：默认完整反馈\n\n### 零售\n\nCostco FY2025、52周，合并集团。商品销售与会员服务共享门店、物业和租赁资源。经营利润(269912−239886)+5323−24966=10383；净利润10383−154+589−2719=8099。现金9906+13335−5311−3775+6=14161。权益29164；期末443237000股，与EPS加权分母不同。库存/应付反向变化893，CFO对应963，未分解差70。下一观察是匹配期次销量/库存构成及采购/付款条款，而不是把差额直接命名。\n\n### 银行\n\nJPM FY2025集团。NII95443+非息87004−准备14212−非息费用95640=税前72595；净利润57048。贷款净额1493429−25765=1467664；存款2559320。现金469317−147782−265565+269533+17835=343338。权益362438−优先20045=普通股342393；期末在外2696272576股。季度平均LCR111%与期末资金不混用。存款增153288，CIB增119826；区分客户活动与产品定价/配置变化，下一步读平均余额、成本、资金流和集中度。\n\n### 迁移解析\n\nWalmart FY2026：美国资本16468+5571+1406=23445，加国际3197=26642；CFO41565−26642=FCF14923，但未扣尽债务与收购等义务。三分部、期间和库存方法须重新定位。SVB：2023-03-09超过400亿美元为已实现流出，次日1000亿美元为管理层预期；要看资产变现及抵押操作，不能合称1400亿美元已实现。\n\n一页表自动检查仅核数字与非空格，不认证解释的因果充分性或投资质量。完整练习与逐条解析见同源正文。\n", "source_id_aliases": { "BFFG-C01": "BF-S-COST-FY2025-SEC", "BFFG-C02": "BF-S-JPM-FY2025", "BFFG-C04": "BBC-C01", "BFFG-C06": "EIBC-S04", "BFFG-S05": "BF-S-SEC-GUIDE" }, "local_url": "/notebook/labs/bf-fg/interactions.html?experiment=EXP-BF22-ONE-PAGE-BUILDER" } ] ``` ## 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。 - [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。 - [SEC · Beginners’ Guide to Financial Statements](https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements): 主表给出汇总数字，附注补充会计政策、组成和承诺，管理层讨论解释经营变化，审计意见说明审计结论。读一个财务数字时，可以沿“主表行—相关附注—管理层解释”寻找它的含义。 BF-F/G 本批采用：综合材料地图，不替代行业分支机制。 - [Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank — Key Takeaways](https://www.federalreserve.gov/publications/2023-April-SVB-Key-Takeaways.htm): 2023历史复盘；超过400亿美元为实际日流出，1000亿美元为次日预期，不可相加为已实现。 - [SVB Review — Supervision of SVBFG by Critical Risk Areas](https://www.federalreserve.gov/publications/2023-April-SVB-Supervision-of-SVBFG-by-Critical-Risk-Areas.htm): 具体流动性治理、压力假设与可操作融资缺陷；不把历史复盘当JPM当前预测。 - [Beyond earnings quality: evaluating the quality of corporate disclosure practices](https://link.springer.com/article/10.1007/s11142-026-09971-2): 透明度、项目持续性、分母和其他披露的联读框架；18家公司试用是2024Q2，不是Salesforce FY26评价。 - [Walmart FY2026 Form 10-K — Sam’s Club U.S.](https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/wmt-20260131.htm): Sam’s Club U.S.分部，会员与其他收入含other，净销售加该项才是总收入；损益层级支持重建而不支持会员利润归因。 BF-F/G 本批采用：零售迁移：三分部、年结差异、资本用途与FCF范围；FY25 capex为23783。 ## Content relations ```json [ { "from": "zh-bf22", "relation": "part_of", "to": "business-reports", "reason": "主要 topic 归属" }, { "from": "zh-bf22", "relation": "illustrated_by", "to": "bf22-retail", "reason": "同一正文中的具名期间案例" }, { "from": "bf22-retail", "relation": "supported_by", "to": "BF-S-COST-FY2025-SEC", "reason": "原表支持本例", "locator": [ "Item 1", "Consolidated Statements of Income / Balance Sheets / Equity / Cash Flows", "Note 1", "Note 4—Debt", "MD&A Bank Credit Facilities and Commercial Paper Programs" ], "scope": "2025-08-31材料" }, { "from": "zh-bf22", "relation": "illustrated_by", "to": "bf22-bank", "reason": "同一正文中的具名期间案例" }, { "from": "bf22-bank", "relation": "supported_by", "to": "BF-S-JPM-FY2025", "reason": "原表支持本例", "locator": [ "printed 100–103 = physical 132–135 (1-based)", "printed 165/167/169 = physical 197/199/201", "MD&A Introduction p46; Loan accounting framework Note 12 pp236–238" ], "scope": "2025-12-31材料" }, { "from": "bf22-map", "relation": "supported_by", "to": "BF-S-SEC-GUIDE", "reason": "综合材料地图，不替代行业分支机制。", "locator": [ "四张报表、Footnotes、MD&A、Bringing It All Together" ], "scope": "仅正文/所选扩展实际使用范围", "at_section": "bf22-map" }, { "from": "bf22-retail", "relation": "supported_by", "to": "BF-S-COST-FY2025-SEC", "reason": "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。", "locator": [ "Item 1", "Consolidated Statements of Income / Balance Sheets / Equity / Cash Flows", "Note 1", "Note 4—Debt", "MD&A Bank Credit Facilities and Commercial Paper Programs" ], "scope": "仅正文/所选扩展实际使用范围", "at_section": "bf22-retail" }, { "from": "bf22-bank", "relation": "supported_by", "to": "BF-S-JPM-FY2025", "reason": "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。", "locator": [ "printed 100–103 = physical 132–135 (1-based)", "printed 165/167/169 = physical 197/199/201", "MD&A Introduction p46; Loan accounting framework Note 12 pp236–238" ], "scope": "仅正文/所选扩展实际使用范围", "at_section": "bf22-bank" }, { "from": "bf22-walmart", "relation": "supported_by", "to": "EIBC-S04", "reason": "零售迁移：三分部、年结差异、资本用途与FCF范围；FY25 capex为23783。", "locator": [ "Item1 分部与期间", "MD&A Capital Allocation p36", "Free Cash Flow p37", "Consolidated Results of Operations p38", "Note1 Inventories" ], "scope": "仅正文/所选扩展实际使用范围", "at_section": "bf22-walmart" }, { "from": "bf22-svb", "relation": "supported_by", "to": "BFFG-C03", "reason": "2023历史复盘；超过400亿美元为实际日流出，1000亿美元为次日预期，不可相加为已实现。", "locator": [ "Key Takeaways 全文" ], "scope": "仅正文/所选扩展实际使用范围", "at_section": "bf22-svb" }, { "from": "bf22-svb", "relation": "supported_by", "to": "BFFG-C03L", "reason": "具体流动性治理、压力假设与可操作融资缺陷；不把历史复盘当JPM当前预测。", "locator": [ "Liquidity Supervision：Overview至该节Conclusions；止于下一节Interest Rate Risk and Investment Portfolio Supervision之前" ], "scope": "仅正文/所选扩展实际使用范围", "at_section": "bf22-svb" }, { "from": "bf22-research", "relation": "supported_by", "to": "BFFG-R02", "reason": "透明度、项目持续性、分母和其他披露的联读框架；18家公司试用是2024Q2，不是Salesforce FY26评价。", "locator": [ "Introduction", "§3.2–3.3", "§8 pilot及实施边界" ], "scope": "仅正文/所选扩展实际使用范围", "at_section": "bf22-research" }, { "from": "bf22-map", "relation": "uses_method", "to": "zh-bf06", "reason": "调用已说明的局部读表能力，可就地补充，不锁整篇先修", "at_section": "bf22-map" }, { "from": "bf22-map", "relation": "uses_method", "to": "zh-bf07", "reason": "调用已说明的局部读表能力，可就地补充，不锁整篇先修", "at_section": "bf22-map" }, { "from": "bf22-map", "relation": "uses_method", "to": "zh-bf08", "reason": "调用已说明的局部读表能力，可就地补充，不锁整篇先修", "at_section": "bf22-map" }, { "from": "bf22-builder", "relation": "uses_method", "to": "zh-bf19", "reason": "调用已说明的局部读表能力，可就地补充，不锁整篇先修", "at_section": "bf22-builder" }, { "from": "bf22-builder", "relation": "uses_method", "to": "zh-bf20", "reason": "调用已说明的局部读表能力，可就地补充，不锁整篇先修", "at_section": "bf22-builder" }, { "from": "bf22-builder", "relation": "uses_method", "to": "zh-bf21", "reason": "调用已说明的局部读表能力，可就地补充，不锁整篇先修", "at_section": "bf22-builder" }, { "from": "bf22-builder", "relation": "illustrated_by", "to": "EXP-BF22-ONE-PAGE-BUILDER", "at_section": "bf22-builder", "reason": "按行业逐步显示材料/填写/数字检查/完整示范。", "conditions": "不自动认定因果解释、投资价值或财报质量；本地保存/导出不上传。" } ] ``` ## Related entries ## Optional reading path 拆一份企业财报: step 14/14 完成所选行业的原表重建，写出竞争解释及下一项区分证据。