企业经营与财务分析 / BF-06

利润表：收入、成本与利润的层次

沿零售和银行各自的经营关系读完整利润表，重建利润层次并解释两期变化。

15–20分钟：共同部分加一条行业分支编辑 2026-09-21

Agent Markdown ↓

本领域路线 · 3 / 14 选零售或银行，用完整原表重建利润形成的两至三层关系。

利润表把一段经营活动压缩成几层结果。它既告诉我们总共赚了多少，也让我们追问：结果是从哪一层形成的？商品售价与采购成本的差额、会员服务收入、银行取得资金所付的利息、信用损失和税项，不应该被混在一个“利润率”里。

这一篇提供零售和银行两条路径。先读共同部分，再选一条完成带读与练习；另一条用来比较。我们保留完整原表，但不要求你依次背诵每行。读表的任务是走通两三个重要关系，然后把它们放回全貌。

1. 层次的作用，是分清来源与归属

收入减去该期间确认的费用，形成相应层次的利润。但“该层次”非常重要：毛利、经营利润、税前利润、净利润和普通股可归属净利润回答的不是同一个问题。一个差额能否比较，取决于分子分母包含了哪些业务和费用，而不只取决于名称相近。

商品企业常从销售额、商品成本开始，随后扣除门店、人员、营销和管理等期间费用；银行则把利息收入和利息支出作为经营对象的重要两端。我们可以使用同样的加减法，却不能据此假定两种企业的中间指标具有同样的经济含义。¹

以下均保留原列报的正负号。某些费用以正额列示、计算时再扣除；某些收益行已经带负号，不能再扣一次。全表中的小计和明细是包含关系，不可一起加到总额里。

2. 零售：商品差额、会员费与共同经营费用

Costco的商品销售和会员费在利润表中分列。我们先沿货物阅读：卖出的商品带来销售收入，对应商品成本进入本期；接着看会员服务收入，最后才问共同的经营网络消耗了多少期间费用。这比先挑一个净利率，更接近企业如何经营。²

完整合并利润表

金额为百万美元；每股金额是美元／股；计算使用股数是千股。FY2025和FY2024各52周，FY2023为53周。以下按原顺序重排全部金额行，并保留板块及比较期。²

原行名称	中文对照	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

从商品差额走到经营利润

先算 269,912 − 239,886 = 30,026。合并利润表没有把这个差额单独列为一行，但Costco的MD&A明确将它命名为 Gross Margin，并以净销售额为分母计算毛利率。2025年为约11.12%，2024年为10.92%。所以这里不是我们另造了一种指标，也不能误说公司从未给它命名。³

30,026还不是经营利润。要加上5,323的会员费，再减去24,966的销售、一般及行政费用：30,026 + 5,323 − 24,966 = 10,383。会员费与商品销售的确认节奏不同：会员费在会员期限内分期确认，不是收款当天全部赚取。与此同时，两类活动使用同一套经营基础，不能把会员费这一条收入自动当作一个没有成本的独立利润中心。⁴

这也给“会员费占利润很大比例”一个正确的位置。比例本身可以计算，但它没有把门店、员工和共同投入分配完毕。要判断一项业务的增量利润，需要知道取消它会改变哪些收入、费用与客户关系，不能只从合并利润表抽出一行收入就声称那是净利润。

用两期变化检验解释

从2024到2025，经营利润增加1,098。我们可以把变化拆回原行：商品毛利增加 30,026 − 27,267 = 2,759，会员费增加495，SG&A增加2,156。于是：

2,759 + 495 − 2,156 = 1,098。

这张桥已经比“经营利润增长”多解释了一层：改善先发生在商品差额和会员费，新增的期间费用消耗了一部分。再追问商品差额来自销量、价格还是组合，就必须继续读MD&A。公司对2025年毛利率变化的解释包含商品类别、联名卡、汽油价格影响及LIFO等因素，不能把20个基点的总变化全都归成涨价。³

从经营利润继续往下，10,383 − 154 + 589 = 10,818是税前利润，10,818 − 2,719 = 8,099是净利润。利息和其他项目确实影响股东最后的结果，只是它们与前面的商品经营层次分开显示；“列在经营利润以下”不等于“不重要”。

零售练习：一句话解释完整变化

题。请从2024列出发解释2025净利润为什么增加732，并指出这条桥尚未识别的经营驱动。

解析。经营利润增加1,098；利息费用从169降到154，改善15；利息收入及其他从624降到589，减少35；因此税前利润增加1,078。税费从2,373增至2,719，增加346，净利润便增加 1,078 − 346 = 732。这解释了报表层次的来源，却还没有把销量、单价、品类组合和成本方法分开，需要相应经营披露。

现在回到全表：我们已解释商品毛利、会员费、期间费用和税前税后的联系，没有把这些结果变成未来预测，也没有因为本年净利率上升就跳过资本投入和现金。现金要在现金流量表中接着读。

3. 银行：资金价格、非利息收入与信用成本

换到JPMorgan Chase，阅读起点必须改变。贷款和证券是资产，存款及借款是资金来源；收取利息与支付利息位于经营过程内部。手续费、交易和资产管理又提供不同收入。把银行硬塞进“采购商品—卖出商品”的读法，会在最关键的地方丢掉业务内容。⁵

完整合并利润表

以下为截至各年12月31日年度的GAAP集团合并表，金额百万美元，EPS为美元／股，加权平均股数为百万股。不是管理层分部使用的managed或税等价收入口径。⁵

原行名称	中文对照	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	自营交易收入	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

第一层：资金收入必须与资金成本一起看

2025年的利息收入193,341，减去利息支出97,898，得到净利息收入95,443。和2024比较，利息收入其实减少592，但利息支出减少3,452，因此净利息收入反而增加2,860。

这是一道很有区分力的读表题：只盯住利息收入下降，会漏掉资金成本一端；只看到净利息收入上升，也还不能区分余额、资产收益率、存款组合和负债定价的作用。两端共同决定这个差额，进一步解释需要平均余额及收益率等材料，而不是从一次差额倒推出全部机制。

非利息收入各项加总87,004，和净利息收入一起构成182,447的净收入。这里已经将利息支出扣过一次；后面再从182,447扣97,898，就会重复扣除。投资证券损失57也已经作为负额进入非利息收入，不能当作新的表外费用再减一遍。⁵

第二层：信用成本不是可以跳过的附属项

接着扣除14,212的信用损失计提及95,640的非利息费用：

182,447 − 14,212 − 95,640 = 72,595。

信用损失计提是在报告期确认的损益项目，不等于本期恰好付出去同样金额现金，也不等于资产负债表期末全部准备。它与贷款等业务风险有关，读经营结果时不能因为“非现金”就直接删除。薪酬、场地、技术、专业服务等费用则让我们看到维持这些业务的另一组投入。⁵

2025净收入比2024增加4,891，但信用损失计提增加3,534、非利息费用增加3,843。于是税前利润变化为 4,891 − 3,534 − 3,843 = −2,486。收入增长与税前利润下降没有矛盾，差别就在这两层消耗。要进一步判断计提上升的性质，还需读贷款及相关承诺附注，不能只凭合并总数说贷款质量一定恶化。

第三层：集团净利润还要分清归属

税前72,595减去税费15,547后，净利润57,048；表内另列归属于普通股股东的净利润55,681。两者差1,367。这一步提醒我们：从集团盈利走到普通股每股结果，需要先识别非普通股权利，而不是拿任意一条净利润直接除股数。此处保留原列归属差额，不用一个未经拆解的标签替代全部归属项目。⁵

银行练习：别把同一笔成本减两次

题。有人用 182,447 − 97,898 − 14,212 − 95,640 算银行税前利润。请找出错误，给出正确结果，并解释为什么零售的利息阅读顺序不同。

解析。182,447已经包含净利息收入95,443，其中97,898已从193,341扣除。应算 182,447 − 14,212 − 95,640 = 72,595。Costco在经营利润之后列利息费用；本银行表则在形成净收入时先净掉利息支出。次序差异反映资金在业务中的位置，不是可随意互换的排版。

把95,443称为“银行商品毛利”虽然好像亲切，却遮住了这种差别。更好的迁移，是保留原名净利息收入，并问与它相连的资产和负债是谁、期限和定价怎样安排。

4. 改变行业时，连计算结构一起改变

实验可以在三个年度及两种行业间切换。零售从商品毛利、会员费和SG&A形成经营利润；银行从净利息与非利息收入形成净收入。默认结果已经在正文逐步写出，不必操作才能完成学习。

5. 最后的迁移

拿到一家陌生公司的利润表，先用一句话说明它主要交付什么，再选一个中间小计，写出它包含哪些收入、已经扣过哪些成本。最后找到税后与普通股归属的位置。只有完成这三步，才适合比较利润率；如果连分母对应哪种经营过程都没说清，百分数会比原始金额更容易误导。

自检题。“两家公司净利润率相同，所以经营方式相同”缺少什么？

解析。相同的最终比率可能来自不同收入定义、直接成本、资金成本、风险计提、税项和权益归属。Costco与JPM已经提供了一个反例框架：它们可以共享算术形式，却不能共享同一套经营层次。比较首先维护结构，其次才比较数字。

OpenStax，§6.6 商品企业多步式利润表（2019）。本单元用于零售层次，银行读法以其原报表为准。 ↩︎
Costco，FY2025 Form 10-K，Consolidated Statements of Income，SEC HTML印刷p.37。三年完整主表金额及EPS、股数行；金额、股数、每股数单位分别保留。 ↩︎ ↩︎
同份Costco 10-K，MD&A “Gross Margin”，p.27。公司定义毛利为净销售减商品成本，并讨论百分比变化。 ↩︎ ↩︎
同份Costco 10-K，Note 1 Revenue Recognition／Membership Fees，pp.47–48，会员费分期确认与收入政策；共同资源的分析属于本文对合并结构的解释，不是独立分部利润披露。 ↩︎
JPMorgan Chase，2025 Annual Report，合并利润表印刷p.165、PDF物理第197页。全文表及普通股归属行。GAAP与managed/FTE口径的区别见“Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures”。 ↩︎ ↩︎ ↩︎ ↩︎ ↩︎

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利润表：收入、成本与利润的层次：交互实验

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这篇词条与哪些内容相连

图中汇集本篇及其段落的直接关系，具体使用位置见下方列表。箭头按关系名称阅读。例如“需要先修”指向需要掌握的内容；推荐阅读顺序另见本领域路线。

逐条查看关系与依据

利润表：收入、成本与利润的层次— 属于 →业务与财报带读
主要 topic 归属
利润表：收入、成本与利润的层次— 由实例讲解 →2. 零售：商品差额、会员费与共同经营费用
固定期间原始材料带读
2. 零售：商品差额、会员费与共同经营费用— 依据来源 →Costco Wholesale Corporation · FY2025 Form 10-K（SEC HTML）
该案例的原表与附注
会员零售利润、完整现金流和库存政策；MD&A明确定义Gross Margin。库存和应付的余额反向变化893与现金流调整963不同，70保留未归因。
利润表：收入、成本与利润的层次— 由实例讲解 →3. 银行：资金价格、非利息收入与信用成本
固定期间原始材料带读
3. 银行：资金价格、非利息收入与信用成本— 依据来源 →JPMorgan Chase & Co. · 2025 Annual Report
该案例的原表与附注
银行GAAP合并利润表与现金流分类。交易资产、借入证券与待售贷款是经营资产，存款变动在筹资。
利润表：收入、成本与利润的层次— 依据来源 →Principles of Accounting, Volume 1: Financial Accounting — §6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies
定义、机制或选读研究的直接来源
商品企业的多层利润结构；不作为银行的默认模板。
2. 零售：商品差额、会员费与共同经营费用— 比较 →3. 银行：资金价格、非利息收入与信用成本
商品经营与资金经营的利润层次
4. 改变行业时，连计算结构一起改变— 由实例讲解 →利润表：收入、成本与利润的层次：交互实验
沿零售和银行各自的经营关系读完整利润表，重建利润层次并解释两期变化。
三个历史年度不能当预测；52/53周保留；不计算跨行业统一毛利排名。
使用位置：bf06-experiment
权益变动、每股口径与股东所得— 调用方法 →利润表：收入、成本与利润的层次
按本篇实际使用的局部能力调用；正文已作必要就地补充，不锁为整篇硬先修
存货、销售成本与减值— 调用方法 →利润表：收入、成本与利润的层次
按本篇实际使用的局部能力调用；正文已作必要就地补充，不锁为整篇硬先修
所得税费用、现金税与递延税项— 调用方法 →利润表：收入、成本与利润的层次
按本篇实际使用的局部能力调用；正文已作必要就地补充，不锁为整篇硬先修
1. 开始前先留一张空白分析页— 调用方法 →利润表：收入、成本与利润的层次
调用已说明的局部读表能力，可就地补充，不锁整篇先修
使用位置：bf22-map

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# 利润表：收入、成本与利润的层次

沿零售和银行各自的经营关系读完整利润表，重建利润层次并解释两期变化。

Entry: zh-bf06 | Node: BF-06 | Language: zh | Editorial revision: 2026-09-21

## Teaching instructions
你现在教授BF-06《利润表：收入、成本与利润的层次》。对象是有微积分、线性代数及基本概率基础，但不假定受过会计训练的高年级本科至研究生。先确认本篇行业/扩展分支和学习任务。在讲解前，使用读取工具实际取得agent_packet中common及所选branch的全部required_readings完整单元（含表头、脚注和条件）。optional_readings只有选中相应研究/扩展时才转为必读。记录标题、版本、实际范围以及支持当前教学的关键设定；runtime_reading_log初始为空，不以编辑访问或参考清单冒充本次已读。访问失败时尝试同版本官方等价正文；仍缺失就指出具体缺口，不拿摘要代替承重单元。诊断任务：先选择零售或银行，让读者从完整原表重建至少两层利润。沿当前同源正文、静态表和supplied_inputs逐段推进，先让读者分析再反馈，已会步骤直接跳过。判断理解的尺度：按所选分支判断：零售能用公司MD&A的30026毛利接回10383经营利润；银行能由193341−97898构成NII并扣除信用计提。最后迁移：默认在所选行业换读上一年度，从同一原表重建两层利润并解释口径；若读者选择另一行业，再先读该分支全部指定原件，比较不能直接沿用的中间指标。保留历史观测与教学设定身份、单位、期间、未解释差额；不得从本篇生成新估值或账户建议。

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",
  "required_readings": [
    {
      "source_id": "BBC-S04",
      "access": {
        "kind": "html_full_text",
        "uri": "https://openstax.org/books/principles-financial-accounting/pages/6-6-describe-and-prepare-multi-step-and-simple-income-statements-for-merchandising-companies"
      },
      "required_unit": {
        "locator": "§6.6全文",
        "scope": "所列完整单元、相关表头、脚注及当前计算所需说明",
        "purpose": "商品利润层次"
      },
      "supports": "商品企业的多层利润结构；不作为银行的默认模板。",
      "branch": "retail",
      "required_when_selected": false,
      "title": "Principles of Accounting, Volume 1: Financial Accounting — §6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies",
      "authors": [
        "Mitchell Franklin",
        "Patty Graybeal",
        "Dixon Cooper"
      ],
      "version": "OpenStax 2019"
    },
    {
      "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"
      },
      "required_unit": {
        "locator": "完整Consolidated Statements of Income p.37；MD&A Gross Margin p.27；Note1 Membership Fees pp.47–48",
        "scope": "所列完整单元、相关表头、脚注及当前计算所需说明",
        "purpose": "原表、公司定义毛利与会员费确认"
      },
      "supports": "会员零售利润、完整现金流和库存政策；MD&A明确定义Gross Margin。库存和应付的余额反向变化893与现金流调整963不同，70保留未归因。",
      "branch": "retail",
      "required_when_selected": false,
      "title": "Costco Wholesale Corporation · FY2025 Form 10-K（SEC HTML）",
      "authors": [
        "Costco Wholesale Corporation"
      ],
      "version": "FY2025；截至2025-08-31；比较列采用同一报告"
    }
  ],
  "optional_readings": [
    {
      "source_id": "BF-S-JPM-FY2025",
      "access": {
        "kind": "pdf_full_text",
        "uri": "https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf"
      },
      "required_unit": {
        "locator": "完整Consolidated Statements of Income印刷p.165/PDF197；业务Introduction p.46",
        "scope": "所列完整单元、相关表头、脚注及当前计算所需说明",
        "purpose": "银行利润的经营对象与GAAP层次"
      },
      "supports": "银行GAAP合并利润表与现金流分类。交易资产、借入证券与待售贷款是经营资产，存款变动在筹资。",
      "branch": "bank",
      "required_when_selected": true
    }
  ],
  "runtime_reading_log": [],
  "supplied_inputs": {
    "canonical_file": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-bc/inputs.json",
    "selected_keys": [
      "tables.cost_income",
      "tables.jpm_income"
    ],
    "data": {
      "tables": {
        "cost_income": {
          "id": "cost_income",
          "title": "Costco Consolidated Statements of Income",
          "source_id": "BF-S-COST-FY2025-SEC",
          "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。"
          ]
        },
        "jpm_income": {
          "id": "jpm_income",
          "title": "JPMorgan Chase Consolidated Statements of Income",
          "source_id": "BF-S-JPM-FY2025",
          "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": "自营交易收入",
              "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。"
          ]
        }
      }
    },
    "default_results_file": "labs/default-results.json"
  },
  "diagnosis": "先选择零售或银行，让读者从完整原表重建至少两层利润。",
  "feedback_criteria": "按所选分支判断：零售能用公司MD&A的30026毛利接回10383经营利润；银行能由193341−97898构成NII并扣除信用计提。",
  "transfer_task": "默认在所选行业换读上一年度，从同一原表重建两层利润并解释口径；若读者选择另一行业，再先读该分支全部指定原件，比较不能直接沿用的中间指标。",
  "selected_branch": "retail",
  "required_readings_by_branch": {
    "retail": [
      {
        "source_id": "BBC-S04",
        "access": {
          "kind": "html_full_text",
          "uri": "https://openstax.org/books/principles-financial-accounting/pages/6-6-describe-and-prepare-multi-step-and-simple-income-statements-for-merchandising-companies"
        },
        "required_unit": {
          "locator": "§6.6全文",
          "scope": "所列完整单元、相关表头、脚注及当前计算所需说明",
          "purpose": "商品利润层次"
        },
        "supports": "商品企业的多层利润结构；不作为银行的默认模板。",
        "branch": "retail",
        "required_when_selected": false,
        "title": "Principles of Accounting, Volume 1: Financial Accounting — §6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies",
        "authors": [
          "Mitchell Franklin",
          "Patty Graybeal",
          "Dixon Cooper"
        ],
        "version": "OpenStax 2019"
      },
      {
        "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"
        },
        "required_unit": {
          "locator": "完整Consolidated Statements of Income p.37；MD&A Gross Margin p.27；Note1 Membership Fees pp.47–48",
          "scope": "所列完整单元、相关表头、脚注及当前计算所需说明",
          "purpose": "原表、公司定义毛利与会员费确认"
        },
        "supports": "会员零售利润、完整现金流和库存政策；MD&A明确定义Gross Margin。库存和应付的余额反向变化893与现金流调整963不同，70保留未归因。",
        "branch": "retail",
        "required_when_selected": false,
        "title": "Costco Wholesale Corporation · FY2025 Form 10-K（SEC HTML）",
        "authors": [
          "Costco Wholesale Corporation"
        ],
        "version": "FY2025；截至2025-08-31；比较列采用同一报告"
      }
    ],
    "bank": [
      {
        "source_id": "BF-S-JPM-FY2025",
        "access": {
          "kind": "pdf_full_text",
          "uri": "https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf"
        },
        "required_unit": {
          "locator": "完整Consolidated Statements of Income印刷p.165/PDF197；业务Introduction p.46",
          "scope": "所列完整单元、相关表头、脚注及当前计算所需说明",
          "purpose": "银行利润的经营对象与GAAP层次"
        },
        "supports": "银行GAAP合并利润表与现金流分类。交易资产、借入证券与待售贷款是经营资产，存款变动在筹资。",
        "branch": "bank",
        "required_when_selected": false,
        "title": "JPMorgan Chase & Co. · 2025 Annual Report",
        "authors": [
          "JPMorgan Chase & Co."
        ],
        "version": "2025 Annual Report；集团合并，非银行子公司单体"
      }
    ]
  },
  "branch_selection_protocol": "开始前确认分支。切换时用 required_readings_by_branch 对应完整数组替换必读，并完成该范围真实读取；跨行业扩展另计阅读时间。",
  "experiment_ids": [
    "EXP-BF06-PROFIT-LAYERS"
  ]
}
```

## Supplied entry
利润表把一段经营活动压缩成几层结果。它既告诉我们总共赚了多少，也让我们追问：结果是从哪一层形成的？商品售价与采购成本的差额、会员服务收入、银行取得资金所付的利息、信用损失和税项，不应该被混在一个“利润率”里。

<a id="bf06-common"></a>
## 1. 层次的作用，是分清来源与归属

**收入减去该期间确认的费用，形成相应层次的利润**。但“该层次”非常重要：毛利、经营利润、税前利润、净利润和普通股可归属净利润回答的不是同一个问题。一个差额能否比较，取决于分子分母包含了哪些业务和费用，而不只取决于名称相近。

商品企业常从销售额、商品成本开始，随后扣除门店、人员、营销和管理等期间费用；银行则把利息收入和利息支出作为经营对象的重要两端。我们可以使用同样的加减法，却不能据此假定两种企业的中间指标具有同样的经济含义。[^teaching]

<div data-reading-branch-controls>
<button data-select-reading-branch="retail">零售：Costco</button>
<button data-select-reading-branch="bank">银行：JPMorgan Chase</button>
<button data-select-reading-branch="all">比较两条路径</button>
</div>

<a id="bf06-retail"></a>
## 2. 零售：商品差额、会员费与共同经营费用

Costco的商品销售和会员费在利润表中分列。我们先沿货物阅读：卖出的商品带来销售收入，对应商品成本进入本期；接着看会员服务收入，最后才问共同的经营网络消耗了多少期间费用。这比先挑一个净利率，更接近企业如何经营。[^cost]

### 完整合并利润表

金额为**百万美元**；每股金额是**美元／股**；计算使用股数是**千股**。FY2025和FY2024各52周，FY2023为53周。以下按原顺序重排全部金额行，并保留板块及比较期。[^cost]

| 原行名称 | 中文对照 | 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 |

### 从商品差额走到经营利润

先算 `269,912 − 239,886 = 30,026`。合并利润表没有把这个差额单独列为一行，但Costco的MD&A明确将它命名为 **Gross Margin**，并以净销售额为分母计算毛利率。2025年为约11.12%，2024年为10.92%。所以这里不是我们另造了一种指标，也不能误说公司从未给它命名。[^gross]

30,026还不是经营利润。要加上5,323的会员费，再减去24,966的销售、一般及行政费用：`30,026 + 5,323 − 24,966 = 10,383`。会员费与商品销售的确认节奏不同：会员费在会员期限内分期确认，不是收款当天全部赚取。与此同时，两类活动使用同一套经营基础，不能把会员费这一条收入自动当作一个没有成本的独立利润中心。[^costpolicy]

### 用两期变化检验解释

从2024到2025，经营利润增加1,098。我们可以把变化拆回原行：商品毛利增加 `30,026 − 27,267 = 2,759`，会员费增加495，SG&A增加2,156。于是：

`2,759 + 495 − 2,156 = 1,098`。

这张桥已经比“经营利润增长”多解释了一层：改善先发生在商品差额和会员费，新增的期间费用消耗了一部分。再追问商品差额来自销量、价格还是组合，就必须继续读MD&A。公司对2025年毛利率变化的解释包含商品类别、联名卡、汽油价格影响及LIFO等因素，不能把20个基点的总变化全都归成涨价。[^gross]

从经营利润继续往下，`10,383 − 154 + 589 = 10,818`是税前利润，`10,818 − 2,719 = 8,099`是净利润。利息和其他项目确实影响股东最后的结果，只是它们与前面的商品经营层次分开显示；“列在经营利润以下”不等于“不重要”。

### 零售练习：一句话解释完整变化

**题**。请从2024列出发解释2025净利润为什么增加732，并指出这条桥尚未识别的经营驱动。

**解析**。经营利润增加1,098；利息费用从169降到154，改善15；利息收入及其他从624降到589，减少35；因此税前利润增加1,078。税费从2,373增至2,719，增加346，净利润便增加 `1,078 − 346 = 732`。这解释了报表层次的来源，却还没有把销量、单价、品类组合和成本方法分开，需要相应经营披露。

现在回到全表：我们已解释商品毛利、会员费、期间费用和税前税后的联系，没有把这些结果变成未来预测，也没有因为本年净利率上升就跳过资本投入和现金。现金要在[现金流量表](https://ou-liu-red-sugar.github.io/zh/notebook/cash-flow-statement/)中接着读。

</section>

<a id="bf06-bank"></a>
## 3. 银行：资金价格、非利息收入与信用成本

换到JPMorgan Chase，阅读起点必须改变。贷款和证券是资产，存款及借款是资金来源；收取利息与支付利息位于经营过程内部。手续费、交易和资产管理又提供不同收入。把银行硬塞进“采购商品—卖出商品”的读法，会在最关键的地方丢掉业务内容。[^jpm]

### 完整合并利润表

以下为截至各年12月31日年度的**GAAP集团合并表**，金额百万美元，EPS为美元／股，加权平均股数为百万股。不是管理层分部使用的managed或税等价收入口径。[^jpm]

| 原行名称 | 中文对照 | 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 | 自营交易收入 | 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 |

### 第一层：资金收入必须与资金成本一起看

非利息收入各项加总87,004，和净利息收入一起构成182,447的净收入。这里已经将利息支出扣过一次；后面再从182,447扣97,898，就会重复扣除。投资证券损失57也已经作为负额进入非利息收入，不能当作新的表外费用再减一遍。[^jpm]

### 第二层：信用成本不是可以跳过的附属项

接着扣除14,212的信用损失计提及95,640的非利息费用：

`182,447 − 14,212 − 95,640 = 72,595`。

信用损失计提是在报告期确认的损益项目，不等于本期恰好付出去同样金额现金，也不等于资产负债表期末全部准备。它与贷款等业务风险有关，读经营结果时不能因为“非现金”就直接删除。薪酬、场地、技术、专业服务等费用则让我们看到维持这些业务的另一组投入。[^jpm]

2025净收入比2024增加4,891，但信用损失计提增加3,534、非利息费用增加3,843。于是税前利润变化为 `4,891 − 3,534 − 3,843 = −2,486`。收入增长与税前利润下降没有矛盾，差别就在这两层消耗。要进一步判断计提上升的性质，还需读贷款及相关承诺附注，不能只凭合并总数说贷款质量一定恶化。

### 第三层：集团净利润还要分清归属

税前72,595减去税费15,547后，净利润57,048；表内另列归属于普通股股东的净利润55,681。两者差1,367。这一步提醒我们：从集团盈利走到普通股每股结果，需要先识别非普通股权利，而不是拿任意一条净利润直接除股数。此处保留原列归属差额，不用一个未经拆解的标签替代全部归属项目。[^jpm]

### 银行练习：别把同一笔成本减两次

**题**。有人用 `182,447 − 97,898 − 14,212 − 95,640` 算银行税前利润。请找出错误，给出正确结果，并解释为什么零售的利息阅读顺序不同。

**解析**。182,447已经包含净利息收入95,443，其中97,898已从193,341扣除。应算 `182,447 − 14,212 − 95,640 = 72,595`。Costco在经营利润之后列利息费用；本银行表则在形成净收入时先净掉利息支出。次序差异反映资金在业务中的位置，不是可随意互换的排版。

</section>

<a id="bf06-experiment"></a>
## 4. 改变行业时，连计算结构一起改变

<a id="bf06-exercise"></a>
## 5. 最后的迁移

<strong>自检题。</strong>“两家公司净利润率相同，所以经营方式相同”缺少什么？

**解析**。相同的最终比率可能来自不同收入定义、直接成本、资金成本、风险计提、税项和权益归属。Costco与JPM已经提供了一个反例框架：它们可以共享算术形式，却不能共享同一套经营层次。比较首先维护结构，其次才比较数字。

[^teaching]: OpenStax，[§6.6 商品企业多步式利润表](https://openstax.org/books/principles-financial-accounting/pages/6-6-describe-and-prepare-multi-step-and-simple-income-statements-for-merchandising-companies)（2019）。本单元用于零售层次，银行读法以其原报表为准。
[^cost]: Costco，[FY2025 Form 10-K](https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm)，Consolidated Statements of Income，SEC HTML印刷p.37。三年完整主表金额及EPS、股数行；金额、股数、每股数单位分别保留。
[^gross]: 同份[Costco 10-K](https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm)，MD&A “Gross Margin”，p.27。公司定义毛利为净销售减商品成本，并讨论百分比变化。
[^costpolicy]: 同份[Costco 10-K](https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm)，Note 1 Revenue Recognition／Membership Fees，pp.47–48，会员费分期确认与收入政策；共同资源的分析属于本文对合并结构的解释，不是独立分部利润披露。
[^jpm]: JPMorgan Chase，[2025 Annual Report](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf)，合并利润表印刷p.165、PDF物理第197页。全文表及普通股归属行。GAAP与managed/FTE口径的区别见“Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures”。

## Additional teaching material
交互算法：成本扣减按公司原表层级；Cost gross=sales−merchandise，operating=gross+membership−SG&A。JPM NII=interest income−expense，再加全部非息收入，减计提、非息费用和税。

边界：三个历史年度不能当预测；52/53周保留；不计算跨行业统一毛利排名。

静态结果：https://ou-liu-red-sugar.github.io/notebook/labs/bf-bc/static.html#EXP-BF06-PROFIT-LAYERS。所有输入保留历史/教学身份；行业选择与打印由配套页面提供。

## Experiment inputs and static equivalents
```json
[
  {
    "id": "EXP-BF06-PROFIT-LAYERS",
    "title": "利润表：收入、成本与利润的层次：交互实验",
    "anchor": "bf06-experiment",
    "description": "沿零售和银行各自的经营关系读完整利润表，重建利润层次并解释两期变化。",
    "inputs": {
      "source": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-bc/inputs.json",
      "selected_keys": [
        "tables.cost_income",
        "tables.jpm_income"
      ],
      "units": "各原表自带单位；教学合同/成本/税例使用独立教学货币单位",
      "controls": "见labs/interactions.html具名label；全部算法使用engine.js"
    },
    "outputs": {
      "default": {
        "cost_income": [
          {
            "gross": 30026,
            "revenue": 275235,
            "operating": 10383,
            "pretax": 10818,
            "net": 8099,
            "gross_margin_percent": 11.124366460179614
          },
          {
            "gross": 27267,
            "revenue": 254453,
            "operating": 9285,
            "pretax": 9740,
            "net": 7367,
            "gross_margin_percent": 10.923184777165748
          },
          {
            "gross": 25124,
            "revenue": 242290,
            "operating": 8114,
            "pretax": 8487,
            "net": 6292,
            "gross_margin_percent": 10.56918093475243
          }
        ],
        "jpm_income": [
          {
            "noninterest": 87004,
            "nii": 95443,
            "revenue": 182447,
            "expenses": 95640,
            "pretax": 72595,
            "net": 57048,
            "common": 55681
          },
          {
            "noninterest": 84973,
            "nii": 92583,
            "revenue": 177556,
            "expenses": 91797,
            "pretax": 75081,
            "net": 58471,
            "common": 56868
          },
          {
            "noninterest": 68837,
            "nii": 89267,
            "revenue": 158104,
            "expenses": 87172,
            "pretax": 61612,
            "net": 49552,
            "common": 47760
          }
        ]
      },
      "all_defaults_file": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-bc/default-results.json"
    },
    "algorithm": "成本扣减按公司原表层级；Cost gross=sales−merchandise，operating=gross+membership−SG&A。JPM NII=interest income−expense，再加全部非息收入，减计提、非息费用和税。",
    "boundaries": "三个历史年度不能当预测；52/53周保留；不计算跨行业统一毛利排名。",
    "static_equivalent": {
      "reader_anchors": [
        "bf06-experiment"
      ],
      "html": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-bc/static.html#EXP-BF06-PROFIT-LAYERS",
      "markdown": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-bc/static-equivalents.md",
      "markdown_body": "<a id=\"EXP-BF06-PROFIT-LAYERS\"></a>\n## BF-06 · 利润表：收入、成本与利润的层次\n\n三个历史年度不能当预测；52/53周保留；不计算跨行业统一毛利排名。\n\n### Costco Consolidated Statements of Income\n\nSEC HTML printed p.37; MD&A Gross Margin p.27；单位：USD millions\n\n| 原行／中文 | FY2025 · 2025-08-31 · 52周 | FY2024 · 2024-09-01 · 52周 | FY2023 · 2023-09-03 · 53周 |\n| --- | --- | --- | --- |\n| REVENUE／收入 |  |  |  |\n| Net sales／净销售额 | 269,912 | 249,625 | 237,710 |\n| Membership fees／会员费 | 5,323 | 4,828 | 4,580 |\n| Total revenue／收入合计 | 275,235 | 254,453 | 242,290 |\n| OPERATING EXPENSES／经营费用 |  |  |  |\n| Merchandise costs／商品成本 | 239,886 | 222,358 | 212,586 |\n| Selling, general and administrative／销售、一般及行政费用 | 24,966 | 22,810 | 21,590 |\n| Operating income／经营利润 | 10,383 | 9,285 | 8,114 |\n| OTHER INCOME (EXPENSE)／其他收益（费用） |  |  |  |\n| Interest expense／利息费用 | -154 | -169 | -160 |\n| Interest income and other, net／利息收入及其他净额 | 589 | 624 | 533 |\n| Income before income taxes／税前利润 | 10,818 | 9,740 | 8,487 |\n| Provision for income taxes／所得税费用 | 2,719 | 2,373 | 2,195 |\n| Net income／净利润 | 8,099 | 7,367 | 6,292 |\n| NET INCOME PER COMMON SHARE／普通股每股净利润（美元/股） |  |  |  |\n| Basic／基本每股净利润 | 18.24 | 16.59 | 14.18 |\n| Diluted／稀释每股净利润 | 18.21 | 16.56 | 14.16 |\n| SHARES USED IN CALCULATION (000's)／计算使用股数（千股） |  |  |  |\n| Basic／基本加权平均股数 | 443,985 | 443,914 | 443,854 |\n| Diluted／稀释加权平均股数 | 444,803 | 444,759 | 444,452 |\n\n\n| 年度 | 计算结果 |\n| --- | --- |\n| FY2025 · 2025-08-31 · 52周 | {\"gross\": 30026, \"revenue\": 275235, \"operating\": 10383, \"pretax\": 10818, \"net\": 8099, \"gross_margin_percent\": 11.124366460179614} |\n| FY2024 · 2024-09-01 · 52周 | {\"gross\": 27267, \"revenue\": 254453, \"operating\": 9285, \"pretax\": 9740, \"net\": 7367, \"gross_margin_percent\": 10.923184777165748} |\n| FY2023 · 2023-09-03 · 53周 | {\"gross\": 25124, \"revenue\": 242290, \"operating\": 8114, \"pretax\": 8487, \"net\": 6292, \"gross_margin_percent\": 10.56918093475243} |\n\n\n### JPMorgan Chase Consolidated Statements of Income\n\nPrinted p.165 / physical PDF p.197；单位：USD millions\n\n| 原行／中文 | 2025 | 2024 | 2023 |\n| --- | --- | --- | --- |\n| Revenue／收入 |  |  |  |\n| Investment banking fees／投资银行费用收入 | 9,615 | 8,910 | 6,519 |\n| Principal transactions／自营交易收入 | 27,212 | 24,787 | 24,460 |\n| Lending- and deposit-related fees／贷款及存款相关费用收入 | 9,093 | 7,606 | 7,413 |\n| Asset management fees／资产管理费用收入 | 20,327 | 17,801 | 15,220 |\n| Commissions and other fees／佣金及其他费用收入 | 8,539 | 7,530 | 6,836 |\n| Investment securities losses／投资证券收益／损失 | -57 | -1,021 | -3,180 |\n| Mortgage fees and related income／按揭费用及相关收入 | 1,381 | 1,401 | 1,176 |\n| Card income／银行卡收入 | 4,720 | 5,497 | 4,784 |\n| Other income／其他收入 | 6,174 | 12,462 | 5,609 |\n| Noninterest revenue／非利息收入 | 87,004 | 84,973 | 68,837 |\n| Interest income／利息收入 | 193,341 | 193,933 | 170,588 |\n| Interest expense／利息支出 | 97,898 | 101,350 | 81,321 |\n| Net interest income／净利息收入 | 95,443 | 92,583 | 89,267 |\n| Total net revenue／净收入合计 | 182,447 | 177,556 | 158,104 |\n| Provision for credit losses／信用损失计提 | 14,212 | 10,678 | 9,320 |\n| Noninterest expense／非利息费用 |  |  |  |\n| Compensation expense／薪酬费用 | 54,487 | 51,357 | 46,465 |\n| Occupancy expense／场地费用 | 5,461 | 5,026 | 4,590 |\n| Technology, communications and equipment expense／技术、通信及设备费用 | 11,029 | 9,831 | 9,246 |\n| Professional and outside services／专业及外部服务费用 | 12,356 | 11,057 | 10,235 |\n| Marketing／营销费用 | 5,531 | 4,974 | 4,591 |\n| Other expense／其他费用 | 6,776 | 9,552 | 12,045 |\n| Total noninterest expense／非利息费用合计 | 95,640 | 91,797 | 87,172 |\n| Income before income tax expense／税前利润 | 72,595 | 75,081 | 61,612 |\n| Income tax expense／所得税费用 | 15,547 | 16,610 | 12,060 |\n| Net income／净利润 | 57,048 | 58,471 | 49,552 |\n| Net income applicable to common stockholders／归属于普通股权益的净利润 | 55,681 | 56,868 | 47,760 |\n| Net income per common share data／普通股每股净利润数据（美元/股） |  |  |  |\n| Basic earnings per share／基本每股净利润 | 20.05 | 19.79 | 16.25 |\n| Diluted earnings per share／稀释每股净利润 | 20.02 | 19.75 | 16.23 |\n| Weighted-average basic shares／基本加权平均股数（百万股） | 2,776.5 | 2,873.9 | 2,938.6 |\n| Weighted-average diluted shares／稀释加权平均股数（百万股） | 2,781.5 | 2,879 | 2,943.1 |\n\n\n| 年度 | 计算结果 |\n| --- | --- |\n| 2025 | {\"noninterest\": 87004, \"nii\": 95443, \"revenue\": 182447, \"expenses\": 95640, \"pretax\": 72595, \"net\": 57048, \"common\": 55681} |\n| 2024 | {\"noninterest\": 84973, \"nii\": 92583, \"revenue\": 177556, \"expenses\": 91797, \"pretax\": 75081, \"net\": 58471, \"common\": 56868} |\n| 2023 | {\"noninterest\": 68837, \"nii\": 89267, \"revenue\": 158104, \"expenses\": 87172, \"pretax\": 61612, \"net\": 49552, \"common\": 47760} |\n\n\n零售Gross Margin按公司MD&A定义；银行NII是资金价格和业务资产所产生的差额，不贴商品毛利标签。\n"
    },
    "data_identity": "historical_observations_and_separately_labelled_teaching_assumptions"
  }
]
```

## Sources
- [Principles of Accounting, Volume 1: Financial Accounting — §6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies](https://openstax.org/books/principles-financial-accounting/pages/6-6-describe-and-prepare-multi-step-and-simple-income-statements-for-merchandising-companies): 商品企业的多层利润结构；不作为银行的默认模板。
- [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。

## Content relations
```json
[
  {
    "from": "zh-bf06",
    "relation": "part_of",
    "to": "business-reports",
    "reason": "主要 topic 归属"
  },
  {
    "from": "zh-bf06",
    "relation": "illustrated_by",
    "to": "bf06-retail",
    "reason": "固定期间原始材料带读",
    "period": "FY2025/FY2024/FY2023",
    "cutoff": "2026-09-21"
  },
  {
    "from": "bf06-retail",
    "relation": "supported_by",
    "to": "BF-S-COST-FY2025-SEC",
    "reason": "该案例的原表与附注",
    "locator": "Income p.37；Cash Flows p.41; Balance Sheets p.39；MD&A Gross Margin p.27；Note 1 Merchandise Inventories p.44; Revenue/Membership Fees pp.47–48；Item 1有关制造及设施说明",
    "scope": "会员零售利润、完整现金流和库存政策；MD&A明确定义Gross Margin。库存和应付的余额反向变化893与现金流调整963不同，70保留未归因。"
  },
  {
    "from": "zh-bf06",
    "relation": "illustrated_by",
    "to": "bf06-bank",
    "reason": "固定期间原始材料带读",
    "period": "2025/2024/2023",
    "cutoff": "2026-09-21"
  },
  {
    "from": "bf06-bank",
    "relation": "supported_by",
    "to": "BF-S-JPM-FY2025",
    "reason": "该案例的原表与附注",
    "locator": "Income printed p.165 / physical PDF p.197；Cash Flows printed p.169 / physical PDF p.201；Balance Sheets printed p.167 / physical PDF p.199；MD&A Cash Flows Analysis p.58",
    "scope": "银行GAAP合并利润表与现金流分类。交易资产、借入证券与待售贷款是经营资产，存款变动在筹资。"
  },
  {
    "from": "zh-bf06",
    "relation": "supported_by",
    "to": "BBC-S04",
    "reason": "定义、机制或选读研究的直接来源",
    "locator": "§6.6完整单元",
    "scope": "商品企业的多层利润结构；不作为银行的默认模板。"
  },
  {
    "from": "bf06-retail",
    "relation": "compares_with",
    "to": "bf06-bank",
    "reason": "商品经营与资金经营的利润层次"
  },
  {
    "from": "bf06-experiment",
    "relation": "illustrated_by",
    "to": "EXP-BF06-PROFIT-LAYERS",
    "reason": "沿零售和银行各自的经营关系读完整利润表，重建利润层次并解释两期变化。",
    "at_section": "bf06-experiment",
    "conditions": "三个历史年度不能当预测；52/53周保留；不计算跨行业统一毛利排名。"
  }
]
```

## Related entries

## Optional reading path
拆一份企业财报: step 3/14
选零售或银行，用完整原表重建利润形成的两至三层关系。
利润采用应计期间；下一篇把同一经营过程接到实际现金收付。
Next: [现金流量表：经营、投资与筹资](https://ou-liu-red-sugar.github.io/zh/notebook/cash-flow-statement/)

READ TOGETHER

一起读，也一起把问题说清楚。

关于整篇的想法留在这里；某个推导、算例或表格的问题，可以点小节旁的“章说”，在原处展开讨论。

使用 GitHub 账号参与

Terminal price	Payoff	Premium paid	Profit
90	0	8	−8
100	0	8	−8
105	5	8	−3
108	8	8	0
120	20	8	12

对象	期限／时点	币种和权利	抵押或履约安排	先看哪种报价
国库券bill	本例91天，定日到期	美元面值债权	到期按约付面值	每100面值价格、年化贴现率
repo	本例设施为隔夜	先交换现金与证券，约定反向交易

到期价格	到期收益	减去已付权利金	净盈亏
90	0	8	−8
100	0	8	−8
105	5	8	−3
108	8	8	0
120	20	8	12

起点（终点均为 2025-12）	月数	月均收益	样本标准差	损失 VaR95	损失 ES95
1990-01	432	1.3886%	7.2883%	10.68%	16.0582%
2000-01	312	1.0356%	7.5239%	11.62%	17.3815%
2010-01	192	1.7414%	5.7

重抽设计	模拟 SE（百分点/月）	精确条件重抽 SE（百分点/月）	percentile 95% 均值区间（%/月）
iid	0.3529	0.3503	[0.6979, 2.0693]
非循环 MBB，$\ell=3$	0.3565	0.3548	[0.6828, 2.0742]
非循环 MBB，$\ell=6$	0.3699	0.3611	[0.6649,

1. 层次的作用，是分清来源与归属

2. 零售：商品差额、会员费与共同经营费用

完整合并利润表

从商品差额走到经营利润

用两期变化检验解释

零售练习：一句话解释完整变化

3. 银行：资金价格、非利息收入与信用成本

完整合并利润表

第一层：资金收入必须与资金成本一起看

第二层：信用成本不是可以跳过的附属项

第三层：集团净利润还要分清归属

银行练习：别把同一笔成本减两次

4. 改变行业时，连计算结构一起改变

5. 最后的迁移

动手试一试

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