企业经营与财务分析 / BF-22

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。

15–20分钟；共同部分加所选一支，扩展另计编辑 2026-09-21

Agent Markdown ↓

本领域路线 · 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。

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。¹

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。²

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。³

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。⁴

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。⁵

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。⁶

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。⁷

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。⁸

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。⁸

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。⁹

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。¹⁰

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。¹¹

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。¹²

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%。¹³

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。¹⁴

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。¹¹

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。¹⁵

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。¹⁶

SEC，Beginners’ Guide to 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。 ↩︎
Costco FY2025 Form 10-K，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。 ↩︎
同份Costco 10-K，Note 1 Membership Fees、Merchandise Inventories、Receivables及Property and Equipment/Leases政策。 ↩︎
同份Costco 10-K，Consolidated Statements of Income及MD&A Gross Margin；表中全部年度行保留。 ↩︎
同份Costco 10-K，Consolidated Statements of Cash Flows及两期资产负债表库存/应付行。70差额未分解。 ↩︎
同份Costco 10-K，两期资产负债表权益栏、Consolidated Statements of Equity及EPS分母；Note 4本金到期。 ↩︎
Walmart FY2026 Form 10-K，Item 1分部及期间、Note 1 Inventories；2026-01-31年度，取得日2026-09-21。 ↩︎
同份Walmart 10-K，MD&A Capital Allocation（p36）、Free Cash Flow（p37）完整表及限制、Consolidated Results of Operations（p38）。 ↩︎ ↩︎
JPMorgan Chase 2025 Annual Report，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。 ↩︎
同份JPM年报，印刷p165完整Consolidated statements of income；原费用行以正额列示，在桥中减去。 ↩︎
同份JPM年报，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。 ↩︎ ↩︎
同份JPM年报，印刷p169完整Consolidated statements of cash flows及补充；保留原现金集合名称。 ↩︎
同份JPM年报，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。 ↩︎
同份JPM年报，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。 ↩︎
美联储，2023-04-28，SVB Key Takeaways及Critical Risk Areas—Liquidity Supervision（Overview至Conclusions，止于下一节Interest Rate Risk and Investment Portfolio Supervision之前）。历史失败不作为JPM当前预测。 ↩︎
Dechow、Ge、Loh、McVay，Beyond earnings quality（2026），引言、§3.2–3.3、§8试用范围与局限。 ↩︎

动手试一试

一页分析工作台

单独打开实验 ↗查看正文中的输入与静态结果

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

企业财报综合带读与迁移练习— 属于 →业务与财报带读
主要 topic 归属
企业财报综合带读与迁移练习— 由实例讲解 →2. 零售任务包：Costco FY2025
同一正文中的具名期间案例
2. 零售任务包：Costco FY2025— 依据来源 →Costco Wholesale Corporation · FY2025 Form 10-K（SEC HTML）
原表支持本例
2025-08-31材料
企业财报综合带读与迁移练习— 由实例讲解 →3. 银行任务包：JPMorgan Chase FY2025
同一正文中的具名期间案例
3. 银行任务包：JPMorgan Chase FY2025— 依据来源 →JPMorgan Chase & Co. · 2025 Annual Report
原表支持本例
2025-12-31材料
1. 开始前先留一张空白分析页— 依据来源 →SEC · Beginners’ Guide to Financial Statements
综合材料地图，不替代行业分支机制。
仅正文/所选扩展实际使用范围
使用位置：bf22-map
2. 零售任务包：Costco FY2025— 依据来源 →Costco Wholesale Corporation · FY2025 Form 10-K（SEC HTML）
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。
仅正文/所选扩展实际使用范围
使用位置：bf22-retail
3. 银行任务包：JPMorgan Chase FY2025— 依据来源 →JPMorgan Chase & Co. · 2025 Annual Report
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。
仅正文/所选扩展实际使用范围
使用位置：bf22-bank
Walmart FY2026：零售材料迁移— 依据来源 →Walmart FY2026 Form 10-K — Sam’s Club U.S.
零售迁移：三分部、年结差异、资本用途与FCF范围；FY25 capex为23783。
仅正文/所选扩展实际使用范围
使用位置：bf22-walmart
SVB 2023：历史银行风险迁移— 依据来源 →Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank — Key Takeaways
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。
仅正文/所选扩展实际使用范围
使用位置：bf22-svb
SVB 2023：历史银行风险迁移— 依据来源 →SVB Review — Supervision of SVBFG by Critical Risk Areas
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。
仅正文/所选扩展实际使用范围
使用位置：bf22-svb
选读：为什么不设一个综合“财报好坏分”— 依据来源 →Beyond earnings quality: evaluating the quality of corporate disclosure practices
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。
仅正文/所选扩展实际使用范围
使用位置：bf22-research
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
1. 开始前先留一张空白分析页— 调用方法 →现金流量表：经营、投资与筹资
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
1. 开始前先留一张空白分析页— 调用方法 →权益变动、每股口径与股东所得
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
4. 交出你自己的那一页— 调用方法 →债务结构、偿付能力与流动性
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-builder
4. 交出你自己的那一页— 调用方法 →盈利质量、调整口径与比较
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-builder
4. 交出你自己的那一页— 调用方法 →再投资、融资与资本配置
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-builder
4. 交出你自己的那一页— 由实例讲解 →一页分析工作台
按行业逐步显示材料/填写/数字检查/完整示范。
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。
使用位置：bf22-builder

KEEP ASKING

把这一页，变成一堂课。

专属 Prompt 与同源材料会一并复制。Agent 先读取指定文献，再围绕本页的材料、推导和练习展开教学。

# 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",
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    },
    {
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        "uri": "https://link.springer.com/article/10.1007/s11142-026-09971-2",
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      "required_unit": {
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      },
      "supports": "多渠道证据框架，不自动打分",
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      "required_when": "所选扩展启用时",
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  "runtime_reading_log": [],
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    "schema_version": "BFFG-1.0",
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    "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。",
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      "bank": {
        "source_id": "BFFG-C02",
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        "noninterest_expense": 95640,
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        "deposits_prior": 2406032,
        "loans_gross": 1493429,
        "allowance": 25765,
        "loans_net": 1467664,
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    },
    "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": [
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          "2024-09-01"
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        "unit": "USD million；股数与每股面值按行另标",
        "data_identity": "historical_observation",
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            "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",
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              9906
            ],
            "original_display": {
              "2025-08-31": "14,161",
              "2024-09-01": "9,906"
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          },
          {
            "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"
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        "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
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          },
          {
            "id": "membership",
            "label_original": "Membership fees",
            "label_zh": "会员费",
            "kind": "detail",
            "section": "revenue",
            "values": [
              5323,
              4828,
              4580
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          },
          {
            "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。"
    }
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        "Liquidity Supervision：Overview至该节Conclusions；止于下一节Interest Rate Risk and Investment Portfolio Supervision之前"
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      ],
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        "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",
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        "Introduction",
        "§3.2–3.3",
        "§8 pilot及实施边界"
      ]
    }
  ],
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        "/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",
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        "/tables/jpm_lcr",
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    "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。

<a id="bf22-map"></a>
## 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]

<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">两支展开</button></div>

<a id="bf22-retail"></a>
## 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

<details><summary>完整合并利润表：收入、费用、税项、EPS及分母</summary>

| 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&#x27;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。

</details>

<details><summary>完整两期资产负债表：资产、负债、权益及无金额披露</summary>

| 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。

</details>

<details><summary>完整现金流量表：三类活动、余额桥及补充</summary>

| 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。

</details>

### 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]

### 普通股处在这条链的哪里

<a id="bf22-retail-onepage"></a>
### 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” |

### 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。

</details>

<details data-agent-option="walmart"><summary>同类迁移：Walmart FY2026，换一家零售商还能重建吗？</summary>
<a id="bf22-walmart"></a>

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]

</details>

</section>

<a id="bf22-bank"></a>
## 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]

<details><summary>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</summary>

| 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。

</details>

<details><summary>完整两期集团资产负债表及VIE脚注</summary>

| 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。

</details>

<details><summary>完整集团现金流量表与补充披露</summary>

| 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。

</details>

### 从经营结构解释收入和成本

### 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]

### 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 &amp; Community Banking | 消费者与社区银行 | 1,072,792 | 1,056,652 | 1,057,232 | 1,064,215 |
| Commercial &amp; Investment Bank | 商业与投资银行 | 1,193,338 | 1,073,512 | 1,174,581 | 1,061,488 |
| Asset &amp; 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。

<a id="bf22-bank-onepage"></a>
### 普通股归属与一页示范

| 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。

</details>

<details data-agent-option="svb"><summary>历史迁移：把同一方法带到SVB 2023</summary>
<a id="bf22-svb"></a>

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。

</details>

</section>

<a id="bf22-builder"></a>
## 4. 交出你自己的那一页

<details data-agent-option="research"><summary>选读：为什么不设一个综合“财报好坏分”</summary>
<a id="bf22-research"></a>

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]

</details>

[^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。

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

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

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,

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

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

1. 开始前先留一张空白分析页

2. 零售任务包：Costco FY2025

原表入口：全貌保留，重点由业务决定

先自己观察，再走一遍完整解释

普通股处在这条链的哪里

可交付的一页示范

分支练习与完整反馈

3. 银行任务包：JPMorgan Chase FY2025

从经营结构解释收入和成本

资源、资金与现金表的读法一起改变

给存款变化提出两种解释，而不是只报同比

普通股归属与一页示范

分支练习与完整反馈

4. 交出你自己的那一页

动手试一试

这篇词条与哪些内容相连

把这一页，变成一堂课。

一起读，也一起把问题说清楚。

Apple Reports Third Quarter Results

Salesforce, Inc. FY2026 Form 10-K

Caterpillar Inc. FY2025 Form 10-K

Do contemporaneous share repurchases influence managers and analysts framing stock compensation?

Why do critical audit matters lack teeth? Insights from auditors’ implementation experiences

ASC 606, revenue uncertainty, and cost of debt: short-term and long-term consequences

Principles of Accounting, Volume 1: Financial Accounting — §4.1 Explain the Concepts and Guidelines Affecting Adjusting Entries

Principles of Accounting, Volume 1: Financial Accounting — §4.2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries

Principles of Accounting, Volume 1: Financial Accounting — §6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies

Principles of Accounting, Volume 1: Financial Accounting — §16.1 Explain the Purpose of the Statement of Cash Flows

Principles of Accounting, Volume 1: Financial Accounting — §16.2 Differentiate between Operating, Investing, and Financing Activities

Principles of Accounting, Volume 1: Financial Accounting — §16.3 Prepare the Statement of Cash Flows Using the Indirect Method

Principles of Accounting, Volume 1: Financial Accounting — §14.2 Analyze and Record Transactions for the Issuance and Repurchase of Stock

Principles of Accounting, Volume 1: Financial Accounting — §14.5 Discuss the Applicability of Earnings per Share as a Method to Measure Performance

Principles of Accounting, Volume 1: Financial Accounting — §10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions

Principles of Accounting, Volume 1: Financial Accounting — §10.2 Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method

PCAOB AS 3101 — The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion

FASB ASU 2023-09 — Income Taxes (Topic 740): Improvements to Income Tax Disclosures

FASB ASU 2016-13 — ASC 606-10-45-3 and 45-4 reproduced amendments

Gross Domestic Product, 2nd Quarter 2020 (Advance Estimate) and Annual Update

Gross Domestic Product, 2nd Quarter 2020 (Second Estimate); Corporate Profits, 2nd Quarter 2020 (Preliminary Estimate)

Costco Wholesale Corporation · 2025 Annual Report（股东年报 PDF）

Costco Wholesale Corporation · FY2025 Form 10-K（SEC HTML）

FASB Concepts Statement No. 8 · Chapter 4: Elements of Financial Statements

JPMorgan Chase & Co. · 2025 Annual Report

OpenStax · Principles of Accounting, Volume 1 · §2.1

OpenStax · Principles of Accounting, Volume 1 · §2.2

SEC · Beginners’ Guide to Financial Statements

Caterpillar FY2025 Consolidated Operating Profit Comparison

Principles of Accounting Vol2 §3.5 — Margin of Safety and Operating Leverage

Measuring Intangible Capital with Market Prices

FASB ASU 2016-02 — Leases (Topic 842), Section A

Principles of Finance §19.1 — What Is Working Capital?

The Economics of Intangible Capital

MIT OCW 15.515 Session 7 — Accounting for Long-lived Assets

Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank — Key Takeaways

SVB Review — Supervision of SVBFG by Critical Risk Areas

Salesforce Announces Fourth Quarter and Fiscal Year 2026 Results — Exhibit 99.1

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