{
  "schemaVersion": 1,
  "scope": "facts_only_not_selection",
  "researchPreparedOn": "2026-11-01",
  "publicInformationCutoff": "2026-10-30",
  "priceAsOf": "2026-10-30",
  "originProductionDataAsOf": "2026-10-29",
  "originProductionSnapshotDigest": "efa2f19bbbea61ef0b3cd79b8f8ac4b542c359faa6ac7bf5a92ca0810e4f4cb3",
  "baselineValidation": "prior_22_claims_and_receipts_verified",
  "newSemanticReview": "verified_with_explicit_research_gaps",
  "items": [
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      "name": "昂立教育",
      "closeYuan": 7.67,
      "priceAsOf": "2026-10-30",
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      "marketCapYuan": 2197829526.1,
      "priceChangeVs1029Pct": -3.5220125786163523,
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        "ttmPeriod": "2025年第四季度至2026年第三季度",
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        "peNetTtm": 15.653896032487967,
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        "operatingCashYuan": 143999470.96,
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        "tradingFinancialAssetsYuan": 306000000.0,
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      "name": "金徽股份",
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      "totalIssuedShares": 978000000.0,
      "marketCapYuan": 15599100000.0,
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        "ttmPeriod": "2025年第四季度至2026年第三季度",
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          "assumedPe": 15,
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          "assumedPe": 20,
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      "purchasesLongAssetsYuan": 22130898.52,
      "leaseCashYuan": 69324792.92,
      "residueYuan": 64385041.7
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      "leaseSplitStatus": "Q3_breakdown_not_disclosed",
      "conservativeResidueYuan": 110591.57
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    "h1CostStructure": {
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      "priorRevenueYuan": 632342417.79,
      "costYuan": 376588023.2,
      "priorCostYuan": 333135292.23,
      "managementExpenseYuan": 117817515.81,
      "priorManagementExpenseYuan": 137303066.09,
      "grossMarginPct": 45.06180478110678,
      "priorGrossMarginPct": 47.3172631065478,
      "managementSavingYuan": 19485550.28
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    "h1Segments": {
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      "educationCostYuan": 332100150.08,
      "tourismRevenueYuan": 44944000.23,
      "tourismCostYuan": 39646279.59,
      "otherRevenueYuan": 7324760.32,
      "otherCostYuan": 4841593.53,
      "educationGrossMarginPct": 47.55267409880039,
      "tourismGrossMarginPct": 11.78738121415322,
      "tourismRevenueSharePct": 6.556613876279329,
      "educationGrossProfitYuan": 301106871.2,
      "tourismGrossProfitYuan": 5297720.64
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    "h1CfoIncreaseYuan": 37830605.02,
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        "assumedPe25PriceYuan": 5.190517273268923
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      {
        "assumedAnnualProfitYuan": 90000000.0,
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        "assumedPe20PriceYuan": 6.28165189158162,
        "assumedPe25PriceYuan": 7.852064864477025
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      {
        "assumedAnnualProfitYuan": 120000000.0,
        "q4RequiredYuan": 27851947.87,
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    "q3CashIncrement": {
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      "operatingCashYuan": -11841262.18,
      "purchasesLongAssetsYuan": 13817996.0,
      "otherFinancingPaymentsYuan": 38615191.95,
      "classificationWarning": "H1其他筹资支付全部为租金；Q3增量尚无租金分拆，不能称全部为租金",
      "conservativeResidueYuan": -64274450.13
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    "ttmNonrecurringDifferenceYuan": 80907972.75,
    "priorQ4NonrecurringDifferenceYuan": 73293945.76
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        "purchasesLongAssetsYuan": 770134278.9,
        "silverRevenueYuan": 216362300.0,
        "silverSalesKg": 13851.76,
        "silverRevenuePrecision": "reported_0.01_wan_yuan",
        "xiejiagouBudgetYuan": 1121673400.0,
        "minghaoBudgetYuan": 1200420000.0,
        "xiejiagouCumulativeInvestmentYuanRounded": 866000000.0,
        "progressPct": 77,
        "financialLiabilitiesWithinOneYearUndiscountedYuan": 3359786651.27,
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      "q3CompositeLessCashYuan": 5137924826.49
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        "impliedPeAtLatestPrice": 26.833892665190746,
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        "assumedPe20PriceYuan": 11.887950957402863
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        "assumedProfitChangePct": 0,
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        "assumedPe20PriceYuan": 16.98278708200409
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      {
        "assumedProfitChangePct": 20,
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        "assumedPe15PriceYuan": 15.28450837380368,
        "assumedPe20PriceYuan": 20.379344498404908
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    ]
  },
  "parameterWarning": "PE及利润变化均为分析假设，不是公司指引、公允倍数、目标价或上涨概率。",
  "productionWriteAllowed": false,
  "createdAt": "2026-11-01T16:28:38.164689+00:00",
  "newEvidenceDigest": "f9d903a0fce7ad343c819d8f671905d8dbb9ebf0e73754761f4c776bf887dafd"
}