{
  "fxKey": "cnyHkd",
  "period": "2027",
  "basisUnit": "人民币/股",
  "heroMetric": {
    "label": "2027基准EPS隐含PE",
    "value": 15.202568038203019,
    "note": "作者正常化EPS假设4.5元人民币；已换算港元，非历史PE"
  },
  "profitLabel": "2027正常化稀释EPS（人民币/普通股），保留股权激励成本；乘倍数后按固定汇率换成港元",
  "methods": {
    "currency": "财务金额为人民币，股价及情景估值为港元；港币柜台普通股口径，不能与人民币柜台价格或美股ADS直接混用。",
    "financial": "财务数据来自公司业绩公告、年报及中期报告；年度、半年度和单季度分别标记。非IFRS/非GAAP调整后利润与报告利润不能互换，正常化盈利为作者假设。",
    "market": "行情固定于2026-11-06完整收盘，采用Yahoo日线、不计现金分红；近10日价格与StockAnalysis核对。成交量存在最多0.00%的汇总差异，全文统一Yahoo口径。",
    "cash": "简化FCF为经营现金流减现金购置或预付长期资产；未自动扣除租赁、并购、分红和回购。公司自定义FCF、非现金资本开支与现金付款另行标明。",
    "valuation": "2027作者假设正常化稀释EPS×PE×固定汇率1.175240（2026-11-05参考快照）=每股港元估值。输入每股指标后不再除总股数；情景不是概率、公司指引或最大损失边界。"
  },
  "sector": "本地生活、即时零售与配送",
  "shares": 5800000000,
  "scenarios": [
    {
      "name": "竞争持续",
      "eps": [
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        2
      ],
      "pe": [
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        16
      ],
      "prices": [
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        37.60768127441406
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    },
    {
      "name": "恢复",
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        5
      ],
      "pe": [
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        22
      ],
      "prices": [
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        129.27640438079834
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    },
    {
      "name": "效率释放",
      "eps": [
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        8
      ],
      "pe": [
        25,
        30
      ],
      "prices": [
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  ],
  "calc": [
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    9,
    4.5,
    10,
    35,
    20
  ],
  "levels": [
    [
      74,
      "74 短期均线"
    ],
    [
      78.5,
      "78.5 中期结构"
    ],
    [
      96.5,
      "96.5 近期高区"
    ]
  ],
  "charts": [
    {
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      "title": "竞争投入让全年利润发生明显变化",
      "type": "bars",
      "unit": "十亿元人民币",
      "categories": [
        "2024",
        "2025"
      ],
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        {
          "name": "收入",
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        },
        {
          "name": "集团净利润",
          "values": [
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      ]
    },
    {
      "id": "quarterly",
      "title": "二季度恢复盈利，仍不足以抹平一季度亏损",
      "type": "bars",
      "unit": "十亿元人民币",
      "categories": [
        "2025 Q2",
        "2026 Q1",
        "2026 Q2"
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      "series": [
        {
          "name": "营业利润",
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        },
        {
          "name": "调整后净利润",
          "values": [
            1.493035,
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      ]
    },
    {
      "id": "mix",
      "title": "核心本地商业提供基础，新业务占比继续提高",
      "type": "bars",
      "unit": "十亿元人民币",
      "categories": [
        "核心本地商业",
        "新业务"
      ],
      "series": [
        {
          "name": "2025 Q2",
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        },
        {
          "name": "2026 Q2",
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      ]
    },
    {
      "id": "segments",
      "title": "核心利润仍要覆盖新业务与总部成本",
      "type": "waterfall",
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      "steps": [
        {
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        },
        {
          "label": "新业务",
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        },
        {
          "label": "未分配",
          "value": -1.238194,
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        },
        {
          "label": "合并营业利润",
          "value": 2.691166,
          "total": true
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      ]
    },
    {
      "id": "revenue-type",
      "title": "高频配送之外，变现来自商家服务和商品",
      "type": "bars",
      "unit": "十亿元人民币",
      "categories": [
        "配送服务",
        "商家服务",
        "商品销售",
        "其他"
      ],
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      ]
    },
    {
      "id": "quality",
      "title": "调整后净利润仍需要了解各项调整",
      "type": "waterfall",
      "unit": "十亿元人民币",
      "steps": [
        {
          "label": "集团净利润",
          "value": 2.155222,
          "total": true
        },
        {
          "label": "股权激励",
          "value": 1.918583,
          "total": false
        },
        {
          "label": "汇兑收益",
          "value": -0.420478,
          "total": false
        },
        {
          "label": "投资净收益",
          "value": -1.604473,
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        },
        {
          "label": "减值及费用拨备",
          "value": 0.22,
          "total": false
        },
        {
          "label": "收购摊销",
          "value": 0.051692,
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        {
          "label": "税项",
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    },
    {
      "id": "other-gains",
      "title": "部分非主营收益仍影响营业与调整后利润",
      "type": "bars",
      "unit": "十亿元人民币",
      "categories": [
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        "营业利润",
        "调整后净利润"
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    },
    {
      "id": "cash",
      "title": "半年口径的现金修复仍未完成",
      "type": "bars",
      "unit": "十亿元人民币",
      "categories": [
        "经营现金流",
        "现金购置及预付长期资产",
        "简化FCF"
      ],
      "series": [
        {
          "name": "2025 H1",
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        },
        {
          "name": "2026 H1",
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      ]
    },
    {
      "id": "cash-quarter",
      "title": "二季度现金回升明显，但不能只看一个季度",
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        "2026 Q2"
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    },
    {
      "id": "oci",
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  "symbol": "3690.HK",
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