V3, V4, V4.1, V4.2, V4.3, V4.5, V4.8, and V5 are research-method versions
V5 adds a dedicated "margin of safety" section on top of V4.8's conclusion-first layout and six-dimension focus. It follows the order: baseline conclusion → cash payback headroom → shareholder-return headroom → calculation assumptions and methodology (collapsible) → counter-evidence review → watch list. The two headroom numbers are arithmetic distances from the original thresholds under stated assumptions; they cannot be added together and there is no universal pass-fail threshold. "No counter-evidence found" does not mean the case is proven safe. The headroom and percentage numbers are reverse-computed by the program and locked; the editorial step cannot rewrite the figures.
V4.8 leads with a one-sentence company conclusion and the key judgment for each of six dimensions, then covers opportunities, risks, and questions that could change the view. Confidence, evidence completeness, and the company grade are shown separately; thin evidence does not automatically mean a weak company, and a real problem is not dropped just because it would push the report past a fixed length.
V4.5 keeps the core investment thread, value-change line, industry view, and the six-dimension picture, and adds an absolute cash-payback estimate. Coverage over five years of accumulated cash equal to the then-current market cap is flagged "obviously cheap"; five years short but six years covered is "borderline". The cash-supported price is a math scale, not a target price. If the same company has multiple versions, the site keeps each one; versions are based on the sources and method of their time, grades are not directly compared across versions, and the version number itself is not a company grade.
A+ / A / A- Strong operations; the main aspects are broadly solid.
B+ / B / B- Broadly adequate, but with notable limits or risks.
C Has obvious weak spots; treat with care.
D Issues have been found that seriously hurt quality.
What does the "−" mean? The minus sign means the underlying view still belongs to that letter, but a key risk or important piece of evidence has not been fully confirmed, so we land on the more cautious end of the letter. A- sits below A, B- sits below B; it is not a negative number and does not mean the report is invalid.
Evidence complete The main public sources for this round of judgment have been found.
Evidence partial Enough sources for an initial view, but important items still need to be confirmed.
Evidence thin Current public sources do not yet support a steady view; read with extra care.
Why separate the two? Thin evidence only means "we do not know enough yet", not that the company has a serious problem; a serious problem is not hidden just because there are lots of sources either. Thin evidence can push a grade more cautious, but the two labels mean different things.
How does the company make money?
Start with the main product or service, who the customer is, and why the company is paid. This is the entry point for the business model.
Does daily operation create cash?
Focus on whether the cash the business brings in still has a surplus after the investment needed to maintain the business, and whether that picture can hold.
How heavy is the debt load?
Check whether cash covers the interest-bearing debt, short-term maturities, and the interest bill. Avoid mistaking leverage-driven short-term growth for steady operation.
Can the advantage last?
Brand and scale are only clues. The question is whether customers keep buying, the company can raise prices reasonably, costs stay lower, and competitors find it hard to substitute.
Is management trustworthy?
Compare what management has said with what has actually happened. Financial fraud, taking company money for personal use, repeated broken promises, or harm to minority shareholders clearly pulls the company grade down.
Do shareholders get cash?
Focus on whether regular dividends come from real operations and can keep going. One-off dividends or dividends funded by new borrowing do not represent long-term return.
Which risks could change the view?
Material questions need to be rechecked against filings and announcements. When something has not been checked, keep the question open — do not conclude from market rumour or share-price moves alone.
What this site does not give you
Public reports do not give target prices, position sizing, trade actions, or return promises. A higher company grade does not mean any price is a buy.
Research reports are published in Chinese
This English page is a shell. The underlying reports keep their original Chinese text, including company names, industry summaries, and the full body. Use the language switcher in the navigation to go back to the Chinese site.