Use the 10-K as the map and the 10-Q as the change layer把 10-K 当地图，把 10-Q 当变化图层
Form 10-K is an annual SEC filing with audited financial statements and broad business, risk, MD&A, control, and exhibit disclosures. Form 10-Q is a quarterly filing with unaudited condensed interim statements, required quarter and year-to-date performance, and updates to MD&A, controls, risks, legal matters, and exhibits. Interim information is generally reviewed by the independent accountant before filing, but a review is not an audit. The 10-Q relies on the latest 10-K and often updates material changes instead of repeating policies, risks, business descriptions, or contract history. Read them as one record. Keep point-in-time balance sheets separate from flows; compare three-month income with three-month income and cumulative cash with cumulative cash. Confirm the issuer uses these forms. Deadlines depend on filer status and current instructions.
Form 10-K 是向 SEC 提交的年度文件，包含经审计财务报表，以及较广泛的业务、风险、MD&A、控制与附件披露。Form 10-Q 是季度文件，包含未经审计的简明中期财务报表、按要求列示的单季与年初至今业绩、更新后的 MD&A、控制、风险、法律事项与附件。中期财务信息通常在提交前由独立会计师审阅，但审阅不是审计，保证程度不同。10-Q 依赖最新 10-K：它常只更新重大变化，而不重复完整会计政策、风险清单、业务说明或合同历史。两者应作为链接记录一起读。时点资产负债表要与期间流量分开，三个月利润表只能与三个月期间比较，累计现金流只能与累计现金流比较。还要确认发行人确实适用这些表单；申报截止期取决于申报人类别与当前表单说明，不存在统一的“年度/季度”天数。
Compare the forms on the same seven dimensions沿同样七个维度公平比较两种表单
| Dimension | Form 10-K | Form 10-Q |
|---|---|---|
| Purpose and cadence | Annual baseline for the completed fiscal year | Interim update for each of the first three fiscal quarters for an issuer subject to the form |
| Financial statements | Annual statements with comparative periods under applicable rules | Condensed interim statements with current and comparative interim periods |
| Assurance | Annual financial statements audited; auditor report included | Statements labeled unaudited; interim review is narrower than an audit |
| Context | Fuller business, property, risk, policy, governance, and historical context | Material changes and interim developments since the annual baseline |
| MD&A | Annual results, liquidity, capital resources, critical context | Current quarter and year-to-date changes, liquidity, and known developments |
| Controls | Annual disclosure controls plus management ICFR assessment; auditor attestation when applicable | Quarterly disclosure-controls conclusion and material ICFR changes during the quarter |
| Exhibits | Broad annual exhibit index and required certifications | New or updated exhibits and certifications; prior exhibit history may sit in older filings |
| 维度 | Form 10-K | Form 10-Q |
|---|---|---|
| 目的与频率 | 为已结束财政年度建立年度基线 | 对适用该表单的发行人，更新前三个财政季度 |
| 财务报表 | 按适用规则列示年度报表与可比期间 | 简明中期报表，列示本期与可比中期 |
| 保证 | 年度财务报表经审计，并包含审计报告 | 报表标为未经审计；中期审阅范围小于审计 |
| 背景 | 较完整的业务、物业、风险、政策、治理与历史背景 | 更新年度基线之后的重大变化和中期发展 |
| MD&A | 年度经营结果、流动性、资本资源与关键背景 | 本季度和年初至今变化、流动性及已知发展 |
| 控制 | 年度披露控制、管理层 ICFR 评估；适用时含审计师鉴证 | 季度披露控制结论与季内重大 ICFR 变化 |
| 附件 | 较广的年度附件索引和规定认证 | 新增或更新附件及认证；历史附件可能在更早文件中 |
“Unaudited” does not mean unstructured. Form 10-Q specifies interim disclosures, and SEC rules generally require an independent-accountant review before filing. PCAOB standards describe analytical procedures and inquiries, but no audit opinion is expressed. Conversely, “audited” does not guarantee every 10-K statement: the opinion addresses financial statements and their framework, not forecasts, market outcomes, or every narrative judgment.
“未经审计”不等于没有结构或可以随意披露。Form 10-Q 规定中期报表与披露，SEC 规则通常要求提交前由独立会计师审阅。PCAOB 中期审阅准则包括分析程序和询问，但会计师不发表审计意见。反过来，“经审计”也不代表 10-K 每句话都有保证：审计意见针对财务报表及指定框架，预测、市场结果和许多叙述判断仍有不确定性。
This page addresses US domestic-issuer Forms 10-K and 10-Q. Foreign private issuers may use Forms 20-F and 6-K; other issuer types or transition periods can differ. Verify the company’s EDGAR form history and current SEC instructions before assuming a filing schedule.
并非每个发行人都提交两种表单本页讨论美国境内发行人的 Forms 10-K 与 10-Q。外国私人发行人可能使用 Forms 20-F 与 6-K，其他发行人类型或过渡期也可能不同。假设申报时间表前，应核对该公司 EDGAR 表单历史与 SEC 当前说明。
See how each Part and Item carries a different burden理解不同 Part 与 Item 承担的披露负担
| Research area | 10-K anchor | 10-Q update |
|---|---|---|
| Business and properties | Part I Items 1 and 2 establish business and property context | No equivalent complete restatement; find material developments in notes, MD&A, and other applicable Items |
| Risk factors | Part I Item 1A supplies the annual risk inventory | Part II Item 1A addresses material changes from previously disclosed risk factors |
| Financials and MD&A | Part II Items 7 and 8 contain annual MD&A and financial statements | Part I Items 1 and 2 contain interim statements and MD&A |
| Market risk and controls | Part II Items 7A and 9A provide annual disclosures | Part I Items 3 and 4 provide interim updates and conclusions |
| Legal proceedings | Part I Item 3 provides annual disclosure | Part II Item 1 updates reportable proceedings |
| Governance and compensation | Part III Items 10–14, often with information incorporated from the proxy | Usually not repeated as a complete governance package |
| Exhibits | Part IV Item 15 | Part II Item 6 |
| 研究领域 | 10-K 锚点 | 10-Q 更新 |
|---|---|---|
| 业务与物业 | Part I Items 1、2 建立业务与物业背景 | 没有对应的完整重述；到附注、MD&A 与其他适用 Item 查重大变化 |
| 风险因素 | Part I Item 1A 提供年度风险清单 | Part II Item 1A 说明此前披露风险因素的重大变化 |
| 财务与 MD&A | Part II Items 7、8 包含年度 MD&A 与财务报表 | Part I Items 1、2 包含中期报表与 MD&A |
| 市场风险与控制 | Part II Items 7A、9A 提供年度披露 | Part I Items 3、4 提供中期更新与结论 |
| 法律程序 | Part I Item 3 提供年度披露 | Part II Item 1 更新应报告程序 |
| 治理与薪酬 | Part III Items 10–14，常从代理声明引用纳入 | 通常不会重复成完整治理包 |
| 附件 | Part IV Item 15 | Part II Item 6 |
The table is a map, not a substitute for current forms. A short quarterly risk section may mean no material changes, not that annual risks disappeared. A contract can be incorporated from an earlier filing; Part III information may live in the definitive proxy. Follow exhibit indexes, cross-references, accession numbers, and amendments. Page count does not measure importance.
这张表是导航图，不能替代当前表单。季度风险栏看似很短，可能只是没有披露重大变化，不代表年度风险消失。合同可能早已提交并通过引用纳入，而不是重复附上。Part III 的答案也可能位于正式代理声明。应搜索附件索引和交叉引用，再沿 accession number 与修订追踪。页数不能代表证据重要性。
Protect the period grid before subtracting anything做任何相减前，先保护期间网格
Sterling Valve is an invented industrial-controls company with a December 31 year-end. Its 20X4 10-K and Q1/Q2 20X5 10-Q figures are teaching data in millions of dollars, not reports from a real issuer.
虚构基线与更新Sterling Valve 是虚构工业控制公司，财政年末为 12 月 31 日。其 20X4 10-K 与 20X5 年 Q1/Q2 10-Q 数字均为百万美元教学数据，不对应真实发行人。
| Statement | 20X4 10-K baseline | Q2 20X5 10-Q presentation | Valid reading |
|---|---|---|---|
| Balance sheet | Dec. 31 cash $40m, inventory $50m, debt $90m | June 30 cash $46m, inventory $72m, debt $110m; Dec. 31 comparator | Two point-in-time positions |
| Income statement | Full-year revenue $360m, net income $24m | Q2 revenue $108m/net income $9m; six-month revenue $200m/net income $14m, with prior-year comparators | Quarter and YTD are separate flows |
| Cash flow statement | Full-year CFO $36m | Six-month CFO $24m with prior-year six-month comparator | Cumulative flow, not Q2-only cash |
| Q1 input from prior 10-Q | Not in annual 20X4 baseline | Q1 revenue $92m, net income $5m, CFO $8m | Needed to derive standalone Q2 cash flow |
| 报表 | 20X4 10-K 基线 | 20X5 Q2 10-Q 列示 | 有效读法 |
|---|---|---|---|
| 资产负债表 | 12 月 31 日现金 4,000 万、库存 5,000 万、债务 9,000 万 | 6 月 30 日现金 4,600 万、库存 7,200 万、债务 1.10 亿；并列 12 月 31 日 | 两个时点状态 |
| 利润表 | 全年收入 3.60 亿、净利润 2,400 万 | Q2 收入 1.08 亿/净利润 900 万；六个月收入 2.00 亿/净利润 1,400 万，并列上年同期 | 单季与年初至今是不同流量 |
| 现金流量表 | 全年 CFO 3,600 万 | 六个月 CFO 2,400 万，并列上年六个月 | 累计流量，不是 Q2 单季现金 |
| 上一份 10-Q 的 Q1 输入 | 不在 20X4 年度基线中 | Q1 收入 9,200 万、净利润 500 万、CFO 800 万 | 推导 Q2 单季现金流所需 |
Sterling reports Q2-only revenue of $108m, also $200m six-month revenue − $92m Q1 revenue. Q2 net income is $14m − $5m = $9m. Six-month CFO of $24m is not a Q2 inflow. Standalone Q2 CFO is analyst-derived: $24m − $8m Q1 = $16m. Do not compare it with full-year $36m as though durations match.
Sterling 报告 Q2 单季收入 1.08 亿；也可由六个月收入 2.00 亿减 Q1 9,200 万得到。Q2 单季净利润=1,400 万−500 万=900 万。六个月现金流量表报告 CFO 2,400 万，并不是第二季度流入 2,400 万。Q2 单季估计=2,400 万−Q1 800 万=1,600 万，必须标为分析者推导，因为它不是报表展示栏。不能把 1,600 万与全年 3,600 万当成同期间比较。
Layer the Q2 events onto the annual baseline把 Q2 事件叠加到年度基线
The 10-K holds the full significant-policy baseline. The Q2 notes disclose an acquisition and provisional purchase-accounting updates; unchanged policies need not be rewritten at annual length.
会计政策10-K 保存完整重大政策基线。Q2 附注披露收购与暂定购买会计更新；未变政策不必按年度篇幅重写。
Debt rises from $90m at year-end to $110m after a fictional April 1 acquisition. Read the Q2 debt note, cash flow, covenants, and any filed agreement beside the annual maturity table.
融资虚构 4 月 1 日收购后，债务从年末 9,000 万升至 1.10 亿。把 Q2 债务附注、现金流、契约和已提交协议放在年度到期表旁阅读。
Inventory rises from $50m to $72m. The balance change is fact; whether it reflects acquired stock, demand preparation, or slow movement requires the Q2 note and MD&A.
库存库存从 5,000 万升至 7,200 万。余额变化是事实；究竟来自收购库存、需求准备还是周转放缓，要看 Q2 附注与 MD&A。
The Q2 filing updates integration and covenant exposure and describes any material ICFR change. All unmodified annual risks and the annual control baseline remain relevant.
风险与控制Q2 文件更新整合与契约风险，并说明重大 ICFR 变化。所有未修改年度风险与年度控制基线仍然有效。
Separate evidence layers. Facts are filed balances, periods, and the disclosed acquisition. Calculations include $22m higher inventory and $20m higher debt. Attributing inventory to the acquisition without quantified disclosure is an assumption. Whether integration weakens liquidity or controls is judgment. Missing evidence includes final purchase-price allocation, acquired inventory, covenant headroom, and the next impairment test. A 10-Q can open questions without answering them.
分开四层证据。报告事实是已提交余额、期间与披露收购；计算包括库存增加 2,200 万、债务增加 2,000 万。若附注没有量化，把任何库存增量归因于收购都属于假设。整合是否削弱流动性或控制属于判断。缺失证据包括最终购买价分摊、收购库存明细、契约余量与下一年度减值测试。10-Q 可以打开这些问题，却未必含最终答案。
Route the question to the filing built to answer it把问题路由到最适合回答它的文件
| Question | Open first | Then connect |
|---|---|---|
| What does the company sell and where? | Latest 10-K Business and segment notes | Subsequent 10-Q revenue/segment updates and acquisition note |
| What is the full risk inventory? | Latest 10-K Risk Factors | Every later 10-Q material-change section and relevant 8-K |
| What changed in liquidity this quarter? | Latest 10-Q balance sheet, cash flow, MD&A, and debt note | 10-K maturities, commitments, and policy baseline |
| Which accounting policy governs a new transaction? | 10-Q new/updated policy and transaction note | 10-K significant policies and comparable prior notes |
| Did internal control change? | 10-Q Part I Item 4 | 10-K Part II Item 9A annual assessment and later filings |
| Where is a material agreement? | Current filing’s exhibit index and cross-references | Earlier 10-K/10-Q/8-K accession and amendments |
| Where are directors and executive compensation? | 10-K Part III cross-reference | Definitive proxy statement and any later updates |
| 问题 | 先打开 | 随后连接 |
|---|---|---|
| 公司销售什么、在哪里销售？ | 最新 10-K 的 Business 与分部附注 | 后续 10-Q 收入/分部更新与收购附注 |
| 完整风险清单是什么？ | 最新 10-K Risk Factors | 之后每份 10-Q 的重大变化栏及相关 8-K |
| 本季度流动性发生什么变化？ | 最新 10-Q 资产负债表、现金流、MD&A 与债务附注 | 10-K 到期、承诺与政策基线 |
| 新交易适用什么会计政策？ | 10-Q 新增/更新政策与交易附注 | 10-K 重大政策和可比历史附注 |
| 内部控制是否变化？ | 10-Q Part I Item 4 | 10-K Part II Item 9A 年度评估及后续文件 |
| 重大协议在哪里？ | 当前文件附件索引与交叉引用 | 早期 10-K/10-Q/8-K accession 与修订 |
| 董事与高管薪酬在哪里？ | 10-K Part III 交叉引用 | 正式代理声明及后续更新 |
Routing is additive. The 10-Q gives the newest balance; the 10-K explains policy; an 8-K may hold the acquisition agreement; a proxy may supply governance. Build a source chain instead of choosing a “better” filing. For conflicts, test units, periods, recast segments, discontinued operations, acquisitions, and amendments before treating the difference as substantive.
路由是叠加，不是二选一。最新 10-Q 给出最新余额，10-K 解释背后政策，8-K 可能包含收购协议，代理声明提供治理信息。应建立来源链，而不是选出“更好”的单一文件。季度数字与年度基线冲突时，先检查单位、期间、重述分部、终止经营、收购与修订，再把差异视为实质事件。
Treat deadlines and amendments as filing metadata把截止期与修订当作申报元数据
| Current standard deadline in SEC form instructions | Large accelerated filer | Accelerated filer | Other filer |
|---|---|---|---|
| Form 10-K after fiscal year-end | 60 days | 75 days | 90 days |
| Form 10-Q after quarter-end | 40 days | 40 days | 45 days |
| SEC 当前表单说明的标准截止期 | 大型加速申报人 | 加速申报人 | 其他申报人 |
|---|---|---|---|
| Form 10-K：财政年末后 | 60 天 | 75 天 | 90 天 |
| Form 10-Q：季度末后 | 40 天 | 40 天 | 45 天 |
These SEC form categories are not a company filing calendar. Filer-status transitions, due-date mechanics, extensions, weekends or holidays, and other forms can alter the date. Recheck current instructions and the cover page. Record accession, timestamp, period end, amendment marker, and version. A 10-K/A or 10-Q/A changes only what it amends; retain the original and read the explanation.
这些是本页核验 SEC 表单后列出的标准类别，不是任何具体公司的申报日历。申报人类别转换、截止日计算、延期、周末或节假日以及其他表单，都可能改变实际日期。应重新核对 SEC 当前说明与发行人封面。记录 accession number、提交时间、期间截止日、修订标记与文件版本。10-K/A 或 10-Q/A 只改变其修订内容；应保留原件并阅读修订解释，不能静默替换全部证据。
Fact: the audited 20X4 10-K is the business, policy, risk, and control baseline. Fact: the unaudited Q2 10-Q reports $200m six-month revenue, $24m six-month CFO, and higher inventory and debt after an acquisition. Calculation: Q2-only CFO is an analyst-derived $16m. Judgment: integration may raise liquidity and control risk. Unknown: acquired inventory and covenant headroom. Both forms are required to support that conclusion.
Sterling Valve 的可控结论事实：经审计 20X4 10-K 是业务、政策、风险与控制基线。事实：未经审计 Q2 10-Q 报告六个月收入 2.00 亿、六个月 CFO 2,400 万，并显示收购后库存和债务上升。计算：分析者推导 Q2 单季 CFO 为 1,600 万。判断：整合可能增加流动性和控制风险。未知：收购库存与契约余量。该结论需要两份表共同支持。
Upload the baseline, update, exhibits, and amendments together把基线、更新、附件与修订一起上传
Upload the latest complete 10-K, auditor report, exhibit index, incorporated proxy, every subsequent 10-Q, relevant 8-K exhibits, and all amendments. Preserve filenames and accession numbers. State each fiscal period, timestamp, currency, units, and changes in year-end, filer status, segments, accounting, discontinued operations, or scope. Do not infer a deadline or treat a press release as the 10-Q.
Request a Part/Item source map, a baseline-to-update change table, a statement-period grid, and a question router. Each extracted fact must include form, accession, Part, Item, note, page, table, row, period, units, assurance label, and amendment status. Ask for standalone-quarter derivations only when cumulative and prior-quarter inputs reconcile. Then open every material locator in the originals: verify the auditor report versus interim-review status, quarter/YTD columns, balance-sheet dates, full policy versus update language, risk-factor changes, MD&A periods, controls, incorporated references, and exhibit versions. Unlocated or conflicting facts stay unresolved.
上传完整最新 10-K、审计报告、附件索引与引用纳入的代理声明，随后每份 10-Q、相关 8-K 附件，以及全部 10-K/A 或 10-Q/A 修订。保留原文件名与 accession number。向 Stock Explained 说明每个财政期间、提交时间、币种、单位，以及发行人是否改变年末、申报人类别、分部、会计准则、终止经营或合并范围。不要要求它推断缺失申报截止日，也不能把季度新闻稿当作 10-Q。
要求输出 Part/Item 来源图、基线到更新的变化表、报表期间网格和问题路由表。每项提取事实都要包含表单、accession、Part、Item、附注、页码、表格、行、期间、单位、保证标签与修订状态。只有累计输入与上一季度输入能够勾稽时，才推导单季数字。随后在原件逐个打开重大定位，核验审计报告与中期审阅状态、单季/YTD 栏、资产负债表日期、完整政策与更新措辞、风险变化、MD&A 期间、控制、引用纳入与附件版本。无法定位或冲突事实保持未解决。
Upload the annual baseline, quarterly updates, incorporated records, and amendments; verify every extracted change against its original filing.
上传年度基线、季度更新、引用纳入文件与修订，并在原始申报中核验每项提取变化。
Open Stock Explained打开“一眼看懂这只股票”Questions that remain after the forms are paired两份表配对后的常见问题
No. It is an interim update with its own Part/Item structure and quarter/YTD periods. It relies on the annual business, policy, risk, control, and exhibit baseline instead of reproducing all of it. Read the 10-Q with the latest 10-K.
10-Q 只是缩小版 10-K 吗？不是。它是具有自身 Part/Item 结构和单季/YTD 期间的中期更新，依赖年度业务、政策、风险、控制与附件基线，而不是完整重印。必须与最新 10-K 一起读。
They are labeled unaudited. Interim financial information is generally reviewed by the independent accountant before filing, but a review uses narrower procedures and does not express an audit opinion. The 10-K contains the annual audited financial statements.
10-Q 财务报表经过审计吗？它们标为未经审计。中期财务信息通常在提交前由独立会计师审阅，但审阅程序更窄，不发表审计意见。10-K 才包含年度经审计财务报表。
Yes, if periods, scope, currency, and classifications match: Sterling’s six-month $24m CFO minus Q1 $8m CFO equals analyst-derived Q2 CFO of $16m. Label it derived because the Q2 cash-flow column itself is cumulative.
可以从年初至今现金流推导单季吗？可以，但期间、范围、币种与分类必须匹配：Sterling 六个月 CFO 2,400 万减 Q1 800 万，得到分析者推导 Q2 1,600 万。必须标为推导值，因为 Q2 文件现金流栏本身是累计数。
It may not have disappeared. The quarterly risk Item focuses on material changes from previously disclosed risks, so the annual 10-K inventory remains part of the record. Read all intervening updates before concluding that exposure ended.
为什么某项风险在 10-Q 中“消失”？它可能根本没有消失。季度风险 Item 聚焦此前风险的重大变化，因此年度 10-K 风险清单仍属于记录。得出风险终止结论前，要阅读所有中间更新。
First confirm the issuer uses these forms and identify filer status on the cover page. Current standard instructions use 60/75/90 days for 10-K and 40/40/45 days for 10-Q by category, but transitions and due-date rules require checking the current form and company facts.
某公司适用哪个申报截止期？先确认发行人使用这些表单，并在封面识别申报人类别。当前标准说明按类别对 10-K 使用 60/75/90 天、对 10-Q 使用 40/40/45 天，但类别转换和截止日规则要求重新核对当前表单与公司事实。
Primary sources for form structure and assurance表单结构与保证程度的一手来源
The sources support current form structure, standard filing-deadline categories, EDGAR retrieval, annual-report navigation, and interim-review distinctions. Exact requirements depend on issuer status, transition rules, jurisdiction, filing date, facts, and effective SEC and PCAOB rules. Recheck current instructions; the sources do not validate fictional Sterling Valve.
This page is educational, not legal, accounting, audit, compliance, tax, or individualized investment advice. Finding a disclosure does not determine business quality, fair value, or future returns.
以上来源支持当前表单结构、标准申报截止期类别、EDGAR 检索、年度报告导航与中期审阅差异。准确要求取决于发行人状态、过渡规则、司法辖区、申报日期、事实及有效 SEC/PCAOB 规则。应重新核对当前说明；来源不验证虚构 Sterling Valve。
本页仅供学习，不构成法律、会计、审计、合规、税务或个性化投资建议。找到披露并不能决定企业质量、公允价值或未来回报。