The best analyzer preserves the filing chain最佳分析器首先要守住申报链
There is no verified, durable ranking of one best AI 10-K analyzer for every task. Test candidates on a fixed filing family: confirm issuer, fiscal year, filing and report dates, accession, form, and later 10-K/A; navigate the correct Item; preserve table units; compare risk and MD&A wording; trace controls and exhibits; cite exact locations; and say “not established” when evidence ends. Identity or amendment errors are automatic failures. Select by job: retrieval requires Item and citation precision; calculation needs replayable inputs and formulas; batch comparison needs filing and period normalization; review needs version history, exceptions, and export. Stock Explained belongs to InfiniSynapse, so statements here are first-party, not an independent award. Verify enabled behavior against official materials, run the same case, and return every material answer to the original 10-K, 10-K/A, incorporated filing, and exhibit.
不存在一个经过验证、能长期适用于所有任务的“最佳 AI 10-K 分析器”排名。应让候选工具处理同一组 10-K 案卷：确认发行人、财年、申报日、报告期末、accession number、表格类型与后续 10-K/A；按正确 Item 导航；保留单位读取表格和附注；比较上年风险与 MD&A 措辞；追踪控制披露和附件；引用精确申报位置；证据终止时明确回答“本资料包无法确定”。即使文字听起来正确，只要弄错申报身份或遗漏修订就应自动失败。随后按工作选择：文档检索重视 Item 与引用精度，计算任务要求输入公式可复现，批量比较要求申报与期间标准化，审阅任务要求版本历史、例外和导出。InfiniSynapse Stock Explained 属于 InfiniSynapse，因此本文产品陈述是第一方说明，不是独立奖项。应依据官方材料核对当前启用的上传与分析行为，并对它运行同一案例基准。每项重大答案都必须回到原始 10-K、10-K/A、引用并入的申报和附件核验。
Treat the filing family—not one PDF—as the unit把申报家族而非单份 PDF 作为分析单位
| Identity field | Why the analyzer must preserve it |
|---|---|
| Issuer and CIK | Names and tickers can change; the filer identity anchors the record |
| Fiscal period end | A filing date is not the period analyzed |
| Form type | 10-K, 10-K/A, annual shareholder material, and exhibit are not interchangeable |
| Filing date and accession number | Together they identify the submission version in EDGAR |
| Primary document | The filing index can contain multiple documents and exhibits |
| Amendment scope | A 10-K/A may change only named Items or exhibits and may not update all later events |
| Incorporation by reference | Some requested information may live in a proxy or earlier filed exhibit |
| 身份字段 | 为什么分析器必须保留 |
|---|---|
| 发行人与 CIK | 公司名称和 ticker 可能变化，申报人身份是记录锚点 |
| 财年期末 | 申报日不是被分析期间 |
| 表格类型 | 10-K、10-K/A、股东年报材料和附件不能互换 |
| 申报日与 accession number | 两者共同标识 EDGAR 中的提交版本 |
| 主文档 | 申报索引可能包含多个文档和附件 |
| 修订范围 | 10-K/A 可能只修改指定 Item 或附件，并不更新所有后续事项 |
| 引用并入 | 部分所需信息可能位于代理材料或更早提交的附件中 |
AsterForge: build a version spine before asking whyAsterForge：提问原因前先建立版本脊柱
AsterForge Thermal Systems is fictional. Every accession, page, exhibit, figure, quotation, and result below is invented for testing. The package is sanitized and contains no real issuer data.
虚构申报资料包AsterForge Thermal Systems 是虚构企业。下述 accession、页码、附件、数字、引文与结果全部为测试假设，资料包已经脱敏，不含任何真实发行人数据。
| Package record | Accession / date | Authoritative role in the test |
|---|---|---|
| 20X4 Form 10-K | 0001999999-25-000032 / filed 28 Feb 20X5 | Prior wording and comparative baseline |
| 20X5 original Form 10-K | 0001999999-26-000041 / filed 1 Mar 20X6 | Original annual filing for year ended 31 Dec 20X5 |
| 20X5 Form 10-K/A | 0001999999-26-000057 / filed 18 Mar 20X6 | Amends Item 9A and Item 15; financial statements unchanged |
| Exhibit 10.17 credit amendment | Filed with original 10-K | Defines permitted cash, covenant EBITDA, and leverage maximum |
| Revised Exhibits 31.1 and 31.2 | Filed with 10-K/A | Certifications tied to the amendment |
| 20X6 covenant compliance | No record in package | Golden answer must abstain |
| 资料包记录 | Accession / 日期 | 测试中的权威角色 |
|---|---|---|
| 20X4 Form 10-K | 0001999999-25-000032 / 20X5 年 2 月 28 日申报 | 上年措辞与比较基线 |
| 20X5 原始 Form 10-K | 0001999999-26-000041 / 20X6 年 3 月 1 日申报 | 截至 20X5 年 12 月 31 日年度的原始申报 |
| 20X5 Form 10-K/A | 0001999999-26-000057 / 20X6 年 3 月 18 日申报 | 修改 Item 9A 和 Item 15；财务报表未变 |
| 附件 10.17 信贷修订 | 随原始 10-K 提交 | 定义允许扣除现金、契约 EBITDA 和杠杆上限 |
| 修订附件 31.1 与 31.2 | 随 10-K/A 提交 | 与修订申报对应的证明 |
| 20X6 年契约合规 | 资料包没有记录 | 标准答案必须拒答 |
The amendment’s explanatory note says the original Item 9A conclusion was incorrect. The 10-K said internal control over financial reporting was effective; the 10-K/A reports it ineffective because of a material weakness in access to inventory standard-cost changes. The amendment does not restate revenue or debt. A correct analyzer layers the amended Items over the original filing and preserves unaffected content. Replacing the entire original with the short amendment would lose Item 1, Item 1A, Item 7, Item 8, and most exhibits.
修订说明指出，原 Item 9A 结论不正确：10-K 称财务报告内部控制有效，10-K/A 则因库存标准成本修改权限存在重大缺陷而改为无效。该修订没有重述收入或债务。正确的分析器应把被修改 Item 覆盖到原申报之上，同时保留未受影响内容。若用篇幅很短的修订文件整体替换原 10-K，就会丢失 Item 1、Item 1A、Item 7、Item 8 和大部分附件。
Route each golden question to an Item and evidence type把每道标准问题路由到 Item 与证据类型
| Golden question | Expected route | Required answer element |
|---|---|---|
| What does the company sell and where? | Item 1 Business | Products, markets, seasonality, and exact section locator |
| What new risk appeared versus 20X4? | Item 1A in both filings | Added, removed, or materially changed wording—not only topic similarity |
| Why did revenue change? | Item 7 MD&A | Price +12, volume +20, mix −2 = net +30 million bridge |
| What do audited numbers show? | Item 8 statements and notes | Units, periods, table headings, policies, and note context |
| Did the control conclusion change? | Latest 10-K/A Item 9A plus original | Original-to-amended delta and material-weakness description |
| What leverage definition binds? | Item 15 index and Exhibit 10.17 | Contract definition, permitted cash, maximum, and calculation |
| Was the company compliant after year-end? | No supporting record | “Not established by this package”; name the missing certificate or later filing |
| 标准问题 | 预期路由 | 答案必备元素 |
|---|---|---|
| 公司销售什么、在哪里经营？ | Item 1 Business | 产品、市场、季节性和精确章节定位 |
| 相比 20X4 出现了什么新风险？ | 两期 Item 1A | 新增、删除或实质变化措辞，而不只是主题相似 |
| 收入为什么变化？ | Item 7 MD&A | 价格 +12、销量 +20、组合 −2 = 净增 30 百万美元的变化桥 |
| 经审计数字显示什么？ | Item 8 报表与附注 | 单位、期间、表头、政策与附注语境 |
| 控制结论是否改变？ | 最新 10-K/A Item 9A 加原文 | 原始到修订的差异及重大缺陷描述 |
| 哪种杠杆定义具有约束力？ | Item 15 索引及附件 10.17 | 合同定义、允许现金、上限与计算 |
| 年末后公司是否持续合规？ | 没有支持记录 | 回答“资料包无法确定”，并指出缺少合规证明或后续申报 |
SEC Form 10-K and the investor guide supply the Item map, but pagination and detail vary. Incorporation by reference, inapplicable Items, and format change navigation. Score arrival at the governing Item and evidence, not a hard-coded page. Fictional page numbers work only because this pack is frozen.
SEC Form 10-K 与投资者指南提供 Item 地图，但测试不能假设每份申报页码相同，也不能假设每个 Item 的信息密度一致。发行人身份、引用并入、不适用项目省略和文件格式都会改变导航。评分应检验是否在语义上抵达正确 Item 与证据，而不是死记页码。虚构资料包的页码能够成为标准答案，只因为测试文件已经冻结。
Make the analyzer earn every number让分析器为每个数字提供完整证据
| AsterForge fact or calculation | Golden answer |
|---|---|
| 20X5 revenue / prior revenue | 480 / 450 million; Item 8 income statement, USD millions |
| Revenue bridge | Price +12 + volume +20 − mix 2 = +30; Item 7 |
| Gross margin | (480 − 336) ÷ 480 = 30.0%; prior (450 − 306) ÷ 450 = 32.0% |
| Case FCF convention | Operating cash 52 − PP&E purchases 31 = 21 million |
| Debt and permitted cash | Current 20 + long-term 100 = 120 debt; agreement permits 18 cash netting |
| Covenant leverage | (120 − 18) ÷ 40 covenant EBITDA = 2.55× versus 3.00× maximum |
| Headroom in numerator dollars | 3.00 × 40 + 18 − 120 = 18 million, holding covenant EBITDA and cash fixed |
| AsterForge 事实或计算 | 标准答案 |
|---|---|
| 20X5 / 上年收入 | 480 / 450 百万美元；Item 8 利润表，单位百万美元 |
| 收入变化桥 | 价格 +12 + 销量 +20 − 组合 2 = +30；Item 7 |
| 毛利率 | （480 − 336）÷ 480 = 30.0%；上年（450 − 306）÷ 450 = 32.0% |
| 案例 FCF 口径 | 经营现金 52 − 购置 PP&E 31 = 21 百万美元 |
| 债务与允许现金 | 流动 20 + 长期 100 = 债务 120；协议允许扣除现金 18 |
| 契约杠杆 | （120 − 18）÷ 契约 EBITDA 40 = 2.55 倍，上限 3.00 倍 |
| 分子金额余量 | 3.00 × 40 + 18 − 120 = 18 百万美元，假设契约 EBITDA 与现金不变 |
Require accession, Item, note or exhibit, table, unit, period, inputs, formula, rounding, and assumptions. “According to the 10-K” is not a locator. Leverage must use the contract EBITDA definition; FCF must be labeled a case convention. Correct values assigned to the wrong year or unit still fail.
每项计算都要附 accession、Item、附注或附件、表名、单位、期间、输入单元格、公式、舍入和假设。“根据 10-K”不是有效定位。杠杆计算不能用通用 EBITDA 代替合同定义；FCF 必须说明是案例口径，而不是 GAAP 小计。即使表格提取器正确返回 480 和 336，若把它们分配到上年或把百万误读为千，仍应失败。
Fail a correct passage when it comes from the wrong version段落即使正确，版本错误仍应判失败
| Candidate answer | Content hit | Version result | Disposition |
|---|---|---|---|
| “ICFR was effective at 31 Dec 20X5,” citing original Item 9A | Exact original passage | Misses later 10-K/A | Automatic fail |
| “ICFR was ineffective,” citing only 10-K/A | Latest conclusion | Does not explain what changed | Partial; amendment-delta question fails |
| “Item 9A changed from effective to ineffective due to inventory cost access; statements unchanged,” citing both accessions | Correct content | Correct layered version | Pass |
| “All original 10-K content was superseded by the amendment” | Recognizes amendment | Overwrites unaffected Items | Automatic fail |
| “Post-year-end covenant compliance is unknown; later certificate or filing required” | No invented answer | Respects package boundary | Pass abstention |
| 候选答案 | 内容命中 | 版本结果 | 处置 |
|---|---|---|---|
| “20X5 年末 ICFR 有效”，引用原 Item 9A | 精确命中原段落 | 遗漏后续 10-K/A | 自动失败 |
| “ICFR 无效”，只引用 10-K/A | 最新结论正确 | 没有解释改了什么 | 部分正确；修订差异题失败 |
| “Item 9A 从有效改为无效，原因是库存成本权限；报表未变”，同时引用两个 accession | 内容正确 | 分层版本正确 | 通过 |
| “修订文件取代了原 10-K 全部内容” | 识别到修订 | 错误覆盖未受影响 Item | 自动失败 |
| “期后契约合规未知，需要后续证明或申报” | 没有编造答案 | 尊重资料边界 | 拒答通过 |
Search can return a sentence; filing analysis must establish which version governs. Compare prior Item 1A and Item 7 using paired passages. Label additions, removals, moved text, wording changes, and uncertain matches. A new supplier-concentration paragraph can be substantive; a new heading alone may not be. Do not invent management intent.
这个测试把“检索”与“申报分析”区分开。搜索可以返回一句话，分析却必须确定哪句话对当前问题有效。评估者还应比较两期 Item 1A 与 Item 7 的语义和措辞。新增供应商集中段属于实质变化；段落移动或标题变化可能只是列报调整。应要求工具展示前后原文，并标记新增、删除、措辞变化和不确定匹配，而不是猜测管理层意图。
Score the filing chain with automatic-fail rules用自动失败规则评分申报链
| Score component | Points | Evidence required |
|---|---|---|
| Identity and version supremacy | 25 | Correct issuer, year, accession, form, amendment, and scope |
| Item and exhibit routing | 15 | Golden questions reach the governing document |
| Tables, notes, units, and arithmetic | 20 | All keyed inputs reproduce within stated rounding |
| Prior-year wording comparison | 10 | Paired passages and classified changes |
| Risk, MD&A, controls, and exhibit synthesis | 10 | Claims remain distinct but connected |
| Citation precision | 10 | Accession plus Item and page, anchor, note, table, or exhibit |
| Abstention and exception record | 10 | Unknown answers name missing evidence |
| Total | 100 | Preserve raw run and reviewer decision |
| 评分部分 | 分值 | 所需证据 |
|---|---|---|
| 身份与版本优先级 | 25 | 发行人、财年、accession、form、修订及范围正确 |
| Item 与附件路由 | 15 | 标准问题抵达具有约束力的文档 |
| 表格、附注、单位与算术 | 20 | 全部标准输入在声明舍入范围内复现 |
| 上年措辞比较 | 10 | 前后段落配对并分类变化 |
| 风险、MD&A、控制与附件综合 | 10 | 主张彼此区分但建立连接 |
| 引用精度 | 10 | Accession 加 Item 及页码、锚点、附注、表格或附件 |
| 拒答与例外记录 | 10 | 未知答案指出缺失证据 |
| 合计 | 100 | 保留原始运行和复核决定 |
- Automatic fail: wrong issuer, fiscal year, accession, or form; omitted later amendment; fabricated quotation; or material number without a recoverable source.
- Test fact: preserve package manifest, filing metadata, prompts, configuration, raw output, citations, latency, manual repair, and run date.
- Assumption: label OCR, PDF pagination, HTML anchors, tolerance, incorporated documents, and any unavailable exhibit.
- Judgment: set the passing score and automatic failures before testing; do not rescue a preferred product afterward.
- Repeatability: rerun after a material parser, model, interface, or filing-ingestion change and compare question-level regressions.
- 自动失败：发行人、财年、accession 或 form 错误；遗漏后续修订；编造引文；或重大数字没有可恢复来源。
- 测试事实：保留资料清单、申报元数据、提示、配置、原始输出、引用、耗时、人工修复和运行日期。
- 假设：标明 OCR、PDF 页码、HTML 锚点、容差、引用并入文件及任何缺失附件。
- 判断：测试前确定及格分和自动失败项，不能事后挽救偏好的产品。
- 可重复性：解析器、模型、界面或申报接入发生重大变化后重跑，并比较逐题退步。
Choose by the work that follows retrieval根据检索之后的工作选择工具
| Primary job | Decisive capability | Required handoff |
|---|---|---|
| One-company retrieval | Correct Item, version, passage, and citation | Answer with accession and evidence locator |
| Financial calculation | Table fidelity plus formula replay across notes and exhibits | Inputs, units, formula, rounding, exception list |
| Batch comparison | CIK, form, fiscal period, amendment, taxonomy and wording normalization | Comparable matrix with excluded records |
| Reviewer workflow | Source history, redline, comments, export, and sign-off | Frozen evidence pack another person can reopen |
| Risk or control review | Item 1A, Item 9A, auditor report, amendments, and relevant exhibits kept distinct | Versioned issue log, not a single generated verdict |
| 主要工作 | 决定性能力 | 必需交接物 |
|---|---|---|
| 单公司检索 | 正确 Item、版本、段落与引用 | 附 accession 和证据定位的答案 |
| 财务计算 | 跨附注和附件的表格保真与公式复算 | 输入、单位、公式、舍入和例外清单 |
| 批量比较 | CIK、form、财年、修订、分类标签和措辞标准化 | 含排除记录的可比矩阵 |
| 审阅工作流 | 来源历史、红线、评论、导出与签字 | 另一人可重新打开的冻结证据包 |
| 风险或控制复核 | 区分 Item 1A、Item 9A、审计报告、修订与相关附件 | 版本化问题日志，而非单一生成结论 |
Run the same filing case on InfiniSynapse让 InfiniSynapse 运行同一份申报案卷
Stock Explained is an InfiniSynapse experience, and InfiniSynapse publishes this page. Product descriptions here are first-party statements—not an independent comparison result or claim that it leads other tools.
第一方关系Stock Explained 属于 InfiniSynapse 体验，本页也由 InfiniSynapse 发布。这里的产品描述属于第一方陈述，不是独立比较结果，也不表示它领先其他工具。
InfiniSynapse’s official site describes connecting to databases and documents and producing reviewable, deliverable analytical assets; its documentation describes data sources and file or directory uploads. These claims do not prove that every interface, plan, region, format, limit, retention control, or export meets this benchmark. Verify current documentation, workspace, and terms. Upload the frozen AsterForge family, require an accession manifest, run every golden question, preserve raw results, and check material output against the original filing chain.
InfiniSynapse 官网说明可连接现有数据库和文档，并生成可复核、可交付的分析资产；官方连接文档说明创建数据源及上传文件或目录。这些陈述支持对上传申报分析进行测试，却不能证明每个界面、套餐、地区、格式、文件大小、保留控制或导出都符合本页 10-K 基准。应核对当前官方文档、已启用工作区和适用条款。上传冻结的 AsterForge 申报家族，先要求生成 accession 清单，再运行全部标准问题、保留原始结果，并把所有重大输出回到原始 10-K、10-K/A、申报索引与附件核验。
Upload a complete filing family, then lock its identity上传完整申报家族，再锁定身份
Prepare the EDGAR filing index, original 10-K in HTML or PDF, every later 10-K/A, prior-year 10-K, incorporated proxy material needed for the questions, and relevant exhibits. Name each file with CIK, fiscal period, form, filing date, accession, and exhibit number. Upload only authorized material and ask Stock Explained to return the manifest and unresolved files before analysis.
Ask each golden question with an answer contract: conclusion; filing identity; Item and note or exhibit; short supporting passage; table inputs, unit and period; calculation; amendment effect; uncertainty; and missing evidence. Treat the response as a draft. Reopen the original 10-K, 10-K/A, EDGAR index, incorporated filing, and exhibit to verify every material number, quote, version, and citation. If the analyzer cannot establish an answer, preserve “unknown” rather than prompting it to guess.
准备 EDGAR 申报索引、HTML 或 PDF 原始 10-K、全部后续 10-K/A、上年 10-K、问题所需的引用并入代理材料及相关附件。文件名应包含 CIK、财年、form、申报日、accession 与附件编号。只上传获授权材料，并要求 Stock Explained 在分析前返回清单与无法处理的文件。
为每道标准问题指定答案契约：结论、申报身份、Item 和附注或附件、短支持段落、表格输入、单位与期间、计算、修订影响、不确定性及缺失证据。响应只能作为草稿；必须重新打开原始 10-K、10-K/A、EDGAR 索引、引用并入申报和附件，核验每个重大数字、引文、版本与引用。若分析器无法确定，应保留“未知”，不能继续诱导它猜测。
Include accession metadata, both current versions, prior-year Items, exact risk and MD&A passages, keyed tables and notes, control conclusions, incorporated documents, credit definitions, golden questions, and automatic-fail rules.
请包含 accession 元数据、当期两个版本、上年 Item、风险与 MD&A 原文、标准表格和附注、控制结论、引用并入文件、信贷定义、标准问题与自动失败规则。
Open Stock Explained打开“一眼看懂这只股票”Questions after the filing family is scored申报家族完成评分后的问题
Because a later 10-K/A may change the governing disclosure. If the question concerns an amended Item, quoting the original without the amendment produces a stale conclusion even when the quotation itself is exact.
为什么从原始 10-K 得到正确引文仍可能失败？因为后续 10-K/A 可能修改具有约束力的披露。若问题涉及被修改 Item，只引用原文而遗漏修订，即使引文逐字准确，结论仍已过时。
Test the format your workflow will use. HTML can preserve filing structure and anchors; PDF can preserve visible pagination and layout. Neither guarantees correct tables or versions. Reconcile both to the EDGAR filing index.
分析器应该使用 HTML 还是 PDF？应测试实际工作流使用的格式。HTML 可能保留申报结构和锚点，PDF 可能保留可见页码与版式；两者都不能保证表格或版本正确，均应与 EDGAR 申报索引勾稽。
No. Pair the page or anchor with accession, Item, note, table, unit, and period. PDF pagination can differ from printed page labels, and an amendment can contain the same Item number as the original.
只有页级引用是否足够？不够。页码或锚点还要配 accession、Item、附注、表格、单位和期间。PDF 页序可能不同于印刷页码，修订与原文也可能包含相同 Item 编号。
Freeze both filings, align the same Item and topic, then show paired passages. Classify additions, removals, moved text, and wording changes. Do not treat shared keywords as proof that economic exposure is unchanged.
如何比较上年风险措辞？冻结两期申报，对齐相同 Item 与主题，再展示成对段落。分别标记新增、删除、移动和措辞变化，不能因为共享关键词就断言经济敞口没有变化。
It states that the package does not establish the fact, identifies the searched Items and exhibits, names the missing document or later period, and avoids substituting assumption. Abstention should be auditable, not evasive.
怎样才算合格的“未知”回答？应说明资料包无法证明该事实，列出已检索 Item 与附件，指出缺失文件或后续期间，并避免用假设替代。拒答必须可审计，而不是回避。
Rerun after material changes to the model, parser, retrieval method, interface, filing ingestion, or export—and when a new amendment pattern is added. Keep the prior raw run to detect regressions question by question.
何时应该重跑 10-K 基准？模型、解析器、检索方法、界面、申报接入或导出发生重大变化，或加入新的修订模式时应重跑。保留上次原始运行，才能逐题发现退步。
Official sources for 10-K structure, metadata, and evaluation10-K 结构、元数据与评估的一手来源
AsterForge Thermal Systems, CIK, accessions, filings, amendments, exhibits, quotes, controls, risks, financial figures, and test outcomes are fictional. No real issuer or external analyzer was evaluated.
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