The template is a chain of custody for your conclusion模板是结论的证据保管链
A useful free stock analysis template is not a dashboard of disconnected ratios. It is a working paper with a control sheet, source register, business-driver page, financial and capital page, per-share scenario page, and one-page conclusion. Every important cell must show whether it is a reported fact, calculation, assumption, judgment, or open item. Fill evidence before narrative, preserve formulas and units, date market inputs, and save each filing-date version. That structure lets a second reviewer trace the conclusion backward without guessing what changed.
真正有用的免费股票分析模板，不是一块堆满孤立比率的仪表盘，而是一套工作底稿：控制页、来源登记页、业务驱动页、财务与资本页、每股情景页，以及一页结论。每个重要单元格都要标明属于披露事实、计算、假设、判断还是未决事项。先填证据再写叙述，保留公式与单位，给市场输入注明日期，并按每次披露日期保存版本。这样，第二位复核者才能沿结论向后追踪，而不必猜测哪些地方发生了变化。
Start with the control sheet, not the numbers先填控制页，而不是先抄数字
The first page prevents silent mismatches. Record the issuer’s legal name, ticker and exchange, fiscal year-end, reporting currency, unit scale, share class, analysis owner, review date, and “information through” date. State one decision question and one exclusion. For example: “Can recurring service economics finance the next equipment cycle?” excludes short-term price prediction. When a later filing arrives, the control sheet tells you whether a number belongs to the same entity, period, and denominator as the existing row.
第一页用于防止无声错配。填写发行人法律名称、股票代码与交易所、财政年度截止日、报告币种、数值单位、股类、分析负责人、复核日期和“信息截至”日期。再写一个决策问题与一个明确排除项。例如：“持续服务的经济性是否足以支持下一轮设备周期？”同时排除短期股价预测。后续文件出现时，控制页会提醒你，新数字是否与原有行属于同一主体、期间和分母。
| Control field | Required entry | Why the field exists |
|---|---|---|
| Scope | Legal issuer, consolidated perimeter, share class | Stops brand names or operating subsidiaries from being confused with the listed claim. |
| Time | Fiscal period, source filed date, information-through date | Separates reporting period from publication date and prevents stale facts from looking current. |
| Measurement | Currency, thousands/millions, point-in-time or period flow | Protects formulas from unit and timing errors. |
| Question | One decision to investigate and what is outside scope | Keeps the worksheet from becoming an indiscriminate data collection exercise. |
| Ownership | Prepared by, reviewed by, version, next review trigger | Creates responsibility and an update path. |
| 控制字段 | 必须填写 | 字段存在的原因 |
|---|---|---|
| 范围 | 法律发行主体、合并边界、股类 | 避免把品牌或经营子公司误认为上市权益本身。 |
| 时间 | 财政期间、来源提交日、信息截至日 | 区分报告期间与发布日期，防止过期资料看起来像当前事实。 |
| 计量 | 币种、千/百万单位、时点余额或期间流量 | 保护公式，避免单位与时间基础错误。 |
| 问题 | 一个需要调查的决策，以及不在范围内的内容 | 防止工作表退化成不加选择的数据收集。 |
| 责任 | 填表人、复核人、版本、下次复核触发器 | 建立责任归属与更新路径。 |
Give each type of thinking its own workspace让不同类型的思考各有工作区
One row per document: form, reporting period, filed date, URL or filename, relevant pages, audit status, superseding document, and access date. Attach claims to source IDs such as S01 rather than pasting untraceable excerpts.
A. 来源登记每份文件占一行：文件类型、报告期间、提交日期、URL 或文件名、相关页码、审计状态、取代它的后续文件和访问日期。用 S01 等来源编号连接观点，不粘贴无法追踪的摘录。
Define the customer transaction, price basis, volume unit, repeat cycle, capacity constraint, supplier dependence, and operating measure. The page should explain why sales move before it displays a growth percentage.
B. 业务驱动定义客户交易、定价依据、数量单位、重复周期、产能约束、供应商依赖和经营指标。这个工作区要先解释销售为什么变化，再展示增长百分比。
Link volume and price to revenue, gross profit, operating costs, cash movements, and required investment. Keep management-defined measures beside their reported reconciliation, not in place of it.
C. 财务桥接把数量与价格连接到收入、毛利、经营成本、现金变动和必要投资。管理层自定义指标应与报告口径的调节并列，不能取代报告数据。
List cash, debt, leases, maturities, commitments, pensions, preferred claims, options, and potential issuance. Record which cash is available and which obligations cannot be deferred.
D. 资本与请求权列出现金、债务、租赁、到期安排、承诺、养老金、优先请求权、期权和潜在发行。注明哪些现金可以使用，哪些义务不能延期。
Move from enterprise outcomes to the common share using a consistent share count and explicit dilution. Separate reported history from scenario assumptions and date every price or multiple input.
E. 每股情景使用一致股数并明确处理稀释，把企业层面的结果桥接到普通股。报告历史与情景假设分开，所有价格或倍数输入都注明日期。
Use a five-code protocol in every important row每个重要行都使用五类编码协议
| Code | Meaning | Minimum entry standard | Example |
|---|---|---|---|
| RF | Reported fact | Value, period, unit, source ID, page or note | RF: FY2026 machine revenue $30m; S03, Note 4, p. 82 |
| CALC | Calculation | Formula, referenced input cells, definition | CALC: average selling price = machine revenue ÷ units shipped |
| ASM | Assumption | Value, as-of date, rationale, sensitivity range | ASM: next-year diluted shares 8.4m; range 8.2m–8.8m |
| JDG | Judgment | Conditional interpretation and contrary evidence | JDG: service mix supports margin, unless renewal or field labor weakens |
| OPEN | Missing or conflicting evidence | Exact question, expected source, owner, deadline | OPEN: maintenance versus expansion capital expenditure; check next annual note |
| 编码 | 含义 | 最低填写标准 | 示例 |
|---|---|---|---|
| RF | 披露事实 | 数值、期间、单位、来源编号、页码或附注 | RF：FY2026 设备收入 3,000 万美元；S03，附注 4，第 82 页 |
| CALC | 研究者计算 | 公式、引用的输入单元格、定义 | CALC：平均售价 = 设备收入 ÷ 出货台数 |
| ASM | 假设 | 数值、截至日期、理由、敏感区间 | ASM：下一年稀释股数 840 万；区间 820 万–880 万 |
| JDG | 判断 | 条件式解释与相反证据 | JDG：服务占比支持利润率，除非续约或现场人工恶化 |
| OPEN | 缺失或冲突证据 | 准确问题、预期来源、负责人、截止时间 | OPEN：维护与扩张资本支出拆分；检查下一份年度附注 |
A citation should be precise enough for a reviewer to reopen the source without asking you. Use a format such as “S03 | FY ended 31 Dec 2026 | Note 4 | p. 82 | USD millions.” Preserve the unrounded source value in the input cell and round only the displayed result. Avoid hard-coded numbers inside formulas; reference labeled input cells so a period update flows through the workbook. If a definition changes, create a new row rather than overwriting history.
引用必须精确到复核者无需询问就能重新打开来源。可以使用“S03｜截至 2026-12-31 的财政年度｜附注 4｜第 82 页｜百万美元”格式。输入单元格保留来源原始精度，只在展示结果时四舍五入。公式内部不要硬编码数字，而应引用有标签的输入单元格，使期间更新能够自动贯穿工作簿。定义变化时新建一行，不覆盖历史。
Filled example: CartonForge Packaging Systems已填示例：CartonForge 包装系统
CartonForge Packaging Systems is fictional; all figures are invented teaching data. It sells automated packaging machines plus service and consumables. Its fictional FY2026 filing reports 60 machines shipped; machine revenue/gross profit of $30.0m/$6.0m; service and consumables revenue/gross profit of $18.0m/$9.0m; operating expenses of $10.0m; net income of $3.2m; operating cash flow/capital expenditure of $7.2m/$4.8m; cash/debt of $6.0m/$22.0m; and 8.0m diluted weighted-average shares.
CartonForge Packaging Systems 是虚构企业，全部数字均为教学数据。公司销售自动包装设备、服务与耗材。其虚构 FY2026 申报披露：出货 60 台；设备收入/毛利为 3,000 万/600 万美元；服务与耗材收入/毛利为 1,800 万/900 万美元；营业费用 1,000 万美元；净利润 320 万美元；经营现金流/资本支出为 720 万/480 万美元；现金/债务为 600 万/2,200 万美元；稀释加权平均股数 800 万股。
| Template row | Filled entry | Status and interpretation |
|---|---|---|
| Machine unit economics | CALC: $30.0m ÷ 60 = $500,000 revenue per machine; $6.0m ÷ 60 = $100,000 gross profit per machine; margin = 20% | The arithmetic is reproducible. OPEN: discounts, configuration mix, warranty burden, and capacity hours per machine. |
| Installed-base economics | CALC: $18.0m revenue and $9.0m gross profit imply 50% segment gross margin | JDG: the installed-base stream is higher margin than machines. OPEN: installed units, renewal, and customer concentration. |
| Cash after stated investment | CALC: $7.2m operating cash flow − $4.8m capital expenditure = $2.4m | This is a defined research measure, not a uniformly defined accounting subtotal; debt service and acquisitions are not deducted. |
| Net debt | CALC: $22.0m debt − $6.0m cash = $16.0m | OPEN: restricted cash, leases, maturities, covenants, and committed facilities. |
| Reported per-share bridge | CALC: $3.2m net income ÷ 8.0m diluted weighted-average shares = $0.40 | Uses the stated period numerator and denominator; it is not a forecast or a valuation. |
| 模板行 | 已填内容 | 状态与解释 |
|---|---|---|
| 设备单位经济 | CALC：3,000 万 ÷ 60 = 每台收入 50 万美元；600 万 ÷ 60 = 每台毛利 10 万美元；毛利率 = 20% | 算术可复算。OPEN：折扣、配置结构、保修负担和每台所需产能工时。 |
| 装机基础经济 | CALC：1,800 万美元收入与 900 万美元毛利意味着该分部毛利率为 50% | JDG：装机基础收入的利润率高于设备。OPEN：装机台数、续约与客户集中。 |
| 扣除所列投资后的现金 | CALC：720 万经营现金流 − 480 万资本支出 = 240 万美元 | 这是有明确定义的研究指标，并非统一定义的会计小计；尚未扣除偿债和收购。 |
| 净债务 | CALC：2,200 万债务 − 600 万现金 = 1,600 万美元 | OPEN：受限现金、租赁、到期安排、契约和承诺授信。 |
| 报告每股桥接 | CALC：320 万净利润 ÷ 800 万稀释加权平均股 = 0.40 美元 | 使用同一报告期间的分子与分母；它不是预测或估值。 |
The capital page adds assumptions: $3.0m of assembly tooling, $1.5m of inventory and receivables, and a $4.0m operational cash floor. Available cash above the floor = $6.0m − $4.0m = $2.0m; illustrative funding gap = $4.5m need − $2.0m = $2.5m. This is not a financing forecast. It asks whether operating cash, timing, deposits, debt, or new shares cover the gap.
资本页加入假设：300 万美元装配工具、150 万美元存货与应收款，以及 400 万美元经营现金底线。高于底线的可用现金 = 600 万 − 400 万 = 200 万美元；演示资金缺口 = 450 万需求 − 200 万 = 250 万美元。这不是融资预测，而是在追问经营现金、时点、定金、债务或新股将如何覆盖缺口。
Fact: service and consumables have the stronger reported gross margin. Calculation: stated post-capex cash is positive, but small beside the illustrative expansion need. Assumption: the $4.0m cash floor and $4.5m project need. Judgment: funding method may matter as much as operating growth. Missing evidence: installed-base retention, maintenance capital, debt terms, and issuance plans.
已填数据页真正说明了什么事实：服务与耗材报告毛利率更高。计算：扣除所列资本支出后的现金为正，但相对演示扩张需求仍较小。假设：400 万美元现金底线与 450 万美元项目需求。判断：融资方式可能与经营增长同样重要。缺失证据：装机客户留存、维护性资本支出、债务条款与发行计划。
Compress the data pages into a one-page conclusion把数据页压缩成一页结论
| Conclusion box | What to write | CartonForge illustration |
|---|---|---|
| Business engine | Customer, transaction, unit, repeat mechanism | Machine placements create a base for service and consumables. |
| Two decisive facts | Only sourced facts that change the case | Service gross margin is 50%; reported net debt is $16m before missing adjustments. |
| Central calculation | One formula linking operations or capital to the question | Illustrative expansion funding gap is $2.5m under stated assumptions. |
| Tension | Best supporting evidence beside strongest contrary evidence | High-margin installed-base stream versus limited disclosed cash after stated investment. |
| Scenario and denominator | Future assumptions, diluted shares, valuation input | $0.402 scenario EPS and $6.03 at an assumed 15×; neither is a forecast. |
| Next disconfirming check | Specific evidence that would change the judgment | Maintenance capex split, renewal, debt capacity, and financing choice. |
| 结论框 | 填写内容 | CartonForge 演示 |
|---|---|---|
| 业务引擎 | 客户、交易、单位、重复机制 | 设备投放形成服务与耗材的装机基础。 |
| 两个决定性事实 | 只写真正改变论证的有来源事实 | 服务毛利率为 50%；缺失调整前报告净债务为 1,600 万美元。 |
| 核心计算 | 用一个公式把经营或资本连接到问题 | 在既定假设下，演示扩张资金缺口为 250 万美元。 |
| 张力 | 最强支持证据与最强反向证据并列 | 高毛利装机基础收入，对照扣除所列投资后有限的现金。 |
| 情景与分母 | 未来假设、稀释股数、估值输入 | 情景 EPS 0.402 美元，假设 15 倍时为 6.03 美元；两者均非预测。 |
| 下一项反证检查 | 会改变判断的具体证据 | 维护资本支出拆分、续约、债务能力和融资选择。 |
Version the workbook so the next review starts cleanly做好版本管理，让下一次复核有清晰起点
- Freeze the reviewed file with a name such as issuer_FY2026_v1.0_2027-02-18; never label a live draft “final.”
- Maintain a change log with changed source, affected cells, old value, new value, reason, author, and reviewer.
- Color may aid navigation, but status must remain readable in text through RF, CALC, ASM, JDG, and OPEN codes.
- Lock formula cells or clearly separate them from inputs. Review unit consistency, broken references, hidden rows, and hard-coded overrides.
- At handoff, give the reviewer the source folder, workbook version, one-page conclusion, unresolved list, and next trigger—not just a PDF.
- 冻结已复核文件，命名可采用 issuer_FY2026_v1.0_2027-02-18；实时草稿永远不要标为“最终版”。
- 维护变更日志，记录变化来源、受影响单元格、旧值、新值、原因、填表人和复核人。
- 颜色可以帮助浏览，但状态必须仍能通过 RF、CALC、ASM、JDG 与 OPEN 文本编码识别。
- 锁定公式单元格，或至少与输入区明确分开；复核单位一致性、断裂引用、隐藏行与硬编码覆盖。
- 交接时提供来源文件夹、工作簿版本、一页结论、未决清单和下一触发器，而不只是一个 PDF。
Use AI to populate candidate rows, then audit every cell用 AI 生成候选行，再逐格审计
Prepare a source pack with stable filenames and a document index. Upload the annual filing, later interim filings, relevant earnings material, and the empty worksheet schema. Ask the tool to propose RF rows with source filename, period, unit, page or note; CALC rows with formulas and input references; and OPEN rows where definitions or documents are missing. Keep assumptions and judgments in separate columns so generated language cannot masquerade as a reported fact.
InfiniSynapse Stock Explained can help organize supplied documents into a draft brief, but transfer into the worksheet is still a review task. Verify every material extracted value, sign, date, unit, denominator, quotation, and reconciliation against the uploaded original disclosure. Recalculate formulas, inspect the surrounding note, and record conflicts. If a scan is unclear or a citation cannot be located, leave the cell OPEN rather than accepting a plausible completion.
先用稳定文件名建立来源包和文档索引，再上传年度申报、后续阶段性文件、相关业绩材料与空白工作表字段。要求工具提出 RF 候选行并附文件名、期间、单位、页码或附注；提出 CALC 行并展示公式与输入引用；定义或文件缺失时生成 OPEN 行。假设与判断必须保留在独立列，避免生成语言伪装成披露事实。
InfiniSynapse“一眼看懂这只股票”可以帮助把提交文档整理成简报草稿，但把内容转入工作表仍然是一项复核任务。每个重要提取值的正负号、日期、单位、分母、引文与调节，都要回到上传的原始披露核验；还要重新计算公式并阅读上下文附注。扫描不清或无法找到引用时，单元格必须保持 OPEN，不能接受看似合理的补全。
Bring a document index, stable source filenames, the latest filings, and the empty field schema before opening the tool.
打开工具前，准备文档索引、稳定来源文件名、最新申报文件与空白字段结构。
Open Stock Explained打开“一眼看懂这只股票”Questions about filling and maintaining the template填写与维护模板时常见的问题
Use source values in labeled input cells and formulas in separate calculated cells. Avoid typing a calculated result over its formula. Preserve source precision, show the metric definition, and round only for display. A reviewer should be able to change one input and see every dependent result update.
模板里应该放公式还是粘贴结果？把来源数值放进有标签的输入单元格，把公式放进独立计算单元格。不要用计算结果覆盖公式。保留来源精度，展示指标定义，只在显示时四舍五入。复核者应能改变一个输入，并看到所有依赖结果随之更新。
Copy its exact label and period, link the company’s definition and reconciliation, and place the closest reported measure beside it. Record every adjustment rather than treating the metric as standardized. If the definition changes between periods, keep separate rows and explain the break.
如何记录管理层自定义指标？抄录准确名称和期间，连接公司给出的定义与调节，并把最接近的报告口径放在旁边。逐项记录调整，不能把该指标视为标准化数值。若期间之间定义变化，就保留独立行并解释断点。
Match the denominator to the purpose. Reported diluted weighted-average shares explain historical diluted EPS. A future scenario should use an explicit scenario diluted share count that considers potential awards or financing. Do not combine future earnings with an old basic-share denominator.
每股情景应该使用哪一种股数？分母必须与用途匹配。报告的稀释加权平均股数用于解释历史稀释 EPS；未来情景应采用明确的情景稀释股数，并考虑潜在奖励或融资。不能把未来盈利与旧的基本股数分母组合。
Create a version for each material filing or event that changes the evidence, plus any formal review point. Minor formatting edits can remain within a draft revision. Freeze reviewed versions, preserve the source pack, and record changes so later hindsight does not rewrite the original thesis.
多久应该创建一个新版本？每次重大申报或事件改变证据时，以及每个正式复核点，都应创建新版本。轻微格式调整可留在草稿修订中。冻结已复核版本、保留来源包并记录变化，避免后来用后见之明改写原始论点。
Include the business engine, two decisive sourced facts, one central calculation, the strongest supporting and contrary evidence, scenario denominator, largest OPEN item, and next disconfirming check. Do not turn the page into a second data dump or hide material uncertainty in an appendix.
一页结论应该包含什么？包括业务引擎、两个决定性来源事实、一个核心计算、最强支持与反向证据、情景分母、最大 OPEN 项和下一项反证检查。不要把一页结论变成第二份数据堆，也不能把重大不确定性藏进附录。
Official references and template limits官方参考资料与模板边界
The official sources support filing retrieval, structured filing data, financial-statement relationships, and treatment of company-defined measures for U.S. issuers. Other markets use different filing systems and accounting frameworks. CartonForge, every reported value, expansion plan, share assumption, multiple, and scenario result are fictional teaching inputs.
A template improves consistency and reviewability; it cannot decide whether a security suits a person or eliminate uncertainty. Valuation outputs depend on selected assumptions, and a well-built worksheet can still begin with incomplete evidence. Portfolio concentration, liquidity needs, time horizon, taxes, and capacity for loss require a separate decision.
以上官方来源支持美国发行人的申报检索、结构化申报数据、财务报表关系与公司自定义指标处理。其他市场采用不同申报系统和会计框架。CartonForge、全部报告数值、扩张计划、股数假设、倍数与情景结果，均为虚构教学输入。
模板可以提高一致性与可复核性，却不能决定某项证券是否适合个人，也不能消除不确定性。估值输出取决于选择的假设，一份结构完善的工作表仍可能从不完整证据出发。组合集中、流动性需求、时间跨度、税务与承受损失能力，需要另行判断。