China Earnings Analysis

china-earnings-analysis

Purpose

Create professional A股季度/年度业绩点评报告, analyzing results for companies already under coverage. Follow Chinese sell-side research standards (中金、中信、华泰 format).

Data Sources

Primary: iFind MCP (Tier-1 付费) / AkShare MCP (Tier-2 免费备选)

get_financials(ticker, "income", "quarterly")   → 利润表 (季度)
get_financials(ticker, "income", "annual")      → 利润表 (年度)
get_financials(ticker, "balance", "quarterly")  → 资产负债表
get_financials(ticker, "cashflow", "quarterly") → 现金流量表
get_quote(ticker)                               → 实时行情, PE/PB
get_historical_data(ticker)                     → 股价表现
# News (china-news MCP — separate server)
get_stock_news(ticker="{{TICKER}}")          → 相关新闻

Secondary Sources

• 巨潮资讯 (cninfo.com.cn) — 正式财报 PDF (mandatory)
• 上证e互动 / 深交所互动易 — 投资者关系 Q&A
• 公司官网 — 业绩说明会 (earnings call) 材料
• 慧博投研 / 同花顺 iFinD — 一致预期数据
• Wind / Choice — institutional consensus (if available)

Key Financial Terms (Chinese → English)

| Chinese | English | Notes | |---------|---------|-------| | 营业收入 | Revenue | Top-line, net of VAT | | 营业成本 | COGS | Cost of goods sold | | 毛利率 | Gross margin | 营业利润/营业收入 | | 营业利润 | Operating profit | 核心经营利润 | | 归母净利润 | Net income attributable to parent | Key metric for A-share coverage | | 扣非净利润 | Net income (non-GAAP adj.) | Deducts one-time items | | 净利润 | Net income | May include minority interest | | 经营活动现金流 | Operating CF | 经营现金流 | | 资本支出 | CapEx | 购建固定资产 | | 有息负债 | Interest-bearing debt | 有息负债 | | 每股收益 (EPS) | Earnings per share | 基本EPS / 稀释EPS |

Workflow

Step 1: Pull the Earnings Print

Data to collect:

• Current quarter / full year income statement (from 巨潮 PDF or iFind/AkShare)
• Balance sheet and cash flow statement
• Management commentary / 业绩说明会 transcript
• Company press release (投资者关系活动记录表)

Verify against:

• Previous quarter guidance (管理层指引)
• Consensus estimates (一致预期) if available

Step 2: Build the Variance Table

Required columns:

| Item | 实际 (Actual) | 一致预期 (Consensus) | 上次预测 (Prior) | 同比 (YoY) | 环比 (QoQ) | Surprise | |------|---------------|---------------------|------------------|------------|------------|----------| | 营业收入 | | | | | | | | 毛利率 | | | | | | | | 归母净利润 | | | | | | | | EPS (基本) | | | | | | | | 经营现金流 | | | | | | |

Surprise calculation:

• Beat/Miss % = (Actual - Consensus) / |Consensus| × 100%
• Flag:
• 大幅超预期: >+10%
• 符合预期: -10% to +10%
• 低于预期: 50%
• 业绩快报 (earnings flash): optional, typically 10 days before full report
• Full annual report: 4 months after year-end
• Semi-annual report: 2 months after H1
• Quarterly report: 1 month after quarter-end

Accounting Nuances

• 扣非净利润 (non-GAAP net income) widely used by analysts
• 其他收益 (other income) can mask core operating performance
• 政府补助 (government subsidies) significant for some sectors
• 资产减值损失 (asset impairment) — flag if unexpectedly large
• 股份支付 (share-based compensation) — expensed immediately under CAS

Market Context

• 涨跌停 limits affect post-earnings price action (±10% main board, ±20% 创业板/科创板)
• Northbound flow (北向资金) may react strongly to earnings
• Retail investor participation high → earnings can cause outsized moves

Source Citations

Format for data citations:

Source: 巨潮资讯, [Company] 2024 年年度报告, p.[X], [URL if applicable]
Source: iFind ifind_get_stock_financials / AkShare get_financials(ticker="{{TICKER}}", statement_type="income", period="quarterly")
Source: 慧博投研, [Company] 盈利预测, accessed [Date]
Source: 同花顺 iFinD, 一致预期数据, accessed [Date]

For figures not from primary sources:

[UNSOURCED] — estimate based on [rationale]

> Data Source Mode Switch: Set env var IFIND_DATA_SOURCE_MODE to control data source preference. > - ifind-only (strict): Use iFind only, error if unavailable > - ifind-fallback (default): iFind preferred, fallback to AkShare > - akshare-only: Skip iFind, use AkShare only

Source & license

This open-source skill is cataloged on AgentStack and links to its original source — we do not rehost the code.

• Author: jwangkun
• Source: jwangkun/claude-for-financial-services-cn
• License: Apache-2.0

Install and usage instructions live in the source repository linked above.