| name | china-3-statement-model |
| description | Three-statement financial model for A-share stocks. Adapts the standard 3-statement-model methodology for Chinese accounting standards (CAS), Chinese GAAP differences, and AkShare-sourced financials. Use instead of the original 3-statement-model skill when building integrated IS/BS/CF models for Chinese listed companies. |
china-3-statement-model
Purpose
Build institutional-quality three-statement models (Income Statement / Balance Sheet / Cash Flow) for A-share equities, adapted for Chinese Accounting Standards (CAS) and the Chinese market context.
Key Differences from US 3-Statement Models
| Parameter | US Model | China Model |
|---|
| Accounting standard | US GAAP / IFRS | CAS (企业会计准则) |
| Tax rate | 21% federal | 25% standard (高新技术企业 15%) |
| Currency | USD | CNY (人民币) |
| Fiscal year | Varied | Mostly Dec 31 year-end |
| Revenue recognition | ASC 606 | CAS 14 (similar principles) |
| Goodwill | Indefinite life (no amortization) | CAS 8 — goodwill amortized or tested |
| R&D capitalization | Typically expensed | Can be capitalized under CAS |
| VAT treatment | Sales tax separate | 增值税 often embedded in revenue/sales |
| Unit reporting | USD | Often 千元 (thousands CNY) — verify |
Data Sources
Tier 0 — 万得 Wind（最全面付费数据）
Tier 1 — 同花顺 iFind（付费精确数据）/ AkShare MCP（Tier-2 免费备选）
get_financials(ticker, "income", "annual") → 利润表
get_financials(ticker, "balance", "annual") → 资产负债表
get_financials(ticker, "cashflow", "annual") → 现金流量表
get_quote(ticker) → 实时行情
get_historical_data(ticker) → 历史价格
get_stock_info(ticker) → 公司基本信息
Secondary Sources (when AkShare insufficient)
- 巨潮资讯 (cninfo.com.cn) — mandatory disclosure filings
- 上交所 / 深交所 — listed company announcements
- 上证e互动 / 深交所互动易 — IR Q&A
- 公司官网投资者关系页面
Workflow
Step 1: Data Retrieval
Pull 3-5 years of historical financials from AkShare.
Verify units carefully:
- Some statements report in 元 (CNY)
- Others in 千元 (thousands CNY)
- Normalize to consistent unit before modeling
get_financials(ticker, "income", "annual")
get_financials(ticker, "balance", "annual")
get_financials(ticker, "cashflow", "annual")
Step 2: Historical Analysis
Document key trends:
- Revenue growth: YoY %, CAGR over 3-5 years
- Gross margin: 毛利率 — track expansion/contraction
- Operating margin: 营业利润率
- Net margin: 净利率
- Tax rate: 所得税率 — flag if below 25% (likely 高新技术企业)
- Effective tax rate: vs statutory rate
- D&A: 折旧与摊销 as % of PPE
- CapEx: 资本支出 from cash flow statement
- Working capital: 应收账款、存货、应付账款 trends
- Debt structure: 有息负债 composition
Step 3: Build the Model
Follow standard 3-statement modeling methodology, adapted for CAS:
Income Statement (利润表)
Key line items (Chinese naming):
- 营业收入 (Revenue)
- 营业成本 (COGS)
- 税金及附加 (Taxes and surcharges — includes 消费税、城建税等)
- 销售费用 (Selling expenses)
- 管理费用 (G&A)
- 研发费用 (R&D expenses — must be separated per CAS)
- 财务费用 (Financial costs — net of interest income)
- 营业利润 (Operating profit)
- 营业外收入/支出 (Non-operating income/expenses)
- 利润总额 (Profit before tax)
- 所得税费用 (Income tax expense)
- 净利润 (Net income)
- 归属于母公司股东的净利润 (Net income attributable to parent)
Balance Sheet (资产负债表)
Key line items:
- 货币资金 (Cash & equivalents)
- 交易性金融资产 (Trading financial assets)
- 应收账款 (Accounts receivable)
- 预付款项 (Prepayments)
- 存货 (Inventory)
- 其他流动资产 (Other current assets)
- 流动资产合计 (Total current assets)
- 固定资产 (Fixed assets / PPE)
- 在建工程 (Construction in progress)
- 无形资产 (Intangible assets)
- 商誉 (Goodwill — flag if >30% of equity)
- 非流动资产合计 (Total non-current assets)
- 资产总计 (Total assets)
- 短期借款 (Short-term borrowings)
- 应付账款 (Accounts payable)
- 预收款项/合同负债 (Advance receipts / contract liabilities)
- 一年内到期非流动负债 (Current portion of LT debt)
- 流动负债合计 (Total current liabilities)
- 长期借款 (Long-term borrowings)
- 应付债券 (Bonds payable)
- 非流动负债合计 (Total non-current liabilities)
- 负债合计 (Total liabilities)
- 股本 (Share capital)
- 资本公积 (Capital reserve)
- 盈余公积 (Surplus reserve)
- 未分配利润 (Retained earnings)
- 归属于母公司股东权益合计 (Parent equity)
- 少数股东权益 (Minority interest)
- 所有者权益合计 (Total equity)
- 负债和股东权益总计 (Total liabilities + equity)
Cash Flow Statement (现金流量表)
Chinese indirect method:
- 经营活动现金流量 (Operating CF):
- Start from 净利润
- Adjust: D&A, 财务费用, 投资收益, 营运资本 changes
- 经营活动产生的现金流量净额
- 投资活动现金流量 (Investing CF):
- 购建固定资产/无形资产 (CapEx)
- 处置收回 (Asset sales)
- 投资支付/收回 (Investment purchases/sales)
- 筹资活动现金流量 (Financing CF):
- 吸收投资 (Equity issuance)
- 取得借款 (Borrowings)
- 偿还债务 (Debt repayment)
- 分配股利 (Dividends)
- 现金净增加额 (Net change in cash)
- 期末现金余额 (Ending cash balance)
Step 4: Balance Checks
CRITICAL — Chinese-specific checks:
- Cash reconciliation: 货币资金 (BS) = 期末现金余额 (CF) ± restricted cash
- BS balancing: 资产总计 = 负债和股东权益总计
- RE roll-forward: 期初未分配利润 + 本期净利润 - 提取盈余公积 - 现金分红 = 期末未分配利润
- CF-IS linkage: 净利润 (IS) → starting point for 经营CF
- CapEx check: 购建固定资产 (CF) ≈ 固定资产增加 (BS) + 累计折旧增加 (BS)
- Debt check: 借款变动 (CF) = 短期借款变动 + 长期借款变动 (BS)
- Tax check: 所得税费用 (IS) vs 实际缴纳 (CF indirect method add-back)
Step 5: Scenario & Sensitivity
- Base / Bear / Bull scenarios
- Sensitivity on revenue growth, gross margin, tax rate
- Key drivers: 毛利率, 期间费用率, 营运资本效率
China-Specific Modeling Conventions
增值税 (VAT)
- Listed companies report 营业收入 net of VAT
- 税金及附加 includes 消费税 but not VAT
- VAT is off-balance-sheet in most models
商誉 (Goodwill)
- Common from M&A, especially 2015-2016 boom
- Flag if 商誉 > 30% of 归母权益
- Note annual impairment testing requirements
研发费用 (R&D)
- CAS requires R&D to be expensed (not capitalized like IFRS allows)
- Some companies disclose R&D capitalization in notes — check if >5% of revenue
折旧 (Depreciation)
- Chinese companies often use straight-line over longer lives
- Typical ranges:
- Buildings: 20-40 years
- Equipment: 5-10 years
- Vehicles: 4-6 years
存货 (Inventory)
- LIFO not permitted under CAS (FIFO or weighted average only)
- 存货计价 affects margin comparability across years
应收款项 (Receivables)
- 应收账款 often high for industrial companies — check DSO
- 应收票据 (notes receivable) vs 应收账款 (trade AR) — treat separately
- 坏账准备 (allowance for doubtful accounts) varies by company
借款 (Debt)
- 短期借款 often high for leveraged companies
- 长期借款 may include 一年内到期非流动负债
- 应付债券 for corporate bond issuers
- Interest expense in 财务费用 (net of interest income)
Excel Formatting (OpenPyXL / Office JS)
Follow the same professional conventions as the base xlsx-author skill, with China-specific adaptations:
- Section headers: Dark blue
#1F4E79 with white bold text
- Column headers: Light blue
#D9E1F2 with black bold text
- Input cells: Blue font (RGB: 0,0,255) — all hardcoded inputs
- Formula cells: Black font (RGB: 0,0,0)
- Sheet links: Green font (RGB: 0,128,0)
- Currency: CNY (¥) with thousands separator
- Percentages: 0.0% format
- Cell comments: "Source: AkShare, [date], [field], [ticker]"
Number Format Conventions
| Item | Format | Example |
|---|
| Revenue | ¥#,##0 | ¥12,345 |
| Percentages | 0.0% | 15.3% |
| Ratios | 0.00x | 2.50x |
| Dates | YYYY | 2024 |
| Stock price | ¥#,##0.00 | ¥158.50 |
Quality Checks
Before delivering:
Common Pitfalls
- Unit mismatch: Mixing 元 and 千元 — always normalize
- VAT confusion: Double-counting VAT in revenue or COGS
- Goodwill spike: Forgetting large goodwill from acquisitions
- Tax rate variance: Assuming 25% when company is 高新技术企业 (15%)
- R&D understatement: CAS expenses all R&D, but some companies capitalize in notes
- Receivables inflation: 应收账款 much higher than revenue growth — flag
- Short-term debt: 短期借款 often high; don't miss current portion of LT debt
- Minority interest: 少数股东权益 can be significant for conglomerates
Data Source Priority
- AkShare MCP (primary) — real-time and historical A-share data
- 巨潮资讯 (cninfo.com.cn) — mandatory disclosures
- 交易所公告 — SH/SZ exchange filings
- 公司官网/IR — supplementary data
- Web search — only if above insufficient, mark
[UNSOURCED]
Output Checklist
Data Source Mode Switch: Set env var IFIND_DATA_SOURCE_MODE to control data source preference.
ifind-only (strict): Use iFind only, error if unavailableifind-fallback (default): iFind preferred, fallback to AkShareakshare-only: Skip iFind, use AkShare onlywind-only: Wind only, error if unavailablewind-fallback: Wind first, fallback to iFind → AkShare
