{ "schemaVersion": 1, "verificationId": "2026-09-14T05-37-06-317Z", "verifiedAt": "2026-09-14T05:37:06.317Z", "sourceAnalysisId": "2026-09-14T05-35-43-455Z", "sourceAnalysisHash": "fe1e6cb09cf5a49d8b70669c2604b1ce87bb62ba8cbb5d034a5a13a0fe53c251", "previousVerificationHash": "8de2d40000b859034f42ab175ab1e6756be163c240cc7200024aef3723de0e0b", "source": { "analysisId": "2026-09-14T05-35-43-455Z", "analysisHash": "fe1e6cb09cf5a49d8b70669c2604b1ce87bb62ba8cbb5d034a5a13a0fe53c251", "collectionRunId": "2026-09-14T05-32-56-131Z" }, "model": { "name": "gpt-5.6-terra", "status": "completed", "responseId": "resp_0659229970c3958d016aa78802c01887d0bbf18d077d2d6573", "webSearchEnabled": false, "evidenceBoundary": "same_archived_task_citations_only", "independenceBoundary": "separate_response_adversarial_prompt_and_deterministic_validator_not_external_audit" }, "taskCount": 10, "confirmedCount": 10, "challengedCount": 0, "indeterminateCount": 0, "verifiedDirectionalAssessments": 4, "researchVerdicts": 0, "ownerCashApproved": 0, "valuationApproved": 0, "tradeAuthorized": false, "weightsAssigned": false, "jobs": [ { "id": "EQ-BABA-MAINT", "issuerId": "CN-ALI", "short": "BABA", "track": "maintenance", "sourceAssessmentHash": "03267f1822a035aceb2db6aeebd87fb3960275a2002d2156752990b78c77fef1", "sourceRuleResult": "supports_fail_rule", "verification": { "taskId": "EQ-BABA-MAINT", "sourceAssessmentHash": "03267f1822a035aceb2db6aeebd87fb3960275a2002d2156752990b78c77fef1", "sourceRuleResult": "supports_fail_rule", "disposition": "confirmed", "verifiedRuleResult": "supports_fail_rule", "confidence": 0.98, "attackFlags": [ "none" ], "finding": { "en": "The cited primary filing reports aggregate FY2026 capex of RMB126,063 million, not a quantified sustaining-capex share.", "uk": "Наведений первинний filing показує сукупний capex за FY2026 у розмірі RMB126 063 млн, а не кількісно визначену частку sustaining capex.", "ru": "Приведённый первичный filing показывает совокупный capex за FY2026 в размере RMB126 063 млн, а не количественно определённую долю sustaining capex." }, "rationale": { "en": "The disclosed figure is total capital expenditure. None of the assigned evidence supplies a same-period replacement, maintenance, compliance, or asset-level bridge.", "uk": "Розкрита величина є загальним capex. Жоден із призначених доказів не надає same-period bridge щодо replacement, maintenance, compliance або asset-level.", "ru": "Раскрытая величина является общим capex. Ни одно из назначенных доказательств не предоставляет same-period bridge по replacement, maintenance, compliance или asset-level." }, "missingEvidence": { "en": "A same-period quantified sustaining amount or ratio, or a reproducible asset-level bridge.", "uk": "Кількісно визначена same-period сума або частка sustaining чи відтворюваний asset-level bridge.", "ru": "Количественно определённая same-period сумма или доля sustaining либо воспроизводимый asset-level bridge." }, "usedCitations": [ "CIT-D7711476ACC2E726" ] } }, { "id": "EQ-BABA-ACCESS", "issuerId": "CN-ALI", "short": "BABA", "track": "shareholder_access", "sourceAssessmentHash": "9a4baa9440d9e07a34486e2815b991098e783c9b32fe906f2b042af31dbd3f9a", "sourceRuleResult": "inconclusive", "verification": { "taskId": "EQ-BABA-ACCESS", "sourceAssessmentHash": "9a4baa9440d9e07a34486e2815b991098e783c9b32fe906f2b042af31dbd3f9a", "sourceRuleResult": "inconclusive", "disposition": "confirmed", "verifiedRuleResult": "inconclusive", "confidence": 0.97, "attackFlags": [ "none" ], "finding": { "en": "The evidence identifies potential tax treatment of subsidiary dividends but does not establish a recurring listed-parent-to-common-owner cash route.", "uk": "Докази визначають потенційний податковий режим дивідендів subsidiaries, але не встановлюють повторюваний cash route від listed parent до common owners.", "ru": "Доказательства определяют потенциальный налоговый режим дивидендов subsidiaries, но не устанавливают повторяемый cash route от listed parent к common owners." }, "rationale": { "en": "The cited withholding-tax statement is conditional tax information, while the subsidiary-dividend reference does not evidence parent receipts or shareholder payment. Two consecutive complete routes are not observed.", "uk": "Наведене твердження щодо withholding tax є умовною податковою інформацією, а згадка про dividends subsidiaries не підтверджує надходження parent або payment shareholders. Два послідовні повні routes не спостерігаються.", "ru": "Приведённое утверждение о withholding tax является условной налоговой информацией, а упоминание dividends subsidiaries не подтверждает поступления parent или payment shareholders. Два последовательных полных routes не наблюдаются." }, "missingEvidence": { "en": "Two audited consecutive periods of upstream parent receipts, executed common-owner payments, and restriction/actual-withholding reconciliation.", "uk": "Два послідовні audited periods upstream receipts parent, executed payments common owners і звірка restrictions/фактичного withholding.", "ru": "Два последовательных audited periods upstream receipts parent, executed payments common owners и сверка restrictions/фактического withholding." }, "usedCitations": [ "CIT-62C6955133CBF593", "CIT-C14C12299BC0FF1C" ] } }, { "id": "EQ-TCEHY-MAINT", "issuerId": "CN-TCEHY", "short": "TCEHY", "track": "maintenance", "sourceAssessmentHash": "ff10e8c5a8c2cf48743f389e2cef78bc81813b936c45dcde5f1315b77b99ae28", "sourceRuleResult": "supports_fail_rule", "verification": { "taskId": "EQ-TCEHY-MAINT", "sourceAssessmentHash": "ff10e8c5a8c2cf48743f389e2cef78bc81813b936c45dcde5f1315b77b99ae28", "sourceRuleResult": "supports_fail_rule", "disposition": "confirmed", "verifiedRuleResult": "supports_fail_rule", "confidence": 0.98, "attackFlags": [ "none" ], "finding": { "en": "The disclosure provides aggregate IT-infrastructure capex and AI-oriented capex payments, not a sustaining-capex measure.", "uk": "Розкриття надає сукупний capex для IT infrastructure та AI-oriented payments for capex, а не sustaining-capex measure.", "ru": "Раскрытие предоставляет совокупный capex для IT infrastructure и AI-oriented payments for capex, а не sustaining-capex measure." }, "rationale": { "en": "Capex is described as investments in IT infrastructure, and RMB22.4 billion of capex payments are stated to primarily support AI efforts. Neither disclosure quantifies replacement or upkeep of existing infrastructure.", "uk": "Capex описано як інвестиції в IT infrastructure, а RMB22,4 млрд payments for capex вказано як такі, що переважно підтримують AI efforts. Жодне розкриття не квантифікує replacement або upkeep наявної infrastructure.", "ru": "Capex описан как инвестиции в IT infrastructure, а RMB22,4 млрд payments for capex указаны как преимущественно поддерживающие AI efforts. Ни одно раскрытие не квантифицирует replacement или upkeep существующей infrastructure." }, "missingEvidence": { "en": "A disclosed sustaining amount or ratio, or a period-consistent replacement bridge for existing infrastructure.", "uk": "Розкрита sustaining amount або ratio чи period-consistent replacement bridge для наявної infrastructure.", "ru": "Раскрытая sustaining amount или ratio либо period-consistent replacement bridge для существующей infrastructure." }, "usedCitations": [ "CIT-968F5E94DDB05032", "CIT-BBF3A6EA6CBEB7A6" ] } }, { "id": "EQ-TCEHY-ACCESS", "issuerId": "CN-TCEHY", "short": "TCEHY", "track": "shareholder_access", "sourceAssessmentHash": "47a8c57401dd6989ae1fa01319a8ea432431895f8139b90982fc5899ce897dd9", "sourceRuleResult": "inconclusive", "verification": { "taskId": "EQ-TCEHY-ACCESS", "sourceAssessmentHash": "47a8c57401dd6989ae1fa01319a8ea432431895f8139b90982fc5899ce897dd9", "sourceRuleResult": "inconclusive", "disposition": "confirmed", "verifiedRuleResult": "inconclusive", "confidence": 0.97, "attackFlags": [ "none" ], "finding": { "en": "Comparative shareholder and NCI dividend payments are shown, but the full upstream-to-owner route is not reconciled.", "uk": "Показано порівняльні dividend payments shareholders і NCI, але повний upstream-to-owner route не звірено.", "ru": "Показаны сравнительные dividend payments shareholders и NCI, но полный upstream-to-owner route не сверён." }, "rationale": { "en": "The cash-flow excerpts show two comparative amounts for shareholder dividends and NCI dividends. They do not identify audited-route completion through mainland upstream cash, parent liquidity, withholding, and all leakages.", "uk": "Фрагменти cash flow показують дві порівняльні суми дивідендів shareholders і NCI. Вони не ідентифікують завершення audited route через mainland upstream cash, parent liquidity, withholding та всі leakages.", "ru": "Фрагменты cash flow показывают две сравнительные суммы дивидендов shareholders и NCI. Они не идентифицируют завершение audited route через mainland upstream cash, parent liquidity, withholding и все leakages." }, "missingEvidence": { "en": "Audited-period identification and a reconciliation of upstream cash, parent liquidity, withholding, and NCI claims without double counting.", "uk": "Ідентифікація audited periods і звірка upstream cash, parent liquidity, withholding та NCI claims без double counting.", "ru": "Идентификация audited periods и сверка upstream cash, parent liquidity, withholding и NCI claims без double counting." }, "usedCitations": [ "CIT-4CB1795E35E8106D", "CIT-2C96B7DD8E82349F" ] } }, { "id": "EQ-BIDU-MAINT", "issuerId": "CN-BIDU", "short": "BIDU", "track": "maintenance", "sourceAssessmentHash": "7c3ff4630ccd34742281694c90999b868a2a22a03fb1337e4995d9110451b8f6", "sourceRuleResult": "supports_fail_rule", "verification": { "taskId": "EQ-BIDU-MAINT", "sourceAssessmentHash": "7c3ff4630ccd34742281694c90999b868a2a22a03fb1337e4995d9110451b8f6", "sourceRuleResult": "supports_fail_rule", "disposition": "confirmed", "verifiedRuleResult": "supports_fail_rule", "confidence": 0.98, "attackFlags": [ "none" ], "finding": { "en": "The filing reports aggregate acquisition of fixed assets, including RMB8.1 billion, without a sustaining-capacity decomposition.", "uk": "Filing наводить сукупне acquisition of fixed assets, включно з RMB8,1 млрд, без decomposition sustaining capacity.", "ru": "Filing приводит совокупное acquisition of fixed assets, включая RMB8,1 млрд, без decomposition sustaining capacity." }, "rationale": { "en": "The cited amount is an aggregate fixed-asset acquisition within broader investing cash flows. It is not linked to sustaining search or existing cloud capacity.", "uk": "Наведена сума є сукупним acquisition of fixed assets у ширших investing cash flows. Її не пов’язано з підтриманням search або наявної cloud capacity.", "ru": "Приведённая сумма является совокупным acquisition of fixed assets в более широких investing cash flows. Она не связана с поддержанием search или существующей cloud capacity." }, "missingEvidence": { "en": "A quantified sustaining amount or ratio, or a reproducible fixed-asset roll-forward separating existing from new capacity.", "uk": "Кількісно визначена sustaining amount або ratio чи відтворюваний fixed-asset roll-forward, що розділяє existing і new capacity.", "ru": "Количественно определённая sustaining amount или ratio либо воспроизводимый fixed-asset roll-forward, разделяющий existing и new capacity." }, "usedCitations": [ "CIT-CF6577D5EA3AB884", "CIT-E192E02B26638787" ] } }, { "id": "EQ-BIDU-ACCESS", "issuerId": "CN-BIDU", "short": "BIDU", "track": "shareholder_access", "sourceAssessmentHash": "d357d1acb4aa06f413df7845d44b185de3add3b7f14caaaa6c247d68ea346667", "sourceRuleResult": "inconclusive", "verification": { "taskId": "EQ-BIDU-ACCESS", "sourceAssessmentHash": "d357d1acb4aa06f413df7845d44b185de3add3b7f14caaaa6c247d68ea346667", "sourceRuleResult": "inconclusive", "disposition": "confirmed", "verifiedRuleResult": "inconclusive", "confidence": 0.98, "attackFlags": [ "none" ], "finding": { "en": "The evidence documents restrictions on subsidiary dividends to Baidu, Inc., but not executed recurring shareholder cash returns.", "uk": "Докази документують обмеження дивідендів subsidiaries до Baidu, Inc., але не executed recurring shareholder cash returns.", "ru": "Доказательства документируют ограничения дивидендов subsidiaries в Baidu, Inc., но не executed recurring shareholder cash returns." }, "rationale": { "en": "Subsidiary debt instruments may restrict dividends, and mainland subsidiaries may pay only from retained earnings. These restrictions neither prove nor disprove two consecutive executed common-owner payments and a funded parent route.", "uk": "Debt instruments subsidiaries можуть обмежувати dividends, а mainland subsidiaries можуть платити лише з retained earnings. Ці обмеження ані не доводять, ані не спростовують два послідовні executed payments common owners і funded parent route.", "ru": "Debt instruments subsidiaries могут ограничивать dividends, а mainland subsidiaries могут платить только из retained earnings. Эти ограничения ни доказывают, ни опровергают два последовательных executed payments common owners и funded parent route." }, "missingEvidence": { "en": "Two consecutive periods of executed common-owner cash return, parent funding-source reconciliation, and restricted/VIE cash amounts.", "uk": "Два послідовні periods executed common-owner cash return, звірка parent funding source і суми restricted/VIE cash.", "ru": "Два последовательных periods executed common-owner cash return, сверка parent funding source и суммы restricted/VIE cash." }, "usedCitations": [ "CIT-D972AFE99EE1D1C9", "CIT-7C1E54F91A8BA907" ] } }, { "id": "EQ-SMIC-MAINT", "issuerId": "CN-SMIC", "short": "SMIC", "track": "maintenance", "sourceAssessmentHash": "a6ee28e288d1bc81ce7bc5cd8fc15d1cf079623911d154627cb524397a942756", "sourceRuleResult": "supports_fail_rule", "verification": { "taskId": "EQ-SMIC-MAINT", "sourceAssessmentHash": "a6ee28e288d1bc81ce7bc5cd8fc15d1cf079623911d154627cb524397a942756", "sourceRuleResult": "supports_fail_rule", "disposition": "confirmed", "verifiedRuleResult": "supports_fail_rule", "confidence": 0.99, "attackFlags": [ "none" ], "finding": { "en": "The reporting-period disclosure states that most capex was used for capacity expansion and does not quantify sustaining fab spend.", "uk": "Розкриття за reporting period зазначає, що більшість capex використано для capacity expansion, і не квантифікує sustaining fab spend.", "ru": "Раскрытие за reporting period указывает, что большая часть capex использована для capacity expansion, и не квантифицирует sustaining fab spend." }, "rationale": { "en": "“Most” is an unquantified expansion characterization. It supplies neither a replacement-tool or facility-upkeep amount nor a reproducible bridge to one.", "uk": "«Most» є неквантифікованою характеристикою expansion. Вона не надає ані суми replacement tools або facility upkeep, ані відтворюваного bridge до неї.", "ru": "«Most» является неквантифицированной характеристикой expansion. Она не предоставляет ни суммы replacement tools или facility upkeep, ни воспроизводимого bridge к ней." }, "missingEvidence": { "en": "A quantified sustaining amount or ratio, or an independently reproducible tool-and-facility bridge.", "uk": "Кількісно визначена sustaining amount або ratio чи незалежно відтворюваний tool-and-facility bridge.", "ru": "Количественно определённая sustaining amount или ratio либо независимо воспроизводимый tool-and-facility bridge." }, "usedCitations": [ "CIT-66F722A1C25EC473" ] } }, { "id": "EQ-SMIC-ACCESS", "issuerId": "CN-SMIC", "short": "SMIC", "track": "shareholder_access", "sourceAssessmentHash": "a3a754a4926769698d65bf1ceb27689ab125ff63c8f53532184b0236fd425ae4", "sourceRuleResult": "inconclusive", "verification": { "taskId": "EQ-SMIC-ACCESS", "sourceAssessmentHash": "a3a754a4926769698d65bf1ceb27689ab125ff63c8f53532184b0236fd425ae4", "sourceRuleResult": "inconclusive", "disposition": "confirmed", "verifiedRuleResult": "inconclusive", "confidence": 0.97, "attackFlags": [ "none" ], "finding": { "en": "No cash dividends on ordinary shares are declared or paid, but the evidence does not address executed buybacks or fully reconcile competing claims.", "uk": "Cash dividends on ordinary shares не були declared або paid, але докази не охоплюють executed buybacks і не звіряють повністю competing claims.", "ru": "Cash dividends on ordinary shares не были declared или paid, но доказательства не охватывают executed buybacks и не сверяют полностью competing claims." }, "rationale": { "en": "The dividend statement is direct, but the required common-owner return test also needs buyback coverage and two audited-period reconciliation of H/A economics, debt, NCI, and retained expansion capital.", "uk": "Твердження щодо дивідендів є прямим, але required test common-owner return також потребує охоплення buybacks і звірки за два audited periods економіки H/A, debt, NCI та retained expansion capital.", "ru": "Утверждение о дивидендах является прямым, но required test common-owner return также требует охвата buybacks и сверки за два audited periods экономики H/A, debt, NCI и retained expansion capital." }, "missingEvidence": { "en": "Two audited periods covering dividends and buybacks, with common-share denominator and debt, NCI, and retained-expansion reconciliations.", "uk": "Два audited periods, що охоплюють dividends і buybacks, із common-share denominator та звірками debt, NCI і retained-expansion.", "ru": "Два audited periods, охватывающих dividends и buybacks, с common-share denominator и сверками debt, NCI и retained-expansion." }, "usedCitations": [ "CIT-F24B84A7B2797C7C" ] } }, { "id": "EQ-GDS-MAINT", "issuerId": "CN-GDS", "short": "GDS", "track": "maintenance", "sourceAssessmentHash": "56f47bbeca5f729875373d278049d9d4b0b27bb6a1f4bb7caa048fee51159817", "sourceRuleResult": "inconclusive", "verification": { "taskId": "EQ-GDS-MAINT", "sourceAssessmentHash": "56f47bbeca5f729875373d278049d9d4b0b27bb6a1f4bb7caa048fee51159817", "sourceRuleResult": "inconclusive", "disposition": "confirmed", "verifiedRuleResult": "inconclusive", "confidence": 0.95, "attackFlags": [ "none" ], "finding": { "en": "The cited conditional disclosure identifies upgrades and new AI-data-center construction as capex uses, but provides no quantified continuing-footprint sustaining spend.", "uk": "Наведене умовне розкриття визначає upgrades і construction new AI data centers як використання capex, але не надає кількісно визначених витрат на підтримання continuing footprint.", "ru": "Приведённое условное раскрытие определяет upgrades и construction new AI data centers как использование capex, но не предоставляет количественно определённых затрат на поддержание continuing footprint." }, "rationale": { "en": "The disclosure does not provide an amount, stabilized/development split, operating-unit bridge, or DayOne-separated perimeter. It therefore cannot establish the requested recurring sustaining cash spend.", "uk": "Розкриття не надає суму, поділ stabilized/development, operating-unit bridge або DayOne-separated perimeter. Отже, воно не може встановити запитувані recurring sustaining cash spend.", "ru": "Раскрытие не предоставляет сумму, разделение stabilized/development, operating-unit bridge или DayOne-separated perimeter. Следовательно, оно не может установить требуемые recurring sustaining cash spend." }, "missingEvidence": { "en": "Same-perimeter quantified sustaining capex or a reproducible operating-unit bridge excluding new builds and DayOne.", "uk": "Кількісно визначений same-perimeter sustaining capex або відтворюваний operating-unit bridge без new builds і DayOne.", "ru": "Количественно определённый same-perimeter sustaining capex либо воспроизводимый operating-unit bridge без new builds и DayOne." }, "usedCitations": [ "CIT-2ADC588B99839407" ] } }, { "id": "EQ-GDS-ACCESS", "issuerId": "CN-GDS", "short": "GDS", "track": "shareholder_access", "sourceAssessmentHash": "fbb23d05e632943a61c792cc90b50b6aa5d106f9a251d9d671bb91bcbbf9c756", "sourceRuleResult": "inconclusive", "verification": { "taskId": "EQ-GDS-ACCESS", "sourceAssessmentHash": "fbb23d05e632943a61c792cc90b50b6aa5d106f9a251d9d671bb91bcbbf9c756", "sourceRuleResult": "inconclusive", "disposition": "confirmed", "verifiedRuleResult": "inconclusive", "confidence": 0.98, "attackFlags": [ "none" ], "finding": { "en": "The filing states reliance on subsidiary dividends and distributions to fund offshore cash, not that upstream cash or common-owner returns were executed.", "uk": "Filing зазначає залежність від dividends і distributions subsidiaries для фінансування offshore cash, а не виконання upstream cash чи returns common owners.", "ru": "Filing указывает на зависимость от dividends и distributions subsidiaries для финансирования offshore cash, а не на исполнение upstream cash или returns common owners." }, "rationale": { "en": "Reliance on a potential funding channel does not demonstrate two audited periods of parent cash receipts or an executed common-owner payment after funded claims. No DayOne-separated reconciliation is provided.", "uk": "Залежність від потенційного каналу фінансування не демонструє два audited periods надходжень cash до parent або executed payment common owners після funded claims. DayOne-separated reconciliation не надано.", "ru": "Зависимость от потенциального канала финансирования не демонстрирует два audited periods поступлений cash к parent или executed payment common owners после funded claims. DayOne-separated reconciliation не предоставлена." }, "missingEvidence": { "en": "Two audited periods of upstream subsidiary/VIE cash and executed common-owner return, reconciled after funded claims and with DayOne separate.", "uk": "Два audited periods upstream cash від subsidiary/VIE та executed common-owner return, звірені після funded claims і з окремим DayOne.", "ru": "Два audited periods upstream cash от subsidiary/VIE и executed common-owner return, сверенные после funded claims и с отдельным DayOne." }, "usedCitations": [ "CIT-9D780413CD454480" ] } } ], "runHash": "0e3a7c8feae3a4095523b00ea613cda452b4b2dfb271bfb56f9c4bf5b986cbef", "publicBoundary": "citation_ids_and_adversarial_findings_only_source_quotes_remain_in_bound_analysis_packet", "publicPayloadHash": "6d4172d352976e7bcfd96e1b171c3d464cc76fd64a4645a0b40dfa61125bd12e" }